高顿搜索 -第26页

【单选】 Marnie Colston, CFA, suspects one of the companies she covers is committing accounting fraud. She has uncovered evidence of pressure to increase earnings and weak internal controls. To satisfy the third point of the fraud triangle, Colston should try to find a sign of:
A. motivation.
B. rationalization.
C. temptation.
【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 liabilities.
B. understate earnings.
C. overstate earnings.
【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 is attempting to get lawmakers to institute a tariff.
B. Cornwall depends heavily on stock options to compensate its employees.
C. Cornwall’s debt covenants are strict.
【单选】 Luigi Medici, a level II candidate for the CFA charter, was asked to assist in the analysis of the effective tax rate for Monster Software Inc. The following comments were left with Medici by his superior, Greg Becker. The analyst should estimate expected changes in the effective tax rate based solely on the provided reconciliation, without regard to any additional input from the management of the company. The analysis of trends and forecasting should include all continuous items. The analysis of trends and forecasting should include all sporadic items. The forecast should include expected changes in legislation related to corporate taxation. Becker is:
A. correct in regard to statements 2 and 4.
B. incorrect in regard to statements 2 and 3.
C. correct in regard to statements 3 and 4.
【单选】 Lucille Edgewater, CFA, is analyzing Pfaff Company, which reports its long-lived assets using the revaluation model. Edgewater needs to determine 1) what Pfaff’s carrying value of property, plant and equipment would be under the historical cost model, and 2) which of Pfaff’s intangible assets have finite useful lives. Will these items be disclosed in Pfaff’s financial statements?
A. Both of these items are required to be disclosed.
B. Neither of these items is required to be disclosed.
C. Only one of these items is required to be disclosed.
【单选】 Jerry Krome, CFA, is an equity analyst. The head of research at Krome’s firm composes a memo that contains the following statements: To the extent that management has discretion over the firm’s revenue recognition, an analyst should consider policies that recognize revenue later to be more conservative than policies that recognize revenue sooner. When comparing the performance of companies, an analyst can use the information in the financial statement disclosures to adjust the financial statements for differences in revenue recognition policies. With regard to the implications of revenue recognition policies for financial analysis, Krome should agree with:
A. both of these statements.
B. only one of these statements.
C. neither of these statements.
【单选】 Lily Olsen, CFA, obtains the following monthly economic data for the United States (at annual rates, except duration of unemployment): .style1 {color: #000000} April May June Average duration of unemployment 35 weeks 32 weeks 30 weeks Payroll employment +7% +4% 0% Manufacturers' new orders – capital goods +4% −2% −7% Industrial production +6% +3% +1% Average weekly hours, manufacturing +1% −3% −5% Manufacturers' new orders – consumer +3% +1% −1% These indicators are most consistent with economic activity that is currently:
A. at a trough.
B. at a peak.
C. in recession.
【单选】 Steve Walker, CFA, is attending an economics lecture, during which the lecturer makes the following two statements about consumer price inflation: Statement 1: High-definition televisions are considerably more expensive than traditional models. This means consumers are spending more money per television unit, which represents a form of inflation. Statement 2: Employment contracts with automatic increases based on the Consumer Price Index fail to increase wages in line with the cost of living because of biases in the price index. Should Walker agree or disagree with these statements? Statement 1 Statement 2
A.

Disagree Disagree

B.

Agree Agree

C.

