Chartered Financial Analyst Certification Exam Questions, Exam Materials

Question #1

A firm has purchased a building with a useful life of 7 years. It cost $35,000 and its salvage value is estimated at $5,000. If the firm uses double declining method, what's the depreciation expense recognized in Year 2?

A. 9,125

B. 7,143

C. 10,000

D. 6,857

View answer

Correct Answer: B

Question #2

A sample of size 600 is drawn from a population. The sample mean equals 329. The total width of the 99% confidence interval for the population mean is 893. The estimated population variance equals ________.

A.

B.

C.

D.

View answer

Correct Answer: C

Question #3

The accumulated depreciation account should show

A. otal depreciation for fixed assets since the business was formed

B. urrent depreciation expense plus estimated depreciation for next year

C. otal depreciation for fixed assets still in use

D. nly the depreciation expense recognized during the current year

View answer

Correct Answer: C

Question #4

A firm currently has a financial leverage ratio of2. After a thorough review, the firm's management has concluded that they have to write-down assets worth 200,000. This will cause the firm's financial leverage to ________.

A. ecrease

B. nsufficient information given

C. ncrease

D. tay constant

View answer

Correct Answer: C

Question #5

Which of the following best describes the distinction between expenses and losses?

A. osses result from peripheral or incidental transactions, whereas expenses result from ongoing major or central operations of the entity

B. osses are extraordinary charges, whereas expenses are ordinary charges

C. osses are reported net of related tax effect, whereas expenses are not reported net of tax

D. osses are material items, whereas expenses are immaterial items

E. one of these answers

View answer

Correct Answer: A

Question #6

What is the Net Present Value of this series of annual cash flows at an interest rate of 10% per year: Year 0:<$25,000>, Year 1: $2,000, Year 2: $0, Year 3: $15,000, Year 4 $0, Year 5 $18,000? (Note that the <> are used to indicate a negative number).

A. $735

B. 314

C. $279

D. 42

E. $967

View answer

Correct Answer: A

Question #7

Jefferson Blake invests only in bonds and other fixed-income securities. Blake believes there is a good opportunity to purchase an undervalued 4% annual pay corporate bond with three years left until maturity and a par value of $1,000. Blake observes that 1-year, 2-year, and 3-year Treasury strip rates are currently 4.0%, 4.5%, and 4.75%, respectively. What is the maximum price Blake should be willing to pay for the bond?

A. 1,069

B. 979

C. 958

View answer

Correct Answer: B

Question #8

Suppose you are modeling GNP, and you believe that the probability that GNP will expand if interest rates fall is 70%; if interest rates stay constant, you believe that there is a 29% chance of expanding GNP; if interest rates increase, you believe that there is a 1% chance of GNP expanding. You think that the likelihood of interest rates falling is 60%; of staying the same is 30%; of increasing is 10%. What is the unconditional probability of GNP expanding?

A. 9

B. 0

C. 0

D. 0

View answer

Correct Answer: C

Question #9

Intraperiod income tax allocation arises because

A. ertain revenues and expenses appear in the financial statements but are excluded from taxable income

B. tems included in the determination of taxable income may be presented in different sections of the financial statements

C. ncome taxes must be allocated between current and future periods

D. ertain revenues and expenses appear in the financial statements either before or after they are included in taxable income

E. one of these answers

View answer

Correct Answer: B

Question #10

An employee's pension payments are based on his salary and length of service. He does not bear the risk of the pension size being affected by market performance. He is enrolled in the:

A. efined benefits plan

B. efined contribution plan

C. efined pension plan

D. mployee pension benefits plan

View answer

Correct Answer: A

Question #11

The coefficient of variation of a distribution X is twice that of Y. If X and Y have the same means, the variance of Y is:

A. alf that of X

B. wice that of X

C. one of these answers

D. ame as that of X

View answer

Correct Answer: C

Question #12

If the alternate hypothesis states that u (Mu) does not equal 4,000, what is the rejection region for the hypothesis test?

A. enter

B. one of these answers

C. ower or left tail

D. pper or right tail

E. oth tails

View answer

Correct Answer: E

Question #13

When a plant asset is sold for more than its book value:

A. ash received plus accumulated depreciation plus gain on disposal equals the original cost

B. ash received plus accumulated depreciation minus gain on disposal equals the original cost

C. ook value of the asset minus gain on disposal equals cash received

D. riginal cost minus accumulated depreciation equals cash received plus gain on disposal

View answer

Correct Answer: B

Question #14

Which of the following is not a required disclosure for real estate investments under the Performance Presentation Standards?

A. mount of leverage used

B. eturn formulas

C. ll of these answers

D. ccounting policies for capital expenditures

View answer

Correct Answer: A

Question #15

In computing EPS, the equivalent number of shares of convertible preferred stock is added as an adjustment to the denominator (number of shares outstanding). If the preferred stock is preferred as to dividends, which amount should then be added as an adjustment to the numerator (earnings available to common shareholders)?

A. nnual preferred dividend

B. nnual preferred dividend times (100% minus the income tax rate)

C. nnual preferred dividend divided by the income tax rate

D. o adjustment should be made

E. nnual preferred dividend times the income tax rate

View answer

Correct Answer: A

Question #16

Chances are 50-50 that a newborn baby will be a girl. For families with five children, what is the probability that all the children are girls?

A.

B. one of these answers

C.

D.

E.

View answer

Correct Answer: E

Question #17

Darlenc Villanueva provides analytical support for portfolio managers at a small investment management firm, Villanueva's latest report highlights two companies, Company X and Company Y. Company X has consistently earned a higher rate of return on assets than their cost of capital, but the stock price is substantially greater than the fair value. Company Y's earnings have been pulled down by the recent economic slowdown, but its stock price has remained stable despite the negative returns on the overall mar

A. tock X is a value stock and Company Y is a defensive company

B. tock X is a growth stock and Company Y is a cyclical company

C. ompany X is a growth company and Stock Y is a defensive stock

View answer

Correct Answer: C

Question #18

Performance results for a portfolio need to be presented with cash, ________ equivalents, or substitute assets.

