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A. only if the decline was caused by tailing prices.
B. only if the decline was caused by inventory liquidation.
C. if the decline was caused by either falling prices or inventory liquidation.

A. Measured risk but not correlations with conventional equity investments.
B. Correlations with conventional equity investments but not measured risk
C. Both measured risk and correlations with conventional equity investments.

A. 12.0%.
B. 12.4%.
C. 12.8%.

A. capitalize this lease because the present value of the lease payments exceeds 90% of its fair market value.
B. capitalize this lease because the lease term is less than 75% of the economic life of the equipment.
C. treat this lease as an operating lease.

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.

A. Corporation Corporation
B. Corporation Partnership
C. Proprietorship Corporation

A．①
B．②
C．③

A. short maturity bonds with high coupon rates.
B. speculative grade bonds with high coupon rates.
C. bonds that will increase the average duration of the investment portfolio.

A. Fundamental analysts are poring over the same new information that is disseminated to the public, so they do not provide any added value to the efficiency of the markets.
B. Technical analysis has been rendered useless by many academics who have shown that analyzing market trends, past volume and trading data will not lead to abnormal returns.
C. Processing new information entails costs and takes at least some time, so security prices are not always immediately affected.

A. The entire surplus will be used to pay down long-term debt.
B. The dividend payout ratio will decrease to 30%.
C. The entire surplus will be used to repurchase common stock.

A. gained $ 9.40.
B. gained $ 5.40.
C. lost $ 4.60.

A. understated by $ 5000.
B. overstated by $5000.
C. understated by $1000.

A. higher than G Company’s because its interest coverage ratio is less than one-third of G Company’s.
B. higher than G Company’s because its interest coverage ratio is less than G Company’s, but at least one-third of G Company’s.
C. lower than G Company’s because its interest coverage ratio is more than G Company’s but less than three times G Company’s.

A. 12 days.
B. 25 days.
C. 20 days.

A. the marginal and average variable cost curves shift upward, but not the average total or average fixed cost curves.
B. the average total and average variable cost curves shift upward, but the marginal and average fixed cost curves will shift downward.
C. the marginal, average variable, and average total cost curves will shift upward, but the average fixed cost curve will not shift.

A. Return objectives may be stated in absolute terms or percentages.
B. Specifying investment objectives only in terms of return may expose an investor to inappropriately high levels of risk.
C. Risk and return may be considered on a mutually exclusive basis.

A. do not repeat, and therefore technical analysis is profitable.
B. repeat, and therefore technical analysis is not profitable.
C. do not repeat, and therefore technical analysis is not profitable.

A. -$144.
B. $144.
C. $279.

A. trade on it, because she figured it out by herself.
B. trade on it, because it is public information.
C. not trade on it because it is material nonpublic information.

A. only his employer.
B. both his employer and his clients and prospective clients.
C. only clients and prospective clients.

A. Timmy has past Level Ⅱ and is registered to take the Level Ⅲ examination. In her resume she states, "I am a Level Ⅱ candidate in the CFA Program. "
B. Timmy has passed all three levels of the CFA Program, has received her charter, and is a charter holder in good standing. She writes on her business card, "Timmy Wong, Chartered Financial Analyst. "
C. Timmy has passed all three levels of the CFA Program, has received her charter, and is a charter holder in good standing. Her company writes in promotional literature "Timmy Wong is one of two CFAs in the company".

A. $ 4000000.
B. $5455000.
C. $ 6000000.

A. Estimated future income will need to be revised.
B. A gradual change in income.
C. Depreciation expense increases.

A. the expected inflation rate.
B. the stock’s appropriate risk premium.
C. the stock’s dividend payout ratio.

A. inform CFA Institute in writing of the union president’s request.
B. contact the Justice Department and tell them about the union president’s request.
C. tell the union president that this action is illegal and refuse to sell the stock until after the announcement.

A. insider information is of no value for obtaining excess abnormal returns.
B. that there should be no relationship between past price changes and future price changes.
C. that technical analysts can make excess returns on filter rules but not runs rules.

A. one-tailed test and can reject-his null hypothesis.
B. Two-tailed test and can reject his null hypothesis.
C. One-tailed test and cannot reject his null hypothesis.

A. sunk cost.
B. opportunity cost.
C. incremental cost.

A. If rates have declined since the bond was issued, companies are likely to choose to retire a proportion of the debt through the delivery of securities.
B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the applicable proportion of the bonds.
C. The right to retire a greater portion of the bond issue than is stipulated in the indenture is called an "accelerated sinking fund provision".

A. if the earnings remain solid.
B. if it is a cyclical stock.
C. if the market price of the stock is below its intrinsic value.

A. The price elasticity of demand is -0.66.
B. The slope of the demand curve equals the elasticity of demand.
C. The price increase will lead to an increase in total value of Magnim ice cream bars.

