avoiding runon sentences 1 answers

... are easily computable percents like 10 % and 1% . What is 10 % of 16 ,000? 16 00 What is 1% of 16 ,000? 16 0 What is .1% of 16 ,000? 16 What is . 01% of 16 ,000? 1. 6 Where does 6.4 fall in the ... of the passage. The correct answer is B. Answers 1. The number of integers between 51 and 10 7, inclusive, is (10 7 - 51) + 1 = 57. The correct answer is D. 2. One way ... of 18 0 – 60 = 12 0°. This means that each circle has 12 0/360 or 1/ 3 of its area inside the hexagon. The area of circles A, B, C, D, E, and F inside the hexagon = 1/ 3(9 ) × 6 circles = 18 ....

Ngày tải lên: 14/05/2014, 16:54

Ngày tải lên: 07/08/2012, 11:50

Ngày tải lên: 07/02/2013, 09:37

... lives? 11 0 Topic 37 Is progress always good? 11 1 Topic 37 Is progress always good? 11 2 Topic 38 Is learning about the past useful? 11 3 Topic 38 Is learning about the past useful? 11 4 ... students? 11 5 Topic 39 Can new technologies help students? 11 6 Topic 40 Never, never give up 11 7 Topic 40 Never, never give up 11 8 Topic 40 Never, never give up 11 9 Topic 41 Should ... the new country 289 Topic 11 0 Being alone vs. with friends 290 Topic 11 0 Being alone vs. with friends 2 91 Topic 11 0 Life without friends? 292 Topic 11 1 Spend time with one or two...

Ngày tải lên: 24/10/2013, 12:15

... /0 0 % 1 $ % 2 ...

Ngày tải lên: 04/11/2013, 12:15

Ngày tải lên: 20/01/2014, 17:20

... Avoiding Run-on Sentences There are three situations in which run-on sentences are apt to happen: 1. When a pronoun in the second clause refers ... “cramming” all night; they are probably wrong. Avoiding Run-on Sentences Now you’ll never again write a run-on sentence! Avoiding Run-on Sentences The length of a sentence has nothing to ... protectionism can halt rising prices, however, the opposite is actually true. Avoiding Run-on Sentences 1. We can insert a period and start a new sentence. Some students think they can study...

Ngày tải lên: 24/01/2014, 00:20

... value before incrementing. 11 . A, C, and E 12 . x += 12 ; 13 . A cast is an explicit type conversion. 14 . Here is one way to find the primes between 1 and 10 0. There are, of course, other ... Schildt 12 . C++’s unconditional jump statement is the goto. Module 4: Arrays, Strings, and Pointers 1. short int hightemps[ 31] ; 2. zero 3. // Find duplicates 16 C++ A Beginner’s ... 30 C++ A Beginner’s Guide by Herbert Schildt 11 . Module 10 : Inheritance, Virtual Functions, and Polymorphism 1. A class that is inherited is called a base class. The class...

Ngày tải lên: 18/02/2014, 02:20

... period? * 4. 51% * 7.88% * 12 . 21% * 30.00% * 6. 61% That answer is incorrect. Correct answer: 6. 61% The calculation is as follows: (36 /10 )^ (1/ 20) -1= 0.06 61 Which ... lifestyle? * $14 7,000 * Not enough information * $16 9,000 * $12 2,000 * $14 0,000 That answer is correct! The calculation is as follows: (1. 08)^(5) *10 0000= $14 6,933 ... unemployment rate and employment/population ratio are: * 91. 57%; 17 .11 %; 63% * 83%; 32.89%; 63% * 76%; 82.89%; 63% * 91. 57%; 32.89%; 51% That answer is correct! Even people who are...

Ngày tải lên: 26/05/2014, 23:26

... lost ____ Office. (Property, Missing, Possess, Train) 10 . Computers are ______ used in school and universities. (widely, wide, width, widen) 11 . England is the language of international ____ (communicate, ... communicatively) 12 . When we arrived ____ the station, the last train had just gone. ( in, at, on, to) 13 . Approaching ____ the village, we saw the village common in the distance. ( at, in , on, no word) 14 . ... everyday. Only by _______________________________ 10 . He left quietly , so that he wouldn’t disturb the children . So as _________________________________ 11 . James spoke to his lawyer before signing...

