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

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

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

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

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

Wilfred Clark, CFA, accumulated several items of nonpublic information through contacts with  computer companies. Although none of the information is"material"individually, Clark concluded  y combining the nonpublic information, that one of the companies will have unexpectedly high  earnings in the coming year. According to the Standards of Practice Handbook, Clark:   A. may not use the nonpublic information   B. may use the nonpublic information at any time to make investment recommendations and  decisions   C. must make reasonable efforts to achieve immediate public dissemination of the nonpublic  information   D. may use the nonpublic information only after gaining approval from a supervisory analyst  attesting to the information' s nonmateriality.   【答案】   B Clark may use the nonpublic information because none of the information is material.    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  Deltax Corp, a highly profitable company, purchased a new asset on 1 January 2002 for $1,000,000.  The following information applies to the asset; ·For financial statements purposes, straight-line depreciation over 10 years with no salvage value. ·For tax purposes, three-year MACRS depreciation class with first year MACRS factor = 0.333 ·Tax rate=40%   The effect of the asset purchase on Deltax's deferred tax liability for 2002 is closest to a:   A $233,000 decrease   B $93, 200 decrease   C $93, 200 increase   D $233, 000 increase   【答案】 C   The timing difference results in an increase in deferred tax liability: ($333,000-$100,000)x0.40=$93,200   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 constructed the following hypothesis test: The null hypothesis means that:   A. the dependent variable is sensitive to changes in the independent variable.   B. the independent variable is sensitive to changes in the dependent variable.   C. changes in the dependent variable do not explain changes in the independent variable.   D. changes in the independent variable do not explain changes in the dependent variable.   【答案】 D the null hypothesis in this case is that the parameter of interest (slope)is equal to zero. Acceptance of the null hypothesis means that the statistical analysis indicates that changes in the independent variable do not explain changes in the dependent variable.  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