不如大家一齊記題目 等我記番d 題目出來先: Ethnics: The Designated Officer, upon reviewing the material obtained during
the investigation, which of the following is least likely to carry out:
choices: cease CFA resignation, issue a cautionary letter, inquiry with no disciplinary sanction, continue proceedings to discipline the member or candidate
ans: cease CFA resignation Should clients information be disclosed if the clients is doing illegal activities under require diclosure? How long does a firm need to maintain records (not gips related performance)?
ans: 7 years Supervisor notices that employee trades for his personal account before a report is released. what is the appropriate action?
ans: supervisor needs to begin investigation Which of the following is not allowed under CFA SOP?
ans: CFA Level II, CFA designation expected in 2009 Do you consider real estate part of firm assets when a) firm doesn't have control over real estate(Yes/No) and b) when real estate generates no income(Yes/No)?
ans: Yes, Yes
Lady gets a M&A tip from her private equity colleague. Client calls the next day asking about it (the price has been rising over the past couple weeks), and the CFA responded that the client should sell short cause it's overvalued.
ans: violation of material nonpublic info
Husband/wife... both working in finance jobs. They routinely discuss possilibility of clients entering mergers, etc.
Has they violated Standard of confidentiality(Yes/No) and Standard of Material non-public information(Yes/No)? Which of the following is not one of the eight major section on GIPS standards?
choices: Hedge Fund, Private equity, mutual fund Questions on content in fundmanetals of compliance? A firm is existed for 12 years, accrording to GIPS, the firm need minimum compliance records: choices: .3 years, 5 years, 10 years, 12 years Which of the following is likely to violated Market Manipiulation for buying and immediately selling to have tax benefit(Yes/No) and using Legitimate trading strategy to exploit market inefficiency(Yes/No) A member put CFA logo on his individual letterhead or business card. In order to prevent CFA is incorporated into company name, he doesn't place in such close proximity to a company name and put at the bottom of the card. Has he violated Standard VII(B) for his individual letterhead or business card? (Yes/No) "The CFA program helped to enhance my portfolio skills" violates Standard of misrepresentation(Yes/No)and standard VII(B) (Yes/No)? Ans: No, No Stat: When you increase significance level from 5% to 10%, type 1 (increases/decrease) and type 2 (increase/decreases)? Stock index increase 3 out of 6 months last year. This year the total probability of increasing for 5 or more out of 6 months? Which is most likely to result in an increase in the width of the confidence interval for the population mean? choices: Sample size derease(Yes/No) or degrees of freedom decrease (Yes/No) Stock buy at 90 and sold for 120 one year later, find the continuous compounding yield? Given T-bill has a face value of $1,000,000 and priced at $970,000 for 270 days remaining until maturity, find the EAY? Calculation on effective annual yield on an investment of bond-equivalent yield of 7%? Which of the following measures relative dispersion? choices: covariance, standard deviation, mean absolute deviation, coefficient of variation Calculation of CV given sharpe ratio, mean return and risk-free return? Find which portfolio will mininize Roy's safety-first criterion given $1,000,000 investment and need $400,000 later, given the expected return and standard deviation of retun of 4 portfolio? Which of the following is true for monte carlo simulation? choices: calculate estimate of VaR, ask "what-if", required resampling of historical data, determine pricing of the mortgage-back securities Which of the following distribution is used for hypothesis testing on single variance: choices: z-test, t-test, F-test, chi-square test Given small sample of non-normal date and Given a sample of ranked data, Parametric testing and non-parametric test is for which of them? Which of the following is not Lognormal distribution characteristics? choices: Bounded by zero, positive skewness, assigned probability with Logical or reasoning. choices: Priori, subjective, conditional, empirical Question on distinguish between escalation bias, confirmation bias, overconfidence bias, survivorship bias which kind of data type for "Buy", "Held", "Sell"? choices: ordinal, nominal, ratio, interval Question on standard error given standard deviation and sample size Question on calculation of upper limit and lower limit in 90% confidence interval given 1.645 as XXX(forget the term) Econ: (Would someone post the question on microecon, i think it will add more value to candidate) Would a change in the following factors change the money supply: interest rates(Yes/No) and expected future income(Yes/No)?
