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CFA-Level-I PDF DEMO:
QUESTION NO: 1
Comparative advantage means
A. countries that produce goods in which they have the lower opportunity cost relative to their trading partner, will gain from international trade.
B. countries that produce goods in which they have the lowest absolute cost, will gain from international trade.
C. countries that produce goods for which they have a large domestic market, will gain from international trade.
Answer: A
Explanation: In order to gain from mutual trade, countries should produce goods in which they have relative advantage in terms of opportunity cost.
They need not be the lowest absolute cost producers.
It is all about the best or most efficient use of a country's resources.
QUESTION NO: 2
Which of the following temporary differences ordinarily results in a future tax liability?
A. Accrued warranty costs
B. Depreciation of equipment
C. Subscription revenue collected in advance
Answer: B
QUESTION NO: 3
Which of the following is NOT a reason for sampling the population?
A. Inferences from a sample are the same that would be obtained by studying the entire population.
B. Some tests are destructive in nature and hence, should be carried out only on small samples.
C. It is almost impossible to work with the entire population in most cases.
Answer: A
Explanation: Samples are far easier to work with than the entire population. However, the entire population contains more information than the sample. With the population, you would get exact parameter values characterizing the population whereas with a sample, you only get estimates.
QUESTION NO: 4
You are examining a portfolio composed of 33% money-market investments, 9.5% bonds, and
57.5% stocks. Last year, the return on the money-market investments was 4%; the return on bonds was
9 %, and the return on stocks was -11%. What is the contribution of stocks toward the portfolio weighted
average return?
A. -57.50%. B 11 00%
B. -11.00%.
C. -6.325%.
Answer: C
Explanation: The portfolio weighted-average mean return is equal to the sum (as i goes from 1 to n) of w_i
* X_i, where w_i is the percentage weight in the portfolio of the ith asset, and X_i is the investment return
of the ith asset. The contribution of any asset will equal its weight in the portfolio times its return.
Here, we
get 0.575 * - 0.11 = -6.325%.
QUESTION NO: 5
On May 15, your firm receives 20 cases of designer pens. On June 30, your firm pays $3,250 for the
pens. On July 15, the pens are sold on credit for $10,500. On September 10, your firm collects the receivable in full. If each transaction occurs at the end of the business day, how many days are in the accounts payable period?
A. 46 days.
B. 57 days.
C. 61 days.
Answer: A
Explanation: B: the number of days in the accounts receivable period. C: the number of days in the inventory period. D: the number of days in the cash cycle. 118 days: the number of days in the operating
cycle.
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Updated: May 26, 2022