CFA一級(jí)歷年模擬考試(2015-2019)：2016-CFA-Level-1-Mock-Exam-morning-questions-removed

level1-Mock-113HYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKgoods.39.Whichofthefollowingismostlikelycauseashifttotherighttheaggregatedemandcurve?A.BoominthestockmarketB.DecreaseinrealestatevaluesC.Increaseintaxes40.Acollegestudent'smonthlydemandforpizzaisgiventhefollowingequation:QDPizza=–0.70*PPizza+0.009*I-0.20*PColaQDPizzaisthenumberofpizzasorderedmonthwherePPizzaisthepriceofapizzaIishermonthlyfoodbudgetPColaisthepriceofcolaperbottle15/39level1-Mock-113whereQDPizzaisnumberofpizzasorderedpermonthPPizzaisthepriceofapizzaIishermonthlyfoodbudgetPColaisthepriceofcolaperbottleThestudent'scurrentmonthlyfoodbudgetis$500,thepriceofapizzais$5,andthepriceofabottleofcola$1.25perbottle.Ifthestudent'smonthlyfoodbudgetincreaseto$700,theslopeofherdemandcurvepizzawouldbeclosestto:A.–0.70.B.–1.43.C.–2.42.41.Overagivenperiod,thepriceofacommodityfallsby5.0%,andthequantitydemandedrisesby7.5%.Thepriceelasticityofdemandforthecommodityisbestdescribedas:A.perfectlyelastic.B.inelastic.C.elastic.42.Whichofthefollowingismostlikelytoarecessionarygap?A.EasingmonetarypolicyB.RisingstockpricesC.Decliningconsumerconfidence43.Consumersurplusisbestdescribedas:A.alwaysgreaterthanorequaltozero.B.atpositiveandatothertimesnegative.C.alwayslessthanorequalzero.44.Whichofthefollowingisleastlikelytoacharacteristicofagood?Its:A.substitutionisnegative.16/39level1-Mock-113B.demandcurveslopesupward.C.incomeisnegative.17/39level1-Mock-113Questions45~68RelateFinancialStatementAnalysis45.Thefollowingdataisavailableontwocompaniesthatoperatetheindustry:Metric($millions)SalesCompanyXCompanyY1.50.71.7CostofgoodssoldAdministrationcostsInterestexpenseResearch&developmentexpensesWhichofthefollowingstatementsismostappropriate?Betterperformancewillbereportedby:A.XatthegrosslevelandYattheoperatinglevel.B.YatthegrosslevelandXtheoperatinglevel.C.Yatboththegrossandoperatinglevels.46.AtthestartoftheyearacompanythatusesU.S.GAAPenteredacontracttodesignandbuildabridgewiththefollowingterms:Contractlength3yearsFixedcontractpriceEstimatedcontractcostCostsincurredinfirstyear$40million$32million$12millionThecompanywasinitiallyquitecertainaboutitscostestimatesandintendedtorecognizerevenuebasedonunexpectedproblemsduringthefirstyearhavecausedengineerssuggestthataexpensivedesignberequired,costingupto$8millionIftheappropriatedesigncannotbedeterminedbeforethecompany'sfinancialstatementsareissued,thedifferenceintheamountofrevenuethecompanywouldrecognizeisclosestto:A.$15million.B.$0.C.$3million.47.amanufacturerofhigh-qualityindustrialelectricalgeneratorsonlysolditsunits18/39level1-Mock-113customers,buthasjustintroducedaleasingprogram.Thegeneratorshaveexpectedusefullivesofabout25years,andthecompanyanticipatesthattheleaseswillhaveatermof20yearsormore.companyreportsunderInternationalFinancialReportingStandards.Whichofthefollowingstatementsaboutthefirstyearofthenewleasingprogramisaccurate?A.Regardlessofhowthecompanyclassifiesthelease,itsoperatingcashflowisunchanged.B.Iftheleaseisclassifiedasafinancelease,itwilldecreasethecompany'sliquiditypositioncomparedwithwhenthecompanywasonlysellingitsgenerators.C.Iftheleaseisclassifiedasanoperatinglease,thecompany'sprofitsshouldbehigherforagivenleasedassetthantheywouldbeunderafinancelease.48.AnaccountingdocumentthatrecordstransactionsintheorderinwhichtheyoccurisbestdescribedasA.generalB.generaljournal.C.trialbalance.49.Acompanyincursthefollowingcostsrelatedtoitsinventoryduringtheyear:Cost￥millions100,0005,000PurchasepricediscountsImportduties20,00010,00050,0008,000ShippingofmaterialsmanufacturingfacilityManufacturingconversioncostsAbnormalcostsasaresultwastematerialStoragecostfinishedgoodspriortoshippingtocustomers2,000Theamounttoinventorycost(inmillions)isclosestto:A.￥175,000.19/39level1-Mock-113B.￥185,000.C.￥177,000.50.Thefollowingisselectedbalancesheetdataforacompanyalonginformationaboutitsfinancialandoperatingleaseobligations.Asof31December2014(€millions)Long-termdebt1,347shareholder’sequityassets20,097Note18.FinancialandOperatingLeasesA.FinancialLeasesTheimplicitinterestrateonfinanceleasesfor2014was6.0%.B.OperatingLeaseCommitmentsasof31December2014(€Millions)Due1January201513013013013080Due1January2016Due1January2017Due1January2018Due1January2019offutureleasesthereafter*commitments240840*After2019,allleasepaymentsareassumedtobetheasin2019.Ifthecompanyweretocapitalizeitslong-termleases,itsadjustedlong-termdebt-to-assetsratioasoftheendofDecember2014wouldbeclosestA.10.4%.B.10.2%.20/39level1-Mock-113C.9.9%.51.WhichofthefollowingisleastlikelybeageneralfeatureunderlyingthepreparationoffinancialstatementswithintheInternationalFinancialReportingStandards(IFRS)ConceptualFramework?A.AccrualbasisB.MaterialityC.Matching52.WhichofthefollowingstatementsismostaccurateabouttheresponsibilitiesofanauditorforapubliclytradedfirmintheUnitedStates?Theauditormust:A.expressanopinionabouttheeffectivenessofthecompany'sinternalcontrolsystems.B.statethatthefinancialstatementsarepreparedaccordinggenerallyacceptedaccountingprinciples.C.ensurethatthefinancialstatementsarefreefromfraud,orillegalacts.53.TheInternationalFinancialReportingStandards(IFRS)ConceptualFrameworkidentifiesfundamentalqualitativecharacteristicsthatfinancialinformationuseful.Whichofthefollowingisleastlikelytooneofthesecharacteristics?A.FaithfulrepresentationB.MaterialityC.Relevance54.Thefollowingdataisavailableonacompanyforthecurrentyear:Metric(￡’000)246,00060,000ComprehensiveincomeDividendspaidEndingretainedearningsOpeningretainedearnings821,000580,00021/39level1-Mock-113Thecompanywilllikelyreportothercomprehensiveincome(OCI)(in￡'000)asa:A.gainof186,000.B.gainof301,000.C.lossof55,000.55.ThefollowinginformationavailableonacompanyforthecurrentNetincome$1,000,000100,000numberofcommonsharesoutstandingDetailsofconvertiblesecuritiesoutstanding:ConvertiblepreferredsharesoutstandingDividend/share2,000$10EachpreferredshareisconvertibleintofivesharesofcommonstockConvertiblebonds,$100facevalueperbond8%coupon$80,000Eachbondisconvertibleinto25sharesofcommonstockCorporatetaxrate40%Thecompany'sdilutedEPSisclosestto:A.$7.57.B.$7.72.C.$7.69.56.Whichofthefollowingisbestdescribedasanecessarycharacteristicaneffectivefinancialreportingframework?A.totheunderlyingeconomicsB.ConsistencythemeasurementbasisusedacrossthebalancesheetC.Uniformtreatmentoftransactionsbydifferententities22/39level1-Mock-11357.Forwhichofthefollowinginventoryvaluationmethodsisthegrossprofitleastlikelytobetheunderbothaperpetualinventorysystemandaperiodicinventorysystem?A.SpecificidentificationB.LIFOC.FIFO58.UnderIFRSwhichofthefollowingbalancesheetpresentationformatsisacceptable?Classifyingassetsandliabilities:A.intooperating,investing,financingcategories.B.asmonetaryvs.C.inliquidity59.AccordingtotheInternationalAccountingStandardsBoard's(IASB)ConceptualFrameworkforFinancialReporting,thetwofundamentalqualitativecharacteristicsthatfinancialinformationusefularebestdescribedas:A.timelinessandaccrualaccounting.B.relevanceandfaithfulrepresentation.C.understandabilityand60.Forwhichofthefollowingassetsisitappropriatetotestimpairmentatleastannually?A.AtrademarkwithanindefiniteexpectedlifeB.LandC.Apatentwithalegallifeof20years61.Inaperiodofrisingprices,whencomparedwithacompanythatusesweightedaveragecostforacompanyusingFIFOwillmostlikelyreporthighervaluesits:A.debt-to-equityratio.B.inventory23/39level1-Mock-113C.returnonsales.62.Whatisthemostlikelyontheaccountingequationwhenacompanypurchasesequipmentwithcash?A.AssetsincreaseandliabilitiesincreaseB.Assetsdecreaseandowners'equitydecreasesC.Notheaccountingequation63.AcompanythatpreparesitsfinancialstatementsusingIFRSwrotedownitsinventoryvalueby€20,000theendofyear1.year2,pricesincreasedandtheinventoryattheendoftheyearworth€30,000thanitsvaluetheendofthepriorWhichofthefollowingstatementsismostaccurate?year2,thecostofsales:A.decreasedby€30,000.B.decreasedby€20,000.C.wasunaffected.64.Notestofinancialstatementslikelyinclude:A.adiscussionofsignificanttrends,eventsanduncertaintiesthattheoperatingresults.B.supplementaryinformationaboutaccountingpolicies,methodsandestimates.C.anauditor'sopinionasthefairpresentationofthefinancialstatements.65.Amanufacturerofjetsalsoenterspurchaseandleasebackarrangementsofusedaircraft.buyandleasebackarrangementsareclassifiedasoperatingleases,withtheleasepaymentsdueadvancethebeginningofeachperiod.Thecompanydepreciatestheseusedaircraftonastraight-linebasisoverthelifeofthelease.mostlikelyonthemanufacturer'sfinancialstatementsofenteringintooneofthesepurchaseandleasebackarrangementsisanincreaseinits:A.leasereceivables.B.EBITbyamountequaltheleasepayments.C.capitalassets.24/39level1-Mock-11366.Providinginformationabouttheperformanceofaitsfinancialposition,andchangesfinancialpositionthatisusefultoawiderangeofusersisaccuratelydescribedastheroleof:A.theauditreport.B.financialstatementanalysis.C.financialreporting.67.Whichofthefollowingstatementsisaccurate?A.Accruedexpensesarisewhenacompanyincursexpensesthathavenotyetbeenpaidasoftheendoftheaccountingperiod.B.Avaluationadjustmentforanassetconvertsitshistoricalcostitsdepreciatedvalue.C.Accruedrevenueariseswhenacompanyreceivescashpriortoearningtherevenue.68.ThenotestothefinancialstatementsofacompanyreportingunderUSGAAPcontainsthefollowinginformationfortheyear2014:NotePropertyandEquipment(allfiguresin$thousands)Depreciationexpensefor2014is$362.Thisamountincludescapitalizedinterestof$143.Interestisallocatedandcapitalizedconstructionprogressbyapplyingthecostofborrowingtoqualifyingassets.Interestcapitalized2014is$170.Ignoringtheofincometaxes,theexpensingofpreviouslycapitalizedinterestlikelycausesthecompany'scashflowfromoperationstobe:A.unaffected.B.C.25/39level1-Mock-113Questions69~76finance69.Acompanyissuesnew20-year$1,000bondswithacouponrateof6.2%payablesemiannuallyatanissuepriceof$1,030.34.Assumingataxrateof28%,theannualafter-taxcostofdebt(%)isclosestto:A.4.46.B.5.94.C.4.28.70.Theoptimalcapitalbudgetforafirmisbestdescribedasoccurringwhenthecompany'smarginalcostofcapitalis:A.lessthaninvestmentopportunityschedule.B.equaltotheinvestmentopportunityschedule.C.greaterthantheinvestmentopportunityschedule.71.Acompanyhasanequitybetaof1.4andis60%fundedwithdebt.Assumingataxrateof35%,assetbetaisclosestto:A.1.01.B.0.98.C.0.71.72.Thefollowingdataapplytotwocomparablecompaniesthatareindirectcompetition.CompanyA2.50CompanyB2.50interestearnedratioReturnonequity(ROE)Returnonassets(ROA)Assetturnover10.13%6.75%1.5016.88%2.50Whichofthefollowingstatementsisaccurate?A.CompanyAhasalowernetprofitB.CompanyAhasahigherdegreeoffinancialleveragethanCompanyB.C.Bothcompanieshavetheamountofinterestexpense.26/39level1-Mock-11373.Whichactionislikelyconsideredasecondarysourceofliquidity?A.RenegotiatingcurrentdebtcontractstolowerinterestpaymentsB.IncreasingtheavailabilityofbanklinesofcreditC.Increasingtheefficiencyofcashflowmanagement74.Whencomputingthecashflowsforacapitalproject,whichofthefollowingisleastlikelytobeincluded?A.OpportunitycostsB.effectsC.Financingcosts75.Acompanyintendsissuenewstockwithfloatationcostsof5.0%pershare.Theexpecteddividendnextis$0.32,andthedividendgrowthrateisexpectedtobe10%Assumingthesharesareissuedatapriceof$14.69,thecost(%)ofexternalequityforthefirmisclosestto:A.12.3.B.12.5.C.12.2.76.Aprojecthasacostof€16,253withanetpresentvalue(NPV)ofThecorrespondingprofitabilityindex(PI)islikely:A.0.03.B.1.42.C.1.03.27/39level1-Mock-113Questions77~88RelateEquityinvestment77.Information-motivatedtradersarelikelyfrompureinvestorsthatthey:A.holdwell-diversifiedportfolios.B.paylowertransactionfees.C.expecttoearnexcessreturns.78.Theindexweightingthatresultsinportfolioweightsshiftingawayfromsecuritiesthathaveincreasedrelativevaluetowardsecuritiesthathavefalleninrelativevaluewhenevertheportfolioisrebalancedismostaccuratelydescribedas:A.fundamentalweighting.B.float-adjustedmarket-capitalizationweighting.C.equalweighting.79.Atraderseekingtosellaveryblockofstockherclientwillmostlikelyexecutethetradeina(n):A.order-drivenmarket.B.quote-drivenmarket.C.brokeredmarket.80.Thebehavioralbiaswhichinvestorstoavoidrealizinglossesbutratherseekrealizegainsisbestdescribedas:A.mentalaccounting.B.thedispositionC.the81.Auniversityendowmentfundismandatedtoholdofitsvaluealternativeinvestments.Whichofthefollowingwouldlikelybeincludedinthealternativeinvestmentsportfolio?A.ConvertiblepreferredsharesB.Exchange-tradedfunds28/39level1-Mock-113C.Realestatesecurities82.WhichofthefollowingsituationswillmostlikelypromoteanincreaseinmarketA.AnincreaseinarbitrageopportunitiesB.AdecreaseintradingactivityC.Anincreaseininformationavailability83.Whichofthefollowingstatementsisleastaccuratewithrespectfixed-incomeindices?A.Comparedwithequityindices,itiseasierandlessexpensivereplicatefixed-incomeindices.B.Theindicesaresusceptibleturnoveroftheunderlyingsecurities.C.Manyoftheunderlyingsecuritiesintheindextendilliquid.84.Forwardcontractsarelikelytobeattractivehedgingvehiclesinvestorswho:A.wanttoreservetherighttocloseouttheirpositionB.arenotinapositiontoinvestigatethecreditworthinesstheircounterparties.C.donotwantanupfrontoutlayofcash.85.Whichofthefollowingstatementsconcerningasecuritymarketindexaccurate?A.Thedivisorwillbeadjustedtopreventchangesnotrelatedpricesofconstituentsecurities.B.Estimatedmarketpricesofconstituentsecuritiesarenotusedtocalculatetheindexvalue.C.Atinception,thetotalreturnversionofindexwillbegreaterthanthepriceversionofanindex.86.Aclosed-endfundistradingapremiumtoitsnetassetvalue.Thisscenariomostlikelyreflects:A.excessdemandforredemptionoftheshares.B.concernsaboutthequalityofmanagement.C.abeliefthattheportfoliosecuritiesareundervalued.29/39level1-Mock-11387.Ifthefollowingthreestocksareheldinaportfolio,thetotalreturnonanequal-weightedbasisisclosestto:StockNumberSharesOwned500ofBeginningofPeriodEndofPeriodPriceDividendperSharePriceperShare($)perShare($)duringthePeriod($)A4050303752342.001.500.00B320C800A.6.37%.B.3.28%.C.5.94%.88.Anindustryexperiencingslowgrowth,highprices,andvolumesinsufficientachieveeconomiesofscaleislikelyinthe:A.maturestage.B.embryonicstage.C.shakeoutstage.30/39level1-Mock-113Questions89~94RelateDerivatives89.Whichofthefollowingstatementsbestdescribeschangesthevalueofalongforwardpositionduringitslife?A.Asinterestratesgodown,thevalueofthepositiongoesup.B.Asthepriceoftheunderlyinggoesup,thevalueofthepositiongoesup.C.Asthetomaturitygoesdown,thevalueofthepositiongoesup.90.Iftheimpliedvolatilityforoptionsonabroad-basedequitymarketindexgoesup,thenitismostlikelythat:A.thebroad-basedequitymarketindexhasgoneupinvalue.B.marketinterestrateshavegoneup.C.thegenerallevelofmarketuncertaintyhasgoneup.91.Foraforwardcontractwithavalueofzero,asituationwherethespotpriceisabovetheforwardpriceisbestexplainedbyhigh:A.convenienceyield.B.interestrates.C.storagecosts.92.Accordingtoput-callifafiduciarycallexpiresthetheismostlikelyequaltothe:A.facevalueoftherisk-freebond.B.differencebetweenthemarketvalueoftheassetthefacevalueoftherisk-freebond.C.marketvalueoftheasset.93.Ahighconvenienceyieldismostlikelyassociatedwithholding:A.commodities.B.equities.C.bonds.31/39www.CFAFRM.cnCFA-FRMVIP長(zhǎng)線班培訓(xùn)招生說明一、VIP長(zhǎng)線班資料包括以下內(nèi)容：（所有課程都有配套課件講義）知識(shí)框架CFAFRMCFAFRM;前導(dǎo)課程;基礎(chǔ)課程員根據(jù)進(jìn)度系統(tǒng)性學(xué)習(xí)；強(qiáng)化課程識(shí)點(diǎn)與掌握解題技巧；直播串講生更好的掌握對(duì)應(yīng)知識(shí)；沖刺?？?識(shí)的把握，提高應(yīng)試技巧；百題押題85%通過考試取得證書。輔導(dǎo)課程計(jì)算器的使用微觀金融大串講28課時(shí)金融英語(yǔ)32課時(shí)金融數(shù)學(xué)32課時(shí)二、VIP長(zhǎng)線班價(jià)格說明：（一次收費(fèi)到當(dāng)期課程完結(jié)。絕無二次收費(fèi)）最新一期考試的課程價(jià)格：600元。上一期課程價(jià)格：288元。購(gòu)買最新課程會(huì)贈(zèng)送前兩次考試完整的長(zhǎng)線班課程比如：購(gòu)買2020年CFA二級(jí)贈(zèng)送2019年和2018年CFA二級(jí)限時(shí)優(yōu)惠：憑此海報(bào)可優(yōu)惠20元/科，具體請(qǐng)聯(lián)系網(wǎng)站客服備注：此價(jià)格為一個(gè)級(jí)別全套課程價(jià)格，無其他任何隱形收費(fèi)。三、聯(lián)系方式&付款方式：訪問WWW.CFAFRM.cn首頁(yè)置頂帖有聯(lián)系方式支持支付寶、微信、淘寶網(wǎng)付款四、資料發(fā)放形式：www.CFAFRM.cn網(wǎng)站上有往期課程詳細(xì)更新動(dòng)態(tài)通過百度網(wǎng)盤下載、課程更新同樣在百度網(wǎng)盤課程資料不可外傳，僅供學(xué)員自己考試使用。禁止外傳所有課程全部加密VIP學(xué)員提供兩個(gè)設(shè)備授權(quán)觀看課程支持windows/mac/los/安卓等系統(tǒng)，支持手機(jī)/平板/電腦五、質(zhì)量保證：承諾以下兩點(diǎn)：①質(zhì)量最好?、诟伦羁?！學(xué)員可以對(duì)比任何同行，有比我們優(yōu)秀的，任何時(shí)候，無條件全額退款并獎(jiǎng)勵(lì)1000元現(xiàn)金。網(wǎng)站上有詳細(xì)的課程更新時(shí)間。課程提供免費(fèi)試聽。歡迎各位對(duì)比品鑒。www.CFAFRM.cnlevel1-Mock-11394.Thereareforwardcontracts,contract1andcontract2,ontheunderlying.Theunderlyingmakesnocashpayments,doesnotyieldanynonfinancialbenefits,anddoesnotincuranystoragecosts.Contract1expiresinoneyearwhilecontract2expirestwoyears.Itislikelythatthepriceofcontract1:A.islessthanthepriceofcontract2.B.isequaltothepriceofcontract2.C.exceedsthepriceofcontract2.32/39level1-Mock-113Questions95~106RelateFixed-incomeAnalysis95.Thefollowingtableprovidesahistoryofafixed-incomesecurity'scouponrateandtherisk-freerateoverafive-yearperiod.Risk-FreeRateCouponRate13.00%3.50%4.25%3.70%3.25%6.00%5.00%3.50%4.60%5.50%2345Thesecuritylikelya(n):A.inverseB.deferredcouponbond.C.step-upnote.96.Whattypeofrisklikelyaffectsaninvestor'sabilitytobuyandsellbondsinthedesiredamountsandthedesiredA.SpreadB.MarketliquidityC.Default97.Whichofthefollowingstatementsismostlikelycorrectregardingthespotandforwardcurves?spotcurve:A.cannotbecalculatedfromtheforwardcurve,buttheforwardcurvecanbecalculatedfromthespotcurve.B.canbecalculatedfromtheforwardcurve,andtheforwardcurvecanbecalculatedfromthespotcurve.C.canbecalculatedfromtheforwardcurve,buttheforwardcurvecannotbecalculatedfromthespotcurve.98.Theoption-freebondsissuedbyALSCorp.arecurrentlypricedat108.50.Basedona33/39level1-Mock-113portfoliomanager'svaluationmodel,a1bpincreaseininterestrateswillresultthebondpricefalling108.40,whereasa1bpdecreaseinterestrateswillresultthebondpricerising108.59.pricevalueofabasispoint(PVBP)forthebondsisclosestto:A.0.088.B.0.190.C.0.095.99.Inalowinterestrateenvironment,theeffectivedurationofacallablebondrelativeacomparablenon-callablebond,willlikelybe:A.B.theC.100.Nguyenisaninvestordomiciledacountrywithoriginalissuediscounttaxprovision.Hepurchasesazero-couponbondadeepdiscounttoparvaluewiththeintentionofholdingthebonduntilAthewillmostlikelyface:A.neitheracapitallossnorgain.B.acapitalloss.C.acapitalgain.101.Atwo-yearspotrateof5%islikelythe:A.couponratein2onacoupon-payingbondmaturingattheendof4.B.yieldtomaturityonazero-couponbondmaturingattheendof2.C.yieldtomaturityonacoupon-payingbondmaturingattheendof2.102.Along-termbondinvestorwithinvestmenthorizonof8yearsinvestsoption-free,fixed-ratebondswithaMacaulaydurationof10.5.investorlikelycurrentlyhasa:A.positivedurationgapandiscurrentlyexposedtotheriskofhigherinterestrates.B.negativedurationgapandiscurrentlyexposedtotheriskofhigherinterestrates.C.positivedurationgapandiscurrentlyexposedtotheriskoflowerinterestrates.34/39level1-Mock-113103.Theprocessofsecuritizationisleastlikelytoallowbanksto:A.reducethelayersbetweenborrowersandultimateinvestors.B.repackageloansintosimplerstructures.C.originateloans.104.Whichofthefollowinglikelyexhibitsnegativeconvexity?A.Anoption-freebondB.AcallablebondC.Aputablebond105.Themarketvalueofan18-yearzero-couponbondwithamaturityvalueof$1,000discountedata12%annualinterestratewithsemi-annualcompoundingisclosestto:A.$122.74.B.$192.86.C.$130.04.106.yearsago,ahomeownertookouta$1millionmortgagefromabank.Thecurrentprincipalontheloanis$750,000andthehomeownerhasdefaultedontheloan.Followingforeclosureproceedings,theBanksellsthepropertyfor$600,000andisonlyentitledtousethesefundstosatisfytheloanobligation.Thehomeownerlikelyhada:A.non-recourseloan.B.recourseloan.C.bulletloan.35/39level1-Mock-113QuestionsRelatetoAlternativeInvestments107.Thefollowinginformationavailableaboutahedgefund:Initialfundassets$100millionmillionFundassetsattheendoftheperiod(beforefees)Managementfeebasedassetsundermanagement2%IncentivebasedonthereturnSofthurdlerate20%8%NodepositsthefundorwithdrawalsfromthefundoccurredduringtheManagementfeesarecalculatedusingend-of-periodvaluation.Managementfeesandincentivefeesarecalculatednet-of-feesreturnoftheinvestorisclosestto:A.7.8%.B.5.8%.C.7.4%.108.Whichofthefollowinglikelybelongsinanalternativeassetcategory?A.Securitizedcommercialrealestatedebt.B.EquitymarketcompanythatistradedC.Alimitedpartnershipthattakeslongandshortpositionsinpubliclytraded109.Whichofthefollowinginvestmentslikelyprovidesinvestorwithindirectequityexposuretorealestate?A.RealestatelimitedpartnershipsB.Commercialmortgage-backedsecuritiesC.Realestateinvestmenttrusts110.Whichofthefollowinginfrastructureinvestmentswouldlikelybeeasiesttovalue?A:A.privateequityfundholdingbrownfieldinvestments.B.masterlimitedpartnershipholdinggreenfieldinvestments.C.masterlimitedpartnershipholdingbrownfieldinvestments.36/39level1-Mock-113Questions~120RelatetoPortfolioManagement111.Aninvestmentpolicystatement'sriskobjectivestatesthatovera12-monthperiod,withaprobabilityof95%,thec