An investment project, with the same risk as the company, has an internal rate of return of 12 percent and a positive net present value of $25 million If the projected cash inflows are reinvested at the company' s weighted average cost of capital, the realized return from the project should be; A 12 percent B less than 12 percent C greater than 12 percent D less than the company’s weighted average cost of capital 【答案】 B   If a project with a net present value greater than hero has an intemal rate of return of 12 percent  the weighted average cost of capital for the firm must be less than 12 percent. Reinvesting the  project's cash flows at less than 12 percent would be expected to result in a realized return lower  than 12 percent but higher than the firms cost of capital.   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

A company' s dividend policy is based on a strict residual model. All other factors being equal, if the company's dividend payout decreased from 50 percent in 2001 to 20 percent in 2002, the company most likely experienced; A a decrease in investment opportunities B an increase in investment opportunities C no change in investment opportunities, but an increase in the targeted debt-to-assets D no change in investment opportunities, but an increase in the weighted average cost of capital 【答案】 B   A dividend policy based on a strict residual model means the firm pays dividends only if it has  earnings above the amount required to fund its optimal capital budget; all else equal, the greater the  investment opportunities; the lower the dividend payout.   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  If prices have been rising what is the most likely effect of a LIFO liquidation on a company's:   【答案】 C   A LIFo liquidation will match old inventory costs with current revenues inflating gross margins and taxable income. Higher taxes will result in lower cash flow for the firm.   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 notes  Software development costs incurred before and after a product is proven economically feasible;   A. expensed both before and after   B. capitalized both before and after   C. expensed before and capitalized after   D. capitalized before and expensed after    【答案】 C   All costs incurred to establish the economic feasibility of software should be expensed as incurred  Once economic feasibility is established subsequent costs can be capitalized.     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

Based on historical data and assuming less-than-full employment, periods of sharp acceleration  in the growth rate of the money supply tend to be associated initially with;   A. periods of economic recession   B. an increase in the velocity of money   C. a rapid growth in gross domestic product   D. reductions in real gross domestic product    【答案】 C At less-than- full employment, an expected increase in the growth rate of the money supply will initially reduce the real rate of interest, increasing the demand for goods and services.    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 data about common stocks J, K, and L, which together form a value-weighted index; Two-for-one stock split The value-weighted index(base index=100 )at the end of 2002 is closest to; A  92.31 B  93.64 C  106.80 D  108.33 【答案】 C   In a market-value-weighted index, the total ending market value for the securities is divided by the beginning market value for the securities to determine the percentage of change, which in turn is applied to the beginning index value; $1,100,000/$1,030,000=1.06796   1.06796X100=106.796  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. 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

Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted  A company s current ratio is 2.0. If the company uses cash to retire notes payable that are due  within one year, would this transaction most likely increase or decrease the company's current ratio and asset turnover ratio, respectively?   【答案】 A   Payment of the note would reduce both current assets and current liabilities by the same amount  With the current ratio at 2.0, however, the reduction in current liabilities would be greater than the  reduction in current assets on a relative basis the current ratio would increase. Assets are reduced  and sales remain the same the asset turnover ratio would increase.     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

With of the following statements about standard deviation is most accurate? Standard deviation:   A. is the square of the variance.   B. can be a positive number or a negative number.   C. is denominated in the same units as the original data.   D. is the arithmetic mean of the squared deviations from the mean.   【答案】 C The arithmetic average of the squared deviations around the mean is the variance. the standard deviations is the positive square root of the variance and is denominated in the same units as the original data.  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

or most products the long-run price elasticity of demand is;   A. less than the short-run price elasticity of demand   B. greater than the short-run price elasticity of demand   C. more likely to increase than is the short-run price elasticity of demand   D. more likely to decrease than is the short-run price elasticity of demand   【答案】 B Generally, when the price of a product increases, consumers reduce consumption by a larger  amount in the long run than in the short run; this relationship between elasticity and time is referred  to as the second law of demand.      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