融跃教育私播课

提分题库

答题卡

已答未答

单选

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43

1.[单选题] 纠错收藏提问移除

Mary Gonzales is evaluating companies in the office supply industry and has compiled the following information:
Mary determined that Company A had an operating cycle of 100 days in 20X2, whereas Company D had an operating cycle of 145 days for the same fiscal year. This means that:

A
Company D’s inventory turnover is less than that of Company A.
B
Company D’s inventory turnover is greater than that of Company A.
C
Company D’s cash conversion cycle is shorter than that of Company A.

查看答案上一题下一题
2.[单选题] 纠错收藏提问移除

Investors should use a portfolio approach to:

A
reduce risk.
B
monitor risk.
C
eliminate risk.

查看答案上一题下一题
3.[单选题] 纠错收藏提问移除

Which of the following institutions will on average have the greatest need for liquidity?

A
Banks.
B
Investment companies.
C
Non-life insurance companies.

查看答案上一题下一题
4.[单选题] 纠错收藏提问移除

Which of the following institutional investors is most likely to manage investments in mutual funds?

A
Insurance companies.
B
Investment companies.
C
University endowments.

查看答案上一题下一题
5.[单选题] 纠错收藏提问移除

With respect to the portfolio management process, the rebalancing of portfolio’s composition is most likely to occur in the:

A
planning step.
B
feedback step.
C
execution step.

查看答案上一题下一题
6.[单选题] 纠错收藏提问移除

An analyst gathers the following information for the asset allocations of three portfolios:
Which of the portfolios is most likely appropriate for a client who has a high degree of risk tolerance?

A
Portfolio 1.
B
Portfolio 2.
C
Portfolio 3.

查看答案上一题下一题
7.[单选题] 纠错收藏提问移除

Which of the following pooled investments is most likely characterized by a few large investments?

A
Hedge funds.
B
Buyout funds.
C
Venture capital funds.

查看答案上一题下一题
8.[单选题] 纠错收藏提问移除

An investor evaluating the returns of three recently formed exchange-traded funds gathers the following information:
The ETF with the highest annualized rate of return is:

A
ETF 1.
B
ETF 2.
C
ETF 3.

查看答案上一题下一题
9.[单选题] 纠错收藏提问移除

A portfolio manager creates the following portfolio:
If the standard deviation of the portfolio is 14.40%, the correlation between the two securities is equal to:

A
−1.0.
B
0.0.
C
1.0.

查看答案上一题下一题
10.[单选题] 纠错收藏提问移除

A financial planner has created the following data to illustrate the application of utility theory to portfolio selection:

If an investor’s utility function is expressed as
and the measure for risk aversion has a value of 2, the risk-averse investor is most likely to choose:

A
Investment 1.
B
Investment 2.
C
Investment 3.

查看答案上一题下一题
11.[单选题] 纠错收藏提问移除

A portfolio manager creates the following portfolio:

If the correlation of returns between the two securities is −0.15, the expected standard deviation of an equal-weighted portfolio is closest to:

A
13.04%.
B
13.60%.
C
13.87%.

查看答案上一题下一题
12.[单选题] 纠错收藏提问移除

An analyst has made the following return projections for each of three possible outcomes with an equal likelihood of occurrence:
If the analyst constructs two-asset portfolios that are equally-weighted, which pair of assets has the lowest expected standard deviation?

A
Asset 1 and Asset 2.
B
Asset 1 and Asset 3.
C
Asset 2 and Asset 3.

查看答案上一题下一题
13.[单选题] 纠错收藏提问移除

The portfolio on the minimum-variance frontier with the lowest standard deviation is:

A
unattainable.
B
the optimal risky portfolio.
C
the global minimum-variance portfolio.

查看答案上一题下一题
14.[单选题] 纠错收藏提问移除

The dominant capital allocation line is the combination of the risk-free asset and the:

A
optimal risky portfolio.
B
levered portfolio of risky assets.
C
global minimum-variance portfolio.

查看答案上一题下一题
15.[单选题] 纠错收藏提问移除

With respect to the mean–variance theory, the optimal portfolio is determined by each individual investor’s:

A
risk-free rate.
B
borrowing rate.
C
risk preference.

查看答案上一题下一题
16.[单选题] 纠错收藏提问移除

With respect to capital market theory, an investor’s optimal portfolio is the combination of a risk-free asset and a risky asset with the highest:

A
expected return.
B
indifference curve.
C
capital allocation line slope.

