CFA Level 1 －模考试题(3)（AM）－Q116-120

考试题, style, class

Question 116

A stock is trading at $18 per share. An investor believes that the stock will move either up or down. He buys a call option on the stock with an exercise price of $20. He also buys two put options on the same stock each with an exercise price of $25. The call option costs $2 and the put options cost $9 each. The stock falls to $17 per share at the expiration date and the investor closes his entire position. The investor’s net gain or loss is:

A) $4 gain.

B) $3 loss.

C) $4 loss.

D) $3 gain.

Question 117

Which of the following statements about investment companies is least accurate?

A) Loads and redemption fees do not provide a performance incentive to an investment company's portfolio managers.

B) An investment company's net asset value equals the prevailing market value of the fund's assets minus its liabilities, divided by the number of fund shares outstanding.

C) Both load and no-load funds charge fees that cover the investment company's marketing and administrative expenses.

D) Closed-end investment companies trade at or below the net asset value of the shares.

Question 118

Biases in hedge fund performance measurement are least likely to include:

A) survivorship bias.

B) correlation bias.

C) incomplete historical data.

D) smoothed pricing.

Question 119

Which of the following is least likely a way in which venture capitalists create value?

A) Provide consulting and management expertise.

B) Provide contacts to accountants, lawyers, and investment bankers.

C) Understanding the outside capital markets and helping start-ups acquire capital in the public debt and equity markets.

D) Are often able to identify undervalued investments due to specialization in the venture capitalist's area of expertise.

Question 120

Sarah Owens, a venture capital fund manager, is analyzing whether to invest $7 million in a new technology that she believes will pay $20 million at the end of four years. The cost of equity is 11% and the conditional probabilities of failure are listed in the table below.

Year