注册金融分析师一级-4及答案解析.doc

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1、注册金融分析师一级-4 及答案解析(总分：240.00，做题时间：90 分钟)一、BMorning Session(总题数：120，分数：120.00)1.Regarding corporate governance, which of the following most likely would be a reason for concern when evaluating an independent board members qualifications? The board member: A. has served on the board for 14 years. B. ow

2、ns 1000 shares of the corporations equity. C. has formerly served on the boards of several successful companies.（分数：1.00）A.B.C.2.An analysts examination of the performance of a company is least likely to include an assessment of a companys:（分数：1.00）A.A. profitability. B.B. cash flow generating abili

3、ty. C.C. assets relative to its liabilities.3.Which of the following is most directly associated with secondary capital markets?（分数：1.00）A.A. Source of liquidity. B.B. Security underwriting. C.C. Shelf registration of securities.4.Foreign currency translation adjustments are most likely reported in

4、the companys:（分数：1.00）A.A. income statement. B.B. statement of cash flows. C.C. statement of stockholders equity.5.When the financial statements materially depart from accounting standards and are not fairly presented, the audit opinion would be a(n):（分数：1.00）A.A. adverse opinion. B.B. qualified opi

5、nion. C.C. disclaimer of opinion.6.A company is considering building a distribution center on developed land it acquired more than ten years ago at a cost of $400 000. The company estimates that the cost of putting in utilities, sewers, roads, and other such costs of preparing the land for the distr

6、ibution center at $ 200 000. Alternatively, the undeveloped land could be sold today to another company for $600 000. If the company builds the distribution center, the cost of the land for capital budgeting purposes is closest to:（分数：1.00）A.A. $400000. B.B. $600000. C.C. $800000.7.An analyst determ

7、ines that an 8 percent option-free bond, maturing in 2015, would experience a 3 percent change in price if market interest rates rise by 50 basis points. If market interest rates fall by 50 basis points, the bonds price would increase by:（分数：1.00）A.A. exactly 3%. B.B. less than 3%. C.C. more than 3%

8、.8.Which of the following is least likely to reduce the principal-agent problem in enterprise organizations?（分数：1.00）A.A. Ownership. B.B. Long-term contracts. C.C. Professional management.9.An analyst calculates the following ratios for a firm:（分数：1.00）A.sales/total assetsB.2.8C.net profit margin (%

9、)D.4.0E.return on total assets (%)F.11.2G.total assets/equityH.1.610.An analyst gathers the following information from a companys accounting records ($ thousand):（分数：1.00）A.assets, 31 December 2009B.5250C.liabilities, 31 December 2009D.2200E.contributed capital, 31 December 2009F.1400G.retained earn

10、ings, 1 January 2009H.800I.dividends declared during 2009J.20011.A company is considering issuing either a straight coupon bond or a coupon bond with warrants attached. The proceeds from either issue would be the same. If the firm issues the bond with warrants attached instead of the straight coupon

11、 bond, which of the following ratios will most likely be lower for the bond with warrants?（分数：1.00）A.A. Return on assets. B.B. Debt on equity ratio. C.C. Interest coverage ratio.12.The lower bound on a European call price is the greater of zero and: A. the underlying price minus the exercise price.

12、B. the present value of the exercise price minus the underlying price. C. the underlying price minus the present value of the exercise price.（分数：1.00）A.B.C.13.An analyst gathers the following information for a company:（分数：1.00）A.liquidity measureB.C.inventory turnoveraccounts payable turnoveraccount

13、s receivable turnoverD.20.714.112.514.An analyst gathers the following data about a European company with a double-digit growth rate that is expected to continue for three more years: The best estimate of the companys value per share is closest to: （分数：1.00）A.B.C.15.The following end of month paymen

14、ts of $400, $700, and $300, (respectively) are due. Given a stated annual interest rate of 3.6 percent, the minimum amount of money needed in an account today to satisfy these future payments is closest to:（分数：1.00）A.A. $1308. B.B. $1387. C.C. $1391.16.Assuming efficient markets and a lack of access

15、 to superior analysts, which of the following is the least important activity in managing portfolios? A. Minimizing total transaction costs. B. Diversifying completely on a global basis. C. Paying close attention to the monetary policy environment.（分数：1.00）A.B.C.17.For the common stock of a firm tha

16、t reported a small loss for the year just ended, the price multiple that is least likely to be meaningful is:（分数：1.00）A.A. price to cash flow. B.B. leading price to earnings. C.C. trailing price to earnings.18.Which of the following statements about the central limit theorem is least likely correct?

