Assume U.S. GAAP (generally accepted accounting principles)applies unless otherwise noted. An analyst applied the DuPont System to the following data for a company; Using the DuPont System, the company's return on equity is closest to; A 1.3% B 11.0% C 23.1% D 63.6%   【答案】 C   The return on equity is equal to the equity turnover multiplied by the net profit  margin; 42×55%=23.1%.     CFA特许金融分析师1-3级【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  CFA特许金融分析师1级【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【特惠班】                                                      双语教学，助力提升金融专业英语水平                   查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

The population mean and standard deviation of monthly net sales for a company are $100  million and $30 million, respectively, If monthly net sales are normally distributed which of the  following best describes the interval that would be expected to contain approximately 95 percent of  the monthly net sales?   A. $10 million to $190 million   B. $30 million to $170 million   C. $40 million to $160 million   D. $70 million to $130 million   【答案】 C In a normal distribution about 95 percent of the observations will fall within +/-2 standard deviations of the mean： $100-2(30)=$40and$100+2(30)=$160    CFA特许金融分析师1-3级【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  CFA特许金融分析师1级【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【特惠班】                                                      双语教学，助力提升金融专业英语水平                   查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

An analyst developed the following probability distribution of the rate of return for a common  stock: The standard deviation of the rate of return is closest to:   A.0.0200   B.0.0267   C.0.0283   D.0.0400   【答案】 C Expected value=0. 12 Variance=0. 0008 Standard deviation=0.0283    CFA特许金融分析师1-3级【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  CFA特许金融分析师1级【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【特惠班】                                                      双语教学，助力提升金融专业英语水平                   查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted  During a period of rising price levels and rising inventory quantities, the financial statements of a  company using FIFO instead of LIFO for inventory accounting will show:   A. lower total assets and lower net income   B. lower total assets and higher net income   C. higher total assets and lower net income   D. higher total assets and higher net income   【答案】 D   In periods of rising prices and stable or increasing inventory quantities, using FIFO instead of LIFO  will result in higher income before taxes, income taxes, net income, and assets. Cost of goods sold  and cash flow will be lower with FIFO.  CFA特许金融分析师1-3级【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  CFA特许金融分析师1级【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【特惠班】                                                      双语教学，助力提升金融专业英语水平                   查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

Which of the following fiscal programs is least likely to act as an automatic stabilizer during  periods of economic recession and boom?   A. Progressive income tax   B. Balanced federal budget   C. Unemployment compensation   D. Progressive corporate profit tax   【答案】 B Automatic stabilizers tend to create a budget deficit during an economic recession and a budget surplus during an economic boom; a balanced federal budget, by definition, creates neither deficit nor surplus.    CFA特许金融分析师1-3级【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  CFA特许金融分析师1级【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【特惠班】                                                      双语教学，助力提升金融专业英语水平                   查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

On 1 Januray, 2003, a company entered into a 10-year capital lease agreement that required an annual payment of $150,000 at the end of each year. For the year ended 31 December 2004, the company reported earnings before interest and taxes of $370,000, During 2004, the company had no interest-bearing debt outstanding If the appropriate lease- relate interest rate is 8 percent, the company's interest coverage ratio for 2004 was closest to; A. 3.1 B. 3.4 C. 4.6 D. 4.9   【答案】 D   Present value of lease payments on 1 January 2003: $1,006, 512   Balance remaining on 1 January 2004: $937,033   2004 interest:$74,963   Interest coverage ratio for 2004   $370,000/$74,963=4.94    CFA特许金融分析师1-3级【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  CFA特许金融分析师1级【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【特惠班】                                                      双语教学，助力提升金融专业英语水平                   查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

The crowding-out model suggests that persistent large government budget deficits are most  likely to be associated with a(n); A. increase in net exports   B. decrease in private spending   C. decrease in the real rate of interest   D. decrease in demand for loanable funds    【答案】 B The crowding-out model suggests that budget deficits are associated with higher real interest rates a decline in private investment, an inflow of capital from abroad, appreciation of the domestic currency, and a decline in net exports.    CFA特许金融分析师1-3级【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  CFA特许金融分析师1级【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【特惠班】                                                      双语教学，助力提升金融专业英语水平                   查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

Susan Roberts, CFA, a portfolio manager for Howard Investment Counsel, received a call from  Marvin Moore, an institutional broker. Moore called to recommend buying Megamove an obscure  common stock traded over-the counter, as a takeover candidate. In the past, Moore has demonstrated an ability to pick takeover candidates. If she buys the Megamove stock, is Roberts  violating the CFA Institute Standard of Professional Conduct that relates to trading on material  nonpublic information?   A. No   B. Yes. because roberts did not research the stock herself. C. Yes, because Roberts is acting on confidential information.   D Yes, because Moore is breaching fiduciary duty and receiving personal benefits as a result. 【答案】 A The fact that Moore has demonstrated an ability to pick takeover candidates does not imply that he has access to material nonpublic information regarding Megamove. Roberts has no reason to believe that the information was anything more than an opinion expressed by the broker. CFA特许金融分析师1-3级【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  CFA特许金融分析师1级【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【特惠班】                                                      双语教学，助力提升金融专业英语水平                    查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

George Moses, CFA, analyzes Technicorp for a brokerage company. Extensive study has led Moses to rate Technicorp common stock as a hold, largely because of increasing competition in the industry. at a recent CFA institute society meeting Moses discussed Technicorp's prospects with two other analysts. Although the other analysts did not give a reason, both said that Technicorp was about to experience rapid earnings growth. Immediately following the meeting, Moses issued a buy"recommendation for Technicorp According to the Standards of Practice Handbook, did Moses violate any CFA Institute Standards of Professional Conduct when he issued the”buy recommendation? A No. B Yes because he copied the opinions of others. C Yes because he did not seek approval of the change from his supervisor. D Yes, because he did not have a reasonable and adequate basis for his recommendation.   【答案】   D Moses violated the Standard that requires members to have a reasonable and adequate basis supported by appropriate research and investigation, for investment recommendations or action. Moses buy recommendation was not supported by appropriate research and investigation.    CFA特许金融分析师1-3级【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  CFA特许金融分析师1级【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【特惠班】                                                      双语教学，助力提升金融专业英语水平                    查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

An analyst gathered the following information about a common stock; If the stocks annual dividend is expected to remain at $ 2. 10 the value of the stock is closest to A  $19.09 B  $30.00 C  $52.50 D  $70.00 【答案】 A If the dividend is expected to remain constant, the value of the stock is determined by dividing the amount of the dividend by the required rate of return for the stock; $2.10/0.11=$19.09  CFA特许金融分析师1-3级【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  CFA特许金融分析师1级【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【特惠班】                                                      双语教学，助力提升金融专业英语水平                   查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向