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A. 92.31.
B. 93.64.
C. 106.80.
D. 108.33.

A. 7.80%.
B. 7.87%.
C. 8.50%.

A. Discounted after-tax cash flow approach.
B. Income approach.
C. Sales comparison approach.

A. net income/sales×sales/assets×assets/equity.
B. net income/assets×sales/equity×assets/sales.
C. assets/equity×net income/equity×equity/sales.

A. profit margin.
B. total asset turnover.
C. P/E ratio.

A. $ 0.28.
B. $ 0.92.
C. $ 0.64.

A. the notional principal is swapped.
B. only the net notional principal is swapped.
C. only the net interest payments are swapped.

A. convertible preferred stock.
B. warrants.
C. non-convertible bonds.

A. $ 875.38.
B. $ 1000.00.
C. $ 1373.87.

A. floor broker.
B. market maker.
C. commission broker.

A. a retiree.
B. in prison.
C. waiting to return to a job from which he or she was just laid off.

A. future dividend payments.
B. near-term financing requirements.
C. cash flows.

A. 5.
B. 8.
C. 10.

A. 12.00%.
B. 11.49%.
C. 12.14%.

A. A decrease in the velocity of money.
B. A decrease in real GDP.
C. An increase in employment.

A. Increase in government spending on defense.
B. Cuts in government spending on interstate highways.
C. A fixed income tax rate.

A. 22.00%.
B. 39.55%.
C. 53.75%.

A. I am a Level I CFA charter holder.
B. I will be a CFA charter holder within 2 years.
C. I passed the Level I CFA exam last year.

A. information on sales trends.
B. details of the terms of firm debt.
C. information on revenue recognition policies.

A. Firm's corporate governance statement.
B. Firm's annual report.
C. Proxy statement (U. S.).

A. antidilutive securities.
B. potentially dilutive securities.
C. nonlinear debt securities.

A. Revolving line of credit.
B. Blanket lien.
C. Uncommitted line of credit.

A. 2.52%.
B. 4.98%.
C. 4.62%.

A. Population variance.
B. Sample standard deviation.
C. Sample mean.

A. Leveraged equity position.
B. Outright or fee-simple ownership.
C. Property insurance.

A. will have a lower, lower bound on its price.
B. will have the same lower bound on its price.
C. will have a higher, lower bound on its price.

A. a stated rate of 0.830%.
B. an effective annual rate of 8.00%.
C. a periodic interest rate of 0.667%.

A. 12.2%.
B. 10.3%.
C. 11.2%.

A. a cash payment at expiration.
B. an offsetting trade.
C. delivery of the asset at contract expiration.

A. a capital market line that is no longer straight.
B. several different security market lines.
C. a band of returns instead of a security market line.

A. 4.76%.
B. 4.88%.
C. 5.00%.

A. lenders benefit and borrowers lose.
B. borrowers benefit and lenders lose.
C. both borrowers and lenders benefit.

A. 100.10.
B. 95.07.
C. 100.00.

A. will stabilize aggregate demand.
B. will reduce inflationary cycles.
C. may make economic cycles more severe.

A. accurate.
B. consistent.
C. efficient.

A. recession.
B. stagflation.
C. inflation.

A. will have increased.
B. will have decreased.
C. will have remained constant.

A. buys fixed assets on credit.
B. uses cash to purchase inventory.
C. pays off accounts payable from cash.

A. minimize systematic risk in the portfolio.
B. stay the course by following a strict buy and hold strategy.
C. achieve complete diversification of the portfolio.

A. $931700.
B. $1064800.
C. $1730300.

A. cannot claim compliance with GIPS unless it fully meets all GIPS requirements.
B. should follow the country’s guidelines, and is allowed to claim compliance with GIPS as long as all other GIPS requirements are met.
C. should follow the country’s guidelines, and is allowed to claim compliance with GIPS as long as disclosure is made regarding the conflict.

A. the relationship among the high-yield bond indexes is stronger than among the investment-grade indexes.
B. there is a linear relationship between the high-yield bond indexes and the investment grade indexes.
C. the relationship among the high-yield bond indexes is weaker than among the investment-grade indexes.

A. 13.6%.
B. 44.7%.
C. 63.5%.

A. 3.33% 3.03%
B. 3.33% 0.33%
C. 14.44% 11.44%

A. $20.00.
B. $28.00.
C. $33.33.

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

A. $93073.
B. $96134.
C. $127435.

A. Upward sloping Downward sloping
B. Perfectly elastic Downward sloping
C. Upward sloping Perfectly elastic

A. No, because k ＞ IRR.
B. Yes, because the NPV =$10000.
C. Yes, because the NPV = $ 30000.

A. H₀: μ_DR=μ_LRVersus H_a: μ_DR≠μ_LR
B. H₀: μ_DR＜=μ_LRVersus H_a: μ_DR＞μ_LR
C. H₀: μ_DR≠μ_LRVersus H_a: μ_DR=μ_LR

A. It is a prior period adjustment and can be accounted for by restating results for all prior periods that are presented in the current financial statements.
B. It is an extraordinary item and is reported net of taxes below the operating income line.
C. If the change is voluntary, it is a change in accounting principle and is reported below the line net of taxes.

