注册金融分析师一级-1及答案解析.doc

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1、注册金融分析师一级-1 及答案解析(总分：240.00，做题时间：90 分钟)一、BMorning Session(总题数：118，分数：120.00)1.the expected dividend payout ratio of a firm is expected to rise from 50 percent to 55 percent, the cost of equity is expected to increase from 10 percent to 11 percent, and the firms growth rate remains at 5 percent, what

2、 will happen to the firms price-to-equity (P/E) ratio? It will:（分数：1.00）A.A. increase. B.B. be negative. C.C. decline.2.A floating-rate security is most likely to trade at a discount to its par value because the: A. security has an interest rate floor. B. next reset date is in three months. C. secur

3、itys yield premium for credit risk decreases.（分数：1.00）A.B.C.3.An airplane manufacturing company routinely builds fighter jets for the U. S. armed forces. It takes fourteen months to build one jet, and the government pays for them in installments over the fourteen-month period. Which revenue recognit

4、ion method should be used?（分数：1.00）A.A. Installment sales method. B.B. Completed contract method. C.C. Percentage-of-completion method.4.The refunding provision found in nonrefundable bonds allows bonds to be retired unless: A. the funds come from the sale of new common stock. B. the funds come from

5、 a lower cost bond issue. C. market interest rates have increased substantially.（分数：1.00）A.B.C.5.The “All Faiths“ church is building a new church for $ 2 million on land acquired several years ago. The contractor estimates the cost at $1.3 million and the project is to be completed over a 2-year per

6、iod with the payments split evenly between the 2 years. During the first year, the total costs incurred were $ 700000. During the second year the contractor experienced cost overruns and costs incurred were $1.0 million. Using the percentage-of-completion method, how much revenue and income should t

7、he contractor recognize in the second year of the project? Revenue Income A. $1076923 $ 376923 B. $ 923077 $ 76923 C. $ 859026 $ 236593（分数：1.00）A.B.C.6.Refusing to invest in companies that sell tobacco products, alcohol, or products that are harmful to the environment would constitute a set of inves

8、tment restrictions that would best be classified according to which one of the following investment constraint categories? A. Factors that are considered to be either legal or regulatory. B. Style investing. C. Unique needs and preferences.（分数：1.00）A.B.C.7.Consider a $10000000 1-year quarterly-pay s

9、wap with a fixed rate of 4.5 percent and a floating rate of 90-day London Interbank Offered Rate (LIBOR) plus 150 basis points. 90-day LIBOR is currently 3 percent and the current forward rates for the next four quarters are 3.2 percent, 3.6 percent, 3.8 percent, and 4 percent. If these rates are ac

10、tually realized, at the termination of the swap the floating-rate payer will:（分数：1.00）A.A. pay $20000. B.B. pay $25000. C.C. receive $12500.8.Justin Banks just won the lottery and is trying to decide between the annual cash flow payment option and the lump sum option. Justin can earn 8% at the bank

11、and the annual cash flow option is $ lO0000/year, beginning today for 15 years. What is the annual cash flow option worth to Justin today?（分数：1.00）A.A. $ 855947.87. B.B. $1500000.00. C.C. $ 924423.70.9.Most often the initial call price of a bond is its:（分数：1.00）A.A. principal plus a premium. B.B. pr

12、incipal less a discount fee. C.C. par value plus one years interest.10.The “fraud triangle“ consists of: A. Incentive or pressure, opportunity, and attitudes or rationalization. B. Ineffective management, unstable organizational structure, and deficient internal controls. C. Inappropriate ethical st

13、andards, violations of laws or regulations, and failing to correct known reportable conditions.（分数：1.00）A.B.C.11.Catherine, a CFA charter holder and an analyst for DG Investment Limited, is preparing a buy recommendation on the Toys Limited. According to AIMR Standards of Professional Conduct, which

14、 of the following is NOT a conflict of interest that he would normally disclose? A. Catherines son has a trust fund that holds a substantial block of Toys Limited stock. B. Catherine has a consulting contract with the Toys Limited. C. Catherines next-door neighbor works at Toys Limited.（分数：1.00）A.B.