ans: No, No Firms more efficient than markets LEAST LIKELY?
choices: Economics of team production, economies of scope, economies of scale, outsourcing, transaction cost
ans: outsourcing Which of the following would solve principal-agent problem:
choices: assigning business ownership to workers, clear command, incentive with setting sales target, signing a contract of multliple years employment with workers
ans: clear command Would change in the following factors change the money supply: interest rate(Yes/No) and future income(Yes/No)? About Price Ceiling and black market, what is black market price?
choices: Maximum price that renters are willing to pay, cost for searching the activity, equilibrium price, (wt is the last choices)? Fed deposit reqirement =0.25 , loan = 10000 ,how much deposit in making loan? (ans:2500)
Choices: 2500, 7500, Under Laffer curve, a government want to increase the revenue by increasing tax
which of the following is more likely to be correct:
choices: move from downward curve to upper, move from upward curve to downward, at the highest point of the curve Which of the following is most like to correct for Fed policy to increase money supply:
choices: decreasing discount rate(Yes/No), government buying securities in open market (Yes/No) Is aggregate demand decreased with a decrease in foreign exchange rate( foreign currency per unit domestic currency) (Yes/No) and transfer benefit by government? Is interest rate increased with decrease in discount rate(Yes/No) and government buying securities in open market(Yes/No)? Average unit produced of 840,000 at $25. Last year, the unit was 880,000 at $23. Find the price elasticity of demand? Ans: ((880000-800000)/840000)/((26000-24000/25000) = -1.19 (the answer was positive 1.19) Questions on component of implicit cost For perfect competition, if the increase in demand permanently, which of the following is most likely to be: choices: Price is higher and is higher than the original cost, price decreases initally and increases, price increases intially and decrease as new firm will enter the market. Question on assumption of monopolistic competition, which of the following is least likely correct: choices: a smaller number of independent seller, each seller produces a differentiated product, firm compete on price, quality and marketing, low barrier to entry Question on definition of frictional umemployment. For long run, the econonmy is operating at full employment, which of the following is true: choices: an increase in potential GDP, an increase in money wages, decrease in price level,
Which of the following would be least likely to affect Elasticity of Demand for Labour?
choices: Labour Intensity, elasticity of demand for the product, substuitutability of capital for labour Which of the following is correctly related to budget dedicit or expansionary fiscal policy:
ans: increasing government expenditure and decreasing tax rate FSA: gross vs. net accounting: if you dont have control over pricing and you dont bear inventory risk you can;t use gross reporting Which of the following would record lowest initial balance sheet liabililty:
choices: Zero-coupon, convertible bond, bonds with warrants, conventional bond Which of the following would provide information about board members compensation and management qualification?
choices: proxy statement, Management's Discussion and Analysis Installment method
A sell something to B for $10M, the cost is $8M, and B make a down payment of $1M
and the remaining payment are collected in the subsequent 9 months,
how much profit is reported for first year?
which of the following is not included in f/s:
choices: statement of changes in equity, statement of change in income, footnotes w/ disclosure of accounting policies
ans: statement of change in income Depreciation is larger when shorter depreciable lives and low salvage values Person is running a program that is filtering stock based on ROE and P/S. What should he also add as a filter to get rid of meaningless results are positive?
choices: book value, CFO, earnings
which of the following is capitalized?
ans: franchise Company issues 10 million of bonds at par (7% rate) and calls them one year later at 104. Then company issues new noncallable bonds with 9 years to maturity and 6%. What is total gain/loss?
ans: 400,000 loss.
