1、注册金融分析师一级-29 及答案解析(总分：45.00，做题时间：90 分钟)一、Morning Session(总题数：45，分数：45.00)1.John Klement is a soybean farmer who harvests 125000 bushels of soybeans annually. Klement“s fixed costs are $ 200000 and his variable costs are $ 5 per bushel. Soybeans are currently priced at $ 5.35 per bushel. Based on his
2、 estimates, Klement sees soybean prices being relatively stable for the next two years, then increasing to $7.00 per bushel due to increased demand from Japan. What action should Klement take? Klement should:（分数：1.00）A.shut down for two years and then restart his business.B.cut his production by 50%
3、 for the next two years and then resume full production.C.continue operating his business as usual.2.Which of the following statements regarding depreciation expense in the cash flow statements is TRUE? Depreciation is:（分数：1.00）A.added back to net income when determining CFO using the direct method.
4、B.added back to net income when determining CFO using the indirect method.C.considered a cash item.3.Which of the following choices most accurately illustrates an operating liability and which most accurately illustrates a financing liability? Operating liabilities Financing liabilities（分数：1.00）A.Cu
5、stomer advances Accrued liabilitiesB.Short-term note payable Current portion of long-term debtC.Accounts payable Current portion of long-term debt4.Daniel Blair recently joined an investment club with several of his coworkers. Members of the club are generally quite conservative and are unwilling to
6、 invest in debt securities with credit ratings below AA. New investments are always evaluated in the context of the overall portfolio. Based on the attributes of the investment club members, they will most likely pursue an investment strategy that:（分数：1.00）A.attempts to reduce a portfolio“s standard
7、 deviation through diversification.B.seeks the lowest risk securities.C.tries to totally eliminate systematic risk.5.Which of the following would NOT be found in the statement of stockholders“ equity?（分数：1.00）A.Extraordinary items.B.The cumulative effect of exchange rate changes.C.The minimum liabil
8、ity for under funded pension plans.6.An investor in the 28% tax bracket is considering buying one of the following securities: A fully taxable Treasury security offering a 6.0% yield. A municipal bond offered at par offering a 4.0% yield. What is the after-tax yield on the Treasury and the taxable-e
9、quivalent yield on the municipal bond? After-tax yield on the treasury Taxable-equivalent yield on the municipal（分数：1.00）A.4.32% 2.88%B.4.32% 5.56%C.6.48% 2.88%7.The fact that firms can make more adjustments to production methods in the long run gives the firm:（分数：1.00）A.the ability to quickly adjus
10、t output.B.a long-run supply curve that is steeper than its short-run supply curve.C.a long-run supply curve that is more elastic than its short-run supply curve.8.Which of the following statements regarding forward contracts on T-bills is TRUE?（分数：1.00）A.If short-term yields increase unexpectedly a
11、fter contract initiation, the short will profit on the contract.B.There is no default risk on these forwards because T-bills are government-backed.C.The long will receive a payment at settlement if the discount yield is above the forward yield.9.If the volatility of interest rates increases, which o
12、f the following will experience the smallest price increase resulting from lower rates?（分数：1.00）A.Putable bond.B.Callable bond.C.Option-free coupon bond.10.Compared with outcomes that result from collusion, independent action by companies operating in an oligopolistic industry would tend to decrease
13、分数：1.00）A.output but not prices.B.prices but not output.C.both output and prices.11.A firm is purchasing a new file server for $ 680000 with a 4-year expected life and a salvage value of $ 50000. It is expected that the new server will generate an additional $200000 in revenue each year. The firm
14、will use the straight line method to depreciate the server for financial reporting, but the sum-of-year“s digits (SYD) method for tax purposes. How much tax will be payable in year two, assuming a 35 percent tax rate?（分数：1.00）A.$ 3850.B.-$ 1400.C.$ 14875.12.When calculating cash flow from operations
15、 (CFO) using the indirect method, which of the following is most accurate?（分数：1.00）A.The indirect method requires an additional schedule to reconcile net income to cash flow.B.In using the indirect method, each item on the income statement is converted to its cash equivalent.C.When recognizing a gai
16、n on the sale of fixed assets, the amount is a deduction to operating cash flows.13.Discretionary fiscal policy can be defined as:（分数：1.00）A.a situation in which total government spending exceeds total government revenue during a specific time period, usually one year.B.a change in laws or appropria
17、tion levels that alters government revenues and/or expenditures.C.a situation in which total government spending is less than total government revenue during a time period, usually one year.14.A corporation being analyzed has a return on equity (ROE) of 14.3 percent compared to the industry average
18、of 11.8 percent. Which of the following statements about the company, based on the DuPont equation, could explain the higher than average ROE?（分数：1.00）A.The net profit margin is lower than the industry average, but the company is using a higher proportion of debt financing than the industry average.
19、B.All of the statements could explain the higher than average ROE.C.The asset turnover is lower than the industry average, but the net profit margin is higher than the industry average.15.The most junior type of municipal bond is the:（分数：1.00）A.general obligation bond.B.income or revenue bond.C.inde
20、nture bond.16.Which of the following is least likely among the usual investment constraints that should be considered?（分数：1.00）A.Tax concerns and Legal factors.B.Adherence to the Standards of Practice.C.Unique needs and Preferences.17.Suppose you expect the computer industry to have a dividend payou
21、t ratio of 20% a return on equity of 22%, and a required return of 19%. Use microanalysis to estimate the earnings multiplier for the industry.（分数：1.00）A.10.8 times.B.13.3 times.C.14.3 times.18.According to the earnings multiplier model, all else equal, as the required rate of return on a stock incr
22、eases, the:（分数：1.00）A.P/E ratio will increase.B.P/E ratio will decrease.C.earnings per share will decrease.19.An oil exploration company has been contracted to dig 100 exploratory holes for $ 200000. The cost to complete this job is estimated to be $150000, but the company doesn“t recognize any of t
23、he $ 50000 profit until the job is completed. Which revenue recognition method is being used?（分数：1.00）A.Completed contract method.B.Percentage-of-completion method.C.Sales basis method.20.Of the following types of firm, which is most suitable for P/B ratio analysis?（分数：1.00）A.A service industry firm
24、 without significant fixed assets.B.A firm with accounting standards consistent to other firms.C.A firm with accounting standards different from other firms.21.The net asset value (NAV) of an open-end fund is determined by the:（分数：1.00）A.supply and demand for the shares in the investment management
25、company.B.market value of all assets minus the redemption fee, then divide by the number of shares outstanding.C.market value of assets minus liabilities divided by the number of shares outstanding.22.Which of the following will result in the lowest debt-to-total-capital ratio, assuming that all iss
26、ues raise the same amount of funds?（分数：1.00）A.Bonds with warrants attached.B.Convertible bonds.C.Zero-coupon bonds.23.Sometimes floating rate issues have caps and/or floors, which limit the maximum or minimum coupon rate that the issue will pay. Which of the following statements is TRUE with regard
27、to floating rate issues that have caps and floors?（分数：1.00）A.A floor is a disadvantage to both the issuer and the bondholder while a cap is an advantage to both the issuer and the bondholder.B.A floor is an advantage to both the issuer and the bondholder while a cap is a disadvantage to both the iss
28、uer and the bondholder.C.A cap is a disadvantage to the bondholder while a floor is a disadvantage to the issuer.24.Which of the following statements is a violation of Standard (B) if it is included on a CFA charterholder“s resume?（分数：1.00）A.My earning the CFA designation indicates my desire to main
29、tain high standards.B.My earning the CFA designation indicates my superior ability.C.My earning the CFA designation required that I pass three rigorous exams.25.Which of the following statements about theories of the yield curve is most likely correct?（分数：1.00）A.A liquidity preference cannot be cons
30、istent with a flat term structure of interest rates.B.The liquidity preference theory suggests that a downward-sloping term structure of interest rates is due to investors expecting short-term rates to decline, and although there is a maturity premium to consider, it is not large enough to offset th
31、e expectation of declining short-term rates.C.The pure expectations theory suggests that an upward-sloping term structure of interest rates is a consequence of investors expecting short-term rates to remain unchanged for a period of time, followed by investors expecting short-term rates to rise for
32、a period of time.26.Which of the following statements regarding capital budgeting is correct? A firm“s optimal capital budget can be found by moving along its investment opportunity schedule until:（分数：1.00）A.it exhausts its capital budget.B.the marginal revenue product is equal to marginal cost.C.th
33、e next project“s return no longer covers the marginal cost of capital.27.Which of the following best describes the underlying principles upon which the Global Investment Performance Standards (GIPS) are based?（分数：1.00）A.Fair and consistent application of a global set of regulatory requirements.B.Fai
34、r treatment of entities associated with securities law infractions.C.Full disclosure and fair representation of performance results.28.An analyst gathered the following information about a company: Taxable income is $ 40000. Pretax income is $ 50000. Current tax rate is 50%. Tax rate when the revers
