CFA Level 1 － 模考试题(1)(AM) Q91-95 maroon, normal, 考试题, style, class

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Question 91

Following is a graph of the Industry Life Cycle with the names of the phases omitted.

Using the graph above, which of the following choices is least accurate?

A)    The return on equity (ROE) on new projects is likely greater than ke for firms in Phase B.

B)   The infinite period dividend discount model (DDM) works well for valuing firms in Phases C and D.

C)   For most companies, Phase C lasts the longest.

D)   In general, profit margins are lower in Phase A than in Phase B.

 

Question 92

To ensure the continuity of a value-weighted index when one of the stocks in the index is split:

A)    only the numerator must be adjusted for the split.

B)   no adjustment is necessary.

C)   only the denominator must be adjusted for the split.

D)   both the numerator and the denominator must be adjusted for the split.

 

Question 93

Given the following assumptions about a company’s financial estimates:

• Earnings retention rate at 40%

• Required rate of return, k_e, of 12.5%

• Return on equity (ROE) of 11%, expected to remain constant

• Estimated earnings per share (EPS) for next year of $2.75

The company's estimated P/E ratio and share value are closest to:

       P/E Ratio     Share Value

A)    7.41               18.65

B)   7.41               20.40

C)   6.78               20.40

D)   6.78               18.65

 

Question 94

Which of the following is least likely a component of an investor’s required rate of return on a stock?

A)    The real risk-free rate.

B)   The expected inflation rate.

C)   A risk premium.

D)   A growth premium.

 

Question 95

Which of the following statements about price multiples is least accurate?

A)    The price/book value (P/BV) ratio is more useful for evaluating distressed firms than the price/sales (P/S) ratio.

B)   Firms with low price/book value (P/BV) ratios tend to outperform high P/BV ratio firms on a risk-adjusted basis.

C)   One advantage of the price/cash flow (P/CF) ratio is that cash flow figures are typically more stable than earnings figures.

D)   P/BV and price/cash flow (P/CF) ratios should be used in conjunction with price/earnings (P/E) ratios in fundamental analysis.

 

[此贴子已经被作者于2008-11-7 17:24:11编辑过]

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