CFA Level 1 － 模考试题(1)(PM) Q66-70

catherine

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Question 66
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3 }, }$ O1 a: Z; o8 O5 zWhich of the following items for a mutual funds company is least likely to be considered an operating item on the income statement?
& C! E* h$ G2 r+ g/ u0 M2 @: |0 R( pA)    Interest income.
! o" G) D0 J" zB)   Interest expense.
" n( F( s/ j, m' b4 {( X- L& EC)   Income tax expense.
D)   Financing expenses.
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8 v  @- J6 \5 \/ U: m- EQuestion 67
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! R$ P# @* d1 F8 Z  q. O9 h, K7 JThe 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:
5 n! Y5 K7 M* ?6 H) ^1 LTake-or-pay contract         Sale of receivables with recourse
/ [" V5 I2 }! Q+ i) UA)    not affect the current ratio       decrease the total debt-to-equity ratio
5 a: ]# \% _9 @- c2 u+ I- x9 ~B)   decrease the current ratio       increase the total debt-to-equity ratio
0 C  J0 H$ o" e; ~9 KC)   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
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* Z. S" S8 R: D3 J! [( V, sThe 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?
       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
! }# _& w( ^) _C)   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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Question 69

An analyst prepared the following selected horizontal common-size balance sheet data for Spider Corporation:
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2 [& _$ i, W5 |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.
: O) [$ B' ~- ~7 WB)   1.50.
# m; ^, R1 f* R' h9 @  Q# LC)   1.29.
5 m4 {1 g; P; |D)   1.16.

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Question 70
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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 $7,500 for each of the next 5 years.
Calculate the internal rate of return (IRR) and the net present value (NPV) for the project, and indicate the correct accept/reject decision.
NPV        IRR         Accept/Reject
- X' H. R* P0 w$ f( n' }# e6 b1 gA)    $15,070     14%        Accept
B)   $15,070     14%        Reject
C)   $3,318     20%        Accept
D)   $3,318     20%        Reject
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catherine

换个方式发布哦~
: Y7 v' e! B9 f, ^. J大家可以先做题目，然后再回复看答案哈~

Ean

THANKS!

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