查看答案上一题下一题
17.[单选题] 纠错收藏提问移除

The capital market line (CML) is the graph of the risk and return of portfolio combinations consisting of the risk-free asset and:

A
any risky portfolio.
B
the market portfolio.
C
the leveraged portfolio.

查看答案上一题下一题
18.[单选题] 纠错收藏提问移除

With respect to the capital market line, a portfolio on the CML with returns less than the returns on the market portfolio represents a(n):

A
lending portfolio.
B
borrowing portfolio.
C
unachievable portfolio.

查看答案上一题下一题
19.[单选题] 纠错收藏提问移除

An analyst gathers the following information:

Which security has the highest Beta measure?

A
Security 1.
B
Security 2.
C
Security 3.

查看答案上一题下一题
20.[单选题] 纠错收藏提问移除

With respect to capital market theory, the average beta of all assets in the market is:

A
less than 1.0.
B
equal to 1.0.
C
greater than 1.0.

查看答案上一题下一题
21.[单选题] 纠错收藏提问移除

The graph of the capital asset pricing model is the:

A
capital market line.
B
security market line.
C
security characteristic line.

查看答案上一题下一题
22.[单选题] 纠错收藏提问移除

An analyst gathers the following information:
With respect to the capital asset pricing model, if the expected market risk premium is 6% the security with the highest expected return is:

A
Security 1.
B
Security 2.
C
Security 3.

查看答案上一题下一题
23.[单选题] 纠错收藏提问移除

Analysts who have estimated returns of an asset to be greater than the expected returns generated by the capital asset pricing model should consider the asset to be:

A
overvalued.
B
undervalued.
C
properly valued.

查看答案上一题下一题
24.[单选题] 纠错收藏提问移除

A written investment policy statement (IPS) is most likely to succeed if:

A
it is created by a software program to assure consistent quality.
B
it is a collaborative effort of the client and the portfolio manager.
C
it reflects the investment philosophy of the portfolio manager.

查看答案上一题下一题
25.[单选题] 纠错收藏提问移除

After interviewing a client in order to prepare a written investment policy statement (IPS), you have established the following: ● The client has earnings that vary dramatically between £30,000 and £70,000 (pre-tax) depending on weather patterns in Britain. ● In three of the previous five years, the after-tax income of the client has been less than £20,000. ● The client’s mother is dependent on her son (the client) for approximately £9,000 per year support. ● The client’s own subsistence needs are approximately £12,000 per year. ● The client has more than 10 years’ experience trading investments including commodity futures, stock options, and selling stock short. ● The client’s responses to a standard risk assessment questionnaire suggest he has above average risk tolerance. The client is best described as having a:

A
low ability to take risk, but a high willingness to take risk.
B
high ability to take risk, but a low willingness to take risk.
C
high ability to take risk and a high willingness to take risk.

查看答案上一题下一题
26.[单选题] 纠错收藏提问移除

The timing of payouts for property and casualty insurers is unpredictable (“lumpy”) in comparison with the timing of payouts for life insurance companies. Therefore, in general, property and casualty insurers have:

A
lower liquidity needs than life insurance companies.
B
greater liquidity needs than life insurance companies.
C
a higher return objective than life insurance companies.

查看答案上一题下一题
27.[单选题] 纠错收藏提问移除

Returns on asset classes are best described as being a function of:

A
the failure of arbitrage.
B
exposure to the idiosyncratic risks of those asset classes.
C
exposure to sets of systematic factors relevant to those asset classes.

查看答案上一题下一题
28.[单选题] 纠错收藏提问移除

Tactical asset allocation is best described as:

A
attempts to exploit arbitrage possibilities among asset classes.
B
the decision to deliberately deviate from the policy portfolio.
C
selecting asset classes with the desired exposures to sources of systematic risk in an investment portfolio.

查看答案上一题下一题
29.[单选题] 纠错收藏提问移除

The factors a risk management framework should address include all of the following except:

A
communications.
B
policies and processes.
C
names of responsible individuals.

查看答案上一题下一题
30.[单选题] 纠错收藏提问移除

Which of the following best describes activities that are supported by a risk management infrastructure?

