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Question 1 of 30
1. Question
The Eurobond market has grown much more rapidly than the foreign bond market for several reasons. Which of the following reasons are true?
I. They can be brought to the market quickly and with less disclosure.
II. Eurobond issues are not subject to the regulations of the country in whose currency they are denominated.
III. Eurobond issues are regulated by the market regulator of the country.
IV. They give the issuer of the bonds less flexibility when it comes to taking advantage of favorable market conditions.Correct
The Eurobond market has grown much more rapidly than the foreign bond market for several reasons. These reasons include the following:
– Eurobond issues are not subject to the regulations of the country in whose currency they are denominated.
– They can be brought to the market quickly and with less disclosure. This gives the issuer of the bonds greater flexibility to take advantage of favorable market conditions.Incorrect
The Eurobond market has grown much more rapidly than the foreign bond market for several reasons. These reasons include the following:
– Eurobond issues are not subject to the regulations of the country in whose currency they are denominated.
– They can be brought to the market quickly and with less disclosure. This gives the issuer of the bonds greater flexibility to take advantage of favorable market conditions. -
Question 2 of 30
2. Question
Dual or multiple listing allows the shares of a company to be traded on the exchanges of many different countries. In which of the following forms is foreign equity traded on the U.S. exchanges?
Correct
Foreign equity is traded on the U.S. exchanges in the form of American depository receipts (ADRs). ADRs represent a feasible, liquid way for U.S. investors to purchase stock in companies abroad. Foreign firms also benefit from ADRs, as they make it easier to attract American investors and capital, without the hassle and expense of listing themselves on U.S. stock exchanges.
Incorrect
Foreign equity is traded on the U.S. exchanges in the form of American depository receipts (ADRs). ADRs represent a feasible, liquid way for U.S. investors to purchase stock in companies abroad. Foreign firms also benefit from ADRs, as they make it easier to attract American investors and capital, without the hassle and expense of listing themselves on U.S. stock exchanges.
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Question 3 of 30
3. Question
One of the basic tenets of finance is the concept of risk aversion. Which of the following statements about the concept of risk aversion is false?
I. The higher the risk associated with an investment, the lower will be the premium.
II. An investor will demand a risk premium for bearing a certain level of risk.
III. The higher the risk associated with an investment, the greater will be the premium.
IV. The lower the risk associated with an investment, the greater will be the premium.Correct
The term risk-averse describes the investor who chooses the preservation of capital over the potential for a higher-than-average return. One of the basic tenets of finance is the concept of risk aversion; that is, an investor will demand a risk premium for bearing a certain level of risk, and the higher the risk associated with an investment, the greater will be the premium demanded over and above the riskless rate of interest.
Incorrect
The term risk-averse describes the investor who chooses the preservation of capital over the potential for a higher-than-average return. One of the basic tenets of finance is the concept of risk aversion; that is, an investor will demand a risk premium for bearing a certain level of risk, and the higher the risk associated with an investment, the greater will be the premium demanded over and above the riskless rate of interest.
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Question 4 of 30
4. Question
Which of the following terms refers to a series of payments made at equally spaced intervals of time?
Correct
An annuity is a series of payments made at equally spaced intervals of time. The income received from an annuity is taxed at regular income tax rates, not capital gains rates, which are usually lower.
Incorrect
An annuity is a series of payments made at equally spaced intervals of time. The income received from an annuity is taxed at regular income tax rates, not capital gains rates, which are usually lower.
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Question 5 of 30
5. Question
When formulating economic policy, it is neither feasible nor desirable to separate an economy from the societal framework within which it operates, especially when defining appropriate measures of success. Which of the following is the success of an economy gauged by?
Correct
The success of an economy is gauged by the extent of wealth creation. Economists and statisticians use several methods to track economic growth. Some economists posit that total spending is a consequence of productive output.
Incorrect
The success of an economy is gauged by the extent of wealth creation. Economists and statisticians use several methods to track economic growth. Some economists posit that total spending is a consequence of productive output.
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Question 6 of 30
6. Question
The efficient and free flow of resources from one economic entity to another is a sine qua non for a modern economy. In which of the following economies are all production and allocation decisions made by a central planning authority?
Correct
Like that of the former Soviet Union, in a command economy, all production and allocation decisions are made by a central planning authority. The planning authority is expected to estimate the resource requirements of various economic agents and then rank them in order of priority in relevance to social needs.
Incorrect
Like that of the former Soviet Union, in a command economy, all production and allocation decisions are made by a central planning authority. The planning authority is expected to estimate the resource requirements of various economic agents and then rank them in order of priority in relevance to social needs.
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Question 7 of 30
7. Question
Every decisionmaker will have a required rate of return on investment. Under which of the following circumstances is a project considered to be worth the investment?
Correct
A project is considered to be worth the investment only if its expected rate of return is greater than the cost of the capital being invested. The threshold return, or the return above which the venture will be deemed profitable, is the cost of capital for the decision-maker.
Incorrect
A project is considered to be worth the investment only if its expected rate of return is greater than the cost of the capital being invested. The threshold return, or the return above which the venture will be deemed profitable, is the cost of capital for the decision-maker.
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Question 8 of 30
8. Question
The ultra-wealthy, known as ultra-high-net-worth individuals (UHNWIs), make up a group of people who have net worths of at least $30 million. The ultra-rich individual investors who have assets higher than $50 million tend to create family offices. What is the basic goal of every family office?
Correct
The basic goal of every family office is to pool the resources of an extended family under one umbrella to achieve higher levels of wealth management. The family office uses in-house as well as outsourced resources to meet the financial goals as well as the tax obligations of the family.
Incorrect
The basic goal of every family office is to pool the resources of an extended family under one umbrella to achieve higher levels of wealth management. The family office uses in-house as well as outsourced resources to meet the financial goals as well as the tax obligations of the family.
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Question 9 of 30
9. Question
Which of the following is an investment strategy, popular with hedge funds, that seeks to take a long position in underpriced stocks while selling short overpriced shares?
Correct
Alfred Jones started his first hedge fund trading equities, where he would buy some stocks and sell short some other stocks. This strategy came to be known as the Long/Short Equity strategy. Long/short equity is an investment strategy that seeks to take a long position in underpriced stocks while selling short overpriced shares.
Incorrect
Alfred Jones started his first hedge fund trading equities, where he would buy some stocks and sell short some other stocks. This strategy came to be known as the Long/Short Equity strategy. Long/short equity is an investment strategy that seeks to take a long position in underpriced stocks while selling short overpriced shares.
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Question 10 of 30
10. Question
A government bond is a bond issued by a national government, generally with a promise to pay periodic interest payments called coupon payments and to repay the face value on the maturity date. Which of the following terms refers to a relative value between government bonds of different maturities?
Correct
Relative value between government bonds of different maturities is referred to as the yield curve relative value. Yield curve relative value is a subset of the relative value arbitrage strategy.
Incorrect
Relative value between government bonds of different maturities is referred to as the yield curve relative value. Yield curve relative value is a subset of the relative value arbitrage strategy.
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Question 11 of 30
11. Question
Funds that are too large may not be able to take advantage of asset classes that lack the capacity to absorb large amounts of funds. A small-cap manager may suffer diseconomies of scale for which of the following reasons?
I. Larger trades have increased price impact.
II. The need for increased numbers of staff would speed up the decision-making process.
III. The inflow of capital may encourage managers to abandon their core strategies.
IV. The need for increased numbers of staff may slow the decision-making process.Correct
A small-cap manager may suffer diseconomies of scale because of the following:
– Larger trades have increased price impact.
– The inflow of capital may encourage managers to abandon their core strategies.
– The need for increased numbers of staff may slow the decision-making process.A potential solution is to split the allocation among several managers. However, identifying and monitoring suitable managers is an added burden and cost.
Incorrect
A small-cap manager may suffer diseconomies of scale because of the following:
– Larger trades have increased price impact.
– The inflow of capital may encourage managers to abandon their core strategies.
– The need for increased numbers of staff may slow the decision-making process.A potential solution is to split the allocation among several managers. However, identifying and monitoring suitable managers is an added burden and cost.
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Question 12 of 30
12. Question
High rates of growth in capital investment are associated with high rates of growth in the economy. Which of the following structural government policies can facilitate long-term growth?
I. Sound tax policies.
II. Sound fiscal policy.
III. Discourage competition in the private sector.
IV. Minimal government interference with free markets.Correct
Structural (consistent, as opposed to one-time) government policies that can facilitate long-term growth include the following:
– Minimal government interference with free markets.
– Development of infrastructure and human capital, including education and health care.
– Facilitate competition in the private sector.
– Sound fiscal policy.
– Sound tax policies.Incorrect
Structural (consistent, as opposed to one-time) government policies that can facilitate long-term growth include the following:
– Minimal government interference with free markets.
– Development of infrastructure and human capital, including education and health care.
– Facilitate competition in the private sector.
– Sound fiscal policy.
– Sound tax policies. -
Question 13 of 30
13. Question
In addition to being influenced by governmental policies, growth trends are still subject to unexpected surprises or shocks. Which of the following refers to unanticipated events that occur outside the normal course of an economy?
Correct
Unanticipated events that occur outside the normal course of an economy are referred to as exogenous shocks. Since the events are unanticipated, they are not already built into current market prices, whereas normal trends in an economy, which would be considered endogenous, are built into market prices.
Incorrect
Unanticipated events that occur outside the normal course of an economy are referred to as exogenous shocks. Since the events are unanticipated, they are not already built into current market prices, whereas normal trends in an economy, which would be considered endogenous, are built into market prices.
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Question 14 of 30
14. Question
Emerging markets offer the investor high returns at the expense of higher risk. Many emerging markets require a heavy investment in physical and human (e.g., education) infrastructure. Which of the following can result from financing this infrastructure with foreign borrowing?
I. Crisis situations in their economy.
II. Crisis situations in their currency.
III. Crisis situations in the financial market.
IV. Crisis situations in their personal beliefs.Correct
Many emerging markets require a heavy investment in physical and human (e.g., education) infrastructure. To finance this infrastructure, many emerging countries are dependent on foreign borrowing, which can later create crisis situations in their economy, currency, and financial markets.
Incorrect
Many emerging markets require a heavy investment in physical and human (e.g., education) infrastructure. To finance this infrastructure, many emerging countries are dependent on foreign borrowing, which can later create crisis situations in their economy, currency, and financial markets.
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Question 15 of 30
15. Question
Which of the following is a method for deriving a bond’s yield spread to a benchmark spot yield curve that accounts for the shape of the yield curve?
Correct
Adding an equal amount to each benchmark spot rate and value the bond with those rates is a method for deriving a bond’s yield spread to a benchmark spot yield curve that accounts for the shape of the yield curve.
Incorrect
Adding an equal amount to each benchmark spot rate and value the bond with those rates is a method for deriving a bond’s yield spread to a benchmark spot yield curve that accounts for the shape of the yield curve.
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Question 16 of 30
16. Question
A yield spread is the difference between a bond’s yield and a benchmark yield or yield curve. What type of spread would it be if the benchmark is a government bond yield?
I. Interpolated spread
II. Government spread
III. G-spread
IV. I-spreadCorrect
A yield spread is the difference between a bond’s yield and a benchmark yield or yield curve. If the benchmark is a government bond yield, the spread is known as a government spread or G-spread.
Incorrect
A yield spread is the difference between a bond’s yield and a benchmark yield or yield curve. If the benchmark is a government bond yield, the spread is known as a government spread or G-spread.
