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CFA( Chartered Financial Analyst )Level I Mock Exam ||2023/2024 Test Bank||Questions & Answers
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CFA( Chartered Financial Analyst )Level I Mock Exam 
||2023/2024 Test Bank||Questions & Answers 
Information about the coupon rates on the various long-term fixed-rate debt issues of a 
company can most likely be found in the: 
A notes to the financial statements. 
B non-current liabilities section of the balance sheet. 
C Management Discussion and Analysis (MD&A). - ANSWERS A is correct. Information 
about the coupon rates on the various long-term fixed-rate debt issues can usually be 
foun...
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CFA Level 1 – Economics Exam Questions and Answers (Definite Pass)
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CFA Level 1 – Economics Exam Questions and Answers (Definite Pass) 
 
When demand is less elastic than supply- consumers bear higher or lower burden - Answer-HIGHER 
 
When supply is less elastic than demand- consumers bear higher or lower burden - Answer-LOWER, suppliers will bear a higher burden 
 
Inelastic means more or less DWL - Answer-Less 
 
Three Constraints to Profit Maximization - Answer-TMI 1) Technological, 2) Informational, 3) Market Constraints 
 
Technological Efficiency - Answ...
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CFA Level 2 Exam Questions and Answers (Graded A+)
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CFA Level 2 Exam Questions and Answers (Graded A+) 
 
2nd the cross-rate bids (offers) posted by a dealer must be lower (higher) than the implied cross-rate offers (bids) available in the interbank market. Recall that given exchange rate quotes for the currency pairs A/B and C/B, we can back out the implied cross rate of A/C, and that this implied cross-rate A/C must be consistent with the A/B and C/B rates. This again reflects the basic principle of arbitrage: If identical financial products ar...
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CFA level 1 Exam Questions with Correct Answers
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CFA level 1 Exam Questions with Correct Answers 
 
Payables turnover = COGS/avg payables = 1969/(361+346)/2 = 5.57 
Days in payables = 365/payables turnover = 65.6 
CCC = DOH +DSO - Days in Pay = 49.4+39.4-65.6=23.2 - Answer-find the cash conversion cycle 
 
sales 
COGS 
Interest 123 110 
 
Cash 108 105 
receivables 318 286 
inventories 248 285 
 
Payables 361 346 
notes payable 50 99 
 
the deferred tax liability equals the difference between the value for accounting and tax purposes times t...
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CFA Exam Questions and Answers (100% Pass)
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CFA Exam Questions and Answers (100% Pass) 
 
why were the GIPS standards created? - Answer-to help prevent misleading practices such as "representative accounts", where a firm picks a top performaing account to represent overall investmment results 
 
Teresa Avila, CFA, is a micro-cap investment analyst at a hedge fund. The fund requires Avila to hold any securities she recommends for the fund in her own account as well. Because Avila has such a small account, whenever she trades for her own ...
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CFA Level 1 Test Exam Questions and Answers
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CFA Level 1 Test Exam Questions and Answers 
 
The percentage changes in annual earnings for a company are approximately normally distributed with a mean of 5% and a standard deviation of 12%. The probability that the average change in earnings over the 5 years will be greater than 15.5% is closest to: 
 
A) 2.5% 
B) 5.0% 
C) 10% - Answer-A = 2.5% 
 
The standard error of a 5-year average of earnings changes is 12%√5=5.366.% 
15.5% is 15.5−5/5.366=1.96 standard errors above the mean 
The pro...
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CFA Level 1 Exam Questions with Complete Solutions
- Exam (elaborations) • 13 pages • 2024
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CFA Level 1 Exam Questions with Complete Solutions 
 
A standard normal probability distribution has a mean of zero, so subtracting the mean from a normal random variable before dividing by its standard deviation is necessary to produce a standard normal probability distribution. 
 
An analyst wants to construct a hypothesis test to determine whether the mean weekly return on a stock is positive. The null hypothesis for this test should be that the mean return is: 
 
A) Greater than zero 
B) Les...
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CFA Level 1 Formulas Exam Questions with Correct Answers
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CFA Level 1 Formulas Exam Questions with Correct Answers 
 
95% confidence interval - Answer-+/- 1.96 SDs 
 
99% confidence interval - Answer-+/- 2.58 SDs 
 
Z score - Answer-(x-mean)/SD 
 
Roy's safety first ratio - Answer-(E(Rp) - Rtarget)/SD 
 
Mean sampling error - Answer-mean - miu 
 
Standard error - Answer-SD/ sqrt (n) 
 
Confidence interval - Answer-x+/- z*(SD/sqrt(n)) 
 
Type 1 error - Answer-rejection of null hypothesis when it is actually true 
 
Type 2 error - Answer-Accepting the n...
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CFA 1 Exam Questions with Correct Answers Answers Latest
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CFA 1 Exam Questions with Correct Answers Answers Latest 
 
Cobb, Inc., has hired Jude Kasten, CFA, to manage its pension fund. The 
client(s) to whom Kasten owes a duty of loyalty are: 
A. Cobb's management. 
B. the shareholders of Cobb, Inc. 
C. the beneficiaries of the pension fund. - Answer-C Standard III(A) Loyalty, Prudence, and Care specifies that for the manager of a pension 
or trust, the duty ofloyalty is owed to the beneficiaries, not to the individuals who hired 
the manager. 
 
Whi...
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CFA Level 1 - Quantitative Methods Exam Questions with Complete Solutions
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CFA Level 1 - Quantitative Methods Exam Questions with Complete Solutions 
 
 
Working Capital Management - Answer-The management of the company's short-term assets (such as inventory) and short term liabilities (such as money owed to suppliers). 
 
NPV Decision Rule - Answer-If the investments NPV is positive - Accept Project 
If the investments NPV is negative - Decline Project 
If the investor has 2 (Mutually Exclusive) projects - Accept the Higher NPV 
 
IRR Decision Rule - Answer-IRR is gr...
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