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1.[单选题] 纠错收藏提问移除

The nominal risk-free rate is best described as the sum of the real risk-free rate and a premium for:

A
maturity.
B
liquidity.
C
expected inflation.

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2.[单选题] 纠错收藏提问移除

Which of the following risk premiums is most relevant in explaining the difference in yields between 30-year bonds issued by the US Treasury and 30-year bonds issued by a small private issuer?

A
Inflation
B
Maturity
C
Liquidity

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3.[单选题] 纠错收藏提问移除

Which of the following groups best illustrates a sample?

A
The set of all estimates for Exxon Mobil’s FY2015 EPS.
B
The FTSE Eurotop 100 as a representation of the European stock market.
C
UK shares traded on 13 August 2015 that also closed above £120/share on the London Stock Exchange

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4.[单选题] 纠错收藏提问移除

Published ratings on stocks ranging from 1 (strong sell) to 5 (strong buy) are examples of which measurement scale?

A
Ordinal
B
Interval
C
Nominal

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5.[单选题] 纠错收藏提问移除

A manager invests €5,000 annually in a security for four years at the prices shown in the following table.
The average price paid for the security is closest to:

A
€76.48.
B
€77.26.
C
€78.00.

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6.[单选题] 纠错收藏提问移除

The following table shows the annual MSCI World Index total returns for 2004–2013.

The fourth quintile return for the MSCI World Index is closest to:

A
20.65%.
B
26.03%.
C
27.37%.

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7.[单选题] 纠错收藏提问移除

The following table shows the annual MSCI World Index total returns for 2004–2013.

For 2009–2013, the mean absolute deviation of the MSCI World Index total returns is closest to:

A
10.20%.
B
12.74%.
C
16.40%.

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8.[单选题] 纠错收藏提问移除

Annual returns and summary statistics for three funds are listed in the following table:
The fund that shows the highest dispersion is:

A
Fund PQR if the measure of dispersion is the range.
B
Fund XYZ if the measure of dispersion is the variance.
C
Fund ABC if the measure of dispersion is the mean absolute deviation.

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9.[单选题] 纠错收藏提问移除

Over the past 240 months, an investor’s portfolio had a mean monthly return of 0.79%, with a standard deviation of monthly returns of 1.16%. According to Chebyshev’s inequality, the minimum number of the 240 monthly returns that fall into the range of −0.95% to 2.53% is closest to:

A
80
B
107
C
133

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10.[单选题] 纠错收藏提问移除

The mean monthly return and the standard deviation for three industry sectors are shown in the following table.

Based on the coefficient of variation, the riskiest sector is:

A
utilities.
B
materials.
C
industrials.

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11.[单选题] 纠错收藏提问移除

When analyzing investment returns, which of the following statements is correct?

A
The geometric mean will exceed the arithmetic mean for a series with non-zero variance.
B
The geometric mean measures an investment’s compound rate of growth over multiple periods.
C
The arithmetic mean accurately estimates an investment’s terminal value over multiple periods.

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12.[单选题] 纠错收藏提问移除

In probability theory, exhaustive events are best described as events:

A
with a probability of zero.
B
that are mutually exclusive.
C
that include all potential outcomes.

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13.[单选题] 纠错收藏提问移除

Which probability estimate most likely varies greatly between people?

A
An a priori probability
B
An empirical probability
C
A subjective probability

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14.[单选题] 纠错收藏提问移除

If the probability that Zolaf Company sales exceed last year’s sales is 0.167, the odds for exceeding sales are closest to:

A
1 to 5.
B
1 to 6.
C
5 to 1.

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15.[单选题] 纠错收藏提问移除

The probability of an event given that another event has occurred is a:

A
joint probability.
B
marginal probability.
C
conditional probability.

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16.[单选题] 纠错收藏提问移除

After estimating the probability that an investment manager will exceed his benchmark return in each of the next two quarters, an analyst wants to forecast the probability that the investment manager will exceed his benchmark return over the two-quarter period in total. Assuming that each quarter’s performance is independent of the other, which probability rule should the analyst select?

A
Addition rule
B
Multiplication rule
C
Total probability rule

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17.[单选题] 纠错收藏提问移除

Which of the following is a property of two dependent events?

