SAIF-CFA试题
石家庄英语四级CFA试题
1.The least accurate statement about measures of dispersion for
a distribution is that the:
A. range provides no information about the shape of the data distribution.
B. arithmetic average of the deviations around the mean will always be equal to one.
C. mean absolute deviation will always be less than or equal to the standard deviation.
2.One is most likely to reject the null hypothesis when the p-value of the test statistic:
A. is negative.
B. exceeds a specified level of significance.
C. falls below a specified level of significance.
3. A recessionary gap is more likely to be obrved when:
A. real GDP is above potential GDP.
B. real GDP is below potential GDP.
C. employment is above full-employment equilibrium.
4.In an effort to influence the economy, a central bank conducted open market activities by lling government bonds. This implies that the central bank is most likely attempting to:
A. contract the economy by reducing bank rerves
B. expand the economy through a lower policy interest rate
C. contract the economy through a lower policy interest rate
5.A company using IFRS reports its interest payments on long-term debt as a financing activity. If the company reported under US GAAP, the most likely effect would be a:
A. higher cash flow from operations.
B. higher cash flow from financing activities.
C. lower cash flow from investing activities.
6.Under U.S. GAAP what is the most likely effect of the reversal of a valuation allowance related to a deferred tax ast on net income?
A. No effect
B. A decrea
C. An increa
7.The following information is available about a company: (All figures in $ thousands) 2011 2010
Deferred tax asts 200 160
Deferred tax liabilities (450) (360)
Net deferred tax liabilities (250) (200)
Earnings before taxes 4,000 3,800
Income taxes at the statutory rate 1,200 1,140
Current income tax expen 1,000 900
The company’s 2011 income tax expen (in thousands) is clost to:
A. $1,000
B. $1,050
C. $1,250
8.A bond has a modified duration of 6.5 and convexity of -42.4. If interest rates decrea by 1.0 percent, the percentage change in the value of the bond will be clost to:
A. -6.92%.
B. +2.76%.
C. +6.08%.
9.Assume the following six-month forward rates (prented on an annualized, bond-equivalent basis) were calculated from the yield curve.
Notation Forward Rate
1f0 0.50%
1f1 0.70%
1f2 1.00%
1f3 1.50%
1f4 2.20%
1f5 3.00%
1f6 4.00%
unamudThe 3-year spot rate is clost to:
A. 0.74%.
B. 1.48%.
C. 2.06%.
10.The following table shows data for the stock of JKU and a market-index.
Expected return of JKU 15%
Expected return of market index 12%
Risk free rate 5%
Standard deviation of JKU returns 20%
Standard deviation of market index returns 15%
Correlation of JKU and market index returns 0.75
Bad on the capital ast pricing model (CAPM), JKU is most
likely:
A. overvalued.
B. undervalued.
C. fairly valued.
11.An analyst conducts a significance test to determine if the relation between two variables is real or the result of chance. His null hypothesis is that the population correlation coefficient is equal to zero and his alternative hypothesis is that the population correlation coefficient is different from zero. He gathers the following information:九月 英文
Value of the test statistic 2.8092
Critical value at the 0.05 significance level 1.96
Critical value at the 0.01 significance level 2.58
The analyst most likely conducted a:
A. one-tailed test and can reject his null hypothesis.
B. two-tailed test and can reject his null hypothesis.
C. two-tailed test and cannot reject his null hypothesis.
12.The free-rider problem, an obstacle to efficiency, is most likely associated with:
A. monopolies
B. public goods
C. subsidies and quotas
13.Assume that two firms in a duopoly enter into a collusive agreement in an attempt to form a cartel and restrict output, rai prices, and increa profits. Given this, the most likely outcome according to the Nash equilibrium is that:
A. Both firms cheat
B. Both firms comply
美味的食物英文
C. One firm cheats and the other firm complies
14.Which of the following is least likely to be a warning sign of low quality earnings?
A. Greater u of operating leas than peer companies.
B. U of a higher discount rate in pension plan assumptions.
C. A ratio of operating cash flow to net income greater than
1.0.