A. omposite

B. ultiple

C. ash

D. verage

View answer

Correct Answer: C

Question #19

Under a flexible exchange rate system, a nation that offers more attractive investment opportunities than its trading partners can expect to run a

A. alance of merchandise trade surplus

B. eficit on its capital account transactions

C. urplus on current account transactions

D. eficit on current account transactions

View answer

Correct Answer: D

Question #20

A mining firm has purchased a derivative security to partially hedge itself against the losses caused by fluctuations in a base metal price. The security pays a million dollars if the metal price falls below $2 per pound. Otherwise, it pays $100,000. If the expected rate of return on the security is 21% and the security costs $400,000, what is the probability that the metal price will remain above $2 per pound?

A. 2

B. 1

C. 7

D. 6

View answer

Correct Answer: C

Question #21

Gus McCray, CFA, went long one oil futures contract at a price of SI 10 on Monday. Oil closed at $115 on Wednesday, and the contract expired on Thursday with oil at $117. To maximize his gain, McCray should:

A. ave closed out his position by selling one oil futures contract close to expiration

B. ave accepted cash settlement on his long position

C. e indifferent between closing out his position by selling the contract and accepting cash settlement

View answer

Correct Answer: C

Question #22

Stockholders' Equity is

A. ll of these answers

B. he financial obligations of the company

C. he rights to the assets of the business once the liabilities have been met

D. ssets plus liabilities

View answer

Correct Answer: C

Question #23

An investment of $275 grows to $400 in 3 years. The holding period return is:

A.

B.

C.

D.

View answer

Correct Answer: C

Question #24

Carmina Aburana is a sales assistant to Drew Door, a sales manager at Hicost Brokerage. Hicost has a policy of requiring at least 20% margin on stocks that are deemed illiquid or extremely risky. For these purposes, it creates and updates a list of such stocks on a weekly basis. Yoddly Yoo, Inc. is an up and coming internet firm whose stock has been on this list for some time now. One of Carmina's "blue chip" clients, Amadeus, has been speculating on Yoddly's stock for the past two weeks, repeatedly going i

A. rew has violated Standard II (B) - Professional Misconduct

B. armina has not violated any AIMR code but Drew has violated Standard III (E) - Responsibilities of Supervisors

C. one of these answers, since the infraction was too minor and inconsequential

D. armina has violated Standard III (B) - Duty to Employer

View answer

Correct Answer: B

Question #25

In futures markets, the role of the clearing house is to:

A. revent arbitrage and enforce federal regulations

B. ct as guarantor to both sides of a futures trade

C. educe transaction costs by making contract prices public

View answer

Correct Answer: B

Question #26

Accounting rules differentiate research and development activities from activities not considered research and development. Which one of the following is not considered a research and development activity?

A. eriodic design changes to existing products

B. esting in search of product processing alternatives

C. odification of the design of a process

D. one of these answers

E. aboratory research intended for the discovery of a new product

View answer

Correct Answer: A

Question #27

The Keynesian model indicates that when individuals plan to save more (and spend less), the result may be a (n)

A. ncrease in investment because investment always equals saving

B. ecline in the equilibrium level of income

C. ncrease in the marginal propensity to consume

D. ncrease in equilibrium income by some multiple of the increase in saving

View answer

Correct Answer: B

Question #28

The quarterly compounded rate is 8% quoted on an annualized basis. The equivalent annually compounded rate is:

A.

B.

C.

D.

View answer

Correct Answer: B

Question #29

Which of the following is NOT a revenue recognition method when there is uncertainty surrounding the realizability of income?

A. ompleted Contract Method

B. ost Recovery Method

C. nstallment Sales Method

D. eal Estate Method

View answer

Correct Answer: A

Question #30

According to the AIMR-PPS when presenting the performance record of composites containing portfolios that use leverage, which of the following statements are true?

A. f the use of leverage is discretionary, the performance presented must include the effects of the leverage

B. f the use of leverage is discretionary, performance on a restated, all-cash basis must be provided

C. ll of these statements are true

D. f the use of leverage is nondiscretionary, performance must be presented on an all-cash basis

View answer

Correct Answer: C

Question #31

Why should the analyst place special emphasis in their assessment of cash balances?

A. ash represents the point in a firm's operating cycle where management has maximum discretion with the deployment and use of its resources

B. ash is a company's most liquid asset

C. ll of these answers

D. ash is typically the only asset that is available to meet a firm's financial obligations

E. one of these answers

View answer

Correct Answer: C

Question #32

The semiannually compounded rate is 10% quoted on an annualized basis. The equivalent annually compounded rate is:

A. 0

B. 0

C.

D. 0

View answer

Correct Answer: A

Question #33

Which of the following AIMR Standards states that a financial analyst must consider the suitability of an investment for each client or portfolio before undertaking investment action?

A. V (B

B. II E

C. one of these answers

D. II D

View answer

Correct Answer: A

Question #34

The statement of cash flows cannot be used to

A. onsider the interrelationship between cash flow components over time

B. xamine the trend of different cash flow components over time

C. xamine the cash flow components and their relationship to related income statement items

D. eview individual cash flow items for analytic significance

E. xamine the firm's ability to realize assets and settle liabilities

View answer

Correct Answer: E

Question #35

The following three bonds are available for purchase:Bond X: Noncallable, accelerated sinking fundBond Y: Nonrefundable, callable, accelerated sinking fundBond Z: Noncallable, no sinking fundBased only on the characteristics listed above and the most likely effect of those characteristics on yield, identify the correct order for these three bonds, from highest yield to lowest yield.

A. ond X; Bond Z; Bond Y

B. ond Y; Bond Z; Bond X

C. ond Y; Bond X; Dond Z

View answer

Correct Answer: C

Question #36

Given:Population 50 millionNumber in the labor force 30 millionNumber employed full time 20 millionNumber employed part time 8 millionNumber unemployed 2 millionWhat is the unemployment rate of the economy?

A. 0

B.

C.

D.

View answer

Correct Answer: D

Question #37

A(n) ________ is someone who has knowledge of pending or actual investment recommendations or action.

A. overed person

B. one of these answers

C. IMR member

D. nsider

View answer

Correct Answer: A

Question #38

Relationships with and Responsibilities to the Employer are dealt with under:

A. tandard II

B. tandard I

C. tandard V

D. tandard III

E. one of these answers

F. tandard IV

View answer

Correct Answer: D

Question #39

An acceptable method for recognizing profit when the collection of cash is in doubt is the ________.

