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CFA Level I Vocabulary question with 100% correct answers 2023 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 inclu...

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CFA Level I Vocabulary question with
100% correct answers 2023

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 revenue (TR) and total cost (TC).



Absolute advantage - correct answer A country's ability to produce a good or service at a lower absolute
cost than its trading partner.



Absolute dispersion - correct answer The amount of variability present without comparison to any
reference point or benchmark.



Absolute frequency - correct answer The number of observations in a given interval (for grouped data).



Accelerated book build - correct answer An offering of securities by an investment bank acting as
principal that is accomplished in only one or two days.



Accelerated methods - correct answer Depreciation methods that allocate a relatively large portion of
the cost of an asset to the early years of the asset's useful life.



Accounting (or explicit) costs - correct answer Payments to non-owner parties for services or resources
they supply to the firm.



Accounting loss - correct answer When accounting profit is negative.

,Accounting profit - correct answer Income as reported on the income statement, in accordance with
prevailing accounting standards, before the provisions for income tax expense. Also called income before
taxes or pretax income.



Accounts - correct answer With the accounting systems, a formal record of increases and decreases in a
specific asset, liability, component of owners' equity, revenue, or expense.



Accounts receivable turnover - correct answer Ratio of sales on credit to the average balance in accounts
receivable.



Accrued expenses (i.e., accrued liabilities) - correct answer Liabilities related to expenses that have been
incurred but not yet paid as of the end of an accounting period - an example is rent that has been
incurred but not yet paid, resulting in a liability "rent payable."



Accrued interest - correct answer Interest earned but not yet paid.



Accumulated depreciation - correct answer An offset to property, plant, and equipment (PPE) reflecting
the amount of the cost of PPE that has been allocated to current and previous accounting periods.



Acquisition model - correct answer A method of accounting for a business combination where the
acquirer is required to measure each identifiable asset and liability at fair value; method was a result of a
joint project of the IASVB and FASB aiming at convergence in standards for the accounting of business
combinations.



Action lag - correct answer Delay from policy decisions to implementation.



Active investment - correct answer An approach to investing in which the investor seeks to outperform a
given benchmark.



Active returns - correct answer The return on a portfolio minus the return on the portfolio's benchmark.

,Active strategy - correct answer In reference to short-term cash management, an investment strategy
characterized by monitoring and attempting to capitalize on market conditions to optimize the risk and
return relationship of short-term investments.



Activity ratio - correct answer The ratio of labor force to total population of working age; also known as
participation ratio.



Activity ratios - correct answer Ratios that measure how efficiently a company performs day-to-day tasks,
such as the collection of receivables and management of inventory. Also known as asset utilization ratios
or operating efficiency ratios.



Addition rule for probabilities - correct answer A principle stating that the probability that A or B occurs
(both occur) equals the probability that A occurs, plus the probability that B occurs, minus the
probability that both A and B occur.



Add-on interest - correct answer A procedure for determining the interest on a bond or loan in which the
interest is added onto the face value of a contract.



Add-on rates - correct answer Bank certificates of deposit, repos, and indices such as Libor and Euribor
are quoted on an add-on rate basis (bond equivalent yield basis).



Aggregate demand - correct answer The quantity of goods and services that households, businesses,
government, and foreign customers want to buy at any given level of prices.



Aggregate demand curve - correct answer Inverse relationship between the price level and real output.



Aggregate income - correct answer The value of all the payments earned by the suppliers of factors used
in the production of goods and services.



Aggregate output - correct answer The value of all the goods and services produced in a specified period
of time.

, Aggregate supply - correct answer The quantity of goods and services producers are willing to supply at
any given level of price.



Aggregate supply curve - correct answer The level of domestic output that companies will produce at
each price level.



Aging schedule - correct answer A breakdown of accounts into categories of days outstanding.



Allocationally efficient - correct answer Said of a market, a financial system, or an economy that
promotes that allocation of resources to their highest value uses.



All-or-nothing (AON) orders - correct answer An order that includes the instruction to trade only if the
trade fills the entire quantity (size) specified.



Allowance for bad debts - correct answer An offset to accounts receivable that are estimated to be
uncollectible.



Alternative investment markets - correct answer Markets for investments other than traditional trading
securities investments (i.e., traditional common and preferred shares and traditional fixed income
instruments); usually encompasses direct and indirect investment in real estate (including timberland
and farmland), commodities, hedge funds, private equity, and other investments requiring specialized
due diligence.



Alternative trading systems (ATSs) {i.e., electronic communications networks (ECNs) or multilateral
trading facilities (MTFs)} - correct answer Trading venues that function like exchanges but that do not
exercise regulatory authority over their subscribers except with respect to the conduct of the
subscribers' trading in their trading systems.



American depository receipt (ADR) - correct answer A U.S. dollar-denominated security that trades like a
common share on U.S. exchanges.



American depository share (ADS) - correct answer The underlying shares on which American depository
receipts are based. They trade in the issuing company's domestic market.

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