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TEST BORRADO, QUIZÁS LE INTERESE: CFA NIVEL 1

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Título del Test: CFA NIVEL 1 Descripción: Quant-Finan Autor: Oscar Fecha de Creación: 26/11/2013 Categoría: Test de conducir Número Preguntas: 54

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What is the yield on a discount basis for a treasury bill priced at 97.965 with a fave value of 100.000 that has 172 days to maturity 2.04% 4.26% 3.95%. The Following data points are observed returns. 4.2%, 6.8%, 7.0%, 10.9%, 11,6%, 14,4%, 17,0%, 19%, 22,5%. what is the return lies at the 70th percentile (70% of the returns lie below this return)? 14.4% 17% 19%. Melissa Cyprus, CFA, is conducting an analysis of inventory management practices in the retail industry. She assumes the population cross-sectional standard deviation of inventory turnover ratios is 20. How large a random sample should she gather in order to ensure a standard error of the sample mean of 4? 20 25 80. Assume two stocks are perfectly negatively correlated. Stock A has a standard deviation of 10.2% and stock B has a standard deviation of 13.9%. What is the standard deviation of the portfolio if 75% is invested in A and 25% in B? 4.18% 0.00% 0.17%. An analyst has a list of 20 bonds of which 14 are callable, and five have warrants attached to them. Two of the callable bonds have warrants attached to them. If a single bond is chosen at random, what is the probability of choosing a callable bond or a bond with a warrant? 0.70 0.85 0.55. A T-bill with a face value of $100,000 and 140 days until maturity is selling for $98,000. What is the money market yield? 5.41% 2.04% 5.25%. Which of the following statements about test statistics is least accurate? In the case of a test of the difference in means of two independent samples, we use a t-distributed test statistic In a test of the population mean, if the population variance is unknown, we should use a t-distributed test statistic. In a test of the population mean, if the population variance is unknown and the sample is small, we should use a z-distributed test statistic. Which of the following statements about probability distributions is least accurate? A discrete random variable is a variable that can assume only certain clearly separated values resulting from a count of some set of items The skewness of a normal distribution is zero A binomial probability distribution is an example of a continuous probability distribution. A survey is taken to determine whether the average starting salaries of CFA charterholders is equal to or greater than $58,500 per year. What is the test statistic given a sample of 175 newly acquired CFA charterholders with a mean starting salary of $67,000 and a standard deviation of $5,200? 21.62 -1.63 1.63. A nursery sells trees of different types and heights. Suppose that 75 trees chosen at random are sold for planting at City Hall. These 75 trees average 60 inches in height with a standard deviation of 16 inches. Using this information, construct a 95% confidence interval for the mean height of all trees in the nursery. 60 + 1.96(16). 60 + 1.96(1.85). 0.8 + 1.96(16). Let A and B be two mutually exclusive events with P(A) = 0.40 and P(B) = 0.20. Therefore: P(B|A) = 0.20. P(A and B) = 0.08 P(A and B) = 0. In a two-tailed test of a hypothesis concerning whether a population mean is zero, Jack Olson computes a t-statistic of 2.7 based on a sample of 20 observations where the distribution is normal. If a 5% significance level is chosen, Olson should: reject the null hypothesis and conclude that the population mean is significantly different from zero. reject the null hypothesis and conclude that the population mean is not significantly different from zero. fail to reject the null hypothesis that the population mean is not significantly different from zero. If the true mean of a population is 16.62, according to the central limit theorem, the mean of the distribution of sample means, for all possible sample sizes n will be: 16.62 / √n. 16.62. indeterminate for sample with n < 30. Given Y is lognormally distributed, then ln Y is: a lognormal distribution the antilog of Y. normally distributed. Monthly sales of hot water heaters are approximately normally distributed with a mean of 21 and a standard deviation of 5. What is the probabilility of selling 12 hot water heaters or less next month? 1.80%. 96.41%. 3.59%. A hedge fund started with an initial investment of €75 million. The end-of-year value after fees for Year 1 was €70 million. For Year 2, the end-of-year value before fees is €90 million. The fund has a 2 and 20 fee structure. Management fees are paid independently of incentive fees and are calculated on end-of-year values. Incentive fees are calculated using a high water mark and a soft hurdle rate of 2%. Total fees paid for Year 2 are: €4.4 million €4.8 million. €5.8 million. In the futures market for a variety of wheat, suppose breakfast cereal companies are the dominant market participant. What will be the most likely shape of the futures price curve? A downward sloping curve, reflective of contango markets An upward sloping curve, reflective of backwardated markets. An upward sloping curve, reflective of contango markets. A Hong Kong hedge fund was valued at HK$400 million last year. At year’s end the value before fees was HK$480 million. The fund charges 2 and 20. Management fees are calculated on end-of-year values. Incentive fees are independent of management fees and calculated using no hurdle rate. The previous year the fund’s net return was 2.5%. The annualized return for the last two years is closest to: 13.6% 8.1%. 