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Question 17 of 30
17. Question
Yield-to-maturity (YTM) is the total return anticipated on a bond if the bond is held until it matures. Which of the following is a method used to estimate the yield-to-maturity for bonds that are not traded or infrequently traded?
Correct
Matrix pricing is a method used to estimate the yield-to-maturity for bonds that are not traded or infrequently traded. The procedure is to use the yield-to-maturity of traded bonds that have credit quality very close to that of a nontraded or infrequently traded bond and are similar in maturity and coupon, to estimate the required yield-to-maturity.
Incorrect
Matrix pricing is a method used to estimate the yield-to-maturity for bonds that are not traded or infrequently traded. The procedure is to use the yield-to-maturity of traded bonds that have credit quality very close to that of a nontraded or infrequently traded bond and are similar in maturity and coupon, to estimate the required yield-to-maturity.
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Question 18 of 30
18. Question
Which of the following statements best describes a reverse repo agreement from the standpoint of a bond dealer?
Correct
Viewed from the standpoint of a bond dealer, a reverse repo agreement refers to taking the opposite side of a repurchase transaction, lending funds by buying the collateral security rather than selling the collateral security to borrow funds.
Incorrect
Viewed from the standpoint of a bond dealer, a reverse repo agreement refers to taking the opposite side of a repurchase transaction, lending funds by buying the collateral security rather than selling the collateral security to borrow funds.
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Question 19 of 30
19. Question
Longer term stability of the growth trend is related to stability in consumer spending. Which of the following states that consumer spending is mostly driven by long-run income expectations, not cyclical swings in wealth?
Correct
The permanent income hypothesis asserts that consumer spending is mostly driven by long-run income expectations, not cyclical swings in wealth. If income temporarily declines, consumers continue to spend (from savings) as longterm income expectations are more stable.
Incorrect
The permanent income hypothesis asserts that consumer spending is mostly driven by long-run income expectations, not cyclical swings in wealth. If income temporarily declines, consumers continue to spend (from savings) as longterm income expectations are more stable.
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Question 20 of 30
20. Question
In addition to being influenced by governmental policies, trends are still subject to unexpected surprises or shocks that occur outside the normal course of an economy. Which of the following terms refers to unanticipated events that occur outside the normal course of an economy?
Correct
Unanticipated events that occur outside the normal course of an economy are referred to as exogenous shocks. Since the events are unanticipated, they are not already built into current market prices, whereas normal trends in an economy, which would be considered endogenous, are built into market prices.
Incorrect
Unanticipated events that occur outside the normal course of an economy are referred to as exogenous shocks. Since the events are unanticipated, they are not already built into current market prices, whereas normal trends in an economy, which would be considered endogenous, are built into market prices.
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Question 21 of 30
21. Question
There are three types of asset allocation approaches. Which of the following types of asset allocation approaches is focused on achieving lifestyle and aspirational financial objectives?
Correct
Goals-based approaches are geared toward asset allocations for subportfolios, which help individuals or families achieve lifestyle and aspirational financial objectives. Each sub-portfolio will have a unique asset allocation designed to meet the stated goals.
Incorrect
Goals-based approaches are geared toward asset allocations for subportfolios, which help individuals or families achieve lifestyle and aspirational financial objectives. Each sub-portfolio will have a unique asset allocation designed to meet the stated goals.
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Question 22 of 30
22. Question
Which of the following terms refers to the evaluation of investment choices individually, rather than in aggregate?
Correct
Asset segregation is the evaluation of investment choices individually, rather than in aggregate. Asset segregation is the separation of assets from a larger group. Asset segregation is essential for protecting clients’ assets in case of insolvency of the financial institution where the client holds its assets.
Incorrect
Asset segregation is the evaluation of investment choices individually, rather than in aggregate. Asset segregation is the separation of assets from a larger group. Asset segregation is essential for protecting clients’ assets in case of insolvency of the financial institution where the client holds its assets.
