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 ....

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... 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...

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... 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...

... 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...

... 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...

... 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...

... 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)portfoliowithareturnthatishigherthantheriskfreeratecanresultinastraightCMLevenwiththeassumptionthatborrowingandlendingratesaredifferent.Marginaccountsrepresentborrowing,sounlessthemarginlendingrateisthesameastheriskfreerate,thisdoesnotsolvetheproblem(akinkedCML)thatresultsfromunequalborrowingandlendingratesinthemodel.Question80#44 917 Youranswer:Dwascorrect!TheStandardsofPracticehaveverylittletodowithinvestmentconstraints.Question 81 #44 918 Youranswer:Awascorrect!Ariskaverseinvestorpreferslessrisktomorerisk.Thelowerthecorrelation,thegreatertheriskreduction.Thus,ariskaverseinvestorwouldmostprefertheportfoliowiththelowestcorrelationcoefficientandleastprefertheonewiththehighest.Ofthechoicesgiven,AandC抯correlationcoefficientof+0.6isthehighest.Question82#44 919 Youranswer:Bwascorrect!TheCAPMconcludesthatexpectedreturnsareapositive(linear)functionofsystematicrisk.Question83#44920Youranswer:Cwascorrect!TheSMLandCMLarebothlines,andbothintersecttheverticalaxisattheriskfreerate.TheSMLdescribestherisk/returntradeoffforindividualsecuritiesorportfolios,whereastheCMLdescribestherisk/returntradeoffofvariouscombinationsofthemarketportfolioandarisklessasset.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#44907Youranswer:Bwascorrect!$2/50+0.08 =12 .0%Question 71 #44908Youranswer:Bwascorrect!Question72#44909Youranswer:Bwascorrect!Businessriskisthecombinationofsalesrisk,whichisthevariabilityofafirm'ssales,andoperatingrisk,whichistheadditionalvariabilityinoperatingearnings(EBIT)causedbyfixedoperatingcosts.Leverageisthecombinationofbusinessriskandfinancialrisk,whichistheadditionalriskcommonshareholdersmustbearwhenafirmusesfixedcostsourcesoffinancing.Question73#44 910 Youranswer:Dwascorrect!Sinceequityis40%ofassets,theequitymultiplieris1/0.40=2.5.UsingthetraditionalDuPontformula,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#44860Youranswer:Bwascorrect!Thecentrallimittheoremholdsforanydistributionaslongasthesamplesizeislarge(i.e.,n>30).Question 31 #448 61 Youranswer:Bwascorrect!Thepopulationvarianceisknown(inthiscase100),sothestandarderrorofthesamplemeanisQuestion32#44863Youranswer:Cwascorrect!Thettestisusedwhenthesamplesizeissmall.Question33#44864Youranswer:Dwascorrect!Itwoulddecrease,notincrease,theprofitabilityofcorporateinvestmentprojects.Question34#44865Youranswer:Awascorrect!Thepotentialdepositexpansionmultiplieristhereciprocalofthereserveratio.Ifthereserveratiois20%,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=$2.0millionAccelerateddepreciation: $14 million×0.333=$4.662millionQuestion76#44 913 Youranswer:Awascorrect!Sunkcostsarenottobeincludedininvestmentanalysis.Opportunitycosts,changesinnetworkingcapital,andtheproject抯impactontaxesareallrelevantvariablesindeterminingprojectcashflowforacapitalinvestment.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,andexperienceofexistingboardmembersisacharacteristicoftheRemunerations/CompensationCommittee,nottheAuditCommittee.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taxcashflowis637 ,10 9.NPV==$52,2 91. 81 Question 111 #44950Youranswer:Dwascorrect!Thefourfirmconcentrationratioisthesumofthemarketsharesofthefourlargestfirmsintheindustry.45%+25% +15 % +10 %=95TheHerfindahlindexisthesumofthesquaresofthemarketsharesofeachofthefirmsintheindustry.0.452+0.252+0 .15 2+0 .10 2+0.052=0.30Question 112 #449 51 Youranswer:Bwascorrect!Thisstatementiscorrectinthatthecostofaputoptionisnegative.(Theinvestorhastopayfortheflexibilityoftheputoption.)Theotherstatementscouldnotbecorrect.The搒preadoverthespotratesforaTreasurysecuritysimilartoStahl抯bond?referstoZspreadonthebond.Foracallablebond,theOAS<Zspread,sothiscouldnotbeatruestatementbecause 13 5bp> ;11 0bp.TheoptioncostiscalculatedusingtheOASandtheZspread,notthenominalspread.Thestaticspread(orZspread)isthespreadovereachofthespotratesinagivenTreasurytermstructure,notthespreadovertheTreasury抯YTM.(Note:Weslippedinafixedincomequestionhereinthederivativessectionofthetest.CFAInstitutecandothisatanytime.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#44947Youranswer:Dwascorrect!Aflattermstructurecouldbeexplainedaccordingtotheliquiditypreferencetheoryasacasewhereinvestorsexpectshorttermratestodeclineslightly,coupledwithamaturitypremiumthatexactlyoffsetsthedownwardpressurecontainedininvestorexpectations.Ahumpedtermstructurecouldbeexplainedaccordingtothepureexpectationstheoryifwebelievethatforshortermaturities,investorsbelieveinterestrateswillrisealongwiththebeliefthatmediumtermrateswilldeclinealongwiththebeliefthatlongertermrateswillbestable.Thepureexpectationstheorymakesnospecificmentionofthefactthatanupwardslopingtermstructureisaconsequenceofinvestorsexpectingshorttermratestoremainunchangedforaperiodoftimefollowedbyinvestorsexpectingshorttermratestoriseforaperiodoftime.Allthistheorysaysisthatanupwardslopingtermstructurecanbeexplainedbyinvestorsbelievingthatfutureshorttermrateswillrise.Finally,theliquiditypreferencetheoryattemptstoexplainthetermstructureaccordingtotwofactors.Theseareexpectationsaboutfutureinterestratesandamaturitypremiumtocompensateforinterestraterisk.Ifthetermstructureisdeclining,thiscouldbeexplainedsimplybyinvestorexpectationsofdecliningfutureshorttermratescoupledwithamaturitypremiumthatisnotlargeenoughtooffsetthedownwardpressureoninterestratesduetoinvestorexpectations.Question109#44948Youranswer:Awascorrect!Thevariabilityofpricesingeneralissignificantlylargerthanisthevariabilityof(uncertaintyabout)dividendsandhencemanagingpriceriskisofprimaryimportance,whiletheuncertaintyofdividendsisofsecondaryimportance.Theremainingstatementsarecorrect.Question 110 #44949Youranswer: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！Gainsorlossesfrommarketingmarketablesecuritiestotheirmarketvalueswillreverseiftheyaresoldandarethustemporarydifferences.Theotherstatementsarecorrect.Question66#44903Youranswer:Awascorrect!Whenanalyzingthefirm'sincometaxdisclosures,watchforthesewarningsignals: 1) Companiesthatgeneratesignificantpretaxincomeontheirfinancialstatementswhilereportinglowtaxespayable(i.e.,loweffectivetaxrates)arelikelytobeemployingaggressiveaccountingmethodsandhavelowqualityearnings.SoStatement1iscorrect.2)Restructuringchargestypicallyhavenotaxcashfloweffectsintheyeartheyarerecordedbutmayhavesignificanteffectsinfutureyearsastherestructuredoperationsandimpairedassetsaresold.SoStatement2iscorrectandChoiceAisthecorrectanswer.Ananalystmayalsolookoutforthefollowingadditionalitems:3)Adecreaseincapitalspendingmaysignalareversalofpasttemporarydifferencesrelatedtodepreciationmethods,resultinginhighertaxespayable.4)Temporarydifferencesmayreversebecauseofchangesintaxlaw,causinghighertaxespayable.Question67#44904Youranswer:Cwascorrect!Atakeorpayagreementobligatesabuyertopaythesellerofaproductorserviceaminimumamount,regardlessofwhethertheproductorserviceisdelivered.Thisistreatedasaliability,andthediscountedvaluemustbereflectedonthebuyer抯balancesheet.Question68#44905Youranswer:Cwascorrect!Cisreversed.Grossprofitisrecognizedattheinceptionforthesalestypelease.Question69#44906Youranswer:Bwascorrect!N=20;FV =10 00;PV=?94;PMT=60;CPT→I/Y=7%kd=(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,theexchangeofservices,theexchangeofinvestmentincome,andunilateraltransfers(giftstoandfromothernations).Question44#44878Youranswer:Bwascorrect!Ataminimumwageabovetheequilibriumwage,therewillbeanexcesssupplyofworkers.Firmssubstituteotherproductiveresourcesforlaborandusemorethantheeconomicallyefficientamountofcapital.Theresultisincreasedunemploymentandadecreaseineconomicefficiency.Firmsmaydecreasethequalityorquantityofthenonmonetarybenefitstheypreviouslyofferedtoworkers.Question45#44880Youranswer:Bwascorrect!Ifultimatepaymentisassuredandthecostestimatesareunreliable,thecompanymustusethecompletedcontractmethodandthuscannotrecognizeprofitsuntiltheendofthecontract.Profitsinyear2arezero.Theotherstatementsaretrue.Attheendofyear3,thebalanceinthecashaccountwillbeequaltothecumulativeprofits,or10?7.5=2.5.Underthepercentageofcompletionmethod,thecompanywouldrecognize$1millioninprofitsinyear2Thepercentageofcompletionmethodsmoothsincome,andtheprofitsrecognizedinyear3usingthismethodare(2.5/7.5)2.5=0.833.Question46#448 81 Youranswer:Dwascorrect!cashconversioncycle(CCC)=receivablesdays+inventoryprocessingdays?payablespaymentperiodSincethepayablespaymentperiodincreasesreceivablesby3.32daysandreceivablesdaysincreasesby5,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=DeffectiveDiDP/P=7.6(+0.0075)=0.057,or5.7%Question104#44942Youranswer:Dwascorrect!Thenominalyield(anothertermforthecouponyield)islessthantheyieldtomaturityforadiscountbond.Question105#44943Youranswer:Dwascorrect!Thekeytermhereiscouponbond.Whileaninvestorinafixedcouponbondcanusuallyeliminatepriceriskbyholdingabonduntilmaturity,thesameisnottrueforreinvestmentrisk.Thereceiptofperiodiccouponpaymentsexposestheinvestortoreinvestmentrisk.Anoncallablebondreducesreinvestmentriskbyreducingtheriskofrepayment.Thus,aninvestormostconcernedwithreinvestmentriskwouldpreferanoncallablebondtoacallablebond.Sincelowercouponbondshavelowerreinvestmentrisk,thissameinvestorwouldpreferalowercouponbondtoahighercouponbond.Aninvestorconcernedaboutreinvestmentriskismostconcernedaboutadecreasinginterestrateenvironment.Wheninterestratesdecrease,theinvestorisforcedtoreinvestcouponsandothercashflowsatalowerrate.Withalowercoupon,thisriskisless.Question106#44945Youranswer:Cwascorrect!AspecialpurposevehicleisalegalentitytowhichtheassetsusedascollateralinanABSissuearesold.Thistransactionseparatesthecompanyprovidingthecollateralfromthecompanythatneedsthefinancing.Theassetstransferredtothespecialpurposevehiclearefinancialassets,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#44883Youranswer:Bwascorrect!Becausenetincomeisgiven,thisprobleminvolvesusingtheindirectmethod.Theinterestexpenseisignoredbecauseitisalreadydeductedbeforenetincomeiscalculated.Ignoresalesforthesamereason;netincomeincorporatessales.Question48#44884Youranswer:Awascorrect!Investingcashflowsincludebuyingandsellingequipmentandland.Thisproblemdoesnotinvolveanysuchcashflows.Question49#44885Youranswer:Bwascorrect!Totalcashflowisthedifferencebetweentheendingcashbalanceandthebeginningcashbalance.InQuestions47and48,wecalculatedcashflowfromoperationsof $12 andcashflowfrominvestingof$0,soweneedtocalculatecashflowfromfinancing:Totalcashflowisthus $10 2.Iftheendingcashbalanceis$200,thebeginningcashbalancewas$200? $10 2=$98.Question50#44886Netincome+ $10 0Noncashitems:depreciation+2Changeinaccountsreceivable?0Changeininventory?0Changeinaccountspayable?0CFO $12 Saleofcommonstock $10 0Repaymentofdebt?0Financingcashflows$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.Clienttransactionsmusttakeprecedenceovermembers?orcandidates?trades.Heshouldhavesubmittedhispersonaltradeorderonlyaftertradingforhisclient.StandardIII(B)FairDealingrequiresthatFarleydealfairlywithallclientswhenrecommendingsecuritiesortakinginvestmentaction.SincetheendowmentfundisFarley抯onlyaccount,hehasnotdisadvantagedanyotherclientbyonlytakingactiononthebehalfoftheendowment.Question15#44837Youranswer:Dwascorrect!StandardIII(A)Loyalty,Prudence,andCare.Membersandcandidatesmustcomplywiththeirfiduciarydutytothosepersonsandinterestsbywhomthedutyisowed.Specifically,membersmustalwaysactforthebenefitoftheirclientsandplaceclients?interestsbeforetheirown.Murphy抯actionsindirectingtradestoCasanovaviolatethefiduciarydutyowedtoWellington&Worrel抯clients,asheappearstobeselectingCasanovaforthediscountsreceivedonpersonalsecuritiestransactions.Casanovachargeshighercommissionratesanddeliverspoorerexecutionthanotherbrokersusedbythefirm.ByusingCasanova,Murphyviolateshisfiduciarydutybyfailingtoactintheclients?bestinterest.Alternatively,thearrangementwithCedrockappearstocomplywithMurphy抯fiduciaryduty,asthefirmreceivesinvestmentresearchusedinmanagingclientportfolios(asoftdollararrangement)andachievesbetterexecutionforclienttrades.BecausethetradingarrangementwithCedrockbenefitsclients,itdoesnotviolateStandardIII(A).Question16#44838Youranswer:Bwasincorrect.ThecorrectanswerwasC)DoddhasmostlikelyviolatedStandardIII(B)FairDealingbygivingPhillipsanovergenerousallocationoftheoversubscribed(揾ot?newissue.Theissueisnotthatheisofferingcompensationtoaclienttoresolveadispute,butthatbyoverallocatingtheIPOsharestoPhillipsheisnottreatinghisotherclientsfairly.StandardIII(B)FairDealingrequiresthatcandidatesandmembersnotusesharesof揾otissues?asanincentivetoachievearewardorbenefit.Thebenefitinthiscaseisthatthedisputewill揼oaway.?/SPAN>Question17#44839Youranswer: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,thepercentageofequityis1?0.40,or60%.Question54#44890Youranswer:Bwascorrect!Sharesissuedpostsplitneednotbeadjustedforthesplitastheyare搉ew?shares.Question55#44892Youranswer:Awascorrect!BecausebasicEPSdoesnotadjustforwarrants,theadjustmentis0.DilutedEPSusesaverageprice.SinceAP>EX,Question56#44893Youranswer:Dwascorrect!Aisnotnecessarilytrue.Byitself,alowreceivablesturnoverreferstotheaveragetimeittakesthecompanytocollectitsreceivables,nottothelevelofreceivables(whichwillaffect,butnotdictateitscurrentratio).Bisnotnecessarilytrue;whetherafirm抯ROAishigherthanitsROEdependsontherelationofthecostofdebttoitsROA.Cisincorrect.Justthefactthatacompanyhasahighgrossprofitmargindoesnotnecessarilymeanitwillhaveahighnetprofitmargin.Forexample,thecompanycouldhaveveryhighoperatingexpensesandendupwithalownetprofitmargin.Thecashconversioncycleis:(365/6)+(365/9)?(365 /12 )=60.8+40.6?30.4=71days.Question57#44894Youranswer:Cwascorrect!Inperiodsofrisingpricesandstableorincreasinginventoryquantities,FIFO,comparedtoLIFO,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%.TheequivalentnumberoffirmsisthereciprocaloftheHerfindahlindex.Sincethesefivefirmscomprise100%ofthemarket,theHerfindahlindexissotheequivalentnumberoffirmsisQuestion89#44927Youranswer:Awascorrect!Optionfreebondshavepositiveconvexityandtheeffectof(positive)convexityistoincreasethemagnitudeofthepriceincreasewhenyieldsfallandtodecreasethemagnitudeofthepricedecreasewhenyieldsrise.Question90#44928Youranswer:Awascorrect!Duringtherecoveryphaseofthebusinesscycle,cyclicals,commodities,andcommoditylinkedequitiesaregenerallyattractiveinvestments.Question 91 #44929Youranswer:Dwascorrect!IncreasesinkreduceP/E.IncreasesingorthedividendpayoutratioincreaseP/E.Question92#44930Youranswer: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,nonrecurringcomponentsofearningsthatarespecifictothecompany.Also,themostrecentearningsinformationshouldbeusedinthecalculation.Thereforeweget:Question93#449 31 Youranswer:Awascorrect!Theriskpremiumwillbeafunctionofbusinessrisk,financialrisk,liquidityrisk,exchangeraterisk,andcountry(politicalrisk).Stocksdonotinvolvedefaultrisk.Question94#44932Youranswer:Bwascorrect!SemiannualcompoundrateisEndingvaluemustbe$888.94 (1. 0325) 14 = $1, 3 91. 02.Question95#44933Youranswer:Bwascorrect!Thisisasupernormalgrowthstockvaluationproblem.Step1:Findthedividendsinthesupernormalgrowthperiod.D 1 =1. 00 (1. 20)= $1. 20;D2 =1. 2 (1. 2)= $1. 44;D3 =1. 44 (1. 15)= $1. 656Step2:Usetheconstantgrowthmodeltofindthepriceattheendofperiod3. $1, 3 91. 02?u> ;1, 000.00facevalueatmaturity3 91. 02?u> 315 .00totalcoupons (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#44934Youranswer:Cwascorrect!Usethesamedividendsand搉ormal?growthpricefromQuestion96,excepttheperiod1dividend( $1. 20)hasalreadybeenpaid,andwediscounttheremainingtwodividendsandtheendofyearprice(P3)backtotheendofperiod1togetP 1 .Step1:Findthedividendsinthesupernormalgrowthperiod.D2 =1. 2 (1. 2) =1. 44;D3 =1. 44 (1. 15)= $1. 656Step2:Usetheconstantgrowthmodeltofindthepriceattheendofperiod3.Step3:Discountallofthecashflowsbacktotimeone.Question97#44935Youranswer:Dwascorrect!TheOASisameasureoftheyieldspreadoverTreasuryspotrateswithouttheoption.Question98#44936Youranswer: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.Dividendsareafinancingcashflow.Question 51 #44887Youranswer:Dwascorrect!freecashflow(FCF)=cashflowfromoperations?netcapitalexpendituresFCF=$800?40(purchaseofplantandequipment)+30(saleofland)=$790Question52#44888Youranswer:Cwascorrect!Asimplenumericalexamplecanhelp.AssumeCA=2andCL =1. ThennoteandDebtisdecreased,butequityisunchanged,soD/Eisdecreased.Question53#44889Youranswer: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?,300Cashpaidfortaxes牋牋牋?00Cashflowfromoperations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！TheeightmajorsectionsoftheCFAInstituteGlobalInvestmentPerformanceStandardsareFundamentalsofCompliance,InputData,CalculationMethodology,CompositeConstruction,Disclosures,PresentationandReporting,RealEstate,andPrivateEquity.Question18#44840Youranswer:Bwascorrect!StandardIII(C)Suitabilityrequiresthattheclientportfoliofittheclientriskandreturnobjectivesasstatedintheinvestmentpolicystatement,andthatseemstobethecasehere.Theproperfocusofriskanalysisisontheentireportfolioandneednotbeappliedonanissuebyissuebasis.ThereappearstobenoviolationofV(A)DiligenceandReasonableBasissincehispreviousanalysisindicatedtheportfoliowassuitableandhisrecordssupportedthatconclusion.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.Thefinancialcalculatorsolutionis:PV=6,6 91. 13;I/Y=6;N=5;CPT→PMT.YouobtainPMT=?,588.45.Question20#44844Youranswer:Cwascorrect!N=4;PV=?,000;FV=6,520;CPT→I/Y =12 .99%,orQuestion 21 #44845Youranswer: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#44847Youranswer:Cwascorrect!range=maximumvalue?minimumvalue=55 ?15 =40Calculatethemean:Togetthemeanabsolutedeviation,sumthedeviationsaroundthemean(ignoringthesign),anddividebythenumberofobservationsNotethattheunitsofvarianceherearepercentsquared.Usingdecimalsratherthanwholepercentyields0.0250.Question24#44848Youranswer: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#44895Youranswer:Awascorrect!Question59#44896Youranswer:Awascorrect!Question60#44897Youranswer:Dwascorrect!FIFOendinginventory=FIFOINV=LIFOINV+LIFOreserve=22,000+4,000=$26,000Question 61 #44898Youranswer:Bwascorrect!Thetotalcashflowsareequal,buttheexpensingfirmwillseelowerearlyyearprofitabilityratherthanhigherearlyyearprofitability.Question62#44899Youranswer:Cwascorrect!Impairmentmustberecognizedwhenthereissufficientevidencetoindicatethatthevalueofanassetcarriedonthebooksofacompanycannotberecovered.Indicatorsoflackofrecoverabilityincludeasignificantdecreaseinmarketvalue,adversechangesinlegalorbusinessconditions,substantialcostoverruns,andasignificantdeclineinanasset抯longtermlikelihoodofgeneratingprofit. 10 0@$ 210 =$ 21, 00070@$225= $15 ,750$36,750Purchases 19 0Sales 17 0Balance20@$ 210 =$4,200FIFOafter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,whichislessthanthemean.Question26#44850Youranswer:Bwasincorrect.ThecorrectanswerwasA)ThenominalincreaseinindustrialproductionisexpectedtobeThustherealchangeisexpectedtobeGiventheregressionequation,ourforecastis9,397.54=8,950+395 (1. 133).Question27#448 51 Youranswer:Awascorrect!ThefirstyearaccountreturnwasThesecondyearreturnwasThegeometricmeanis,whichisthetimeweightedreturn.Sinceonlyoneassetwasinvolved,alsogivesthetimeweightedreturn.Tocalculatethemoneyweightedreturn,usethecashflowfunctionwithCf0=?2,000,Cf1=?5,000,andCf2=54,000×2 =10 8,000,andcomputeIRR,whichis7.73%.Themoneyweightedreturnislowerbecausetheamountintheaccountwasgreaterinthesecondperiod,whenthereturnwaspoor.Question28#44858Youranswer:Dwascorrect!Thebinomialdistributionisadiscretedistribution,whilethenormaldistributionisanexampleofacontinuousdistribution.Univariateandmultivariatedistributionscanbediscreteorcontinuous.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#44832Youranswer:Bwascorrect!AccordingtoStandardIV(B)AdditionalCompensationArrangements,membersandcandidatesmustobtainwrittenpermissionfromtheiremployerbeforeacceptinganofferofcompensation(fortheperformanceofworkdonefortheiremployer)inadditiontowhattheyreceivefromtheiremployerandthatiscontingentonfutureperformance.Suchcontingentadditionalcompensationisjudgedtobereasonablyexpectedtoimpairtheemployee抯independenceandobjectivity.Question 11 #44833Youranswer:Awasincorrect.ThecorrectanswerwasD)CompliancerequiresthatthefirmfollowlocallawanddisclosetheconflictbetweenlocallawandGIPS.Question12#44834Youranswer:Awascorrect!StandardIII(D)PerformancePresentationrequiresthatstatementsaboutperformancebenotonlyaccurate,butalsofairandcomplete.WhileVance抯statementmaybeaccurateinatechnicalsense,itisneitherfairnorcomplete,anditseemsintendedtomisleadprospectsaboutVance抯trackrecordinmanagingequitiesaccountsand/orselectingequitysecurities.WhilecompliancewithGIPSanditsmethodsofcompositeconstructionarerecommended,theyarenotrequiredbytheStandard.Question13#44835Youranswer:Dwascorrect!StandardV(B)CommunicationwithClientsandProspectiveClients.Briefcommunicationsmustbesupportedbybackgroundreportsordatathatcanbemadeavailabletotheclientifrequested.Drakeshouldhavegiventheclientamoredetailedanalysisoftheinvestmentwhentheclientcalledtorequestsuchinformation.DrakedidnotviolateStandardIII(C)becausehe搕horoughly?readandevaluatedtheanalysisanddeterminedthatthestructuredproductwasinlinewithhisclient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Book6Exam1AMTestID# :13 64808Question1#44786Youranswer:Cwascorrect!StandardVI(C)ReferralFees.Membersandcandidatesshalldisclosetoclientsandprospectsanyconsiderationorbenefitreceivedbythememberordeliveredtoothersfortherecommendationofanyservicetotheclientorprospect.Thisallowstheclienttoevaluateanypartialityshowninmakingreferrals.Question2#44787Youranswer:Awascorrect!StandardIV(C)ResponsibilitiesofSupervisorsexplicitlystatesthatspeakingtotheemployeetodeterminetheextentoftheviolationsandreceivingassurancesthatitwillnotberepeatedisnotenough.Finleymusttakepositivestepstoinsurethattheviolationwillnotberepeatedincludingpromptlylaunchinganinvestigationandlimitingtheemployee抯activitiesand/orincreasingsupervisionoftheemployeduntiltheresultsoftheinvestigationareknown.Question3#44788Youranswer:Awascorrect!SteinviolatedStandardI(C)Misrepresentationbypresentingmaterialdevelopedbyanotherwithoutacknowledgement.Question4#44789Youranswer:Dwascorrect!StandardV(A)DiligenceandReasonableBasis.Therecommendationreflectstheconsensusofthegroupandnotnecessarilytheopinionofthememberorcandidate.Iftheconsensusopinionhasareasonablebasis,thememberdoesnothavetodissociatefromthereportbutshoulddocumentthedifferenceofopinion.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,andthenthewriterwillget$3forthepremium.Thus,themaximumprofitis$5.Question 114 #44953Youranswer:Dwasincorrect.ThecorrectanswerwasB)Bothstatementsareincorrect.Asyieldsrise,thevalueoftheembeddedputoptioninaputablebondincreasesand(beyondacriticalpoint)reducesthedeclineinthevalueofthebondcomparedtoasimilaroptionfreebond.Asyieldsfall,thevalueoftheembeddedputoptiondecreases,and(beyondacriticalpoint)theputablebondbehavesmuchthesameasasimilaroptionfreebondsincetheembeddedputoptionhaslittleornovalue.Question 115 #44954Youranswer:Bwasincorrect.ThecorrectanswerwasD)Theincomeapproachusesnetoperatingincomebeforefinancingandtaxes.Hedonicpriceestimationusessimilarpropertiestodeterminetheappropriateregressioncoefficients.Question 116 #44955Youranswer: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 5,350Question 117 #44956Youranswer: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returnscanbeexplainedbyitstargetassetallocations.Itisverydifficulttogenerateabnormalportfolioreturnsbymarkettimingandsecurityselectionwithinassetclasses.Question85#44923Youranswer:Awascorrect!Marketweightedindex:Day1:whichisscaledtoavalueof500.Day2:whichnowhastobeadjustedrelativetotheinitialbasevalueof500fromday1.Weget:Finally,thepercentagechangeisQuestion86#44924Youranswer:Awascorrect!AportfoliowithequalnumbersofsharesofeachstockintheDJIAwillmatchtheperformanceoftheindexassumingtherearenostocksplits,stockdividends,orchangesinthemakeupoftheindex.Thereturnontheindexdoesnotincludedividendpayments.Sincethereinvesteddividendswilladdtothenumberofsharesofthosestocksthatpaydividends,Gomez抯portfolioreturnwillexceedthatoftheDJIA.Question87#44925Youranswer:Cwascorrect!Thetopdown,threestepprocessgoesfromtheeconomytotheindustrytothefirm,inthatorder.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)portfoliowithareturnthatishigherthantheriskfreeratecanresultinastraightCMLevenwiththeassumptionthatborrowingandlendingratesaredifferent.Marginaccountsrepresentborrowing,sounlessthemarginlendingrateisthesameastheriskfreerate,thisdoesnotsolvetheproblem(akinkedCML)thatresultsfromunequalborrowingandlendingratesinthemodel.Question80#44 917 Youranswer:Dwascorrect!TheStandardsofPracticehaveverylittletodowithinvestmentconstraints.Question 81 #44 918 Youranswer:Awascorrect!Ariskaverseinvestorpreferslessrisktomorerisk.Thelowerthecorrelation,thegreatertheriskreduction.Thus,ariskaverseinvestorwouldmostprefertheportfoliowiththelowestcorrelationcoefficientandleastprefertheonewiththehighest.Ofthechoicesgiven,AandC抯correlationcoefficientof+0.6isthehighest.Question82#44 919 Youranswer:Bwascorrect!TheCAPMconcludesthatexpectedreturnsareapositive(linear)functionofsystematicrisk.Question83#44920Youranswer:Cwascorrect!TheSMLandCMLarebothlines,andbothintersecttheverticalaxisattheriskfreerate.TheSMLdescribestherisk/returntradeoffforindividualsecuritiesorportfolios,whereastheCMLdescribestherisk/returntradeoffofvariouscombinationsofthemarketportfolioandarisklessasset.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#44907Youranswer:Bwascorrect!$2/50+0.08 =12 .0%Question 71 #44908Youranswer:Bwascorrect!Question72#44909Youranswer:Bwascorrect!Businessriskisthecombinationofsalesrisk,whichisthevariabilityofafirm'ssales,andoperatingrisk,whichistheadditionalvariabilityinoperatingearnings(EBIT)causedbyfixedoperatingcosts.Leverageisthecombinationofbusinessriskandfinancialrisk,whichistheadditionalriskcommonshareholdersmustbearwhenafirmusesfixedcostsourcesoffinancing.Question73#44 910 Youranswer:Dwascorrect!Sinceequityis40%ofassets,theequitymultiplieris1/0.40=2.5.UsingthetraditionalDuPontformula,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#44860Youranswer:Bwascorrect!Thecentrallimittheoremholdsforanydistributionaslongasthesamplesizeislarge(i.e.,n>30).Question 31 #448 61 Youranswer:Bwascorrect!Thepopulationvarianceisknown(inthiscase100),sothestandarderrorofthesamplemeanisQuestion32#44863Youranswer:Cwascorrect!Thettestisusedwhenthesamplesizeissmall.Question33#44864Youranswer:Dwascorrect!Itwoulddecrease,notincrease,theprofitabilityofcorporateinvestmentprojects.Question34#44865Youranswer:Awascorrect!Thepotentialdepositexpansionmultiplieristhereciprocalofthereserveratio.Ifthereserveratiois20%,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=$2.0millionAccelerateddepreciation: $14 million×0.333=$4.662millionQuestion76#44 913 Youranswer:Awascorrect!Sunkcostsarenottobeincludedininvestmentanalysis.Opportunitycosts,changesinnetworkingcapital,andtheproject抯impactontaxesareallrelevantvariablesindeterminingprojectcashflowforacapitalinvestment.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,andexperienceofexistingboardmembersisacharacteristicoftheRemunerations/CompensationCommittee,nottheAuditCommittee.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taxcashflowis637 ,10 9.NPV==$52,2 91. 81 Question 111 #44950Youranswer:Dwascorrect!Thefourfirmconcentrationratioisthesumofthemarketsharesofthefourlargestfirmsintheindustry.45%+25% +15 % +10 %=95TheHerfindahlindexisthesumofthesquaresofthemarketsharesofeachofthefirmsintheindustry.0.452+0.252+0 .15 2+0 .10 2+0.052=0.30Question 112 #449 51 Youranswer:Bwascorrect!Thisstatementiscorrectinthatthecostofaputoptionisnegative.(Theinvestorhastopayfortheflexibilityoftheputoption.)Theotherstatementscouldnotbecorrect.The搒preadoverthespotratesforaTreasurysecuritysimilartoStahl抯bond?referstoZspreadonthebond.Foracallablebond,theOAS<Zspread,sothiscouldnotbeatruestatementbecause 13 5bp> ;11 0bp.TheoptioncostiscalculatedusingtheOASandtheZspread,notthenominalspread.Thestaticspread(orZspread)isthespreadovereachofthespotratesinagivenTreasurytermstructure,notthespreadovertheTreasury抯YTM.(Note:Weslippedinafixedincomequestionhereinthederivativessectionofthetest.CFAInstitutecandothisatanytime.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#44947Youranswer:Dwascorrect!Aflattermstructurecouldbeexplainedaccordingtotheliquiditypreferencetheoryasacasewhereinvestorsexpectshorttermratestodeclineslightly,coupledwithamaturitypremiumthatexactlyoffsetsthedownwardpressurecontainedininvestorexpectations.Ahumpedtermstructurecouldbeexplainedaccordingtothepureexpectationstheoryifwebelievethatforshortermaturities,investorsbelieveinterestrateswillrisealongwiththebeliefthatmediumtermrateswilldeclinealongwiththebeliefthatlongertermrateswillbestable.Thepureexpectationstheorymakesnospecificmentionofthefactthatanupwardslopingtermstructureisaconsequenceofinvestorsexpectingshorttermratestoremainunchangedforaperiodoftimefollowedbyinvestorsexpectingshorttermratestoriseforaperiodoftime.Allthistheorysaysisthatanupwardslopingtermstructurecanbeexplainedbyinvestorsbelievingthatfutureshorttermrateswillrise.Finally,theliquiditypreferencetheoryattemptstoexplainthetermstructureaccordingtotwofactors.Theseareexpectationsaboutfutureinterestratesandamaturitypremiumtocompensateforinterestraterisk.Ifthetermstructureisdeclining,thiscouldbeexplainedsimplybyinvestorexpectationsofdecliningfutureshorttermratescoupledwithamaturitypremiumthatisnotlargeenoughtooffsetthedownwardpressureoninterestratesduetoinvestorexpectations.Question109#44948Youranswer:Awascorrect!Thevariabilityofpricesingeneralissignificantlylargerthanisthevariabilityof(uncertaintyabout)dividendsandhencemanagingpriceriskisofprimaryimportance,whiletheuncertaintyofdividendsisofsecondaryimportance.Theremainingstatementsarecorrect.Question 110 #44949Youranswer: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！Gainsorlossesfrommarketingmarketablesecuritiestotheirmarketvalueswillreverseiftheyaresoldandarethustemporarydifferences.Theotherstatementsarecorrect.Question66#44903Youranswer:Awascorrect!Whenanalyzingthefirm'sincometaxdisclosures,watchforthesewarningsignals: 1) Companiesthatgeneratesignificantpretaxincomeontheirfinancialstatementswhilereportinglowtaxespayable(i.e.,loweffectivetaxrates)arelikelytobeemployingaggressiveaccountingmethodsandhavelowqualityearnings.SoStatement1iscorrect.2)Restructuringchargestypicallyhavenotaxcashfloweffectsintheyeartheyarerecordedbutmayhavesignificanteffectsinfutureyearsastherestructuredoperationsandimpairedassetsaresold.SoStatement2iscorrectandChoiceAisthecorrectanswer.Ananalystmayalsolookoutforthefollowingadditionalitems:3)Adecreaseincapitalspendingmaysignalareversalofpasttemporarydifferencesrelatedtodepreciationmethods,resultinginhighertaxespayable.4)Temporarydifferencesmayreversebecauseofchangesintaxlaw,causinghighertaxespayable.Question67#44904Youranswer:Cwascorrect!Atakeorpayagreementobligatesabuyertopaythesellerofaproductorserviceaminimumamount,regardlessofwhethertheproductorserviceisdelivered.Thisistreatedasaliability,andthediscountedvaluemustbereflectedonthebuyer抯balancesheet.Question68#44905Youranswer:Cwascorrect!Cisreversed.Grossprofitisrecognizedattheinceptionforthesalestypelease.Question69#44906Youranswer:Bwascorrect!N=20;FV =10 00;PV=?94;PMT=60;CPT→I/Y=7%kd=(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,theexchangeofservices,theexchangeofinvestmentincome,andunilateraltransfers(giftstoandfromothernations).Question44#44878Youranswer:Bwascorrect!Ataminimumwageabovetheequilibriumwage,therewillbeanexcesssupplyofworkers.Firmssubstituteotherproductiveresourcesforlaborandusemorethantheeconomicallyefficientamountofcapital.Theresultisincreasedunemploymentandadecreaseineconomicefficiency.Firmsmaydecreasethequalityorquantityofthenonmonetarybenefitstheypreviouslyofferedtoworkers.Question45#44880Youranswer:Bwascorrect!Ifultimatepaymentisassuredandthecostestimatesareunreliable,thecompanymustusethecompletedcontractmethodandthuscannotrecognizeprofitsuntiltheendofthecontract.Profitsinyear2arezero.Theotherstatementsaretrue.Attheendofyear3,thebalanceinthecashaccountwillbeequaltothecumulativeprofits,or10?7.5=2.5.Underthepercentageofcompletionmethod,thecompanywouldrecognize$1millioninprofitsinyear2Thepercentageofcompletionmethodsmoothsincome,andtheprofitsrecognizedinyear3usingthismethodare(2.5/7.5)2.5=0.833.Question46#448 81 Youranswer:Dwascorrect!cashconversioncycle(CCC)=receivablesdays+inventoryprocessingdays?payablespaymentperiodSincethepayablespaymentperiodincreasesreceivablesby3.32daysandreceivablesdaysincreasesby5,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=DeffectiveDiDP/P=7.6(+0.0075)=0.057,or5.7%Question104#44942Youranswer:Dwascorrect!Thenominalyield(anothertermforthecouponyield)islessthantheyieldtomaturityforadiscountbond.Question105#44943Youranswer:Dwascorrect!Thekeytermhereiscouponbond.Whileaninvestorinafixedcouponbondcanusuallyeliminatepriceriskbyholdingabonduntilmaturity,thesameisnottrueforreinvestmentrisk.Thereceiptofperiodiccouponpaymentsexposestheinvestortoreinvestmentrisk.Anoncallablebondreducesreinvestmentriskbyreducingtheriskofrepayment.Thus,aninvestormostconcernedwithreinvestmentriskwouldpreferanoncallablebondtoacallablebond.Sincelowercouponbondshavelowerreinvestmentrisk,thissameinvestorwouldpreferalowercouponbondtoahighercouponbond.Aninvestorconcernedaboutreinvestmentriskismostconcernedaboutadecreasinginterestrateenvironment.Wheninterestratesdecrease,theinvestorisforcedtoreinvestcouponsandothercashflowsatalowerrate.Withalowercoupon,thisriskisless.Question106#44945Youranswer:Cwascorrect!AspecialpurposevehicleisalegalentitytowhichtheassetsusedascollateralinanABSissuearesold.Thistransactionseparatesthecompanyprovidingthecollateralfromthecompanythatneedsthefinancing.Theassetstransferredtothespecialpurposevehiclearefinancialassets,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#44883Youranswer:Bwascorrect!Becausenetincomeisgiven,thisprobleminvolvesusingtheindirectmethod.Theinterestexpenseisignoredbecauseitisalreadydeductedbeforenetincomeiscalculated.Ignoresalesforthesamereason;netincomeincorporatessales.Question48#44884Youranswer:Awascorrect!Investingcashflowsincludebuyingandsellingequipmentandland.Thisproblemdoesnotinvolveanysuchcashflows.Question49#44885Youranswer:Bwascorrect!Totalcashflowisthedifferencebetweentheendingcashbalanceandthebeginningcashbalance.InQuestions47and48,wecalculatedcashflowfromoperationsof $12 andcashflowfrominvestingof$0,soweneedtocalculatecashflowfromfinancing:Totalcashflowisthus $10 2.Iftheendingcashbalanceis$200,thebeginningcashbalancewas$200? $10 2=$98.Question50#44886Netincome+ $10 0Noncashitems:depreciation+2Changeinaccountsreceivable?0Changeininventory?0Changeinaccountspayable?0CFO $12 Saleofcommonstock $10 0Repaymentofdebt?0Financingcashflows$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.Clienttransactionsmusttakeprecedenceovermembers?orcandidates?trades.Heshouldhavesubmittedhispersonaltradeorderonlyaftertradingforhisclient.StandardIII(B)FairDealingrequiresthatFarleydealfairlywithallclientswhenrecommendingsecuritiesortakinginvestmentaction.SincetheendowmentfundisFarley抯onlyaccount,hehasnotdisadvantagedanyotherclientbyonlytakingactiononthebehalfoftheendowment.Question15#44837Youranswer:Dwascorrect!StandardIII(A)Loyalty,Prudence,andCare.Membersandcandidatesmustcomplywiththeirfiduciarydutytothosepersonsandinterestsbywhomthedutyisowed.Specifically,membersmustalwaysactforthebenefitoftheirclientsandplaceclients?interestsbeforetheirown.Murphy抯actionsindirectingtradestoCasanovaviolatethefiduciarydutyowedtoWellington&Worrel抯clients,asheappearstobeselectingCasanovaforthediscountsreceivedonpersonalsecuritiestransactions.Casanovachargeshighercommissionratesanddeliverspoorerexecutionthanotherbrokersusedbythefirm.ByusingCasanova,Murphyviolateshisfiduciarydutybyfailingtoactintheclients?bestinterest.Alternatively,thearrangementwithCedrockappearstocomplywithMurphy抯fiduciaryduty,asthefirmreceivesinvestmentresearchusedinmanagingclientportfolios(asoftdollararrangement)andachievesbetterexecutionforclienttrades.BecausethetradingarrangementwithCedrockbenefitsclients,itdoesnotviolateStandardIII(A).Question16#44838Youranswer:Bwasincorrect.ThecorrectanswerwasC)DoddhasmostlikelyviolatedStandardIII(B)FairDealingbygivingPhillipsanovergenerousallocationoftheoversubscribed(揾ot?newissue.Theissueisnotthatheisofferingcompensationtoaclienttoresolveadispute,butthatbyoverallocatingtheIPOsharestoPhillipsheisnottreatinghisotherclientsfairly.StandardIII(B)FairDealingrequiresthatcandidatesandmembersnotusesharesof揾otissues?asanincentivetoachievearewardorbenefit.Thebenefitinthiscaseisthatthedisputewill揼oaway.?/SPAN>Question17#44839Youranswer: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,thepercentageofequityis1?0.40,or60%.Question54#44890Youranswer:Bwascorrect!Sharesissuedpostsplitneednotbeadjustedforthesplitastheyare搉ew?shares.Question55#44892Youranswer:Awascorrect!BecausebasicEPSdoesnotadjustforwarrants,theadjustmentis0.DilutedEPSusesaverageprice.SinceAP>EX,Question56#44893Youranswer:Dwascorrect!Aisnotnecessarilytrue.Byitself,alowreceivablesturnoverreferstotheaveragetimeittakesthecompanytocollectitsreceivables,nottothelevelofreceivables(whichwillaffect,butnotdictateitscurrentratio).Bisnotnecessarilytrue;whetherafirm抯ROAishigherthanitsROEdependsontherelationofthecostofdebttoitsROA.Cisincorrect.Justthefactthatacompanyhasahighgrossprofitmargindoesnotnecessarilymeanitwillhaveahighnetprofitmargin.Forexample,thecompanycouldhaveveryhighoperatingexpensesandendupwithalownetprofitmargin.Thecashconversioncycleis:(365/6)+(365/9)?(365 /12 )=60.8+40.6?30.4=71days.Question57#44894Youranswer:Cwascorrect!Inperiodsofrisingpricesandstableorincreasinginventoryquantities,FIFO,comparedtoLIFO,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%.TheequivalentnumberoffirmsisthereciprocaloftheHerfindahlindex.Sincethesefivefirmscomprise100%ofthemarket,theHerfindahlindexissotheequivalentnumberoffirmsisQuestion89#44927Youranswer:Awascorrect!Optionfreebondshavepositiveconvexityandtheeffectof(positive)convexityistoincreasethemagnitudeofthepriceincreasewhenyieldsfallandtodecreasethemagnitudeofthepricedecreasewhenyieldsrise.Question90#44928Youranswer:Awascorrect!Duringtherecoveryphaseofthebusinesscycle,cyclicals,commodities,andcommoditylinkedequitiesaregenerallyattractiveinvestments.Question 91 #44929Youranswer:Dwascorrect!IncreasesinkreduceP/E.IncreasesingorthedividendpayoutratioincreaseP/E.Question92#44930Youranswer: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,nonrecurringcomponentsofearningsthatarespecifictothecompany.Also,themostrecentearningsinformationshouldbeusedinthecalculation.Thereforeweget:Question93#449 31 Youranswer:Awascorrect!Theriskpremiumwillbeafunctionofbusinessrisk,financialrisk,liquidityrisk,exchangeraterisk,andcountry(politicalrisk).Stocksdonotinvolvedefaultrisk.Question94#44932Youranswer:Bwascorrect!SemiannualcompoundrateisEndingvaluemustbe$888.94 (1. 0325) 14 = $1, 3 91. 02.Question95#44933Youranswer:Bwascorrect!Thisisasupernormalgrowthstockvaluationproblem.Step1:Findthedividendsinthesupernormalgrowthperiod.D 1 =1. 00 (1. 20)= $1. 20;D2 =1. 2 (1. 2)= $1. 44;D3 =1. 44 (1. 15)= $1. 656Step2:Usetheconstantgrowthmodeltofindthepriceattheendofperiod3. $1, 3 91. 02?u> ;1, 000.00facevalueatmaturity3 91. 02?u> 315 .00totalcoupons (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#44934Youranswer:Cwascorrect!Usethesamedividendsand搉ormal?growthpricefromQuestion96,excepttheperiod1dividend( $1. 20)hasalreadybeenpaid,andwediscounttheremainingtwodividendsandtheendofyearprice(P3)backtotheendofperiod1togetP 1 .Step1:Findthedividendsinthesupernormalgrowthperiod.D2 =1. 2 (1. 2) =1. 44;D3 =1. 44 (1. 15)= $1. 656Step2:Usetheconstantgrowthmodeltofindthepriceattheendofperiod3.Step3:Discountallofthecashflowsbacktotimeone.Question97#44935Youranswer:Dwascorrect!TheOASisameasureoftheyieldspreadoverTreasuryspotrateswithouttheoption.Question98#44936Youranswer: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.Dividendsareafinancingcashflow.Question 51 #44887Youranswer:Dwascorrect!freecashflow(FCF)=cashflowfromoperations?netcapitalexpendituresFCF=$800?40(purchaseofplantandequipment)+30(saleofland)=$790Question52#44888Youranswer:Cwascorrect!Asimplenumericalexamplecanhelp.AssumeCA=2andCL =1. ThennoteandDebtisdecreased,butequityisunchanged,soD/Eisdecreased.Question53#44889Youranswer: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?,300Cashpaidfortaxes牋牋牋?00Cashflowfromoperations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！TheeightmajorsectionsoftheCFAInstituteGlobalInvestmentPerformanceStandardsareFundamentalsofCompliance,InputData,CalculationMethodology,CompositeConstruction,Disclosures,PresentationandReporting,RealEstate,andPrivateEquity.Question18#44840Youranswer:Bwascorrect!StandardIII(C)Suitabilityrequiresthattheclientportfoliofittheclientriskandreturnobjectivesasstatedintheinvestmentpolicystatement,andthatseemstobethecasehere.Theproperfocusofriskanalysisisontheentireportfolioandneednotbeappliedonanissuebyissuebasis.ThereappearstobenoviolationofV(A)DiligenceandReasonableBasissincehispreviousanalysisindicatedtheportfoliowassuitableandhisrecordssupportedthatconclusion.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.Thefinancialcalculatorsolutionis:PV=6,6 91. 13;I/Y=6;N=5;CPT→PMT.YouobtainPMT=?,588.45.Question20#44844Youranswer:Cwascorrect!N=4;PV=?,000;FV=6,520;CPT→I/Y =12 .99%,orQuestion 21 #44845Youranswer: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#44847Youranswer:Cwascorrect!range=maximumvalue?minimumvalue=55 ?15 =40Calculatethemean:Togetthemeanabsolutedeviation,sumthedeviationsaroundthemean(ignoringthesign),anddividebythenumberofobservationsNotethattheunitsofvarianceherearepercentsquared.Usingdecimalsratherthanwholepercentyields0.0250.Question24#44848Youranswer: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#44895Youranswer:Awascorrect!Question59#44896Youranswer:Awascorrect!Question60#44897Youranswer:Dwascorrect!FIFOendinginventory=FIFOINV=LIFOINV+LIFOreserve=22,000+4,000=$26,000Question 61 #44898Youranswer:Bwascorrect!Thetotalcashflowsareequal,buttheexpensingfirmwillseelowerearlyyearprofitabilityratherthanhigherearlyyearprofitability.Question62#44899Youranswer:Cwascorrect!Impairmentmustberecognizedwhenthereissufficientevidencetoindicatethatthevalueofanassetcarriedonthebooksofacompanycannotberecovered.Indicatorsoflackofrecoverabilityincludeasignificantdecreaseinmarketvalue,adversechangesinlegalorbusinessconditions,substantialcostoverruns,andasignificantdeclineinanasset抯longtermlikelihoodofgeneratingprofit. 10 0@$ 210 =$ 21, 00070@$225= $15 ,750$36,750Purchases 19 0Sales 17 0Balance20@$ 210 =$4,200FIFOafter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,whichislessthanthemean.Question26#44850Youranswer:Bwasincorrect.ThecorrectanswerwasA)ThenominalincreaseinindustrialproductionisexpectedtobeThustherealchangeisexpectedtobeGiventheregressionequation,ourforecastis9,397.54=8,950+395 (1. 133).Question27#448 51 Youranswer:Awascorrect!ThefirstyearaccountreturnwasThesecondyearreturnwasThegeometricmeanis,whichisthetimeweightedreturn.Sinceonlyoneassetwasinvolved,alsogivesthetimeweightedreturn.Tocalculatethemoneyweightedreturn,usethecashflowfunctionwithCf0=?2,000,Cf1=?5,000,andCf2=54,000×2 =10 8,000,andcomputeIRR,whichis7.73%.Themoneyweightedreturnislowerbecausetheamountintheaccountwasgreaterinthesecondperiod,whenthereturnwaspoor.Question28#44858Youranswer:Dwascorrect!Thebinomialdistributionisadiscretedistribution,whilethenormaldistributionisanexampleofacontinuousdistribution.Univariateandmultivariatedistributionscanbediscreteorcontinuous.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#44832Youranswer:Bwascorrect!AccordingtoStandardIV(B)AdditionalCompensationArrangements,membersandcandidatesmustobtainwrittenpermissionfromtheiremployerbeforeacceptinganofferofcompensation(fortheperformanceofworkdonefortheiremployer)inadditiontowhattheyreceivefromtheiremployerandthatiscontingentonfutureperformance.Suchcontingentadditionalcompensationisjudgedtobereasonablyexpectedtoimpairtheemployee抯independenceandobjectivity.Question 11 #44833Youranswer:Awasincorrect.ThecorrectanswerwasD)CompliancerequiresthatthefirmfollowlocallawanddisclosetheconflictbetweenlocallawandGIPS.Question12#44834Youranswer:Awascorrect!StandardIII(D)PerformancePresentationrequiresthatstatementsaboutperformancebenotonlyaccurate,butalsofairandcomplete.WhileVance抯statementmaybeaccurateinatechnicalsense,itisneitherfairnorcomplete,anditseemsintendedtomisleadprospectsaboutVance抯trackrecordinmanagingequitiesaccountsand/orselectingequitysecurities.WhilecompliancewithGIPSanditsmethodsofcompositeconstructionarerecommended,theyarenotrequiredbytheStandard.Question13#44835Youranswer:Dwascorrect!StandardV(B)CommunicationwithClientsandProspectiveClients.Briefcommunicationsmustbesupportedbybackgroundreportsordatathatcanbemadeavailabletotheclientifrequested.Drakeshouldhavegiventheclientamoredetailedanalysisoftheinvestmentwhentheclientcalledtorequestsuchinformation.DrakedidnotviolateStandardIII(C)becausehe搕horoughly?readandevaluatedtheanalysisanddeterminedthatthestructuredproductwasinlinewithhisclient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Book6Exam1AMTestID# :13 64808Question1#44786Youranswer:Cwascorrect!StandardVI(C)ReferralFees.Membersandcandidatesshalldisclosetoclientsandprospectsanyconsiderationorbenefitreceivedbythememberordeliveredtoothersfortherecommendationofanyservicetotheclientorprospect.Thisallowstheclienttoevaluateanypartialityshowninmakingreferrals.Question2#44787Youranswer:Awascorrect!StandardIV(C)ResponsibilitiesofSupervisorsexplicitlystatesthatspeakingtotheemployeetodeterminetheextentoftheviolationsandreceivingassurancesthatitwillnotberepeatedisnotenough.Finleymusttakepositivestepstoinsurethattheviolationwillnotberepeatedincludingpromptlylaunchinganinvestigationandlimitingtheemployee抯activitiesand/orincreasingsupervisionoftheemployeduntiltheresultsoftheinvestigationareknown.Question3#44788Youranswer:Awascorrect!SteinviolatedStandardI(C)Misrepresentationbypresentingmaterialdevelopedbyanotherwithoutacknowledgement.Question4#44789Youranswer:Dwascorrect!StandardV(A)DiligenceandReasonableBasis.Therecommendationreflectstheconsensusofthegroupandnotnecessarilytheopinionofthememberorcandidate.Iftheconsensusopinionhasareasonablebasis,thememberdoesnothavetodissociatefromthereportbutshoulddocumentthedifferenceofopinion.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,andthenthewriterwillget$3forthepremium.Thus,themaximumprofitis$5.Question 114 #44953Youranswer:Dwasincorrect.ThecorrectanswerwasB)Bothstatementsareincorrect.Asyieldsrise,thevalueoftheembeddedputoptioninaputablebondincreasesand(beyondacriticalpoint)reducesthedeclineinthevalueofthebondcomparedtoasimilaroptionfreebond.Asyieldsfall,thevalueoftheembeddedputoptiondecreases,and(beyondacriticalpoint)theputablebondbehavesmuchthesameasasimilaroptionfreebondsincetheembeddedputoptionhaslittleornovalue.Question 115 #44954Youranswer:Bwasincorrect.ThecorrectanswerwasD)Theincomeapproachusesnetoperatingincomebeforefinancingandtaxes.Hedonicpriceestimationusessimilarpropertiestodeterminetheappropriateregressioncoefficients.Question 116 #44955Youranswer: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 5,350Question 117 #44956Youranswer: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returnscanbeexplainedbyitstargetassetallocations.Itisverydifficulttogenerateabnormalportfolioreturnsbymarkettimingandsecurityselectionwithinassetclasses.Question85#44923Youranswer:Awascorrect!Marketweightedindex:Day1:whichisscaledtoavalueof500.Day2:whichnowhastobeadjustedrelativetotheinitialbasevalueof500fromday1.Weget:Finally,thepercentagechangeisQuestion86#44924Youranswer:Awascorrect!AportfoliowithequalnumbersofsharesofeachstockintheDJIAwillmatchtheperformanceoftheindexassumingtherearenostocksplits,stockdividends,orchangesinthemakeupoftheindex.Thereturnontheindexdoesnotincludedividendpayments.Sincethereinvesteddividendswilladdtothenumberofsharesofthosestocksthatpaydividends,Gomez抯portfolioreturnwillexceedthatoftheDJIA.Question87#44925Youranswer:Cwascorrect!Thetopdown,threestepprocessgoesfromtheeconomytotheindustrytothefirm,inthatorder.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)portfoliowithareturnthatishigherthantheriskfreeratecanresultinastraightCMLevenwiththeassumptionthatborrowingandlendingratesaredifferent.Marginaccountsrepresentborrowing,sounlessthemarginlendingrateisthesameastheriskfreerate,thisdoesnotsolvetheproblem(akinkedCML)thatresultsfromunequalborrowingandlendingratesinthemodel.Question80#44 917 Youranswer:Dwascorrect!TheStandardsofPracticehaveverylittletodowithinvestmentconstraints.Question 81 #44 918 Youranswer:Awascorrect!Ariskaverseinvestorpreferslessrisktomorerisk.Thelowerthecorrelation,thegreatertheriskreduction.Thus,ariskaverseinvestorwouldmostprefertheportfoliowiththelowestcorrelationcoefficientandleastprefertheonewiththehighest.Ofthechoicesgiven,AandC抯correlationcoefficientof+0.6isthehighest.Question82#44 919 Youranswer:Bwascorrect!TheCAPMconcludesthatexpectedreturnsareapositive(linear)functionofsystematicrisk.Question83#44920Youranswer:Cwascorrect!TheSMLandCMLarebothlines,andbothintersecttheverticalaxisattheriskfreerate.TheSMLdescribestherisk/returntradeoffforindividualsecuritiesorportfolios,whereastheCMLdescribestherisk/returntradeoffofvariouscombinationsofthemarketportfolioandarisklessasset.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#44907Youranswer:Bwascorrect!$2/50+0.08 =12 .0%Question 71 #44908Youranswer:Bwascorrect!Question72#44909Youranswer:Bwascorrect!Businessriskisthecombinationofsalesrisk,whichisthevariabilityofafirm'ssales,andoperatingrisk,whichistheadditionalvariabilityinoperatingearnings(EBIT)causedbyfixedoperatingcosts.Leverageisthecombinationofbusinessriskandfinancialrisk,whichistheadditionalriskcommonshareholdersmustbearwhenafirmusesfixedcostsourcesoffinancing.Question73#44 910 Youranswer:Dwascorrect!Sinceequityis40%ofassets,theequitymultiplieris1/0.40=2.5.UsingthetraditionalDuPontformula,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#44860Youranswer:Bwascorrect!Thecentrallimittheoremholdsforanydistributionaslongasthesamplesizeislarge(i.e.,n>30).Question 31 #448 61 Youranswer:Bwascorrect!Thepopulationvarianceisknown(inthiscase100),sothestandarderrorofthesamplemeanisQuestion32#44863Youranswer:Cwascorrect!Thettestisusedwhenthesamplesizeissmall.Question33#44864Youranswer:Dwascorrect!Itwoulddecrease,notincrease,theprofitabilityofcorporateinvestmentprojects.Question34#44865Youranswer:Awascorrect!Thepotentialdepositexpansionmultiplieristhereciprocalofthereserveratio.Ifthereserveratiois20%,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=$2.0millionAccelerateddepreciation: $14 million×0.333=$4.662millionQuestion76#44 913 Youranswer:Awascorrect!Sunkcostsarenottobeincludedininvestmentanalysis.Opportunitycosts,changesinnetworkingcapital,andtheproject抯impactontaxesareallrelevantvariablesindeterminingprojectcashflowforacapitalinvestment.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,andexperienceofexistingboardmembersisacharacteristicoftheRemunerations/CompensationCommittee,nottheAuditCommittee.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taxcashflowis637 ,10 9.NPV==$52,2 91. 81 Question 111 #44950Youranswer:Dwascorrect!Thefourfirmconcentrationratioisthesumofthemarketsharesofthefourlargestfirmsintheindustry.45%+25% +15 % +10 %=95TheHerfindahlindexisthesumofthesquaresofthemarketsharesofeachofthefirmsintheindustry.0.452+0.252+0 .15 2+0 .10 2+0.052=0.30Question 112 #449 51 Youranswer:Bwascorrect!Thisstatementiscorrectinthatthecostofaputoptionisnegative.(Theinvestorhastopayfortheflexibilityoftheputoption.)Theotherstatementscouldnotbecorrect.The搒preadoverthespotratesforaTreasurysecuritysimilartoStahl抯bond?referstoZspreadonthebond.Foracallablebond,theOAS<Zspread,sothiscouldnotbeatruestatementbecause 13 5bp> ;11 0bp.TheoptioncostiscalculatedusingtheOASandtheZspread,notthenominalspread.Thestaticspread(orZspread)isthespreadovereachofthespotratesinagivenTreasurytermstructure,notthespreadovertheTreasury抯YTM.(Note:Weslippedinafixedincomequestionhereinthederivativessectionofthetest.CFAInstitutecandothisatanytime.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#44947Youranswer:Dwascorrect!Aflattermstructurecouldbeexplainedaccordingtotheliquiditypreferencetheoryasacasewhereinvestorsexpectshorttermratestodeclineslightly,coupledwithamaturitypremiumthatexactlyoffsetsthedownwardpressurecontainedininvestorexpectations.Ahumpedtermstructurecouldbeexplainedaccordingtothepureexpectationstheoryifwebelievethatforshortermaturities,investorsbelieveinterestrateswillrisealongwiththebeliefthatmediumtermrateswilldeclinealongwiththebeliefthatlongertermrateswillbestable.Thepureexpectationstheorymakesnospecificmentionofthefactthatanupwardslopingtermstructureisaconsequenceofinvestorsexpectingshorttermratestoremainunchangedforaperiodoftimefollowedbyinvestorsexpectingshorttermratestoriseforaperiodoftime.Allthistheorysaysisthatanupwardslopingtermstructurecanbeexplainedbyinvestorsbelievingthatfutureshorttermrateswillrise.Finally,theliquiditypreferencetheoryattemptstoexplainthetermstructureaccordingtotwofactors.Theseareexpectationsaboutfutureinterestratesandamaturitypremiumtocompensateforinterestraterisk.Ifthetermstructureisdeclining,thiscouldbeexplainedsimplybyinvestorexpectationsofdecliningfutureshorttermratescoupledwithamaturitypremiumthatisnotlargeenoughtooffsetthedownwardpressureoninterestratesduetoinvestorexpectations.Question109#44948Youranswer:Awascorrect!Thevariabilityofpricesingeneralissignificantlylargerthanisthevariabilityof(uncertaintyabout)dividendsandhencemanagingpriceriskisofprimaryimportance,whiletheuncertaintyofdividendsisofsecondaryimportance.Theremainingstatementsarecorrect.Question 110 #44949Youranswer: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！