注册金融分析师一级-6及答案解析.doc

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1、注册金融分析师一级-6 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.Jessica Hightower, CFA, is analyzing the financial statements for a local industrial solvent $ 40 million at the end of 2005. Over the same time period, TYU was able to increase the number of units sold by 7 percent. In ma

2、king adjustments to the income statement to reflect economic really, Hightower should adjust income: A. only if the decline was caused by tailing prices. B. only if the decline was caused by inventory liquidation. C. if the decline was caused by either falling prices or inventory liquidation.（分数：1.0

3、0）A.B.C.2.Hedge funds that contain infrequently traded assets would most likely exhibit a downward bias with respect to: A. Measured risk but not correlations with conventional equity investments. B. Correlations with conventional equity investments but not measured risk C. Both measured risk and co

4、rrelations with conventional equity investments.（分数：1.00）A.B.C.3.The following information pertains to a companys stock: The current stock price is $ 45 per share. Earnings and dividends have been growing at an annual rate of 8%. The companys earnings per share during the past year was $ 5. The divi

5、dend payout ratio is 40%. The company pays a 7% flotation cost if it sells new shares of stock. Based on the dividend discount model, the stockholders required rare of return is.（分数：1.00）A.A. 12.0%. B.B. 12.4%. C.C. 12.8%.4.Scooter has leased equipment for a period of 10 years with the following pro

6、visions: Lease payments $ 5000 per year Current value of equipment $ 45000 Estimated useful life of equipment 15 years Salvage value no salvage value after 15 years At the end of ten years, Scooter has the option to buy the equipment for $15000. The discount rate is 10 percent. Scooter should: A. ca

7、pitalize this lease because the present value of the lease payments exceeds 90% of its fair market value. B. capitalize this lease because the lease term is less than 75% of the economic life of the equipment. C. treat this lease as an operating lease.（分数：1.00）A.B.C.5.Under a price ceiling, bribery

8、is a mechanism to: A. allocate a good to the poorest individuals in the market. B. allocate a good to the richest individuals in the market. C. bring the total price of a good (including the bribe) higher and closer to the equilibrium price.（分数：1.00）A.B.C.6.Which of the following types of business f

9、irms exposes its owners to the greatest legal liability in the U.S. and which type of firm is most likely to face a principal-agent conflict? Liability Principal-agent conflict A. Corporation Corporation B. Corporation Partnership C. Proprietorship Corporation（分数：1.00）A.B.C.7.Is the following statem

10、ent an accurate description of the account format and report format of presenting a balance sheet? “The account format presents the asset, liability, and equity accounts in a single column while a report format presents the assets, liabilities, and equity in multiple columns.“ Account format Report

11、format A. No Yes B. Yes No C. No No A B C（分数：1.00）A.B.C.8.A portfolio manager anticipates a major increase in market interest rates. Which trading strategy would be most likely to generate above average returns in a bond investment? Purchasing: A. short maturity bonds with high coupon rates. B. spec

12、ulative grade bonds with high coupon rates. C. bonds that will increase the average duration of the investment portfolio.（分数：1.00）A.B.C.9.David Farrington is an analyst at Farrington Capital Management. He is aware that many people believe that the capital markets are fully efficient. However, he is

13、 not convinced and would like to disprove this claim. Which of the following statements would support Farrington in his effort to demonstrate the limitations to fully efficient markets? A. Fundamental analysts are poring over the same new information that is disseminated to the public, so they do no

14、t provide any added value to the efficiency of the markets. B. Technical analysis has been rendered useless by many academics who have shown that analyzing market trends, past volume and trading data will not lead to abnormal returns. C. Processing new information entails costs and takes at least so

15、me time, so security prices are not always immediately affected.（分数：1.00）A.B.C.10.A firm has a capital structure of 60% debt and 40% equity and a dividend payout ratio of 50%. If a surplus results from first-pass pro-forma financial statements based on estimated sales growth and assuming the capital

16、 structure and dividend payout ratio are maintained, which of the following changes in assumptions would eliminate any surplus in a single step? A. The entire surplus will be used to pay down long-term debt. B. The dividend payout ratio will decrease to 30%. C. The entire surplus will be used to rep

17、urchase common stock.（分数：1.00）A.B.C.11.A companys beginning inventory was overstated by $ 3000, now ending inventory is understated by $ 2000. If purchases were properly reported, then earnings before taxes will be. A. understated by $ 5000. B. overstated by $5000. C. understated by $1000. Use the f

