注册金融分析师一级-3及答案解析.doc

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1、注册金融分析师一级-3 及答案解析(总分：240.00，做题时间：90 分钟)一、BMorning Session(总题数：119，分数：120.00)Use the following data related to MCE Corps inventory to answer Quarter Units Purchased Per Unit Cost $ Purchases Unit Sales8030402017151600510600305040Assume no beginning inventory. Sales were $4500.（分数：2.00）(1).Calculate e

2、nding inventory using LIFO and FIFO: LIFO FIFO A. $ 450 $ 600 B. $ 510 $ 480 C. $ 600 $ 450（分数：1.00）A.A. B.B. C.C. (2).Calculate gross profit using LIFO and FIFO: LIFO FIFO A. $ 2260 $ 2110 B. $ 2390 $ 2240 C. $ 2110 $ 2260（分数：1.00）A.A. B.B. C.C. 1.Suppose that JPK, Inc., paid dividends of $ 80000 t

3、o its preferred shareholders and $ 40000 to its common shareholders during 2004. The company had 20000 shares of common stock issued and outstanding on January 1, 2004, issued 7000 more shares on June 1, 2004, and paid a 10% stock dividend on August 1, 2004. Assuming that JPK had $150000 in net inco

4、me, what is the firms basic earnings per share (EPS) for 2004 ?（分数：1.00）A.A. $2.64. B.B. $2.71. C.C. $2.91.2.Which of the following statements about demand and consumer choice is least likely correct? A. The elasticity of demand for a good increases over time. B. In the short run, if the price of ga

5、soline increases, consumption of gasoline will decrease by a smaller percentage. C. In the short run, if the price of a brand of flour increases, consumption of that brand of flour will decrease by a smaller percentage.（分数：1.00）A.B.C.3.A funded investor has a short-term investment returning a 7 perc

6、ent return. The borrowing costs are 20 basis points above the reference rate. If the T-bill rate is 3 percent and the LIBOR rate is 3.5 percent, what is the investors current profit on this investment?（分数：1.00）A.A.3.3%. B.B. 1.5%. C.C. 3.8%.4.Assuming all other factors remain unchanged, which of the

7、 following would most likely lead to a decrease in the market P/E ratio? A. A rise in the stock risk premium. B. A decline in the risk-free rate. C. An increase in the dividend payout ratio.（分数：1.00）A.B.C.5.BPM Ltd. has the following capital structure: 40 percent debt and 60 percent equity. The cost

8、 of retained earnings is 13 percent, and the cost of new common stock is 16 percent. BPM will not have any retained earnings available in the upcoming year. Its before tax cost of debt is 8 percent, and its corporate tax rate is 40 percent. BPM is considering between two mutually exclusive projects

9、that have the following cash flows: Today Year 1 Year 2 Year 3Project A Cost=100 million +50 million+30 million +50 millionProject B Cost=150 million +50 million+60 million +80 millionWhich project should BPM choose? A. Project B since its NPV is $ 22 million. B. Project A since its NPV is $16 milli

10、on. C. Project A since its net present value (NPV) is +$5.01 million.（分数：1.00）A.B.C.6.An analyst is considering a company that has had Net Income of $ 15000000 on sales of $ 500000000. The company also has a Total Asset Turnover rate of 1.50 and a Total Assets/Equity ratio of 2.0. The company has a

11、target payout ratio of 40%, what is the expected long-term earnings growth rate for this company?（分数：1.00）A.A. 9.25%. B.B. 6.00%. C.C. 5.40%.7.An independent analyst has only one client. One of the clients largest holdings is a brokerage firm. Because of the large holding by his client, the brokerag

12、e firm recently began allowing the analyst to tap into the firms computer network to use the firms research facilities. This is allowable as long as the analyst: A. discloses the relationship to the client. B. uses the resources to help manage the clients account. C. does all of the actions listed h

13、ere.（分数：1.00）A.B.C.8.If flotation costs are treated correctly in calculating the net present value of a project that will begin in the current period, the flotation costs are most likely: A. reflected in the discount rate used for the project. B. included in the initial outlay. C. to reduce NPV less

14、 if a high discount rate is used for the project.（分数：1.00）A.B.C.9.A pension fund expects to pay obligations of $ 5000000 4 years from today. The fund will fund this obligation by making 5 annual, equal deposits into an account earning 3% , with the first deposit occurring today, and the last occurri

15、ng at the time the obligation is due. What size must each annual deposit be?（分数：1.00）A.A. $ 904874. B.B. $ 941773. C.C. $1125662.10.The following shows the yearly returns of aggressive equity funds for four years: 1999=+5% 2000=+2% 2001=+1% 2002=-4% Assume that this distribution can represent either

