1、An investor purchases the bonds of JLD Corp., which pay an annual coupon of 10% and mature in 10 years, at an annual yield to maturity of 12%. The bonds will most likely be selling at:【单选题】
答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi, CFA
2013 Modular Level I, Vol. 5, Section 2.1
Study Session 15-53-b
Identify the relations among a bond’s coupon rate, the yield required by the market, and the bond’s price relative to par value (i.e., discount, premium, or equal to par).
B is correct because the coupon rate on the bonds is lower than the yield to maturity, implying that the bonds should be selling at a price lower than their par value—that is, at a discount.
2、Which of the following is least likely a characteristic of an effective financial reporting framework?【单选题】
答案解析:“Financial Reporting Standards,” Elaine Henry, CFA, Jan Hendrik van Greuning, CFA, and Thomas R. Robinson, CFA
2013 Modular Level I, Vol.3, Reading 24, Section 6.1
Study Session 7-24-g
Identify the characteristics of a coherent financial reporting framework and the barriers to creating such a framework.
B is correct. The characteristics of an effective financial reporting framework are transparency, comprehensiveness, and consistency. Comparability is a general feature of financial statements.
3、A review of a company’s inventory records for the year indicates that the following costs were incurred:
Fixed production overhead: $500,000
Direct material and direct labor: 300,000
Storage costs incurred during production: 25,000
Abnormal waste costs: 30,000
If the company operated at full capacity during the year, the total capitalized inventory cost is closest to:【单选题】
答案解析:“Inventories,” Michael A. Broihahn, CFA
2011 Modular Level I, Vol. 3, pp. 379-380
Study Session 9-36-a
Distinguish between costs included in inventories and costs recognized as expenses in the period in which they are incurred.
The total capitalized costs include fixed production costs, the direct conversion costs of material and labor, storage costs required as part of production but not abnormal waste costs. $500,000 + 300,000 + 25,000 = $825,000
4、Consider a 5-year option-free bond that is priced at a discount to par value. Assuming the discount rate does not change, one year from now the value of the bond will most likely:【单选题】
C.stay the same.
答案解析:“Introduction to the Valuation of Debt Securities”, Frank J. Fabozzi, CFA
2013 Modular Level I, Vol. 5, Reading 56, Section 2.3.3
Study Session 16-56-d
Explain how the price of a bond changes if the discount rate changes and as the bond
approaches its maturity date.
A is correct because the bond is priced below its par value but will be worth exactly par value at
maturity. Over time, assuming a stable discount rate, the value of the bond must rise so that it is
equal to par at maturity.
5、Which of the following most likely trades in the secondary markets?【单选题】
C.Unit investment trusts
答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey
2012 Modular Level I, Vol. 6, pp. 189–190
Study Session 18-66-a
Distinguish between an open-end and a closed-end fund, and explain how net asset value of a fund is calculated and the nature of fees charged by investment companies.
B is correct because closed-end funds trade in the secondary markets and do not offer a redemption feature.
What are the indices for a skewed distribution？:What are the indices for a skewed distribution？
What are the responsibilities of the members in reference to the CFA Institute?:Once accepted as a member:每年交述职报告和年费but must not over promise the competency and future investment results.Case
What members and candidates should notice in CFA examinations?:or security of the CFA examinations.（不能恶心CFA），考试不能作弊:考试内容要保密:A. No.:Responsibilities as a CFA Institute Member.right④Case