Ngày tải lên: 06/07/2014, 11:00

... 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question79#44 916 Youranswer:Dwasincorrect.ThecorrectanswerwasC) Theintroductionofazerobeta(nosystematicrisk)portfoliowithareturnthatishigherthan theriskfreeratecanresultinastraightCMLevenwiththeassumptionthatborrowingand lendingratesaredifferent.Marginaccountsrepresentborrowing,sounlessthemargin lendingrateisthesameastheriskfreerate,thisdoesnotsolvetheproblem(akinkedCML) thatresultsfromunequalborrowingandlendingratesinthemodel. Question80#44 917 Youranswer:Dwascorrect! TheStandardsofPracticehaveverylittletodowithinvestmentconstraints. Question 81 #44 918 Youranswer:Awascorrect! Ariskaverseinvestorpreferslessrisktomorerisk.Thelowerthecorrelation,thegreaterthe riskreduction.Thus,ariskaverseinvestorwouldmostprefertheportfoliowiththelowest correlationcoefficientandleastprefertheonewiththehighest.Ofthechoicesgiven,AandC 抯correlationcoefficientof+0.6isthehighest. Question82#44 919 Youranswer:Bwascorrect! TheCAPMconcludesthatexpectedreturnsareapositive(linear)functionofsystematicrisk. Question83#44920 Youranswer:Cwascorrect! TheSMLandCMLarebothlines,andbothintersecttheverticalaxisattheriskfreerate.The SMLdescribestherisk/returntradeoffforindividualsecuritiesorportfolios,whereastheCML describestherisk/returntradeoffofvariouscombinationsofthemarketportfolioandariskless asset. Question84#44922 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question70#44907 Youranswer:Bwascorrect! $2/50+0.08 =12 .0% Question 71 #44908 Youranswer:Bwascorrect! Question72#44909 Youranswer:Bwascorrect! Businessriskisthecombinationofsalesrisk,whichisthevariabilityofafirm'ssales,and operatingrisk,whichistheadditionalvariabilityinoperatingearnings(EBIT)causedbyfixed operatingcosts.Leverageisthecombinationofbusinessriskandfinancialrisk,whichisthe additionalriskcommonshareholdersmustbearwhenafirmusesfixedcostsourcesof financing. Question73#44 910 Youranswer:Dwascorrect! Sinceequityis40%ofassets,theequitymultiplieris1/0.40=2.5.Usingthetraditional DuPontformula,ROE=8.7%×2.4×2.5=52.2%. Question74#44 911 Youranswer:Dwascorrect! g= (1? payout)(ROE)= (1? 0.40) (16 %)=9.6% 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Dwascorrect! About68%ofallobservationsfallwithin?standarddeviationofthemean.Thus,about68% ofthevaluesfallbetween5and25. Question30#44860 Youranswer:Bwascorrect! Thecentrallimittheoremholdsforanydistributionaslongasthesamplesizeislarge(i.e.,n >30). Question 31 #448 61 Youranswer:Bwascorrect! Thepopulationvarianceisknown(inthiscase100),sothestandarderrorofthesample meanis Question32#44863 Youranswer:Cwascorrect! Thettestisusedwhenthesamplesizeissmall. Question33#44864 Youranswer:Dwascorrect! Itwoulddecrease,notincrease,theprofitabilityofcorporateinvestmentprojects. Question34#44865 Youranswer:Awascorrect! Thepotentialdepositexpansionmultiplieristhereciprocalofthereserveratio.Ifthereserve ratiois20%,then1/0.20=5. Question35#44866 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question75#44 912 Youranswer:Awascorrect! Straightlinedepreciation: $14 million/7=$2.0million Accelerateddepreciation: $14 million×0.333=$4.662million Question76#44 913 Youranswer:Awascorrect! Sunkcostsarenottobeincludedininvestmentanalysis.Opportunitycosts,changesinnet workingcapital,andtheproject抯impactontaxesareallrelevantvariablesindetermining projectcashflowforacapitalinvestment. Question77#44 914 Youranswer:Bwascorrect! Forthe4yearperiod,theaveragenetincomeis:($42,000+$98,000+$56,000+$56,000)/ 4=$63,000. Theinitialbookvalueis$800,000,decliningby$200,000peryearuntilthefinalbookvalueis $0.Theaveragebookvalueforthisassetis:($800,000?$0)/2=$400,000. Theaverageaccountingrateofreturnis:AAR=averagenetincome/averagebookvalue= $63,000/$400,000=0 .15 75 =15 .75%. Question78#44 915 Youranswer:Cwascorrect! Regularlyreviewingperformance,independence,skills,andexperienceofexistingboard membersisacharacteristicoftheRemunerations/CompensationCommittee,nottheAudit Committee.AllotherchoicesarepositivecharacteristicsoftheAuditCommittee. 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Firstyearinterestis10%×$2million=$200,000.Firstyearprincipalpayment=234, 919  200,000=$34, 919 . Firstyearaftertaxcashflowis[300,000200,00060,00035,000] (1 0.35)34, 919 + 60,000=28,3 31. Remainingprincipalbalanceis2million34, 919 =1, 965,081sosecondyearinterestis 19 6,508andprincipalportionofthepaymentis234, 919 19 6,508=38, 411 Secondyearaftertaxcashflowis[300,000 19 6,50860,00035,000] (1 0.35)38, 411 + 60,000=27 ,10 9.Includingtheproceedsofthesalethetotalsecondyearaftertaxcashflow is637 ,10 9. NPV==$52,2 91. 81 Question 111 #44950 Youranswer:Dwascorrect! Thefourfirmconcentrationratioisthesumofthemarketsharesofthefourlargestfirmsin theindustry.45%+25% +15 % +10 %=95 TheHerfindahlindexisthesumofthesquaresofthemarketsharesofeachofthefirmsin theindustry.0.45 2 +0.25 2 +0 .15 2 +0 .10 2 +0.05 2 =0.30 Question 112 #449 51 Youranswer:Bwascorrect! Thisstatementiscorrectinthatthecostofaputoptionisnegative.(Theinvestorhastopay fortheflexibilityoftheputoption.)Theotherstatementscouldnotbecorrect.The搒pread overthespotratesforaTreasurysecuritysimilartoStahl抯bond?referstoZspreadonthe bond.Foracallablebond,theOAS<Zspread,sothiscouldnotbeatruestatementbecause 13 5bp> ;11 0bp.TheoptioncostiscalculatedusingtheOASandtheZspread,notthe nominalspread.Thestaticspread(orZspread)isthespreadovereachofthespotratesina givenTreasurytermstructure,notthespreadovertheTreasury抯YTM.(Note:Weslippedin afixedincomequestionhereinthederivativessectionofthetest.CFAInstitutecandothisat anytime.Beonyourguardforthesetypesoftricks!) Question 113 #44952 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Cwascorrect! Note: Question108#44947 Youranswer:Dwascorrect! Aflattermstructurecouldbeexplainedaccordingtotheliquiditypreferencetheoryasacase whereinvestorsexpectshorttermratestodeclineslightly,coupledwithamaturitypremium thatexactlyoffsetsthedownwardpressurecontainedininvestorexpectations.Ahumped termstructurecouldbeexplainedaccordingtothepureexpectationstheoryifwebelievethat forshortermaturities,investorsbelieveinterestrateswillrisealongwiththebeliefthat mediumtermrateswilldeclinealongwiththebeliefthatlongertermrateswillbestable.The pureexpectationstheorymakesnospecificmentionofthefactthatanupwardslopingterm structureisaconsequenceofinvestorsexpectingshorttermratestoremainunchangedfora periodoftimefollowedbyinvestorsexpectingshorttermratestoriseforaperiodoftime.All thistheorysaysisthatanupwardslopingtermstructurecanbeexplainedbyinvestors believingthatfutureshorttermrateswillrise.Finally,theliquiditypreferencetheoryattempts toexplainthetermstructureaccordingtotwofactors.Theseareexpectationsaboutfuture interestratesandamaturitypremiumtocompensateforinterestraterisk.Ifthetermstructure isdeclining,thiscouldbeexplainedsimplybyinvestorexpectationsofdecliningfutureshort termratescoupledwithamaturitypremiumthatisnotlargeenoughtooffsetthedownward pressureoninterestratesduetoinvestorexpectations. Question109#44948 Youranswer:Awascorrect! Thevariabilityofpricesingeneralissignificantlylargerthanisthevariabilityof(uncertainty about)dividendsandhencemanagingpriceriskisofprimaryimportance,whilethe uncertaintyofdividendsisofsecondaryimportance.Theremainingstatementsarecorrect. Question 110 #44949 Youranswer:Cwascorrect! 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Gainsorlossesfrommarketingmarketablesecuritiestotheirmarketvalueswillreverseif theyaresoldandarethustemporarydifferences.Theotherstatementsarecorrect. Question66#44903 Youranswer:Awascorrect! Whenanalyzingthefirm'sincometaxdisclosures,watchforthesewarningsignals: 1) Companiesthatgeneratesignificantpretaxincomeontheirfinancialstatementswhile reportinglowtaxespayable(i.e.,loweffectivetaxrates)arelikelytobeemployingaggressive accountingmethodsandhavelowqualityearnings.SoStatement1iscorrect.2) Restructuringchargestypicallyhavenotaxcashfloweffectsintheyeartheyarerecordedbut mayhavesignificanteffectsinfutureyearsastherestructuredoperationsandimpaired assetsaresold.SoStatement2iscorrectandChoiceAisthecorrectanswer. Ananalystmayalsolookoutforthefollowingadditionalitems:3)Adecreaseincapital spendingmaysignalareversalofpasttemporarydifferencesrelatedtodepreciationmethods, resultinginhighertaxespayable.4)Temporarydifferencesmayreversebecauseofchanges intaxlaw,causinghighertaxespayable. Question67#44904 Youranswer:Cwascorrect! Atakeorpayagreementobligatesabuyertopaythesellerofaproductorservicea minimumamount,regardlessofwhethertheproductorserviceisdelivered.Thisistreatedas aliability,andthediscountedvaluemustbereflectedonthebuyer抯balancesheet. Question68#44905 Youranswer:Cwascorrect! Cisreversed.Grossprofitisrecognizedattheinceptionforthesalestypelease. Question69#44906 Youranswer:Bwascorrect! N=20;FV =10 00;PV=?94;PMT=60;CPT→I/Y=7% k d =(7%) (1? 0.4)=4.2% 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Thecurrentaccountmeasurestheexchangeofmerchandisegoods,theexchangeof services,theexchangeofinvestmentincome,andunilateraltransfers(giftstoandfromother nations). Question44#44878 Youranswer:Bwascorrect! Ataminimumwageabovetheequilibriumwage,therewillbeanexcesssupplyofworkers. Firmssubstituteotherproductiveresourcesforlaborandusemorethantheeconomically efficientamountofcapital.Theresultisincreasedunemploymentandadecreasein economicefficiency.Firmsmaydecreasethequalityorquantityofthenonmonetarybenefits theypreviouslyofferedtoworkers. Question45#44880 Youranswer:Bwascorrect! Ifultimatepaymentisassuredandthecostestimatesareunreliable,thecompanymustuse thecompletedcontractmethodandthuscannotrecognizeprofitsuntiltheendofthecontract. Profitsinyear2arezero.Theotherstatementsaretrue.Attheendofyear3,thebalancein thecashaccountwillbeequaltothecumulativeprofits,or10?7.5=2.5.Underthe percentageofcompletionmethod,thecompanywouldrecognize$1millioninprofitsinyear2 Thepercentageofcompletionmethodsmoothsincome, andtheprofitsrecognizedinyear3usingthismethodare(2.5/7.5)2.5=0.833. Question46#448 81 Youranswer:Dwascorrect! cashconversioncycle(CCC)=receivablesdays+inventoryprocessingdays?payables paymentperiod Sincethepayablespaymentperiodincreasesreceivablesby3.32daysandreceivablesdays increasesby5,CCCincreasesby1.68days. 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question103#449 41 Youranswer:Dwascorrect! DP/P=D effective Di DP/P=7.6(+0.0075)=0.057,or5.7% Question104#44942 Youranswer:Dwascorrect! Thenominalyield(anothertermforthecouponyield)islessthantheyieldtomaturityfora discountbond. Question105#44943 Youranswer:Dwascorrect! Thekeytermhereiscouponbond.Whileaninvestorinafixedcouponbondcanusually eliminatepriceriskbyholdingabonduntilmaturity,thesameisnottrueforreinvestmentrisk. Thereceiptofperiodiccouponpaymentsexposestheinvestortoreinvestmentrisk.A noncallablebondreducesreinvestmentriskbyreducingtheriskofrepayment.Thus,an investormostconcernedwithreinvestmentriskwouldpreferanoncallablebondtoacallable bond.Sincelowercouponbondshavelowerreinvestmentrisk,thissameinvestorwould preferalowercouponbondtoahighercouponbond.Aninvestorconcernedabout reinvestmentriskismostconcernedaboutadecreasinginterestrateenvironment.When interestratesdecrease,theinvestorisforcedtoreinvestcouponsandothercashflowsata lowerrate.Withalowercoupon,thisriskisless. Question106#44945 Youranswer:Cwascorrect! AspecialpurposevehicleisalegalentitytowhichtheassetsusedascollateralinanABS issuearesold.Thistransactionseparatesthecompanyprovidingthecollateralfromthe companythatneedsthefinancing.Theassetstransferredtothespecialpurposevehicleare financialassets,notfixedassets. Question107#44946 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question47#44883 Youranswer:Bwascorrect! Becausenetincomeisgiven,thisprobleminvolvesusingtheindirectmethod. Theinterestexpenseisignoredbecauseitisalreadydeductedbeforenetincomeis calculated.Ignoresalesforthesamereason;netincomeincorporatessales. Question48#44884 Youranswer:Awascorrect! Investingcashflowsincludebuyingandsellingequipmentandland.Thisproblemdoesnot involveanysuchcashflows. Question49#44885 Youranswer:Bwascorrect! Totalcashflowisthedifferencebetweentheendingcashbalanceandthebeginningcash balance.InQuestions47and48,wecalculatedcashflowfromoperationsof $12 andcash flowfrominvestingof$0,soweneedtocalculatecashflowfromfinancing: Totalcashflowisthus $10 2.Iftheendingcashbalanceis$200,thebeginningcashbalance was$200? $10 2=$98. Question50#44886 Netincome + $10 0 Noncashitems:depreciation +2 Changeinaccountsreceivable ?0 Changeininventory ?0 Changeinaccountspayable ?0 CFO $12 Saleofcommonstock $10 0 Repaymentofdebt ?0 Financingcashflows $90 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Cwascorrect! StandardVI(B)PriorityofTransactions.Clienttransactionsmusttakeprecedenceover members?orcandidates?trades.Heshouldhavesubmittedhispersonaltradeorderonlyafter tradingforhisclient.StandardIII(B)FairDealingrequiresthatFarleydealfairlywithallclients whenrecommendingsecuritiesortakinginvestmentaction.Sincetheendowmentfundis Farley抯onlyaccount,hehasnotdisadvantagedanyotherclientbyonlytakingactiononthe behalfoftheendowment. Question15#44837 Youranswer:Dwascorrect! StandardIII(A)Loyalty,Prudence,andCare.Membersandcandidatesmustcomplywiththeir fiduciarydutytothosepersonsandinterestsbywhomthedutyisowed.Specifically, membersmustalwaysactforthebenefitoftheirclientsandplaceclients?interestsbefore theirown.Murphy抯actionsindirectingtradestoCasanovaviolatethefiduciarydutyowed toWellington&Worrel抯clients,asheappearstobeselectingCasanovaforthediscounts receivedonpersonalsecuritiestransactions.Casanovachargeshighercommissionratesand deliverspoorerexecutionthanotherbrokersusedbythefirm.ByusingCasanova,Murphy violateshisfiduciarydutybyfailingtoactintheclients?bestinterest.Alternatively,the arrangementwithCedrockappearstocomplywithMurphy抯fiduciaryduty,asthefirm receivesinvestmentresearchusedinmanagingclientportfolios(asoftdollararrangement) andachievesbetterexecutionforclienttrades.Becausethetradingarrangementwith Cedrockbenefitsclients,itdoesnotviolateStandardIII(A). Question16#44838 Youranswer:Bwasincorrect.ThecorrectanswerwasC) DoddhasmostlikelyviolatedStandardIII(B)FairDealingbygivingPhillipsanovergenerous allocationoftheoversubscribed(揾ot?newissue.Theissueisnotthatheisoffering compensationtoaclienttoresolveadispute,butthatbyoverallocatingtheIPOsharesto Phillipsheisnottreatinghisotherclientsfairly.StandardIII(B)FairDealingrequiresthat candidatesandmembersnotusesharesof揾otissues?asanincentivetoachieveareward orbenefit.Thebenefitinthiscaseisthatthedisputewill揼oaway.?