2025年CFA一級考試專項訓(xùn)練考試時間：______分鐘總分：______分姓名：______考試時間：180分鐘注意事項：1.請仔細(xì)閱讀所有題目，確保理解題意。2.請在答題紙上填寫您的姓名、考號等信息。3.請將您的答案填寫在答題紙上，寫在試卷上無效。4.本試卷共有100道選擇題，分為三個部分：PartA、PartB和PartC。PartA包含1-60題，每題1分，共60分；PartB包含61-80題，每題1.5分，共60分；PartC包含81-100題，每題2分，共20分。PartA1.AccordingtotheCFAInstituteCodeandStandards,whichofthefollowingactionsbyananalystwouldmostlikelyviolateStandardofPracticeVI(AdditionalRules)iftheanalystrecommendsastocktoclientsafterconductingathorough,objectiveanalysis?A.Theanalystowns500sharesofthestock.B.Theanalyst'semployerreceivesafeebasedonthetotalassetsundermanagement(AUM)ofclientswhopurchasethestock.C.Theanalystpreparesadetailedreportonthecompany'sfinancialhealthandfutureprospects,whichisdistributedtoclients.D.Theanalystrecommendsthestocktoclientsbutdoesnotdisclosethattheemployerreceivesaresearchfeefromthecompany.2.Theconceptofriskthatisspecifictoaparticularcompanyorindustryandcanbediversifiedawaybyholdingawell-diversifiedportfolioisbestdescribedas:A.Systematicrisk.B.Unsystematicrisk.C.Betarisk.D.Alpharisk.3.Ifastockhasanexpectedreturnof12%andastandarddeviationof20%,andtherisk-freerateis4%,whatistheapproximateSharperatioofthestock?A.0.40B.0.50C.0.60D.0.804.Theprocessofestimatingthefuturecashflowsofacompanyanddiscountingthembacktotheirpresentvalueusinganappropriatediscountrateisknownas:A.Grossprofitmargincalculation.B.Netpresentvalue(NPV)analysis.C.Returnonequity(ROE)calculation.D.Price-to-earnings(P/E)ratioanalysis.5.Whichofthefollowingisacharacteristicofaprimarymarkettransaction?A.Itinvolvesthetradingofexistingsecuritiesbetweeninvestors.B.Itistypicallyconductedover-the-counter(OTC).C.Itiswheresecuritiesarecreatedandinitiallysoldtoinvestors.D.Itissubjecttolessregulatoryoversightthanthesecondarymarket.6.Theweightedaveragecostofcapital(WACC)isbestdescribedas:A.Theminimumrateofreturnrequiredbyequityinvestors.B.Theaveragerateofreturnacompanyexpectstoearnonitsinvestments.C.Theaveragerateofreturnacompanypaystoallitssecurityholders.D.Therateofreturnusedtodiscountthecompany'sfuturecashflows.7.Acompany'scurrentratiois1.5,anditsquickratiois1.0.Whichofthefollowingstatementsismostlikelytrue?A.Thecompanyhasasignificantamountofcurrentliabilities.B.Thecompany'sinventoryturnoverisveryhigh.C.Thecompanymayhavedifficultymeetingitsshort-termobligations.D.Thecompanyhasalargeamountofliquidassetsrelativetoitscurrentliabilities.8.TheLawofOnePricesuggeststhat:A.Twostockswiththesamedividendyieldmusthavethesameprice.B.Allelsebeingequal,securitiesthatareperfectlydivisibleshouldsellatthesamepriceperunit.C.Inefficientmarkets,identicalgoodsorsecuritiesshouldsellforthesameprice,regardlessofwheretheyaretraded.D.Thepriceofastockisdeterminedsolelybyitsdividendpayments.9.Whichofthefollowingisalimitationofthedividenddiscountmodel(DDM)?A.Itassumesaconstantgrowthrateindefinitely.B.Itisdifficulttoestimatetherequiredrateofreturn.C.Itdoesnotconsiderthecompany'scapitalstructure.D.Itisonlyapplicabletocompaniesthatpayregulardividends.10.Aportfolioconsistsoftwostocks,AandB.StockAhasabetaof1.2andaweightof