金融分析师 CFA考题

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金融分析师
CFA考题

CFA Diagnostic Test

Questions 1 through 3 relate to Quantitative Methods

1.
Erin Chou is reviewing a profitable investment project that has a conventional cash flow

pattern.
If the cash flows for the project, initial outlay, and future after-tax cash flows

all double, Chou would predict that the IRR would:

A.
increase and the NPV would increase.

B.
increase and the NPV would stay the same.

C.
stay the same and the NPV would increase.

2.
Braxton Energy is planning a new issue of $100 par preferred stock with a 12 percent

dividend.
The stock can be sold for $95 per share and the company must pay flotation

costs of 5 percent of the market price.
Assuming a marginal tax rate of 40 percent,

Braxton Energy’s after-tax component cost of preferred stock is closest to:

A.
8.0%

B.
12.6%

C.
13.3%

3.
Which of the following mechanisms is least likely to reduce agency conflicts between

corporate managers and stockholders?

A.

Executive stock options with an exercise price
50% above the current market

price of the stock.

B.
Shareholder sponsored proposals to be voted on at the firm’s annual meeting.

C.
Pressure from institutional stockholders to change management policies.

Questions 4 through 6 relate to Economics

4.
For a particular product produced by a firm, the quantity at which demand is unitary

elastic is most likely the quantity that maximizes:

A.
total profit from the product but not total revenue from the product.

B.
total revenue from the product but not total profit from the product.

C.
neither total profit from the product nor total revenue from the product.

5.
All else equal, if the elasticity of demand and the elasticity of supply both increase,

consumer surplus and producer surplus, respectively, will most likely:

Consumer Surplus
Producer Surplus

A.
Increase
Increase

B.
Increase
Decrease

C.
Decrease
Decrease

6.
When marginal product is at a maximum:

A.
marginal cost is at a minimum.

B.
average product is at a minimum.

C.
average variable cost is at a minimum.

Questions 7 through 10 relate to Financial Reporting & Analysis

7.
The carrying value of inventories reflects:

A.

Their original cost

B.

Their current value

C.

The lower of original cost or net realizable value

8.
Which combination of depreciation methods and useful lives is most conservative in the

year a depreciable asset is acquired?

A.

Straight-line depreciation with a long useful life.

B.

Declining balance depreciation with a long useful life.

C.

Declining balance depreciation with a short useful life.

9.
An
analyst
suspects
that
a
particular
company's
financial
statements
may
require

adjustment because the company uses take-or-pay agreements. The most likely effect of

the appropriate adjustment s on the company's return on assets (ROA) and debt-to-equity

ratio, respectively, would be:

ROA
Debt-to-equity ratio

A.
Increase
Increase

B.
Increase
Decrease

C.
Decrease
Increase

10.

The first step in evaluating the cash flow state
ment should be to examine:

A.

Individual operating cash flow items.

B.

Individual financing cash flow items.

C.

The major sources and uses of cash.

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