A
Risk tolerance, budgeting, and reporting
B
Risk tolerance, measurement, and monitoring
C
Risk identification, measurement, and monitoring

查看答案上一题下一题
31.[单选题] 纠错收藏提问移除

A firm’s risk management committee would be expected to do all of the following except:

A
approving the governing body’s proposed risk policies.
B
deliberating the governing body’s risk policies at the operational level.
C
providing top decision-makers with a forum for considering risk management issues.

查看答案上一题下一题
32.[单选题] 纠错收藏提问移除

Liquidity risk is most associated with:

A
the probability of default.
B
a widening bid–ask spread.
C
a poorly functioning market.

查看答案上一题下一题
33.[单选题] 纠错收藏提问移除

If a company has a one-day 5% Value at Risk of $1 million, this means:

A
5% of the time the firm is expected to lose at least $1 million in one day.
B
95% of the time the firm is expected to lose at least $1 million in one day.
C
5% of the time the firm is expected to lose no more than $1 million in one day.

查看答案上一题下一题
34.[单选题] 纠错收藏提问移除

The choice of risk-modification method is based on:

A
minimizing risk at the lowest cost.
B
maximizing returns at the lowest cost.
C
weighing costs versus benefits in light of the entity’s risk tolerance.

查看答案上一题下一题
35.[单选题] 纠错收藏提问移除

A factor associated with the widespread adoption of algorithmic trading is increased:

A
market efficiency.
B
average trade sizes.
C
trading destinations.

查看答案上一题下一题
36.[单选题] 纠错收藏提问移除

Compared to investing in a single security, diversification provides investors a way to:

A
increase the expected rate of return.
B
decrease the volatility of returns.
C
increase the probability of high returns.

查看答案上一题下一题
37.[单选题] 纠错收藏提问移除

Low risk tolerance and high liquidity requirements best describe the typical investment needs of:

A
a defined-benefit pension plan.
B
a foundation.
C
an insurance company.

查看答案上一题下一题
38.[单选题] 纠错收藏提问移除

Compared to exchange-traded funds (ETFs), open-end mutual funds are typically associated with lower:

A
brokerage costs.
B
minimum investment amounts.
C
management fees.

查看答案上一题下一题
39.[单选题] 纠错收藏提问移除

Hedge funds most likely:

A
have stricter reporting requirements than a typical investment firmbecause of their use of leverage and derivatives.
B
hold equal values of long and short securities.
C
are not offered for sale to the general public.

查看答案上一题下一题
40.[单选题] 纠错收藏提问移除

An investor buys a share of stock for $40 at time t = 0, buys another share of the same stock for $50 at t = 1, and sells both shares for $60 each at t = 2. The stock paid a dividend of $1 er share at t = 1 and at t = 2. The periodic money-weighted rate of return on the investment is closest to:

A
22.2%.
B
23.0%.
C
23.8%.

查看答案上一题下一题
41.[单选题] 纠错收藏提问移除

When an investment advisor is developing return and risk objectives for a client:

A
return objectives should be absolute and risk objectives should be relative.
B
risk objectives should be absolute and return objectives should be relative.
C
both return and risk objectives may be stated in absolute or relative terms.

查看答案上一题下一题
42.[单选题] 纠错收藏提问移除

For asset allocation purposes, asset classes should be specified such that correlations of returns are relatively:

A
low within each asset class and low among asset classes.
B
high within each asset class and low among asset classes.
C
low within each asset class and high among asset classes.

查看答案上一题下一题
43.[单选题] 纠错收藏提问移除

Risk shifting is most likely achieved by:

A
risk mitigation.
B
using derivative securities.
C
transferring risk to an insurance company.

查看答案上一题下一题

答题卡

Mary Gonzales is evaluating companies in the office supply industry and has compiled the following information: Mary determined that Company A had an operating cycle of 100 days in 20X2, whereas Company D had an operating cycle of 145 days for the same fiscal year. This means that:

Investors should use a portfolio approach to:

Which of the following institutions will on average have the greatest need for liquidity?

Which of the following institutional investors is most likely to manage investments in mutual funds?

With respect to the portfolio management process, the rebalancing of portfolio’s composition is most likely to occur in the:

An analyst gathers the following information for the asset allocations of three portfolios: Which of the portfolios is most likely appropriate for a client who has a high degree of risk tolerance?

Which of the following pooled investments is most likely characterized by a few large investments?