18、ollowing date to answer question 59 to 61. IUnits/I IUnit Price/IBeginning Inventory 709 $2.00Purchases 556 $6.00Sales 959 $13.00SGA Expenses $ 2649 per annum（分数：1.00）A.B.C.12.James Jackson currently owns stock in PNG, Inc., valued at $145 per share. Thinking that PNG is overbought and will decrease

19、 in price soon, Jackson writes a call option on PNG with an exercise price of $148 for a premium of $ 2. 40. At expiration of the option, PNG stock is valued at $152 per share. What is the profit or loss from Jacksons covered call strategy? Jackson:（分数：1.00）A.A. gained $ 9.40. B.B. gained $ 5.40. C.

20、C. lost $ 4.60.13.Comparative income statements for E Company and G Company for the year ended December 31 show the following (in $ millions): IE Company/I IG Company/ISales 70 90Cost of Goods Sold U(30)/U U(40)/UGross Profit 40 50Sales and Administration (5) (15)Depreciation U(5)/U U(10)/UOperating

21、 Profit 30 25Interest Expense U(20)/U U(5)/UEarnings Before Taxes 10 20Income Taxes U(4)/U U(8)/UEarnings after Taxes 6 12The financial risk of E Company, as measured by the interest coverage ratio, is: A. higher than G Companys because its interest coverage ratio is less than one-third of G Company

22、s. B. higher than G Companys because its interest coverage ratio is less than G Companys, but at least one-third of G Companys. C. lower than G Companys because its interest coverage ratio is more than G Companys but less than three times G Companys.（分数：1.00）A.B.C.14.Suppose that rubber is the prima

23、ry input in the production of golf balls. If the price of rubber increases while all else remains constant, then in the short-run: A. the marginal and average variable cost curves shift upward, but not the average total or average fixed cost curves. B. the average total and average variable cost cur

24、ves shift upward, but the marginal and average fixed cost curves will shift downward. C. the marginal, average variable, and average total cost curves will shift upward, but the average fixed cost curve will not shift.（分数：1.00）A.B.C.15.Most empirical studies of technical trading rules have found tha

25、t past stock price patterns: A. do not repeat, and therefore technical analysis is profitable. B. repeat, and therefore technical analysis is not profitable. C. do not repeat, and therefore technical analysis is not profitable.（分数：1.00）A.B.C.16.Assume that Q-Tell Incorporated is in the communication

26、s industry, which has an average receivables turnover ratio of 16 times. If the Q-Tells receivables turnover is less than that of the industry, Q-Tells average receivables collection period is most likely:（分数：1.00）A.A. 12 days. B.B. 25 days. C.C. 20 days.17.An analyst gathered the following data abo

27、ut a project: Costs are $ 8000 plus $ 2000 in shipping and installation. For the next five years the project will annually generate $5000 in sales and $ 2000 in costs, not including depreciation. The project is being depreciated on a straight-line basis over five years with no salvage value. The com

28、panys tax rate is 40% , and the weighted average cost of capital is 10%. The projects net present value (NPV) is closest to:（分数：1.00）A.A. -$144. B.B. $144. C.C. $279.18.Which of the following statements about risk and return is FALSE? A. Return objectives may be stated in absolute terms or percentag

29、es. B. Specifying investment objectives only in terms of return may expose an investor to inappropriately high levels of risk. C. Risk and return may be considered on a mutually exclusive basis.（分数：1.00）A.B.C.19.While working on her report, Jean Paul, CFA, learns from her friend in the investment ba

30、nking department that the company she is analyzing can expect a tender offer very soon. Concerning this conclusion, Paul can: A. trade on it, because she figured it out by herself. B. trade on it, because it is public information. C. not trade on it because it is material nonpublic information.（分数：1

31、00）A.B.C.20.An investor will receive an annuity of $ 5000 a year for seven years. The first payment is to be received 5 years from today. If the annual interest rate is 11.5 percent, what is the present value of the annuity?（分数：1.00）A.A. $13453. B.B. $23185. C.C. $15000.21.Which of the following fi

32、ve year bonds has the highest interest rate sensitivity?（分数：1.00）A.A. floating rate bond. B.B. callable 5% coupon bond. C.C. zero-coupon bond.22.Which of the following violates the AIMR Standards of Professional Conduct on the appropriate use of the Chartered Financial Analyst and CFA mark? A. Timmy