16、 the population or a sample of aggressive equity funds. Calculate the population and sample standard deviation. Population Standard Deviation Sample Standard Deviation A. 2.73% 3.99% B. 3.09% 4.55% C. 3.24% 3.74%（分数：1.00）A.B.C.11.If an investor purchases a 8 1/2s 2001 Feb. $10000 par Treasury Note a

17、t 105: 16 and holds it for exactly one year, what is the rate of return if the selling price is 105:167（分数：1.00）A.A. 8.00%. B.B. 8.06%. C.C. 8.22%.12.A Treasury security carries a yield of 4.2 percent and a non-Treasury security carries a yield of 6.4 percent. Using the Treasury rate as the referenc

18、e rate, which of the following statements is FALSE?（分数：1.00）A.A. The absolute yield spread is 2.2%. B.B. The yield ratio is 1.022. C.C. The relative yield spread is 0.524.13.Which of the following statements regarding spot rates and zero-coupon bonds is least accurate? A. The graph of current corpor

19、ate bond yields is called the spot yield curve. B. The yield to maturity on a zero coupon bond is called the spot interest rate. C. With zero coupon bonds, investors have no reinvestment risk.（分数：1.00）A.B.C.14.In preparing its cash flow statement for the year ended December 31, 2004, Giant Corporati

20、on collected the following data: Gain on sale of equipment $ 6000Proceeds from sale of equipment 10000Purchase of Zip Co. bonds for 180000 (maturity value $200000)Amortization of bond discount 2000Dividends paid (75000)Proceeds from sale of Treasury stock 38000In its December 31, 2004, statement of

21、cash flows, what amounts should Giant report as net cash used in investing activities and net cash used in financing activities? Investing Activities Financing Activities A. $178000 - $ 38000 B. $170000 $ 37000 C. $170000 - $ 38000（分数：1.00）A.B.C.15.The committee charged with recommending a compensat

22、ion package for members of a firms board of directors has recommended that in addition to compensation of $10000 for each board meeting attended, board members will be able to use one of the firms corporate jets up to twice each year and will receive a finders fee of 0. 1% if they identify an acquis

23、ition target that the firm acquires while the member is still on the board. Are these policies consistent with good corporate governance practices? Use of Jet Finders fees A. Yes Yes B. No Yes C. No No（分数：1.00）A.A. B.B. C.C. 16.If an investor puts $ 5724/year, starting at the end of the first year,

24、in an account earning 8 percent and ends up accumulating $ 500000, how many years did it take the investor?（分数：1.00）A.A. 87 years. B.B. 26 years. C.C. 27 years.17.John Maginn, an investment researcher, who is a CFA charter holder, takes a trip for which his firm will pay all the expenses. Upon his r

25、eturn he alters some of the numbers on restaurant receipts to inflate the expenses by $ 52. Is this a violation relating to Professional Misconduct? A. No, because the expense inflated is under $100. B. No, if such behavior is not significant. C. Yes, because it is a crime of moral turpitude.（分数：1.0

26、0）A.B.C.18.As of December 31, 2007, Manhattan Corporation had a quick ratio of 2.0, current assets of $15 million, trade payables of $2.5 million, and receivables of $ 3 million, and inventory of $6 million. How much were Manhattans current liabilities?（分数：1.00）A.A. $4.5 million. B.B. $10.5 million.

27、 C.C. $12.0 million.19.Which of the following statements about monopolists is most likely correct? A. Without government intervention, monopolists will always earn profits. B. A monopolist maximizes price where marginal revenue equals marginal cost. C. Monopolists have imperfect information about de

28、mand.（分数：1.00）A.B.C.20.Which of the following best describes the importance of the policy statement? It: A. limits the risks taken by the investor. B. maximizes the returns to the investor. C. states the standards by which the portfolios performance will be judged.（分数：1.00）A.B.C.21.Assume that a fir

29、m in an oligopoly market believes the demand curve for its product is more elastic above a specific price than below this price. This belief is most closely associated with which of the following models?（分数：1.00）A.A. Dominant firm model. B.B. Kinked demand model. C.C. Variable elasticity model.22.A

30、firm issues a 4-year semiannual-pay bond with a face value of $10 million and a coupon rate of 10%. The market interest rate is 11% when the bond is issued. The interest expense for the first semiannual period and the balance sheet liability at the end of the first semiannual period are closest to:

31、Interest expense Balance sheet liability A. $ 532580 $ 9683272 B. $ 532580 $ 9715852 C. $ 550000 $ 9683272（分数：1.00）A.A. B.B. C.C. 23.An analyst gathered the following information about a perpetual preferred stock:（分数：1.00）A.Par value of the stockB.$100C.Current market price of the stockD.$ 80E.Divid

32、end rate of the stockF.10%G.Required rate of return for the stockH.13%24.When a risk-free asset is unavailable, the optimal portfolio on an efficient frontier for each investor is represented by the: A. market portfolio. B. utility curve that intersects the efficient frontier. C. highest utility cur