35、al occurs will be 40%. What is the company“ s deferred tax liability at the end of year 1?（分数：1.00）A.$ 35OO.B.$ 4000.C.$ 4500.29.Which of the following statements about portfolio risk is true?（分数：1.00）A.In the absence of perfectly positive correlation, a portfolio will always have lower risk than th
36、e average risk of the component assets.B.In the absence of perfectly positive correlation, a portfolio will always have lower risk than the risk of each of the component assets.C.In the absence of perfectly negative correlation, a portfolio will always have lower risk than the risk of each of the co
37、mponent assets.30.If firms Acme and Butler have the same amount of sales and equal quick ratios, but Acme“s receivables turnover is higher, it is most likely that:（分数：1.00）A.Acme“s average days of receivables is higher than Butler“s.B.Acme has lower credit standards than Butler.C.Butler has a lower
38、cash ratio than Acme.31.For a firm financed with common stock and fixed-rate debt, an analyst should most appropriately adjust which of the following items for a change in market interest rates?（分数：1.00）A.Debt-to-equity ratio.B.Interest expense.C.Deferred tax liabilities.32.This information pertains
39、 to equipment owned by Brigade Company. Cost of equipment $10000 Estimated residual value $ 2000 Estimated useful life 5 years Depreciation method Straight-line The accumulated depreciation at the end of year 3 is:（分数：1.00）A.$ 1600.B.$ 3200.C.$ 4800.33.John McHenry is a junior consultant working in
40、Oldie Village Pension Consulting. He has calculated annual returns for 300 portfolio managers, and is analyzing the relationship between fees and performance. The dataset he is using (returns and fees for each manager) is an example of:（分数：1.00）A.a stratified random sample.B.a normalized dataset.C.a
41、 cross-sectional dataset.34.The scale-free measure of relative dispersion that is useful in making direct comparisons among different asset classes is the:（分数：1.00）A.Range.B.Variation.C.Coefficient of variation.35.Which of the following is the appropriate redemption price when bonds are called accor
42、ding to the sinking fund provision?（分数：1.00）A.Special redemption price.B.Regular redemption price.C.General redemption price.36.In the short run, price searchers maximize profits by producing output where marginal revenue (MR):（分数：1.00）A.equals marginal costs (MC) and charging a price based on the a
43、verage total cost (ATC) curve.B.is greater than marginal costs (MC) and charging a price based on the demand curve.C.equals marginal costs (MC) and charging a price based on the demand curve.37.When providing outside services, a member should provide all of the following information to her current e
44、mployer EXCEPT:（分数：1.00）A.the types of services to be provided.B.the compensation she will receive.C.a promise to remit an agreed-upon percentage of the proceeds to the current employer.38.During an onsite company visit, Yu Ding, CFA, accidentally overheard the Chief Executive office (CEO) of AMP, I
45、nc., discussing the company“s pending tender office to purchase Dynamica Enterprises, a retailer of stargazer products, According to the Standards of practice Handbook, Yu Ding may not use the Information to take investment action because:（分数：1.00）A.the information relates to a tender offer.B.acting
46、 on the information would breach a duty to bother the CEO and AMP.C.she does not have a reasonable and adequate basis for taking investment action.39.Which of the following limits the ability of arbitrage to correct anomalies?（分数：1.00）A.Arbitrage is a relatively riskless activity, which has led to c
47、onsistently reduced profits for many arbitrageurs, thereby reducing their interest in correcting market anomalies.B.There is no guarantee that even correctly identified relative mispricing of similar stocks will be corrected in the near term.C.Arbitrageurs are sophisticated traders but their short s
48、upply precludes the correction of market anomalies.40.A security market with price continuity is most accurately characterized as a market which:（分数：1.00）A.assets can be bought or sold quickly.B.an asset“ s price reflects all available information about the asset.C.Prices do not change much from one
49、 transaction to the next in the absence of new information.41.Which of the following statements regarding survivorship bias in hedge funds is TRUE? Survivorship bias tends to:（分数：1.00）A.understate the performance and overstate the volatility of hedge funds.B.overstate the performance and understate the volatility of hedge funds.C.overstate both the performance and volatility of hedge funds.42.An argument against using the price-to-sales (P/S) valuation approach is that:（分数：1.00）A.sales figures are not as easy to manipulate or distort as earnings per share (EPS) and book value.B.P/S ratios do