33、 has past Level and is registered to take the Level examination. In her resume she states, “I am a Level candidate in the CFA Program. “ B. Timmy has passed all three levels of the CFA Program, has received her charter, and is a charter holder in good standing. She writes on her business card, “Timm

34、y Wong, Chartered Financial Analyst. “ C. Timmy has passed all three levels of the CFA Program, has received her charter, and is a charter holder in good standing. Her company writes in promotional literature “Timmy Wong is one of two CFAs in the company“.（分数：1.00）A.B.C.23.If a firm chooses a capita

35、l lease over an operating lease, it can expect to have a:（分数：1.00）A.A. lower debt-to-equity ratio. B.B. higher debt-to-equity ratio. C.C. higher return on assets.24.Compared to the underlying MBS, a collateralized mortgage obligation(CMO): A. allows an investor to select an exact maturity. B. has lo

36、wer duration. C. may have more or less prepayment risk.（分数：1.00）A.B.C.25.An analyst is serving on the Board of Directors of a local publicly traded company. To avoid violating the CFA Institute Code and Standards, the analyst must disclose this to: A. only his employer. B. both his employer and his

37、clients and prospective clients. C. only clients and prospective clients.（分数：1.00）A.B.C.26.A real estate investment has the following characteristics: Annual rental income $ 2700000 Annual operating expenses $1800000 Available mortgage rate 6% Financing percentage 90% Required holding period 5 years

38、 Investor 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. $ 6000000.27.Trayfield has recently hired a new accountant, Judy Roehk. Upon reviewing Trayfields financial statements, Roehk has determined that Trayfield shou

39、ld be utilizing the double-declining balance (DDB) depreciation method rather than straight-line method. If Trayfield switches to the DDB method, which of the following results would be least likely? A. Estimated future income will need to be revised. B. A gradual change in income. C. Depreciation e

40、xpense increases.（分数：1.00）A.B.C.28.An analysis conducted a significance test to determine if the relationship between two variables was real or the result of chance. His null hypothesis is the that the population correlation coefficient is equal to zero and his alternative hypothesis is that the pop

41、ulation correlation coefficient is different from zero. He developed the following information: Value of the test statistic 2.8092 Critical value at the 0.05 significance level 1.96 Critical value at the 0. 01 significance level 2.58 The analyst conducted a: A. one-tailed test and can reject-his nul

42、l hypothesis. B. Two-tailed test and can reject his null hypothesis. C. One-tailed test and cannot reject his null hypothesis.（分数：1.00）A.B.C.29.A CFA charter holder who comes to work intoxicated is: A. in violation of Standard (A) concerning duties to employer. B. not in violation of the standards.

43、C. in violation of Standard (D) concerning professional misconduct.（分数：1.00）A.B.C.30.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 that Zinc will announce several plant

44、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 CFA Institute in writing of the union presidents request. B. contact the

45、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.31.The required rate of return on equity used as an input to the dividend discount model is influenced

46、 by each of the following factors EXCEPT: A. the expected inflation rate. B. the stocks appropriate risk premium. C. the stocks dividend payout ratio.（分数：1.00）A.B.C.32.Timely Taxis, Ltd. has signed a long-term lease for 20 underground parking spots at $150 each per month for their fleet of taxis. Th

47、e firm currently has 18 taxis in operation and is performing an NPV analysis on the purchase of a 19th taxi. The cost of parking for the 19th taxi is best described as a(n):（分数：1.00）A.A. sunk cost. B.B. opportunity cost. C.C. incremental cost.33.An analyst discovers a company with solid earnings but

48、 with no prospect of growth. The company could still recommend it as a growth stock: A. if the earnings remain solid. B. if it is a cyclical stock. C. if the market price of the stock is below its intrinsic value.（分数：1.00）A.B.C.34.One advantage to using the price/book value (P/B) ratio over using th

49、e price/earnings (P/E) ratio is that P/B can be used when:（分数：1.00）A.A. the firm is in a slow growth phase. B.B. earnings or cash flows are negative. C.C. stock markets are volatile.35.What is the ending inventory level in dollars using the FIFO Method?（分数：1.00）A.A. $1744.20. B.B. $1836.00. C.C. $3604. 02.36.Alice Costain operates a convenience store in the financial district of London. ff Costain increases the price of a Magnim ice cream bar from 1.00