السؤال #1

Are Emery's statements regarding the earnings yield and E/P ratio correct?

A. ne statement is correct and the other statement is incorrect

B. oth statements are correct

C. oth statements are incorrect

عرض الإجابة

اجابة صحيحة: A

السؤال #2

An appropriate equity valuation technique for Sverig and L'Offre, respectively, would be the:Sygdg L'Offre

A. elative value approach Venture capital method

B. enture capital method DCF method

C. CF method Relative value approach

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اجابة صحيحة: B

السؤال #3

Are Statement 1 and Statement 2 made by Yan correct?

A. oth statements are correct

B. nly one of the statements is correct

C. either statement is correct

عرض الإجابة

اجابة صحيحة: A

السؤال #4

Are Can's liquidity constraint and unique circumstances constraint best characterized as significant or insignificant?

A. oth are significant

B. nly one is significant

C. either is significant

عرض الإجابة

اجابة صحيحة: B

السؤال #5

In addition to the factors noted by Petrovich, which of the following is likely to be the most important in the risk assessment of tax-backed municipal debt?

A. measure of the issuer's debt structure, such as debt as a percentage of total real estate value of properties subject to taxation

B. n evaluation of any user-charge covenants that specify how prices will be set on the product or service provided by the municipality with the proceeds of the bond issue

C. n evaluation of trends in the local employment level and economic environment, which permits an assessment of the stability of the revenue base and the ability of the municipality to service the debt in the future

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اجابة صحيحة: C

السؤال #6

Is Can's tax constraint best characterized as significant or insignificant, and is the return objective best characterized as average or above average? Tax constraint Return objective

A. ignificant Above average

B. nsignificant Above average

C. nsignificant Average

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اجابة صحيحة: A

السؤال #7

Which corporate event that Warner is analyzing is likely to have the largest effect on FCFE in 2009?

A. hare repurchase

B. hare offering

C. onvertible bond issue

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اجابة صحيحة: C

السؤال #8

The value of one share of FDS using the H-model is closest to:

A. 14

B. 16

C. 19

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اجابة صحيحة: A

السؤال #9

Compare the 2008 free CFO-to-long-term obligations ratio benchmarks to Marietta's ratio.Marietta is between the:

A. and BBB benchmark ratios

B. BB and BB benchmark ratios

C. B and B benchmark ratios

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اجابة صحيحة: B

السؤال #10

By accepting the trip from Quadrangle, has Harris complied with the CFA Institute Code and Standards?

A. arris may accept the trip since she maintains a significant relationship with Quadrangle that contributes to the performance of client accounts

B. arris may accept the trip since she disclosed the trip to her supervisor and compliance officer and accepted based on their approval

C. arris may not accept the trip since the offer from Quadrangle could impede her ability to make objective investment decisions on behalf of the client

عرض الإجابة

اجابة صحيحة: C

السؤال #11

As compared to the temporal method, the parent's fixed asset turnover for fiscal 2008 using the all-current method is:

A. igher

B. ower

C. he same

عرض الإجابة

اجابة صحيحة: A

السؤال #12

Which of Bloomquist's statements most likely applies to both the Prudent Man Rule and the Prudent Investor Rule?

A. tatement 1

B. tatement 2

C. tatement 3

عرض الإجابة

اجابة صحيحة: B

السؤال #13

Given Emery's dividend forecast for FDS, is the H-model the appropriate valuation model to use to value FDS?

A. es

B. o, the H-model is appropriate when the dividend growth rate declines at a linear rate for a short period of time during stage one, followed by a 1-year suspension in dividends before the previous dividend is reinstated, and then dividends grow at a long-term constant rate

C. o, the H-model is appropriate when the dividend growth rate grows during the first stage followed by a period of stable growth in dividends in stage two, followed by a dividend growth rate that declines linearly in perpetuity

عرض الإجابة

اجابة صحيحة: A

السؤال #14

Are the Japanese and Eurozone inflation forecasts provided by the econometrics department consistent with the inflation rates implied by the exact version of the international Fisher relation, given a U.S. inflation rate of 3%?

A. oth forecasts are consistent

B. either forecast is consistent

C. ne forecast is consistent and the other is not

عرض الإجابة

اجابة صحيحة: A

السؤال #15

Robbins should conclude that a key drawback to using the price-to-sales (P/S) ratio in the investment process is that P/S is:

A. ositive even when earnings per share is negative

B. ot appropriate for valuing the equity of mature companies

C. usceptible to manipulation with respect to revenue recognition

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اجابة صحيحة: C

السؤال #16

Has Michaels violated Standard 11(B) Integrity of Capital Markets: Market Manipulation with respect to any of the following?

A. he buy program is a violation

B. he liquidity activity is a violation

C. here is no violation

عرض الإجابة

اجابة صحيحة: C

السؤال #17

Based on the H-model, the implied expected rate of return for IJHS is closest to:

A.

