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

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

CFA Institute Standards of Professional Conduct prohibit CFA charterholders from making  statements misrepresenting their qualifications, their firms services, or the expected performance  of any investment. Does this prohibition apply to:    【答案】   D The Standard prohibiting misrepresentation applies to all oral and written forms of communication, including electronic communications.     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

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

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

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

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

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

之目的，我们对原文作者，表示敬意！版权归原作者与机构所有，如有侵权，请联系我们删除。谢谢支持！   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： 拥有了CFA证书以后，你可以做这7件事 CFA考试经验丨金融小硕6个月攻下CFA二级考经攻略分享 CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级不用掌握很深的知识点上篇幅掌握很好，用notes会疑问较多，因为会计知识相当深，很多一级方向