注册金融分析师一级-5及答案解析.doc

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1、注册金融分析师一级-5 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)1.A corporation being analyzed has a return on equity (ROE) of 14.3 percent compared to the industry average of 11.8 percent. Which of the following statements about the company, based on the DuPont equation, could explain t

2、he higher than average ROE? A. The net profit margin is lower than the industry average, but the company is using a higher proportion of debt financing than the industry average. B. All of the statements could explain the higher than average ROE. C. The asset turnover is lower than the industry aver

3、age, but the net profit margin is higher than the industry average.（分数：1.00）A.B.C.2.Which of the following statements regarding forward contracts on T-bills is TRUE? A. If short-term yields increase unexpectedly after contract initiation, the short will profit on the contract. B. There is no default

4、 risk on these forwards because T-bills are government-backed. C. The long will receive a payment at settlement if the discount yield is above the forward yield.（分数：1.00）A.B.C.3.A security market with price continuity is most accurately characterized as a market which: A. assets can be bought or sol

5、d quickly. B. an asset s price reflects all available information about the asset. 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.4.A natural monopoly is most likely to exist when: A. ATC increases as output increases. B. economies of s

6、cale are great. C. all production is divided up between just a few firms.（分数：1.00）A.B.C.5.An argument against using the price-to-sales (P/S) valuation approach is that: A. sales figures are not as easy to manipulate or distort as earnings per share (EPS) and book value. B. P/S ratios do not express

7、differences in cost structures across companies. C. P/S ratios are not as volatile as price-to-earnings (P/E) multiples.（分数：1.00）A.B.C.6.There is an 80 percent chance of rain on each of the next six days. What is the probability that it will rain on exactly two of those days?（分数：1.00）A.A. 0.15364. B

8、.B. 0.24327. C.C. 0.01536.7.Hatch Corporations target capital structure is 40 percent debt, 50 percent common stock, and 10 percent preferred stock. Information regarding the companys cost of capital can be summarized as follows: The companys bonds have a nominal yield to maturity of 7 percent. The

9、companys preferred stock sells for $ 40 a share and pays an annual dividend of $ 4 a share. The companys common stock sells for $ 25 a share and is expected to pay a dividend of $ 2 a share at the end of the year (i.e. D1=$2.00). The dividend is expected to grow at a constant rate of 7 percent a yea

10、r. The company has no retained earnings. The companys tax rate is 40 percent. What is the companys weighted average cost of capital (WACC)?（分数：1.00）A.A. 10.03%. B.B. 10.59%. C.C. 10.18%.8.The following information applies to World Turn Co.: 10% rate of interest on newly issued bonds. 7% growth rate

11、in earnings and dividends. The last dividend paid was $ 0.93. Shares sell for $16. Stocks beta is 1.5. Market risk premium is 6%. Risk-free rate of interest is 5%. The firm is in a 40% marginal tax bracket. If the appropriate risk premium relative to the bond yield is 4%. World Turns equity cost of

12、capital using the dividend discount model (DDM) and the capital asset pricing model (CAPM), is closest to: DDM CAPM A. 13.2% 6.5% B. 12.8% 14.0% C. 13.2% 14.0% A B C（分数：1.00）A.B.C.9.Which of the following statements about the yield curve is TRUE? A. If long-term rates are low, the present value of c

13、ash flows far into the future will be low, and the bonds value will be low. B. Parallel shifts in the yield curve are not of concern to bond investors. C. In a typical upward sloping yield curve, short and intermediate term rates are lower than long term rates.（分数：1.00）A.B.C.10.Nick ODonnell, CFA, u

14、nsuspectingly joins the research team at Wickett Co., an investment banking firm controlled by organized crime. None of the managers at Wickett are CFA Institute members. Because of his tenuous situation at Wickett, ODonnell begins making preparations for independent practice. He knows he will be te

15、rminated if he informs management at Wickett that he is preparing to leave. Consequently, he determines that “if he can just hang on for one year, he will likely have a client base sufficient for him to strike out on his own.“ This action is: A. a violation of his duty to disclose conflicts to his e

16、mployer. B. a violation of his fiduciary duties. C. not a violation of his duty to employer.（分数：1.00）A.B.C.11.Which of the following activities will least likely constitute a violation of Standard (A), Loyalty? A. Conspiracy to bring about a mass resignation of other employees. B. Consulting on your

17、 own time and obtaining written permission from your employer. C. Self-dealing, taking the employers property or information.（分数：1.00）A.B.C.12.When calculating cash flow from operations (CFO) using the indirect method, which of the following is most accurate? A. The indirect method requires an addit

18、ional schedule to reconcile net income to cash flow. B. In using the indirect method, each item on the income statement is converted to its cash equivalent. C. When recognizing a gain on the sale of fixed assets, the amount is a deduction to operating cash flows.（分数：1.00）A.B.C.13.An analyst gathered