15、C.12.According to the crowding-out model, 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.（分数：1.00）A.B.C.13.Billy, CFA, tells a prospective client that the e

16、arnings of KK Limited will be $10.05 per share next fiscal year. Billy violated: A. Standard (A) Prohibition against Use of Material Nonpublic Information. B. Standard (B) Distinguish between facts and opinions. C. Standard (A) Avoid any material misrepresentations.（分数：1.00）A.B.C.14.An analyst gathe

17、red the following data about a company:（分数：1.00）A.Capital StructureB.Required Rate of ReturnC.30 percent debtD.10 percent for debtE.20 percent preferred stockF.11 percent for preferred stockG.50 percent common stockH.18 percent for common stock15.Vega research has been conducting investor polls for

18、Third State Bank. They have found the most investors are not willing to tie up their money in a 1-year (2-year) CD unless they receive at least 1.0% (1.5%) more than they would on an ordinary savings account. If the savings account rate is 3%, and the bank wants to raise funds with 2-year CDs, the y

19、ield must be at least: A. 4.0%, and this represents a required rate of return. B. 4.5%, and this represents a discount rate. C. 4.5%, and this represents a required rate of return.（分数：1.00）A.B.C.16.An investor has gathered the following data, presented on an annual basis, for an apartment complex th

20、at 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 closest to:（分数：1.00）A.A. $100000. B.B. $116000. C.C. $132250.17

21、Stephen, a trainee and CFA candidate, is in his first week with SKL Limited, a local brokerage house. Stephen was given a phone list and told to make a few cold calls to round up some clients. To generate business he has made various statements. According to AIMR Standards of Professional Conduct,

22、in which of the following statements has Stephen NOT made a material misrepresentation ? A. “I personally guarantee this investment. Its a sure winner. “ B. “My firm has consistently outperformed the market indexes and will continue to do so. “ C. “My firm cannot provide all the Financial and invest

23、ment services you need, but we do offer advisory services. “（分数：1.00）A.B.C.18.The Alphabet Soup Company sold $ 500 of vegetable soup on credit. Which of the following pairs of entries would appear in the general ledger? A. Credit inventory and debit accounts receivable. B. Debit cost of goods sold a

24、nd credit accounts receivable. C. Debit inventory and credit accounts payable.（分数：1.00）A.B.C.19.An internally efficient security market is most accurately characterized as a market in which: A. the cost of a transaction is minimized. B. an assets price reflects all available information about the as

25、set. C. prices do not change much from one transaction to the next in the absence of new information.（分数：1.00）A.B.C.20.An investor is considering the purchase of two bonds. One of the bonds is tax-exempt and yields 4.5% while the other bond is taxable and yields 6.0%. If the two bonds are alike in a

26、ll other characteristics, the marginal tax rate that would make the investor indifferent between the two bonds is closest to:（分数：1.00）A.A. 9.0%. B.B. 25.0%. C.C. 27.0%.21.Regarding the cost-push and demand-pull inflation processes, which requires repeated expansionary actions by governmental policy

27、makers? A. Cost-push inflation. B. Demand-pull inflation. C. Both cost-push and demand-pull inflation.（分数：1.00）A.B.C.22.Gordon is a CFA charter holder and the pension fund manager for a workers union. The union president informed him that during a union meeting today with Zinc Limited he learned tha

28、t Zinc will announce several plant closings tomorrow. Because the workers union pension has a sizable position in Zinc, the union president wants Gordon to sell the pensions holdings in Zinc today before the announcement is made public. Gordon should: A. inform AIMR in writing of the union president

29、s request. B. contact the Justice Department and tell them about the union presidents request. C. tell the union president that this action is illegal and refuse to sell the stock until after the announcement.（分数：1.00）A.B.C.23.Edison, CFA, supervises a group of research analysts, none of whom are CF

30、A charter holders or CFA candidates. He has attempted on several occasions to get his firm to adopt a compliance system to insure that applicable laws and regulations are followed. The firms principals, however, have never adopted his recommendations. According to AIMR Standards of Professional Cond

31、uct, Edison at this point should: A. take no action, because the employees are not CFA charter holders or CFA candidates. B. take no action, because he has fulfilled his obligations under AIMR standards. C. decline in writing to accept supervisory responsibility until his firm adopts reasonable comp

32、liance procedures.（分数：1.00）A.B.C.24.Which of the following statements about Treasury Inflation Protected Securities (TIPS) is least accurate? A. Inflation adjustments are made semiannually. B. The coupon rate on TIPS is effectively a real rate of interest. C. The coupon rate adjusts upward for infla

33、tion.（分数：1.00）A.B.C.26.The following information relates to the distribution of monthly returns from a diversified investment portfolio: Mean 0.95%Median 1.01%Mode 1.08%The distribution of monthly returns is best described as: A. positively skewed with a long tail on the left side. B. negatively ske

34、wed with a long tail on the left side. C. positively skewed with a tong tail on the right side.（分数：1.00）A.B.C.27.When yield volatility increases, the values of a putable and a callable bond will: Callable bond Putable bond A. Increase Increase B. Decrease Decrease C. Decrease Increase A B C（分数：1.00）