An investor evaluating the returns of three recently formed exchange-traded funds gathers the following information: The ETF with the highest annualized rate of return is:

A portfolio manager creates the following portfolio: If the standard deviation of the portfolio is 14.40%, the correlation between the two securities is equal to:

A financial planner has created the following data to illustrate the application of utility theory to portfolio selection: If an investor’s utility function is expressed asand the measure for risk aversion has a value of 2, the risk-averse investor is most likely to choose:

A portfolio manager creates the following portfolio: If the correlation of returns between the two securities is −0.15, the expected standard deviation of an equal-weighted portfolio is closest to:

An analyst has made the following return projections for each of three possible outcomes with an equal likelihood of occurrence: If the analyst constructs two-asset portfolios that are equally-weighted, which pair of assets has the lowest expected standard deviation?

The portfolio on the minimum-variance frontier with the lowest standard deviation is:

The dominant capital allocation line is the combination of the risk-free asset and the:

With respect to the mean–variance theory, the optimal portfolio is determined by each individual investor’s:

With respect to capital market theory, an investor’s optimal portfolio is the combination of a risk-free asset and a risky asset with the highest:

The capital market line (CML) is the graph of the risk and return of portfolio combinations consisting of the risk-free asset and:

With respect to the capital market line, a portfolio on the CML with returns less than the returns on the market portfolio represents a(n):

An analyst gathers the following information: Which security has the highest Beta measure?

With respect to capital market theory, the average beta of all assets in the market is:

The graph of the capital asset pricing model is the:

An analyst gathers the following information: With respect to the capital asset pricing model, if the expected market risk premium is 6% the security with the highest expected return is:

Analysts who have estimated returns of an asset to be greater than the expected returns generated by the capital asset pricing model should consider the asset to be:

A written investment policy statement (IPS) is most likely to succeed if:

The timing of payouts for property and casualty insurers is unpredictable (“lumpy”) in comparison with the timing of payouts for life insurance companies. Therefore, in general, property and casualty insurers have:

Returns on asset classes are best described as being a function of:

Tactical asset allocation is best described as:

The factors a risk management framework should address include all of the following except:

Which of the following best describes activities that are supported by a risk management infrastructure?

A firm’s risk management committee would be expected to do all of the following except:

Liquidity risk is most associated with:

If a company has a one-day 5% Value at Risk of $1 million, this means:

The choice of risk-modification method is based on:

A factor associated with the widespread adoption of algorithmic trading is increased:

Compared to investing in a single security, diversification provides investors a way to:

Low risk tolerance and high liquidity requirements best describe the typical investment needs of:

Compared to exchange-traded funds (ETFs), open-end mutual funds are typically associated with lower:

Hedge funds most likely:

An investor buys a share of stock for $40 at time t = 0, buys another share of the same stock for $50 at t = 1, and sells both shares for $60 each at t = 2. The stock paid a dividend of $1 er share at t = 1 and at t = 2. The periodic money-weighted rate of return on the investment is closest to:

When an investment advisor is developing return and risk objectives for a client:

For asset allocation purposes, asset classes should be specified such that correlations of returns are relatively:

Risk shifting is most likely achieved by:

考试形式介绍

Mary Gonzales is evaluating companies in the office supply industry and has compiled the following information:
Mary determined that Company A had an operating cycle of 100 days in 20X2, whereas Company D had an operating cycle of 145 days for the same fiscal year. This means that:

An analyst gathers the following information for the asset allocations of three portfolios:
Which of the portfolios is most likely appropriate for a client who has a high degree of risk tolerance?

An investor evaluating the returns of three recently formed exchange-traded funds gathers the following information:
The ETF with the highest annualized rate of return is:

A portfolio manager creates the following portfolio:
If the standard deviation of the portfolio is 14.40%, the correlation between the two securities is equal to:

A financial planner has created the following data to illustrate the application of utility theory to portfolio selection:

If an investor’s utility function is expressed as
and the measure for risk aversion has a value of 2, the risk-averse investor is most likely to choose:

A portfolio manager creates the following portfolio:

If the correlation of returns between the two securities is −0.15, the expected standard deviation of an equal-weighted portfolio is closest to:

An analyst has made the following return projections for each of three possible outcomes with an equal likelihood of occurrence:
If the analyst constructs two-asset portfolios that are equally-weighted, which pair of assets has the lowest expected standard deviation?

An analyst gathers the following information:

Which security has the highest Beta measure?

An analyst gathers the following information:
With respect to the capital asset pricing model, if the expected market risk premium is 6% the security with the highest expected return is: