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CFA TESTS COMPILATION BUNDLE
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CFA 35: Capital Budgeting QUESTIONS AND ANSWERS 100%
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CFA 35: Capital Budgeting Given the following cash flows for a capital project, calculate the NPV and IRR. The required rate of return is 8 percent. Year 0 1 2 3 4 5 Cash flow −50,000 15,000 15,000 20,000 10,000 5,000 NPV IRR A $1,905 10.9% B $1,905 26.0% C $3,379 10.9% Co...
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Add to cartCFA 35: Capital Budgeting Given the following cash flows for a capital project, calculate the NPV and IRR. The required rate of return is 8 percent. Year 0 1 2 3 4 5 Cash flow −50,000 15,000 15,000 20,000 10,000 5,000 NPV IRR A $1,905 10.9% B $1,905 26.0% C $3,379 10.9% Co...
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CFA 36: Cost of Capital STUDY GUIDE QUESTIONS AND ANSWERS
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CFA 36: Cost of Capital The cost of equity is equal to the: expected market return. rate of return required by stockholders. cost of retained earnings plus dividends. B is correct. The cost of equity is defined as the rate of return required by stockholders. Which of the following...
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Add to cartCFA 36: Cost of Capital The cost of equity is equal to the: expected market return. rate of return required by stockholders. cost of retained earnings plus dividends. B is correct. The cost of equity is defined as the rate of return required by stockholders. Which of the following...
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CFA 42: Portfolio Risk & Return I
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CFA 42: Portfolio Risk & Return I An investor purchased 100 shares of a stock for $34.50 per share at the beginning of the quarter. If the investor sold all of the shares for $30.50 per share after receiving a $51.55 dividend payment at the end of the quarter, the holding period return is clo...
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Add to cartCFA 42: Portfolio Risk & Return I An investor purchased 100 shares of a stock for $34.50 per share at the beginning of the quarter. If the investor sold all of the shares for $30.50 per share after receiving a $51.55 dividend payment at the end of the quarter, the holding period return is clo...
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CFA 53: Introduction to Fixed-Income Valuation
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CFA 53: Introduction to Fixed-Income Valuation A portfolio manager is considering the purchase of a bond with a 5.5% coupon rate that pays interest annually and matures in three years. If the required rate of return on the bond is 5%, the price of the bond per 100 of par value is closest to: ...
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Add to cartCFA 53: Introduction to Fixed-Income Valuation A portfolio manager is considering the purchase of a bond with a 5.5% coupon rate that pays interest annually and matures in three years. If the required rate of return on the bond is 5%, the price of the bond per 100 of par value is closest to: ...
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CFA 56: Fundamentals of Credit Analysis
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CFA 56: Fundamentals of Credit Analysis The risk that a bond's creditworthiness declines is best described by: credit migration risk. market liquidity risk. spread widening risk. Answer- A is correct. Credit migration risk or downgrade risk refers to the risk that a bond issuer's...
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Add to cartCFA 56: Fundamentals of Credit Analysis The risk that a bond's creditworthiness declines is best described by: credit migration risk. market liquidity risk. spread widening risk. Answer- A is correct. Credit migration risk or downgrade risk refers to the risk that a bond issuer's...
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CFA-L2 FIXED INCOME QUESTION AND ANSWERS 100% CORRECT
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READING 35 – THE TERM STRUCTURE AND INTEREST RATE DYNAMICS 1 Which forward rate cannot be computed from the one-, two-, three-, and four-year spot rates? The rate for a: A one-year loan beginning in two years. A two-year loan beginning in two years. A three-year loan beginning in two years. ...
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Add to cartREADING 35 – THE TERM STRUCTURE AND INTEREST RATE DYNAMICS 1 Which forward rate cannot be computed from the one-, two-, three-, and four-year spot rates? The rate for a: A one-year loan beginning in two years. A two-year loan beginning in two years. A three-year loan beginning in two years. ...
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CFA Level 1 - Ethics, Professional Standards, and GIPS QUESTIONS WITH COMPLETE SOLUTIONS
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Stakeholders correct answers Individuals or groups of individuals who could be affected either directly or indirectly by a decision (Have a stake in decision) Ethics correct answers A set of moral principles and rules of conduct that provide guidance for our behavior Moral/ethical princi...
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Add to cartStakeholders correct answers Individuals or groups of individuals who could be affected either directly or indirectly by a decision (Have a stake in decision) Ethics correct answers A set of moral principles and rules of conduct that provide guidance for our behavior Moral/ethical princi...