19、 the following information about Fallow Corporation（分数：1.00）A.Current dividend (DO) per shareB.$ 1.00C.Required rate returnD.15.0%E.Expected annual growth rate for next two yearsF.20.0%G.Expected annual growth rate for year three and thereafterH.5.0%14.A company has determined that the quantity of t

20、hat companys product demanded increases by 5 percent when price is reduced by 10 percent. That companys elasticity demand is best described as:（分数：1.00）A.A. unitary elastic. B.B. perfectly elastic. C.C. relatively inelastic.15.An analyst has gathered the following information about a company:（分数：1.0

21、0）A.Balance SheetB.AssetsC.CashD.100E.Accounts ReceivableF.750G.Marketable SecuritiesH.300I.InventoryJ.850K.Property, Plant EquipL.900M.Accumulated DepreciationN.(150)O.Total AssetsP.2750Q.R.Liabilities and EquityS.Accounts PayableT.300U.Short-Term DebtV.130W.Long-Term DebtX.700Y.Common EquityA.1000

22、AA.Retained EarningsAB.620AC.Total Liab. and Stockholders equityAD.2750AE.AF.Income StatementAG.SalesAH.1500AI.COGSAJ.1100AK.Gross ProfitAL.400AM.SGAAN.150AO.Operating ProfitAP.250AQ.Interest ExpenseAR.25AS.TaxesAT.75AU.Net IncomeAV.15016.Of the following types of firm, which is most suitable for P/

23、B ratio analysis? A. A service industry firm without significant fixed assets. B. A firm with accounting standards consistent to other firms. C. A firm with accounting standards different from other firms.（分数：1.00）A.B.C.17.The scale-free measure of relative dispersion that is useful in making direct

24、 comparisons among different asset classes is the:（分数：1.00）A.A. Range. B.B. Variation. C.C. Coefficient of variation.18.An economic expansion has caused Treasury yields to increase and absolute credit spreads to narrow. Which of the following is most likely true? A. Relative corporate yield spreads

25、to Treasuries will have increased. B. The yield ratio of BBB-rated bond yields to AAA-rated bond yields may have increased even as their absolute yield spread has decreased. C. Even if absolute credit spreads had remained the same, the yield ratio and relative yield spread of BBB to AAA bonds could

26、have decreased.（分数：1.00）A.B.C.19.Which of the following statements is least accurate? A. In a period of rising prices, LIFO gives the best COGS, whereas FIFO gives the best inventory balance on the balance sheet. B. In a period of stable prices, LIFO and FIFO will produce similar account balances. C

27、. In a period of rising prices, FIFO gives the best COGS, whereas LIFO gives the best inventory balance on the balance sheet.（分数：1.00）A.B.C.20.Sometimes floating rate issues have caps and/or floors, which limit the maximum or minimum coupon rate that the issue will pay. Which of the following statem

28、ents is TRUE with regard to floating rate issues that have caps and floors? A. A floor is a disadvantage to both the issuer and the bondholder while a cap is an advantage to both the issuer and the bondholder. B. A floor is an advantage to both the issuer and the bondholder while a cap is a disadvan

29、tage to both the issuer and the bondholder. C. A cap is a disadvantage to the bondholder while a floor is a disadvantage to the issuer.（分数：1.00）A.B.C.21.Suppose you expect the computer industry to have a dividend payout ratio of 20% a return on equity of 22%, and a required return of 19%. Use microa

30、nalysis to estimate the earnings multiplier for the industry.（分数：1.00）A.A. 10.8 times. B.B. 13.3 times. C.C. 14.3 times.22.Two companies in the same industry are similar in all aspects except that the average age of the depreciable assets for Company B is 10 times greater than the average age of the

31、 depreciable assets for Company A. Which of the following statements is least likely true? Company B will have: A. lower depreciation expense. B. higher earnings. C. a competitive advantage in the future.（分数：1.00）A.B.C.23.An analyst has found an investment with what appears to be a great return-to-r

32、isk ratio. The analyst double-checks the data for accuracy, keeps careful records, and is careful to not make any misrepresentations as he simultaneously sends an e-mail to all his clients with a “buy“ recommendation. According to Standard (A) , Diligence and Reasonable Basis, the analyst has: A. fu

33、lfilled all obligations. B. violated the Standard if he does not verify whether the investment is appropriate for all the clients. C. violated the Standard by communicating the recommendation via e-mail.（分数：1.00）A.B.C.24.An investment policy statement is important to the portfolio management process

34、 because it: A. specifies allocations across assets and countries. B. provides a clear understanding of the level of risk a client is willing to accept. C. creates a record of the benchmark against which performance will be judged.（分数：1.00）A.B.C.25.In the short run, price searchers maximize profits