/SPAN> Question17#44839 Youranswer:Dwascorrect! 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Ifthedebtratio(TD/TA)isequalto40%andthefirmhasnopreferredstock,thepercentage ofequityis1?0.40,or60%. Question54#44890 Youranswer:Bwascorrect! Sharesissuedpostsplitneednotbeadjustedforthesplitastheyare搉ew?shares. Question55#44892 Youranswer:Awascorrect! BecausebasicEPSdoesnotadjustforwarrants,theadjustmentis0.DilutedEPSuses averageprice.SinceAP>EX, Question56#44893 Youranswer:Dwascorrect! Aisnotnecessarilytrue.Byitself,alowreceivablesturnoverreferstotheaveragetimeit takesthecompanytocollectitsreceivables,nottothelevelofreceivables(whichwillaffect, butnotdictateitscurrentratio).Bisnotnecessarilytrue;whetherafirm抯ROAishigher thanitsROEdependsontherelationofthecostofdebttoitsROA.Cisincorrect.Justthe factthatacompanyhasahighgrossprofitmargindoesnotnecessarilymeanitwillhavea highnetprofitmargin.Forexample,thecompanycouldhaveveryhighoperatingexpenses andendupwithalownetprofitmargin. Thecashconversioncycleis:(365/6)+(365/9)?(365 /12 )=60.8+40.6?30.4=71days. Question57#44894 Youranswer:Cwascorrect! Inperiodsofrisingpricesandstableorincreasinginventoryquantities,FIFO,comparedto LIFO,resultsinhigherworkingcapital. 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Bwascorrect! Thefourfirmconcentrationratiois35% +10 %+20%+30%=95%.Theequivalentnumber offirmsisthereciprocaloftheHerfindahlindex.Sincethesefivefirmscomprise100%ofthe market,theHerfindahlindexissotheequivalent numberoffirmsis Question89#44927 Youranswer:Awascorrect! Optionfreebondshavepositiveconvexityandtheeffectof(positive)convexityistoincrease themagnitudeofthepriceincreasewhenyieldsfallandtodecreasethemagnitudeofthe pricedecreasewhenyieldsrise. Question90#44928 Youranswer:Awascorrect! Duringtherecoveryphaseofthebusinesscycle,cyclicals,commodities,andcommodity linkedequitiesaregenerallyattractiveinvestments. Question 91 #44929 Youranswer:Dwascorrect! IncreasesinkreduceP/E.IncreasesingorthedividendpayoutratioincreaseP/E. Question92#44930 Youranswer:Dwascorrect! 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Underlyingearningsshouldbeusedinthecalculation.Thesearetransitory,nonrecurring componentsofearningsthatarespecifictothecompany.Also,themostrecentearnings informationshouldbeusedinthecalculation.Thereforeweget: Question93#449 31 Youranswer:Awascorrect! Theriskpremiumwillbeafunctionofbusinessrisk,financialrisk,liquidityrisk,exchangerate risk,andcountry(politicalrisk).Stocksdonotinvolvedefaultrisk. Question94#44932 Youranswer:Bwascorrect! SemiannualcompoundrateisEndingvaluemustbe$888.94 (1. 0325) 14 = $1, 3 91. 02. Question95#44933 Youranswer:Bwascorrect! Thisisasupernormalgrowthstockvaluationproblem. Step1:Findthedividendsinthesupernormalgrowthperiod. D 1 =1. 00 (1. 20)= $1. 20;D 2 =1. 2 (1. 2)= $1. 44;D 3 =1. 44 (1. 15)= $1. 656 Step2:Usetheconstantgrowthmodeltofindthepriceattheendofperiod3. $1, 3 91. 02 ?u> ;1, 000.00 facevalueatmaturity 3 91. 02 ?u> 315 .00 totalcoupons (14 × 22.50) 76.02 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Step3:Discountallofthecashflowsbacktotimezero. Question96#44934 Youranswer:Cwascorrect! Usethesamedividendsand搉ormal?growthpricefromQuestion96,excepttheperiod1 dividend( $1. 20)hasalreadybeenpaid,andwediscounttheremainingtwodividendsandthe endofyearprice(P 3 )backtotheendofperiod1togetP 1 . Step1:Findthedividendsinthesupernormalgrowthperiod. D 2 =1. 2 (1. 2) =1. 44;D 3 =1. 44 (1. 15)= $1. 656 Step2:Usetheconstantgrowthmodeltofindthepriceattheendofperiod3. Step3:Discountallofthecashflowsbacktotimeone. Question97#44935 Youranswer:Dwascorrect! TheOASisameasureoftheyieldspreadoverTreasuryspotrateswithouttheoption. Question98#44936 Youranswer:Cwascorrect! 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Bwascorrect! Note:Donotaddbackdepreciationwhenusingthedirectmethod.Dividendsareafinancing cashflow. Question 51 #44887 Youranswer:Dwascorrect! freecashflow(FCF)=cashflowfromoperations?netcapitalexpenditures FCF=$800?40(purchaseofplantandequipment)+30(saleofland)=$790 Question52#44888 Youranswer:Cwascorrect! Asimplenumericalexamplecanhelp.AssumeCA=2andCL =1. Thennote andDebtisdecreased,butequityisunchanged,soD/Eis decreased. Question53#44889 Youranswer:Cwascorrect! Sales牋 +$4,000 牋 Cashreceivedfromcustomers牋 牋 +$4,000 (sincenochangeinAR) Costofgoodssold牋 ?,000 ?/td> Increaseininventory牋 ?00 ?/td> Increaseinaccountspayable牋 +300 ?/td> Othercashinputexpenses牋 ?00 ?/td> Cashpaidforinputs牋 牋牋 ?,300 Cashpaidfortaxes牋 牋牋 ?00 Cashflowfromoperations牋 ?/td> ?1, 500 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ TheeightmajorsectionsoftheCFAInstituteGlobalInvestmentPerformanceStandardsare FundamentalsofCompliance,InputData,CalculationMethodology,CompositeConstruction, Disclosures,PresentationandReporting,RealEstate,andPrivateEquity. Question18#44840 Youranswer:Bwascorrect! StandardIII(C)Suitabilityrequiresthattheclientportfoliofittheclientriskandreturn objectivesasstatedintheinvestmentpolicystatement,andthatseemstobethecasehere. Theproperfocusofriskanalysisisontheentireportfolioandneednotbeappliedonan issuebyissuebasis.ThereappearstobenoviolationofV(A)DiligenceandReasonable Basissincehispreviousanalysisindicatedtheportfoliowassuitableandhisrecords supportedthatconclusion. Question19#448 41 Youranswer:Bwascorrect! Withnointerestpaidontheoriginal$5,000loan,at6%infiveyearstheloanbalancewillbe: Newloanbalance=$5,000 (1. 06) 5 =$6,6 91. 13orPV=5,000;I/Y=6;N=5;PMT=0;CPT →FV=?6,6 91. 13.$6,6 91. 13istheloanthathastoberetiredoverthenextfiveyears.The financialcalculatorsolutionis:PV=6,6 91. 13;I/Y=6;N=5;CPT→PMT.YouobtainPMT= ?,588.45. Question20#44844 Youranswer:Cwascorrect! N=4;PV=?,000;FV=6,520;CPT→I/Y =12 .99%,or Question 21 #44845 Youranswer:Cwascorrect! AandBdescribeahistogram,andDdescribesafrequencypolygon. Question22#44846 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Awascorrect! holdingperiodreturn(HPR)= Question23#44847 Youranswer:Cwascorrect! range=maximumvalue?minimumvalue=55 ?15 =40Calculatethemean: Togetthemeanabsolutedeviation,sumthedeviationsaround themean(ignoringthesign),anddividebythenumberofobservations Notethattheunitsofvarianceherearepercentsquared.Usingdecimalsratherthanwhole percentyields0.0250. Question24#44848 Youranswer:Bwascorrect! Question25#44849 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question58#44895 Youranswer:Awascorrect! Question59#44896 Youranswer:Awascorrect! Question60#44897 Youranswer:Dwascorrect! FIFOendinginventory=FIFOINV=LIFOINV+LIFOreserve=22,000+4,000=$26,000 Question 61 #44898 Youranswer:Bwascorrect! Thetotalcashflowsareequal,buttheexpensingfirmwillseelowerearlyyearprofitability ratherthanhigherearlyyearprofitability. Question62#44899 Youranswer:Cwascorrect! Impairmentmustberecognizedwhenthereissufficientevidencetoindicatethatthevalueof anassetcarriedonthebooksofacompanycannotberecovered.Indicatorsoflackof recoverabilityincludeasignificantdecreaseinmarketvalue,adversechangesinlegalor businessconditions,substantialcostoverruns,andasignificantdeclineinanasset抯long termlikelihoodofgeneratingprofit. 10 0@$ 210 = $ 21, 000 70@$225= $15 ,750 $36,750 Purchases 19 0 Sales 17 0 Balance 20 @$ 210 =$4,200 FIFOaftertaxprofit =LIFOaftertaxprofit+(changeinLIFOreserve) (1? t) =$2,000+($4,000?$3,000) (1? 0.4)=$2,000+$600=$2,600 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Bwascorrect! Forthepositivelyskeweddistribution,themodeislessthanthemedian,whichislessthan themean. Question26#44850 Youranswer:Bwasincorrect.ThecorrectanswerwasA) ThenominalincreaseinindustrialproductionisexpectedtobeThusthe realchangeisexpectedtobeGiventheregressionequation,our forecastis9,397.54=8,950+395 (1. 133). Question27#448 51 Youranswer:Awascorrect! ThefirstyearaccountreturnwasThesecondyearreturnwas Thegeometricmeanis,whichisthetime weightedreturn.Sinceonlyoneassetwasinvolved,alsogivesthetime weightedreturn.Tocalculatethemoneyweightedreturn,usethecashflowfunctionwithCf0 =?2,000,Cf1=?5,000,andCf2=54,000×2 =10 8,000,andcomputeIRR,whichis7.73%. Themoneyweightedreturnislowerbecausetheamountintheaccountwasgreaterinthe secondperiod,whenthereturnwaspoor. Question28#44858 Youranswer:Dwascorrect! Thebinomialdistributionisadiscretedistribution,whilethenormaldistributionisanexample ofacontinuousdistribution.Univariateandmultivariatedistributionscanbediscreteor continuous. Question29#44859 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question10#44832 Youranswer:Bwascorrect! AccordingtoStandardIV(B)AdditionalCompensationArrangements,membersand candidatesmustobtainwrittenpermissionfromtheiremployerbeforeacceptinganofferof compensation(fortheperformanceofworkdonefortheiremployer)inadditiontowhatthey receivefromtheiremployerandthatiscontingentonfutureperformance.Suchcontingent additionalcompensationisjudgedtobereasonablyexpectedtoimpairtheemployee抯 independenceandobjectivity. Question 11 #44833 Youranswer:Awasincorrect.ThecorrectanswerwasD) Compliancerequiresthatthefirmfollowlocallawanddisclosetheconflictbetweenlocallaw andGIPS. Question12#44834 Youranswer:Awascorrect! StandardIII(D)PerformancePresentationrequiresthatstatementsaboutperformancebenot onlyaccurate,butalsofairandcomplete.WhileVance抯statementmaybeaccurateina technicalsense,itisneitherfairnorcomplete,anditseemsintendedtomisleadprospects aboutVance抯trackrecordinmanagingequitiesaccountsand/orselectingequitysecurities. WhilecompliancewithGIPSanditsmethodsofcompositeconstructionarerecommended, theyarenotrequiredbytheStandard. Question13#44835 Youranswer:Dwascorrect! StandardV(B)CommunicationwithClientsandProspectiveClients.Briefcommunications mustbesupportedbybackgroundreportsordatathatcanbemadeavailabletotheclientif requested.Drakeshouldhavegiventheclientamoredetailedanalysisoftheinvestment whentheclientcalledtorequestsuchinformation.DrakedidnotviolateStandardIII(C) becausehe搕horoughly?readandevaluatedtheanalysisanddeterminedthatthestructured productwasinlinewithhisclient抯objectivesbeforerecommendingtheproducttohisclient. Question14#44836 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ SchweserPrintableAnswersBook6Exam1AM TestID# :13 64808 Question1#44786 Youranswer:Cwascorrect! StandardVI(C)ReferralFees.Membersandcandidatesshalldisclosetoclientsand prospectsanyconsiderationorbenefitreceivedbythememberordeliveredtoothersforthe recommendationofanyservicetotheclientorprospect.Thisallowstheclienttoevaluateany partialityshowninmakingreferrals. Question2#44787 Youranswer:Awascorrect! StandardIV(C)ResponsibilitiesofSupervisorsexplicitlystatesthatspeakingtotheemployee todeterminetheextentoftheviolationsandreceivingassurancesthatitwillnotberepeated isnotenough.Finleymusttakepositivestepstoinsurethattheviolationwillnotberepeated includingpromptlylaunchinganinvestigationandlimitingtheemployee抯activitiesand/or increasingsupervisionoftheemployeduntiltheresultsoftheinvestigationareknown. Question3#44788 Youranswer:Awascorrect! SteinviolatedStandardI(C)Misrepresentationbypresentingmaterialdevelopedbyanother withoutacknowledgement. Question4#44789 Youranswer:Dwascorrect! StandardV(A)DiligenceandReasonableBasis.Therecommendationreflectstheconsensus ofthegroupandnotnecessarilytheopinionofthememberorcandidate.Iftheconsensus opinionhasareasonablebasis,thememberdoesnothavetodissociatefromthereportbut shoulddocumentthedifferenceofopinion. Question5#44825 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Cwascorrect! Thisisanoutofthemoneycoveredcall.Thestockcangoup$2tothestrikeprice,andthen thewriterwillget$3forthepremium.Thus,themaximumprofitis$5. Question 114 #44953 Youranswer:Dwasincorrect.ThecorrectanswerwasB) Bothstatementsareincorrect.Asyieldsrise,thevalueoftheembeddedputoptionina putablebondincreasesand(beyondacriticalpoint)reducesthedeclineinthevalueofthe bondcomparedtoasimilaroptionfreebond.Asyieldsfall,thevalueoftheembeddedput optiondecreases,and(beyondacriticalpoint)theputablebondbehavesmuchthesameasa similaroptionfreebondsincetheembeddedputoptionhaslittleornovalue. Question 115 #44954 Youranswer:Bwasincorrect.ThecorrectanswerwasD) Theincomeapproachusesnetoperatingincomebeforefinancingandtaxes.Hedonicprice estimationusessimilarpropertiestodeterminetheappropriateregressioncoefficients. Question 116 #44955 Youranswer:Dwascorrect! aftertaxcashflow=(revenue?cost?depreciation) (1? t)+depreciation(revenue?cost) (1? t) +depreciation(t) [$250,000?(0.04×$250,000)? $15 ,000?( $1, 000,000×0.026)] (1? 0.35)+ (1, 000,000× 0.026) [($250,000? $10 ,000? $15 ,000?$26,000)(0.65)]+$26,000= $15 5,350 Question 117 #44956 Youranswer:Bwascorrect! Historicalriskandreturndataisgenerallylimitedandnotveryeasytoobtain. Question 118 #44957 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Dwascorrect! Studieshavedemonstratedthatapproximately90%ofaportfolio抯returnscanbeexplained byitstargetassetallocations.Itisverydifficulttogenerateabnormalportfolioreturnsby markettimingandsecurityselectionwithinassetclasses. Question85#44923 Youranswer:Awascorrect! Marketweightedindex: Day1:whichisscaledtoavalueof500. Day2:whichnowhastobeadjustedrelativeto theinitialbasevalueof500fromday1.Weget: Finally,thepercentagechangeis Question86#44924 Youranswer:Awascorrect! AportfoliowithequalnumbersofsharesofeachstockintheDJIAwillmatchtheperformance oftheindexassumingtherearenostocksplits,stockdividends,orchangesinthemakeupof theindex.Thereturnontheindexdoesnotincludedividendpayments.Sincethereinvested dividendswilladdtothenumberofsharesofthosestocksthatpaydividends,Gomez抯 portfolioreturnwillexceedthatoftheDJIA. Question87#44925 Youranswer:Cwascorrect! Thetopdown,threestepprocessgoesfromtheeconomytotheindustrytothefirm,inthat order. Question88#44926 ... 