A. nstallment method

B. ercentage-of-completion method

C. onsignment method

D. roduction method

E. ompleted-contract method

View answer

Correct Answer: A

Question #40

Which of the following is NOT a measure of a firm's liquidity?

A. nterest coverage

B. nventory turnover

C. uick ratio

D. eceivables turnover

View answer

Correct Answer: A

Question #41

The consumer price index (CPI) is calculated

A. sing a fixed basket of goods and will tend to understate inflation

B. sing a constantly changing basket of goods and will tend to understate inflation

C. sing a constantly changing basket of goods and will tend to overstate inflation

D. sing a fixed basket of goods and will tend to overstate inflation

View answer

Correct Answer: D

Question #42

Which of the following is/are a correct statement of a member's duty under the Code and Standards?

A. n the absence of specific applicable law or other regulatory requirements, the Code and Standards govern the member's actions

B. only

C. II only

D. and II only

E. I and III only

View answer

Correct Answer: A

Question #43

Eric Webb, an individual investor in a high tax bracket, would like to purchase a 5-year zero-coupon security with no credit risk. His investment adviser has recommended U.S. Treasury STRIP securities, and has told Webb that either coupon strips or principal strips would meet his needs. Which of the following statements is TRUE regarding the investment adviser's recommendation?

A. hile principal strips have no credit risk, there is credit risk in coupon strips

B. he adviser should have informed Webb that the principal strips have higher reinvestment risk than the coupon strips

C. he adviser should have informed Webb that STRIP securities may have negative tax consequences related to accrued interest

View answer

Correct Answer: C

Question #44

You have a portfolio of two assets, X and Y. The returns of X and Y follow a joint probability function as follows:There is a 25% chance that X will return 16% and Y will return 10%; there is a 60% chance that X will return 9% and Y will return 7%; and there is a 15% chance that Y will return 15% and X will return 5%. Find the covariance of X and Y.

A.

B.

C. 3

D. 1

View answer

Correct Answer: D

Question #45

Which of the following is/are required by AIMR-PPS with regards to calculation of returns?

A. he return for after-tax composites that hold both taxable and tax-exempt securities should be stated on an equivalent, "pre-tax" basis

B. , II and III

C. II only

D. and III only

E. one of them

View answer

Correct Answer: D

Question #46

Radio Corp. owns a leading radio network with 200 million weekly listeners. To combat a declining radio audience, the company has implemented a strategy of targeting the Hispanic audience. After careful analysis, Radio Corp. makes the decision to acquire a Hispanic radio station, rather than convert existing radio stations. The acquisition strategy benefits from rules that allow clustering of ownership of local radio stations. The basis of the strategic initiative and the basis of the acquisition strategy,

A. arket timing and geography

B. ifestyles and technology

C. emographics and regulation

View answer

Correct Answer: C

Question #47

According to Standard IV (B.7), Disclosure of Conflicts, the most prevalent conflict pertains to ________.

A. embers' ownership of stock in companies they recommend

B. roker-sponsored limited partnerships formed to invest venture capital

C. ervice on a board of directors

D. one of these answers

View answer

Correct Answer: A

Question #48

What simple annual interest rate would cause a $120 deposit to grow to $125 in 6 months?

A. 5%

B.

C.

D.

E.

View answer

Correct Answer: E

Question #49

Stock splits have the following effects on the financial statements:

A. ontributed capital and retained earnings are unchanged

B. ll of these answers are correct

C. he account title for common stock changes to reflect the change in the par value of stock

D. isclosures about the stock on the balance sheet are changed to reflect the additional outstanding shares and the revised par value per share

View answer

Correct Answer: B

Question #50

The GAAP require inventory to be valued using ________.

A. ower of market or cost

B. IFO or FIFO

C. IFO

D. IFO

View answer

Correct Answer: A

Question #51

Under a ________ income tax system, as income grows, the average personal income tax liability of individuals and families increases.

A. orporate

B. egressive

C. iscretionary

D. utomatic

E. rogressive

View answer

Correct Answer: E

Question #52

Each salesperson in a large department store chain is rated either below average, average, or above average with respect to sales ability. Each salesperson is also rated with respect to his or her potential for advancement either fair, good, or excellent. These traits are the 500 salespeople were cross classified into the following table.Sales Ability Potential for AdvancementFair Good ExcellentBelow Average 161222Average 456045Above Average 9372135What is the probability that a salesperson selected at rand

A.

B. one of these answers

C.

D.

E.

View answer

Correct Answer: C

Question #53

The ________ of portfolio performance over time is a measure of the variability or dispersion of the historical returns around their central tendency or mean return.

A. ariance

B. tandard deviation

C. ean variance

D. ode

View answer

Correct Answer: B

Question #54

"Rapid growth in the money supply is the primary cause of inflation. The time period between acceleration in the growth rate of the money supply and an acceleration in inflation is often lengthy (for example, from 12 to 36 months) and difficult to predict." These two statements are

A. asic tenets of the Keynesian doctrine

B. ormative economic statements

C. asic tenets of the Monetarist doctrine

D. nternally inconsistent

View answer

Correct Answer: C

Question #55

A cash flow statement using the indirect method

A. s as informative as using the direct method

B. egins with a firm's cash collections

C. ses major categories of gross cash receipts and payments

D. rovides little new information into a firm's cash-generating ability

View answer

Correct Answer: D

Question #56

You believe the stock of Microsquish reflects a 90% chance of a dismissal of its contractual liability suit. If the suit is dismissed, you expect the stock of Microsquish and its partner, AWOL, to rise. If the suit is not dismissed, both will fall in price. However, you think that AWOL's stock only reflects a 60% chance of dismissal of this suit. What strategy would be optimal?

A. ell both short

B. uy Microsquish

C. ell AWOL

D. uy AWOL

View answer

Correct Answer: D

Question #57

When a business is acquired, the purchasing company calculates goodwill associated with the acquisition as the difference between the purchase price and the ________.

A. ook value of the identifiable net assets acquired

B. ook value of the net tangible assets acquired

C. air value of the net tangible assets acquired

D. ook value of the total assets acquired

E. air value of the identifiable net assets acquired

View answer

Correct Answer: E

Question #58

Which AIMR standard states that members must inform employers of their duty to comply with the Code and Standards and must deliver a copy to their employers?