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Question 23 of 30
23. Question
Based on the measures of personality typing, there are four types of investors, one of which is individualist investors. Which of the following is characteristic of individualist investors?
I. They are not afraid to exhibit investment independence in taking a course of action.
II. Individualists gain information from a variety of sources.
III. They are afraid to exhibit investment independence in taking a course of action.
IV. Individualist investors are averse to devoting the time needed to reconcile conflicting data from their trusted sources.Correct
Individualist investors have a self-assured approach to investing. They gain information from a variety of sources and are not averse to devoting the time needed to reconcile conflicting data from their trusted sources. They are also not afraid to exhibit investment independence in taking a course of action. Individualist investors place a great deal of faith in hard work and insight and have confidence that their long-term investment objectives will be achieved.
Incorrect
Individualist investors have a self-assured approach to investing. They gain information from a variety of sources and are not averse to devoting the time needed to reconcile conflicting data from their trusted sources. They are also not afraid to exhibit investment independence in taking a course of action. Individualist investors place a great deal of faith in hard work and insight and have confidence that their long-term investment objectives will be achieved.
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Question 24 of 30
24. Question
A trust is a legal entity established to hold and manage assets in accordance with specific instructions. Which of the following terms refers to trusts established by an individual, who is called the grantor?
Correct
The term personal trust refers to trusts established by an individual, who is called the grantor. Personal trusts are not in and of themselves an investment strategy but rather an important tool for implementing certain aspects of an investment strategy (e.g., gifting). The appeal of personal trusts lies in the flexibility and control with which the grantor can specify how trust assets are to be managed and distributed, both before and after the grantor’s demise.
Incorrect
The term personal trust refers to trusts established by an individual, who is called the grantor. Personal trusts are not in and of themselves an investment strategy but rather an important tool for implementing certain aspects of an investment strategy (e.g., gifting). The appeal of personal trusts lies in the flexibility and control with which the grantor can specify how trust assets are to be managed and distributed, both before and after the grantor’s demise.
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Question 25 of 30
25. Question
A noted investment authority has written that the ‘‘fundamental law of investing is the uncertainty of the future.’’ Yet investors have no choice but to forecast at least elements of the future because nearly all investment decisions look toward it. Which of the following elements does investment decisions incorporate?
Correct
Investment decisions incorporate the decision maker’s expectations concerning factors and events believed to affect investment values. The decision-maker finally integrates these views into expectations about the risk and return prospects of individual assets and groups of assets.
Incorrect
Investment decisions incorporate the decision maker’s expectations concerning factors and events believed to affect investment values. The decision-maker finally integrates these views into expectations about the risk and return prospects of individual assets and groups of assets.
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Question 26 of 30
26. Question
In any business endeavor, feedback and control are essential elements in reaching a goal. What are the components of the feedback step in portfolio management?
I. Reduction and evaluation
II. Monitoring and rebalancing
III. Performance evaluation
IV. RefactorizationCorrect
In portfolio management, the feedback step has two components:
– Monitoring and rebalancing: Monitoring and rebalancing involve the use of feedback to manage ongoing exposures to available investment opportunities so that the client’s current objectives and constraints continue to be satisfied.
– Performance evaluation: Investment performance must periodically be evaluated by the investor to assess progress toward the achievement of investment objectives as well as to assess portfolio management skills.Incorrect
In portfolio management, the feedback step has two components:
– Monitoring and rebalancing: Monitoring and rebalancing involve the use of feedback to manage ongoing exposures to available investment opportunities so that the client’s current objectives and constraints continue to be satisfied.
– Performance evaluation: Investment performance must periodically be evaluated by the investor to assess progress toward the achievement of investment objectives as well as to assess portfolio management skills. -
Question 27 of 30
27. Question
The Investment Policy Statement serves as the governing document for all investment decision making. Which of the following is included in a typical IPS system?
