高顿搜索 -第14页

【单选】 Joe Carter, CFA, believes Triangle Equipment, a maker of large, specialized industrial equipment, has overstated the salvage value of its equipment. This would:
A. overstate earnings.
B. overstate liabilities.
C. understate earnings.
【单选】 Alex Fisher, CFA, is examining the phenomenon of mean reversion on the earnings of several firms. Which of the following statements regarding mean reversion is least accurate?
A. Low earnings should not be expected to continue indefinitely.
B. Normal earnings should not be expected to continue indefinitely.
C. High earnings should not be expected to continue indefinitely.
【单选】 Joan Zeller, CFA, suspects Cornwall Carpets is overstating its profits. Which of the following is least likely to motivate Cornwall to overreport?
A. Cornwall depends heavily on stock options to compensate its employees.
B. Cornwall is attempting to get lawmakers to institute a tariff.
C. Cornwall’s debt covenants are strict.
【单选】 Dave Iverson, CFA, is analyzing the recently released financial statement of Global Corp., a large multinational manufacturing company with production facilities across Europe and Southeast Asia. The company’s choice of functional currency is not disclosed, but Iverson does notice that Global Corp. does not have any cumulative translation adjustments (CTA) on its balance sheet. Which of the following statements is most accurate based upon Iverson’s observation?
A. The temporal method of foreign currency translation is used exclusively.
B. The current rate method of foreign currency translation is used exclusively.
C. The temporal method of foreign currency translation is used for at least some of its subsidiaries.
【单选】 Roberto Perez, CFA, is the Chief Financial Officer for Home Stores, Inc., a large home improvement retailer with stores located across the United States. Home Stores is preparing for a secondary stock offering to secure the necessary capital to pursue an aggressive expansion campaign. Perez has received a directive from his boss to make every legitimate effort to present Home Stores’ upcoming financial statements in the best possible light. Perez determines that certain assumptions in the pension plan can be changed to fulfill this request. Which of the following pension plan assumptions can be changed by a firm to manipulate its reported results? Change Result
A.

increased expected rate of return decreased service cost

B.

decreased discount rate increased expected return

C.

decreased rate of
compensation growth decreased service cost
【单选】 While attending a local university, CFA candidate Anjolie Webster accepts a temporary position with a small manufacturing firm. Currently, the firm uses LIFO to account for inventory, but the owner is “just curious” about how the financial results would look if the company used FIFO. The owner hands Webster a photocopy of the inventory data for the current period (summarized below). Beginning inventory of 1,000 units at $30 cost. Ending inventory of 800 units. Sales of 1,100 units. Three inventory purchases (listed from earliest purchase to latest purchase): 400 units at $27 each, 300 units at $25 each, and an unreadable number of units at $22 each. (Unfortunately, when the owner copied the original document, he left a yellow sticky note covering some of the inventory information.) Current assets (less inventory) of $75,000. Current liabilities of $65,000. Using the information provided, determine which of the following statements is least accurate? All else equal, compared to LIFO, using FIFO would result in:
A. a lower ending inventory balance.
B. a current ratio of approximately 1.60.
C. a lower gross margin.
【单选】 While having lunch with a group of friends, Francine Lenser, CFA, was overheard saying the following: “The recent boom in technological advances should keep the economy growing. Whenever the economy slows, someone will come along with a bold new idea that kick-starts it.” Lenser’s statement most accurately reflects the:
A. exogenous growth theory.
B. new growth theory.
C. neoclassical growth theory.
【单选】 Donna Ackerman, CFA, is an analyst in the currency trading department at State Bank. Ackerman is training a new hire, Fred Bos, a recent college graduate with a BA in economics. Ackerman and Bos have the following information available to them: .style1 {color: #000000} .style2 {color: #000000; text-align: center} Spot Rates Bid Price Ask Price EUR/USD €1.0000 €1.0015 GBP/USD £2.0000 £2.0100 EUR/GBP €0.3985 €0.4000Ackerman and Bos are interested in pursuing profitable arbitrage opportunities for State Bank. What will be the profits from triangular arbitrage, starting with $1,000?
A. $243.78.
B. $248.46.
C. $245.65.
【单选】 Alexis Popov, CFA, wants to estimate how sales have grown from one quarter to the next on average. The most direct way for Popov to estimate this would be:
A. a linear trend model.
B. an AR(1) model.
C. an AR(1) model with a seasonal lag.
【单选】 Alexis Popov, CFA, has estimated the following specification: xt = b0 + b1 × xt-1 + et. Which of the following would most likely lead Popov to want to change the model’s specification?
A. Correlation(e_t, e_t-2) is significantly different from zero.
B. Correlation(e_t, e_t-1) is not significantly different from zero.
C. b₀ < 0.
【单选】 Alexis Popov, CFA, is analyzing monthly data. Popov has estimated the model xt = b0 + b1 × xt-1 + b2 × xt-2 + et. The researcher finds that the residuals have a significant ARCH process. The best solution to this is to:
A. re-estimate the model using only an AR(1) specification.
B. re-estimate the model using a seasonal lag.
C. re-estimate the model with generalized least squares.
【单选】 Barry Phillips, CFA, is analyzing quarterly data. He has estimated an AR(1) relationship (xt = b0 + b1 × xt-1 + et) and wants to test for seasonality. To do this he would want to see if which of the following statistics is significantly different from zero?
A. Correlation(e_t, e_t-1).
B. Correlation(e_t, e_t-4).
C. Correlation(e_t, e_t-5).
【单选】 Barry Phillips, CFA, has estimated an AR(1) relationship (xt = b0 + b1 × xt-1 + et) and got the following result: xt+1 = 0.5 + 1.0xt + et. Phillips should:
A. not first difference the data because b₀ = 0.5 < 1.
B. first difference the data because b₁ = 1.
C. not first difference the data because b₁ − b₀ = 1.0 − 0.5 = 0.5 < 1.