A. X

B. V

C. II A

D. I A

View answer

Correct Answer: C

Question #59

The seasonal output of a new experimental strain of pepper plants was carefully weighed. The mean weight per plant is 15.0 pounds, and the standard deviation of the normally distributed weights is 1.75 pounds. Of the 200 plants in the experiment, how many produced peppers weighing between 13 and 16 pounds?

A. 00

B. one of these answers

C. 18

D. 3

E. 97

View answer

Correct Answer: C

Question #60

According to SFAS 95, cash and cash equivalents includes

A. ank accounts, U

B. isk-free assets with original maturities of 90 days or less

C. isk-free assets with original maturities of 30 days or less

D. ank accounts, U

E. nly bank accounts

View answer

Correct Answer: B

Question #61

If the money velocity is 5, the amount of money in circulation $200 million and real GDP $10 million, then prices are ________.

A.

B. 00

C. 2

D. 00

View answer

Correct Answer: D

Question #62

Goodwill should:

A. e expensed in the period in which it is purchased from another company or organization

B. ot be amortized as it will be a benefit to the company over its entire life

C. ritten off over a 40 year period even if the superior earning power justifying its existence disappears

D. e amortized to income over a period not exceeding 40 years

View answer

Correct Answer: D

Question #63

Which of the following is a valuable investigation tool for analysis of the collectibility of a firm's receivables?

A. ll of these answers

B. etermining patterns of receivables for peers as a percent of sales

C. n examination of any customer concentrations

D. n analysis of the adequacy of allowances for trade discounts, and returns and allowances

E. n aging schedule

View answer

Correct Answer: A

Question #64

Which of the following statements about the cash flow statement is/are true?

A. he cash flow statement provides information on the liquidity of the firm

B. & III

C. , II, III & IV

D. , II & III

E. I & IV

View answer

Correct Answer: B

Question #65

Armando Delrio, a quantitative analyst with Brown Brothers Brokerage, has been instructed to create a regression analysis comparing the relationship between same store sales figures for a batch of retail stocks and marketing expenses for the same series of stocks. In order to adhere to the traditional seven-step method of hypothesis testing, Armando should begin his analysis by performing which of the following actions? Choose the best answer.

A. ormulating the hypothesis

B. ollecting the data

C. tating the significance level

D. one of these answers is correct

E. dentifying the test statistic

F. dentifying the probability distribution

View answer

Correct Answer: A

Question #66

Investments-R-Us is a growing investment advisory firm, which recently hired 5 CFA charter-holders for senior management positions. In an advertisement, the firm promised clients excellent client service and timely investment advice. To bolster this motto, all 5 CFA charter-holders were praised in the advertisement for their commitment, professionalism and high intelligence displayed in passing the CFA program in 3 straight attempts. IRU has

A. iolated the AIMR Presentation Standards by selectively presenting its expertise in the field

B. iolated Standard II (A) - Use of Professional Designation - by implying superior results based on the fact that the CFA charter-holders passed every exam in first attempt

C. one of these answers

D. ot violated any of standards in the AIMR code

View answer

Correct Answer: B

Question #67

Which of the following is NOT a measure of dispersion?

A. AD

B. ariance

C. ode

D. ange

View answer

Correct Answer: C

Question #68

The Statement of Stockholders' Equity does not report

A. ny minimum pension liability

B. he investment of the owners in the firm

C. he various accounting adjustments that reflect selected market value changes in noncurrent assets

D. ny cumulative impact on prior period earnings

E. he effect of exchange rate changes on certain foreign subsidiaries

View answer

Correct Answer: D

Question #69

The standard normal probability distribution is one which has:

A. mean of 0 and any standard deviation

B. mean of 0 and a standard deviation of 1

C. ny mean and a standard deviation of 1

D. mean of 1 and any standard deviation

E. one of these answers are correct

View answer

Correct Answer: B

Question #70

Where is Unearned Revenue reported in the financial statements?

A. iability section of the balance sheet

B. sset section of the balance sheet

C. perating expense section of the income statement

D. evenue section of the income statement

View answer

Correct Answer: A

Question #71

When a firm experiences LIFO liquidation under rising prices, it recognizes:

A. ower COGS and lower cash flows

B. ower COGS and higher cash flows

C. igher COGS and lower cash flows

D. igher COGS and higher cash flows

View answer

Correct Answer: A

Question #72

The significance level in hypothesis testing refers to the probability that we will:

A. eject the alternative when it is true

B. eject the null when it is true

C. ccept the alternative when it is true

D. ail to reject the null when it is false

View answer

Correct Answer: B

Question #73

A firm with a simple capital structure had a net income of 7,700 last year. It had 1,000 common shares outstanding and its reported EPS was 6.6. What was the firm's payment to its preferred stock holders?

A. ,300

B. 00

C. ,100

D. ,200

View answer

Correct Answer: C

Question #74

According to the quantity theory of money, which one of the following economic variables would change in response to an increase in the money supply?

A. rices

B. elocity

C. eal income

D. mployment

View answer

Correct Answer: A

Question #75

Which of the following AIMR Standards states that the financial analyst shall indicate the basic characteristics of the investment involved when preparing a research report not directly related to a specific portfolio or client?

A. II D

B. II C

C. one of these answers

D. V (A

View answer

Correct Answer: D

Question #76

Marine Corp. uses the direct method to prepare its statement of cash flows. Marine's trial balance at December 31, 1996 and 1995 are as follows:Dec. 31, 1996 Dec. 31, 1995Debits:Cash $35,000 $32,000Accounts receivable 33,000 30,000Inventory 31,000 47,000Property, plant & equipment 100,000 95,000Unamortized bond discount 4,500 5,000Cost of goods sold 250,000 380,000Selling expenses 141,500 172,000General and administrative expenses 137,000 151,300Interest expense 4,300 2,600Income tax expense 20,400 61,200To

A. 535,800

B. 601,800

C. 536,000

D. 541,600

E. 541,800

View answer

Correct Answer: A

Question #77

Which of the following AIMR Standards states that additional compensation agreements must be disclosed to the employer?

A. V

B. II (D)

C.

D. I (B)

View answer

Correct Answer: B

Question #78

If you deposit $1,111 a year, beginning next year, for 20 years into an account paying 7% per year, compounded annually, how much is in your account after that last deposit?

