Bài kiểm tra CFA

1. Which of the following statements about ethical behaviour is most accurate?

2. Using historical index returns for an equities market over a 20-year period, an analyst has calculated the average annual return as 5.60% and the holding period return as 170%. The compound annual index return over the period is closest to:

3. A company's chief financial officer wants to generate liquidity while avoiding the higher costs and negative signaling of using secondary liquidity sources. The officer should most appropriately:

4. Which of the following organizations is the most focused on promoting economic growth and reducing poverty by offering both monetary and technical assistance?

5. Over the last 12 months, M&N Company has been using its accounts payable as an internal source of funds. This month, M&N's largest supplier changed its invoice terms from 2/20 net 90 to 2/10 net 60. Going forward, this change is most likely to:

6. A lessor will recognize a lease receivable asset if the lease is classified as:

7. Details on two investments are as follows: Investment X : Y, Arithmetic mean return 20%:10%, Standard deviation 40% : 30%. Which investment is a risk-averse investor most likely to prefer on the basis of relative dispersion?

8. A company should most appropriately select the group of profitable projects that it can fund that have the highest:

9. Which of the following tests would generally be considered a nonparametric test?

10. Inez Company has the following target capital structure: 35% debt, 55% common stock, and 10% preferred stock. The company's before-tax cost of debt is 6%, its cost of common stock is 10%, and its cost of preferred stock is 8%. The company's marginal tax rate is 40%. What is Inez's weighted average cost of capital?

11. Gordon, Inc., reports using the LIFO cost method. In notes to its financial statements, Gordon discloses inventory of 500 units in 20X1 and 510 units in 20X2 and states a LIFO reserve of $50,000 in 20X1 and $48,000 in 20X2. These inventory disclosures most likely reflect:

12. Which of the following arguments most likely suggests the size of a fiscal deficit relative to GDP is a cause for concern?

13. Peter Wellington has changed his status in marketing materials to "Level III CFA candidate." Wellington passed the Level II CFA exam and just received his results. He intends to register for the next Level III CFA examination that is offered. Wellington has:

14. Which of the following relationships among a company's stakeholders is most accurately described as a principal-agent relationship? The relationship between a company's managers and its:

15. Credit cycles are most likely to:

16. The investment needs of property and casualty insurers are characterized by a:

17. In the most recent year, Mowe Company and Larrie Company each experienced a 5% increase in sales. Mowe's operating income increased by 7% and its net income increased by 8%. Larrie's operating income increased by 6% and its net income increased by 9%. Based only on this information, Larrie most likely:

18. A change in a government's antitrust policies, resulting from an election of an opposition party, would most likely affect an industry:

19. NuTrack manufactures wearable electronic devices for runners. According to the most recent industry analysis data, NuTrack's days of sales outstanding are increasing significantly relative to competitors. Which of the following conclusions is most consistent with this observation?

20. Donald Smith, CFA, has been assigned by his employer to write a report for clients on Braden Corporation. Smith has 1,000 shares of Braden that he bought three years ago and has been discussing a consulting contract with Braden to write guidelines for their investor relations department. If Smith writes the report on Braden Corporation, he must disclose within the report:

21. If the risk-free rate of interest is 3%, the spot price of an asset is 35, and its net cost of carry is –2, the no-arbitrage price of a one-year forward contract on units of the asset is closest to:

22. The least likely reason for investing in commodity derivatives rather than physical commodities is their:

23. A BAA rated bond that is priced to yield 7.75% has a modified duration of 6 and a convexity of 40. A government bond of the same maturity is yielding 6.5%. If the benchmark yield is unchanged and the BAA bond yield decreases to 7.5%, the expected increase in the full price of the bond is closest to:

24. If an investor wants only investment grade bonds in her portfolio, she would be least likely to purchase a: