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Q6. Which of the following is NOT one of the three steps in the top-down approach to security valuation?
A) Market analysis.
B) Product analysis.
C) Company analysis.
Q7. In the top-down approach to valuation, industry analysis should be conducted before company analysis because:
A) an industry's prospects within the global business environment are a major determinant of how well individual firms in the industry perform.
B) most valuation models recommend the use of industry-wide average required returns, rather than individual returns.
C) the goal of the top-down approach is to identify those companies in non-cyclical industries with the lowest P/E ratios.
Q8. Deciding how to allocate investment funds, first among countries, and then within countries to various asset classes, is the objective of which step of the top-down valuation approach?
A) Analysis of general economic influences.
B) Sector analysis.
C) Analysis of industry influences.
Q9. Which of the following is NOT typically regarded as a component of the risk premium portion of the required rate of return “k”?
A) Country risk.
B) Inflation risk.
C) Exchange rate risk.
Q10. Which of the following would NOT be a reason for market, industry, and company analysis?
A) Single industries perform consistently over time.
B) The market is generally a very important component of security returns.
C) Firms within a given industry perform differently.
Q11. If the federal government wanted to expand economic growth, it would promote policies that:
A) reduce federal subsidies.
B) raise taxes.
C) reduce taxes.
Q12. When the Federal Reserve raises the bank lending rate, which of the following occur in the short run?
A) The availability of funds declines and costs increase.
B) The availability of funds declines and costs decline.
C) Costs decline and interest rates rise.
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发表于 2009-3-2 13:40
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