其他金融产品投资及答案解析.doc

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1、其他金融产品投资及答案解析(总分：49.00，做题时间：90 分钟)一、B单选选择/B(总题数：47，分数：49.00)1.Philip Fanara, CFA, gathered the following information about a real estate investment:（分数：1.00）A.Amount financed by mortgaeg loanB.$640000C.Interest rate on mortgage loanD.10%E.Term of mortgage loanF.30 yearsG.Year 1 gross potential renta

2、l incomeH.$160000I.Year 1 estimated vacancy and collectiom lossesJ.5%K.Year 1 estimated insurance, taxes, and electricityL.$35000M.Year 1 estimated repairs and maintenanceN.$20000O.Annual straight-line depreciatiomP.$25000Q.Investors tax rateR.30%2.Is the true risk of losses of hedge funds using arb

3、itrage strategies most likely to be understated if that risk is measured by: Standard deviation? Traditional value at risk(VaR) measures? A. No No B. Yes Yes C. Yes No（分数：1.00）A.A. B.B. C.C. 3.One of the main advantages to investing in a fund of funds (FOF) is that FOF provide:（分数：1.00）A.A. lower ma

4、nagement fees. B.B. improved diversification of assets. C.C. a proven track record.4.A disadvantage of relying solely on the comparative sales approach to valuing real estate is that the approach : A. does not reflect the fact that all properties are unique in some respect. B. relies on selling pric

5、es, not asking prices. C. requires estimating a market capitalization rate.（分数：1.00）A.B.C.5.A residential apartment block in New York has 20 apartments of 1000 square foot area each. The monthly rental per apartment is $5000. The vacancy rate is 10% , and average collection losses are 2%. Operating

6、expenses are $10000 per month (fixed expenses not depending on occupancy). The risk free rate and cap rate are 5% and 10% respectively. The value of the property using the NOI approach is closest to:（分数：1.00）A.A. $9.36 mil. B.B. $9.38 mil. C.C. $6.24 mil.6.Which of the following is frequently cited

7、as a reason why hedge funds consistently report strong results ? A. Hedge funds utilize a superior investment methodology. B. Survivorship bias. C. Hedge funds invest in lower risk securities.（分数：1.00）A.B.C.7.An investor would most likely expect commodities to have correlations with traditional stoc

8、k or bond investments and inflation, respectively, that are: Correlation with inflation Correlation with traditional stock or bond investments A. positive positive B. positive negative C. negative positive（分数：1.00）A.A. B.B. C.C. 8.The total return on a collateralized futures position is composed of

9、the change in: A. futures price plus the interest income on the futures. B. treasuries price plus the interest income on the futures. C. futures price plus the interest income on the Treasuries.（分数：1.00）A.B.C.9.A real estate investment has the following characteristics: Annual rental income $1800000

10、 Annual operating expenses $1200000 Available mortgage rate 6% Financing percentage 90% Required rate of return 15% Estimated holding period 5 years Investors tax rate 25% Based on the income approach, the value of the investment is closest to:（分数：1.00）A.A. $4000000. B.B. $5455000. C.C. $6133000.10.

11、Which of the following statements is generally not true regarding an investment in gold? A. Gold has typically experienced a low correlation with stock markets. B. Gold has normally high liquidity. C. Gold traditionally has provided a high expected return.（分数：1.00）A.B.C.11.Which of the following sta

12、tements is/are true? . Stable value funds invest predominantly in Treasury bills in order to preserve capital. . Growth funds generally avoid stocks with high Price/Earnings multiples, since their growth is perceived to have already peaked. Statement Statement A. True True B. True False C. False Fal

13、se（分数：1.00）A.A. B.B. C.C. 12.Fund of fund hedge fund strategies have all of the following advantages except.（分数：1.00）A.A. Expertise of management. B.B. Lower management fees. C.C. Diversification.13.Kelly, CFA, want to buy ETFs that invest in index futures contracts and other derivatives, which of t

14、he following types of risk is unique to it, compared with other exchange traded funds ( ETFs ) ?（分数：1.00）A.A. Market risk. B.B. Counterpart credit risk. C.C. Tracking error risk.14.Which real estate valuation approach is most likely to require specific information about an investor to estimate the v

15、alue of a property? A. Cost approach. B. Income approach. C. Discounted after-tax cash flow approach.（分数：1.00）A.B.C.15.ETFs are similar to closed end funds in which of the following features? Do not sell or redeem Often trade away shares after IPO from NAV A. Yes Yes B. Yes No C. No Yes（分数：1.00）A.A.