A
The two events must occur simultaneously.
B
The probability of one event influences the probability of the other event.
C
The probability of the two events occurring is the product of each event’s probability.

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18.[单选题] 纠错收藏提问移除

Which of the following best describes how an analyst would estimate the expected value of a firm under the scenarios of bankruptcy and survivorship? The analyst would use:

A
the addition rule.
B
conditional expected values.
C
the total probability rule for expected value.

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19.[单选题] 纠错收藏提问移除

An analyst developed two scenarios with respect to the recovery of $100,000 principal from defaulted loans:

The amount of the expected recovery is closest to:

A
$36,400.00
B
$63,600.00
C
$81,600.00

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20.[单选题] 纠错收藏提问移除

US and Spanish bonds have return standard deviations of 0.64 and 0.56, respectively. If the correlation between the two bonds is 0.24, the covariance of returns is closest to:

A
0.086.
B
0.670.
C
0.781.

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21.[单选题] 纠错收藏提问移除

Which of the following characteristics of an investment study most likely indicates time-period bias?

A
The study is based on a short time-series.
B
Information not available on the test date is used.
C
A structural change occurred prior to the start of the study’s time series.

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22.[单选题] 纠错收藏提问移除

The value in six years of $75,000 invested today at a stated annual interest rate of 7% compounded quarterly is closest to:

A
$112,555.00
B
$113,330.00
C
$113,733.00

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23.[单选题] 纠错收藏提问移除

An analyst is examining the monthly returns for two funds over one year. Both funds’ returns are non-normally distributed. To test whether the mean return of one fund is greater than the mean return of the other fund, the analyst can use:

A
a parametric test only.
B
a nonparametric test only.
C
both parametric and nonparametric tests.

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24.[单选题] 纠错收藏提问移除

Given a €1,000,000 investment for four years with a stated annual rate of 3% compounded continuously, the difference in its interest earnings compared with the same investment compounded daily is closest to:

A
€ 1
B
€ 6
C
€ 455

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25.[单选题] 纠错收藏提问移除

The following information is associated with a company that offers its employees a defined benefit plan:
Based on this information, the company’s balance sheet will present a net pension:

A
asset of $300,000,000.
B
asset of $1,400,000,000.
C
liability of $1,100,000,000.

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26.[单选题] 纠错收藏提问移除

To better evaluate the solvency of a company, an analyst would most likely add to total liabilities

A
the present value of future capital lease payments.
B
the total amount of future operating lease payments.
C
the present value of future operating lease payments

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27.[单选题] 纠错收藏提问移除

A $2.2 million investment will result in the cash flows shown below:

Using an 8% opportunity cost of capital, the project’s net present value (NPV) is closest to:

A
$2.47 million.
B
$3.40 million.
C
$4.67 million.

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28.[单选题] 纠错收藏提问移除

A firm is considering three projects as shown below.

If the firm can only accept one project, to maximize shareholder wealth, the firm is most likely to select:

A
Project A.
B
Project B.
C
Project C.

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29.[单选题] 纠错收藏提问移除

A three-year investment requires an initial outlay of £1,000. It is expected to provide three year-end cash flows of £200 plus a net salvage value of £700 at the end of three years. Its internal rate of return (IRR) is closest to:

A
10%.
B
11%.
C
20%.

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30.[单选题] 纠错收藏提问移除

Suppose a company has only €1,000,000 available to invest. The three projects available are described in the table:

If the opportunity cost of capital is 12%, which project should be accepted?

A
Project A.
B
Project B.
C
Project C.

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31.[单选题] 纠错收藏提问移除

With regard to capital budgeting, an appropriate estimate of the incremental cash flows from a project is least likely to include:

A
externalities.
B
interest costs.
C
opportunity costs.

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答题卡

The nominal risk-free rate is best described as the sum of the real risk-free rate and a premium for:

Which of the following risk premiums is most relevant in explaining the difference in yields between 30-year bonds issued by the US Treasury and 30-year bonds issued by a small private issuer?

Which of the following groups best illustrates a sample?

Published ratings on stocks ranging from 1 (strong sell) to 5 (strong buy) are examples of which measurement scale?