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question79#44 916 Youranswer:Dwasincorrect.ThecorrectanswerwasC) Theintroductionofazerobeta(nosystematicrisk)portfoliowithareturnthatishigherthan theriskfreeratecanresultinastraightCMLevenwiththeassumptionthatborrowingand lendingratesaredifferent.Marginaccountsrepresentborrowing,sounlessthemargin lendingrateisthesameastheriskfreerate,thisdoesnotsolvetheproblem(akinkedCML) thatresultsfromunequalborrowingandlendingratesinthemodel. Question80#44 917 Youranswer:Dwascorrect! TheStandardsofPracticehaveverylittletodowithinvestmentconstraints. Question 81 #44 918 Youranswer:Awascorrect! Ariskaverseinvestorpreferslessrisktomorerisk.Thelowerthecorrelation,thegreaterthe riskreduction.Thus,ariskaverseinvestorwouldmostprefertheportfoliowiththelowest correlationcoefficientandleastprefertheonewiththehighest.Ofthechoicesgiven,AandC 抯correlationcoefficientof+0.6isthehighest. Question82#44 919 Youranswer:Bwascorrect! TheCAPMconcludesthatexpectedreturnsareapositive(linear)functionofsystematicrisk. Question83#44920 Youranswer:Cwascorrect! TheSMLandCMLarebothlines,andbothintersecttheverticalaxisattheriskfreerate.The SMLdescribestherisk/returntradeoffforindividualsecuritiesorportfolios,whereastheCML describestherisk/returntradeoffofvariouscombinationsofthemarketportfolioandariskless asset. Question84#44922 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question70#44907 Youranswer:Bwascorrect! $2/50+0.08 =12 .0% Question 71 #44908 Youranswer:Bwascorrect! Question72#44909 Youranswer:Bwascorrect! Businessriskisthecombinationofsalesrisk,whichisthevariabilityofafirm'ssales,and operatingrisk,whichistheadditionalvariabilityinoperatingearnings(EBIT)causedbyfixed operatingcosts.Leverageisthecombinationofbusinessriskandfinancialrisk,whichisthe additionalriskcommonshareholdersmustbearwhenafirmusesfixedcostsourcesof financing. Question73#44 910 Youranswer:Dwascorrect! Sinceequityis40%ofassets,theequitymultiplieris1/0.40=2.5.Usingthetraditional DuPontformula,ROE=8.7%×2.4×2.5=52.2%. Question74#44 911 Youranswer:Dwascorrect! g= (1? payout)(ROE)= (1? 0.40) (16 %)=9.6% 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Dwascorrect! About68%ofallobservationsfallwithin?standarddeviationofthemean.Thus,about68% ofthevaluesfallbetween5and25. Question30#44860 Youranswer:Bwascorrect! Thecentrallimittheoremholdsforanydistributionaslongasthesamplesizeislarge(i.e.,n >30). Question 31 #448 61 Youranswer:Bwascorrect! Thepopulationvarianceisknown(inthiscase100),sothestandarderrorofthesample meanis Question32#44863 Youranswer:Cwascorrect! Thettestisusedwhenthesamplesizeissmall. Question33#44864 Youranswer:Dwascorrect! Itwoulddecrease,notincrease,theprofitabilityofcorporateinvestmentprojects. Question34#44865 Youranswer:Awascorrect! Thepotentialdepositexpansionmultiplieristhereciprocalofthereserveratio.Ifthereserve ratiois20%,then1/0.20=5. Question35#44866 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question75#44 912 Youranswer:Awascorrect! Straightlinedepreciation: $14 million/7=$2.0million Accelerateddepreciation: $14 million×0.333=$4.662million Question76#44 913 Youranswer:Awascorrect! Sunkcostsarenottobeincludedininvestmentanalysis.Opportunitycosts,changesinnet workingcapital,andtheproject抯impactontaxesareallrelevantvariablesindetermining projectcashflowforacapitalinvestment. Question77#44 914 Youranswer:Bwascorrect! Forthe4yearperiod,theaveragenetincomeis:($42,000+$98,000+$56,000+$56,000)/ 4=$63,000. Theinitialbookvalueis$800,000,decliningby$200,000peryearuntilthefinalbookvalueis $0.Theaveragebookvalueforthisassetis:($800,000?$0)/2=$400,000. Theaverageaccountingrateofreturnis:AAR=averagenetincome/averagebookvalue= $63,000/$400,000=0 .15 75 =15 .75%. Question78#44 915 Youranswer:Cwascorrect! Regularlyreviewingperformance,independence,skills,andexperienceofexistingboard membersisacharacteristicoftheRemunerations/CompensationCommittee,nottheAudit Committee.AllotherchoicesarepositivecharacteristicsoftheAuditCommittee. 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Firstyearinterestis10%×$2million=$200,000.Firstyearprincipalpayment=234, 919  200,000=$34, 919 . Firstyearaftertaxcashflowis[300,000200,00060,00035,000] (1 0.35)34, 919 + 60,000=28,3 31. Remainingprincipalbalanceis2million34, 919 =1, 965,081sosecondyearinterestis 19 6,508andprincipalportionofthepaymentis234, 919 19 6,508=38, 411 Secondyearaftertaxcashflowis[300,000 19 6,50860,00035,000] (1 0.35)38, 411 + 60,000=27 ,10 9.Includingtheproceedsofthesalethetotalsecondyearaftertaxcashflow is637 ,10 9. NPV==$52,2 91. 81 Question 111 #44950 Youranswer:Dwascorrect! Thefourfirmconcentrationratioisthesumofthemarketsharesofthefourlargestfirmsin theindustry.45%+25% +15 % +10 %=95 TheHerfindahlindexisthesumofthesquaresofthemarketsharesofeachofthefirmsin theindustry.0.45 2 +0.25 2 +0 .15 2 +0 .10 2 +0.05 2 =0.30 Question 112 #449 51 Youranswer:Bwascorrect! Thisstatementiscorrectinthatthecostofaputoptionisnegative.(Theinvestorhastopay fortheflexibilityoftheputoption.)Theotherstatementscouldnotbecorrect.The搒pread overthespotratesforaTreasurysecuritysimilartoStahl抯bond?referstoZspreadonthe bond.Foracallablebond,theOAS<Zspread,sothiscouldnotbeatruestatementbecause 13 5bp> ;11 0bp.TheoptioncostiscalculatedusingtheOASandtheZspread,notthe nominalspread.Thestaticspread(orZspread)isthespreadovereachofthespotratesina givenTreasurytermstructure,notthespreadovertheTreasury抯YTM.(Note:Weslippedin afixedincomequestionhereinthederivativessectionofthetest.CFAInstitutecandothisat anytime.Beonyourguardforthesetypesoftricks!) Question 113 #44952 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Cwascorrect! Note: Question108#44947 Youranswer:Dwascorrect! Aflattermstructurecouldbeexplainedaccordingtotheliquiditypreferencetheoryasacase whereinvestorsexpectshorttermratestodeclineslightly,coupledwithamaturitypremium thatexactlyoffsetsthedownwardpressurecontainedininvestorexpectations.Ahumped termstructurecouldbeexplainedaccordingtothepureexpectationstheoryifwebelievethat forshortermaturities,investorsbelieveinterestrateswillrisealongwiththebeliefthat mediumtermrateswilldeclinealongwiththebeliefthatlongertermrateswillbestable.The pureexpectationstheorymakesnospecificmentionofthefactthatanupwardslopingterm structureisaconsequenceofinvestorsexpectingshorttermratestoremainunchangedfora periodoftimefollowedbyinvestorsexpectingshorttermratestoriseforaperiodoftime.All thistheorysaysisthatanupwardslopingtermstructurecanbeexplainedbyinvestors believingthatfutureshorttermrateswillrise.Finally,theliquiditypreferencetheoryattempts toexplainthetermstructureaccordingtotwofactors.Theseareexpectationsaboutfuture interestratesandamaturitypremiumtocompensateforinterestraterisk.Ifthetermstructure isdeclining,thiscouldbeexplainedsimplybyinvestorexpectationsofdecliningfutureshort termratescoupledwithamaturitypremiumthatisnotlargeenoughtooffsetthedownward pressureoninterestratesduetoinvestorexpectations. Question109#44948 Youranswer:Awascorrect! Thevariabilityofpricesingeneralissignificantlylargerthanisthevariabilityof(uncertainty about)dividendsandhencemanagingpriceriskisofprimaryimportance,whilethe uncertaintyofdividendsisofsecondaryimportance.Theremainingstatementsarecorrect. Question 110 #44949 Youranswer:Cwascorrect! 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Gainsorlossesfrommarketingmarketablesecuritiestotheirmarketvalueswillreverseif theyaresoldandarethustemporarydifferences.Theotherstatementsarecorrect. Question66#44903 Youranswer:Awascorrect! Whenanalyzingthefirm'sincometaxdisclosures,watchforthesewarningsignals: 1) Companiesthatgeneratesignificantpretaxincomeontheirfinancialstatementswhile reportinglowtaxespayable(i.e.,loweffectivetaxrates)arelikelytobeemployingaggressive accountingmethodsandhavelowqualityearnings.SoStatement1iscorrect.2) Restructuringchargestypicallyhavenotaxcashfloweffectsintheyeartheyarerecordedbut mayhavesignificanteffectsinfutureyearsastherestructuredoperationsandimpaired assetsaresold.SoStatement2iscorrectandChoiceAisthecorrectanswer. Ananalystmayalsolookoutforthefollowingadditionalitems:3)Adecreaseincapital spendingmaysignalareversalofpasttemporarydifferencesrelatedtodepreciationmethods, resultinginhighertaxespayable.4)Temporarydifferencesmayreversebecauseofchanges intaxlaw,causinghighertaxespayable. Question67#44904 Youranswer:Cwascorrect! Atakeorpayagreementobligatesabuyertopaythesellerofaproductorservicea minimumamount,regardlessofwhethertheproductorserviceisdelivered.Thisistreatedas aliability,andthediscountedvaluemustbereflectedonthebuyer抯balancesheet. Question68#44905 Youranswer:Cwascorrect! Cisreversed.Grossprofitisrecognizedattheinceptionforthesalestypelease. Question69#44906 Youranswer:Bwascorrect! N=20;FV =10 00;PV=?94;PMT=60;CPT→I/Y=7% k d =(7%) (1? 0.4)=4.2% 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Thecurrentaccountmeasurestheexchangeofmerchandisegoods,theexchangeof services,theexchangeofinvestmentincome,andunilateraltransfers(giftstoandfromother nations). Question44#44878 Youranswer:Bwascorrect! Ataminimumwageabovetheequilibriumwage,therewillbeanexcesssupplyofworkers. Firmssubstituteotherproductiveresourcesforlaborandusemorethantheeconomically efficientamountofcapital.Theresultisincreasedunemploymentandadecreasein economicefficiency.Firmsmaydecreasethequalityorquantityofthenonmonetarybenefits theypreviouslyofferedtoworkers. Question45#44880 Youranswer:Bwascorrect! Ifultimatepaymentisassuredandthecostestimatesareunreliable,thecompanymustuse thecompletedcontractmethodandthuscannotrecognizeprofitsuntiltheendofthecontract. Profitsinyear2arezero.Theotherstatementsaretrue.Attheendofyear3,thebalancein thecashaccountwillbeequaltothecumulativeprofits,or10?7.5=2.5.Underthe percentageofcompletionmethod,thecompanywouldrecognize$1millioninprofitsinyear2 Thepercentageofcompletionmethodsmoothsincome, andtheprofitsrecognizedinyear3usingthismethodare(2.5/7.5)2.5=0.833. Question46#448 81 Youranswer:Dwascorrect! cashconversioncycle(CCC)=receivablesdays+inventoryprocessingdays?payables paymentperiod Sincethepayablespaymentperiodincreasesreceivablesby3.32daysandreceivablesdays increasesby5,CCCincreasesby1.68days. 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question103#449 41 Youranswer:Dwascorrect! DP/P=D effective Di DP/P=7.6(+0.0075)=0.057,or5.7% Question104#44942 Youranswer:Dwascorrect! Thenominalyield(anothertermforthecouponyield)islessthantheyieldtomaturityfora discountbond. Question105#44943 Youranswer:Dwascorrect! Thekeytermhereiscouponbond.Whileaninvestorinafixedcouponbondcanusually eliminatepriceriskbyholdingabonduntilmaturity,thesameisnottrueforreinvestmentrisk. Thereceiptofperiodiccouponpaymentsexposestheinvestortoreinvestmentrisk.A noncallablebondreducesreinvestmentriskbyreducingtheriskofrepayment.Thus,an investormostconcernedwithreinvestmentriskwouldpreferanoncallablebondtoacallable bond.Sincelowercouponbondshavelowerreinvestmentrisk,thissameinvestorwould preferalowercouponbondtoahighercouponbond.Aninvestorconcernedabout reinvestmentriskismostconcernedaboutadecreasinginterestrateenvironment.When interestratesdecrease,theinvestorisforcedtoreinvestcouponsandothercashflowsata lowerrate.Withalowercoupon,thisriskisless. Question106#44945 Youranswer:Cwascorrect! AspecialpurposevehicleisalegalentitytowhichtheassetsusedascollateralinanABS issuearesold.Thistransactionseparatesthecompanyprovidingthecollateralfromthe companythatneedsthefinancing.Theassetstransferredtothespecialpurposevehicleare financialassets,notfixedassets. Question107#44946 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question47#44883 Youranswer:Bwascorrect! Becausenetincomeisgiven,thisprobleminvolvesusingtheindirectmethod. Theinterestexpenseisignoredbecauseitisalreadydeductedbeforenetincomeis calculated.Ignoresalesforthesamereason;netincomeincorporatessales. Question48#44884 Youranswer:Awascorrect! Investingcashflowsincludebuyingandsellingequipmentandland.Thisproblemdoesnot involveanysuchcashflows. Question49#44885 Youranswer:Bwascorrect! Totalcashflowisthedifferencebetweentheendingcashbalanceandthebeginningcash balance.InQuestions47and48,wecalculatedcashflowfromoperationsof $12 andcash flowfrominvestingof$0,soweneedtocalculatecashflowfromfinancing: Totalcashflowisthus $10 2.Iftheendingcashbalanceis$200,thebeginningcashbalance was$200? $10 2=$98. Question50#44886 Netincome + $10 0 Noncashitems:depreciation +2 Changeinaccountsreceivable ?0 Changeininventory ?0 Changeinaccountspayable ?0 CFO $12 Saleofcommonstock $10 0 Repaymentofdebt ?0 Financingcashflows $90 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Cwascorrect! StandardVI(B)PriorityofTransactions.Clienttransactionsmusttakeprecedenceover members?orcandidates?trades.Heshouldhavesubmittedhispersonaltradeorderonlyafter tradingforhisclient.StandardIII(B)FairDealingrequiresthatFarleydealfairlywithallclients whenrecommendingsecuritiesortakinginvestmentaction.Sincetheendowmentfundis Farley抯onlyaccount,hehasnotdisadvantagedanyotherclientbyonlytakingactiononthe behalfoftheendowment. Question15#44837 Youranswer:Dwascorrect! StandardIII(A)Loyalty,Prudence,andCare.Membersandcandidatesmustcomplywiththeir fiduciarydutytothosepersonsandinterestsbywhomthedutyisowed.Specifically, membersmustalwaysactforthebenefitoftheirclientsandplaceclients?interestsbefore theirown.Murphy抯actionsindirectingtradestoCasanovaviolatethefiduciarydutyowed toWellington&Worrel抯clients,asheappearstobeselectingCasanovaforthediscounts receivedonpersonalsecuritiestransactions.Casanovachargeshighercommissionratesand deliverspoorerexecutionthanotherbrokersusedbythefirm.ByusingCasanova,Murphy violateshisfiduciarydutybyfailingtoactintheclients?bestinterest.Alternatively,the arrangementwithCedrockappearstocomplywithMurphy抯fiduciaryduty,asthefirm receivesinvestmentresearchusedinmanagingclientportfolios(asoftdollararrangement) andachievesbetterexecutionforclienttrades.Becausethetradingarrangementwith Cedrockbenefitsclients,itdoesnotviolateStandardIII(A). Question16#44838 Youranswer:Bwasincorrect.ThecorrectanswerwasC) DoddhasmostlikelyviolatedStandardIII(B)FairDealingbygivingPhillipsanovergenerous allocationoftheoversubscribed(揾ot?newissue.Theissueisnotthatheisoffering compensationtoaclienttoresolveadispute,butthatbyoverallocatingtheIPOsharesto Phillipsheisnottreatinghisotherclientsfairly.StandardIII(B)FairDealingrequiresthat candidatesandmembersnotusesharesof揾otissues?asanincentivetoachieveareward orbenefit.Thebenefitinthiscaseisthatthedisputewill揼oaway.?