CFA一級(jí)每日一練(含詳細(xì)解析)28

1、CFA 級(jí)每日一練（含詳細(xì)解析）28($ WO)2011December 312012 p rejectionSales2,2002,500Variable operating costs (% of sales)28%30%Fixed operating costs1,4001,400Tax rate25%25%Dividends paid5560Interest bearing debt at 5%5005001、Selected information about a company is as follows:000s) for 2012 is closest to:The forec

2、asted net in come (in【單選題】A.$169.B.$202.C.$244.正確答案:C答案解析：Financial Statement Analysis: Applications.” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA and Michael A. Broihahn, CFA2013 Modular Level 1, Vol. 3, Readi ng 35, Sectio n 3.2, Exam pie 5Study Sessio n: 10-35-bPrepa

3、re a basic p roject ion of a companyfuture net in come and cash flow.9C is correct. Forecasted net in come is calculated as follows:Sales$2,500Give nVariable costs(750)30% of salesFixed costs(1,400)Give nIn terest expense(25)0.05 X 500 average debtEarnings before325taxesTaxes(81.25)25%ofEBTNet incom

4、e$243,75Rounded to $244【單選題】2、Returns from a dep ository rece ipt are least likely imp acted by which of the followi ng factors?A. Excha nge rate moveme ntsB. A nalysts recomme ndati onsC. The nu mber of dep ository rece ipts答案解析：Overview of Equity Securities,正確答案:C” Ryan C. Fuhrmann, CFA and Asjeet

5、 S. Lamba, CFA 2011 Modular Level I, Vol. 5, p. 182Study Session 14-58-e, fDiscuss the methods for inv esti ng in non-domestic equity securities.Compare and con trast the risk and retu rn characteristics of various types of equity securities.The p rice of each depo sitory rece ipt (and retur ns in t

6、urn) will be affected by factors that affect the p rice of the un derly ing shares, such as company fun dame ntals, marketcon diti ons, an alysts recomme ndati ons, and excha nge rate moveme nts. The nu mber of depo sitory rece ipts issued affects their p rice, but does not impact the retu rns.3、An

7、analyst gathered the following information about a company:Current annual earnings per share (Eq) reported$6.00Current annual dividend per share (Do) paid on the companyt common stock$2.40Required rate of return on the compaiiyl common stock15.0%Expected constant growth rate in earnings and dividend

8、s8.0%If markets are in equilibrium, which of the followi ng stateme nts best describes the companyp rice-to- earnings (P/E) ratio? The companyP/E ratio based on the infin ite【單選題】p eriod divide nd disco unt model (DDM) is:A. less tha n the company traili ng P/E ratio.B. the same as the company trail

9、i ng P/E ratio.C. greater tha n the company traili ng P/E ratio.正確答案:A答案解析：An Introduction to Security Valuation.” Frank K. Reilly, CFA and Keith C. Brow n, CFA2010 Modular Level I, Vol. 5, pp. 142-143, 148-150fhtroductio n to Price Multi pies,” Joh n D. Stowe, CFA, Thomas R. Robi nson, CFA, Jerald

10、E. Pin to, CFA, and Dennis W. McLeavey, CFA2010 Modular Level I, Vol. 5, p. 198-200Study Session 14-56-d; 14-59-bShow how to use the DDM to devel op an earnings multi plier model and exp lai n the factors in the DDM that affect a stockp rice-to-earni ngs (P/E) ratio.Calculate and in terpret P/E, P/B

11、V, P/S, and P/CF.The traili ng P/E ratio is compu ted as the curre nt stock p rice divided by the curre nt or traili ng 12-m on thsEPS. On the other hand, the P/E ratio based on the infinite perioddivide nd disco unt model is compu ted as (D/E) / (k-g).If markets are in equilibrium, the p rice per s

12、hare reflects the value determ ined by the con sta nt growth divide nd.Using the con sta nt growth model the stocks value is($2.40)(1.08) / 0.07 = $37.03;The traili ngP/E = 37.03 / 6 = 6.17. The DDMP/E is the divide nd payout ratio divided by k-g = 0.4 / 0.07 = 5.71. Ano ther way of comp ut ing DDMP

13、/E is: Curre nt MarketPrice/Ex pected 12-mo nth earni ngs: 37.03/(6.00 x 1.08) = 5.71. (see p. 148)4、Which of the following transactions is most likely to affect a companys financial leverage ratio?【單選題】A. An increase in cash dividends paidB. Payment of a 9% stock dividendC. Completion of a previous

14、ly announced 1-for-20 reverse stock split正確答案 :A答案解析 :Cash dividends affect a companys capital structure and financial leverage ratios by reducing assets and shareholders equity.2014 CFA Level I Dividends and Share Repurchases: Basics, by George H. Troughton and Gregory NoronhaSection 2.4單選題】5、The u

15、nit contribution margin for a product is $20. A firms fixed costs of production up to 300,000units is $500,000. The degree of operating leverage (DOL) is most likely the lowest at which of thefollowing production levels (in units):A. 200,000.B. 100,000.C. 300,000.正確答案 :CDOL = rQuantityQuantity x Contribution marginContribution margin Fixed costsDOL (100,000 un讓s)$20 X 100.000$20 X 100,000 一 $500,000=1.333DOL(200,000 units)$20 X 200,000$20 X 200,000 一 $500.000=