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1.[单选题] 纠错收藏提问移除

Which of the following is not a characteristic of common equity?

A
It represents an ownership interest in the company.
B
Shareholders participate in the decision-making process.
C
The company is obligated to make periodic dividend payments.

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2.[单选题] 纠错收藏提问移除

The type of equity voting right that grants one vote for each share of equity owned is referred to as:

A
proxy voting.
B
statutory voting.
C
cumulative voting.

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3.[单选题] 纠错收藏提问移除

Participating preference shares entitle shareholders to:

A
participate in the decision-making process of the company.
B
convert their shares into a specified number of common shares.
C
receive an additional dividend if the company’s profits exceed a predetermined level.

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4.[单选题] 纠错收藏提问移除

Which of the following statements most accurately describes one difference between private and public equity firms?

A
Private equity firms are focused more on short-term results than public firms.
B
Private equity firms’ regulatory and investor relations operations are less costly than those of public firms.
C
Private equity firms are incentivized to be more open with investors about governance and compensation than public firms.

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5.[单选题] 纠错收藏提问移除

A basket of listed depository receipts, or an exchange-traded fund, would most likely be used for:

A
gaining exposure to a single equity.
B
hedging exposure to a single equity.
C
gaining exposure to multiple equities.

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6.[单选题] 纠错收藏提问移除

Calculate the total return on a share of equity using the following data: Purchase price: $50 Sale price: $42 Dividend paid during holding period: $2

A
–12.0%
B
–14.3%
C
–16.0%

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7.[单选题] 纠错收藏提问移除

Which of the following is incorrect about the risk of an equity security? The risk of an equity security is:

A
based on the uncertainty of its cash flows.
B
based on the uncertainty of its future price.
C
measured using the standard deviation of its dividends.

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8.[单选题] 纠错收藏提问移除

From an investor’s point of view, which of the following equity securities is the least risky?

A
Puttable preference shares.
B
Callable preference shares.
C
Non-callable preference shares.

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9.[单选题] 纠错收藏提问移除

Which of the following statements is least accurate in describing a company’s market value?

A
Management’s decisions do not influence the company’s market value.
B
Increases in book value may not be reflected in the company’s market value.
C
Market value reflects the collective and differing expectations of investors.

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10.[单选题] 纠错收藏提问移除

Which of the following is least likely to involve industry analysis?

A
Sector rotation strategy.
B
Top-down fundamental investing.
C
Tactical asset allocation strategy.

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11.[单选题] 纠错收藏提问移除

Which of the following statements about company analysis is most accurate?

A
The complexity of spreadsheet modeling ensures precise forecasts of financial statements.
B
The interpretation of financial ratios should focus on comparing the company’s results over time but not with competitors.
C
The corporate profile would include a description of the company’s business, investment activities, governance, and strengths and weaknesses.

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12.[单选题] 纠错收藏提问移除

An analyst estimates the intrinsic value of a stock to be in the range of €17.85 to €21.45. The current market price of the stock is €24.35. This stock is most likely:

A
overvalued.
B
undervalued.
C
fairly valued.

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13.[单选题] 纠错收藏提问移除

An analyst determines the intrinsic value of an equity security to be equal to $55. If the current price is $47, the equity is most likely:

A
undervalued.
B
fairly valued.
C
overvalued.

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14.[单选题] 纠错收藏提问移除

In asset-based valuation models, the intrinsic value of a common share of stock is based on the:

A
estimated market value of the company’s assets.
B
estimated market value of the company’s assets plus liabilities.
C
estimated market value of the company’s assets minus liabilities.

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15.[单选题] 纠错收藏提问移除

Which of the following is most likely used in a present value model?

A
Enterprise value.
B
Price to free cash flow.
C
Free cash flow to equity.

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16.[单选题] 纠错收藏提问移除

Book value is least likely to be considered when using:

A
a multiplier model.
B
an asset-based valuation model.
C
a present value model.