/SPAN> Question17#44839 Youranswer:Dwascorrect! 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Ifthedebtratio(TD/TA)isequalto40%andthefirmhasnopreferredstock,thepercentage ofequityis1?0.40,or60%. Question54#44890 Youranswer:Bwascorrect! Sharesissuedpostsplitneednotbeadjustedforthesplitastheyare搉ew?shares. Question55#44892 Youranswer:Awascorrect! BecausebasicEPSdoesnotadjustforwarrants,theadjustmentis0.DilutedEPSuses averageprice.SinceAP>EX, Question56#44893 Youranswer:Dwascorrect! Aisnotnecessarilytrue.Byitself,alowreceivablesturnoverreferstotheaveragetimeit takesthecompanytocollectitsreceivables,nottothelevelofreceivables(whichwillaffect, butnotdictateitscurrentratio).Bisnotnecessarilytrue;whetherafirm抯ROAishigher thanitsROEdependsontherelationofthecostofdebttoitsROA.Cisincorrect.Justthe factthatacompanyhasahighgrossprofitmargindoesnotnecessarilymeanitwillhavea highnetprofitmargin.Forexample,thecompanycouldhaveveryhighoperatingexpenses andendupwithalownetprofitmargin. Thecashconversioncycleis:(365/6)+(365/9)?(365 /12 )=60.8+40.6?30.4=71days. Question57#44894 Youranswer:Cwascorrect! Inperiodsofrisingpricesandstableorincreasinginventoryquantities,FIFO,comparedto LIFO,resultsinhigherworkingcapital. 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Bwascorrect! Thefourfirmconcentrationratiois35% +10 %+20%+30%=95%.Theequivalentnumber offirmsisthereciprocaloftheHerfindahlindex.Sincethesefivefirmscomprise100%ofthe market,theHerfindahlindexissotheequivalent numberoffirmsis Question89#44927 Youranswer:Awascorrect! Optionfreebondshavepositiveconvexityandtheeffectof(positive)convexityistoincrease themagnitudeofthepriceincreasewhenyieldsfallandtodecreasethemagnitudeofthe pricedecreasewhenyieldsrise. Question90#44928 Youranswer:Awascorrect! Duringtherecoveryphaseofthebusinesscycle,cyclicals,commodities,andcommodity linkedequitiesaregenerallyattractiveinvestments. Question 91 #44929 Youranswer:Dwascorrect! IncreasesinkreduceP/E.IncreasesingorthedividendpayoutratioincreaseP/E. Question92#44930 Youranswer:Dwascorrect! 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Underlyingearningsshouldbeusedinthecalculation.Thesearetransitory,nonrecurring componentsofearningsthatarespecifictothecompany.Also,themostrecentearnings informationshouldbeusedinthecalculation.Thereforeweget: Question93#449 31 Youranswer:Awascorrect! Theriskpremiumwillbeafunctionofbusinessrisk,financialrisk,liquidityrisk,exchangerate risk,andcountry(politicalrisk).Stocksdonotinvolvedefaultrisk. Question94#44932 Youranswer:Bwascorrect! SemiannualcompoundrateisEndingvaluemustbe$888.94 (1. 0325) 14 = $1, 3 91. 02. Question95#44933 Youranswer:Bwascorrect! Thisisasupernormalgrowthstockvaluationproblem. Step1:Findthedividendsinthesupernormalgrowthperiod. D 1 =1. 00 (1. 20)= $1. 20;D 2 =1. 2 (1. 2)= $1. 44;D 3 =1. 44 (1. 15)= $1. 656 Step2:Usetheconstantgrowthmodeltofindthepriceattheendofperiod3. $1, 3 91. 02 ?u> ;1, 000.00 facevalueatmaturity 3 91. 02 ?u> 315 .00 totalcoupons (14 × 22.50) 76.02 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Step3:Discountallofthecashflowsbacktotimezero. Question96#44934 Youranswer:Cwascorrect! Usethesamedividendsand搉ormal?growthpricefromQuestion96,excepttheperiod1 dividend( $1. 20)hasalreadybeenpaid,andwediscounttheremainingtwodividendsandthe endofyearprice(P 3 )backtotheendofperiod1togetP 1 . Step1:Findthedividendsinthesupernormalgrowthperiod. D 2 =1. 2 (1. 2) =1. 44;D 3 =1. 44 (1. 15)= $1. 656 Step2:Usetheconstantgrowthmodeltofindthepriceattheendofperiod3. Step3:Discountallofthecashflowsbacktotimeone. Question97#44935 Youranswer:Dwascorrect! TheOASisameasureoftheyieldspreadoverTreasuryspotrateswithouttheoption. Question98#44936 Youranswer:Cwascorrect! 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Bwascorrect! Note:Donotaddbackdepreciationwhenusingthedirectmethod.Dividendsareafinancing cashflow. Question 51 #44887 Youranswer:Dwascorrect! freecashflow(FCF)=cashflowfromoperations?netcapitalexpenditures FCF=$800?40(purchaseofplantandequipment)+30(saleofland)=$790 Question52#44888 Youranswer:Cwascorrect! Asimplenumericalexamplecanhelp.AssumeCA=2andCL =1. Thennote andDebtisdecreased,butequityisunchanged,soD/Eis decreased. Question53#44889 Youranswer:Cwascorrect! Sales牋 +$4,000 牋 Cashreceivedfromcustomers牋 牋 +$4,000 (sincenochangeinAR) Costofgoodssold牋 ?,000 ?/td> Increaseininventory牋 ?00 ?/td> Increaseinaccountspayable牋 +300 ?/td> Othercashinputexpenses牋 ?00 ?/td> Cashpaidforinputs牋 牋牋 ?,300 Cashpaidfortaxes牋 牋牋 ?00 Cashflowfromoperations牋 ?/td> ?1, 500 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ TheeightmajorsectionsoftheCFAInstituteGlobalInvestmentPerformanceStandardsare FundamentalsofCompliance,InputData,CalculationMethodology,CompositeConstruction, Disclosures,PresentationandReporting,RealEstate,andPrivateEquity. Question18#44840 Youranswer:Bwascorrect! StandardIII(C)Suitabilityrequiresthattheclientportfoliofittheclientriskandreturn objectivesasstatedintheinvestmentpolicystatement,andthatseemstobethecasehere. Theproperfocusofriskanalysisisontheentireportfolioandneednotbeappliedonan issuebyissuebasis.ThereappearstobenoviolationofV(A)DiligenceandReasonable Basissincehispreviousanalysisindicatedtheportfoliowassuitableandhisrecords supportedthatconclusion. Question19#448 41 Youranswer:Bwascorrect! Withnointerestpaidontheoriginal$5,000loan,at6%infiveyearstheloanbalancewillbe: Newloanbalance=$5,000 (1. 06) 5 =$6,6 91. 13orPV=5,000;I/Y=6;N=5;PMT=0;CPT →FV=?6,6 91. 13.$6,6 91. 13istheloanthathastoberetiredoverthenextfiveyears.The financialcalculatorsolutionis:PV=6,6 91. 13;I/Y=6;N=5;CPT→PMT.YouobtainPMT= ?,588.45. Question20#44844 Youranswer:Cwascorrect! N=4;PV=?,000;FV=6,520;CPT→I/Y =12 .99%,or Question 21 #44845 Youranswer:Cwascorrect! AandBdescribeahistogram,andDdescribesafrequencypolygon. Question22#44846 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Awascorrect! holdingperiodreturn(HPR)= Question23#44847 Youranswer:Cwascorrect! range=maximumvalue?minimumvalue=55 ?15 =40Calculatethemean: Togetthemeanabsolutedeviation,sumthedeviationsaround themean(ignoringthesign),anddividebythenumberofobservations Notethattheunitsofvarianceherearepercentsquared.Usingdecimalsratherthanwhole percentyields0.0250. Question24#44848 Youranswer:Bwascorrect! Question25#44849 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question58#44895 Youranswer:Awascorrect! Question59#44896 Youranswer:Awascorrect! Question60#44897 Youranswer:Dwascorrect! FIFOendinginventory=FIFOINV=LIFOINV+LIFOreserve=22,000+4,000=$26,000 Question 61 #44898 Youranswer:Bwascorrect! Thetotalcashflowsareequal,buttheexpensingfirmwillseelowerearlyyearprofitability ratherthanhigherearlyyearprofitability. Question62#44899 Youranswer:Cwascorrect! Impairmentmustberecognizedwhenthereissufficientevidencetoindicatethatthevalueof anassetcarriedonthebooksofacompanycannotberecovered.Indicatorsoflackof recoverabilityincludeasignificantdecreaseinmarketvalue,adversechangesinlegalor businessconditions,substantialcostoverruns,andasignificantdeclineinanasset抯long termlikelihoodofgeneratingprofit. 10 0@$ 210 = $ 21, 000 70@$225= $15 ,750 $36,750 Purchases 19 0 Sales 17 0 Balance 20 @$ 210 =$4,200 FIFOaftertaxprofit =LIFOaftertaxprofit+(changeinLIFOreserve) (1? t) =$2,000+($4,000?$3,000) (1? 0.4)=$2,000+$600=$2,600 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Bwascorrect! Forthepositivelyskeweddistribution,themodeislessthanthemedian,whichislessthan themean. Question26#44850 Youranswer:Bwasincorrect.ThecorrectanswerwasA) ThenominalincreaseinindustrialproductionisexpectedtobeThusthe realchangeisexpectedtobeGiventheregressionequation,our forecastis9,397.54=8,950+395 (1. 133). Question27#448 51 Youranswer:Awascorrect! ThefirstyearaccountreturnwasThesecondyearreturnwas Thegeometricmeanis,whichisthetime weightedreturn.Sinceonlyoneassetwasinvolved,alsogivesthetime weightedreturn.Tocalculatethemoneyweightedreturn,usethecashflowfunctionwithCf0 =?2,000,Cf1=?5,000,andCf2=54,000×2 =10 8,000,andcomputeIRR,whichis7.73%. Themoneyweightedreturnislowerbecausetheamountintheaccountwasgreaterinthe secondperiod,whenthereturnwaspoor. Question28#44858 Youranswer:Dwascorrect! Thebinomialdistributionisadiscretedistribution,whilethenormaldistributionisanexample ofacontinuousdistribution.Univariateandmultivariatedistributionscanbediscreteor continuous. Question29#44859 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question10#44832 Youranswer:Bwascorrect! AccordingtoStandardIV(B)AdditionalCompensationArrangements,membersand candidatesmustobtainwrittenpermissionfromtheiremployerbeforeacceptinganofferof compensation(fortheperformanceofworkdonefortheiremployer)inadditiontowhatthey receivefromtheiremployerandthatiscontingentonfutureperformance.Suchcontingent additionalcompensationisjudgedtobereasonablyexpectedtoimpairtheemployee抯 independenceandobjectivity. Question 11 #44833 Youranswer:Awasincorrect.ThecorrectanswerwasD) Compliancerequiresthatthefirmfollowlocallawanddisclosetheconflictbetweenlocallaw andGIPS. Question12#44834 Youranswer:Awascorrect! StandardIII(D)PerformancePresentationrequiresthatstatementsaboutperformancebenot onlyaccurate,butalsofairandcomplete.WhileVance抯statementmaybeaccurateina technicalsense,itisneitherfairnorcomplete,anditseemsintendedtomisleadprospects aboutVance抯trackrecordinmanagingequitiesaccountsand/orselectingequitysecurities. WhilecompliancewithGIPSanditsmethodsofcompositeconstructionarerecommended, theyarenotrequiredbytheStandard. Question13#44835 Youranswer:Dwascorrect! StandardV(B)CommunicationwithClientsandProspectiveClients.Briefcommunications mustbesupportedbybackgroundreportsordatathatcanbemadeavailabletotheclientif requested.Drakeshouldhavegiventheclientamoredetailedanalysisoftheinvestment whentheclientcalledtorequestsuchinformation.DrakedidnotviolateStandardIII(C) becausehe搕horoughly?readandevaluatedtheanalysisanddeterminedthatthestructured productwasinlinewithhisclient抯objectivesbeforerecommendingtheproducttohisclient. Question14#44836 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ SchweserPrintableAnswersBook6Exam1AM TestID# :13 64808 Question1#44786 Youranswer:Cwascorrect! StandardVI(C)ReferralFees.Membersandcandidatesshalldisclosetoclientsand prospectsanyconsiderationorbenefitreceivedbythememberordeliveredtoothersforthe recommendationofanyservicetotheclientorprospect.Thisallowstheclienttoevaluateany partialityshowninmakingreferrals. Question2#44787 Youranswer:Awascorrect! StandardIV(C)ResponsibilitiesofSupervisorsexplicitlystatesthatspeakingtotheemployee todeterminetheextentoftheviolationsandreceivingassurancesthatitwillnotberepeated isnotenough.Finleymusttakepositivestepstoinsurethattheviolationwillnotberepeated includingpromptlylaunchinganinvestigationandlimitingtheemployee抯activitiesand/or increasingsupervisionoftheemployeduntiltheresultsoftheinvestigationareknown. Question3#44788 Youranswer:Awascorrect! SteinviolatedStandardI(C)Misrepresentationbypresentingmaterialdevelopedbyanother withoutacknowledgement. Question4#44789 Youranswer:Dwascorrect! StandardV(A)DiligenceandReasonableBasis.Therecommendationreflectstheconsensus ofthegroupandnotnecessarilytheopinionofthememberorcandidate.Iftheconsensus opinionhasareasonablebasis,thememberdoesnothavetodissociatefromthereportbut shoulddocumentthedifferenceofopinion. Question5#44825 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Cwascorrect! Thisisanoutofthemoneycoveredcall.Thestockcangoup$2tothestrikeprice,andthen thewriterwillget$3forthepremium.Thus,themaximumprofitis$5. Question 114 #44953 Youranswer:Dwasincorrect.ThecorrectanswerwasB) Bothstatementsareincorrect.Asyieldsrise,thevalueoftheembeddedputoptionina putablebondincreasesand(beyondacriticalpoint)reducesthedeclineinthevalueofthe bondcomparedtoasimilaroptionfreebond.Asyieldsfall,thevalueoftheembeddedput optiondecreases,and(beyondacriticalpoint)theputablebondbehavesmuchthesameasa similaroptionfreebondsincetheembeddedputoptionhaslittleornovalue. Question 115 #44954 Youranswer:Bwasincorrect.ThecorrectanswerwasD) Theincomeapproachusesnetoperatingincomebeforefinancingandtaxes.Hedonicprice estimationusessimilarpropertiestodeterminetheappropriateregressioncoefficients. Question 116 #44955 Youranswer:Dwascorrect! aftertaxcashflow=(revenue?cost?depreciation) (1? t)+depreciation(revenue?cost) (1? t) +depreciation(t) [$250,000?(0.04×$250,000)? $15 ,000?( $1, 000,000×0.026)] (1? 0.35)+ (1, 000,000× 0.026) [($250,000? $10 ,000? $15 ,000?$26,000)(0.65)]+$26,000= $15 5,350 Question 117 #44956 Youranswer:Bwascorrect! Historicalriskandreturndataisgenerallylimitedandnotveryeasytoobtain. Question 118 #44957 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Dwascorrect! Studieshavedemonstratedthatapproximately90%ofaportfolio抯returnscanbeexplained byitstargetassetallocations.Itisverydifficulttogenerateabnormalportfolioreturnsby markettimingandsecurityselectionwithinassetclasses. Question85#44923 Youranswer:Awascorrect! Marketweightedindex: Day1:whichisscaledtoavalueof500. Day2:whichnowhastobeadjustedrelativeto theinitialbasevalueof500fromday1.Weget: Finally,thepercentagechangeis Question86#44924 Youranswer:Awascorrect! AportfoliowithequalnumbersofsharesofeachstockintheDJIAwillmatchtheperformance oftheindexassumingtherearenostocksplits,stockdividends,orchangesinthemakeupof theindex.Thereturnontheindexdoesnotincludedividendpayments.Sincethereinvested dividendswilladdtothenumberofsharesofthosestocksthatpaydividends,Gomez抯 portfolioreturnwillexceedthatoftheDJIA. Question87#44925 Youranswer:Cwascorrect! Thetopdown,threestepprocessgoesfromtheeconomytotheindustrytothefirm,inthat order. Question88#44926 ... 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question79#44 916 Youranswer:Dwasincorrect.ThecorrectanswerwasC) Theintroductionofazerobeta(nosystematicrisk)portfoliowithareturnthatishigherthan theriskfreeratecanresultinastraightCMLevenwiththeassumptionthatborrowingand lendingratesaredifferent.Marginaccountsrepresentborrowing,sounlessthemargin lendingrateisthesameastheriskfreerate,thisdoesnotsolvetheproblem(akinkedCML) thatresultsfromunequalborrowingandlendingratesinthemodel. Question80#44 917 Youranswer:Dwascorrect! TheStandardsofPracticehaveverylittletodowithinvestmentconstraints. Question 81 #44 918 Youranswer:Awascorrect! Ariskaverseinvestorpreferslessrisktomorerisk.Thelowerthecorrelation,thegreaterthe riskreduction.Thus,ariskaverseinvestorwouldmostprefertheportfoliowiththelowest correlationcoefficientandleastprefertheonewiththehighest.Ofthechoicesgiven,AandC 抯correlationcoefficientof+0.6isthehighest. Question82#44 919 Youranswer:Bwascorrect! TheCAPMconcludesthatexpectedreturnsareapositive(linear)functionofsystematicrisk. Question83#44920 Youranswer:Cwascorrect! TheSMLandCMLarebothlines,andbothintersecttheverticalaxisattheriskfreerate.The SMLdescribestherisk/returntradeoffforindividualsecuritiesorportfolios,whereastheCML describestherisk/returntradeoffofvariouscombinationsofthemarketportfolioandariskless asset. Question84#44922 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question70#44907 Youranswer:Bwascorrect! $2/50+0.08 =12 .0% Question 71 #44908 Youranswer:Bwascorrect! Question72#44909 Youranswer:Bwascorrect! Businessriskisthecombinationofsalesrisk,whichisthevariabilityofafirm'ssales,and operatingrisk,whichistheadditionalvariabilityinoperatingearnings(EBIT)causedbyfixed operatingcosts.Leverageisthecombinationofbusinessriskandfinancialrisk,whichisthe additionalriskcommonshareholdersmustbearwhenafirmusesfixedcostsourcesof financing. Question73#44 910 Youranswer:Dwascorrect! Sinceequityis40%ofassets,theequitymultiplieris1/0.40=2.5.Usingthetraditional DuPontformula,ROE=8.7%×2.4×2.5=52.2%. Question74#44 911 Youranswer:Dwascorrect! g= (1? payout)(ROE)= (1? 0.40) (16 %)=9.6% 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Dwascorrect! About68%ofallobservationsfallwithin?standarddeviationofthemean.Thus,about68% ofthevaluesfallbetween5and25. Question30#44860 Youranswer:Bwascorrect! Thecentrallimittheoremholdsforanydistributionaslongasthesamplesizeislarge(i.e.,n >30). Question 31 #448 61 Youranswer:Bwascorrect! Thepopulationvarianceisknown(inthiscase100),sothestandarderrorofthesample meanis Question32#44863 Youranswer:Cwascorrect! Thettestisusedwhenthesamplesizeissmall. Question33#44864 Youranswer:Dwascorrect! Itwoulddecrease,notincrease,theprofitabilityofcorporateinvestmentprojects. Question34#44865 Youranswer:Awascorrect! Thepotentialdepositexpansionmultiplieristhereciprocalofthereserveratio.Ifthereserve ratiois20%,then1/0.20=5. Question35#44866 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question75#44 912 Youranswer:Awascorrect! Straightlinedepreciation: $14 million/7=$2.0million Accelerateddepreciation: $14 million×0.333=$4.662million Question76#44 913 Youranswer:Awascorrect! Sunkcostsarenottobeincludedininvestmentanalysis.Opportunitycosts,changesinnet workingcapital,andtheproject抯impactontaxesareallrelevantvariablesindetermining projectcashflowforacapitalinvestment. Question77#44 914 Youranswer:Bwascorrect! Forthe4yearperiod,theaveragenetincomeis:($42,000+$98,000+$56,000+$56,000)/ 4=$63,000. Theinitialbookvalueis$800,000,decliningby$200,000peryearuntilthefinalbookvalueis $0.Theaveragebookvalueforthisassetis:($800,000?$0)/2=$400,000. Theaverageaccountingrateofreturnis:AAR=averagenetincome/averagebookvalue= $63,000/$400,000=0 .15 75 =15 .75%. Question78#44 915 Youranswer:Cwascorrect! Regularlyreviewingperformance,independence,skills,andexperienceofexistingboard membersisacharacteristicoftheRemunerations/CompensationCommittee,nottheAudit Committee.AllotherchoicesarepositivecharacteristicsoftheAuditCommittee. 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Firstyearinterestis10%×$2million=$200,000.Firstyearprincipalpayment=234, 919  200,000=$34, 919 . Firstyearaftertaxcashflowis[300,000200,00060,00035,000] (1 0.35)34, 919 + 60,000=28,3 31. Remainingprincipalbalanceis2million34, 919 =1, 965,081sosecondyearinterestis 19 6,508andprincipalportionofthepaymentis234, 919 19 6,508=38, 411 Secondyearaftertaxcashflowis[300,000 19 6,50860,00035,000] (1 0.35)38, 411 + 60,000=27 ,10 9.Includingtheproceedsofthesalethetotalsecondyearaftertaxcashflow is637 ,10 9. NPV==$52,2 91. 81 Question 111 #44950 Youranswer:Dwascorrect! Thefourfirmconcentrationratioisthesumofthemarketsharesofthefourlargestfirmsin theindustry.45%+25% +15 % +10 %=95 TheHerfindahlindexisthesumofthesquaresofthemarketsharesofeachofthefirmsin theindustry.0.45 2 +0.25 2 +0 .15 2 +0 .10 2 +0.05 2 =0.30 Question 112 #449 51 Youranswer:Bwascorrect! Thisstatementiscorrectinthatthecostofaputoptionisnegative.(Theinvestorhastopay fortheflexibilityoftheputoption.)Theotherstatementscouldnotbecorrect.The搒pread overthespotratesforaTreasurysecuritysimilartoStahl抯bond?referstoZspreadonthe bond.Foracallablebond,theOAS<Zspread,sothiscouldnotbeatruestatementbecause 13 5bp> ;11 0bp.TheoptioncostiscalculatedusingtheOASandtheZspread,notthe nominalspread.Thestaticspread(orZspread)isthespreadovereachofthespotratesina givenTreasurytermstructure,notthespreadovertheTreasury抯YTM.(Note:Weslippedin afixedincomequestionhereinthederivativessectionofthetest.CFAInstitutecandothisat anytime.Beonyourguardforthesetypesoftricks!) Question 113 #44952 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Cwascorrect! Note: Question108#44947 Youranswer:Dwascorrect! Aflattermstructurecouldbeexplainedaccordingtotheliquiditypreferencetheoryasacase whereinvestorsexpectshorttermratestodeclineslightly,coupledwithamaturitypremium thatexactlyoffsetsthedownwardpressurecontainedininvestorexpectations.Ahumped termstructurecouldbeexplainedaccordingtothepureexpectationstheoryifwebelievethat forshortermaturities,investorsbelieveinterestrateswillrisealongwiththebeliefthat mediumtermrateswilldeclinealongwiththebeliefthatlongertermrateswillbestable.The pureexpectationstheorymakesnospecificmentionofthefactthatanupwardslopingterm structureisaconsequenceofinvestorsexpectingshorttermratestoremainunchangedfora periodoftimefollowedbyinvestorsexpectingshorttermratestoriseforaperiodoftime.All thistheorysaysisthatanupwardslopingtermstructurecanbeexplainedbyinvestors believingthatfutureshorttermrateswillrise.Finally,theliquiditypreferencetheoryattempts toexplainthetermstructureaccordingtotwofactors.Theseareexpectationsaboutfuture interestratesandamaturitypremiumtocompensateforinterestraterisk.Ifthetermstructure isdeclining,thiscouldbeexplainedsimplybyinvestorexpectationsofdecliningfutureshort termratescoupledwithamaturitypremiumthatisnotlargeenoughtooffsetthedownward pressureoninterestratesduetoinvestorexpectations. Question109#44948 Youranswer:Awascorrect! Thevariabilityofpricesingeneralissignificantlylargerthanisthevariabilityof(uncertainty about)dividendsandhencemanagingpriceriskisofprimaryimportance,whilethe uncertaintyofdividendsisofsecondaryimportance.Theremainingstatementsarecorrect. Question 110 #44949 Youranswer:Cwascorrect! 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Gainsorlossesfrommarketingmarketablesecuritiestotheirmarketvalueswillreverseif theyaresoldandarethustemporarydifferences.Theotherstatementsarecorrect. Question66#44903 Youranswer:Awascorrect! Whenanalyzingthefirm'sincometaxdisclosures,watchforthesewarningsignals: 1) Companiesthatgeneratesignificantpretaxincomeontheirfinancialstatementswhile reportinglowtaxespayable(i.e.,loweffectivetaxrates)arelikelytobeemployingaggressive accountingmethodsandhavelowqualityearnings.SoStatement1iscorrect.2) Restructuringchargestypicallyhavenotaxcashfloweffectsintheyeartheyarerecordedbut mayhavesignificanteffectsinfutureyearsastherestructuredoperationsandimpaired assetsaresold.SoStatement2iscorrectandChoiceAisthecorrectanswer. Ananalystmayalsolookoutforthefollowingadditionalitems:3)Adecreaseincapital spendingmaysignalareversalofpasttemporarydifferencesrelatedtodepreciationmethods, resultinginhighertaxespayable.4)Temporarydifferencesmayreversebecauseofchanges intaxlaw,causinghighertaxespayable. Question67#44904 Youranswer:Cwascorrect! Atakeorpayagreementobligatesabuyertopaythesellerofaproductorservicea minimumamount,regardlessofwhethertheproductorserviceisdelivered.Thisistreatedas aliability,andthediscountedvaluemustbereflectedonthebuyer抯balancesheet. Question68#44905 Youranswer:Cwascorrect! Cisreversed.Grossprofitisrecognizedattheinceptionforthesalestypelease. Question69#44906 Youranswer:Bwascorrect! N=20;FV =10 00;PV=?94;PMT=60;CPT→I/Y=7% k d =(7%) (1? 0.4)=4.2% 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Thecurrentaccountmeasurestheexchangeofmerchandisegoods,theexchangeof services,theexchangeofinvestmentincome,andunilateraltransfers(giftstoandfromother nations). Question44#44878 Youranswer:Bwascorrect! Ataminimumwageabovetheequilibriumwage,therewillbeanexcesssupplyofworkers. Firmssubstituteotherproductiveresourcesforlaborandusemorethantheeconomically efficientamountofcapital.Theresultisincreasedunemploymentandadecreasein economicefficiency.Firmsmaydecreasethequalityorquantityofthenonmonetarybenefits theypreviouslyofferedtoworkers. Question45#44880 Youranswer:Bwascorrect! Ifultimatepaymentisassuredandthecostestimatesareunreliable,thecompanymustuse thecompletedcontractmethodandthuscannotrecognizeprofitsuntiltheendofthecontract. Profitsinyear2arezero.Theotherstatementsaretrue.Attheendofyear3,thebalancein thecashaccountwillbeequaltothecumulativeprofits,or10?7.5=2.5.Underthe percentageofcompletionmethod,thecompanywouldrecognize$1millioninprofitsinyear2 Thepercentageofcompletionmethodsmoothsincome, andtheprofitsrecognizedinyear3usingthismethodare(2.5/7.5)2.5=0.833. Question46#448 81 Youranswer:Dwascorrect! cashconversioncycle(CCC)=receivablesdays+inventoryprocessingdays?payables paymentperiod Sincethepayablespaymentperiodincreasesreceivablesby3.32daysandreceivablesdays increasesby5,CCCincreasesby1.68days. 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question103#449 41 Youranswer:Dwascorrect! DP/P=D effective Di DP/P=7.6(+0.0075)=0.057,or5.7% Question104#44942 Youranswer:Dwascorrect! Thenominalyield(anothertermforthecouponyield)islessthantheyieldtomaturityfora discountbond. Question105#44943 Youranswer:Dwascorrect! Thekeytermhereiscouponbond.Whileaninvestorinafixedcouponbondcanusually eliminatepriceriskbyholdingabonduntilmaturity,thesameisnottrueforreinvestmentrisk. Thereceiptofperiodiccouponpaymentsexposestheinvestortoreinvestmentrisk.A noncallablebondreducesreinvestmentriskbyreducingtheriskofrepayment.Thus,an investormostconcernedwithreinvestmentriskwouldpreferanoncallablebondtoacallable bond.Sincelowercouponbondshavelowerreinvestmentrisk,thissameinvestorwould preferalowercouponbondtoahighercouponbond.Aninvestorconcernedabout reinvestmentriskismostconcernedaboutadecreasinginterestrateenvironment.When interestratesdecrease,theinvestorisforcedtoreinvestcouponsandothercashflowsata lowerrate.Withalowercoupon,thisriskisless. Question106#44945 Youranswer:Cwascorrect! AspecialpurposevehicleisalegalentitytowhichtheassetsusedascollateralinanABS issuearesold.Thistransactionseparatesthecompanyprovidingthecollateralfromthe companythatneedsthefinancing.Theassetstransferredtothespecialpurposevehicleare financialassets,notfixedassets. Question107#44946 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question47#44883 Youranswer:Bwascorrect! Becausenetincomeisgiven,thisprobleminvolvesusingtheindirectmethod. Theinterestexpenseisignoredbecauseitisalreadydeductedbeforenetincomeis calculated.Ignoresalesforthesamereason;netincomeincorporatessales. Question48#44884 Youranswer:Awascorrect! Investingcashflowsincludebuyingandsellingequipmentandland.Thisproblemdoesnot involveanysuchcashflows. Question49#44885 Youranswer:Bwascorrect! Totalcashflowisthedifferencebetweentheendingcashbalanceandthebeginningcash balance.InQuestions47and48,wecalculatedcashflowfromoperationsof $12 andcash flowfrominvestingof$0,soweneedtocalculatecashflowfromfinancing: Totalcashflowisthus $10 2.Iftheendingcashbalanceis$200,thebeginningcashbalance was$200? $10 2=$98. Question50#44886 Netincome + $10 0 Noncashitems:depreciation +2 Changeinaccountsreceivable ?0 Changeininventory ?0 Changeinaccountspayable ?0 CFO $12 Saleofcommonstock $10 0 Repaymentofdebt ?0 Financingcashflows $90 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Cwascorrect! StandardVI(B)PriorityofTransactions.Clienttransactionsmusttakeprecedenceover members?orcandidates?trades.Heshouldhavesubmittedhispersonaltradeorderonlyafter tradingforhisclient.StandardIII(B)FairDealingrequiresthatFarleydealfairlywithallclients whenrecommendingsecuritiesortakinginvestmentaction.Sincetheendowmentfundis Farley抯onlyaccount,hehasnotdisadvantagedanyotherclientbyonlytakingactiononthe behalfoftheendowment. Question15#44837 Youranswer:Dwascorrect! StandardIII(A)Loyalty,Prudence,andCare.Membersandcandidatesmustcomplywiththeir fiduciarydutytothosepersonsandinterestsbywhomthedutyisowed.Specifically, membersmustalwaysactforthebenefitoftheirclientsandplaceclients?interestsbefore theirown.Murphy抯actionsindirectingtradestoCasanovaviolatethefiduciarydutyowed toWellington&Worrel抯clients,asheappearstobeselectingCasanovaforthediscounts receivedonpersonalsecuritiestransactions.Casanovachargeshighercommissionratesand deliverspoorerexecutionthanotherbrokersusedbythefirm.ByusingCasanova,Murphy violateshisfiduciarydutybyfailingtoactintheclients?bestinterest.Alternatively,the arrangementwithCedrockappearstocomplywithMurphy抯fiduciaryduty,asthefirm receivesinvestmentresearchusedinmanagingclientportfolios(asoftdollararrangement) andachievesbetterexecutionforclienttrades.Becausethetradingarrangementwith Cedrockbenefitsclients,itdoesnotviolateStandardIII(A). Question16#44838 Youranswer:Bwasincorrect.ThecorrectanswerwasC) DoddhasmostlikelyviolatedStandardIII(B)FairDealingbygivingPhillipsanovergenerous allocationoftheoversubscribed(揾ot?newissue.Theissueisnotthatheisoffering compensationtoaclienttoresolveadispute,butthatbyoverallocatingtheIPOsharesto Phillipsheisnottreatinghisotherclientsfairly.StandardIII(B)FairDealingrequiresthat candidatesandmembersnotusesharesof揾otissues?asanincentivetoachieveareward orbenefit.Thebenefitinthiscaseisthatthedisputewill揼oaway.?