60%intheportfolio.StockBhasabetaof0.8andaweightof40%intheportfolio.Whatisthebetaoftheportfolio?A.0.96B.1.00C.1.04D.1.2011.WhichofthefollowingstatementsabouttheEfficientMarketHypothesis(EMH)ismostaccurate?A.Itsuggeststhatallmarketparticipantsarerationalandactintheirownbestinterest.B.Itimpliesthatitispossibletoconsistentlyachievereturnsabovethemarketaveragewithouttakingonadditionalrisk.C.Itstatesthatpricesreflectallavailableinformation,anditisimpossibletoconsistentlybeatthemarket.D.Itindicatesthatmarketpricesareinfluencedprimarilybyinvestorsentiment.12.Acompanyhasadebt-to-equityratioof1.5.Whatisitsequitymultiplier?A.0.67B.1.00C.1.50D.2.5013.Whichofthefollowingisameasureofacompany'sprofitabilitybasedonitstotalassets?A.Returnonassets(ROA)B.GrossprofitmarginC.Debt-to-equityratioD.Currentratio14.Theprocessofgroupingsimilarstockstogetherbasedontheirindustry,size,orinvestmentstyleisknownas:A.Markettiming.B.Diversification.C.Assetallocation.D.Indexing.15.Whichofthefollowingisacharacteristicofabond'syieldtomaturity(YTM)?A.Itisthetotalreturnanticipatedonabondifthebondishelduntilitsmaturitydate.B.Itistheannualinterestpaymentexpressedasapercentageofthebond'sfacevalue.C.Itisthepriceatwhichabondissoldinthesecondarymarket.D.Itisthedifferencebetweenthebond'scurrentmarketpriceanditsfacevalue.16.Acompany'sinventoryturnoverratiois5.Whatdoesthisindicate?A.Thecompanysellsitsinventoryfivetimesperyear.B.Thecompany'sinventoryisvaluedatfivetimesitscostofgoodssold.C.Thecompanyholdsinventoryforanaverageof73days(365/5).D.Thecompany'sinventoryisrapidlydepreciating.17.WhichofthefollowingisaprimaryfunctionoftheFederalReserve(theFed)intheUnitedStates?A.Toregulatethestockexchangeandsettradinghours.B.Tooverseethenation'sbankingsystemandimplementmonetarypolicy.C.Tomanagethenationaldebtandissuegovernmentbonds.D.Toregulatetheinsuranceindustryandsetpremiumrates.18.ThePhillipscurvesuggestsashort-runrelationshipbetween:A.Inflationandeconomicgrowth.B.Unemploymentandinflation.C.Interestratesandexchangerates.D.Moneysupplyandpricelevels.19.Whichofthefollowingisameasureofcentraltendency?A.StandarddeviationB.VarianceC.MedianD.Covariance20.Astatisticsstudentiscalculatingthestandarddeviationofadataset.Whichofthefollowingstepsisincorrect?A.Calculatethemeanofthedataset.B.Subtractthemeanfromeachdatapoint.C.SquareeachofthedifferencesobtainedinstepB.D.Multiplyeachsquareddifferencebythenumberofdatapoints.21.Thenormaldistributionischaracterizedby:A.Asinglepeakandasymmetricalshape.B.AU-shapedcurvewithtwopeaks.C.Aflat,horizontalline.D.Asharplydecliningcurve.22.Whichofthefollowingisapropertyofthebinomialdistribution?A.Itiscontinuousandcantakeanyvaluewithinarange.B.Itisusedtomodelthemovementofstockprices.C.Ithasasinglepeakandissymmetrical.D.Itisdiscreteandhasonlytwopossibleoutcomesforeachtrial.23.Acompanyisconsideringtwomutuallyexclusiveprojects.ProjectAhasaninternalrateofreturn(IRR)of12%andanetpresentvalue(NPV)of$50,000.ProjectBhasanIRRof10%andanNPVof$60,000.Basedonthesevalues,whichprojectshouldthecompanyaccept?A.ProjectA,asithasahigherIRR.B.ProjectB,asithasahigherNPV.C.Neitherproject,astheyarenotcompatible.D.ThedecisionisindependentoftheIRRandNPV.24.Whichofthefollowingisacomponentoftheweightedaveragecostofcapital(WACC)?A.Therateofreturnonequity.B.Therateofreturnondebt.C.Thecorporatetaxrate.D.Alloftheabove.25.Acompany'searningspershare(EPS)are$2.00.Iftheprice-to-earnings(P/E)ratiois20,whatisthemarketpriceofthestock?A.