Disagree Agree
【单选】 The graph of two long run average total cost (LRATC) curves for a typical company appears below. Based on this graph, which of the following statements is least accurate?
A. The ideal plant size is indicated by point M.
B. The use of improved technology may have caused the company to move from LRATC₁ to LRATC₂.
C. At point L, the company is experiencing economies of scale.
【单选】 Hazel Green, CFA, earned $90,000 last year working as a derivatives analyst. She is also a skilled web page designer. Green could earn $70,000 per year in that occupation, which she has determined is her next-highest paying alternative. The difference between Green’s income as a derivatives analyst and her potential income as a web page designer is best described as:
A. opportunity cost.
B. economic rent.
C. marginal revenue product.
【单选】 Roy Fisher, CFA, wants to determine whether there is a significant difference, at the 5% significance level, between the mean monthly return on Stock GHI and the mean monthly return on Stock JKL. Fisher assumes the variances of the two stocks’ returns are equal. Using the last 12 months of returns on each stock, Fisher calculates a t-statistic of 2.0 for a test of equality of means. Based on this result, Fisher’s test:
A. rejects the null hypothesis, and Fisher can conclude that the means are equal.
B. rejects the null hypothesis, and Fisher can conclude that the means are not equal.
C. fails to reject the null hypothesis.
【单选】 A survey is taken to determine whether the average starting salaries of CFA charterholders is equal to or greater than $62,500 per year. What is the test statistic given a sample of 125 newly acquired CFA charterholders with a mean starting salary of $65,000 and a standard deviation of $2,600?
A. -10.75.
B. 10.75.
C. 0.96.
【单选】 A survey is taken to determine whether the average starting salaries of CFA charterholders is equal to or greater than $57,000 per year. Assuming a normal distribution, what is the test statistic given a sample of 115 newly acquired CFA charterholders with a mean starting salary of $65,000 and a standard deviation of $4,500?
A. 19.06.
B. -19.06.
C. 1.78.
【单选】 A survey is taken to determine whether the average starting salaries of CFA charterholders is equal to or greater than $54,000 per year. Assuming a normal distribution, what is the test statistic given a sample of 75 newly acquired CFA charterholders with a mean starting salary of $57,000 and a standard deviation of $1,300?
A. 19.99.
B. 2.31.
C. -19.99.
【单选】 A survey is taken to determine whether the average starting salaries of CFA charterholders is equal to or greater than $58,500 per year. What is the test statistic given a sample of 175 newly acquired CFA charterholders with a mean starting salary of $67,000 and a standard deviation of $5,200?
A. 21.62.
B. -1.63.
C. 1.63.
【单选】 A survey is taken to determine whether the average starting salaries of CFA charterholders is equal to or greater than $59,000 per year. What is the test statistic given a sample of 135 newly acquired CFA charterholders with a mean starting salary of $64,000 and a standard deviation of $5,500?
A. -10.56.
B. 10.56.
C. 0.91.
【单选】 John Jenkins, CFA, is performing a study on the behavior of the mean P/E ratio for a sample of small-cap companies. Which of the following statements is most accurate?
A. One minus the confidence level of the test represents the probability of making a Type II error.
B. The significance level of the test represents the probability of making a Type I error.
C. A Type I error represents the failure to reject the null hypothesis when it is, in truth, false.
【单选】 Construct a 90% confidence interval for the mean starting salaries of the CFA charterholders if a sample of 100 recent CFA charterholders gives a mean of 50. Assume that the population variance is 900. All measurements are in $1,000.
A. 50 ± 1.645(30).
B. 50 ± 1.645(3).
C. 50 ± 1.645(900).
【单选】 The average salary for a sample of 61 CFA charterholders with 10 years experience is $200,000, and the sample standard deviation is $80,000. Assume the population is normally distributed. Which of the following is a 99% confidence interval for the population mean salary of CFA charterholders with 10 years of experience?
A. $172,754 to $227,246.
B. $172,514 to $227,486.
C. $160,000 to $240,000.
【单选】 Melissa Cyprus, CFA, is conducting an analysis of inventory management practices in the retail industry. She assumes the population cross-sectional standard deviation of inventory turnover ratios is 20. How large a random sample should she gather in order to ensure a standard error of the sample mean of 4?
A. 20.
B. 80.
C. 25.
【单选】 Joan Biggs, CFA, acquires a large database of past returns on a variety of assets. Biggs then draws random samples of sets of returns from the database and analyzes the resulting distributions. Biggs is engaging in:
A. Monte Carlo simulation.
B. historical simulation.
C. discrete analysis.
