2025年CFA三级模拟题及答案

2025年CFA三级模拟题及答案考试时间：______分钟总分：______分姓名：______考试开始注意事项：本试卷共100题，均为单项选择题。请选择您认为最合适的答案，并在答题卡上相应位置填涂。答题时请仔细阅读题目，确保理解题意。1.AccordingtotheCFAInstituteCodeandStandards,whichofthefollowingactionsbyaninvestmentmanagerwouldmostlikelybeconsideredaviolationofStandardVI(ResponsibilitiestoClients)ifthemanagerfailstodisclosematerialinformation?A)Providinginvestmentrecommendationsbasedsolelyonthemanager'sproprietaryresearch.B)Chargingaperformancefeethatisdirectlylinkedtothepercentageofassetsundermanagement.C)Failingtodiscloseaconflictofinterestarisingfromasecondjobatacompetitorfirmthatcouldinfluenceinvestmentdecisions.D)Settingdifferentfeestructuresforclientsbasedontheminimumamountinvested.2.Ananalystisusingamultipleregressionmodeltoforecastnextyear'ssalesforacompany.ThemodelincludesGDPgrowth,interestrates,andacompany-specificfactor.IftheR-squaredofthemodelis0.65,whatdoesthisindicate?A)65%ofthevariabilityinthecompany'ssalesisexplainedbythefactorsinthemodel.B)ThemodelisstatisticallyinsignificantastheR-squaredisbelowthe0.70thresholdtypicallyrequiredforapproval.C)GDPgrowthandinterestratesexplain35%ofthevariabilityinsaleswhenthecompany-specificfactorisheldconstant.D)Themodelwillpredictexactly65%offuturesalesoutcomes.3.Thevelocityofmoneyconceptinmacroeconomicsrefersto:A)Therateatwhichthemoneysupplyincreases.B)Therateatwhichmoneycirculatesintheeconomy,affectingtheoverallpricelevel.C)Therelationshipbetweenthemoneysupplyandthelevelofnationalincome.D)Thefrequencyofmonetarypolicyadjustmentsbyacentralbank.4.Acompanyreportsinventorypurchasesof$500,000duringtheyearandinventorysalesof$1,200,000.Iftheinventoryturnoverratiois6times,whatistheapproximateaverageinventorylevel?A)$100,000B)$200,000C)$300,000D)$600,0005.UnderU.S.GAAP,whichofthefollowingstatementsregardingleaseaccountingismostaccurate?A)Operatingleasesarealwaystreatedasoff-balancesheetfinancingbythelessee.B)Leaseswithatermcovering75%oftheasset'susefullifemustbecapitalizedbythelessee.C)Thelesseerecognizesaright-of-useassetandaleaseliabilityonthebalancesheetformostleases.D)Leasepaymentsarealwaysexpensedontheincomestatementintheperiodreceived.6.Afirmisconsideringissuingnewequitytofundaproject.Whichofthefollowingstatementsbestdescribesanadvantageofequityfinancingfromthefirm'sperspective?A)Itincreasesthefirm'sfinancialleverageandcanpotentiallyenhancereturnstoequityholders.B)Itistypicallycheaperthandebtfinancingduetothetaxdeductibilityofinterestpayments.C)Itprovidesthefirmwithimmediatecashwithoutincurringfuturefixedpaymentobligations.D)Itdoesnotdilutetheownershippercentageofexistingshareholders.7.Aninvestorisevaluatingtwostocks.StockAhasanexpectedreturnof12%andastandarddeviationof18%.StockBhasanexpectedreturnof10%andastandarddeviationof14%.Ifthecorrelationcoefficientbetweenthetwostocksis0.2,whichstockwouldlikelybemoreattractivetoaninvestorseekingtominimizeportfolioriskthroughdiversification?A)StockA,asitoffersahigherexpectedreturn.B)StockB,asithasalowerstandarddeviation.C)StockA,asitslowercorrelationwithotherassetsmakesitabetterdiversifier.D)Theattractivenessdependsontheinvestor'srisktoleranceandtheweightsofthestocksintheportfolio.8.TheCapitalAssetPricingModel(CAPM)isprimarilyusedto:A)Determinetheoptimalportfolioweightsforagivenlevelofrisk.B)Estimatethecostofequitycapitalforacompany.C)Calculatethebetaofanindividualsecurity.D)Valueacompany'sentireequityportfolio.9.Whichofthefollowingisgenerallyconsideredamorestableandreliablemeasureofacompany'slong-termprofitabilitycomparedtoitsaccountingprofit?A)Economicprofit.B)Earningsbeforeinterestandtaxes(EBIT).C)Cashflowfromoperations.D)Netincomeavailabletocommonshareholders.10.AnanalystusestheDividendDiscountModel(DDM)tovalueastock.WhichofthefollowingassumptionsismostcriticalwhenapplyingtheconstantgrowthversionoftheDDM?A)Thecompanywillneverissuenewshares.B)Thecompany'sdividendpayoutratiowillremainconstant.C)Thecompany'srequiredrateofreturnisexpectedtoremainconstant.D)Thecompany'sgrowthrateindividendswillpermanentlyequalitsrequiredrateofreturn.11.Whichofthefollowingfixedincomeinstrumentsisgenerallyconsideredtohavethehighestcreditrisk?A)U.S.TreasuryInflation-ProtectedSecurities(TIPS).B)Investment-gradecorporatebondsissuedbyastablemultinationalcorporation.C)High-yield(junk)corporatebondsissuedbyanindustrywithsignificantregulatorychallenges.D)Agencymortgage-backedsecuritiesbackedbytheFederalNationalMortgageAssociation(FannieMae).12.Aswapwhereonepartyagreestopayafloatinginterestrateandtheotheragreestopayafixedinterestrateonanotionalprincipalamountisknownasa:A)Interestratecollar.B)Interestrateswap.C)Caps-and-floorsagreement.D)Floating-ratenote(FRN).13.Whichofthefollowingisaprimaryfunctionofa401(k)planinthecontextofretirementsavingsforemployees?A)Toprovidetax-freeinvestmentgrowthwithintheplan.B)Toallowemployeestoborrowfundsdirectlyfromtheirvestedaccountbalance.C)Torequireemployerstomakematchingcontributionstoemployeeaccounts.D)Toguaranteeaspecificrateofreturnonallinvestmentsmadewithintheplan.14.WhichofthefollowingstatementsaccuratelydescribestheEfficientMarketHypothesis(EMH)?A)Marketpricesreflectonlyhistoricalpricetrendsandarenotinfluencedbynewinformation.B)Itisimpossibletoconsistentlyachievereturnsabovethemarketaverageafteradjustingforrisk.C)Allinvestorsarerationalandactintheirownbestinterestwithoutconsideringtheimpactonothers.D)Marketefficiencyissolelydeterminedbythelevelofcompetitionamonginvestors.15.Aninvestmentmanagerusesfundamentalanalysistoidentifyundervaluedstocks.Whichofthefollowingactivitieswouldbemostconsistentwiththisapproach?A)Analyzingtechnicalindicatorsandpricepatternstotimemarketentriesandexits.B)Buildingaportfolioofstocksthathavehistoricallyoutperformedthemarketindex.C)Evaluatingacompany'sfinancialstatements,managementteam,andindustrypositiontoestimateitsintrinsicvalue.D)Employingaquantitativemodelthatselectsstocksbasedonpredefinedstatisticalcriteria.16.Acompanyhasabetaof1.2relativetotheoverallmarket.Iftherisk-freerateis3%andtheexpectedmarketreturnis9%,whatistherequiredrateofreturnforthecompany'sequityaccordingtotheCAPM?A)3.6%B)6.0%C)9.0%D)12.0%17.Whichofthefollowingisakeycharacteristicofaleveragedbuyout(LBO)?A)Theacquisitionisfinancedprimarilythroughtheacquiringcompany'sownequity.B)Thetargetcompanyistypicallyamatureindustryleaderwithstablecashflows.C)Significantuseofdebtfinancingtoacquirethetargetcompany,oftenresultinginhigherfinancialrisk.D)Theacquisitionisconductedbyaprivateequityfirmactingonbehalfofaconsortiumofpublicpensionfunds.18.TheModigliani-Millertheorem(inaperfectmarket)suggeststhat:A)Afirm'svalueisindependentofitscapitalstructure.B)Thecostofequityincreasesasthefirm'sdebt-to-equityratioincreases.C)Theuseofdebtalwaysincreasesafirm'sweightedaveragecostofcapital(WACC).D)Firmsshouldminimizetheiruseofdebtfinancingtoreducefinancialdistresscosts.19.Whichofthefollowingstatementsregardingtheefficientmarkethypothesisismostaccurate?A)Insemi-strongformefficiency,allpubliclyavailableinformationisinstantlyreflectedinprices,makingtechnicalanalysisineffective.B)Inweakformefficiency,pastpricemovementsareirrelevantforpredictingfuturereturns,butpubliclyavailableinformationisnotfullyreflectedinprices.C)Instrongformefficiency,onlyinsiderinformationcanmoveprices,andthemarketisnotgenerallyefficient.D)Thelevelofmarketefficiencyisprimarilydeterminedbythenumberofparticipantstradinginthemarket.20.Aportfoliomanagerisconstructingaportfolioforaclientwithahighrisktolerance.Whichofthefollowinginvestmentvehicleswouldlikelyofferthehighestpotentialreturnsbutalsothegreatestlevelofrisk?A)Investment-gradecorporatebonds.B)U.S.Treasurybills.C)Realestateinvestmenttrusts(REITs).D)Distressedequitysecurities.21.WhenvaluingacompanyusingtheFreeCashFlowtoEquity(FCFE)model,whichofthefollowingcashflowsistypicallyaddedbacktonetincome?A)Interestexpense.B)Capitalexpenditures.C)Changeinworkingcapital.D)Taxespaid.22.Ananalystisevaluatingacompany'sfinancialhealth.Whichofthefollowingratioswouldtypicallybemostusefulforassessingthecompany'sabilitytomeetitsshort-termobligations?A)Debt-to-equityratio.B)Interestcoverageratio.C)Currentratio.D)Price-to-earnings(P/E)ratio.23.Whichofthefollowingisaprimaryriskassociatedwithinvestingininternationalequitymarkets?A)Theriskofchangesinaccountingstandardsaffectingthecomparabilityoffinancialdata.B)Thepotentialforlowerreturnscomparedtodomesticmarkets.C)Limiteddiversificationbenefitsduetocorrelationsbetweeninternationalmarkets.D)Theinabilitytoobtaintimelyinformationaboutforeigncompanies.24.Aputoptiongivestheholdertheright,butnottheobligation,to:A)Sellanunderlyingassetataspecifiedpricebeforeacertaindate.B)Buyanunderlyingassetataspecifiedpricebeforeacertaindate.C)Receiveapaymentfromtheselleroftheoptionbasedonthepriceofanunderlyingasset.D)Sellanoptioncontracttoanotherinvestor.25.Whichofthefollowingstatementsregardingtheweightedaveragecostofcapital(WACC)ismostaccurate?A)WACCincreasesastheproportionofdebtinthecapitalstructureincreases,assumingthedebtcostremainsconstant.B)WACCistypicallylowerthanthecostofequitybecausedebtislessriskythanequity.C)WACCiscalculatedusingthemarketvalueweightsofdebtandequityinthecapitalstructure.D)WACCissolelydeterminedbytherisk-freerateandthemarketriskpremium.26.Acompanyisanalyzingthecashflowsassociatedwithapotentialproject.Whichofthefollowingcashflowsistypicallyconsideredanincrementalcashflowrelevanttotheproject'sdecision?A)Depreciationexpenseforexistingassetsthatwouldbeusedintheproject.B)Opportunitycostofusingmanagement'stimeonthisprojectinsteadofotherprojects.C)Sunkcostsincurredlastyearrelatedtoinitialmarketresearchfortheproject.D)Dividendspaidtoshareholdersduringtheproject'slife.27.Whichofthefollowinginvestmentstrategiesismostlikelyassociatedwithavalueinvestor?A)Buyingsecuritiesthatexhibitstrongupwardpricetrendsandholdingthemforshortperiods.B)Seekingtoidentifycompaniesthataretradingbelowtheirintrinsicvaluebasedonfundamentalanalysis.C)Focusingoncompanieswithhighgrowthratesandinvestingprimarilyintechnologysectors.D)Constructingadiversifiedportfolioofassetsacrossvariousassetclassestominimizerisk.28.Aninvestorisconcernedabouttheimpactofinflationontheirinvestmentportfolio.Whichofthefollowinginvestmenttypeswouldlikelybemosteffectiveinpreservingpurchasingpoweroverthelongterm?A