33、ve that is tangent to the efficient frontier.（分数：1.00）A.B.C.25.On 1 January 2004, the value of an investors portfolio is $ 89000. The investor plans to donate $ 4000 to charity organization and pay $ 2000 to his insurance account on 31 December of 2004, but meanwhile he does not want the year-end po

34、rtfolio value to be below $ 89000. If the expected return on the existing portfolio is 12 percent with a variance of 125, the safety-first ratio that would be used to evaluate the portfolio based on Roy s criterion is closest to:（分数：1.00）A.A. 0.236. B.B. 0.365. C.C. 0.471.26.Which of the following s

35、tatements is most correct concerning a members obligation to his or her employer under the Code and Standards? A. Consent from the employer is necessary to permit independent practice that could result in compensation or other benefits in competition with the members employer. B. Members are prohibi

36、ted from making arrangements or preparations to go into competitive business before terminating their relationship with their employer. C. Members are prohibited from undertaking independent practice in competition with their employer.（分数：1.00）A.B.C.27.Which of the following is a limitation to fully

37、 efficient markets? A. The gains to be earned by information trading can be less than the transaction costs the trading would entail. B. In general, for securities with smaller transaction costs, the deviations from informationally efficient prices are greater than for securities with larger transac

38、tion costs. C. There are no limitations to fully efficient markets because the trading actions of fundamental and technical analysts are continuously keeping prices at their intrinsic value.（分数：1.00）A.B.C.28.During 2004 Nancy Arnold received an undergraduate business degree with a management major a

39、nd completed all requirements for the CFA designation imposed by CFA Institute. She is applying for employment at several brokerage firms. Her resume states, “I was awarded the CFA degree in 2004 by CFA Institute.“ Her resume also states that she graduated “with honors“ and majored in finance. Her g

40、rade point average was 3.48 but “with honors“ requires a 3.50 grade point average. Which of the following statements about Standard (B), Reference to CFA Institute, the CFA Designation, and the CFA Program, and Standard (C) , Misrepresentation, is TRUE? Arnold: A. did not violate either Standard (B)

41、 or Standard (C). B. violated Standard (C) but she did not violate Standard (B). C. violated both Standard (B) and Standard (C).（分数：1.00）A.B.C.29.An analyst preparing a report does NOT need to cite the use of which of the following? A. Charts developed by a colleague in the same firm. B. A recent qu

42、ote from Alan Greenspan. C. Estimates of betas provided by Standard Poors.（分数：1.00）A.B.C.30.In 2005, Wilson, Inc. entered into a long-term construction contract with the Gordon School District to construct an elementary school for $ 20 million. The cost to complete the contract has been reliably est

43、imated at $15 million. During 2005, costs of $ 7.5 million were incurred under the contract. A total of $ 9 million in advance billings were made and $ 5 million of those billings were received in cash. If Wilson used the percentage-of-completion method to account for this contract, Wilson, Inc.s ba

44、lance sheet as of December 31, 2005, will show a balance of: A. $ 4 million in the Net Construction-in-Progress asset account. B. $ 4 million in the Net Advance Billings liability account. C. $ 1 million in the Net Construction-in-Progress asset account.（分数：1.00）A.B.C.31.Xiang Li, CFA, deputy treasu

45、rer for BBB College, manages the Student Scholarship Trust. Li issued a Request for Proposals (RFP) for domestic equity managers. Gong Cheng, CFA, a good friend of Li, introduces him to representatives from Capital Investments, who submitted a proposal. Li selected Capital as a manager based on the

46、firbas excellent performance record. Shortly after the selection, Cheng, who had outstanding performance as an equity manager with another firm, accepted a lucrative job with Capital. Have Li and Chen, respectively, violated any CFA Institute Standards of Professional Conduct? . Li Chen A. No No B.

47、No Yes C. Yes No（分数：1.00）A.A. B.B. C.C. 32.Peter buys a stock for $ 25 per share. At the end of the one-year holding period the price of the stock is $ 40 per share. Assume that it pays no dividends, calculate the continuously compounded return.（分数：1.00）A.A. 35%. B.B. 47%. C.C. 56%.33.iron Biggs is

48、considering a real estate investment. In the first year, the property is expected to generate revenue of $ 65000. The expense in the first year is $ 25000 and the depreciation allowance will be 2.6 percent of the $ 350000 initial investment. Assuming all cash flows occur at the end of the year and B

49、iggs expects to be in a 35 percent marginal tax bracket, the after-tax cash flow in year 1 is closest to:（分数：1.00）A.A. $ 20085. B.B. $ 29185. C.C. $ 30900.34.Jill Marsh, CFA, works for Advisors where she manages a portfolio for a wealthy family. Marsh earns one percent of the portfolios value each year in the form of a commission from Advisors. The family just told her that any year the portfolio she manages earns more than a 10 percent return, the family will give her the use of the familys vacation home for