/SPAN> Question17#44839 Youranswer:Dwascorrect! 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Ifthedebtratio(TD/TA)isequalto40%andthefirmhasnopreferredstock,thepercentage ofequityis1?0.40,or60%. Question54#44890 Youranswer:Bwascorrect! Sharesissuedpostsplitneednotbeadjustedforthesplitastheyare搉ew?shares. Question55#44892 Youranswer:Awascorrect! BecausebasicEPSdoesnotadjustforwarrants,theadjustmentis0.DilutedEPSuses averageprice.SinceAP>EX, Question56#44893 Youranswer:Dwascorrect! Aisnotnecessarilytrue.Byitself,alowreceivablesturnoverreferstotheaveragetimeit takesthecompanytocollectitsreceivables,nottothelevelofreceivables(whichwillaffect, butnotdictateitscurrentratio).Bisnotnecessarilytrue;whetherafirm抯ROAishigher thanitsROEdependsontherelationofthecostofdebttoitsROA.Cisincorrect.Justthe factthatacompanyhasahighgrossprofitmargindoesnotnecessarilymeanitwillhavea highnetprofitmargin.Forexample,thecompanycouldhaveveryhighoperatingexpenses andendupwithalownetprofitmargin. Thecashconversioncycleis:(365/6)+(365/9)?(365 /12 )=60.8+40.6?30.4=71days. Question57#44894 Youranswer:Cwascorrect! Inperiodsofrisingpricesandstableorincreasinginventoryquantities,FIFO,comparedto LIFO,resultsinhigherworkingcapital. 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Bwascorrect! Thefourfirmconcentrationratiois35% +10 %+20%+30%=95%.Theequivalentnumber offirmsisthereciprocaloftheHerfindahlindex.Sincethesefivefirmscomprise100%ofthe market,theHerfindahlindexissotheequivalent numberoffirmsis Question89#44927 Youranswer:Awascorrect! Optionfreebondshavepositiveconvexityandtheeffectof(positive)convexityistoincrease themagnitudeofthepriceincreasewhenyieldsfallandtodecreasethemagnitudeofthe pricedecreasewhenyieldsrise. Question90#44928 Youranswer:Awascorrect! Duringtherecoveryphaseofthebusinesscycle,cyclicals,commodities,andcommodity linkedequitiesaregenerallyattractiveinvestments. Question 91 #44929 Youranswer:Dwascorrect! IncreasesinkreduceP/E.IncreasesingorthedividendpayoutratioincreaseP/E. Question92#44930 Youranswer:Dwascorrect! 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Underlyingearningsshouldbeusedinthecalculation.Thesearetransitory,nonrecurring componentsofearningsthatarespecifictothecompany.Also,themostrecentearnings informationshouldbeusedinthecalculation.Thereforeweget: Question93#449 31 Youranswer:Awascorrect! Theriskpremiumwillbeafunctionofbusinessrisk,financialrisk,liquidityrisk,exchangerate risk,andcountry(politicalrisk).Stocksdonotinvolvedefaultrisk. Question94#44932 Youranswer:Bwascorrect! SemiannualcompoundrateisEndingvaluemustbe$888.94 (1. 0325) 14 = $1, 3 91. 02. Question95#44933 Youranswer:Bwascorrect! Thisisasupernormalgrowthstockvaluationproblem. Step1:Findthedividendsinthesupernormalgrowthperiod. D 1 =1. 00 (1. 20)= $1. 20;D 2 =1. 2 (1. 2)= $1. 44;D 3 =1. 44 (1. 15)= $1. 656 Step2:Usetheconstantgrowthmodeltofindthepriceattheendofperiod3. $1, 3 91. 02 ?u> ;1, 000.00 facevalueatmaturity 3 91. 02 ?u> 315 .00 totalcoupons (14 × 22.50) 76.02 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Step3:Discountallofthecashflowsbacktotimezero. Question96#44934 Youranswer:Cwascorrect! Usethesamedividendsand搉ormal?growthpricefromQuestion96,excepttheperiod1 dividend( $1. 20)hasalreadybeenpaid,andwediscounttheremainingtwodividendsandthe endofyearprice(P 3 )backtotheendofperiod1togetP 1 . Step1:Findthedividendsinthesupernormalgrowthperiod. D 2 =1. 2 (1. 2) =1. 44;D 3 =1. 44 (1. 15)= $1. 656 Step2:Usetheconstantgrowthmodeltofindthepriceattheendofperiod3. Step3:Discountallofthecashflowsbacktotimeone. Question97#44935 Youranswer:Dwascorrect! TheOASisameasureoftheyieldspreadoverTreasuryspotrateswithouttheoption. Question98#44936 Youranswer:Cwascorrect! 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Bwascorrect! Note:Donotaddbackdepreciationwhenusingthedirectmethod.Dividendsareafinancing cashflow. Question 51 #44887 Youranswer:Dwascorrect! freecashflow(FCF)=cashflowfromoperations?netcapitalexpenditures FCF=$800?40(purchaseofplantandequipment)+30(saleofland)=$790 Question52#44888 Youranswer:Cwascorrect! Asimplenumericalexamplecanhelp.AssumeCA=2andCL =1. Thennote andDebtisdecreased,butequityisunchanged,soD/Eis decreased. Question53#44889 Youranswer:Cwascorrect! Sales牋 +$4,000 牋 Cashreceivedfromcustomers牋 牋 +$4,000 (sincenochangeinAR) Costofgoodssold牋 ?,000 ?/td> Increaseininventory牋 ?00 ?/td> Increaseinaccountspayable牋 +300 ?/td> Othercashinputexpenses牋 ?00 ?/td> Cashpaidforinputs牋 牋牋 ?,300 Cashpaidfortaxes牋 牋牋 ?00 Cashflowfromoperations牋 ?/td> ?1, 500 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ TheeightmajorsectionsoftheCFAInstituteGlobalInvestmentPerformanceStandardsare FundamentalsofCompliance,InputData,CalculationMethodology,CompositeConstruction, Disclosures,PresentationandReporting,RealEstate,andPrivateEquity. Question18#44840 Youranswer:Bwascorrect! StandardIII(C)Suitabilityrequiresthattheclientportfoliofittheclientriskandreturn objectivesasstatedintheinvestmentpolicystatement,andthatseemstobethecasehere. Theproperfocusofriskanalysisisontheentireportfolioandneednotbeappliedonan issuebyissuebasis.ThereappearstobenoviolationofV(A)DiligenceandReasonable Basissincehispreviousanalysisindicatedtheportfoliowassuitableandhisrecords supportedthatconclusion. Question19#448 41 Youranswer:Bwascorrect! Withnointerestpaidontheoriginal$5,000loan,at6%infiveyearstheloanbalancewillbe: Newloanbalance=$5,000 (1. 06) 5 =$6,6 91. 13orPV=5,000;I/Y=6;N=5;PMT=0;CPT →FV=?6,6 91. 13.$6,6 91. 13istheloanthathastoberetiredoverthenextfiveyears.The financialcalculatorsolutionis:PV=6,6 91. 13;I/Y=6;N=5;CPT→PMT.YouobtainPMT= ?,588.45. Question20#44844 Youranswer:Cwascorrect! N=4;PV=?,000;FV=6,520;CPT→I/Y =12 .99%,or Question 21 #44845 Youranswer:Cwascorrect! AandBdescribeahistogram,andDdescribesafrequencypolygon. Question22#44846 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Awascorrect! holdingperiodreturn(HPR)= Question23#44847 Youranswer:Cwascorrect! range=maximumvalue?minimumvalue=55 ?15 =40Calculatethemean: Togetthemeanabsolutedeviation,sumthedeviationsaround themean(ignoringthesign),anddividebythenumberofobservations Notethattheunitsofvarianceherearepercentsquared.Usingdecimalsratherthanwhole percentyields0.0250. Question24#44848 Youranswer:Bwascorrect! Question25#44849 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question58#44895 Youranswer:Awascorrect! Question59#44896 Youranswer:Awascorrect! Question60#44897 Youranswer:Dwascorrect! FIFOendinginventory=FIFOINV=LIFOINV+LIFOreserve=22,000+4,000=$26,000 Question 61 #44898 Youranswer:Bwascorrect! Thetotalcashflowsareequal,buttheexpensingfirmwillseelowerearlyyearprofitability ratherthanhigherearlyyearprofitability. Question62#44899 Youranswer:Cwascorrect! Impairmentmustberecognizedwhenthereissufficientevidencetoindicatethatthevalueof anassetcarriedonthebooksofacompanycannotberecovered.Indicatorsoflackof recoverabilityincludeasignificantdecreaseinmarketvalue,adversechangesinlegalor businessconditions,substantialcostoverruns,andasignificantdeclineinanasset抯long termlikelihoodofgeneratingprofit. 10 0@$ 210 = $ 21, 000 70@$225= $15 ,750 $36,750 Purchases 19 0 Sales 17 0 Balance 20 @$ 210 =$4,200 FIFOaftertaxprofit =LIFOaftertaxprofit+(changeinLIFOreserve) (1? t) =$2,000+($4,000?$3,000) (1? 0.4)=$2,000+$600=$2,600 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Bwascorrect! Forthepositivelyskeweddistribution,themodeislessthanthemedian,whichislessthan themean. Question26#44850 Youranswer:Bwasincorrect.ThecorrectanswerwasA) ThenominalincreaseinindustrialproductionisexpectedtobeThusthe realchangeisexpectedtobeGiventheregressionequation,our forecastis9,397.54=8,950+395 (1. 133). Question27#448 51 Youranswer:Awascorrect! ThefirstyearaccountreturnwasThesecondyearreturnwas Thegeometricmeanis,whichisthetime weightedreturn.Sinceonlyoneassetwasinvolved,alsogivesthetime weightedreturn.Tocalculatethemoneyweightedreturn,usethecashflowfunctionwithCf0 =?2,000,Cf1=?5,000,andCf2=54,000×2 =10 8,000,andcomputeIRR,whichis7.73%. Themoneyweightedreturnislowerbecausetheamountintheaccountwasgreaterinthe secondperiod,whenthereturnwaspoor. Question28#44858 Youranswer:Dwascorrect! Thebinomialdistributionisadiscretedistribution,whilethenormaldistributionisanexample ofacontinuousdistribution.Univariateandmultivariatedistributionscanbediscreteor continuous. Question29#44859 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question10#44832 Youranswer:Bwascorrect! AccordingtoStandardIV(B)AdditionalCompensationArrangements,membersand candidatesmustobtainwrittenpermissionfromtheiremployerbeforeacceptinganofferof compensation(fortheperformanceofworkdonefortheiremployer)inadditiontowhatthey receivefromtheiremployerandthatiscontingentonfutureperformance.Suchcontingent additionalcompensationisjudgedtobereasonablyexpectedtoimpairtheemployee抯 independenceandobjectivity. Question 11 #44833 Youranswer:Awasincorrect.ThecorrectanswerwasD) Compliancerequiresthatthefirmfollowlocallawanddisclosetheconflictbetweenlocallaw andGIPS. Question12#44834 Youranswer:Awascorrect! StandardIII(D)PerformancePresentationrequiresthatstatementsaboutperformancebenot onlyaccurate,butalsofairandcomplete.WhileVance抯statementmaybeaccurateina technicalsense,itisneitherfairnorcomplete,anditseemsintendedtomisleadprospects aboutVance抯trackrecordinmanagingequitiesaccountsand/orselectingequitysecurities. WhilecompliancewithGIPSanditsmethodsofcompositeconstructionarerecommended, theyarenotrequiredbytheStandard. Question13#44835 Youranswer:Dwascorrect! StandardV(B)CommunicationwithClientsandProspectiveClients.Briefcommunications mustbesupportedbybackgroundreportsordatathatcanbemadeavailabletotheclientif requested.Drakeshouldhavegiventheclientamoredetailedanalysisoftheinvestment whentheclientcalledtorequestsuchinformation.DrakedidnotviolateStandardIII(C) becausehe搕horoughly?readandevaluatedtheanalysisanddeterminedthatthestructured productwasinlinewithhisclient抯objectivesbeforerecommendingtheproducttohisclient. Question14#44836 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ SchweserPrintableAnswersBook6Exam1AM TestID# :13 64808 Question1#44786 Youranswer:Cwascorrect! StandardVI(C)ReferralFees.Membersandcandidatesshalldisclosetoclientsand prospectsanyconsiderationorbenefitreceivedbythememberordeliveredtoothersforthe recommendationofanyservicetotheclientorprospect.Thisallowstheclienttoevaluateany partialityshowninmakingreferrals. Question2#44787 Youranswer:Awascorrect! StandardIV(C)ResponsibilitiesofSupervisorsexplicitlystatesthatspeakingtotheemployee todeterminetheextentoftheviolationsandreceivingassurancesthatitwillnotberepeated isnotenough.Finleymusttakepositivestepstoinsurethattheviolationwillnotberepeated includingpromptlylaunchinganinvestigationandlimitingtheemployee抯activitiesand/or increasingsupervisionoftheemployeduntiltheresultsoftheinvestigationareknown. Question3#44788 Youranswer:Awascorrect! SteinviolatedStandardI(C)Misrepresentationbypresentingmaterialdevelopedbyanother withoutacknowledgement. Question4#44789 Youranswer:Dwascorrect! StandardV(A)DiligenceandReasonableBasis.Therecommendationreflectstheconsensus ofthegroupandnotnecessarilytheopinionofthememberorcandidate.Iftheconsensus opinionhasareasonablebasis,thememberdoesnothavetodissociatefromthereportbut shoulddocumentthedifferenceofopinion. Question5#44825 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Cwascorrect! Thisisanoutofthemoneycoveredcall.Thestockcangoup$2tothestrikeprice,andthen thewriterwillget$3forthepremium.Thus,themaximumprofitis$5. Question 114 #44953 Youranswer:Dwasincorrect.ThecorrectanswerwasB) Bothstatementsareincorrect.Asyieldsrise,thevalueoftheembeddedputoptionina putablebondincreasesand(beyondacriticalpoint)reducesthedeclineinthevalueofthe bondcomparedtoasimilaroptionfreebond.Asyieldsfall,thevalueoftheembeddedput optiondecreases,and(beyondacriticalpoint)theputablebondbehavesmuchthesameasa similaroptionfreebondsincetheembeddedputoptionhaslittleornovalue. Question 115 #44954 Youranswer:Bwasincorrect.ThecorrectanswerwasD) Theincomeapproachusesnetoperatingincomebeforefinancingandtaxes.Hedonicprice estimationusessimilarpropertiestodeterminetheappropriateregressioncoefficients. Question 116 #44955 Youranswer:Dwascorrect! aftertaxcashflow=(revenue?cost?depreciation) (1? t)+depreciation(revenue?cost) (1? t) +depreciation(t) [$250,000?(0.04×$250,000)? $15 ,000?( $1, 000,000×0.026)] (1? 0.35)+ (1, 000,000× 0.026) [($250,000? $10 ,000? $15 ,000?$26,000)(0.65)]+$26,000= $15 5,350 Question 117 #44956 Youranswer:Bwascorrect! Historicalriskandreturndataisgenerallylimitedandnotveryeasytoobtain. Question 118 #44957 杨 13 818 157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Dwascorrect! Studieshavedemonstratedthatapproximately90%ofaportfolio抯returnscanbeexplained byitstargetassetallocations.Itisverydifficulttogenerateabnormalportfolioreturnsby markettimingandsecurityselectionwithinassetclasses. Question85#44923 Youranswer:Awascorrect! Marketweightedindex: Day1:whichisscaledtoavalueof500. Day2:whichnowhastobeadjustedrelativeto theinitialbasevalueof500fromday1.Weget: Finally,thepercentagechangeis Question86#44924 Youranswer:Awascorrect! AportfoliowithequalnumbersofsharesofeachstockintheDJIAwillmatchtheperformance oftheindexassumingtherearenostocksplits,stockdividends,orchangesinthemakeupof theindex.Thereturnontheindexdoesnotincludedividendpayments.Sincethereinvested dividendswilladdtothenumberofsharesofthosestocksthatpaydividends,Gomez抯 portfolioreturnwillexceedthatoftheDJIA. Question87#44925 Youranswer:Cwascorrect! Thetopdown,threestepprocessgoesfromtheeconomytotheindustrytothefirm,inthat order. Question88#44926 ...