35、by producing output where marginal revenue (MR): A. equals marginal costs (MC) and charging a price based on the average total cost (ATC) curve. B. is greater than marginal costs (MC) and charging a price based on the demand curve. C. equals marginal costs (MC) and charging a price based on the dema

36、nd curve.（分数：1.00）A.B.C.26.Which of the following statements regarding depreciation expense in the cash flow statements is TRUE? Depreciation is: A. added back to net income when determining CFO using the direct method. B. added back to net income when determining CFO using the indirect method. C. c

37、onsidered a cash item.（分数：1.00）A.B.C.27.The preferred shares of GMZ pay a $ 3.25 dividend. These shares have a beta of 0.50, the risk- free rate is 4% , and the expected return on the market is 9%. What is the value of the preferred shares?（分数：1.00）A.A. $ 34.62. B.B. $ 38.24. C.C. $ 50.00.28.Which o

38、f the following characteristics is least likely to be found in growth companies?（分数：1.00）A.A. High return on equity. B.B. High payout ratio. C.C. Below-average leverage.29.An analyst stated that the mean of the standard normal distribution always has a value of zero but that the standard deviation o

39、f the standard normal distribution can take on a value from 0 to 1. 0. Is the analyst correct with respect to the value of the standard normal distributions: mean? Standard deviation? A. No No B. No Yes C. Yes No A B C（分数：1.00）A.B.C.30.Given the following information and assuming beginning inventory

40、 was zero what is the gross profit at the end of the period using the FIFO, LIFO, and average cost methods? Purchases Sales20 units at $ 50 15 units at $ 6035 units at $ 40 35 units at $ 4585 units at $ 30 85 units at $ 35FIFO LIFO Cost Average A. $ 650 $ 750 $ 990B. $ 650 $ 750 $ 677C. $ 677 $ 650

41、$ 677A B C（分数：1.00）A.B.C.32.Typically, will principal amounts exchanged at the beginning of a(n): Interest rate swap Currency swap A. No No B. No Yes C. Yes No A B C（分数：1.00）A.B.C.33.Sue Parsons, CFA, works full-time as an investment advisor for the Malloy Group, an asset management firm. To help pa

42、y for her childrens college expenses, Parsons wants to engage in independent practice in which she would advise individual clients on their portfolios. She would conduct these investment activities only on weekends. Which of the following statements about Standard (A), Loyalty to Employer, is most a

43、ccurate? Standard (A): A. precludes Parsons from entering into an independent competitive activity while still employed by Malloy. B. does not require Parsons to notify Malloy of preparing to undertake independent practice under the current conditions. C. requires Parsons to notify Malloy in writing

44、 about her intention to undertake an independent practice.（分数：1.00）A.B.C.34.Which of the following would be most likely to have gains from an unexpected increase in the inflation rate? A. Holders of floating rate debt securities. B. The owner of a shopping mall. C. A home owner with a fixed-rate mor

45、tgage.（分数：1.00）A.B.C.35.Which of the following uncovered position is most likely to have a graph that looks like the graph for a: Protective put? Covered call? A. Long call Long put B. Short call Long put C. Long call Short put（分数：1.00）A.B.C.36.If the price elasticity of demand for a good is 4.0, th

46、en a 10 percent increase in price would result in a: A. 4% decrease in the quantity demanded. B. 10% decrease in the quantity demanded. C. 40% percent decrease in the quantity demanded.（分数：1.00）A.B.C.37.A firm is purchasing a new file server for $ 680000 with a 4-year expected life and a salvage val

47、ue of $ 50000. It is expected that the new server will generate an additional $200000 in revenue each year. The firm will use the straight line method to depreciate the server for financial reporting, but the sum-of-years digits (SYD) method for tax purposes. How much tax will be payable in year two

48、, assuming a 35 percent tax rate?（分数：1.00）A.A. $ 3850. B.B. -$ 1400. C.C. $ 14875.38.Which of the following statements about floating-rate bonds is FALSE? A. Holding a floating-rate bond eliminates price fluctuations. B. With a perfect, continuously resetting coupon rate, a floating-rate bonds value

49、 would always equal par. C. Prices of floating-rate bonds are less susceptible to interest rate fluctuations.（分数：1.00）A.B.C.39.You believe that the likelihood of bankruptcy is 30% for Rusty Roof Supply. You also believe that Home Pedot has a 20% of entering bankruptcy. You believe that the two events are independent. What is the probability that at least one of the companies will enter bankruptcy?（分数：1.00）A.A. 6.0%. B.B.4.0%. C.C.44.0%.40.The fact that firms can make more adjustments to production methods in the long ru