A. 50,598

B. 47,003

C. 45,545

D. 30,118

E. 48,304

View answer

Correct Answer: C

Question #79

Peterborough's capital structure was as follows:Dec. 31, 1995 Dec. 31, 1996Outstanding shares of stock:Common $110,000 $110,000Convertible preferred $10,000 $10,0008% convertible bonds $1,000,000 $1,000,000During 1996, Peterborough paid dividends of $3.00 per share on its preferred stock. The preferred shares are convertible into 20,000 common shares and are considered common stock equivalents. The 8% bonds are convertible into 30,000 common shares but are not considered common stock equivalents. Net income

A. 7

B. 6

C. 6

D. 7

E. 7

View answer

Correct Answer: C

Question #80

Which of the following is not subject to depreciation?

A. utomobiles

B. achinery

C. and

D. and improvements

View answer

Correct Answer: C

Question #81

Jacques Fontenot wants to place an order to purchase 10,000 shares of BQ Inc. at a price of 75.00 or below. The shares are currently trading for 82.1 bid and .82.2 ask. What type of order should Fontenot place?

A. arket order

B. top loss order

C. imit order

View answer

Correct Answer: C

Question #82

Which of the following factors will cause country A's currency to appreciate relative to the currency of country B, all else equal?

A. has higher income growth

B. I & III

C. one of them

D. , II & III

E. only

F. I only

View answer

Correct Answer: B

Question #83

Rock Inc. maintains a policy of paying 30% of earnings to its investors in the form of dividends. Rock is expected to generate a return on equity of 9.3%. Rock's beta is 1.5. The equity risk premium is 6% and U.S. Treasury notes are yielding 3%. Rock's required rate of return is closest to:

A.

B.

C. 2

View answer

Correct Answer: A

Question #84

In the aggregate demand/aggregate supply model, an increase in a country's sustainable potential output is represented by an increase in

A. ctual unemployment

B. rices

C. ggregate demand

D. ong-run aggregate supply

View answer

Correct Answer: D

Question #85

If a distribution is right skewed, which of the following is/are true?

A. t cannot be normally distributed

B. only

C. & IV

D. I only

E. & III

F. II only

View answer

Correct Answer: B

Question #86

Calculate the book value per share of Quality, Inc.'s common stock, given the following information. Par value of common stock, $2.5 per share; total assets, $19,100,000; retained earnings, $7,375,000; total liabilities, $6,975,000; number of common shares outstanding, 1,250,000; number of preferred sharesoutstanding, 15,000 at $100 par value. Market value of common stock, $24.25. Market value of preferred stock, $106.50.

A. 8

B. 15

C. 3

D. 9

E. one of these answers

View answer

Correct Answer: A

Question #87

The amount by which a plant asset depreciated is classified as

A. liability

B. n asset

C. n expense

D. evenue

View answer

Correct Answer: C

Question #88

Of 900 consumers surveyed, 414 said they were very enthusiastic about a new home decor scheme. What is the 99% confidence interval for the population proportion (in percent)?

A. 2 and 50

B. one of these answers

C. 0 and 40

D. 0 and 60

E. 1 and 51

View answer

Correct Answer: A

Question #89

An unanticipated shift to a more expansionary monetary policy will most likely cause

A. epreciation in the exchange rate of the nation's currency, higher real interest rates and an inflow of capital

B. ppreciation in the exchange rate of the nation's currency, higher real interest rates and an inflow of capital

C. ppreciation in the exchange rate of the nation's currency, lower real interest rates and an outflow of capital

D. epreciation in the exchange rate of the nation's currency, lower real interest rates and an outflow of capital

View answer

Correct Answer: D

Question #90

A random variable, X, has a mean of 10 and a standard deviation of 15. Another random variable, Y, is defined by Y = 2X + 3. Then, which of the following is/are true? I. The mean of Y is 33. II. The variance of Y is 30. III. The standard deviation of Y is 33. IV. X and Y are perfectly correlated.

A. I and IV

B. , II and IV

C. I only

D. II and IV

E. V only

F. II only

View answer

Correct Answer: E

Question #91

Which of the following is/are true about marketable securities?

A. hey are carried on the books at the market value

B. & III

C. , II & III

D. I & III

E. I only

View answer

Correct Answer: C

Question #92

When compared to the percentage-of-completion method, the completed contract method

A. eports larger total assets

B. eports higher net assets

C. eports higher cash flows

D. eports income earlier

E. ses higher estimates of selling prices

View answer

Correct Answer: A

Question #93

________ and other hybrid securities must be treated consistently across and within composites.

A. ortfolios

B. onvertibles

C. ssets

D. onds

View answer

Correct Answer: B

Question #94

A firm's accountant has mistakenly overstated depreciation by 50 and understated accounts receivables by 35. The firm's tax rate is 40%. Then, which of the following is/are true?

A. ncome is understated by 30

B. , II & III

C. I, III & IV

D. & III

E. I & IV

View answer

Correct Answer: C

Question #95

Currency overlay portfolios must be valued at least ________.

A. onthly

B. early

C. uarterly

D. ourly

E. aily

View answer

Correct Answer: C

Question #96

Long-term obligations that are or will become callable by the creditor because of the debtor's violation of a provision of the debt agreement at the balance sheet date should be classified as

A. urrent liabilities unless the creditor has waived the right to demand repayment for more than 1 year from the balance sheet date

B. urrent liabilities unless it is reasonably possible that the violation will be corrected within the grace period

C. ontingent liabilities until the violation is corrected

D. one of these answers

E. ong-term liabilities

View answer

Correct Answer: A

Question #97

Mathematically, the marginal propensity to consume is

A. ncome divided by consumption

B. dditional consumption divided by additional income

C. onsumption divided by income

D. dditional income divided by additional consumption

View answer

Correct Answer: B

Question #98

Government borrowing to fund current spending tends to cause _________ to rise. Subsequently, the local currency will _________ causing the trade deficit to rise.

A. avings rate, depreciate

B. ational income, depreciate

C. nflation, depreciate

D. arginal propensity to consume, appreciate

E. nterest rates, appreciate

View answer

Correct Answer: E

Question #99

All of the following are typically fixed expenses except for ________.

A. aw materials

B. ent

C. nsurance

D. roperty taxes

View answer

Correct Answer: A

Question #100

In the full cost method, oil firms:

A. one of these answers

B. re required to expense all oil-drilling costs resulting in dry holes

C. ust expense drilling costs which result in productive oil wells

D. an capitalize all oil-drilling costs

View answer

Correct Answer: D

Question #101

You have invested in a stock with a expected return of 14% and a standard deviation of 7%. Your target rate of return is 7%. What is the probability that you will not meet your objective, assuming stock returns are normally distributed?

