单选题Karen Wilson, CFA, supervises eight junior analysts at Spartan Financial Services. Karen suspects that one of the analysts is violating Spartan's personal investing policy. According to the Standards of Practice Handbook, Karen's most appropriate initial action is to: A. initiate an investigation. B. notify her supervisor of the analyst's suspected misconduct. C. require the analyst to liquidate and close all personal accounts.

单选题Fundamental Asset Managers claims compliance with the CFA Institute Global Investment Performance Standards (GIPS) and manages both discretionary and non-discretionary accounts

单选题The cash price consumers pay for a product is most likely to increase as the result of a: A. government subsidy to product producers. B. quota on how much of the product can be produced. C. new law imposing high penalties for sales of the product.

单选题Which of the following is NOT a limitation to financial ratio analysis? A. Differences in international accounting practices. B. The use of alternative accounting methods. C. A firm that operates in only one industry.

单选题A portfolio manager is constructing a new equity portfolio consisting of a large number of domestic stocks. As the number of stocks in the portfolio increases, what happens to the systematic and unsystematic risk? Systematic Risk Unsystematic Risk A. Increases Remains the same B. Remains the same Decreases C. Remains the same Increases

单选题The index weighting that results in portfolio weights shifting away from securities that have increased in relative value (e,g,, decrease in book-tomarket) toward securities that have fallen in relative value whenever the portfolio is rebalanced is most accurately described as:

单选题Danny Walter, CFA, manages accounts for high net worth clients including his own family's account. He has no beneficial ownership in his family's account. Because Walter is concerned about the appearance of improper behavior in managing his family's account, when his firm purchases a block of securities, Walter allocates to his family's account only those shares that remain after allocation to his other client accounts. The fee for managing his family's account is based on his firm's normal fee structure. According to the Standards of Practice Handbook, Walter's best course of action with regard to management of his family's account would be to: A. continue to manage his family's account but treat it like his other client accounts. B. discontinue management of his family's account and arrange for the account to be transferred to another firm. C. discontinue management of his family's account and arrange for the account to be transferred to another investment manager in his firm.

单选题Paul Salyer, CFA and portfolio manager is making a presentation to a prospective client. Paul says that as a new portfolio manager, he made an average annual rate of return of 50 percent in the last two years at his previous firm and that based on this, he can guarantee a 50 percent return to the client. Which of the following statements is in accordance with the Standard Ⅲ (D), Performance Presentation? A. Implying that he can guarantee a return. B. Imputing his past performance to future performance. C. Stating his past performance as long as it is fact.

单选题Under a price ceiling, bribery is a mechanism to: A. allocate a good to the poorest individuals in the market. B. allocate a good to the richest individuals in the market. C. bring the total price of a good (including the bribe) higher and closer to the equilibrium price.

单选题When an investigator wants to test whether a particular parameter is larger than a specific value, the null and alternative hypothesis are best defined as:

单选题Which of the following is most accurate concerning key characteristics of different types of preference shares?

单选题An investor holds a portfolio consisting of one share of each of the following stocks:

单选题Study the following data, calculate the return on equity for 2001 and 2002. 2001 2002 Pre-interest profit margin(EBIT/S) 0.3 0.15 Asset turnover (S/A) 2 2 Leverage multiplier f A/E) 2 2 Tax retention rate (1-t) 0.8 0.8 Interest expense ratio (I/A) 0.06 0.06 2001 2002 ①A. 0.864 0.384 ②B. 0.673 0.271 ③C. 0.384 0.864

单选题A company reports net income of $80000 for the year. The table below indicates selected items which were included in net income and their associated tax status. including in determi- ning net income tax status depreciation expense dividend income fine related to environmental damage R&D expenditures $70000 $120000 $100000 $50000 $90000 allowed for tax purposes dividends not taxable not deductible for tax purposes $20000 allowed for tax purposes The company"s tax rate is 35%. The company"s current income taxes payable is closest to:

单选题All else equal, an increase in a company"s growth rate will most likely cause its P/E ratio to:

单选题Initially, the nominal interest rate is 8 percent and the expected rate of inflation is 6 percent. One year later, the nominal interest rate rises to 12 percent and inflation rate to 10 percent. Based on this information the interest rate:

单选题An investor holds $1000000 (par value) worth of TIPS currently trading at par. The coupon rate of 6% is paid semiannually, and the annual inflation rate is 17%. What coupon payment will the investor receive at the end of the first six months?

单选题Consider three municipal bonds issued by the Greater Holmen Metropolitan Capital Improvement District, a local authority that carries an issuer rating of single-A from the major debt rating agencies. All three bonds have the same coupon rate and maturity date. Series W was issued to finance the rebuilding and expansion of local schools and is backed by the District's authority to levy property tax. Series X was issued to build a water purification plant for the region. The District charges fees to the surrounding municipalities for their use of the plant. These fees are the only source of the interest and principal payments on the bonds. Series Y was issued to raise funds for the general use of the District in its ordinary maintenance projects and is backed by the District's authority to levy property tax. These bonds carry a third party guarantee of principal and interest payments. What is most likely the order of the market yields on these three bond issues, from highest to lowest?

单选题Colleen ONeil, CFA, manages a private investment fund with a balanced global investment mandate

单选题The sample of per square foot sales for 100 U. S. retailers in December 2004 is an example of: A. cross -sectional data. B. unbiased data. C. time -series data.