17、 A. The variance of the distribution of sample means is （分数：1.00）A.B.C.19.An analyst gathered the following information about a company that expects to fund its capital budget without issuing any additional shares of common stock: source of capital capital structure proportion marshal after-tax cost

18、long-term debtpreferred stockcommon equity50%10%40%6%10%15%net present values of three independent projects amountwarehouse projectequipment projectproduct line project$426$0- $185If no significant size or timing differences exist among the projects and the projects all have the same risk as the com

19、pany, which project has an internal rate of return that exceeds 10 percent? A. All three projects. B. The warehouse project only. C. The warehouse project and the equipment project.（分数：1.00）A.B.C.20.David Sandridge earned the right to use the CFA designation in September 1968. Sandridge recently ret

20、ired from the investment management profession. As he is retired, Sandridge no longer attends CFA Institute society meetings and has stopped paying his CFA Institute dues. According to the Standards of Practice Handbook, how should Sandridge refer to his affiliation with CFA program? A. David Sandri

21、dge, CFA. B. David Sandridge, CFA (retired). C. “I was awarded the CFA charter in 1968.“（分数：1.00）A.B.C.21.An analyst is forecasting EPS for a company. She prepares the following common sized data from its recent annual report and estimates sales for 2010.（分数：1.00）A.B.2010 forecastC.2009 actualD.2008

22、 actualE.sales ($ millions)sales (as percentage of sales)cost of goods soldoperating expensesinterest expenserestructuring expensepre-tax margintaxes (35%)net incomeF.2250G.2150100.00%45.00%40.00%3.72%11.28%3.95%7.33%H.1990100.00%45.00%40.00%4.02%7.20%3.78%1.32%2.46%22.Which of the following is the

23、least accurate approach used to value closely held companies? Basing the value of company on the: A. present value of future economic income. B. historic cost of the assets of similar companies. C. average market price of similar companies recently sold.（分数：1.00）A.B.C.23.Which of the following trans

24、actions is least likely to increase a companys reported cash from operations? A. Securitizing accounts receivable. B. Delaying payments made to suppliers. C. Using short-term debt to reduce an existing account payable.（分数：1.00）A.B.C.24.An analyst takes a sample of yearly returns of aggressive growth

25、 funds resulting in the following data set: 25, 15, 35, 45, and 55. What are the range, mean absolute deviation (MAD), and sample variance of the data set? range MAD variance A. 20 12 250 B. 25 60 1000 C. 40 12 250（分数：1.00）A.A. B.B. C.C. 25.An analyst gathers the following information about a portfo

26、lios performance over the past ten years:（分数：1.00）A.mean annual returnB.12.8%C.mean excess returnD.7.4%E.standard deviation of annual returnF.15.7%G.portfolio betaH.1.226.Which of the following will most likely lead to cost-push inflation? A. A decrease in the cost of financing. B. An increase in th

27、e prices of raw materials. C. A technology change that lowers production costs.（分数：1.00）A.B.C.27.If investors expect stable rates of inflation in the future, the pure expectations theory suggests that the yield curve now will be:（分数：1.00）A.A. flat. B.B. inverted. C.C. upward-sloping.28.Which of the

28、following statements about the market portfolio and the capital market line (CML) is least accurate? The market portfolio: A. assumes an equal amount is invested in each risky asset. B. is perfectly positively correlated with other portfolios on the CML. C. allows the elimination of all unsystematic

29、 risk at every point along the CML.（分数：1.00）A.B.C.29.Which of the following statements is a key characteristic of the Global Investment Performance Standards (GIPS)? The GIPS standards: A. rely on the integrity of input data. B. consist of required provisions for firms to follow to achieve best prac

30、tice. C. must be applied with the goal of achieving excellence in performance presentation.（分数：1.00）A.B.C.30.The monetary policy tools available to the Federal Reserve are least likely to include: A. open market operations. B. the ability to determine the required reserve ratios of its member banks.

31、 C. adjustments to the amount of gold held as reserves against Federal Reserve notes.（分数：1.00）A.B.C.31.A company determines that the quantity demand of a product increased by 5 percent when price is reduced by 10 percent. The products price elasticity of demand is most accurately described as:（分数：1.

32、00）A.A. elastic. B.B. inelastic. C.C. perfectly elastic.32.Suppose the CPI basket contains only two kinds of goods (services): gasoline and taxicab service. In the base period, consumers bought 15 gallons of gasoline at $6 and 4 miles of taxicab at $3 each. In the current period, consumers buy 15 ga

33、llons of gasoline at $6.2 and 4 miles of taxicab at $2.5 each. The CPI for the current period is closest to:（分数：1.00）A.A. 99.0. B.B. 101.2. C.C. 115.3.33.Which of the following statements is least accurate with respect to the advantages of open-end exchange traded funds (ETFs) ? Open-ended ETFs: A.