$10.00B.$20.00C.$40.00D.$80.0026.Whichofthefollowingisameasureofacompany'sliquidity?A.Returnonassets(ROA)B.Debt-to-equityratioC.CurrentratioD.Price-to-earnings(P/E)ratio27.Thecapitalassetpricingmodel(CAPM)isusedto:A.Calculatetheexpectedreturnonasingleasset.B.Determinetheoptimalportfolioweights.C.Estimatethebetaofastock.D.Calculatetheweightedaveragecostofcapital(WACC).28.Whichofthefollowingisacharacteristicofapreferredstock?A.Ittypicallypaysafixeddividendandhaspriorityovercommonstockintheeventofliquidation.B.Itissimilartoabondandissubjecttoincometax.C.Itdoesnothaveamaturitydateandisperpetual.D.Itentitlestheholdertovoteoncorporatematters.29.Acompany'saccountsreceivableturnoverratiois10.Whatdoesthisindicate?A.Thecompanycollectsitsaccountsreceivabletentimesperyear.B.Thecompany'saccountsreceivablearevaluedattentimesitssalesrevenue.C.Thecompany'saccountsreceivablearerapidlyaging.D.Thecompany'ssalesareprimarilycash-based.30.Whichofthefollowingisalimitationoftheprice-to-earnings(P/E)ratio?A.Itdoesnotconsiderthecompany'sdebtlevels.B.Itcanbemisleadingforcompanieswithnegativeearnings.C.Itisdifficulttocompareacrossdifferentindustries.D.Itonlyappliestocompaniesthatpayregulardividends.31.Theprimarygoalofacompany'smanagementistypicallyto:A.Maximizethestockprice.B.Minimizethecompany'sdebt.C.Increasethecompany'sprofitmargins.D.Maximizethecompany'smarketshare.32.Whichofthefollowingisacomponentoftherealinterestrate?A.Therateofinflation.B.Therateofeconomicgrowth.C.Thecorporatetaxrate.D.Themoneysupply.33.Acompany'sprofitmarginis10%.Ifitssalesrevenueis$1,000,000,whatisitsnetincome?A.$10,000B.$100,000C.$1,000,000D.$10,000,00034.Whichofthefollowingisacharacteristicofacalloption?A.Itgivestheholdertheright,butnottheobligation,tobuyanunderlyingassetataspecifiedprice.B.Itgivestheholdertheright,butnottheobligation,tosellanunderlyingassetataspecifiedprice.C.Itobligatestheholdertobuyanunderlyingassetataspecifiedprice.D.Itobligatestheholdertosellanunderlyingassetataspecifiedprice.35.Acompany'sinventoryturnoverratiois6,anditsdayssalesoutstanding(DSO)is30.Whatisitsaccountsreceivableturnoverratio?A.6B.10C.30D.18036.Whichofthefollowingisameasureofacompany'sefficiencyinmanagingitsfixedassets?A.Returnonassets(ROA)B.FixedassetturnoverratioC.Debt-to-equityratioD.Price-to-earnings(P/E)ratio37.Theconceptofopportunitycostrefersto:A.Thecostofcapitalinvestedinaproject.B.Thereturnthatcouldhavebeenearnedonthenextbestalternativeinvestment.C.Thedifferencebetweentheactualreturnandtheexpectedreturnonaninvestment.D.Theriskassociatedwithaninvestment.38.Whichofthefollowingisacharacteristicofawell-diversifiedportfolio?A.Itinvestsalargeportionofitscapitalinasinglestock.B.Itholdsasmallnumberofstocksthatarehighlycorrelatedwitheachother.C.Itspreadsitsinvestmentsacrossavarietyofassetstoreduceunsystematicrisk.D.Itprimarilyinvestsinassetswithhighriskandhighreturn.39.Acompany'searningsbeforeinterestandtaxes(EBIT)are$500,000.Iftheinterestexpenseis$50,000,whatareitsearningsbeforetaxes(EBT)?A.