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CFA Level 2| 262 QUESTIONS| WITH COMPLETE SOLUTIONS
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Net realizable value (value inventory) correct answer: Sales price - (selling costs + completion costs) *all estimated figures Evaluate capital structure (3 considerations) correct answer: 1. Time series - changes in capital structure over time 2. Cross-sectional - compare with compe...
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Add to cartNet realizable value (value inventory) correct answer: Sales price - (selling costs + completion costs) *all estimated figures Evaluate capital structure (3 considerations) correct answer: 1. Time series - changes in capital structure over time 2. Cross-sectional - compare with compe...
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ECON - CFA level 2 Questions with complete solutions
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2 types Foreign exchange spreads correct answer: spreads quoted by dealer, and spread in interbank market spreads by dealer depends on correct answer: 1) spread in interbank market 2) size of transaction 3) relationship between dealer and client spread in interbank market depends on correc...
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Add to cart2 types Foreign exchange spreads correct answer: spreads quoted by dealer, and spread in interbank market spreads by dealer depends on correct answer: 1) spread in interbank market 2) size of transaction 3) relationship between dealer and client spread in interbank market depends on correc...
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CFA Level 1 - Quantitative Methods- questions with complete solutions
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Default Risk correct answer: Risk that a borrower will not make promised payments Liquidity Risk correct answer: Risk of recieving less than fair value for an investment if it must be sold for cash quickly Required Interest Rate on A Security correct answer: = Nominal Interest Rate + Defau...
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Add to cartDefault Risk correct answer: Risk that a borrower will not make promised payments Liquidity Risk correct answer: Risk of recieving less than fair value for an investment if it must be sold for cash quickly Required Interest Rate on A Security correct answer: = Nominal Interest Rate + Defau...
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CFA Level 1 Formulas| 245 Questions | With Complete Solutions
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Price change based on convexity correct answer: -duration(change in yield)+1/2(convexity)(change in yield)^2 Effective Duration correct answer: Required if a bond has embedded options: [(v-)-(v+)]/[2V0(change in curve)] Modified Duration correct answer: [(v-)-(v+)]/[2V0(change in yield)] ...
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Add to cartPrice change based on convexity correct answer: -duration(change in yield)+1/2(convexity)(change in yield)^2 Effective Duration correct answer: Required if a bond has embedded options: [(v-)-(v+)]/[2V0(change in curve)] Modified Duration correct answer: [(v-)-(v+)]/[2V0(change in yield)] ...
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CFA Level I Vocabulary 1464 questions with complete solutions
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A priori probability correct answer: A probability based on logical analysis rather than on observation or personal judgment. Abnormal profit correct answer: Equal to accounting profit less the implicit opportunity costs not included in total accounting costs; the difference between total reven...
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Add to cartA priori probability correct answer: A probability based on logical analysis rather than on observation or personal judgment. Abnormal profit correct answer: Equal to accounting profit less the implicit opportunity costs not included in total accounting costs; the difference between total reven...
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CFA Level 1 FRA questions with complete solutions
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Current Ratio correct answer: Current Assets divided by current liabilities Quick Ratio correct answer: Cash plus marketable securities plus receivables divided by current liabilities Cash Ratio correct answer: Cash plus marketable securities divided by current liabilities Defensive Inte...
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Add to cartCurrent Ratio correct answer: Current Assets divided by current liabilities Quick Ratio correct answer: Cash plus marketable securities plus receivables divided by current liabilities Cash Ratio correct answer: Cash plus marketable securities divided by current liabilities Defensive Inte...
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CFA level 1 questions with complete solutions
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faithful representation, substance over form, prudence, neutrality, completeness correct answer: According to the IFRS what are the 5 qualities of financial information that improve reliability Costs can be reliably measured correct answer: According to IFRS what condition must be met for reven...
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Add to cartfaithful representation, substance over form, prudence, neutrality, completeness correct answer: According to the IFRS what are the 5 qualities of financial information that improve reliability Costs can be reliably measured correct answer: According to IFRS what condition must be met for reven...
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CFA Level 1 - 101 Must Knows- 368 questions- with complete solutions
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Addition Rule of Probability correct answer: ADDITION: P(A or B) = P(A) + P(B) - P(AB) Roy's Safety First Criterion correct answer: Safety First Ratio = (E(R) - Rₜ) / σ Larger ratio is better If (Rₜ) is risk free rate, then it becomes Sharpe Ratio Sharpe Ratio correct answer: Sh...