7.9%. The yield from an investment in commodities that results from a difference between the spot price and a futures price is the: collateral yield. convenience yield roll yield. A European option can be exercised by: its owner, anytime during the term of the contract. its owner, only at the expiration of the contract either party, at contract expiration. A short position in a forward rate agreement is equivalent to: writing an interest rate call and buying an interest rate put. writing an interest rate put and buying an interest rate call. writing both an interest rate put and an interest rate call. An investor bought a futures contract covering 100,000 Mexican Pesos at 0.08196 and deposited margin of $320. The following day the contract settlement price was 0.08201. The new margin balance in the account is: $320. $314 $325. An exchange-for-physicals, as it pertains to futures contracts: involves an agreement off the floor of the exchange. is another term for delivering an asset to satisfy a futures contract is another term for accepting delivery of an asset to satisfy a futures contract. For a European call option X = 25 and a European call option X = 30 on the same stock with the same time to expiration it is true that, when the 30 call is at- or in-the-money, the strongest statement we can make is the: 30 call is worth at least as much as the 25 call. value of the 25 call is greater than or equal to the value of the 30 call. value of the 25 call is greater than the value of the 30 call. Which of the following statements concerning an American-style option is least accurate? It allows the holder the right to exercise before maturity of the option. The predominant option type is American-style, rather than European-style. They are only traded in the U.S. Two assets are perfectly positively correlated. If 30% of an investor's funds were put in the asset with a standard deviation of 0.3 and 70% were invested in an asset with a standard deviation of 0.4, what is the standard deviation of the portfolio? 0.151. 0.426. 0.370. Given the following information, what is the required rate of return on Bin Co? inflation premium = 3% real risk-free rate = 2% Bin Co. beta = 1.3 market risk premium = 4% 7.6% 16.7%. 10.2%. Given the following data, what is the correlation coefficient between the two stocks and the Beta of stock A? standard deviation of returns of Stock A is 10.04% standard deviation of returns of Stock B is 2.05% standard deviation of the market is 3.01% covariance between the two stocks is 0.00109 covariance between the market and stock A is 0.002 Correlation Coefficient Beta (stock A) 0.6556 2.20 0.5296 2.20 0.5296 0.06. A bond analyst is looking at historical returns for two bonds, Bond 1 and Bond 2. Bond 2’s returns are much more volatile than Bond 1. The variance of returns for Bond 1 is 0.012 and the variance of returns of Bond 2 is 0.308. The correlation between the returns of the two bonds is 0.79, and the covariance is 0.048. If the variance of Bond 1 increases to 0.026 while the variance of Bond B decreases to 0.188 and the covariance remains the same, the correlation between the two bonds will: remain the same increase. decrease. Which of the following statements concerning the efficient frontier is most accurate? It is the: set of portfolios that gives investors the lowest risk. set of portfolios that gives investors the highest return. set of portfolios where there are no more diversification benefits. Degen Company is considering a project in the commercial printing business. Its debt currently has a yield of 12%. Degen has a leverage ratio of 2.3 and a marginal tax rate of 30%. Hodgkins Inc., a publicly traded firm that operates only in the commercial printing business, has a marginal tax rate of 25%, a debt-to-equity ratio of 2.0, and an equity beta of 1.3. The risk-free rate is 3% and the expected return on the market portfolio is 9%. The appropriate WACC to use in evaluating Degen’s project is closest to: 8.9%. 9.2%. 8.6%. What is the earliest day on which an investor can currently purchase Amex, Inc., if the investor wants to avoid receiving a dividend and thereby avoid paying tax on the distribution, if the date of record is Thursday, October 31? Monday, October 28 Tuesday, October 29. Thursday, October 24. A company is considering a $10,000 project that will last 5 years. Annual after tax cash flows are expected to be $3,000 Target debt/equity ratio is 0.4 Cost of equity is 12% Cost of debt is 6% Tax rate 34% What is the project's net present value (NPV)? +$1,460. -$1,460. $+1,245. Hughes Continental is assessing its business risk. Which of the following factors would least likely be considered in the analysis? Debt-equity ratio Input price variability Unit sales levels. Which of the following rights concerning shareholder-sponsored board nominations and shareholder-sponsored resolutions would be advantageous to an investor? The right to nominate or remove board members in certain circumstances, and the right to propose initiatives for consideration at the annual meeting. The right to propose initiatives for consideration at the annual meeting, but not the right to nominate or remove board members in certain circumstances. The right to nominate or remove board members in certain circumstances, but not the right to propose initiatives for consideration at the annual meeting. Which of the following strategies is most likely to be considered good payables management? Taking trade discounts only if the firm’s annual return on short-term investments is less than the discount percentage. Paying invoices on the last possible day to still get the supplier’s discount for early payment. Paying trade invoices on the day they arrive. A firm has $4 million in outstanding bonds that mature in four years, with a fixed rate of 7.5% (assume annual payments). The bonds trade at a price of $98 in the open market. The firm’s marginal tax rate is 35%. Using the bond-yield plus method, what is the firm’s cost of equity risk assuming an add-on of 4%? 