)U.S.Treasurybondswithfixedcouponpayments.B)Realestateinvestmentswithrentalincomethatadjustsforinflation.C)Cashequivalentsheldinatraditionalsavingsaccount.D)Stocksincompanieswithpricingpowerthatcanpassincreasedcostsontoconsumers.29.Whichofthefollowingstatementsaccuratelydescribestheconceptofagencycostsincorporatefinance?A)Costsincurredbythefirmwhenitengagesinmergersandacquisitions.B)Costsarisingfromthepotentialconflictofinterestbetweenmanagers(agents)andshareholders(principals).C)Costsassociatedwiththeunderwritingfeespaidtoinvestmentbanksforissuingnewsecurities.D)Costsincurredbythefirmduetothetaxdeductibilityofinterestpaymentsondebt.30.Acompanyisconsideringreplacinganoldmachinewithanewone.Theoldmachinehasabookvalueof$50,000andcanbesoldfor$20,000.Thenewmachinecosts$150,000.Whichofthefollowingstatementsismostaccurateregardingtheinitialcashoutflowfortheproject?A)Theinitialcashoutflowis$150,000.B)Theinitialcashoutflowis$150,000+$50,000(netoftaxongainfromsellingoldmachine).C)Theinitialcashoutflowis$150,000-$20,000(proceedsfromsellingoldmachine).D)Theinitialcashoutflowis$150,000-$30,000(taxsavingsfromdepreciationonnewmachine).31.WhichofthefollowingmarketindicesismostlikelycomposedofabroadrepresentationofpubliclytradedcompaniesintheUnitedStates?A)S&P500Index.B)NASDAQCompositeIndex.C)DowJonesIndustrialAverage.D)Russell2000Index.32.AnanalystisusingtheDiscountedCashFlow(DCF)modeltovalueacompany.Whichofthefollowingfactorswouldtypicallyincreasetheestimatedvalueofthecompany?A)Anincreaseinthediscountrate.B)Anincreaseintheprojectedterminalgrowthrate.C)Adecreaseintheprojectedfreecashflows.D)Anincreaseinthetaxrate.33.WhichofthefollowingstatementsregardingtheModigliani-Millertheoremwithcorporatetaxesismostaccurate?A)Thevalueofaleveredfirmisalwaysgreaterthanthevalueofanunleveredfirm.B)Thetheoremimpliesthatmanagersshoulduseasmuchdebtaspossibletomaximizefirmvalue.C)Taxesprovideabenefittoleverage,asinterestpaymentsaretax-deductible,leadingtoanincreaseinfirmvalue.D)Thetheoremstatesthatinthepresenceoftaxes,thecostofequitydoesnotchangeasthedebt-to-equityratiochanges.34.Whichofthefollowingstatementsaboutbehavioralfinanceismostaccurate?A)Behavioralfinancesuggeststhatinvestorsarealwaysrationalandmakeoptimaldecisions.B)Itfocusessolelyontheimpactofmarketefficiencyoninvestmentreturns.C)Itexamineshowpsychologicalbiasescanaffectinvestorbehaviorandmarketoutcomes.D)Itarguesthattechnicalanalysisistheprimarydriverofmarketmovements.35.Acompanyisanalyzingthefinancialperformanceofadivision.Whichofthefollowingmetricswouldbemostusefulforevaluatingthedivision'soperationalefficiency?A)Returnonassets(ROA).B)Inventoryturnoverratio.C)Debt-to-equityratio.D)Earningspershare(EPS).36.Whichofthefollowingstatementsregardingthetermstructureofinterestratesismostaccurate?A)Theexpectationstheorysuggeststhattheshapeoftheyieldcurveisdeterminedbyexpectationsaboutfutureinflation.B)Theliquiditypremiumtheoryarguesthatlonger-termbondsmustofferhigheryieldstocompensateinvestorsfortheincreasedriskofinterestratechanges.C)Themarketsegmentationtheorysuggeststhatdifferentmaturitiesaretradedindistinctmarketswithseparateinvestors.D)Alloftheabovestatementsareaccuratecomponentsoftheoriesexplainingthetermstructure.37.Aninvestorisconsideringaddinganewstocktotheirportfolio.Whichofthefollowingfactorswouldlikelymakethestockmoreattractivefromadiversificationperspective?A)Thestockhasahighcorrelationcoefficient