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Add to cartAddition Rule of Probability correct answer: ADDITION: P(A or B) = P(A) + P(B) - P(AB) Roy's Safety First Criterion correct answer: Safety First Ratio = (E(R) - Rₜ) / σ Larger ratio is better If (Rₜ) is risk free rate, then it becomes Sharpe Ratio Sharpe Ratio correct answer: Sh...
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CFA Level 2| 115 questions| with complete solutions
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FCFF (using EBITDA) correct answer: FCFF = EBIDTA(1-T) + DEP(T) - Finv - Winv Converting FIFO to LIFO COGS correct answer: FIFO COGS = LIFO COGS - (End LIFO Reserve - Beg LIFO reserve) Engle- Granger Test correct answer: Test whether 2 variables are cointegrated. Regress 1 data series again...
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Add to cartFCFF (using EBITDA) correct answer: FCFF = EBIDTA(1-T) + DEP(T) - Finv - Winv Converting FIFO to LIFO COGS correct answer: FIFO COGS = LIFO COGS - (End LIFO Reserve - Beg LIFO reserve) Engle- Granger Test correct answer: Test whether 2 variables are cointegrated. Regress 1 data series again...
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CFA LEVEL 1| 275 QUESTIONS| WITH COMPLETE SOLUTIONS
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Financial Statement Analysis Framework correct answer: provides an overview of the methodology used by analysts to consistently analyze financial statements 1. articulate the purpose and context of analysis 2. collecting data 3. process the data 4. analyzing and interpreting the processed dat...
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Add to cartFinancial Statement Analysis Framework correct answer: provides an overview of the methodology used by analysts to consistently analyze financial statements 1. articulate the purpose and context of analysis 2. collecting data 3. process the data 4. analyzing and interpreting the processed dat...
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CFA Level 1: Quant| 221 QUESTIONS| WITH COMPLETE SOLUTIONS
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nominal risk free rate equals... correct answer: real risk free rate + expected inflation required interest rate on a security correct answer: nominal risk free rate + default risk premium + liquidity premium + maturity risk premium EAR or APY correct answer: (1+periodic rate)^m - 1 alwa...
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Add to cartnominal risk free rate equals... correct answer: real risk free rate + expected inflation required interest rate on a security correct answer: nominal risk free rate + default risk premium + liquidity premium + maturity risk premium EAR or APY correct answer: (1+periodic rate)^m - 1 alwa...
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CFA Exam questions with complete solutions
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Equity equals: correct answer: Assets - Liabilities = Equity (4)Shareholders' equity reported on the balance sheet is most likely to differ from the market value of shareholders' equity because: correct answer: B)Some factors that affect the generation of future cash flows are excluded. (8...
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Add to cartEquity equals: correct answer: Assets - Liabilities = Equity (4)Shareholders' equity reported on the balance sheet is most likely to differ from the market value of shareholders' equity because: correct answer: B)Some factors that affect the generation of future cash flows are excluded. (8...
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CFA Level 1 Questions with verified complete solutions
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What are the 4 types of measurement scales? correct answer: 1. Nominal Scales 2. Ordinal Scales (Assigned to a category) 3. Interval Scales (Relative ranking) 4. Ratio Scales (Equal differences between scale values) NOIR When do we use geometric and arithmetic means to analyze investment ret...
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Add to cartWhat are the 4 types of measurement scales? correct answer: 1. Nominal Scales 2. Ordinal Scales (Assigned to a category) 3. Interval Scales (Relative ranking) 4. Ratio Scales (Equal differences between scale values) NOIR When do we use geometric and arithmetic means to analyze investment ret...
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CFA- Level 1 Ethical & Professional Standards questions with complete solutions
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What are the seven standards of professional conduct? (LOS 1.b) correct answer: I: Professionalism II: Integrity of Capital Markets III: Duties to Clients IV: Duties to Employers V: Investment Analysis, Recommendations, and Actions VI: Conflicts of Interest VII: Responsibilities as a CFA Inst...
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Add to cartWhat are the seven standards of professional conduct? (LOS 1.b) correct answer: I: Professionalism II: Integrity of Capital Markets III: Duties to Clients IV: Duties to Employers V: Investment Analysis, Recommendations, and Actions VI: Conflicts of Interest VII: Responsibilities as a CFA Inst...
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CFA 1 Questions/Answers| with complete solutions
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In situations where the laws of a member or candidate's country of residence, the local laws of regions where the member or candidate does business, and the Code and Standards specify different requirements, the member or candidate must abide by: A. local law or the Code and Standards, whicheve...