35、A.B.C.28.Which of the following concerning about the different types of bonds is FALSE? A. Municipal bonds are traded in the over-the counter market. B. Unlimited tax general obligation bonds are backed by the full faith and credit of the issuers entire taxing power. C. Federally related institution

36、s issue securities directly in the marketplace but Government-sponsored enterprises generally do not.（分数：1.00）A.B.C.30.Which of the following statements about how various embedded options benefit the issuers or the bondholders is least accurate? The: A. accelerated sinking fund provision favors the

37、issuers. B. option-adjusted spread directly measures the value of the spread inclusive of the embedded option. C. conversion provision favors the bondholders if the stock price rises.（分数：1.00）A.B.C.31.Yamaska Mining issued a 5-year, $50 million face, 6% semiannual bond when market interest rates wer

38、e at 7%. What is the initial balance sheet liability and what is the cumulative interest expense (in dollars) that the company should report following the first half of the second year of the bonds life (the third semiannual period) ? Cumulative interest expense Initial liability to end of first hal

39、f of year 2 A. $47920849 $4500000 B. $47920849 $5051516 C. $50000000 $9000000（分数：1.00）A.B.C.32.Which of the following statements about the risks associated with investing in bonds is least accurate ? A. Credit risk is the likelihood that an investor will be unable to sell the security quickly and at

40、 a fair price. B. Reinvestment risk is the uncertainty about the rate at which cash flows from the security can be reinvested. C. Volatility risk is the risk that the price of a bond with an embedded option will decline when expected yield volatility changes.（分数：1.00）A.B.C.33.If a reliable estimate

41、of total costs of the contract does NOT exist, which of the following revenue recognition methods should be used?（分数：1.00）A.A. Completed contract method. B.B. Percentage-of-completion method. C.C. Cost recovery method.34.Keith, CFA, has been invited to join a group of analysts in touring the riverbo

42、ats of A K Limited. Since commercial flight schedules are inconvenient and not practical for the groups time schedule, A K Limited has arranged chartered flights from casino to its location. A K Limited has also arranged to pay the hotel bill for the three nights of the tour. The trip is purely busi

43、ness. According to AIMR Standards of Professional Conduct, Keith should: A. as the arrangements are inappropriate, decline to accept the trip. B. offer to pay for his share of the airfare and his own hotel bill. C. accept the flight, but pay his own hotel bill.（分数：1.00）A.B.C.35.Which of the followin

44、g best describes the motivation for a corporation to issue an asset-backed security? Securitization of specific assets by a corporation enables the corporation to: A. avoid negative covenants of bond indentures. B. get a credit rating on the ABS that will result in a lower cost of borrowing. C. use

45、the assets as collateral for additional borrowing.（分数：1.00）A.B.C.36.Lee Arm Company collected the following amounts for subscriptions to the magazine it publishes during the past year:（分数：1.00）A.DateB.Amount CollectedC.SubscriptionD.April 1E.$ 60000F.one yearG.July 1H.$30000I.two yearsJ.October 1K.$

46、36000L.three years37.With respect to tangible fixed assets, SFAS 143 requires that the capitalized value of an asset: A. be recorded on the balance sheet based on the market value at the time of acquisition less the cost associated with any ARO (asset retirement obligation). B. should include the fu

47、ture value of any ARO which is also recorded as a liability at the time of acquisition. C. should include the present value of any ARO which is also recorded as a liability at the time of acquisition.（分数：1.00）A.B.C.38.Wreathfield, Inc. is choosing between two mutually exclusive projects. The cash fl

48、ows for the two projects are below. The firm has a cost of capital of 10%, and the risk of the projects is equivalent to the average risk of the firm. 0 1 2 3 4 5 6A： -12000 4000 5000 6000B： -20000 3000 3000 3000 5000 8000 8000The internal rate of return (IRR) of projects A and B respectively are cl

49、osest to: Project A Project B A. 11.22% 10.50%B. 12.33% 14.26%C. 11.22% 14.26%A B C（分数：1.00）A.B.C.39.Given that a put on a stock with a strike price of $ 60 is priced at $ 5 per share, while a call with a strike price of $ 60 is priced at $ 8. Find out the maximum per share loss and the maximum per share gain to the writer: Maximum loss to put writer Maximum gain to the call writer A. $55 $8 B. $52 $6 C. $52 $8（分数：1.00）A.B.C.40.Which of the following statements about the characteristics of a monopoly and those of an oligopoly is least accurate?