【单选】 Barry Phillips, CFA, has the following time series observations from earliest to latest: (5, 6, 5, 7, 6, 6, 8, 8, 9, 11). Phillips transforms the series so that he will estimate an autoregressive process on the following data (1, -1, 2, -1, 0, 2, 0, 1, 2). The transformation Phillips employed is called:

A. first differencing.
B. beta drift.
C. moving average.

【单选】 David Brice, CFA, has tried to use an AR(1) model to predict a given exchange rate. Brice has concluded the exchange rate follows a random walk without a drift. The current value of the exchange rate is 2.2. Under these conditions, which of the following would be least likely?

A. The forecast for next period is 2.2.
B. The process is not covariance stationary.
C. The residuals of the forecasting model are autocorrelated.

【单选】 David Brice, CFA, has used an AR(1) model to forecast the next period’s interest rate to be 0.08. The AR(1) has a positive slope coefficient. If the interest rate is a mean reverting process with an unconditional mean, a.k.a., mean reverting level, equal to 0.09, then which of the following could be his forecast for two periods ahead?

A. 0.081.
B. 0.113.
C. 0.072.

【单选】 Troy Dillard, CFA, has estimated the following equation using quarterly data: xt = 93 - 0.5×xt–1 + 0.1×xt–4 + et. Given the data in the table below, what is Dillard's best estimate of the first quarter of 2007? Time Value 2005: I 62 2005: II 62 2005: III 66 2005: IV 66 2006: I 72 2006: II 70 2006: III 64 2006: IV 66

A. 66.40.
B. 66.60.
C. 67.20.

【单选】 Troy Dillard, CFA, has estimated the following equation using semiannual data: xt = 44 + 0.1×xt–1 – 0.25×xt–2 - 0.15×xt–3 + et. Given the data in the table below, what is Dillard’s best forecast of the second half of 2007? Time Value 2003: I 31 2003: II 31 2004: I 33 2004: II 33 2005: I 36 2005: II 35 2006: I 32 2006: II 33

A. 34.05.
B. 60.55.
C. 34.36.

【单选】 Dianne Hart, CFA, is considering the purchase of an equity position in Book World, Inc, a leading seller of books in the United States. Hart has obtained monthly sales data for the past seven years, and has plotted the data points on a graph. Which of the following statements regarding Hart’s analysis of the data time series of Book World’s sales is most accurate? Hart should utilize a:

A. mean-reverting model to analyze the data because the time series pattern is covariance stationary.
B. log-linear model to analyze the data because it is likely to exhibit a compound growth trend.
C. linear model to analyze the data because the mean appears to be constant.

【单选】 Rhonda Wilson, CFA, is analyzing sales data for the TUV Corp, a current equity holding in her portfolio. She observes that sales for TUV Corp. have grown at a steadily increasing rate over the past ten years due to the successful introduction of some new products. Wilson anticipates that TUV will continue this pattern of success. Which of the following models is most appropriate in her analysis of sales for TUV Corp.?