(closeto+1)withthereturnsofstockscurrentlyintheportfolio.B)Thestock'sreturnsarehighlyvolatileandmoveindependentlyoftheoverallmarket.C)Thestockoffersaveryhighdividendyieldcomparedtootherinvestments.D)Thestockisinanindustrythatisexpectedtoexperiencesignificantgrowthinthenearfuture.38.Whichofthefollowingaccountingadjustmentswouldtypicallyincreaseacompany'snetincome?A)Reducingtheestimatedusefullifeofafixedasset,leadingtohigherdepreciationexpense.B)Writingoffanuncollectibleaccountsreceivable.C)Recognizingdepreciationexpenseonanewpieceofequipment.D)IncreasingtheinventoryvaluationmethodfromLIFOtoFIFOinaperiodofrisingprices.39.Acompanyisevaluatingtwopotentialcapitalbudgetingprojects.ProjectAhasaninternalrateofreturn(IRR)of12%andanetpresentvalue(NPV)of$50,000atarequiredrateofreturnof10%.ProjectBhasanIRRof11%andanNPVof$30,000atthesamerequiredrateofreturn.Whichprojectshouldthecompanyacceptiftheprojectsareindependent?A)ProjectA,asithasahigherIRR.B)ProjectB,asithasahigherNPV.C)Bothprojects,astheybothhavepositiveNPVs.D)Neitherproject,asbothIRRsarebelowtherequiredrateofreturn.40.WhichofthefollowingstatementsregardingtheCapitalAssetPricingModel(CAPM)ismostaccurate?A)Themodelassumesthatallinvestorshavethesamerisktolerance.B)Themarketriskpremiumiscalculatedasthedifferencebetweentheexpectedreturnonthemarketportfolioandtherisk-freerate.C)Thebetaofaportfolioistheweightedaverageofthebetasoftheindividualsecuritiesintheportfolio.D)Themodelisprimarilyusedtodeterminethefairvalueofindividualsecurities.41.AnanalystisvaluingacompanyusingtheResidualIncome(RI)model.Whichofthefollowingstatementsismostaccurate?A)TheRImodelisbasedontheassumptionthatthecompanywillgrowataconstantrateforever.B)Themodelcalculatesthepresentvalueofexpectedfutureresidualincome,whichisthenetincomeremainingafteradjustingforthecostofequitycapital.C)Thevalueofthecompanyisequaltoitscurrentbookvalueofequityplusthepresentvalueofallexpectedfuturedividends.D)Themodelismostappropriateforvaluingcompanieswithhighlyvolatileearnings.42.Whichofthefollowingfixedincomeinstrumentstypicallyoffersthehighestpotentialyieldbutalsocarriesthegreatestriskofdefault?A)U.S.Treasurybills.B)Investment-gradecorporatebonds.C)High-yield(junk)bonds.D)Municipalbonds.43.Aportfoliomanagerisconstructingaportfolioforaclientwhoisconcernedaboutpotentialdeclinesinthemarket.Whichofthefollowingstrategieswouldbemostappropriatetoimplement?A)Increasingtheportfolio'sallocationtosmall-capstocks,astheytendtooutperformduringmarketdownturns.B)Usingleveragetoamplifypotentialreturnsinarisingmarket.C)Includingoptionsstrategies,suchasbuyingputoptions,toprovidedownsideprotection.D)Focusingexclusivelyonassetswithnegativecorrelationstothemarket.44.WhichofthefollowingstatementsabouttheEfficientMarketHypothesis(EMH)ismostaccurate?A)Inweakformefficiency,technicalanalysiscangenerateconsistentabnormalreturns.B)Insemi-strongformefficiency,fundamentalanalysiscannotprovideanadvantageingeneratingexcessreturns.C)Thestrongformefficiencyimpliesthateveninsiderinformationcannotbeusedtogenerateabnormalreturns.D)Marketefficiencyisprimarilyinfluencedbythelevelofgovernmentregulationinthefinancialmarkets.45.Aninvestorisconsideringinvestinginacompanythatproducesalternativeenergysources.Whichofthefollowingfactorswouldbemostrelevantforassessingthelong-terminvestmentpotentialofthiscompany?A)Thecurrentprice-earnings(P/E)ratioofthecompanycomparedtoitsindustrypeers.B