11.50%. 12.11%. 13.34%. Which of the following is least likely an indicator of a firm’s liquidity? Amount of credit sales Inventory turnover. Cash as a percentage of sales. A firm has $100 in equity and $300 in debt. The firm recently issued bonds at the market required rate of 9%. The firm's beta is 1.125, the risk-free rate is 6%, and the expected return in the market is 14%. Assume the firm is at their optimal capital structure and the firm's tax rate is 40%. What is the firm's weighted average cost of capital (WACC)? 7.8%. 8.6% 5.4%. If the volatility of interest rates increases, which of the following will experience the smallest price increase resulting from lower rates? Putable bond. Callable bond. Zero-coupon option-free bond. Which of the following statements concerning bond duration is least accurate? Duration: decreases as the coupon increases increases as market yields rise. is the weighted-average maturity of the cash flows of the bond. Consider a corporate bond with a yield of 6.8% and a municipal bond (with equivalent risk) with a 4.9% yield. Which of the following statements is most accurate? An investor with a marginal tax rate of 28% is indifferent between the two bonds. An investor with a marginal tax rate of 40% prefers the corporate bond. The tax-equivalent yield for an investor with a 35% marginal tax rate is 7.32%. Which of the following 10-year fixed-coupon bonds has the most price volatility? All else equal, the bond with a coupon rate of: 6.00% 5.00% 8.00%. Which statement about the risks of bond investing is least accurate? Interest on some municipal bonds is not excluded from federal income taxes. In a competitive Treasury-bill auction, not all bidders pay the same price. Bankruptcy courts do not always follow the absolute priority rule. On November 15, 20X1, Grinell Construction Company decided to issue bonds to help finance the acquisition of new construction equipment. They issued bonds totaling $10,000,000 with a 6% coupon rate due June 15, 20X9. Grinell has agreed to pay the entire amount borrowed in one lump sum payment at the maturity date. Grinell is not required to make any principal payments prior to maturity. What type of bond structure has Grinell issued? Serial maturity structure Amortizing maturity structure Term maturity structure. A mortgage-backed security has the following characteristics: It was created by pooling a collection of more than a thousand mortgages Not all investors face the same prepayment risk Investors receive three distinct kinds of cash flows Freddie Mac issued the security This security is a(n): agency debenture collateralized mortgage obligation mortgage passthrough security. Given the following spot and forward rates, how much should an investor pay for each $100 of a 3-year, annual zero-coupon bond? One-year spot rate is 3.75% The 1-year forward rate 1 year from today is 9.50% The 1-year forward rate 2 years from today is 15.80% The investor should pay approximately: $44 $76. $83. A 20-year, $1,000 face value, 10% semi-annual coupon bond is selling for $875. The bond's yield to maturity is: 5.81%. 11.62%. 11.43%. Consider a bond that pays an annual coupon of 5% and that has three years remaining until maturity. Suppose the term structure of interest rates is flat at 6%. How much does the bond price change if the term structure of interest rates shifts down by 1% instantaneously? -2.67. 0.00. 2.67. When interest rates increase, the modified duration of a 30-year bond selling at a discount: increases. decreases. does not change. Which of the following is most accurate about a bond with positive convexity? Positive changes in yield lead to positive changes in price. Price increases when yields drop are greater than price decreases when yields rise by the same amount. Price increases and decreases at a faster rate than the change in yield. In which of the following cases is the bond selling at a discount? The coupon rate is: greater than current yield and current yield is greater than yield-to-maturity smaller than current yield and current yield is smaller than yield-to-maturity. smaller than current yield and current yield is greater than yield-to-maturity. What is the present value of a 7% semi-annual pay corporate bond with a $1,000 face value and 20 years to maturity if it is yielding 6.375%? If a municipal bond is yielding 4.16% and an investors marginal tax rate is 35%, would the investor prefer the corporate bond or the municipal bond? Value Investor preference $1,121.23 municipal bond $1,070.09 municipal bond $1,070.09 corporate bond. If a 15-year, $1,000 U.S. zero-coupon bond is priced to yield 10%, what is its market price? $23.50. $231.38 $239.39.

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