A. A linear tend model, because the data series is equally distributed above and below the line and the mean is constant.
B. A log-linear trend model, because the data series exhibits a predictable, exponential growth trend.
C. A log-linear trend model, because the data series can be graphed using a straight, upward-sloping line.

【单选】 David Wellington, CFA, has estimated the following log-linear trend model: LN(xt) = b0 + b1t + εt. Using six years of quarterly observations, 2001:I to 2006:IV, Wellington gets the following estimated equation: LN(xt) = 1.4 + 0.02t. The first out-of-sample forecast of xt for 2007:I is closest to:

A. 1.88.
B. 4.14.
C. 6.69.

【单选】 Alex Wade, CFA, is analyzing the result of a regression analysis comparing the performance of gold stocks versus a broad equity market index. Wade believes that serial correlation may be present, and in order to prove his theory, should use which of the following methods to detect its presence?

A. The Breusch-Pagan test.
B. The Durbin-Watson statistic.
C. The Hansen method.

【单选】 Consider the following graph of residuals and the regression line from a time-series regression: These residuals exhibit the regression problem of:<

A. autocorrelation.
B. homoskedasticity.
C. heteroskedasticity.

【单选】 Jacob Warner, CFA, is evaluating a regression analysis recently published in a trade journal that hypothesizes that the annual performance of the S&P 500 stock index can be explained by movements in the Federal Funds rate and the U.S. Producer Price Index (PPI). Which of the following statements regarding his analysis is most accurate?

A. If the p-value of a variable is less than the significance level, the null hypothesis cannot be rejected.
B. If the p-value of a variable is less than the significance level, the null hypothesis can be rejected.
C. If the t-value of a variable is less than the significance level, the null hypothesis cannot be rejected.

【单选】 Henry Hilton, CFA, is undertaking an analysis of the bicycle industry. He hypothesizes that bicycle sales (SALES) are a function of three factors: the population under 20 (POP), the level of disposable income (INCOME), and the number of dollars spent on advertising (ADV). All data are measured in millions of units. Hilton gathers data for the last 20 years and estimates the following equation (standard errors in parentheses): SALES = 0.000 + 0.004 POP + 1.031 INCOME + 2.002 ADV (0.113) (0.005) (0.337) (2.312) For next year, Hilton estimates the following parameters: (1) the population under 20 will be 120 million, (2) disposable income will be $300,000,000, and (3) advertising expenditures will be $100,000,000. Based on these estimates and the regression equation, what are predicted sales for the industry for next year?

A. $557,143,000.
B. $509,980,000.
C. $656,991,000.

【单选】 Henry Hilton, CFA, is undertaking an analysis of the bicycle industry. He hypothesizes that bicycle sales (SALES) are a function of three factors: the population under 20 (POP), the level of disposable income (INCOME), and the number of dollars spent on advertising (ADV). All data are measured in millions of units. Hilton gathers data for the last 20 years and estimates the following equation (standard errors in parentheses): SALES = α + 0.004 POP + 1.031 INCOME + 2.002 ADV (0.005) (0.337) (2.312) The critical t-statistic for a 95% confidence level is 2.120. Which of the independent variables is statistically different from zero at the 95% confidence level?

A. INCOME only.
B. ADV only.
C. INCOME and ADV.

A. SALES = α x β₁ POP x β₂ INCOME x β₃ ADV x ε.
B. INCOME = α + β₁ POP + β₂ SALES + β₃ ADV + ε.
C. SALES = α + β₁ POP + β₂ INCOME + β₃ ADV + ε.

【单选】 Wanda Brunner, CFA, is working on a regression analysis based on publicly available macroeconomic time-series data. The most important limitation of regression analysis in this instance is:

A. limited usefulness in identifying profitable investment strategies.
B. the error term of one observation is not correlated with that of another observation.
C. low confidence intervals.

【单选】 Jason Brock, CFA, is performing a regression analysis to identify and evaluate any relationship between the common stock of ABT Corp and the S&P 100 index. He utilizes monthly data from the past five years, and assumes that the sum of the squared errors is .0039. The calculated standard error of the estimate (SEE) is closest to:

A. 0.0080.
B. 0.0360.
C. 0.0082.

【单选】 Bea Carroll, CFA, has performed a regression analysis of the relationship between 6-month LIBOR and the U.S. Consumer Price Index (CPI). Her analysis indicates a standard error of estimate (SEE) that is high relative to total variability. Which of the following conclusions regarding the relationship between 6-month LIBOR and CPI can Carroll most accurately draw from her SEE analysis? The relationship between the two variables is:

A. positively correlated.
B. very strong.
C. very weak.

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