16、 B.B. C.C. 16.Ariel Andres, CFA, is contemplating the purchase of a shopping mall. The average annual after tax cash flow for the next ten years is expected to be $30000. The property cost $750000. Andres will put down 25 percent and borrow the rest. In ten years, the property will be sold netting $

17、350000 after taxes. What is the approximate yield on the shopping mail?（分数：1.00）A.A. 13.8%. B.B. 20.35%. C.C. 17.2%.17.Which of the following statements is least accurate with respect to the advantages of open-end exchange traded funds (ETFs) ? Open-end ETFs : A. Provide a more cost-effective way fo

18、r large institutions to invest in emerging markets. B. Provide for more immediate reinvestment of dividends than index mutual Finds. C. Provide lower exposure to capital gains distribution taxes than traditional mutual funds.（分数：1.00）A.B.C.18.A portfolio that pursues a stable-value investment strate

19、gy, would most likely invest in:（分数：1.00）A.A. low P/E stocks. B.B. short-term Treasuries. C.C. high P/E stocks.19.Which of the following is NOT an advantage of exchange traded funds (ETFs) over traditional mutual funds.? A. ETF shares trade throughout the day at continuously updated prices, while op

20、en-end funds trade only once a day at close-of-market prices. B. The exposure to capital gains taxes is lower for ETFs than for open-end funds. C. ETF shares have smaller bid-ask spreads than open-end mutual funds.（分数：1.00）A.B.C.20.Which of the following statements regarding fund of funds (FOF) is F

21、ALSE? A. FOF may be able to offer access to hedge funds that are closed to new, individual investors. B. FOF have consistently delivered high returns to investors. C. A FOF can give an investor exposure to several hedge funds for roughly the same investment required to directly invest in a single he

22、dge fund.（分数：1.00）A.B.C.John Williams wants to purchase an apartment complex. The complex consists of 75 units each renting for $700 per month. The estimated vacancy and collection loss rate is 7 percent. The insurance for the building is $40000 annually and taxes are $22000 annually. Utilities are

23、$18000 and the maintenance expense is $29000.Assume a market cap rate of 11 percent. Recent sales of nearby apartment complexes have resulted in the following information.UCharacteristics/U UUnits/U USlope Coefficient in $per Unit/UProximity to downtown In miles -350000Vacancy rate Percentage - 5000

24、0Building size Units + 75000Williams proposed apartment complex is 4 miles away from downtown and has an estimated vacancy rate of 6 percent.（分数：3.00）(1).What is the net operating income (NOI) for Williams proposed apartment complex?（分数：1.00）A.A. $498900. B.B. $436153. C.C. $476900.(2).Using the sal

25、es comparison approach, the value of the apartment complex is:（分数：1.00）A.A. $4060000. B.B. $4222000. C.C. $3894500.(3).Using the income approach, the value of Williams apartment complex is:（分数：1.00）A.A. $5727273. B.B. $4525455. C.C. $4335455.21.Investors can diversify their direct real estate holdin

26、gs through all of the following vehicles EXCEFF: A. commingled funds. B. co-operative shares. C. real estate investment trusts (REITs).（分数：1.00）A.B.C.22.The Big Fund is a mutual fund that invests primarily in the equity of pharmaceutical companies. The investment style of the Big Fund can best be cl

27、assified as a:（分数：1.00）A.A. style strategy. B.B. growth strategy. C.C. sector strategy.23.An investor taking a long position in commodity futures while simultaneously investing in government securities has created a: A. Collateralized Commodity future position. B. Commodity-linked equity. C. Managed

28、 Commodity future portfolio.（分数：1.00）A.B.C.24.Do hedge funds typically have a(n) : focus on relative returns? option-like fee structure? A. No No B. No Yes C. Yes No（分数：1.00）A.A. B.B. C.C. 25.Which of the following statements does not accurately describe an open-end fund? A. The open-end investment

29、company continues to sell and repurchase shares after the initial public offering. B. Open-end investment companies are prepared to buy or sell additional shares of the fund at NAV. C. Open-end investment companies redeem the shares without either sales charges or redemption fees.（分数：1.00）A.B.C.26.A

30、ll of the following could be objectives of a passive investor in commodities, except: A. Risk diversification. B. Inflation protection. C. Anticipating good performance during periods of economic growth.（分数：1.00）A.B.C.27.The income method for real estate valuation does NOT: A. require a discounted c

31、ash flow model. B. account for the effects of income taxes. C. account for the effects of property taxes.（分数：1.00）A.B.C.28.Based upon the following information, what is the net Operating income of the property? Estimated Market Value $600000 Capitalization Rate 20% Taxes $27000 Operating Expenses $1

32、137000（分数：1.00）A.A. $960O0. B.B. $98800. C.C. $120000.29.Which of the following is/are sources of return on a collateralized commodity futures position? . Collateral yield . Change in the spot price of the commodity . Roll yield（分数：1.00）A.A. , and . B.B. and only. C.C. and only.30.An investor gather