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17.[单选题] 纠错收藏提问移除

An analyst is attempting to calculate the intrinsic value of a company and has gathered the following company data: EBITDA, total market value, and market value of cash and short-term investments, liabilities, and preferred shares. The analyst is least likely to use:

A
a multiplier model.
B
a discounted cash flow model.
C
an asset-based valuation model.

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18.[单选题] 纠错收藏提问移除

An analyst who bases the calculation of intrinsic value on dividend-paying capacity rather than expected dividends will most likely use the:

A
dividend discount model.
B
free cash flow to equity model.
C
cash flow from operations model.

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19.[单选题] 纠错收藏提问移除

An investor expects to purchase shares of common stock today and sell them after two years. The investor has estimated dividends for the next two years, D1 and D2, and the selling price of the stock two years from now, P2. According to the dividend discount model, the intrinsic value of the stock today is the present value of:

A
next year’s dividend, D1.
B
future expected dividends, D1 and D2.
C
future expected dividends and price—D1, D2 and P2.

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20.[单选题] 纠错收藏提问移除

In the free cash flow to equity (FCFE) model, the intrinsic value of a share of stock is calculated as:

A
the present value of future expected FCFE.
B
the present value of future expected FCFE plus net borrowing.
C
the present value of future expected FCFE minus fixed capital investment.

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21.[单选题] 纠错收藏提问移除

Investors who exhibit loss aversion most likely:

A
have symmetric risk preferences.
B
are highly risk averse.
C
dislike losses more than they like equal gains.

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22.[单选题] 纠错收藏提问移除

Compared to public equity, which of the following is least likely to characterize private equity?

A
Lower reporting costs.
B
Potentially weaker corporate governance.
C
Lower returns because of its less liquid market.

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23.[单选题] 纠错收藏提问移除

The constant growth model requires which of the following?

A
g < k.
B
g > k.
C
g ≠ k.

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24.[单选题] 纠错收藏提问移除

Enterprise value is defined as the market value of equity plus:

A
the face value of debt minus cash and short-term investments.
B
the market value of debt minus cash and short-term investments.
C
cash and short-term investments minus the market value of debt.

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答题卡

Which of the following is not a characteristic of common equity?

The type of equity voting right that grants one vote for each share of equity owned is referred to as:

Participating preference shares entitle shareholders to:

Which of the following statements most accurately describes one difference between private and public equity firms?

A basket of listed depository receipts, or an exchange-traded fund, would most likely be used for:

Calculate the total return on a share of equity using the following data: Purchase price: $50 Sale price: $42 Dividend paid during holding period: $2

Which of the following is incorrect about the risk of an equity security? The risk of an equity security is:

From an investor’s point of view, which of the following equity securities is the least risky?

Which of the following statements is least accurate in describing a company’s market value?

Which of the following is least likely to involve industry analysis?

Which of the following statements about company analysis is most accurate?

An analyst estimates the intrinsic value of a stock to be in the range of €17.85 to €21.45. The current market price of the stock is €24.35. This stock is most likely:

An analyst determines the intrinsic value of an equity security to be equal to $55. If the current price is $47, the equity is most likely:

In asset-based valuation models, the intrinsic value of a common share of stock is based on the:

Which of the following is most likely used in a present value model?

Book value is least likely to be considered when using:

An analyst is attempting to calculate the intrinsic value of a company and has gathered the following company data: EBITDA, total market value, and market value of cash and short-term investments, liabilities, and preferred shares. The analyst is least likely to use:

An analyst who bases the calculation of intrinsic value on dividend-paying capacity rather than expected dividends will most likely use the:

In the free cash flow to equity (FCFE) model, the intrinsic value of a share of stock is calculated as:

Investors who exhibit loss aversion most likely:

Compared to public equity, which of the following is least likely to characterize private equity?

The constant growth model requires which of the following?

Enterprise value is defined as the market value of equity plus:

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