IFRS is different from GAAP in treatment of choices: discontinued operation, extraordinarily item, extraordinarily item Under IFRS, would interest paid be recognised as cash flow from: choices: operating or financing, operating or investing, operating only, financing only Company A rent all planes from Company B, which of the following is the incentives for company A structuring as an operating lease:
choices: better able to resell the asset, higher return on asset, enjoying a lower tax bracket, because they gonna continue leasing the planes for a long time
ans: higher return on asset Given current dividend payout, NI, asset, liability, find the implied growth rate. solution; find retaining earning from NI -dividend, RR can be found and g=RRxROE Which of the following is related to have current and noncurrent portion within asset and liability? choices: report format, account format, classified balance sheet, unclassified balances which of the following reflects liquid crisis? choices: increase in trade credit or increase in account receivable or debt to equity ratio Which of the following will not affect net income or XXX with shareholder XXX? choices: extraordinarily item, discontinued operation, other comprehensive income This year net profit margin and financial leverage is unchanged from last year, however this year ROE decreases from last year, which of the following is more like to be: Choices Asset increases more than revenue increase, revenue increase more than asset increase, net income increases more than equity increase, Which of the following off-balance sheet item would increase the CFO: choices: take-or-pay and throughput agreement, joint ventures, sales of receivables, operating lease Written up for inventory ?
which of the following is true for US GAAP(Yes/No) and IFRS(Yes/No)?
ans: No, No
Corporate Finance: Whether Herfindahl index was a more intuitive measure of competition(Yes/No) and more discrimination(Yes/No)?
choices: Yes, No A company has limited fund of $400,000, which of the following combination of project should be chosen
choices: 1 and 2, 1 and 4, 2 and 3, 3 and 4 Project 1
inital outlay=$100,000
NPV= (highest NPV)
IRR=12% Project 2
inital outlay=$300,000
NPV=
IRR=12% Project 3
inital outlay=$100,000
NPV=2,000
IRR=16% (highest IRR) Project 4
inital outlay=$300,000
NPV=20,000 (highest NPV)
IRR=
and : For independent budgets with cost constraints, always go with the combination that produces the highest NPV within the cost constraints Bad for corporate governance?
when board votes with management on nonroutine issues
ans: Yes 70% equity 30% debt, equity amount 5 mio, debt amount 8 mio What is the next breakpoint: (Ans is c)
choices were
a. 5 mio
b. 8 mio
c. 7.1 mio
d. 26.7 mio For indepentent project, IRR and NPV should be used (Yes / No) and PI and IRR (Yes/No) should be used? Question on payback period and discounted payback period (very simple calculation) Optimal capital budget occurs at: choices: intersection of upward sloping marginal cost of capital and downward sloping of investment opportunity schedule curve, intersection of downward sloping marginal cost of capital and upward sloping of investment opportunity schedule curve Which of the following component should not be considered as capital budeting? choices: sunk cost Questions on given NI, asset, liability, find the implied growth rate? Find margin call price given current stock price is $50 with initial margin=50%, maintenance margin=25% for long position in stock? ans: $37.50 Which of the following is least likely to be associated with long position in stock? choices: Stop loss, Stop buy, Limit buy Which of the following exchange membership would help customer to buy and sell? choices: specialist, commision broker, floor brokers, registred traders Question on incorrect step in the portfolio management process: choices: write a policy statement detailing choices of securities Which of the following is not an assumption of Markowitz model? choices: investors expected utility exhibit increasing marginal utility of wealth, risk aversion, each investment opportubity as a probability distribution of expected return over a given investment horizon, utility vurves are function of expected return and variance of return distribution Questions on capital preservation, capital appreciation, current income, total return. Questions on Basic EPS, Given NI=$4,000,000, Preferred dividend=$500,000, Suppose on 1 Jan 2007, company issues 1,400,000 shares, on Oct declares 2-for-1 stock split, find the basic EPS? For top-down approach, which of the following is related to step 2? Which of the following stages will have stock investment? choices: recovery, early swing, late swing, end of recession For industry life cycle, in mature growth phase, wt is the effect of profit margin choices: profit margin start to decline Questions on elements related to risk in global industry analysis area Country risk prenium involves calculation of ? choices: stock beta, sovereign yield spread times ratio of annualized SD of equity index of developing country to annualised SD of soverign bond market in terms of developed market currency, Questions on break point of WACC Question on ROE calculation given operating profit margin, effect of nonoperating item, tax effect, total asset turnover, financial leverage Given 2007 cash ratio < 2006 cash ratio by 0.1, 2007 quick ratio > 2006 quick ratio by 0.1, which of the following will have an increase in: choices: inventory, current liability, account receivable Is price-to-earning ratio is more stable than price-to-cash flow ratio (Yes/No) and price-to-sales ratio(Yes/No)? Which of the following is correct about the normalized earning? choices: use the average historical earnings, use the average ROE Breadth of market is most likely correct for: choices: contrarian view, smart money technicians, stock volume technique, a momentum indicator when dividend payout decreases, it has the supplemental effect of what?