A. 2%

B. 4%

C. 6%

D. 8%

View answer

Correct Answer: C

Question #102

Sandy Hart, CFA, is evaluating the possible purchase of an apartment building. As part of her research, Hart found the following data on three comparable properties:The market cap rate that Hart would be willing to pay for the apartment building is closest to:

A.

B.

C.

View answer

Correct Answer: C

Question #103

All of the following are sources of creditor financing except:

A. anks

B. ccounts payable

C. mployees who receive pay in arrears

D. hareholders who receive no dividends

View answer

Correct Answer: D

Question #104

At December 31, 1995, Del Monte Co. had the following balances in the accounts it maintains at Royal Street Bank:Checking account #101 $175,000Checking account #102 $(10,000)Money market account $25,00090-day certificate of deposit due 2/28/96 $50,000180-day certificate of deposit due 3/15/96 $80,000Del Monte classifies investments with original maturities of 3 months or less as cash equivalents. In its December 31, 1995 balance sheet, what amount should Del Monte report as cash and cash equivalents?

A. 240,000

B. 190,000

C. 320,000

D. 165,000

E. 200,000

View answer

Correct Answer: A

Question #105

How much would you need to deposit today in order to be able to withdraw $2,500 in 2 years and $1,500 in 5 years, if the account has nothing in it today and interest is 8% per year, compounded annually?

A. 2,722

B. 3,429

C. 3,164

D. 4,000

E. 3,378

View answer

Correct Answer: C

Question #106

An economy is currently operating at full employment, with an inflation rate of 6%. The Central Bank adopts an inflationary measure consistent with an inflation rate of 8% but people anticipate an inflation of 7%. Then, the unemployment in the short run will be ________ the natural rate, as predicted by the Rational Expectations Model.

A. ould be above or below

B. ame as

C. elow

D. bove

View answer

Correct Answer: C

Question #107

The primary purpose of the statement of cash flows is to

A. rovide information about a company's cash receipts and cash payments during the accounting period

B. easure the change in the company's assets

C. tate the company's financial position at period-end

D. nalyze net income during the accounting period

View answer

Correct Answer: A

Question #108

You can enter a derivative contract that will pay $100 at the end of a year if the price of oil exceeds $25 per barrel, or $50 if it is equal to $25 or lower. The probability that oil will exceed $25 by the end of one year is 60%. If interest is 4% for one year, what should the fair price of the contract be?

A. 80

B. 76

C. 60

D. 83

View answer

Correct Answer: B

Question #109

Which of the following best describes an option that gives the owner the right to sell 100 shares of stock only on the expiration date three months from now at a strike price of $35, when the current stock price is $25? This option is an:

A. ut-of-the-money American put option

B. n-the-money European put option

C. ut-of-the-raoney European put option

View answer

Correct Answer: B

Question #110

A firm is purchased for more than the fair market value of its assets. The excess is:

A. onsidered a "premium paid" and amortized over the life of the acquired assets

B. onsidered as "Goodwill

C. ritten off against the retained earnings on the balance sheet

D. reated as an extraordinary loss & presented net of taxes on the income statement

View answer

Correct Answer: B

Question #111

Procedures for compliance with Standard I include ________.

A. ctivities relating to interns and people under contract

B. eep informed

C. hen you suspect illegal activity, determine legality

D. hen you suspect illegal activity, dissociate from that activity

E. ll of these answers

F. aintain current files

View answer

Correct Answer: E

Question #112

How many monthly deposits of $50, beginning next month, will you need to make into an account that pays 6% per year, compounded monthly, before you will have $20,000?

A. 10

B. 01

C. 00

D. 20

E. 87

View answer

Correct Answer: D

Question #113

Ian Clark, CFA, is a technical analyst. Clark believes that information is incorporated gradually into securities markets and that, as a technician, he can take advantage of this process. However, tests of the efficient market hypothesis indicate security returns are random over time and new information is processed rapidly. Clark makes the following statements:Statement 1:Studies have reported that small capitalization stock returns are positive on a risk-adjusted basis. Statement 2:Although the academic r

A. oth statements arc correct

B. nly Statement 1 is correct

C. nly Statement 2 is correct

View answer

Correct Answer: B

Question #114

Wilma Green has been following the stock price movements of Bakery Supply International (BSI) and Hull Petrochemical Company (HPC). Green is convinced that the price of BSI stock is going to dramatically increase from its current price of $53.60 and that the price of HPC stock is going to dramatically decrease from its current price of $9.80. She has decided to use options to take advantage of the situation and has thus gatheredthe following data on three-month put and call options for the two stocks:If aft

A. hort BSI put with a $45

B. ong BSI put with a $45

C. hort BSI call with a $55

View answer

Correct Answer: C

Question #115

Which of the following AIMR Standards states that the financial analyst must exercise diligence and thoroughness in making investment recommendations or taking investment actions?

A. II B

B. V A

C.

D. one of these answers

View answer

Correct Answer: B

Question #116

What monthly payment is required over the next 60 months to pay off a $12,500 debt today, if interest is charged at 12% per year, compounded monthly?

A. 316

B. 270

C. 296

D. 3,467

E. 278

View answer

Correct Answer: E

Question #117

Which of the following is the least accurate statement about the price-to-sales multiple?

A. rice-to-sales is a poor valuation technique for growth companies

B. ales growth drives all subsequent earnings and cash flows

C. evenue has minimal accounting manipulation concerns relative to other numbers

View answer

Correct Answer: A

Question #118

The primary beneficiaries of the AIMR-PPS are:

A. urrent & prospective clients

B. IMR members

C. ll investment professionals

D. nvestment firms who adopt the standards

View answer

Correct Answer: A

Question #119

The mean amount spent by a family of four on food per month is $500 with a standard deviation of $75. Assuming that the food costs are normally distributed, what is the probability that a family spends less than $410 per month?

A.

B.

C. one of these answers

D.

E.