33、ed the following information about a real estate investment:（分数：1.00）A.Cost of the propertyB.$800000C.Amount financed by mortgage loanD.80%E.Interest rate on mortgage loanF.13%G.Present value of after-tax cash flows from the investmentH.$156000I.Investors required rate of return for an equity invest

34、mentJ.15%31.Which of the following statements about exchange-traded funds (ETFs) and closed-end funds is FALSE? A. ETFs can only trade in the secondary market, while closed-end funds can be redeemed in cash by the manager of the underlying index. B. Because of arbitrage, shares of an ETF rarely trad

35、e at a premium or discount to NAV as shares of a closed-end fund often do. C. Market specialists can create new shares of an ETF by depositing the underlying stocks, a strategy that cannot be used with closed-end funds.（分数：1.00）A.B.C.32.An investor purchases a property for $1000000, financing 92 per

36、cent of the purchase price. He plans to sell the property four years later for $1200000. The expected net cash flows for the investment are as follows:（分数：1.00）A.Year 1B.$23450C.Year 2D.$25312E.Year 3F.$27879G.Year 4 ( net of mortgage payoff)H.$26145033.Investing in distressed securities and venture

37、 capital investing are similar in all of the following ways EXCEPT :（分数：1.00）A.A. illiquid investments. B.B. a long investment horizon. C.C. a large investment requirement.34.Details of Net Asset Values of three funds: NAV as on Dec 31, 2008 NAV as on Dec 31, 2007 Fund A $12 $10 Fund B $55 $50 Fund

38、C $50 $55 The Fund that had the best performance during 2008 was: A. Fund A. B. Fund B. C. Cannot be determined from the above information.（分数：1.00）A.B.C.35.Which of the following is/are possible causes for inefficiencies in the distressed securities market? . They do not require much due diligence

39、. Emotional reactions of selling investors . Investment restrictions of certain institutional investors（分数：1.00）A.A. and only. B.B. and only. C.C. and only.36.A primary advantage of the in-kind redemption process of exchange traded funds (ETFs) is that it: A. reduces transaction costs for the invest

40、or. B. reduces tax liability. C. provides greater liquidity for shares of the ETF.（分数：1.00）A.B.C.37.Suppose an investor has an opportunity to invest $3 million in a venture investment that is expected to pay $30 million at the end of 4 years if it survives. The cost of capital for a project with thi

41、s risk level is 30%. However, the project may not survive the full 4 years and has an expected failure rate shown in the probability table shown below. The likelihood of failure in the first year is 25% , with the likelihood of failure in the second year being 20% ( assuming it survives the first ye

42、ar) and so on.（分数：1.00）A.YearB.1C.2D.3E.4F.Failure ProbabilityG.25%H.20%I.15%J.10%38.Advantages related to investments in mutual funds include all of the following except? A. Mutual funds provide an investor with asset diversification as well as consistent risk-return preferences. B. Mutual funds al

43、low the investor to shift between alternative investment instruments easily while maintaining good records, dividend reinvestment and timely information for tax purposes. C. Mutual funds provide investors with superior risk-adjusted returns.（分数：1.00）A.B.C.39.An investor has gathered the following da

44、ta, presented on an annual basis, for an apartment complex that is being considered for purchase: Gross potential rental income $176000 Insurance and taxes $15000 Utilities $11400 Repairs and maintenance $17350 Depreciation $21000 The annual net operating income (NOI) for the apartment complex is cl

45、osest to:（分数：1.00）A.A. $10000O. B.B. $116000. C.C. $132250.40.Which of the following statements regarding mutual funds is inaccurate? A. Because closed-end funds are listed on securities exchanges, it is possible to sell shares in such a fund to another investor. B. An investment company sponsoring

46、a mutual fund must give investors a prospectus each month. C. CDA/Weisenberger is an example of a professional advisory report that provides each fund, brief history, investment objectives, statistical history, personnel, sales charges and investment performance.（分数：1.00）A.B.C.41.Which classificatio

47、n of hedge funds is least likely to use a short position in stock as a part of its strategy? A. Market-neutral funds. B. Risk arbitrage in mergers and acquisitions. C. Emerging-market funds.（分数：1.00）A.B.C.42.With respect to closed-end investment companies, generally they: A. buy shares back from inv

48、estors who want to sell. B. have the market price of their shares determined by supply and demand. C. sell additional shares only through the secondary market.（分数：1.00）A.B.C.43.While discussing the role of commodities as a vehicle for investment, a commentator makes the following statements : Statem

49、ent 1 : During economic expansions, increasing supply tends to reduce the price of commodities. Statement 2: Investing in commodities can give the investor exposure to fluctuations in production and consumption. Are these two statements correct? Statement 1 Statement 2 A. Incorrect Correct B. Correct Correct C. Correct Incorrect（分数：1.00）A.A. B.B. C.C. 44.Which of the following statements best describes the fund-of-funds (FOF) class of hedge funds? A fund of funds: A. allow