注册金融分析师一级-16答案解析

1、f next years dividend$2companys return on equity 10%Using the dividend discount model, the companys dividend payout ratio is closest to: A. 5% B. 30% C. 70%（分数：3.00）A.B.C.2.What would an investor be willing to pay for a share of preferred stock that paid an annual $5 dividend if the yield on preferred was 40 basis point below the A bond yield of 7%? A. $36.8 B. $57.4 C. $65.8（分数：3.00）A.B.C.3.A stock paid a $3 dividend last year. An investor projects that next year。

2、15% B. 11% C. 25%（分数：3.00）A.B.C.(2).What is the investments variance of returns? A. 0.0794 B. 0.1583 C. 0.4326（分数：3.00）A.B.C.(3).What is the investments standard deviation of returns? A. 8.4% B. 19.1% C. 28.2%（分数：3.00）A.B.C.(4).Which of the following statements about correlation coefficient is least likely correct? A. If the correlation coefficient was 0, a zero variance portfolio could be constructed. B. Potential benefits from diversification arise when correlati。

3、pany A report on its balance sheet at year-end if the investment in Company B is considered a trading security, and what amount should be reported if the investment is considered an available-for-sale security?trading securities available-for-sale securities $75000 $75000 $75000 $80000 $80000 $80000 A. B. C. （分数：2.00）A.B.C.(2).What amount of investment should Company A recognize in its income statement if the investment in Company B is considered a trading security, and what amount。

4、goods have been delivered.C.The price has been determined.2.A company has a contract to build a house for $80000 with an estimated time to completion of three years. A reliable cost estimate of the project is $50000. In the first year of the project, the company incurred cost totaling $20000. How much profit should the company report at the end of the first year under the percentage-of-completion method and the completed-contract method? percentage-of-completion method completed-contract method 。

5、reater uncertainty. If all else is held constant, what is the most likely impact of this action?（分数：1.00）A.The money supply will decrease.B.The money supply will increase during a period of inflation, but will decrease if the economy goes into a recession.C.There will be no effect on the money supply.2.ff the economy is just beginning to come out of a recession, which of the following would represent a typical sequence of phases in the business cycle?（分数：1.00）A.Expansion, business peak, contract。

6、of 2005. Over the same time period, TYU was able to increase the number of units sold by 7 percent. In making adjustments to the income statement to reflect economic really, Hightower should adjust income: A. only if the decline was caused by tailing prices. B. only if the decline was caused by inventory liquidation. C. if the decline was caused by either falling prices or inventory liquidation.（分数：1.00）A.B.C.2.Hedge funds that contain infrequently traded assets would most likely exhibit a downw。

7、otal return requirements.2.In determining the appropriate asset allocation for a client“s investment account, the manager should:（分数：3.00）A.consider only the investor“s risk tolerance.B.rely on forecasts of future economic conditions.C.consider the investor“s risk tolerance and future needs, but not market conditions.某项投资在未来的回报率及其发生的概率 回报率(%) -25 15 40 概率 0.35 0.25 0.40 试根据上述信息解答问题。
（分数：9.00）(1).What is the investment“s expected return?（分数：3.00）A.-15%B.11%C.25%(2).What is the investment“s varianc。

8、rice elasticity of demand is:（分数：1.00）A.-1.87B.-0.36C.-0.152.If quantity demanded decreases 30% when the price increases 5%, this good exhibits:（分数：1.00）A.elastic, but not perfectly elastic demand.B.inelastic, but not perfectly elastic demand.C.perfectly inelastic demand.3.If the prices of substitute resources decreased, the demand for a given resource will most likely:（分数：1.00）A.increase.B.decrease.C.remain unchanged.4.The cross elasticity of demand for a substitute good and the income elastici。

9、kerage unit now has a sell recommendation on SEK, but the head of the investment-banking department has asked the head of the brokerage unit to change the recommendation from sell to buy. According to the Standards, the head of the brokerage unit would be permitted to:（分数：3.00）A.increase the recommendation by no more than one increment (in this ease, to a hold recommendation).B.place the company on a restricted list and give only factual information about the company.C.reassign responsibility fo。

10、the lower of cost or net realizable value under IFRS and the lower of cost or market under U. S. GAAP.B.Once an inventory writedown occurs, a subsequent recovery in value is recognized under U.S. GAAP but is not recognized under IFRS.C.The carrying value of inventory can never exceed original cost under IFRS or U.S. GAAP.2.Restrone Inc. sells computer mainboard. At year-end, due to a sudden increase in manufacturing costs, the replacement cost per set of mainboard is $73. The history cost is $56。

11、Unit Sales8030402017151600510600305040Assume no beginning inventory. Sales were $4500.（分数：2.00）(1).Calculate ending inventory using LIFO and FIFO: LIFO FIFO A. $ 450 $ 600 B. $ 510 $ 480 C. $ 600 $ 450（分数：1.00）A.A. B.B. C.C. (2).Calculate gross profit using LIFO and FIFO: LIFO FIFO A. $ 2260 $ 2110 B. $ 2390 $ 2240 C. $ 2110 $ 2260（分数：1.00）A.A. B.B. C.C. 1.Suppose that JPK, Inc., paid dividends of $ 80000 to its preferred shareholders and $ 40000 to its common shareholders dur。

