金融分析师 CFA考题
金融分析师CFA考题CFA Diagnostic Test Questions 1 through 3 relate to Quantitative Methods 1.
Erin Chou is reviewing a profitable investment project that has a conventional cash flowpattern.
If the cash flows for the project, initial outlay, and future after-tax cash flowsall double, Chou would predict that the IRR would:A.
increase and the NPV would increase.B.
increase and the NPV would stay the same.C.
stay the same and the NPV would increase.2.
Braxton Energy is planning a new issue of $100 par preferred stock with a 12 percentdividend.
The stock can be sold for $95 per share and the company must pay flotationcosts of 5 percent of the market price.
Assuming a marginal tax rate of 40 percent,Braxton Energy’s after-tax component cost of preferred stock is closest to:A.
8.0%B.
12.6%C.
13.3%3.
Which of the following mechanisms is least likely to reduce agency conflicts betweencorporate managers and stockholders?A.
Executive stock options with an exercise price
50% above the current marketprice of the stock.B.
Shareholder sponsored proposals to be voted on at the firm’s annual meeting.C.
Pressure from institutional stockholders to change management policies.Questions 4 through 6 relate to Economics4.
For a particular product produced by a firm, the quantity at which demand is unitaryelastic is most likely the quantity that maximizes:A.
total profit from the product but not total revenue from the product.B.
total revenue from the product but not total profit from the product.C.
neither total profit from the product nor total revenue from the product.5.
All else equal, if the elasticity of demand and the elasticity of supply both increase,consumer surplus and producer surplus, respectively, will most likely:Consumer Surplus
Producer SurplusA.
Increase
IncreaseB.
Increase
DecreaseC.
Decrease
Decrease6.
When marginal product is at a maximum:A.
marginal cost is at a minimum. B.
average product is at a minimum. C.
average variable cost is at a minimum. Questions 7 through 10 relate to Financial Reporting & Analysis 7.
The carrying value of inventories reflects:A.
Their original costB.
Their current valueC.
The lower of original cost or net realizable value8.
Which combination of depreciation methods and useful lives is most conservative in theyear a depreciable asset is acquired?A.
Straight-line depreciation with a long useful life.B.
Declining balance depreciation with a long useful life.C.
Declining balance depreciation with a short useful life.9.
An
analyst
suspects
that
a
particular
company's
financial
statements
may
requireadjustment because the company uses take-or-pay agreements. The most likely effect ofthe appropriate adjustment s on the company's return on assets (ROA) and debt-to-equityratio, respectively, would be:ROA
Debt-to-equity ratioA.
Increase
IncreaseB.
Increase
DecreaseC.
Decrease
Increase 10.
The first step in evaluating the cash flow state
ment should be to examine: A.
Individual operating cash flow items. B.
Individual financing cash flow items. C.
The major sources and uses of cash. 谢谢分享哦
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