I. A brief client description.
II. The amount that can be laundered successfully without raising questions.
III. The duties and investment responsibilities of the parties involved.
IV. The statement of investment goals, objectives, and constraints.Correct
A typical IPS includes the following elements:
– A brief client description.
– The purpose of establishing policies and guidelines.
– The duties and investment responsibilities of the parties involved.
– The statement of investment goals, objectives, and constraints.
– The schedule for review of investment performance as well as the IPS itself.
– Performance measures and benchmarks to be used in performance evaluation.
– Any considerations to be taken into account in developing the strategic asset allocation.
– Investment strategies and investment style(s).
– Guidelines for rebalancing the portfolio based on feedback.Incorrect
A typical IPS includes the following elements:
– A brief client description.
– The purpose of establishing policies and guidelines.
– The duties and investment responsibilities of the parties involved.
– The statement of investment goals, objectives, and constraints.
– The schedule for review of investment performance as well as the IPS itself.
– Performance measures and benchmarks to be used in performance evaluation.
– Any considerations to be taken into account in developing the strategic asset allocation.
– Investment strategies and investment style(s).
– Guidelines for rebalancing the portfolio based on feedback. -
Question 28 of 30
28. Question
Which of the following is not a trait recognized in individual investors in models of behavioral finance?
Correct
The principles of behavioral finance recognize the following individual investors behaviors:
– Individual investors exhibit loss aversion.
– Individual investors hold biased expectations.
– Individual investors practice asset segregation.Incorrect
The principles of behavioral finance recognize the following individual investors behaviors:
– Individual investors exhibit loss aversion.
– Individual investors hold biased expectations.
– Individual investors practice asset segregation. -
Question 29 of 30
29. Question
Tax strategies are ultimately unique to the individual investor and the prevailing tax code. Which of these are valid tax strategies?
I. Tax deferral which seeks to defer taxes and maximize the time during which investment returns can be reinvested.
II. Tax laundering, which seeks to avoid taxes especially when it is illegal to do so.
III. Tax avoidance, which is to avoid taxes when legally possible.
IV. Tax reduction, which looks for opportunities to reduce the impact of taxes.Correct
Tax strategies are ultimately unique to the individual investor and the prevailing tax code. These are the valid tax strategies:
– Tax deferral which seeks to defer taxes and maximize the time during which investment returns can be reinvested.
– Wealth transfer strategies seek to reduce taxes due to a transfer of assets.
– Tax avoidance, which is to avoid taxes when legally possible.
– Tax reduction, which looks for opportunities to reduce the impact of taxes.Incorrect
Tax strategies are ultimately unique to the individual investor and the prevailing tax code. These are the valid tax strategies:
– Tax deferral which seeks to defer taxes and maximize the time during which investment returns can be reinvested.
– Wealth transfer strategies seek to reduce taxes due to a transfer of assets.
– Tax avoidance, which is to avoid taxes when legally possible.
– Tax reduction, which looks for opportunities to reduce the impact of taxes. -
Question 30 of 30
30. Question
The simplest approach to forecasting is to use past data to directly forecast future outcomes of a variable of interest. Which of the following options is not a statistical method of formulating capital market expectations?
Correct
The different statistical methods include:
– Historical statistical approach, which involves the use of sample estimators.
– Shrinkage estimation, which involves taking a weighted average of a historical estimate of a parameter and some other parameter estimate.
– Time-series estimators, which involves forecasting a variable on the basis of lagged values of the variable being forecast and often lagged values of other selected variables.
– A multifactor model is a model that explains the returns to an asset in terms of the values of a set of return drivers or risk factors.Incorrect
The different statistical methods include:
– Historical statistical approach, which involves the use of sample estimators.
– Shrinkage estimation, which involves taking a weighted average of a historical estimate of a parameter and some other parameter estimate.
– Time-series estimators, which involves forecasting a variable on the basis of lagged values of the variable being forecast and often lagged values of other selected variables.
– A multifactor model is a model that explains the returns to an asset in terms of the values of a set of return drivers or risk factors.
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