CFA一级模考

CFA一级模考题

1 . Pricing power for the firms in an industry is most likely to result from low:

A)levels of capacity.

B)barriers to entry.

C)industry concentration.

The correct answer was: A

Low capacity is associated with pricing power because it increases the likelihood that supply in the short run will be less than demand at current prices. Low barriers to entry and low industry concentration (a fragmented market) typically suggest firms have little pricing power.

2 . A basket of listed depository receipts (BLDR) is best described as a(n):

A)index of global depository receipts that trade on a specific exchange.

B)special purpose vehicle for issuing depository receipts in multiple countries.

C)exchange traded fund of depository receipts.

The correct answer was C

A basket of listed depository receipts (BLDR) is an exchange traded fund that represents a portfolio of depository receipts.

3 . Given the following information, compute price/book value.

Book value of assets = $550,000 Total sales = $200,000 Net income = $20,000 Dividend payout ratio = 30% Operating cash flow = $40,000 Price per share = $100 Shares outstanding = 1000 Book value of liabilities = $500,000

A)2.0X.

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