Gainsorlossesfrommarketingmarketablesecuritiestotheirmarketvalueswillreverseiftheyaresoldandarethustemporarydifferences.Theotherstatementsarecorrect.Question66#44903Youranswer:Awascorrect!Whenanalyzingthefirm'sincometaxdisclosures,watchforthesewarningsignals: 1) Companiesthatgeneratesignificantpretaxincomeontheirfinancialstatementswhilereportinglowtaxespayable(i.e.,loweffectivetaxrates)arelikelytobeemployingaggressiveaccountingmethodsandhavelowqualityearnings.SoStatement1iscorrect.2)Restructuringchargestypicallyhavenotaxcashfloweffectsintheyeartheyarerecordedbutmayhavesignificanteffectsinfutureyearsastherestructuredoperationsandimpairedassetsaresold.SoStatement2iscorrectandChoiceAisthecorrectanswer.Ananalystmayalsolookoutforthefollowingadditionalitems:3)Adecreaseincapitalspendingmaysignalareversalofpasttemporarydifferencesrelatedtodepreciationmethods,resultinginhighertaxespayable.4)Temporarydifferencesmayreversebecauseofchangesintaxlaw,causinghighertaxespayable.Question67#44904Youranswer:Cwascorrect!Atakeorpayagreementobligatesabuyertopaythesellerofaproductorserviceaminimumamount,regardlessofwhethertheproductorserviceisdelivered.Thisistreatedasaliability,andthediscountedvaluemustbereflectedonthebuyer抯balancesheet.Question68#44905Youranswer:Cwascorrect!Cisreversed.Grossprofitisrecognizedattheinceptionforthesalestypelease.Question69#44906Youranswer:Bwascorrect!N=20;FV =10 00;PV=?94;PMT=60;CPT→I/Y=7%kd=(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,theexchangeofservices,theexchangeofinvestmentincome,andunilateraltransfers(giftstoandfromothernations).Question44#44878Youranswer:Bwascorrect!Ataminimumwageabovetheequilibriumwage,therewillbeanexcesssupplyofworkers.Firmssubstituteotherproductiveresourcesforlaborandusemorethantheeconomicallyefficientamountofcapital.Theresultisincreasedunemploymentandadecreaseineconomicefficiency.Firmsmaydecreasethequalityorquantityofthenonmonetarybenefitstheypreviouslyofferedtoworkers.Question45#44880Youranswer:Bwascorrect!Ifultimatepaymentisassuredandthecostestimatesareunreliable,thecompanymustusethecompletedcontractmethodandthuscannotrecognizeprofitsuntiltheendofthecontract.Profitsinyear2arezero.Theotherstatementsaretrue.Attheendofyear3,thebalanceinthecashaccountwillbeequaltothecumulativeprofits,or10?7.5=2.5.Underthepercentageofcompletionmethod,thecompanywouldrecognize$1millioninprofitsinyear2Thepercentageofcompletionmethodsmoothsincome,andtheprofitsrecognizedinyear3usingthismethodare(2.5/7.5)2.5=0.833.Question46#448 81 Youranswer:Dwascorrect!cashconversioncycle(CCC)=receivablesdays+inventoryprocessingdays?payablespaymentperiodSincethepayablespaymentperiodincreasesreceivablesby3.32daysandreceivablesdaysincreasesby5,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=DeffectiveDiDP/P=7.6(+0.0075)=0.057,or5.7%Question104#44942Youranswer:Dwascorrect!Thenominalyield(anothertermforthecouponyield)islessthantheyieldtomaturityforadiscountbond.Question105#44943Youranswer:Dwascorrect!Thekeytermhereiscouponbond.Whileaninvestorinafixedcouponbondcanusuallyeliminatepriceriskbyholdingabonduntilmaturity,thesameisnottrueforreinvestmentrisk.Thereceiptofperiodiccouponpaymentsexposestheinvestortoreinvestmentrisk.Anoncallablebondreducesreinvestmentriskbyreducingtheriskofrepayment.Thus,aninvestormostconcernedwithreinvestmentriskwouldpreferanoncallablebondtoacallablebond.Sincelowercouponbondshavelowerreinvestmentrisk,thissameinvestorwouldpreferalowercouponbondtoahighercouponbond.Aninvestorconcernedaboutreinvestmentriskismostconcernedaboutadecreasinginterestrateenvironment.Wheninterestratesdecrease,theinvestorisforcedtoreinvestcouponsandothercashflowsatalowerrate.Withalowercoupon,thisriskisless.Question106#44945Youranswer:Cwascorrect!AspecialpurposevehicleisalegalentitytowhichtheassetsusedascollateralinanABSissuearesold.Thistransactionseparatesthecompanyprovidingthecollateralfromthecompanythatneedsthefinancing.Theassetstransferredtothespecialpurposevehiclearefinancialassets,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#44883Youranswer:Bwascorrect!Becausenetincomeisgiven,thisprobleminvolvesusingtheindirectmethod.Theinterestexpenseisignoredbecauseitisalreadydeductedbeforenetincomeiscalculated.Ignoresalesforthesamereason;netincomeincorporatessales.Question48#44884Youranswer:Awascorrect!Investingcashflowsincludebuyingandsellingequipmentandland.Thisproblemdoesnotinvolveanysuchcashflows.Question49#44885Youranswer:Bwascorrect!Totalcashflowisthedifferencebetweentheendingcashbalanceandthebeginningcashbalance.InQuestions47and48,wecalculatedcashflowfromoperationsof $12 andcashflowfrominvestingof$0,soweneedtocalculatecashflowfromfinancing:Totalcashflowisthus $10 2.Iftheendingcashbalanceis$200,thebeginningcashbalancewas$200? $10 2=$98.Question50#44886Netincome+ $10 0Noncashitems:depreciation+2Changeinaccountsreceivable?0Changeininventory?0Changeinaccountspayable?0CFO $12 Saleofcommonstock $10 0Repaymentofdebt?0Financingcashflows$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.Clienttransactionsmusttakeprecedenceovermembers?orcandidates?trades.Heshouldhavesubmittedhispersonaltradeorderonlyaftertradingforhisclient.StandardIII(B)FairDealingrequiresthatFarleydealfairlywithallclientswhenrecommendingsecuritiesortakinginvestmentaction.SincetheendowmentfundisFarley抯onlyaccount,hehasnotdisadvantagedanyotherclientbyonlytakingactiononthebehalfoftheendowment.Question15#44837Youranswer:Dwascorrect!StandardIII(A)Loyalty,Prudence,andCare.Membersandcandidatesmustcomplywiththeirfiduciarydutytothosepersonsandinterestsbywhomthedutyisowed.Specifically,membersmustalwaysactforthebenefitoftheirclientsandplaceclients?interestsbeforetheirown.Murphy抯actionsindirectingtradestoCasanovaviolatethefiduciarydutyowedtoWellington&Worrel抯clients,asheappearstobeselectingCasanovaforthediscountsreceivedonpersonalsecuritiestransactions.Casanovachargeshighercommissionratesanddeliverspoorerexecutionthanotherbrokersusedbythefirm.ByusingCasanova,Murphyviolateshisfiduciarydutybyfailingtoactintheclients?bestinterest.Alternatively,thearrangementwithCedrockappearstocomplywithMurphy抯fiduciaryduty,asthefirmreceivesinvestmentresearchusedinmanagingclientportfolios(asoftdollararrangement)andachievesbetterexecutionforclienttrades.BecausethetradingarrangementwithCedrockbenefitsclients,itdoesnotviolateStandardIII(A).Question16#44838Youranswer:Bwasincorrect.ThecorrectanswerwasC)DoddhasmostlikelyviolatedStandardIII(B)FairDealingbygivingPhillipsanovergenerousallocationoftheoversubscribed(揾ot?newissue.Theissueisnotthatheisofferingcompensationtoaclienttoresolveadispute,butthatbyoverallocatingtheIPOsharestoPhillipsheisnottreatinghisotherclientsfairly.StandardIII(B)FairDealingrequiresthatcandidatesandmembersnotusesharesof揾otissues?asanincentivetoachievearewardorbenefit.Thebenefitinthiscaseisthatthedisputewill揼oaway.?/SPAN>Question17#44839Youranswer: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,thepercentageofequityis1?0.40,or60%.Question54#44890Youranswer:Bwascorrect!Sharesissuedpostsplitneednotbeadjustedforthesplitastheyare搉ew?shares.Question55#44892Youranswer:Awascorrect!BecausebasicEPSdoesnotadjustforwarrants,theadjustmentis0.DilutedEPSusesaverageprice.SinceAP>EX,Question56#44893Youranswer:Dwascorrect!Aisnotnecessarilytrue.Byitself,alowreceivablesturnoverreferstotheaveragetimeittakesthecompanytocollectitsreceivables,nottothelevelofreceivables(whichwillaffect,butnotdictateitscurrentratio).Bisnotnecessarilytrue;whetherafirm抯ROAishigherthanitsROEdependsontherelationofthecostofdebttoitsROA.Cisincorrect.Justthefactthatacompanyhasahighgrossprofitmargindoesnotnecessarilymeanitwillhaveahighnetprofitmargin.Forexample,thecompanycouldhaveveryhighoperatingexpensesandendupwithalownetprofitmargin.Thecashconversioncycleis:(365/6)+(365/9)?(365 /12 )=60.8+40.6?30.4=71days.Question57#44894Youranswer:Cwascorrect!Inperiodsofrisingpricesandstableorincreasinginventoryquantities,FIFO,comparedtoLIFO,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%.TheequivalentnumberoffirmsisthereciprocaloftheHerfindahlindex.Sincethesefivefirmscomprise100%ofthemarket,theHerfindahlindexissotheequivalentnumberoffirmsisQuestion89#44927Youranswer:Awascorrect!Optionfreebondshavepositiveconvexityandtheeffectof(positive)convexityistoincreasethemagnitudeofthepriceincreasewhenyieldsfallandtodecreasethemagnitudeofthepricedecreasewhenyieldsrise.Question90#44928Youranswer:Awascorrect!Duringtherecoveryphaseofthebusinesscycle,cyclicals,commodities,andcommoditylinkedequitiesaregenerallyattractiveinvestments.Question 91 #44929Youranswer:Dwascorrect!IncreasesinkreduceP/E.IncreasesingorthedividendpayoutratioincreaseP/E.Question92#44930Youranswer: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,nonrecurringcomponentsofearningsthatarespecifictothecompany.Also,themostrecentearningsinformationshouldbeusedinthecalculation.Thereforeweget:Question93#449 31 Youranswer:Awascorrect!Theriskpremiumwillbeafunctionofbusinessrisk,financialrisk,liquidityrisk,exchangeraterisk,andcountry(politicalrisk).Stocksdonotinvolvedefaultrisk.Question94#44932Youranswer:Bwascorrect!SemiannualcompoundrateisEndingvaluemustbe$888.94 (1. 0325) 14 = $1, 3 91. 02.Question95#44933Youranswer:Bwascorrect!Thisisasupernormalgrowthstockvaluationproblem.Step1:Findthedividendsinthesupernormalgrowthperiod.D 1 =1. 00 (1. 20)= $1. 20;D2 =1. 2 (1. 2)= $1. 44;D3 =1. 44 (1. 15)= $1. 656Step2:Usetheconstantgrowthmodeltofindthepriceattheendofperiod3. $1, 3 91. 02?u> ;1, 000.00facevalueatmaturity3 91. 