CFA Level 1 － 模考试题(1)(PM) Q66-70

catherine

Question 66

3 o" {0 i# ?; |( HWhich of the following items for a mutual funds company is least likely to be considered an operating item on the income statement?
A)    Interest income.
B)   Interest expense.
# Y% d' ]" d5 h9 i' gC)   Income tax expense.
( T% H, j! Y: Z- s3 P& _D)   Financing expenses.

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Question 67
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3 c0 l3 d! L( m& d4 I  GThe 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:
' k6 t" N- B8 xTake-or-pay contract         Sale of receivables with recourse
" r! l- [& T1 {A)    not affect the current ratio       decrease the total debt-to-equity ratio
% L: Q- q+ ]/ k& s2 {! hB)   decrease the current ratio       increase the total debt-to-equity ratio
C)   decrease the current ratio       decrease the total debt-to-equity ratio
D)   not affect the current ratio       increase the total debt-to-equity ratio

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Question 68

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?
1 O: M: {# u- X, N2 s+ c       Short-term borrowings                    Advances to customers
A)    Stable or decreased risk of liquidity problems    Deteriorating liquidity position
B)   Increased risk of liquidity problems               Stable or improving liquidity position
* `( t# y* z% OC)   Increased risk of liquidity problems               Deteriorating liquidity position
D)   Stable or decreased risk of liquidity problems    Stable or improving liquidity position
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( {# m3 T1 \2 Q2 T答案和详解：
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$ J. H0 F" [! P- ^Question 69
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An analyst prepared the following selected horizontal common-size balance sheet data for Spider Corporation:

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0 m5 ^3 A: U, ]$ C, f, A+ sIn 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.
, }2 m3 [5 k8 ^5 M6 ~7 j# [/ `, {B)   1.50.
C)   1.29.
2 k) ~' h# D# W0 _D)   1.16.

答案和详解：
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, _- N- ]: p4 [* [8 F8 ZQuestion 70

: T: b- V2 `, s% n, A' @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 $7,500 for each of the next 5 years.
& r, R0 t' C$ q9 G% s9 ]2 ~Calculate 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
# C4 B; [0 t: \% m0 }5 `9 ~A)    $15,070     14%        Accept
4 P, f5 F4 ]: H1 \; `! h* YB)   $15,070     14%        Reject
C)   $3,318     20%        Accept
, e9 @# I" Z/ M5 f4 z: [D)   $3,318     20%        Reject

, L2 `, f4 B8 A* m5 V: a答案和详解：

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catherine

换个方式发布哦~
6 P& M9 ^5 b& B! i大家可以先做题目，然后再回复看答案哈~

Ean

THANKS!

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