单选题Thefollowingdataareforabasketofthreeconsumptiongoodsusedtomeasuretherateofinflation:GoodsPriorYearCurrentYearQuantityPriceQuantityPrice5lb.bagsugar150bags$3.12180bags$2.925lb.bagflour800bags$2.18750bags$3.12Frozenpizza(each)250$2.90250$3.00Usingtheconsumptionbasketforthecurrentyear,thePaascheIndexisclosestto:

单选题A firm had revenue per share of $300 in the year of 2008, earnings per share of $3, and paid out 40% of its earnings as dividends. If the return on equity (ROE) and required rate of return of the firm are 14% and 12% respectively, what is the appropriate P/S multiple for the firm? A. 0.08 B. 0.11 C. 0.12

单选题Which of the following statements most closely relates to the concept of moneyness?

单选题The correlation between the historical returns of Stock A and Stock B is 0

单选题Which of the following statements concerning asset-backed securities (ABSs) is FALSE? A. The asset-backed pool may be overcollateralized to provide a credit enhancement. B. The assets are typically placed in a special purpose vehicle to shield them from the firm's creditors. C. ABSs typically have lower debt ratings than the firm's other borrowings.

单选题An increase in which of the following ratios would most likely result in an increase in operating cash flows?

单选题Given: $1000 investment, compounded monthly at 12% find the future value after one year.

单选题An analyst gathered the following information about a portfolio comprised of three bonds:

单选题While assessing an investor's risk tolerance, a financial adviser is least likely to ask which of the following questions? A. "How old are you?" B. "What rate of investment return do you expect?" C. "How much insurance coverage do you have?"

单选题Consider a bond that pays an annual coupon of 5% and that has three years remaining until maturity. Assume the term structure of interest rates is flat at 6%. If the term structure of interest rates does not change over the next twelve-month interval, the bond's price change (as a percentage of par) will be closest to:

单选题An analyst doesresearch about security market indices. Which of the following statements is least accurate to explain that a fixed-income market index is more difficult to create and compute than a stock market index? A. The universe of fixed-income securities is changing constantly. B. Fixed-income markets are predominantly dealer markets. C. The number of fixed-income securities is much less than the number of equity securities.

单选题Wouter Duyck, CFA, is the sole proprietor of an investment advisory firm serving several hundred middle-class retail clients

单选题Joe Robison, CFA is an investment manager with full responsibility for the Gemstone Corporation relationship. During the past 12 months Joe has used 75% of the client brokerage of Gemstone to execute the Company's stock trades and to directly assist in the investment decision process of Gemstone: Joe has independently obtained best price and execution for all of Gemstone's stock trades. The remaining 25% of the client brokerage has been used to purchase bookshelves and computer chairs for Joe's investment firm's library. Which of the following is the most accurate statement pertaining to Joe's use of the above soft dollars? A. Joe has properly used Gemstone's client brokerage since he obtained best price and execution for all of the stock trades. B. The 75 % of the client brokerage used by Joe was in full compliance with the Soft Dollar standard. The remaining 25% use of Gemstone's client brokerage should be disallowed since it did not directly assist Joe in the investment decision process of Gemstone. C. Joe's use of soft dollars for Gemstone was proper since the client brokerage is the property of the investment firm and can be allocated per the direction of the investment manager.

单选题Gloria Arratia, CFA, is a stock analyst at a large multinational bank trust department

单选题Selected information for a company and the common size data for its industry are provided below. Company(） Common SizeIndustry Data(% of sales) EBIT 76,000 28.0 Pretax profit 66,400 19.6 Net income 44,500 13.1 Sales 400,000 100.0 Total assets 524,488 140.0 Total equity 296,488 74.0 ROE 15.0% 17.7% Which of the following is most likely a contributor to the companys inferior ROE compare to that of the industry? The companys:

单选题James Waiters, CFA, is an active fixed income portfolio manager. He manages a portfolio of fixed income securities worth $ 7500000 for an institutional client. Waiters expects a widening yield spread between intermediate and long term securities. He would like to capitalize on his expectations and considers several transactions in a number of different securities. On 01/31/ 06, Waiters expects the yield of the 2 - Year Treasury Note to decrease by 10 basis points and the yield of the 30 - Year Treasury Bond to increase by 11 basis points. The characteristics of these two fixed income securities are shown in Table 1. Prices are quoted as a percentage of par value and the Price Value of a Basis Point is per $1 million par amount. Table 1 Security Characteristics 2 - Year T - Note 30 - Year T - Bond Maturity 01/31/08 11/15/35 Bid-Ask Spread (basis points) 5.0 5.0 Coupon 5.375% 6.125% Bid Price 99.7236 104.6086 Ask Price 99.7736 104.6586 Yield to Maturity 5.51% 5.80% Price Value of a Basis Point 186.6484 1461.1733He also has the three year term structure of interest rates. This is shown in Table 2. Table 2 Term Structure of Interest Rates Year Spot Rate 0.50 5.5227% 1.00 5.5537% 1.50 5.5444% 2.00 5.5205% 2.50 5.5114% 3.00 5.5156% Walters thinks of several different trading strategies that would allow him to take advantage of his expectations. He would like to evaluate each strategy to determine which offers the best risk-return tradeoff. James wants to translate the estimated price change into a change in value of a position in a particular security. What is the best estimate of the change in value of a $100000 principal position in Treasury Notes if yields change by - 10 basis points? A. $1866.48. B. $18.66. C. $186.65.

单选题Are a firm's demand for labor and a firm's demand for physical capital more elastic in the long run or in the short run? Demand for labor more elastic in the: Demand for physical capital more elastic in the: ①A. short run short run ②B. long run long run ③C. short run long run

单选题Which of the following statements regarding survivorship bias in hedge funds is TRUE? Survivorship bias tends to: A. understate the performance and overstate the volatility of hedge funds. B. overstate the performance and understate the volatility of hedge funds. C. overstate both the performance and volatility of hedge funds.

单选题The price to book value ratio (P/BV) is a helpful valuation technique when examining firms: A. with the same stock prices. B. with different production methods. C. that hold primarily liquid assets.

单选题There are a lot of issues to consider in determining board independence. What would be the best definition of true "independence"? A. Independence, as it relates to board members, refers to avoidance of material conflicts of interest. B. Independence, as it relates to board members, refers to the degree to which these persons are not biased or otherwise controlled by firm management or the outside audit group. C. Independence, as it relates to board members, refers to the degree to which these persons are not biased or otherwise controlled by firm management or other groups which may have some degree of control over management.