increase the growth rate
ans: Yes Shareholders' interests are best served by: all members of nomination(Yes/No) and/or compensation committee are independent(Yes/No)
ans : Yes, Yes Over time, the major source of investment return and isk is most likely attributed to:
choices: market timng, stock selection, asset allocation, risk maangement Fixed income: How does the fed sell bonds when rates are lowest?
choices: tap, ad hoc, auction/single price
ans: ad hoc (p.298 CFAI vol5) What is the annual stated yield of a bey of 6.5%? A series of interest rate calls is equivalent to interest rate cap
ans: Yes Duration is 4, change in yield is 200 bps. what is % change in price?
ans: 8% Which of the following is least likely for YTM? choices: determine coupon income, assume to hold to maturity, reinvest the coupon payment at YTM, timing of the cash flow Are credit spreads positively related to credit rating(Yes/No) and well being of economy(Yes/No)?
For Callable bond, higher reinvestment risk(Yes/No) and higher interest rate risk(Yes/No)? Compared with callable bond, zero-coupon bond has higher reinvestment risk(Yes/No) and higher interest rate risk(Yes/No)? Putable Bond exhibits positive convexity and bond price decrease when interest rate decline? Which of the following correctly account the yield different of mortgage back security of Ginnie Mae and US treasury bond? Choices: prepayment risk, liquidity risk, credit risk Is upward-sloping yield curve implies short term expectation to rise in the future? choices: Liquidity preference theory (Yes/No) and Pure expectation theory (Yes/No) Derivatives: Which of the following has the possibility of infinite gain?
choices: long call, short call, long put, short put
ans: long call
Which of the following is least likely to be used to value a callable bond? Choices: Effective duration, modified duration, option adjusted duration ans: Modified Duration
Margin question where they give you limited information. Guy has $5 initial margin/contract. $3 maintenance, 10 contracts. Price at t=0 is $100 per contract. Day 2, guy needs to deposit $30 into margin account. What was the closing price on Day 1?
$97 and he has a long margin position Covered call break even? Minimum value of American Put prior to expiration? choices: zero, instrinic value, greater of zero and  V of strike over current stock price, greater of zero and current stock price over PV of strike Long FRA: 90 days maturity with 180-LIBOR at 6.0%, If settlement is 6.5%, how much long is gained at maturity? Which of the following correctly describes a derivative is a series of interest put option having expiration dates that corresponding to the reset dates on a floating-rate loans and to protect a floating-rate lender from a decline in interest rates? choices: interest rate floor, interest cap, interest rate collar, Which of the following is exchange traded? choices: interest rate swap, currency swap, exchange future contract, forward contract Alternative Investment: Which of the following stage is related to investments in a company that is producing and selling a product buy is not yeet generating income? choices: Later stage, early stage, seed stage, formative stage Question on REIT(but i forget), choices: traded at value near NAV, open-end fund investment ??? Is FOF has lower return than Hedge Fund and higher management fee? Which of the following is the least likely the features of hedge fund? choices: Is highly leveaged, components of basic fee and incentive fee, absolute return, "Limited partnership, a limited liability corporation, or an offshore coporation. Questions on Estimated NPV of potential investment Questions on Given Amount of borrowing mortgage, interest on amount of borrowing, gross potential rental income, estimated vancancy and collection loss rate, insurance, taxes, utilities, maintenance, depreciation, financing cost, annual payment, Find the 1st year after-tax cash flow of real estate investment. Question on components of collateralized commodities future position is the long future contract and long government securities
[此贴子已经被作者于2008-6-11 2:17:13编辑过] | 
发表于 2008-6-8 22:48
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