$450,000B.$500,000C.$550,000D.$500,00040.WhichofthefollowingisafunctionoftheFederalReserveOpenMarketCommittee(FOMC)?A.ToregulatethenumberofbanksintheUnitedStates.B.Tosetthediscountrateandfederalfundsrate.C.Toapprovenewbankmergersandacquisitions.D.Tosuperviseconsumerlendingpractices.41.Thequantitytheoryofmoneysuggeststhat:A.Thereisadirectrelationshipbetweenthemoneysupplyandthepricelevel.B.Thereisaninverserelationshipbetweenthemoneysupplyandtheinterestrate.C.Themoneysupplyhasnoimpactontheeconomy.D.Thevelocityofmoneyistheprimarydeterminantofeconomicgrowth.42.WhichofthefollowingisacomponentoftheConsumerPriceIndex(CPI)?A.Thepriceofabarrelofoil.B.Thepriceofanewcar.C.Thepriceofabasketofgoodsandservicestypicallypurchasedbyconsumers.D.Theinterestrateona30-yearmortgage.43.Acompany'sfinancialleverageratiois2.Whatdoesthisindicate?A.Thecompanyhastwiceasmuchdebtasequity.B.Thecompanyhastwiceasmuchequityasdebt.C.Thecompany'sassetsaretwiceaslargeasitsequity.D.Thecompany'sequityistwiceaslargeasitsassets.44.Whichofthefollowingisameasureofacompany'sshort-termliquidity?A.Returnonequity(ROE)B.CurrentratioC.Debt-to-equityratioD.Price-to-earnings(P/E)ratio45.TheModigliani-Millertheoremsuggeststhat,inaperfectmarket,thevalueofacompanyis:A.Dependentonitscapitalstructure.B.Independentofitscapitalstructure.C.Primarilydeterminedbyitsearningsgrowthrate.D.Higherwhenitusesmoredebtfinancing.46.Whichofthefollowingisacharacteristicofabond'scouponrate?A.Itistheannualinterestpaymentexpressedasapercentageofthebond'sfacevalue.B.Itisthepriceatwhichabondissoldinthesecondarymarket.C.Itistherateofreturnusedtodiscountthebond'sfuturecashflows.D.Itisthedifferencebetweenthebond'scurrentmarketpriceanditsfacevalue.47.Acompany'sreturnonassets(ROA)is8%.Ifitstotalassetsare$1,000,000,whatisitsnetincome?A.$8,000B.$80,000C.$1,000,000D.$10,000,00048.Whichofthefollowingisalimitationofthedividenddiscountmodel(DDM)?A.Itassumesaconstantgrowthrateindefinitely.B.Itisdifficulttoestimatetherequiredrateofreturn.C.Itdoesnotconsiderthecompany'scapitalstructure.D.Itisonlyapplicabletocompaniesthatpayregulardividends.49.Thecapitalassetpricingmodel(CAPM)isusedto:A.Calculatetheexpectedreturnonasingleasset.B.Determinetheoptimalportfolioweights.C.Estimatethebetaofastock.D.Calculatetheweightedaveragecostofcapital(WACC).50.Whichofthefollowingisameasureofacompany'sliquidity?A.Returnonassets(ROA)B.Debt-to-equityratioC.CurrentratioD.Price-to-earnings(P/E)ratioPartB51.Astockhasanexpectedreturnof15%andastandarddeviationof25%.Arisk-freeassethasareturnof5%.Whatistheminimumvarianceportfolioconsistingofthesetwoassets?A.100%inthestock.B.100%intherisk-freeasset.C.61.54%inthestockand38.46%intherisk-freeasset.D.76.92%inthestockand23.08%intherisk-freeasset.52.Whichofthefollowingisacharacteristicoftheefficientmarkethypothesis(EMH)?A.Pricesreflectallavailableinformation.B.Itispossibletoconsistentlyachievereturnsabovethemarketaveragewithouttakingonadditionalrisk.C.Marketpricesareinfluencedprimarilybyinvestorsentiment.D.Allmarketparticipantsarerationalandactintheirownbestinterest.53.Acompanyisconsideringaprojectwithaninitialinvestmentof$100,000andexpectedcashflowsof$40,000peryearfor4years.Iftherequiredrateofreturnis10%,whatisthenetpresentvalue(NPV)oftheproject?A.$10,000B.$26,660C.$73,340D.$100,00054.Whichofthefollowingisacomponentoftheweightedaveragecostofcapital(WACC)?A.Therateofreturnonequity.B.Therateofreturnondebt.C.Thecorporatetaxrate.D.Alloftheabove.55.Acompany'searningspershare(EPS)are$2.00.Iftheprice-to-earnings(P/E)ratiois20,whatisthemarketpriceofthestock?A.$10.00B.$20.00C.$40.00D.$80.0056.Whichofthefollowingisameasureofacompany'sliquidity?A.Returnonassets(ROA)B.Debt-to-equityratioC.CurrentratioD.Price-to-earnings(P/E)ratio57.Thecapitalassetpricingmodel(CAPM)isusedto:A.Calculatetheexpectedreturnonasingleasset.B.Determinetheoptimalportfolioweights.C.Estimatethebetaofastock.D.Calculatetheweightedaveragecostofcapital(WACC).58.Whichofthefollowingisameasureofacompany'sefficiencyinmanagingitsfixedassets?A.Returnonassets(ROA)B.FixedassetturnoverratioC.Debt-to-equityratioD.Price-to-earnings(P/E)ratio59.Acompany'sinventoryturnoverratiois6,anditsdayssalesoutstanding(DSO)is30.Whatisitsaccountsreceivableturnoverratio?A.6B.10C.30D.18060.Whichofthefollowingisacharacteristicofawell-diversifiedportfolio?A.Itinvestsalargeportionofitscapitalinasinglestock.B.Itholdsasmallnumberofstocksthatarehighlycorrelatedwitheachother.C.Itspreadsitsinvestmentsacrossavarietyofassetstoreduceunsystematicrisk.D.Itprimarilyinvestsinassetswithhighriskandhighreturn.61.Acompany'sprofitmarginis10%.Ifitssalesrevenueis$1,000,000,whatisitsnetincome?A.$10,000B.$100,000C.$1,000,000D.$10,000,00062.Whichofthefollowingisalimitationoftheprice-to-earnings(P/E)ratio?A.Itdoesnotconsiderthecompany'sdebtlevels.B.Itcanbemisleadingforcompanieswithnegativeearnings.C.Itisdifficulttocompareacrossdifferentindustries.D.Itonlyappliestocompaniesthatpayregulardividends.63.Theprimarygoalofacompany'smanagementistypicallyto:A.Maximizethestockprice.B.Minimizethecompany'sdebt.C.Increasethecompany'sprofitmargins.D.Maximizethecompany'smarketshare.64.Whichofthefollowingisacomponentoftherealinterestrate?A.Therateofinflation.B.Therateofeconomicgrowth.C.Thecorporatetaxrate.D.Themoneysupply.65.WhichofthefollowingisafunctionoftheFederalReserveOpenMarketCommittee(FOMC)?A.ToregulatethenumberofbanksintheUnitedStates.B.Tosetthediscountrateandfederalfundsrate.C.Toapprovenewbankmergersandacquisitions.D.Tosuperviseconsumerlendingpractices.66.Thequantitytheoryofmoneysuggeststhat:A.Thereisadirectrelationshipbetweenthemoneysupplyandthepricelevel.B.Thereisaninverserelationshipbetweenthemoneysupplyandtheinterestrate.C.Themoneysupplyhasnoimpactontheeconomy.D.Thevelocityofmoneyistheprimarydeterminantofeconomicgrowth.67.WhichofthefollowingisacomponentoftheConsumerPriceIndex(CPI)?A.Thepriceofabarrelofoil.B.Thepriceofanewcar.C.Thepriceofabasketofgoodsandservicestypicallypurchasedbyconsumers.D.Theinterestrateona30-yearmortgage.68.Acompany'sfinancialleverageratiois2.Whatdoesthisindicate?A.Thecompanyhastwiceasmuchdebtasequity.B.Thecompanyhastwiceasmuchequityasdebt.C.Thecompany'sassetsaretwiceaslargeasitsequity.D.Thecompany'sequityistwiceaslargeasitsassets.69.Whichofthefollowingisameasureofacompany'sshort-termliquidity?A.Returnonequity(ROE)B.CurrentratioC.Debt-to-equityratioD.Price-to-earnings(P/E)ratio70.TheModigliani-Millertheoremsuggeststhat,inaperfectmarket,thevalueofacompanyis:A.Dependentonitscapitalstructure.B.Independentofitscapitalstructure.C.Primarilydeterminedbyitsearningsgrowthrate.D.Higherwhenitusesmoredebtfinancing.71.Whichofthefollowingisacharacteristicofabond'scouponrate?A.Itistheannualinterestpaymentexpressedasapercentageofthebond'sfacevalue.B.Itisthepriceatwhichabondissoldinthesecondarymarket.C.Itistherateofreturnusedtodiscountthebond'sfuturecashflows.D.Itisthedifferencebetweenthebond'scurrentmarketpriceanditsfacevalue.72.Acompany'sreturnonassets(ROA)is8%.Ifitstotalassetsare$1,000,000,whatisitsnetincome?A.$8,000B.$80,000C.$1,000,000D.$10,000,00073.Whichofthefollowingisalimitationofthedividenddiscountmodel(DDM)?A.Itassumesaconstantgrowthrateindefinitely.B.Itisdifficulttoestimatetherequiredrateofreturn.C.Itdoesnotconsiderthecompany'scapitalstructure.D.Itisonlyapplicabletocompaniesthatpayregulardividends.74.Whichofthefollowingisameasureofacompany'sliquidity?A.Returnonassets(ROA)B.Debt-to-equityratioC.CurrentratioD.Price-to-earnings(P/E)ratio75.Acompany'searningsbeforeinterestandtaxes(EBIT)are$500,000.Iftheinterestexpenseis$50,000,whatareitsearningsbeforetaxes(EBT)?A.$450,000B.$500,000C.$550,000D.$500,00076.Whichofthefollowingisacharacteristicofawell-diversifiedportfolio?A.Itinvestsalargeportionofitscapitalinasinglestock.B.Itholdsasmallnumberofstocksthatarehighlycorrelatedwitheachother.C.Itspreadsitsinvestmentsacrossavarietyofassetstoreduceunsystematicrisk.D.Itprimarilyinvestsinassetswithhighriskandhighreturn.77.Acompany'sfinancialleverageratiois2.Whatdoesthisindicate?A.Thecompanyhastwiceasmuchdebtasequity.B.Thecompanyhastwiceasmuchequityasdebt.C.Thecompany'sassetsaretwiceaslargeasitsequity.D.Thecompany'sequityistwiceaslargeasitsassets.78.Whichofthefollowingisameasureofacompany'sshort-termliquidity?A.Returnonequity(ROE)B.CurrentratioC.Debt-to-equityratioD.Price-to-earnings(P/E)ratio79.TheModigliani-Millertheoremsuggeststhat,inaperfectmarket,thevalueofacompanyis:A.Dependentonitscapitalstructure.B.Independentofitscapitalstructure.C.Primarilydeterminedbyitsearningsgrowthrate.D.Higherwhenitusesmoredebtfinancing.80.Whichofthefollowingisacharacteristicofabond'scouponrate?A.Itistheannualinterestpaymentexpressedasapercentageofthebond'sfacevalue.B.Itisthepriceatwhichabondissoldinthesecondarymarket.C.Itistherateofreturnusedtodiscountthebond'sfuturecashflows.D.Itisthedifferencebetweenthebond'scurrentmarketpriceanditsfacevalue.PartC81.Astockhasanexpectedreturnof15%andastandarddeviationof25%.Arisk-freeassethasareturnof5%.Whatistheexpectedreturnandstandarddeviationofaportfolioconsistingof60%stockand40%risk-freeasset?A.Expectedreturn=11%,Standarddeviation=15%B.Expectedreturn=11%,Standarddeviation=10%C.Expectedreturn=12%,Standarddeviation=15%D.Expectedreturn=12%,Standarddeviation=10%82.Whichofthefollowingisalimitationoftheprice-to-earnings(P/E)ratio?A.Itdoesnotconsiderthecompany'sdebtlevels.B.Itcanbemisleadingforcompanieswithnegativeearnings.C.Itisdifficulttocompareacrossdifferentindustries.D.Itonlyappliestocompaniesthatpayregulardividends.83.Thecapitalassetpricingmodel(CAPM)isusedto:A.Calculatetheexpectedreturnonasingleasset.B.Determinetheoptimalportfolioweights.C.Estimatethebetaofastock.D.Calculatetheweightedaveragecostofcapital(WACC).84.Whichofthefollowingisameasureofacompany'sefficiencyinmanagingitsfixedassets?A.Returnonassets(ROA)B.FixedassetturnoverratioC.Debt-to-equityratioD.Price-to-earnings(P/E)ratio85.Acompany'sinventoryturnoverratiois6,anditsdayssalesoutstanding(DSO)is30.Whatisitsaccountsreceivableturnoverratio?A.6B.10C.30D.18086.Whichofthefollowingisacharacteristicofawell-diversifiedportfolio?A.Itinvestsalargeportionofitscapitalinasinglestock.B.Itholdsasmallnumberofstocksthatarehighlycorrelatedwitheachother.C.Itspreadsitsinvestmentsacrossavarietyofassetstoreduceunsystematicrisk.D.Itprimarilyinvestsinassetswithhighriskandhighreturn.87.Acompany'sprofitmarginis10%.Ifitssalesrevenueis$1,000,000,whatisitsnetincome?A.$10,000B.$100,000C.$1,000,000D.$10,000,00088.WhichofthefollowingisafunctionoftheFederalReserveOpenMarketCommittee(FOMC)?A.ToregulatethenumberofbanksintheUnitedStates.B.Tosetthediscountrateandfederalfundsrate.C.Toapprovenewbankmergersandacquisitions.D.Tosuperviseconsumerlendingpractices.89.Thequantitytheoryofmoneysuggeststhat:A.Thereisadirectrelationshipbetweenthemoneysupplyandthepricelevel.B.Thereisaninverserelationshipbetweenthemoneysupplyandtheinterestrate.C.Themoneysupplyhasnoimpactontheeconomy.D.Thevelocityofmoneyistheprimarydeterminantofeconomicgrowth.90.WhichofthefollowingisacomponentoftheConsumerPriceIndex(CPI)?A.Thepriceofabarrelofoil.B.Thepriceofanewcar.C.Thepriceofabasketofgoodsandservicestypicallypurchasedbyconsumers.D.Theinterestrateona30-yearmortgage.91.Whichofthefollowingisameasureofacompany'sliquidity?A.Returnonassets(ROA)B.Debt-to-equityratioC.CurrentratioD.Price-to-earnings(P/E)ratio92.Whichofthefollowingisacharacteristicofabond'scouponrate?A.Itistheannualinterestpaymentexpressedasapercentageofthebond'sfacevalue.B.Itisthepriceatwhichabondissoldinthesecondarymarket.C.Itistherateofreturnusedtodiscountthebond'sfuturecashflows.D.Itisthedifferencebetweenthebond'scurrentmarketpriceanditsfacevalue.93.Acompany'searningsbeforeinterestandtaxes(EBIT)are$500,000.Iftheinterestexpenseis$50,000,whatareitsearningsbeforetaxes(EBT)?A.$450,000B.$500,000C.$550,000D.$500,0009