A. in the money in the amount of $ 0.013 per pound.
B. in the money in the amount of $ 0.7325 per pound.
C. out of the money in the amount of $ 0.762 per pound.

A. $32316.
B. $35539.
C. $38609.

A. Conflicts of Interest and Integrity of Capital Markets.
B. Conflicts of Interest, but not Integrity of Capital Markets.
C. Integrity of Capital Markets, but not Conflicts of Interest.

A. rise by 10% , returns on the preferred stocks should rise by 6%.
B. rise by 10%, returns on the preferred stocks should fall by 6%.
C. fall by 1% , returns on the preferred stocks should fall by 6.25 %.

A. An initial verification must cover a minimum period of five years.
B. Verification must be performed by an independent third-party.
C. A verifier may accept the work of a previous verifier’s part of the basis opinion.

A. All payments must be reinvested at less than 7.515%.
B. All payments must be reinvested at more than 7.515%.
C. All payments must be reinvested at 7.515%.

A. No.
B. Yes, because he included un-audited and unverified results.
C. Yes, because he did not adhere to the global investment performance standards.

A. 10%.
B. 15%.
C. 20%.

A. decrease decrease
B. decrease remain unchanged
C. increase remain unchanged

A. The loss potential to the writer is unlimited.
B. The most the writer can make is the premium plus the difference between the exercise price (X) and the stock price (S).
C. The profit potential to the holder is unlimited.

A. Significant new information about the company is released to market participants.
B. An overnight buildup of buy and sell orders for the stock occurs.
C. Numerous dealers are willing to make a market in the stock.

A. assumes that the reinvestment rate of the cash flows is the cost of capital.
B. ignores the time value of money.
C. and the net present value (NPV) method lead to the same accept/reject decision for independent projects.

A. 22. 30%.
B. 36.50%.
C. 18.05%.

A. The NPV method assumes that cash flows will be reinvested at the cost of capital while the IRR method assumes that they are reinvested at the IRR.
B. The IRR is the discount rate that equals the present value of the cash inflows with the present value of outflows.
C. On mutually exclusive projects, if the NPV method and the IRR method give conflicting signals, you should use the IRR to select the project.

A. Ⅰ (B)Independence and Objectivity.
B. Ⅵ (B) Priority of Transactions.
C. Ⅳ (A) Loyalty.

A. Bond X is callable and Bond Y is putable.
B. Bond W is callable and Bond Z is putable.
C. Bond Z is callable and the spot yield curve is inverted.

A. make a payment of $ 48780.
B. make a payment of $ 48543.
C. receive a payment of $ 48543.

A．①
B．②
C．③

A. $ 30000 unrealized gain $ 950000
B. No gain or loss $ 980000
C. $ 30000 unrealized gain $ 980000

A. The redemption fee for a closed-end fund is the commission charged on the sale and a portion of the bid/ask spread of the shares.
B. Some open-end funds charge no fees.
C. Closed-end funds trade at the net asset value.

A. only one gift per year from a company.
B. air transportation and hotel expenses on company visits only.
C. company air transportation only if commercial transportation is not available.

A. not allowed to accept the payment for transportation because this is considered a "perk" and may influence his independent judgment.
B. allowed to accept the payment for transportation as long as it does not exceed $100.
C. allowed to accept the payment for transportation because the trip was all business and was out of the way.

A. accreted in a manner similar to interest for bond amortization. The difference here is that the interest component falls through time instead of rising.
B. accreted in a manner similar to interest for bond amortization. The difference here is that the interest component rises through time instead of falling.
C. accreted in a manner similar to interest for bond amortization. This accretion is recorded as a gain on the income statement.

A. $1200.
B. $1500.
C. $1405.

A. $3.26.
B. $3.72.
C. $3.83.

A. At the same time notify clients for whom an investment is suitable of a new investment recommendation.
B. Maintain a list of clients and their holdings.
C. Shorten the time between decision and dissemination.

A. how well the financial statements reflect the company’s true performance.
B. in what ways he needs to adjust the data for his own analysis.
C. the detailed information that underlies the company’s accounting system.

A．①
B．②
C．③

A. a priori probability.
B. objective probability.
C. empirical probability

A. A coupon bond can be viewed as a collection of zero-coupon bonds.
B. Spot interest rates will never vary across time.
C. Zero-coupon bonds have at least two coupon payments.

A. amount by which the quantity of a good produced exceeds the quantity that consumers demand.
B. difference between the quantity of a good a consumer purchases and the quantity the consumer is willing to purchase.
C. difference between the value a consumer places on a good or service and the amount the consumer has to pay to acquire it.