34、provide for more immediate reinvestment of dividends than do index mutual funds. B. provide a more cost-effective way for large institutions to invest in emerging markets. C. provide lower exposure to capital gains distribution taxes than do traditional mutual funds.（分数：1.00）A.B.C.34.A capital proje

35、ct with a net present value (NPV) of $23.9 has the following cash flows:（分数：1.00）A.yearB.0C.1D.2E.3F.4G.5H.cash flow($)I.-100J.30K.40L.40M.30N.2035.Compared to the normal distribution, the t-distribution most likely:（分数：1.00）A.A. has fatter tails. B.B. is more peaked. C.C. has greater degrees of fre

36、edom.36.Stanley Crux, CFA, a portfolio manager at NWS Asset Management Ltd, calls a friend to join him for dinner. The friend, a financial analyst at D however, he did not take the exam. Subsequently, he registered to take the level exam the next year. Schmidt informed his employer that he passed Le

37、vel . Which CFA Institute Standard of Professional Conduct did Schmidt most likely violate? A. Duties to employer. B. Professional misconduct. C. Referencing candidacy in the CFA program.（分数：1.00）A.B.C.102.An analyst gathered the following information for a company whose common stock is currently pr

38、iced at $40 per share:（分数：1.00）A.B.2005C.2006D.2007E.2008F.2009G.earnings per share ($)H.1.16I.0.62J.1.28K.1.60L.-1.30M.book value per share ($)N.8.48O.8.92P.16.04Q.19.28R.16.30S.return on equityT.14%U.7%V.8%W.8%X.103.An analyst has been hired to evaluate a high-risk project. The analyst estimates t

39、he probability that the project will fail in the first year as well as the conditional probability of failure for each of the remaining four years of the project, as follows:（分数：1.00）A.yearB.1C.2D.3E.4F.5G.failure probabilityH.0.25I.0.20J.0.20K.0.15L.0.10104.A European based company follows IFRS (In

40、ternational Financial Reporting Standards) and capitalizes new product development costs. During 2009 they spent million on new product development and reported an amortization expense related to a prior years new product development of million. Other information related to 2009 is as follows: An an

41、alyst would like to compare the European company to a similar U. S. based company and has decided to adjust their financial statements to U.S. GAAP. Under U. S. GAAP, and ignoring tax effects, the cash flow from operations ( （分数：1.00）A.A. 265. B.B. 275. C.C. 290.105.Matthew Smith, CFA, was recently

42、promoted to senior portfolio manager. In his new position, Smith is required to supervise three portfolio managers. Smith asks for a copy of his firms written supervisory policies and procedures, but is advised that no such policies are required by regulatory standards in the country where Smiths fi

43、rm conducts the majority of its business. According to the Standards of Practice Handbook, Smiths most appropriate course of action would be to: A. require that his firm adopted the CFA Institute Code of Ethics and Standards of Professional Conduct. B. require that the employees he supervises adopt

44、the CFA Institute Code of Ethics and Standards of Professional Conduct. C. decline to accept supervisory responsibility until his firm adopts procedures to allow him to adequately exercise such responsibility.（分数：1.00）A.B.C.106.In a regulated industry, the introduction of a marginal cost pricing rul

45、e that maximizes total surplus is most likely to be viewed as: A. efficient but leaves the natural monopoly incurring an economic loss. B. efficient and allows the natural monopoly incurring an economic gain. C. inefficient and leaves the natural monopoly incurring an economic loss.（分数：1.00）A.B.C.10

46、7.The belief that money wage rates are sticky is least likely to be associated with:（分数：1.00）A.A. classical macroeconomics. B.B. monetarist macroeconomics. C.C. Keynesian macroeconomics.108.A U. S. investor has purchased a tax-exempt 5-year municipal bond at a yield of 3.86 percent which is 100 basi

47、s points less than the yield on a 5-year option-free U. S. Treasury. If the investors marginal tax rate is 32 percent, then the yield ratio is closest to:（分数：1.00）A.A. 0.79. B.B. 1.26. C.C. 3.68.109.An analyst gathers the following information about a company:（分数：1.00）A.shares of common stock outsta

48、ndingB.1000000C.net income for the yearD.$1500000E.par value of convertible bonds with a 4 percent coupon rateF.$10000000G.par value of cumulative preferred stock with a 7 percent dividend rateH.$2000000I.tax rateJ.30%110.Darcy Grafton, CFA, purchases a large block of stock on behalf of specific acc

49、ounts she managed. The stock realized a significant gain in value before the close of business; so Grafton reviewed her accounts again to determine where the block shares should be allocated. According to the Standards of Practice Handbook, Graftons most appropriate action is to allocate the shares to: A. all accounts equally. B. all accounts for which she has discretionary authority. C. only those accounts for which the block shares were originally intended.（分数：1.00）A.B.C.111.An analyst is estimating the cost of capital for her firm. She has estimated the befo