View answer

Correct Answer: A

Question #120

Employers' income tax expense consists of the following obligations except:

A. edicare tax

B. ocial Security tax

C. ederal income tax

D. tate unemployment tax

View answer

Correct Answer: C

Question #121

How much must you deposit today if you wish to have $30,000 in 20 years, assuming that interest accumulates at 8% per year, compounded annually?

A. 6,436

B. 7,046

C. 3,000

D. 5,045

E. 6,604

View answer

Correct Answer: A

Question #122

In year 0, $10 could purchase a certain basket of goods. In year 20, the identical basket of goods cost $36. What was the average annualized inflation rate during this period?

A.

B.

C. 2

D. 0

E.

View answer

Correct Answer: E

Question #123

If you buy an item for $475 and agree to pay for it with 24 monthly payments of $22.50, beginning next month, what annual interest rate, compounded monthly, are you being charged?

A. 7

B. 4

C. 2

D. 2

E.

View answer

Correct Answer: C

Question #124

Sparten, Inc., a plumbing contractor, received a check for $3,000 on June 29 for services to be performed in the following fiscal month. During the July accounting period, Sparten completed all but $500 of the job. What adjusting entry needs to be made at the end of July?

A. ncrease Unearned revenue and decrease cash for $500

B. ebit Unearned Revenue and credit Revenue for $2,500

C. ncrease cash and revenue for $3,000

D. ecrease accounts receivable and increase revenue for $2,500

View answer

Correct Answer: B

Question #125

Which of the following relationships is/are correct:

A. hange in assets + change in liabilities = change in equity

B. , II & III

C. II only

D. , II, III & IV

E. I & III

View answer

Correct Answer: B

Question #126

Which of the following would be classified a cash inflow from investing activities?

A. ash paid to retire bonds

B. roceeds from issuing stock

C. ash paid for dividends

D. roceeds from selling investments in the equity securities of other companies

View answer

Correct Answer: D

Question #127

You have a portfolio of two assets, X and Y. X has an expected return of 15% with a variance of 900%%, and Y has an expected return of 9% with a variance of 400%%. Assume the covariance between X and Y is 225%%. For a portfolio composed of 50% X and 50% Y, find the expected return and variance.

A. 0%, 437

B. 2%, 437

C. 2%, 367

D. 4%, 512

View answer

Correct Answer: B

Question #128

When the Percentage of Sales method is used, the estimated bad debt expense is calculated by:

A. ultiplying net sales on account times the percentage

B. ultiplying total sales on account times the percentage

C. ubtracting the percentage of net sales on account from the balance of Allowance for Uncollectible Accounts

D. ividing total sales on account by the percentage

View answer

Correct Answer: A

Question #129

Andrea, a portfolio manager for XYZ Investment Management Company, a registered investment organization that advises investment companies and private accounts, was promoted to that position three years ago. Bates, her supervisor, is responsible for reviewing Andrea's portfolio account transactions and her required monthly reports of personal stock transactions. Andrea has been using Jonelli, a broker, almost exclusively for portfolio account brokerage transactions. For securities in which Jonelli's firm mak

A. ndrea violated the Code and Standards in that she failed to disclose to her employer her personal transactions

B. I only

C. I and III only

D. II only

E. only

F. and III only

View answer

Correct Answer: A

Question #130

Albert and Tye, who recently started their own investment advisory business, have registered to take the Level III CFA examination. Albert's business card reads, "Judy Albert, CFA Candidate." Tye has not put anything about the CFA designation on his business card, but promotional material that he designed for the business describes the CFA requirements and indicates that Tye participates in the CFA Program and completed Levels I and II. According to the Standards:

A. lbert has violated the Standards but Tye has not

B. either Albert nor Tye had violated the Standards

C. ye has violated the Standards and Albert has not

D. oth Albert and Tye have violated the Standards

View answer

Correct Answer: A

Question #131

What is a listing of all possible outcomes of an experiment and their corresponding probability of occurrence called?

A. andom variable

B. requency distribution

C. ubjective probability

D. one of these answers

E. robability distribution

View answer

Correct Answer: E

Question #132

________ measures, which relate to the total variability of actual returns (i.e. beta), indicate the risk of having returns different from that particular benchmark or index.

A. ndex

B. bsolute

C. olatility

D. isk

View answer

Correct Answer: C

Question #133

The number of work stoppages in a highly industrialized region for selected months are: 6, 0, 10, 14, 8 and 0.What is the median number of stoppages?

A.

B.

C.

D.

E. one of these answers

View answer

Correct Answer: A

Question #134

"Fractional Reserve Banking" refers to:

A. he Federal Reserve System

B. ll of these answers

C. he banking system where part of the reserves are derived in the form of loans from the Central Bank

D. he banking system where banks hold less than 100% reserves against deposits

View answer

Correct Answer: D

Question #135

The __________ is the most conservative of the following liquidity ratios.

A. urrent ratio

B. uick ratio

C. ash ratio

D. iquid ratio

View answer

Correct Answer: C

Question #136

Jurgens is a portfolio manager with an investment firm based in New York. One of her firm's clients has told Jurgens that he will compensate her beyond that provided by her firm on the basis of the capital appreciation of his portfolio each year. Jurgens should:

A. urn down the additional compensations because it will result in conflicts with the interest of other client's accounts

B. urn down the additional compensation because it will create undue pressure on her to achieve strong short-term performance

C. btain permission from her employer prior to accepting the compensation arrangement

D. eceive permission from AIMR for the compensation arrangement

View answer

Correct Answer: C

Question #137

Which of the following is / are true?

A. he mean deviation can never be negative

B. only

C. & II

D. , II & III

E. II only

F. I & III

View answer

Correct Answer: B

Question #138

Fundamental Responsibilities is dealt with under:

A. tandard I

B. tandard III

C. one of these answers

D. tandard V

E. tandard II

F. tandard IV

View answer

Correct Answer: A

Question #139

Four years ago, the relative yield spread between ten-year A-rated corporate securities with no embedded options, and ten-year on-1he-run U.S. Treasuries, was 27.5%. Currently, the nominal yield on ten-year A-rated corporate securities is 5.45%, and the yield on ten-year on-the-run U.S. Treasuries is 4.10%. Calculate the current relative yield spread, and, assuming that any change in the yield spread is due to changes in the credit spread, identify whether the economy has most likely weakened or strengthene

A. he current yield spread is 32

B. he current yield spread is 32,9%, indicating that the economy has strengthened

C. he current yield spread is 24

View answer

Correct Answer: A

Question #140

Performance Presentation Standards require the disclosure of whether composite returns on international investments are ________ of foreign withholding taxes.