A. trading commodities in small denominations.
B. futures contracts.
C. bonds indexed to some commodity price.

A. the party terminating the forward contract has no default risk, but both counterparties lace default risk.
B. the party terminating the contract is exposed to default risk, but has no further asset price risk.
C. there is no future liability, but default risk remains for all parties until the original contract settlement date.

A. Firms with temporary high-growth expectations have characteristics that are inconsistent with model.
B. Many rapid growth companies pay little or no dividends, and forecasting their future plans may be futile.
C. All these choices are correct.

A. should revise the recommendation based on this new information.
B. is not obligated to revise the recommendation regarding material changes in the corporation because the information was public and not private information.
C. should report the new information to her immediate supervisor so that they can determine whether or not the marketing department should send out the report as written.

A. based on portfolio performance results, presented as a weighted average, from the biggest financial companies.
B. with the help of the special performance presentation standards.
C. to consider the financial situation, investment experience, and investment objectives of the client.

A. complied with Standard Ⅰ (D) concerning professional misconduct.
B. violated the Code of Ethics by invading the applicants’ privacy.
C. violated Standard Ⅲ (E) concerning confidentiality.

A. undervalued by approximately 2.1%.
B. overvalued by approximately 1.8%.
C. undervalued by approximately 1.8%.

A. low Positive
B. low Negative
C. high Positive

A. type of services he will perform.
B. compensation he will receive.
C. all of the above.

A. Actual cash flow will be greater in the first year.
B. Equity will be higher in the first year.
C. Earnings will be the same over the life of the contract.

A. Before leaving, Jack solicits his employer’s current clients.
B. Jack told his employer that he was considering leaving and requested that the employer write him a letter of recommendation.
C. Jack took home client lists and investment statements.

A. call feature exposes investors to additional reinvestment rate risk.
B. call feature lengthens the bond’ s duration, increasing price risk.
C. cash flow pattern of callable bonds cannot be known with certainty.

A. No effect No effect
B. Increase Increase
C. No effect Increase

A. The cost of preferred equity capital is the preferred dividend divided by the price of preferred shares.
B. The cost of debt is equal to one minus the marginal tax rate multiplied by the coupon rate on outstanding debt.
C. The cost of common equity is equal to the rate of return stockholders require on the firm’s common stock.

A. $ 52.15
B. $ 62.44
C. $ 56.60

A. US $9513.50 million and the British bank pays 25.00 million.
B. ￡ 13.50 million and thee British bank pays US $ 25.00 million.
C. ￡ 13.50 million and the British bank pays US $ 22.50 million

A. the asset classes to consider and which securities to choose.
B. the asset classes to consider and the policy (normal) asset class weights.
C. the policy (normal) asset class weights and the allowable range on those weights.

A. Purchase corporate bonds and sell treasury bonds.
B. Sell corporate bonds and purchase treasury bonds.
C. Enter a pay-fixed, receive-floating rate swap.

A．①
B．②
C．③

A. Correct Correct
B. Incorrect Correct
C. Correct Incorrect

A. Reporting standards focus mostly on format and presentation and allow management wide latitude in assumptions.
B. The objective of financial statements is to provide economic decision makers with useful information.
C. Financial statements could potentially take any form if reporting standards didn’t exist.

A. is correct in her interpretation of Standard Ⅳ (B).
B. should not turn over the information because it will violate federal material nonpublic information statutes and AIMR’s Standard Ⅴ (A) Prohibit against Use of Material Nonpublic information.
C. will no be in violation of Standard Ⅳ (B) by turning over the requested information because under the Professional Conduct Program, the Disciplinary Review Subcommittee is considered an extension of Helen.

A. Planned deficits are experienced during economic booms, and planned surpluses during economic recessions.
B. The balanced budget approach is the proper criterion for determining annual budget policy.
C. Deficits are planned during economic recessions, and surpluses are used to restrain inflationary booms.

A. Use a t-test to reject the null hypothesis and accept the alternative hypothesis.
B. Use a t-test to accept the null hypothesis and reject the alternative hypothesis.
C. Use a z-test to reject the null hypothesis and accept the alternative hypothesis.

A. $1047.50.
B. $1081.00.
C. $1014. 00.

A. can be valued using the difference between the zero-volatility spread and the nominal spread.
B. expose investors to reduced capital appreciation potential.
C. create risk because they add uncertainty to the bond’s cash flow pattern.

A. The chance of the band reuniting is not a dependent event.
B. The given probability for a reunion concert is an a priori probability.
C. The reunion concert is an independent event.

A．Table 1
B．Soft Corporation Balance Sheets
C．as of December 31

A. is still responsible for seeing that procedures are in place to prevent violations of the Code and Standards.
B. is relieved of his obligation to supervise the employees under the mid-level supervisors.
C. has violated Standard Ⅳ (C), Responsibilities of Supervisors.