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Add to cartIn situations where the laws of a member or candidate's country of residence, the local laws of regions where the member or candidate does business, and the Code and Standards specify different requirements, the member or candidate must abide by: A. local law or the Code and Standards, whicheve...
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CFA LEVEL III| 197 QUESTIONS| WITH COMPLETE SOLUTIONS
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Estate deffinition correct answer: is everything a person owns Probate correct answer: the legal process to confirm the validity of the will. what is intestate correct answer: when you die without a will and a court has to decide who gets what civil law vs common law courts correct answe...
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Add to cartEstate deffinition correct answer: is everything a person owns Probate correct answer: the legal process to confirm the validity of the will. what is intestate correct answer: when you die without a will and a court has to decide who gets what civil law vs common law courts correct answe...
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CFA Level 1| 1744 QUESTIONS| WITH COMPLETE SOLUTIONS
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For a positive integer n, the product of the first n positive integers; 0 factorial equals 1 by definition. n factorial is written as n!. correct answer: n Factorial Monetary value of economic resources used in performing an activity. These can be explicit, out-of-pocket, current payments, or an...
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Add to cartFor a positive integer n, the product of the first n positive integers; 0 factorial equals 1 by definition. n factorial is written as n!. correct answer: n Factorial Monetary value of economic resources used in performing an activity. These can be explicit, out-of-pocket, current payments, or an...
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CFA Level 3| 204 QUESTIONS| VERIFIED| WITH COMPLETE SOLUTIONS
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bounded rationality correct answer: individuals act as rationally as possible but are constrained by a lack of knowledge and cognitive ability satisfice correct answer: making a reasonable but not necessarily optimal decision the price is right correct answer: asset prices reflect and insta...
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Add to cartbounded rationality correct answer: individuals act as rationally as possible but are constrained by a lack of knowledge and cognitive ability satisfice correct answer: making a reasonable but not necessarily optimal decision the price is right correct answer: asset prices reflect and insta...
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cfa level 3| 997 questions| verified| with complete solutions
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Professionalism tenents (KIMM)? correct answer: -Knowledge of the law -Independence and objectivity -Misrepresentation -Misconduct Integrity of capital markets tenents? correct answer: -Material non-public information -Market manipulation Duties to clients are? correct answer: -...
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Add to cartProfessionalism tenents (KIMM)? correct answer: -Knowledge of the law -Independence and objectivity -Misrepresentation -Misconduct Integrity of capital markets tenents? correct answer: -Material non-public information -Market manipulation Duties to clients are? correct answer: -...
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CFA level 3| 117 questions| Verified| With Complete Solutions
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NAREIT correct answer: National Association Of Real Estate Investment Trusts - publically trade REITs - updated monthly - Index for Indirect real estate investment - real time, market cap weighted index of all REITs activel traded on NYSE and AMEX - relatively higher volatility than NCREIF inde...
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Add to cartNAREIT correct answer: National Association Of Real Estate Investment Trusts - publically trade REITs - updated monthly - Index for Indirect real estate investment - real time, market cap weighted index of all REITs activel traded on NYSE and AMEX - relatively higher volatility than NCREIF inde...
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CFA Level 3 2023 Official Glossary| 426 questions| verified| with complete solutions
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Absolute return benchmark correct answer: A minimum target return that an investment manager is expected to beat. Accounting defeasance correct answer: Also called in-substance defeasance, accounting defeasance is a way of extinguishing a debt obligation by setting aside sufficient high-quality...
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Add to cartAbsolute return benchmark correct answer: A minimum target return that an investment manager is expected to beat. Accounting defeasance correct answer: Also called in-substance defeasance, accounting defeasance is a way of extinguishing a debt obligation by setting aside sufficient high-quality...
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CFA Level 3| 207 questions| verified| with complete solutions
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Information Ration correct answer: IR ~ Info Coefficient (depth of knowledge) * SQRT[Investor Breadth] (# of decisions) Components of Total Active Return correct answer: True Active Return, Misfit Active Return, Total Active Risk, True Info Ratio True Active Return correct answer: = Manager...
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Add to cartInformation Ration correct answer: IR ~ Info Coefficient (depth of knowledge) * SQRT[Investor Breadth] (# of decisions) Components of Total Active Return correct answer: True Active Return, Misfit Active Return, Total Active Risk, True Info Ratio True Active Return correct answer: = Manager...
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