12、ment.2.An analyst finds information about significant uncertainties affecting a company“s liquidity, capital resources and results of operations in the:（分数：3.00）A.notes to the financial statements.B.balance sheet and income statement.C.management discussion and analysis.3.Information about accounting estimates, assumptions, and methods chosen for reporting is most likely found in:（分数：3.00）A.the auditor“s opinion.B.financial statement notes.C.management discussion and analysis.4.Which of the foll。

13、he buys these bonds is ignored, how many potential 5-bond combinations are there?（分数：2.50）A.7B.120C.28802.根据下表所示的数据解答问题： 离散型随机变量 X 的概率分布 X 1 2 3 4 5 P(X) 0.18 0.16 0.08 0.25 0.33 The cdf of 4, or F(4) is:（分数：2.50）A.0.25B.0.42C.0.673.A random variable with a finite number of equally likely outcomes is best described as a:（分数：2.50）A.binomial distribution.B.discrete uniform distribution.C.continuous uniform distribution.4.A recent study indicated that 70% of all college students have a notebook PC.。

14、 dividend $2 company“s return on equity 10% Using the dividend discount model, the company“s dividend payout ratio is closest to:（分数：3.00）A.5%B.30%C.70%2.What would an investor be willing to pay for a share of preferred stock that paid an annual $5 dividend if the yield on preferred was 40 basis point below the A bond yield of 7%?（分数：3.00）A.$36.8B.$57.4C.$65.83.A stock paid a $3 dividend last year. An investor projects that next year“s dividend will be 20% higher and that the stock will be selli。

15、n annual rate?（分数：1.00）A.$83.9B.$89.2C.$105.62.Treasury spot rates are as follows: 6 months = 3%, 1 year = 4%, 1.5 years = 5%. A 1.5-year, 3% Treasury note is trading at $943.4. The arbitrage trade and arbitrage profit are:（分数：1.00）A.buy the bond, sell the pieces, earn $28.3 per bond.B.buy the bond, sell the pieces, earn $31.2 per bond.C.sell the bond, buy the pieces, earn $28.3 per bond.某 3年期公司债券的息票利息每年支付一次，息票率为 7.4%，交易价格为 1109.3美元，票面价值为 1000美元。
该债券在 2年后的赎回价格和退还价格分别为 1052.3美元和 1020.0美元。
试根据上述信息解答。

16、m will:（分数：1.00）A.decrease and the firm will generate economic profits.B.increase and the firm will generate economic profits.C.increase and the firm will generate economic losses.2.In the long run, if price is below average total cost (ATC), the firm will:（分数：1.00）A.shut down.B.keep running.C.produce more.3.Which of the following is the most likely result of a technological improvement in a perfectly competitive industry?（分数：1.00）A.Individual firms“ supply curves shift to the left.B.The industr。

17、incomes less than $21000? A. 0.58% B. 1.14% C. 2. 28%（分数：2.50）A.B.C.(2).What percentage of mutual fund investors have incomes greater than $42000? A. 15.87% B. 24.76% C. 84.13%（分数：2.50）A.B.C.根据下表所示的数据解答问题： B投资组合的预期回报率和标准差/B投资组合 A B CE(Rp) 16% 7% 15% p 33% 12% 28%（分数：40.00）(1).Given a threshold level of return of 5%, use the Roys safety-first criterion to choose the optimal portfolio. A. portfolio A B. portfolio B C. portfolio C（分数：2.50）A.B.C.(2).Given a threshold 。

18、 A. 2.7 years B. 4.6 years C. 5.3 years（分数：1.20）A.B.C.(2).The average depreciable life of the plant and equipment is: A. 4.3 years B. 6.5 years C. 7.0 years（分数：1.20）A.B.C.(3).The remaining useful life of the plant and equipment is: A. 2.4 years B. 3.7 years C. 11.6 years（分数：1.20）A.B.C.(4).Which of the following statements about intangible assets is least accurate? A. Intangible assets with unlimited lives are tested for impairment at least annually. B. The income statement。

19、ted at 96 27/32.B.$941.00 for a $1000 Treasury bond quoted at 94 10/32.C.$956.25 for a $1000 corporate bond quoted at 95 20/32.2.An analyst gathered the following information: Taxable security, quoted yield 9.8% Tax-exempt security, quoted yield 5.7% Investor“s marginal tax rate 35% For the tax-exempt security, the investor“s tax-equivalent yield is closest to（分数：1.00）A.5.7%B.8.8%C.10.7%3.Which of the following statements does NOT describe a characteristic of an illiquid asset or market ?（分数：1.0。

20、ercent and 8 percent, respectively. If annual inflation is expected to remain steady at 2.5 percent over the life of the bond, the most likely explanation for the difference in yields is a premium due to:（分数：1.00）A.maturity.B.inflation.C.default risk.2.A woman is using the following information to plan her retirement: current age (years) 24 expected retirement age (years) 68 life expectancy (years) 93 current annual expenditures $30000 expected inflation rate until retirement 3% expected return 。