A. Decreases No effect No effect
B. Decreases Increases Increases
C. Increases Decreases Decreases

A. see the same risk/return distribution for a given stock.
B. select portfolios that lie above the efficient frontier to optimize the risk-return relationship.
C. select portfolios that lie below the efficient frontier to optimize the risk-return relationship.

A. Increase in magnitude Decrease in magnitude
B. Increase in magnitude Increase in magnitude
C. Decrease in magnitude Decrease in magnitude

A. will be the lowest when the correlation between the two stocks equals zero.
B. can be reduced by increasing the relative weight of the stock with lower standard deviation.
C. will always increase as the correlation between the two stocks increases.

A. none of these answers provide grounds for an exception.
B. if the analyst uses reasonable care and verifies that the technique provides superior results.
C. if the analyst modifies the technique slightly.

A. $943.
B. $1009.
C. $1067.

A．①
B．②
C．③

A. A common size balance sheet expresses all balance sheet accounts as a percentage of total asset.
B. Common size ratios are useful in comparing companies of different sizes.
C. All of the above.

A. monopolistic competitive firm faces a downward sloping demand curve.
B. monopolistic competitive firm can freely enter and exit the market.
C. monopolistic competitive firm charges the price as its marginal cost.
D. monopolistic competitive firm produce at its efficient scale.

A. Correctly priced Underpriced
B. Overpriced Underpriced
C. Correctly priced Correctly priced

A．①
B．②
C．③

A．①
B．②
C．③

A. Cash received from issuing long-term debt and stock is considered a financing cash flow.
B. Changes in working capital accounts are included in cash flow from operating activities.
C. Dividend payments made are financing cash flows, while interest payments received are investing cash flows.

A．①
B．②
C．③

A. Stone’s personal relationship with the CEO of Amity.
B. Stone’s ownership of Amity securities.
C. The fact that Stone’s son worked at Amity as a laborer during the summer while in school.

A．①
B．②
C．③

A. Keynesian feedback rule and adjusts the federal funds rate to target the inflation rate.
B. Monetarist feedback rule and adjusts the federal funds rate to target the inflation rate.
C. Monetarist feedback rule and adjusts the growth rate of the monetary base to target the inflation rate.

A. Primary capital markets relate to the sale of new issues of bonds, preferred, and common stock, while secondary capital markets are where securities trade after their initial offering.
B. Primary markets are where stocks trade while secondary- markets are where bonds trade.
C. Both primary and secondary markets relate to where stocks and bonds trade after their initial offering.

A. may invest in the stock because the analyst would not purchase the stock for the bond portfolio he manages.
B. may not invest in the stock because of his position as a portfolio manager.
C. is in violation of Standard Ⅳ (A), Loyalty to Employer, by spending time analyzing stocks when he should only analyze bonds.

A. in writing only, within 60 days after acceptance of the compensation.
B. in writing or orally, upon receipt of the compensation.
C. in writing only, upon receipt of the compensation.

A. not violated CFA Institute Standards of Professional Conduct because these charts are widely available over the Internet.
B. violated CFA Institute Standards of Professional Conduct because he did not make sure that the information in these charts is accurate.
C. violated CFA Institute Standards of Professional Conduct because he did not state the source of the charts.

A. The duration of a zero coupon bond is approximately equal to its maturity.
B. The duration of a floater is equal to the time to the next reset date.
C. If a bond has an effective duration of 7.5 , it means that a 1% change in rates will result in a 7.5% change in price.

A. earnings power is the primary determinant of investment value.
B. earnings can be negative.
C. research shows that P/E differences are significantly related to long-run average stock returns.

A. trade payables turnover is lower than that of its peers.
B. operating cycle is shorter than that of its peers.
C. days of inventory on hand is higher than the industry average.

A．① <br />B．②<br /> C．③

A. buy shares back from investors who want to sell.
B. have the market price of their shares determined by supply and demand.
C. sell additional shares only through the secondary market.

A. Yes, because the prison sentence is more than six months.
B. No, because the prison sentence is less than one year.
C. Yes, because the crime involved stealing.

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.

A. 1500000 shares.
B. 1325000 shares.
C. 1000000 shares.

A. $ 0.8 million.
B. $1.0 million.
C. $ 0.9 million.

A. To report depreciation, a firm uses the double-declining balance method for tax purposes and the straight-line method for financial reporting purposes.
B. A firm with deferred tax assets expects an increase in the tax rate.
C. A firm is unlikely to have future taxable income that would enable it to take advantage of deferred tax assets.

A. positively skewed, with a long tail on the left side.
B. negatively skewed, with a long tail on the left side.
C. positively skewed, with a long tail on the right side.

A．①
B．②
C．③

A. Statement 2 reflects a common reason why average asset allocations differ across countries, but Statement 3 does not.
B. Statement 1 reflects a common reason why average asset allocations differ across countries, but Statement 2 does not.
C. Both Statements 1 and 4 reflect common reasons why average asset allocations differ across countries.

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 he transferred to another investment manager in his firm.