CFA Level 1 － 模考试题(1)(PM) Q66-70

catherine

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# h$ V( i. q* ~$ {Question 66

Which of the following items for a mutual funds company is least likely to be considered an operating item on the income statement?
# C1 n" U5 Q) C/ E# W# N% `6 ?; RA)    Interest income.
B)   Interest expense.
C)   Income tax expense.
D)   Financing expenses.

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0 p8 }! p: d/ ^7 L2 W; ^0 O* `Question 67

  Z  G4 s6 R* G: RThe correct financial statement adjustments for a take-or-pay contract and for a sale of receivables with recourse that has been reported as a true sale would:
9 I$ w4 n* L/ i; o9 y) eTake-or-pay contract         Sale of receivables with recourse
A)    not affect the current ratio       decrease the total debt-to-equity ratio
. B5 J  l1 H: @$ bB)   decrease the current ratio       increase the total debt-to-equity ratio
C)   decrease the current ratio       decrease the total debt-to-equity ratio
: q7 e; P+ h0 u" J' C, [0 J8 s" rD)   not affect the current ratio       increase the total debt-to-equity ratio

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. ~+ x2 d0 ?* b4 D% f7 fQuestion 68
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9 _3 `# B) L2 t9 _The financial analyst for Markham Inc. has reviewed the most recent financial statements and observed that while sales are up 10%, trade payables are up 20% and short-term liabilities are unchanged. There has also been an increase in advances from customers, also a liability. Based on this information, which of the following effects on Markham’s liquidity are most likely with respect to these changes?
& H/ v# b0 a4 R       Short-term borrowings                    Advances to customers
5 F- i/ O2 k1 }* GA)    Stable or decreased risk of liquidity problems    Deteriorating liquidity position
6 X3 m' d0 E4 l2 o  C1 y& sB)   Increased risk of liquidity problems               Stable or improving liquidity position
C)   Increased risk of liquidity problems               Deteriorating liquidity position
- _) N4 m5 T% m5 L. T. r* G2 HD)   Stable or decreased risk of liquidity problems    Stable or improving liquidity position

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Question 69

An analyst prepared the following selected horizontal common-size balance sheet data for Spider Corporation:

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In the base year, Spider’s current ratio was 1.5. Spider’s current ratio as of December 31, 20X7 is closest to:
A)    0.86.
* f, [7 K% g, F% j# J0 W* FB)   1.50.
C)   1.29.
6 ^: z( }3 }( T+ eD)   1.16.

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, o9 D1 A5 |, d9 BQuestion 70

Edelman Enginenering is considering including an overhead pulley system in this year's capital budget. The cash outlay for the pully system is $22,430. The firm's cost of capital is 14%. After-tax cash flows, including depreciation are $7,500 for each of the next 5 years.
/ M' ?' S. D' q+ ~4 V9 hCalculate the internal rate of return (IRR) and the net present value (NPV) for the project, and indicate the correct accept/reject decision.
NPV        IRR         Accept/Reject
( @. `% M6 f0 X( [# fA)    $15,070     14%        Accept
3 F- P: p) V& k; w. E& j+ mB)   $15,070     14%        Reject
: a9 j2 H& J/ V( ]& xC)   $3,318     20%        Accept
D)   $3,318     20%        Reject

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catherine

换个方式发布哦~
; e: I' }: v% T' F( O) T大家可以先做题目，然后再回复看答案哈~

Ean

THANKS!

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