B. 0

C. 1

عرض الإجابة

اجابة صحيحة: C

السؤال #18

According to the Standards of Practice, with respect to the two offers from Adams and Baker, Harris:

A. ay accept both offers if she discloses them to her employer

B. ay accept both gifts only if she discloses them to her employer and receives permission

C. ust disclose the offer from Adams to her employer if she accepts it but must receive her employer's permission to accept the offer from Baker

عرض الإجابة

اجابة صحيحة: C

السؤال #19

Are Houlis and Timmons' statements concerning the investment policy statement made at the lunch meeting correct?

A. oth statements are correct

B. nly one statement is correct

C. either statement is correct

عرض الإجابة

اجابة صحيحة: B

السؤال #20

According to Standard IV Duties to Employers, which of the following is most likely required of Swamy must:

A. ecure written permission from her employer before performing services for the symphony

B. nform her immediate supervisor at Dillon in writing that she (Swamy) must comply with the Code and Standards

C. isclose to her employer any additional compensation she receives from Landmark Enterprises and secure written permission to serve on the board

عرض الإجابة

اجابة صحيحة: A

السؤال #21

An unexpected decline in the growth rate of the USD money supply would most likely cause:

A. he real USD interest rate to increase and the value of the USD to depreciate

B. he real USD interest rate to increase and the value of the USD to appreciate

C. he real USD interest rate to decrease and the value of the USD to appreciate

عرض الإجابة

اجابة صحيحة: B

السؤال #22

Robbins should conclude that patterns of persistence or reversals in returns provide the most appropriate rationale for valuation using:

A. nexpected earnings

B. elative-strength indicators

C. tandardized unexpected earnings

عرض الإجابة

اجابة صحيحة: B

السؤال #23

As compared to the temporal method, which of the following financial statement elements of the parent are lower under the all-current method?

A. ash and accounts receivable

B. epreciation expense and cost of goods sold

C. ommon stock and dividends paid

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اجابة صحيحة: B

السؤال #24

Does Garvey's acceptance of the gifts from Koons and Jones violate Standard 1(B) Independence and Objectivity?

A. ccepting Koons' gift was a violation

B. ccepting Jones' gift was a violation

C. either gift would result in a violation

عرض الإجابة

اجابة صحيحة: C

السؤال #25

During the lunch conversation, which CFA Institute Standard of Professional Conduct was most likely violated?

A. 11(B) Fair Dealing

B. V(A) Loyalty

C. (A) Reasonable Basis

عرض الإجابة

اجابة صحيحة: B

السؤال #26

A common risk factor faced by both IGS investors and the managers of the private equity firms is:

A. arket risk but not agency risk

B. gency risk but not market risk

C. oth market and agency risk

عرض الإجابة

اجابة صحيحة: A

السؤال #27

Assuming a tax rate of 34%, the underlying earnings per share (EPS) for FDS in 2008 is closest to:

A. 1

B. 1

C. 2

عرض الإجابة

اجابة صحيحة: B

السؤال #28

According to FDS's price-to-sales ratio for 2008, based on the post expansion announcement stock price, FDS is:

A. nderpriced relative to the industry

B. verpriced relative to the industry

C. roperly priced relative to the industry

عرض الإجابة

اجابة صحيحة: A

السؤال #29

In her estimation of Zenith's future growth rate, what standard did Garvey violate?

A. tandard 1(C) Misrepresentation regarding plagiarism

B. tandard V(A) Diligence and Reasonable Basis

C. oth 1(C) and V(A)

عرض الإجابة

اجابة صحيحة: B

السؤال #30

Using the information in the question and the following relevant portion of the interest rate and pricing trees, Rogers calculates the value of the callable bond at node B.Corresponding portion of the interest rate tree:3.44%3.15%2.77%Years 4.0 4.5Corresponding portion of the callable bond price tree:$100.00B----$100.00Years 4.0 4.5The price of the callable bond at node B is closest to:

A. 00

B. 01

C. 02

عرض الإجابة

اجابة صحيحة: A

السؤال #31

Suppose that Wilson expects the JPY/USD spot rate one year from now to fall by 2% from its current level. The foreign currency risk premium associated with the JPY is closest to:

A. 5

B. 1

C. 1

عرض الإجابة

اجابة صحيحة: B

السؤال #32

Wilson wants to approximate the forward discount/premium for the JPY against the USD 12 months from now. According to the approximate version of interest rate parity, the JPY would most likely trade at a:

A.

B.

C.

عرض الإجابة

اجابة صحيحة: A

السؤال #33

Are Carr's willingness to accept risk and her ability to accept risk appropriately matched?

A. o

B. o

C. illingness and ability match

عرض الإجابة

اجابة صحيحة: C

السؤال #34

Did Garvey violate Standard 11(A) Material Nonpublic Infonnation when she purchased Vallo and Metrona?

A. uying Vallo was a violation

B. uying Metrona was a violation

C. either purchase was a violation

عرض الإجابة

اجابة صحيحة: C

السؤال #35

The 2008 free cash flow to the firm (FCFF) for Global Drug World (GDW) in dollars is closest to:

A. 87, 728

B. 95, 374

C. 102, 378

عرض الإجابة

اجابة صحيحة: A

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