A manager invests €5,000 annually in a security for four years at the prices shown in the following table.The average price paid for the security is closest to:

The following table shows the annual MSCI World Index total returns for 2004–2013.The fourth quintile return for the MSCI World Index is closest to:

The following table shows the annual MSCI World Index total returns for 2004–2013. For 2009–2013, the mean absolute deviation of the MSCI World Index total returns is closest to:

Annual returns and summary statistics for three funds are listed in the following table:The fund that shows the highest dispersion is:

Over the past 240 months, an investor’s portfolio had a mean monthly return of 0.79%, with a standard deviation of monthly returns of 1.16%. According to Chebyshev’s inequality, the minimum number of the 240 monthly returns that fall into the range of −0.95% to 2.53% is closest to:

The mean monthly return and the standard deviation for three industry sectors are shown in the following table.Based on the coefficient of variation, the riskiest sector is:

When analyzing investment returns, which of the following statements is correct?

In probability theory, exhaustive events are best described as events:

Which probability estimate most likely varies greatly between people?

If the probability that Zolaf Company sales exceed last year’s sales is 0.167, the odds for exceeding sales are closest to:

The probability of an event given that another event has occurred is a:

Which of the following is a property of two dependent events?

Which of the following best describes how an analyst would estimate the expected value of a firm under the scenarios of bankruptcy and survivorship? The analyst would use:

An analyst developed two scenarios with respect to the recovery of $100,000 principal from defaulted loans: The amount of the expected recovery is closest to:

US and Spanish bonds have return standard deviations of 0.64 and 0.56, respectively. If the correlation between the two bonds is 0.24, the covariance of returns is closest to:

Which of the following characteristics of an investment study most likely indicates time-period bias?

The value in six years of $75,000 invested today at a stated annual interest rate of 7% compounded quarterly is closest to:

An analyst is examining the monthly returns for two funds over one year. Both funds’ returns are non-normally distributed. To test whether the mean return of one fund is greater than the mean return of the other fund, the analyst can use:

Given a €1,000,000 investment for four years with a stated annual rate of 3% compounded continuously, the difference in its interest earnings compared with the same investment compounded daily is closest to:

The following information is associated with a company that offers its employees a defined benefit plan: Based on this information, the company’s balance sheet will present a net pension:

To better evaluate the solvency of a company, an analyst would most likely add to total liabilities

A $2.2 million investment will result in the cash flows shown below:Using an 8% opportunity cost of capital, the project’s net present value (NPV) is closest to:

A firm is considering three projects as shown below.If the firm can only accept one project, to maximize shareholder wealth, the firm is most likely to select:

A three-year investment requires an initial outlay of £1,000. It is expected to provide three year-end cash flows of £200 plus a net salvage value of £700 at the end of three years. Its internal rate of return (IRR) is closest to:

Suppose a company has only €1,000,000 available to invest. The three projects available are described in the table:If the opportunity cost of capital is 12%, which project should be accepted?

With regard to capital budgeting, an appropriate estimate of the incremental cash flows from a project is least likely to include:

考试形式介绍

A manager invests €5,000 annually in a security for four years at the prices shown in the following table.
The average price paid for the security is closest to:

The following table shows the annual MSCI World Index total returns for 2004–2013.

The fourth quintile return for the MSCI World Index is closest to:

The following table shows the annual MSCI World Index total returns for 2004–2013.

For 2009–2013, the mean absolute deviation of the MSCI World Index total returns is closest to:

Annual returns and summary statistics for three funds are listed in the following table:
The fund that shows the highest dispersion is:

The mean monthly return and the standard deviation for three industry sectors are shown in the following table.

Based on the coefficient of variation, the riskiest sector is:

An analyst developed two scenarios with respect to the recovery of $100,000 principal from defaulted loans:

The amount of the expected recovery is closest to:

The following information is associated with a company that offers its employees a defined benefit plan:
Based on this information, the company’s balance sheet will present a net pension:

A $2.2 million investment will result in the cash flows shown below:

Using an 8% opportunity cost of capital, the project’s net present value (NPV) is closest to:

A firm is considering three projects as shown below.

If the firm can only accept one project, to maximize shareholder wealth, the firm is most likely to select:

Suppose a company has only €1,000,000 available to invest. The three projects available are described in the table:

If the opportunity cost of capital is 12%, which project should be accepted?