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CFA-Level-IPDF解答で完璧な予見CFA-Level-I練習試験問題
質問 55
An open market purchase of government securities by the Federal Reserve ____ banks' reserves and
_ ___ the federal funds rate.
- A. decreases; raises
- B. decreases; lowers
- C. increases; lowers
正解: C
解説:
When the Fed buys securities, it pays them with newly created reserves held by banks.
質問 56
The goods available for sale, at retail prices, total $200,000. If the cost ratio for the period totals 60%, and the net sales at retail for the period total $120,000, what is the ending inventory at cost?
- A. $ 72,000
- B. $ 24,000
- C. $ 48,000
正解: C
解説:
Reducing total goods available for sale at retail ($200,000) by sales at retail ($120,000) leaves a remainder (ending inventory at retail) of $80,000. If the cost of the ending inventory is 60% of ending inventory at retail value, the cost of the ending inventory at cost is $48,000 ($80,000 x 60%).
質問 57
A worker who rejects a position while looking for one with better pay or benefits is considered to be:
- A. discouraged.
- B. voluntarily unemployed.
- C. underemployed.
正解: B
解説:
Most frictional unemployment (unemployment when one is between jobs) is considered voluntary because one is looking for work rather than taking any job one finds.
質問 58
If trades can be arranged only when the market is open, such a market is called a:
- A. call market.
- B. put market.
- C. order-driven market.
正解: A
解説:
Matching buyers and sellers in call markets is easy because the traders (or their orders) come together at the same time and price.
質問 59
Why is systematic risk considered important?
- A. Because it is needed in order to measure the total risk of an asset
- B. Because the risk premium depends on both systematic and unsystematic risk
- C. Because the risk premium depends only on this type of risk
正解: C
質問 60
Which of the following ratios, when calculated using interim financial reports, would be least questionable?
- A. Return on Assets (Net Income / Average Total Assets)
- B. Current Ratio (Current Assets / Current Liabilities)
- C. Receivable Turnover (Net Sales / Average Accounts Receivable)
正解: B
解説:
Ratios calculated from interim financial reports that use one balance sheet account and one income statement or statement of cash flows account are questionable because the income statement and statement of cash flows values represent accumulated amounts for less than one year, while the balance sheet values are full values similar to those at year end. The current ratio would be the least questionable ratio because it is calculated using two balance sheet accounts.
質問 61
Crashem Co. purchases equipment for $180,000 in cash. How would this transaction affect the financial statements?
- A. Increase expense on the income statement; increase fixed assets on the balance sheet; cash outflow from operations on the statement of cash flows.
- B. Increase fixed assets and decrease cash on the balance sheet; cash outflow from investing activities on the statement of cash flows.
- C. Increase fixed assets and increase long-term debt on the balance sheet; cash outflow from operations on the statement of cash flows.
正解: B
質問 62
A beginning amount of $75,000 is invested in a money market account. At the beginning of each year (Starting from the second year) for the next 30 years, a withdrawal of $8,854.69 is to be made to pay insurance premiums. What interest rate must the investment pay to support the premium payments?
- A. 10.28%
- B. 13%
- C. 11.34%
正解: C
解説:
PV = -$75,000; PMT = $8,854.69; n = 30; CPT i = 11.34%
質問 63
In the long run the price a monopolistic competitor sets is equal to:
- A. marginal cost.
- B. marginal revenue.
- C. average total cost.
正解: C
解説:
After long-run adjustments have been made, price and quantity fall with firm entry until P =
ATC and firms earn zero economic profit.
質問 64
Consider the following information of a firm:
Price per share: $40.
*
Shares outstanding: 4 million.
*
Market value of debt: $150 million.
*
Book value of debt: $112 million.
*
Cash and investments: $10 million.
*
Net income: $20 million.
*
Net income from continuing operations: $15 million.
*
Interest expense: $5 million.
*
Depreciation and amortization: $8 million.
*
Taxes: $2 million.
*
The EV/EBITDA ratio for the firm is:
- A. 10.
- B. 8.
- C. 12.
正解: A
解説:
EBITDA = (net income from continuing operations + interest expense + taxes + depreciation
+ amortization) = 15 + 5 + 2 + 8 = $30 million. Market value of the firm = $40 x 4 million + $150 = $310 million. EV = $310 - $10 = $300. EV/EBITDA = 300 / 30 = 10.
質問 65
Which of the following is true of a monopolist's demand curve?
- A. It indicates that the monopolist will be able to sell more units at a higher price.
- B. It is perfectly inelastic.
- C. It is identical with the industry demand curve for the product.
正解: C
解説:
A monopolist is the sole supplier to a market; therefore, the monopolist provides the industry supply. The demand curve that the monopolist faces then is the market demand curve.
質問 66
The best action for a portfolio manager to take to preserve capital in a declining stock market is to:
- A. sell call options.
- B. buy stock index futures.