A. et

B. ross

C. one of these answers

D. et or gross

View answer

Correct Answer: D

Question #141

An economy is currently in equilibrium at full employment. If there is an anticipated governmental demand- stimulus policy and people correctly anticipate the effects, which of the following effects can be seen in the short run?

A. he demand curve moves to the right

B. , II, III & IV

C. , III & IV

D. & III

E. II & IV

View answer

Correct Answer: B

Question #142

A sample of size 225 is drawn from a population. The sample mean equals 876 and the variance of the sample equals 5,924. The 85% confidence interval for the population mean is given by:

A. 866

B. 870

C. 868

D. 869

View answer

Correct Answer: C

Question #143

What percent of the observations will lie above the mean plus two standard deviations?

A. %

B. 8%

C.

D. one of these answers

E. 5%

View answer

Correct Answer: C

Question #144

An investor faces the following investment scenarios:Scenario Probability ReturnBull market 60% 30%Neutral market 30% 7%Market crash 10% -25%The variance of the investor's rate of return is ________.

A. 7

B.

C. 07

D.

View answer

Correct Answer: C

Question #145

Which of the following is/are discrete random variables? I. The height of a student selected at random from 217 students. II. The slot number where the ball comes to rest in a roulette wheel. III. The color of a playing card drawn at random from a pack. IV. The speed of a car tracked by the radar gun of highway patrol.

A. V only

B. I & III

C. , II & IV

D. I only

E. II only

F. , II & III

View answer

Correct Answer: B

Question #146

The contents of the section of the annual report entitled "Management's Discussion and Analysis" (MD&A) are

A. andated by regulations of the SEC

B. andated by pronouncements of the Financial Accounting Standards Board (FASB)

C. eviewed by independent auditors

D. andated by regulations of the Internal Revenue Service

E. one of these answers

View answer

Correct Answer: A

Question #147

A population consists of all the weights of all defensive tackles on Sociable University's football team. They are:Johnson, 204 pounds; Patrick, 215 pounds; Junior, 207 pounds; Kendron, 212 pounds; Nicko, 214 pounds; and Cochran, 208 pounds. What is the population standard deviation (in pounds)?

A. bout 4

B. one of these answers

C. bout 40

D. bout 100

E. bout 16

View answer

Correct Answer: A

Question #148

The period between the trough of the business cycle and the next peak is called the

A. yclic phase

B. xpansionary phase

C. ontractionary phase

D. ecessionary phase

View answer

Correct Answer: B

Question #149

Which of the following is/are required by AIMR-PPS with regards to creation and maintenance of composites?

A. erformance must be measured at least quarterly

B. and III only

C. , II and III

D. only

E. and II only

View answer

Correct Answer: D

Question #150

What are the critical values for a two-tailed test of hypothesis test if alpha = .01?

A. /- 1

B. /- 2

C. /- 1

D. one of these answers

E. /- 2

View answer

Correct Answer: B

Question #151

You are examining a group of 5 mutual funds. Their average annual returns have been 10%, 8%, 13%, 19%, and 15%. What is the range of annual returns?

A. 2

B. 0

C. 1

D. 3

View answer

Correct Answer: C

Question #152

What is the present value of $350 per year for 10 years, with the first cash flow occurring today, rather than 1 year from now? Assume interest is 8% per year, compounded annually.

A. 2,408

B. 48

C. 2,536

D. 3,500

E. 2,348

View answer

Correct Answer: C

Question #153

Items reported as prior-period adjustments

A. o not include the effect of a mistake in the application of accounting principles as this is accounted for as a change in accounting principle rather than a prior-period adjustment

B. o not affect the presentation of prior-period comparative financial statements

C. re reflected as adjustments of the opening balance of the retained earnings of the earliest period presented

D. one of these answers

E. o not require further disclosure in the body of financial statements

View answer

Correct Answer: C

Question #154

What impact will the amortization of an intangible asset over a longer than appropriate period have on a firm?

A. t will result in higher than otherwise sales revenues

B. one of these answers

C. ll of these answers

D. t will reduce a firm's current income tax liability

E. t will improve reported earnings

View answer

Correct Answer: E

Question #155

A firm has a high debt-to-equity ratio. In order to improve this ratio in earlier years, it will prefer:

A. IFO accounting and accelerated depreciation

B. IFO accounting and straight-line depreciation

C. IFO accounting and straight-line depreciation

D. IFO accounting and accelerated depreciation

View answer

Correct Answer: C

Question #156

Typical features attached to preferred stock include all of the following except:

A. emand redemption rights

B. ividend distribution preferences

C. iquidation priorities

D. on-voting rights

View answer

Correct Answer: A

Question #157

If you owe a debt of $3,000 today and also owe $5,000 in 24 months, what single payment could you make 15 months from today that would pay off both of these debts, if interest is assessed at 8% per year, compounded monthly?

A. 8,024

B. 7,751

C. 7,980

D. 8,000

E. 9,041

View answer

Correct Answer: A

Question #158

"Sampling error" refers to:

A. n incorrect selection of a sampling method

B. he standard error of the normal deviates of a sample drawn from a population

C. he difference between a sample statistic and the corresponding population parameter

D. n incorrect usage of a sampling method

View answer

Correct Answer: C

Question #159

The actual rate of unemployment could fall below the natural rate of unemployment during which of the following?

A. n economic boom

B. I & III

C. & III

D. , II & III

E. V only

View answer

Correct Answer: B

Question #160

If a firm's net income after dividends is greater than zero, then

A. ts equity increases

B. , II & IV

C. & IV

D. & II

E. I only

View answer

Correct Answer: C

Question #161

Trading securities are carried on the books at ________.

A. urrent market value

B. cquisition cost or current market value

C. cquisition cost

D. ower-of-cost-or-market

View answer

Correct Answer: A

Question #162

A mortgage holding company has found that 2% of its mortgage holders default on their mortgage and lose the property. Furthermore, 90% of those who default are late on at least two monthly payments over the life of their mortgage as compared to 45% of those who do not default. What is the probability that a mortgagee with two or more late monthly payments will default on the mortgage and lose the property?

A.

B. one of these answers

C.

D.

E.

View answer

Correct Answer: D

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