CFA (CFA)
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CFA 164
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Finance 3
Latest notes & summaries CFA (CFA)
CFA Level 1 Practice Exam Questions with Complete Answers 
 
Three steps to computing time-weighted returns - Answer-1) price the portfolio immediately prior to any significant addition or withdrawal of funds 
2) calculate the holding period return on the portfolio for each subperiod 
3) Link or compound holding period returns to obtain an annual rate or return for the year 
 
how to find time-weighted return - Answer-TWR= (Gmean P1)(Gmean P2)^1/2 - 1 
 
dividend discount model formula - Answe...
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CFA Level 1 Practice Exam Questions with Complete Answers 
 
Three steps to computing time-weighted returns - Answer-1) price the portfolio immediately prior to any significant addition or withdrawal of funds 
2) calculate the holding period return on the portfolio for each subperiod 
3) Link or compound holding period returns to obtain an annual rate or return for the year 
 
how to find time-weighted return - Answer-TWR= (Gmean P1)(Gmean P2)^1/2 - 1 
 
dividend discount model formula - Answe...
Corporate Finance CFA Exam Questions with Correct Answers 
 
Based on Exhibit 1, which statement is most likely correct? - Answer-Company A has made one or more acquisitions. 
 
Based on Exhibit 1, the financial leverage ratio for Company B is closest to: - Answer-2.22. 
 
Based on Exhibit 1, which ratio indicates lower liquidity risk for Company A compared with Company B? - Answer-Cash ratio 
 
In order to assess a company's ability to fulfill its long-term obligations, an analyst would most l...
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Corporate Finance CFA Exam Questions with Correct Answers 
 
Based on Exhibit 1, which statement is most likely correct? - Answer-Company A has made one or more acquisitions. 
 
Based on Exhibit 1, the financial leverage ratio for Company B is closest to: - Answer-2.22. 
 
Based on Exhibit 1, which ratio indicates lower liquidity risk for Company A compared with Company B? - Answer-Cash ratio 
 
In order to assess a company's ability to fulfill its long-term obligations, an analyst would most l...
CFA Level 1 Sample Questions with 100% Correct Answers 
 
 
Which of the following government actions will most likely lead to an increase in the level of aggregate demand? A reduction in: 
A transfer payments 
B public spending on social goods and infrastructure 
C the capital gains tax - Answer-C 
 
If Mexico is running a large current account deficit with Canada, which of the following will most likely occur? 
A Canada will reduce its imports from Mexico 
B The Mexican peso will deprecia...
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CFA Level 1 Sample Questions with 100% Correct Answers 
 
 
Which of the following government actions will most likely lead to an increase in the level of aggregate demand? A reduction in: 
A transfer payments 
B public spending on social goods and infrastructure 
C the capital gains tax - Answer-C 
 
If Mexico is running a large current account deficit with Canada, which of the following will most likely occur? 
A Canada will reduce its imports from Mexico 
B The Mexican peso will deprecia...
A Level 1 Practice Test Questions with Correct Answers 
 
Otto von Bismarck's phrase " blood and iron" What is related to the? - Answer-Unification of Germany 
 
all the following are consequences of the Franco-Prussian war EXCEPT? - Answer-A wave of social reform in Germany 
 
to what historical development is this cartoon from an 1898 French newspaper referring? - Answer-efforts by imperialist powers to divide China into "spheres of influence" 
 
which of the following modern Asian countr...
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A Level 1 Practice Test Questions with Correct Answers 
 
Otto von Bismarck's phrase " blood and iron" What is related to the? - Answer-Unification of Germany 
 
all the following are consequences of the Franco-Prussian war EXCEPT? - Answer-A wave of social reform in Germany 
 
to what historical development is this cartoon from an 1898 French newspaper referring? - Answer-efforts by imperialist powers to divide China into "spheres of influence" 
 
which of the following modern Asian countr...
CFA Level 1 FRA Exam Questions and Answers 
 
Fixed charge coverage ratio - Answer-EBIT plus lease payments divided by interest payments plus lease payments 
 
Gross profit - Answer-Sales minus cost of goods sold 
 
Gross profit margin - Answer-gross profit divided by revenue 
 
operating profit margin - Answer-operating profit divided by revenue 
 
pretax margin - Answer-earnings before tax divided by revenue 
 
Net profit margin - Answer-net income divided by revenue 
 
Return on assets - Ans...
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CFA Level 1 FRA Exam Questions and Answers 
 
Fixed charge coverage ratio - Answer-EBIT plus lease payments divided by interest payments plus lease payments 
 
Gross profit - Answer-Sales minus cost of goods sold 
 
Gross profit margin - Answer-gross profit divided by revenue 
 
operating profit margin - Answer-operating profit divided by revenue 
 
pretax margin - Answer-earnings before tax divided by revenue 
 
Net profit margin - Answer-net income divided by revenue 
 
Return on assets - Ans...
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 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...
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 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...
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 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...
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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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...
CFA Level 1 - Fixed Income Exam Questions with Correct Answers 
 
 
Coupon Rate Floor - Answer-Minimum periodic coupon interest payment received by lender/security owner. 
 
Coupon Rate Collar - Answer-Simultaneous combination of both cap and floor. 
 
Regular Redemption - Answer-When bonds are redeemed under the call provisions specified in the bond indenture. 
 
Special Redemption - Answer-When bonds are redeemed to comply with a sinking fund provision or because of a property sale mandated by...
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CFA Level 1 - Fixed Income Exam Questions with Correct Answers 
 
 
Coupon Rate Floor - Answer-Minimum periodic coupon interest payment received by lender/security owner. 
 
Coupon Rate Collar - Answer-Simultaneous combination of both cap and floor. 
 
Regular Redemption - Answer-When bonds are redeemed under the call provisions specified in the bond indenture. 
 
Special Redemption - Answer-When bonds are redeemed to comply with a sinking fund provision or because of a property sale mandated by...