A. Tranche Ⅰ.
B. Tranche Ⅱ.
C. Tranche Ⅲ.

A. $ 200000.
B. $400000.
C. $500000.

A. Expiring call In-the-money put
B. In-the-money put Expiring call
C. In-the-money call Expiring put

A. variance.
B. range of returns.
C. semivariance.

A. Determining whether to invest in the company’s securities.
B. Deciding whether to extend trade credit to the company.
C. Assessing the management skill of the company’s executives.

A. allocating a higher proportion of the portfolio to higher risk assets.
B. borrowing at the risk-free rate to invest in the risky market portfolio.
C. selling low-risk stocks short and invest the proceeds in higher-risk Stocks.

A. Interest rate risk will increase.
B. Interest rate risk is indeterminate because this type of risk does not depend directly on the movement of market yields.
C. Even if the term structure is flat, interest rate risk could go up or down based on the level of the term structure at the time market yields decrease.

A. estimated required rate of return on the stock.
B. historical dividend payout ratio.
C. expected dividend payout ratio.

A. decrease producer surplus by the total amount of tax collected.
B. decrease producer surplus by less than it reduces consumer surplus.
C. decrease the sum of consumer and producer surplus by the amount of tax collected.

A. investors believe all investments are represented by a probability distribution of expected returns and seek diversification based on the variability of expected returns.
B. investors base investment decisions solely on the expected risk of the investment.
C. investor utility curves exhibit diminishing marginal utility of wealth.

A. No No ;
B. No Yes ;
C. Yes No

A. a monopoly.
B. an oligopoly.
C. monopolistic competition.

A. United Mines allows proxy voting.
B. Shareholders of United Mines are allowed to cast confidential votes but must be present to do so.
C. United Mines requires shareowner attendance to vote but coordinates the timing of its annual meeting to hold them on the same day as other companies in the region.

A. The capitalization of a marketing expenditure (instead of expensing it immediately) will result in an increase in fixed asset turnover ratio.
B. The sum-of-years-digits depreciation method charges the largest amount of depreciation in the first year and then decreases at a declining rate each subsequent year.
C. The sum-of-years-digits depreciation method charges the largest amount of depreciation in the first year and then decreases by a constant amount each subsequent year.

A. Wall Street Rule.
B. legal list.
C. fire wall.

A. A monopolist’s optimal production quantity is at the point where marginal revenue equals marginal cost.
B. Monopolists charge the highest possible price.
C. Monopolists always make a profit.

A. a violation of Standard Ⅲ (E), concerning client confidentiality.
B. a violation of the disclosure requirements of Standard Ⅵ (A).
C. congruent with Standard Ⅲ (C) , Suitability.

A. The call option on a bond cannot trade separately from the bond.
B. If the market value of a putable bond falls below the par value, the issuer will likely exercise the option.
C. The prepayment right granted with a mortgage favors the issuer/borrower.

A. $1065.
B. $1090.
C. $1135.

A. net taxable loss that can be used to refund paid taxes from the previous year.
B. difference of deferred tax liabilities and deferred tax assets.
C. net taxable loss that can be used to reduce taxable income in the future.

A. periods of economic recession.
B. an increase in the velocity of money.
C. a rapid growth in gross domestic product.

A. Total return Current income
B. Capital appreciation Current income
C. Total return Capital preservation

A. Kevin Ritter is considered an independent board member but Sang is not considered an independent board member.
B. Both Kevin Ritter and Sang are considered independent board members.
C. Sang is considered an independent board member but Kevin Ritter is not considered an independent board member.

A. -$200.
B. -$175.
C. $175.

A. take no action because the stock is not in her name.
B. disclose her interest in the stock at the time of her next report.
C. cease including Double Limited stock in her report.

A．①
B．②
C．③

A. start the registration of her new company.
B. solicit Branford colleagues but not Branford clients.
C. inform her current clients about her resignation and let them know how to reach her, in case any problems arise in the future.

A. High unemployment puts downward pressure on money wages.
B. A rise in resource prices.
C. Inflation that results in an increase in goods prices.

A. A nonparallel shift occurs when rates change by the same number of basis points for all maturities.
B. A nonparallel shift is more common than a parallel shift.
C. The yield curve usually has a non zero slope because rates change by approximately the same number of basis points across maturities.

A. $100.
C. $120.
C. none of the above

A. Aneas hires Trobb as a consultant to analyze Aneas’ financial statements.
B. Trobb’s family trust has a large stake of ownership in Aneas Lumber.
C. Trobb’s cousin repairs machines for Aneas.

A. 0.5904.
B. 0.7373.
C. 0.0819.