【单选】 Claude Bellow, CFA, is an analyst with a real-estate focused investment firm. Today, one of the partners e-mails Bellow the following table and requests that he look into the reward-to-variability ratios of two asset classes. The table below gives five years of annual returns for Marley REIT (real estate investment trust) and a large urban apartment building. Marley REIT invests in commercial properties. The risk-free rate is 5.0% and the firm’s threshold rate for this type is investment is 5.7%. (Note: For this question, calculate the mean returns using the arithmetic mean.) Table 1: Annual returns (in %) Asset Year 1 Year 2 Year 3 Year 4 Year 5 Marley REIT 15.0 8.0 13.0 9.0 13.0 Apartment Bldg 10.0 -1.0 8.0 8.0 9.0 One of the office assistants begins to “run some numbers,” but is then called away to an important meeting. So far, the assistant has calculated the standard deviation of the apartment building returns at 3.97% and the standard deviation of the REIT returns at 2.65%. (He assumed that the returns given represent the entire population of returns.) Now, Bellow must finish the work. Bellow should conclude that the:
A. REIT has a higher excess return per unit of risk than the apartment building has per unit of risk.
B. safety-first ratio for the REIT is 2.49.
C. partner is asking Bellow to select the investment with the minimal probability that the return falls below 5.70%.
【单选】 John Cupp, CFA, has several hundred clients. The values of the portfolios Cupp manages are approximately normally distributed with a mean of $800,000 and a standard deviation of $250,000. The probability of a randomly selected portfolio being in excess of $1,000,000 is:
A. 0.2119.
B. 0.1057.
C. 0.3773.
【单选】 Assume 30% of the CFA candidates have a degree in economics. A random sample of three CFA candidates is selected. What is the probability that none of them has a degree in economics?
A. 0.027.
B. 0.343.
C. 0.900.
【单选】 The Night Raiders, an expansion team in the National Indoor Football League, is having a challenging first season with a current win loss record of 0 and 4. However, the team recently signed four new defensive players and one of the team sponsors (who also happens to hold a CFA charter) calculates the probability of the team winning a game at 0.40. Assuming that whether the team wins a game is independent of whether it wins any other game, the probability that the team will win 6 out of the next 10 games is closest to:
A. 0.417.
B. 0.112.
C. 0.350.
【单选】 Joe Mayer, CFA, projects that XYZ Company's return on equity varies with the state of the economy in the following way: State of Economy Probability of Occurrence Company Returns Good .20 20% Normal .50 15% Poor .30 10% The standard deviation of XYZ's expected return on equity is closest to:
A. 1.5%.
B. 3.5%.
C. 12.3%.
【单选】 Jay Hamilton, CFA, is analyzing Madison, Inc., a distressed firm. Hamilton believes the firm’s survival over the next year depends on the state of the economy. Hamilton assigns probabilities to four economic growth scenarios and estimates the probability of bankruptcy for Madison under each: Economic growth scenario Probability of scenario Probability of bankruptcy Recession (< 0%) 20% 60% Slow growth (0% to 2%) 30% 40% Normal growth (2% to 4%) 40% 20% Rapid growth (> 4%) 10% 10% Based on Hamilton’s estimates, the probability that Madison, Inc. does not go bankrupt in the next year is closest to:
A. 67%.
B. 18%.
C. 33%.
【单选】 Avery Scott, financial planner, recently obtained his CFA Charter and is considering multiple job offers. Scott devised the following four criteria to help him decide which offers to pursue most aggressively. Criterion % Expected to Meet the Criteria 1. Within 75 miles of San Francisco 0.85 2. Employee size less than 50 0.50 3. Compensation package exceeding $100,000 0.30 4. Three weeks of vacation 0.15 If Scott has 20 job offers and the probabilities of meeting each criterion are independent, how many are expected to meet all of his criteria? (Round to nearest whole number).
A. 0.
B. 3.
C. 1.
【单选】 Pat Binder, CFA, is examining the effect of an inverted yield curve on the stock market. She determines that in the past century, 75% of the times the yield curve has inverted, a bear market in stocks began within the next 12 months. Binder believes the probability of an inverted yield curve in the next year is 20%. Binder's estimate of the probability that there will be an inverted yield curve in the next year followed by a bear market is closest to:
A. 50%.
B. 38%.
C. 15%.
【单选】 Twenty Level I CFA candidates in a study group took a practice exam and want to determine the distribution of their scores. When they grade their exams they discover that one of them skipped an ethics question and subsequently filled in the rest of his answers in the wrong places, leaving him with a much lower score than the rest of the group. If they include this candidate’s score, their distribution will most likely:
A. have a mode that is less than its median.
B. have a mean that is less than its median.
C. be positively skewed.