Ngày tải lên: 06/07/2014, 15:16

... Press. ISBN 0 19 4 313 69 7 (with answers) ISBN 0 19 4 314 27 8 (with answers with CD-ROM) ISBN 0 19 4 313 70 0 (without answers) © Oxford University Press 19 92, 19 99 First published 19 92 (reprinted ... 10 8 Adjective or adverb? (1) 254 10 9 Adjective or adverb? (2) 256 Test 18 : Adjectives and adverbs 258 11 0 Comparative and superlative forms 260 11 1 Comparative and superlative patterns (1) ... patterns (1) 264 11 2 Comparative and superlative patterns (2) 266 Test 19 : Comparative and superlative 268 11 3 Adverbs and word order 270 11 4 Yet, still and already 274 11 5 Adverbs of degree,...

Ngày tải lên: 07/07/2014, 13:20

... Press. ISBN 0 19 4 313 69 7 (with answers) ISBN 0 19 4 314 27 8 (with answers with CD-ROM) ISBN 0 19 4 313 70 0 (without answers) © Oxford University Press 19 92, 19 99 First published 19 92 (reprinted ... 10 8 Adjective or adverb? (1) 254 10 9 Adjective or adverb? (2) 256 Test 18 : Adjectives and adverbs 258 11 0 Comparative and superlative forms 260 11 1 Comparative and superlative patterns (1) ... patterns (1) 264 11 2 Comparative and superlative patterns (2) 266 Test 19 : Comparative and superlative 268 11 3 Adverbs and word order 270 11 4 Yet, still and already 274 11 5 Adverbs of degree,...

Ngày tải lên: 07/07/2014, 22:20

... Without seeing a single car or building. 10 . We walked all over downtown. And applied for part- time jobs at theaters. Những câu hoàn chỉnh là: 1. B +) Những từ sau đây có thể được ... đây không được coi là câu hoàn chỉnh. * Câu thiếu Bài 3 - Avoiding Faulty Sentence (Tránh sử dụng những câu sai)-phần 1 Tóm tắt bài giảng So that all of us understand exactly. ... position, he misquoted the facts. 2. A 3. A 4. B 5. B 6. B 7. B 8. B 9. A 10 .A Tuy nhiên có rất nhiều câu có hơn một động từ. Động từ ở những câu dưới đây đã được gạch...

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