Question: Johannes Meir, CFA, is a compliance officer for Family Estate Planning, LLC, a private wealth consulting firm. Many of his colleagues have family members who have started their own retail businesses. Some of Meir's colleagues have been asked by relatives to serve as non-executive

for companies that have strong cash flows and a significant amount of  physical assets. These physical assets can be used as security and borrowed against.  CFA Level I  "Introduction to Alternative Investments," Terri Duhon, George Spentzos, and Scott D. Stewart  Section 4.2.1.2      CFA特许金融分析师1-3级【沪江金程联合开发

Question： An expansionary fiscal policy is least likely to include an increase in:  A. tax rates.  B. budget deficit.  C. government expenditures.  Answer = A  An expansionary fiscal policy means that the government increases its purchases of goods and  services and/or cuts tax rates to increase aggregate demand. Furthermore, an increase in the budget  deficit would be associated with an expansionary fiscal policy. CFA Level I “Monetary and Fiscal Policy,” by Andrew Clare and Stephen Thomas Sections 3.1.1–3.1.2     CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 这可能是目前zui快通过CFA、FRM双证的捷径了 通过CFA一级需要花费多长时间？  

Question： A 20-year $1,000 fixed-rate non-callable bond with 8% annual coupons currently sells for $1,105.94. Assuming a 30% marginal tax rate and an additional risk premium for equity relative to debt of 5%, the cost of equity using the bond-yield-plus-risk-premium approach is closest to:  A. 9.9% B. 13.0% C. 12.0%   Answer = C  First, determine the yield to maturity, which is the discount rate that sets the bond price to $1,105.94 and is equal to 7%. This calculation can be done with a financial calculator:FV = –$1,000, PV = $1,105.94, N = 20, PMT = –$80, solve for i, which will equal 7%. The bond-yield-plus-risk-premium approach is calculated by adding a risk premium to the cost of debt (i.e., the yield to maturity for the debt), making the cost of equity 12.00% (= 7% +5%).   CFA Level I “Cost of Capital,” Yves Courtois, Gene C. Lai, and Pamela Peterson Drake Sections 3.1.1, 3.3.3         CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA持证人普遍青睐的3个职位是什么？ CFA一般都是什么程度的人在考？ 只考CFA一级有用吗？  

也是你选择学校时要注意的事情。如今是网络时代，很多人在选择英语培训机构的时候大受网络影响，从而报读了一所根本不适合自己的英语培训培训机构，所以在选择英语培训机构之前，在这里也给各位一点建议，最终学习是自己学的，自身的体验才是“重中之重”。所以要提醒在报读英语培训机构之前一定要申请免费体验。 4、外教是关键 外教​是很关键的，外教水平不好是绝对不可取的，所以专业的英语培训机构的外教必须是持有相关证书的，且要来自母语国家要有纯正的英语发音，做的比较好的，比如沪江英语对外教的要求：5年英语教学经验;持有TEFL或TESOL证书;两次考核;为期两个月的专业在线教学内部考核。 5、课程安排要合理 优秀的英语培训机构首先根据学生不同的起点和不同的理想目标，设定更具针对性，细分化的课程。从而让教学的节奏进度更适合自己。 (另：选择英语培训机构时，如果你学的是口语，一定要看有没有区分英美式口语，如果学的是语法，一定要搞清楚有没有设置语法专项。) 6、性价比一定要高。 性价比是个很实际的问题，对于排名靠前的英语培训机构，性价比一般都比较好。 以上就是关于如何选择英语培训学校的介绍，大家一定仔细看，一定用得到。

Question： Which of the following investments most likely provides an investor with indirect equity exposure to  real estate?  A. Real estate limited partnerships  B. Commercial mortgage-backed securities  C. Real estate investment trusts  Answer = C  Real estate investment trusts (REITs) provide investors with indirect equity real estate exposure. Real  estate investment partnerships are a form of direct real estate equity investment. Commercial  mortgage-backed securities (CMBSs) provide investors with indirect debt investment opportunities in  real estate.  CFA Level I  "Introduction to Alternative Investments," Terri Duhon, George Spentzos, and Scott D. Stewart  Sections 5.1, 5.2      CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 要进投行？是不是必须要考CFA！？ CFA一级权益复习策略 CFA和FRM的区别  

fiduciary call, defined as a long position in a call and in a risk-free bond, generates a payoff that is equal to the market value of the asset if it expires in the money.  CFA Level I  "Basics of Derivative Pricing and Valuation," Don M. Chance  Section 4.1.9      CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月

for items not reported and aid in the assessment of management's judgment of accruals and valuations.    CFA Level I  "Financial Reporting Mechanics," Thomas R. Robinson, Jan Hendrik van Greuning, Karen O'Connor Rubsam, Elaine Henry, and Michael A. Broihahn  Section 7      CFA特许金融分析师1-3级【沪江金程联合开发】 19

Question： Which of the following is not a component of the CFA Institute Code of Ethics? A. Promote financial integrity and seek to prevent and punish abuses in the financial markets. B. Practice and encourage others to practice in a professional and ethical manner that will reflect credit

  Information about the coupon rates on the various long-term fixed-rate debt issues can usually be  found in the notes to the financial statements. The MD&A is more likely to discuss interest rate trends  and/or current financing costs but not specific information on individual debt issues.  CFA Level I