- C. sell stock index futures.
正解: C
質問 67
Refer to the graph below. Assuming that the industry operates under conditions of perfect competition and that the firms seek to maximize profits each firm in the industry will:
- A. incur economic losses in the short-run.
- B. produce 800 square feet of construction per month in the short-run.
- C. produce 1000 square feet of construction per month in the short-run.
正解: C
解説:
Price equals marginal cost at this output level in the short-run.
質問 68
________ is an unsecured obligation of the issuing company.
- A. A indenture
- B. A debenture
- C. The deed of trust
正解: B
質問 69
If you are a bondholder for a firm, which of the following ratios would you be most interested in?
I). Times interest earned.
II). Total debt to total assets.
III). Return on equity.
IV). Quick ratio.
- A. II and III.
- B. I and II.
- C. I, II and IV.
正解: B
解説:
Bondholders are interested in the debt utilization ratios which in this case are the times interest earned and total debt to total assets.
質問 70
If a researcher were conducting a paired difference experiment for a sample size of 100, and a 90% confidence interval, which of the following test statistics would he/she use for a two-tailed test?
- A. z0.05 = 1.645
- B. z0.1 = 1.28
- C. t0.05 = 1.66
正解: C
質問 71
Which of the following changes in financial position should be recorded but should not enter into the determination of net income, as identified by the FASB?
- A. Events that are recognized but not realized.
- B. Events that are not realized or recognized.
- C. Events that are recognized and realized.
正解: A
解説:
These events are called elements of other comprehensive income, and are recorded as direct adjustments to stockholders' equity rather than as elements in the determination of net income. The components of comprehensive income are presented net of income tax.
質問 72
A portfolio consists of 2 bonds:
Bond | Maturity | Coupon | Duration | Proportion in Portfolio
Bond A | 10 years | 8% | 6.7 | 60% Bond B | 7 years | 5.2% |3.9 | 40%
If the yield on Bond A increases by 54 basis points and the yield on Bond B decreases by 79 basis points, compute the percentage change in portfolio value.
- A. 3.404%
- B. -3.404%
- C. -0.938%
正解: C
解説:
Percentage change in portfolio = wA DA (*rA) + wB DB (*rB)= 0.6 * (-6.7) * (0.0054) + 0.4 *
(-3.9) * (-0.0079) = -0.938%.
質問 73
Which of the following procedures is not applied when measuring the amount of the deferred tax asset or liability?
- A. The deferred tax asset or liability must be measured at its present value.
- B. The liability method must be used in measuring the deferred tax asset or deferred tax liability.
- C. The tax consequences of temporary differences must be measured by using enacted future tax rates, and the tax consequences of permanent differences are not recognized.
正解: A
解説:
Present value is not used in determining the tax consequences.
質問 74
What is the modified duration on a noncallable bond with a Macaulay duration of eight years, a yield to maturity of 7%, and quarterly coupon payments?
- A. 7.93
- B. 7.86
- C. 8.09
正解: B
解説:
Modified duration is equal to (Macaulay duration) / [1 + (current yield to maturity / number of payments in a year)]. In this question, the modified duration is 8 / [1 + (0.07/4)] = 7.86.
質問 75
Which of the following statements is correct?
- A. A firm's cost of capital is not affected by the firm's investment policies.
- B. A firm's cost of capital is affected by both the firm's financing and investment policies.
- C. A firm's cost of capital is affected only by the firm's investment policies but it is independent of the firm's financing policies.
正解: B
質問 76
The following securities are generally backed by the full faith and credit of the United States government:
- A. moral obligation bonds.
- B. securities issued by the Government National Mortgage Association and Federal National Mortgage
Association. - C. municipal securities.
正解: B
質問 77
The capital asset pricing model (CAPM) states that:
- A. The expected rate of return on an investment depends on the risk-free rate and the market rate of return
- B. The expected risk premium on an investment is proportional to its beta
- C. The expected rate of return on an investment is proportional to its beta
正解: B
質問 78
Which of the following statements is least accurate with respect to the price volatility characteristics for callable bonds?
- A. At yield levels below that of the coupon rate, callable bonds become extremely sensitive to small changes in yield.
- B. For high levels of yield, the price volatility characteristics of a callable bond will mirror that of an equivalent non-callable bond.
- C. The yield on a non-callable bond can never become higher than the yield of an equivalent callable bond.
正解: A
解説:
At yield levels below that of the coupon rate, callable bonds will trade very close to their call price, irrespective of yield changes.
Hence, these bonds become extremely insensitive to small changes in yield.
質問 79
Cash is received for services not yet performed. This transaction affects an asset account and a(n)
- A. liability account.
- B. revenue account.
- C. asset account.
正解: A
解説:
This transaction affects an asset account and a liability account. The receipt of cash affects an asset account (Cash) and a liability account (Unearned Revenue) because payment has been received for services not yet performed.
質問 80
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