02?u> 315 .00totalcoupons (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#44934Youranswer:Cwascorrect!Usethesamedividendsand搉ormal?growthpricefromQuestion96,excepttheperiod1dividend( $1. 20)hasalreadybeenpaid,andwediscounttheremainingtwodividendsandtheendofyearprice(P3)backtotheendofperiod1togetP 1 .Step1:Findthedividendsinthesupernormalgrowthperiod.D2 =1. 2 (1. 2) =1. 44;D3 =1. 44 (1. 15)= $1. 656Step2:Usetheconstantgrowthmodeltofindthepriceattheendofperiod3.Step3:Discountallofthecashflowsbacktotimeone.Question97#44935Youranswer:Dwascorrect!TheOASisameasureoftheyieldspreadoverTreasuryspotrateswithouttheoption.Question98#44936Youranswer: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.Dividendsareafinancingcashflow.Question 51 #44887Youranswer:Dwascorrect!freecashflow(FCF)=cashflowfromoperations?netcapitalexpendituresFCF=$800?40(purchaseofplantandequipment)+30(saleofland)=$790Question52#44888Youranswer:Cwascorrect!Asimplenumericalexamplecanhelp.AssumeCA=2andCL =1. ThennoteandDebtisdecreased,butequityisunchanged,soD/Eisdecreased.Question53#44889Youranswer: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?,300Cashpaidfortaxes牋牋牋?00Cashflowfromoperations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！TheeightmajorsectionsoftheCFAInstituteGlobalInvestmentPerformanceStandardsareFundamentalsofCompliance,InputData,CalculationMethodology,CompositeConstruction,Disclosures,PresentationandReporting,RealEstate,andPrivateEquity.Question18#44840Youranswer:Bwascorrect!StandardIII(C)Suitabilityrequiresthattheclientportfoliofittheclientriskandreturnobjectivesasstatedintheinvestmentpolicystatement,andthatseemstobethecasehere.Theproperfocusofriskanalysisisontheentireportfolioandneednotbeappliedonanissuebyissuebasis.ThereappearstobenoviolationofV(A)DiligenceandReasonableBasissincehispreviousanalysisindicatedtheportfoliowassuitableandhisrecordssupportedthatconclusion.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.Thefinancialcalculatorsolutionis:PV=6,6 91. 13;I/Y=6;N=5;CPT→PMT.YouobtainPMT=?,588.45.Question20#44844Youranswer:Cwascorrect!N=4;PV=?,000;FV=6,520;CPT→I/Y =12 .99%,orQuestion 21 #44845Youranswer: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#44847Youranswer:Cwascorrect!range=maximumvalue?minimumvalue=55 ?15 =40Calculatethemean:Togetthemeanabsolutedeviation,sumthedeviationsaroundthemean(ignoringthesign),anddividebythenumberofobservationsNotethattheunitsofvarianceherearepercentsquared.Usingdecimalsratherthanwholepercentyields0.0250.Question24#44848Youranswer: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#44895Youranswer:Awascorrect!Question59#44896Youranswer:Awascorrect!Question60#44897Youranswer:Dwascorrect!FIFOendinginventory=FIFOINV=LIFOINV+LIFOreserve=22,000+4,000=$26,000Question 61 #44898Youranswer:Bwascorrect!Thetotalcashflowsareequal,buttheexpensingfirmwillseelowerearlyyearprofitabilityratherthanhigherearlyyearprofitability.Question62#44899Youranswer:Cwascorrect!Impairmentmustberecognizedwhenthereissufficientevidencetoindicatethatthevalueofanassetcarriedonthebooksofacompanycannotberecovered.Indicatorsoflackofrecoverabilityincludeasignificantdecreaseinmarketvalue,adversechangesinlegalorbusinessconditions,substantialcostoverruns,andasignificantdeclineinanasset抯longtermlikelihoodofgeneratingprofit. 10 0@$ 210 =$ 21, 00070@$225= $15 ,750$36,750Purchases 19 0Sales 17 0Balance20@$ 210 =$4,200FIFOafter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,whichislessthanthemean.Question26#44850Youranswer:Bwasincorrect.ThecorrectanswerwasA)ThenominalincreaseinindustrialproductionisexpectedtobeThustherealchangeisexpectedtobeGiventheregressionequation,ourforecastis9,397.54=8,950+395 (1. 133).Question27#448 51 Youranswer:Awascorrect!ThefirstyearaccountreturnwasThesecondyearreturnwasThegeometricmeanis,whichisthetimeweightedreturn.Sinceonlyoneassetwasinvolved,alsogivesthetimeweightedreturn.Tocalculatethemoneyweightedreturn,usethecashflowfunctionwithCf0=?2,000,Cf1=?5,000,andCf2=54,000×2 =10 8,000,andcomputeIRR,whichis7.73%.Themoneyweightedreturnislowerbecausetheamountintheaccountwasgreaterinthesecondperiod,whenthereturnwaspoor.Question28#44858Youranswer:Dwascorrect!Thebinomialdistributionisadiscretedistribution,whilethenormaldistributionisanexampleofacontinuousdistribution.Univariateandmultivariatedistributionscanbediscreteorcontinuous.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#44832Youranswer:Bwascorrect!AccordingtoStandardIV(B)AdditionalCompensationArrangements,membersandcandidatesmustobtainwrittenpermissionfromtheiremployerbeforeacceptinganofferofcompensation(fortheperformanceofworkdonefortheiremployer)inadditiontowhattheyreceivefromtheiremployerandthatiscontingentonfutureperformance.Suchcontingentadditionalcompensationisjudgedtobereasonablyexpectedtoimpairtheemployee抯independenceandobjectivity.Question 11 #44833Youranswer:Awasincorrect.ThecorrectanswerwasD)CompliancerequiresthatthefirmfollowlocallawanddisclosetheconflictbetweenlocallawandGIPS.Question12#44834Youranswer:Awascorrect!StandardIII(D)PerformancePresentationrequiresthatstatementsaboutperformancebenotonlyaccurate,butalsofairandcomplete.WhileVance抯statementmaybeaccurateinatechnicalsense,itisneitherfairnorcomplete,anditseemsintendedtomisleadprospectsaboutVance抯trackrecordinmanagingequitiesaccountsand/orselectingequitysecurities.WhilecompliancewithGIPSanditsmethodsofcompositeconstructionarerecommended,theyarenotrequiredbytheStandard.Question13#44835Youranswer:Dwascorrect!StandardV(B)CommunicationwithClientsandProspectiveClients.Briefcommunicationsmustbesupportedbybackgroundreportsordatathatcanbemadeavailabletotheclientifrequested.Drakeshouldhavegiventheclientamoredetailedanalysisoftheinvestmentwhentheclientcalledtorequestsuchinformation.DrakedidnotviolateStandardIII(C)becausehe搕horoughly?readandevaluatedtheanalysisanddeterminedthatthestructuredproductwasinlinewithhisclient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Book6Exam1AMTestID# :13 64808Question1#44786Youranswer:Cwascorrect!StandardVI(C)ReferralFees.Membersandcandidatesshalldisclosetoclientsandprospectsanyconsiderationorbenefitreceivedbythememberordeliveredtoothersfortherecommendationofanyservicetotheclientorprospect.Thisallowstheclienttoevaluateanypartialityshowninmakingreferrals.Question2#44787Youranswer:Awascorrect!StandardIV(C)ResponsibilitiesofSupervisorsexplicitlystatesthatspeakingtotheemployeetodeterminetheextentoftheviolationsandreceivingassurancesthatitwillnotberepeatedisnotenough.Finleymusttakepositivestepstoinsurethattheviolationwillnotberepeatedincludingpromptlylaunchinganinvestigationandlimitingtheemployee抯activitiesand/orincreasingsupervisionoftheemployeduntiltheresultsoftheinvestigationareknown.Question3#44788Youranswer:Awascorrect!SteinviolatedStandardI(C)Misrepresentationbypresentingmaterialdevelopedbyanotherwithoutacknowledgement.Question4#44789Youranswer:Dwascorrect!StandardV(A)DiligenceandReasonableBasis.Therecommendationreflectstheconsensusofthegroupandnotnecessarilytheopinionofthememberorcandidate.Iftheconsensusopinionhasareasonablebasis,thememberdoesnothavetodissociatefromthereportbutshoulddocumentthedifferenceofopinion.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,andthenthewriterwillget$3forthepremium.Thus,themaximumprofitis$5.Question 114 #44953Youranswer:Dwasincorrect.ThecorrectanswerwasB)Bothstatementsareincorrect.Asyieldsrise,thevalueoftheembeddedputoptioninaputablebondincreasesand(beyondacriticalpoint)reducesthedeclineinthevalueofthebondcomparedtoasimilaroptionfreebond.Asyieldsfall,thevalueoftheembeddedputoptiondecreases,and(beyondacriticalpoint)theputablebondbehavesmuchthesameasasimilaroptionfreebondsincetheembeddedputoptionhaslittleornovalue.Question 115 #44954Youranswer:Bwasincorrect.ThecorrectanswerwasD)Theincomeapproachusesnetoperatingincomebeforefinancingandtaxes.Hedonicpriceestimationusessimilarpropertiestodeterminetheappropriateregressioncoefficients.Question 116 #44955Youranswer: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 5,350Question 117 #44956Youranswer: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returnscanbeexplainedbyitstargetassetallocations.Itisverydifficulttogenerateabnormalportfolioreturnsbymarkettimingandsecurityselectionwithinassetclasses.Question85#44923Youranswer:Awascorrect!Marketweightedindex:Day1:whichisscaledtoavalueof500.Day2:whichnowhastobeadjustedrelativetotheinitialbasevalueof500fromday1.Weget:Finally,thepercentagechangeisQuestion86#44924Youranswer:Awascorrect!AportfoliowithequalnumbersofsharesofeachstockintheDJIAwillmatchtheperformanceoftheindexassumingtherearenostocksplits,stockdividends,orchangesinthemakeupoftheindex.Thereturnontheindexdoesnotincludedividendpayments.Sincethereinvesteddividendswilladdtothenumberofsharesofthosestocksthatpaydividends,Gomez抯portfolioreturnwillexceedthatoftheDJIA.Question87#44925Youranswer:Cwascorrect!Thetopdown,threestepprocessgoesfromtheeconomytotheindustrytothefirm,inthatorder.Question88#44926...

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... 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,...

... 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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