15.Bad on best practices in corporate governance procedures, independent board members most likely:escalator
英语四级算分
A. Meet only in the prence of management.
B. Have a “lead” director when the board chair is not independent.
C. Hire independent consultants who are pre-approved by management.
16.A ries of interest rate put options that expire on different dates but have the same exerci rate is best defined as a (n):
asuncion
A. Interest rate cap.
B. Interest rate floor.
C. Interest rate collar.
17. In comparison to a forward contract, a futures contract is most likely to be less:
A. Liquid.
B. Publicized.
C. Customized.
18.If the volatility of returns of an underlying curity increas, then:
A. both call and put option prices increa.
B. both call and put option prices decrea.
C. call prices increa and put prices decrea.
设计师培训19.High Plains Capital is a hedge fund with a portfolio valued at $475,000,000 at the beginning of the year. One year later, the value of asts under management is $541,500,000. The hedge fund charges a 1.5% management fee bad on the end-of-year portfolio value, and a 10% incentive fee. If the incentive fee and management fee are calculated independently, the effective return for a hedge fund investor is clost to:
A. 10.89%.
B. 11.06%.
C. 12.29%.
20.Relative to an investor with a steeper indifference curve, the optimal portfolio for an investor with a flatter indifference curve will most likely have:
A. A lower level of risk and return.
B. A higher level of risk and return.
巴黎宝贝英文版C. The same level of risk and return.句号英语
21.A project has the following expected cash flows:
Time Cash Flow($)
0 (125,000)
1 100,000
2 200,000
If the risk-free interest rate is 4 percent, expected inflation is 3 percent, the market risk premium is 8 percent and the Beta for the project is 1, the investment’s net prent value (NPV) is clost to:
A. $113,000.
B. $124,000.
C. $139,000.
22.Given the following information about three portfolios: Portfolio
Mean return on the
portfolio (%) Standard deviation of the return on the portfolio (%) A 10 20 B 18 15 C
6
3
If the risk-free rate is 4%, which portfolio has the highest Sharpe ratio?
A. Portfolio A
B. Portfolio B
C. Portfolio C
23.An analyst gathers the following annual information ($ millions) about a company that pays no dividends and has no debt: Net income 45.8 Depreciation
18.2 Loss on sale of equipment 1.6 Decrea in accounts receivable 4.2
Increa in inventories 3.4 Increa in accounts payable 2.5 Capital expenditures 7.3 Proceeds from sale of stock
8.5
The company’s annual free cash flow to equity ($ millions) is clost to:
A. 53.1.
B. 58.4.
C. 61.6.
24.Analyst gathers the following information about a company and
the market:
Current market price per share of common stock €32.00 Most recent dividend per share paid on common stock €2.40 Expected dividend payout rate 40% Expected return on equity (ROE) 15% Beta for the common stock
1.5 Expected return on the market portfolio 12% Risk-free rate of return 4%
A. 16.0%.
B. 16.5%.
C. 17.2%.
25.A market has the following limit orders standing on its book for a particular stock:
Buyer Bid Size (# of shares) Limit Price ($) Seller
Offer Size (# of shares) Limit Price ($) 1 500 18.5 1 200 20.2 2 300 18.9 2 300 20.35<
/td> 3 400 19.2 3 400 20.5 4 200 20.1 4 100 20.65< /td> 5
100
20.15
5
200
20.7< /td> If a trader submits an immediate-or-cancel limit buy order for 700 shares at a price of $20.50, the most likely average price the trader would pay is:
A. $20.35.
B. $20.50.
C. $20.58.
26.An equity portfolio manager is evaluating her ctor allocation strategy for the upcoming year. She expects global economic slowdown for the next two years. Further, she believes that
companies will be facing diminishing growth rates with respect to revenues and profits. Owing to the beliefs, the portfolio manager will most likely:
A. Overweight materials.
B. Overweight consumer staples.
C. Underweight telecommunications.
27.An investor establishes a short position in a futures contract on Day 0 when the price per contract is $100. The investor deposits $5 per contract to meet the initial margin requirement. The maintenan
ce margin requirement per contract is $3. The Day 1 ttlement price that would require the investor deposit additional funds on Day 2 equal to $4 per contract is clost to: A. $96.