)Thegovernmentpoliciesandsubsidiessupportingthedevelopmentofalternativeenergysources.C)Thehistoricalstockpriceperformanceofthecompanyoverthepastfiveyears.D)Thepersonalbeliefsoftheinvestorregardingtheenvironmentalimpactoffossilfuels.46.Whichofthefollowingstatementsregardingtheweightedaveragecostofcapital(WACC)ismostaccurate?A)WACCiscalculatedusingthebookvalueweightsofdebtandequityinthecapitalstructure.B)WACCdecreasesastheproportionofdebtinthecapitalstructureincreases,assumingthedebtcostremainsconstant.C)WACCistypicallyhigherforcompanieswithhigherlevelsoffinancialrisk.D)WACCissolelydeterminedbythemarketvalueofthecompany'sequity.47.Acompanyisanalyzingthecashflowsassociatedwithapotentialproject.Whichofthefollowingcashflowsistypicallyconsideredarelevantincrementalcashflowfortheproject'sdecision?A)ThesalaryoftheCEO,whichwouldremainunchangediftheprojectisnotundertaken.B)Thecostofpurchasinganewmachinespecificallyfortheproject.C)Dividendspaidtoshareholderslastyear.D)Thedepreciationexpenseallocatedtotheproject'sequipment,whichisanon-cashcharge.48.Whichofthefollowinginvestmentstrategiesismostlikelyassociatedwithagrowthinvestor?A)Focusingoncompanieswithstrongdividendyieldsandstablecashflows.B)Seekingtoidentifycompaniesthataretradingbelowtheirintrinsicvaluebasedonfundamentalanalysis.C)Investingprimarilyincompanieswithhighgrowthratesandthepotentialforsignificantcapitalappreciation.D)Constructingadiversifiedportfoliotominimizeriskandprotectcapital.49.AnanalystisusingtheDividendDiscountModel(DDM)tovalueastock.WhichofthefollowingassumptionsismostcriticalwhenapplyingtheconstantgrowthversionoftheDDM?A)Thecompanywillneverissuenewshares,reducingthenumberofoutstandingshares.B)Thecompany'sdividendpayoutratiowillremainconstantovertime.C)Thecompany'sgrowthrateindividendswillpermanentlyequalitsrequiredrateofreturn.D)Thecompany'searningspersharewillgrowataconstantrateindefinitely.50.Whichofthefollowingstatementsaccuratelydescribestheconceptofeconomicprofit?A)Itiscalculatedastotalrevenueminusexplicitcosts.B)Itrepresentstheaccountingprofitminustheopportunitycostofthenextbestalternative.C)Itisalwayspositiveforprofitablecompanies.D)Itisbasedsolelyontheactualcashflowsgeneratedbyaproject.51.Acompanyisconsideringreplacinganoldmachinewithanewone.Theoldmachinehasabookvalueof$50,000andcanbesoldfor$20,000.Thenewmachinecosts$150,000.Ifthetaxrateis30%,whatistheinitialcashoutflowfortheprojectrelatedtotheoldmachine?A)$20,000B)$28,000C)$50,000D)$70,00052.Whichofthefollowingfixedincomeinstrumentsisgenerallyconsideredtohavethehighestcreditrisk?A)U.S.TreasurySTRIPS.B)Investment-gradecorporatebondsissuedbyagovernment-ownedenterprise.C)High-yield(junk)bondsissuedbyacompanyinadecliningindustry.D)Agencymortgage-backedsecuritiesguaranteedbytheFederalHousingFinanceAgency(FHFA).53.Aninvestorisconcernedabouttheimpactofinflationontheirinvestmentportfolio.Whichofthefollowinginvestmenttypeswouldlikelybemosteffectiveinpreservingpurchasingpoweroverthelongterm,assumingmoderateinflation?A)Cashequivalentsheldinatraditionalsavingsaccountearning1%annually.B)Stocksincompanieswiththeabilitytopassincreasedcostsontoconsumers.C)U.S.TreasuryInflation-ProtectedSecurities(TIPS)withafixedrealyield.D)Bondswithafixedcouponrateof3%,issuedbyastablegovernment.54.Whichofthefollowingstatementsaccuratelydescribestherelationshipbetweenastock'sbetaanditsexpectedreturnaccordingtotheCapitalAssetPricingModel(CAPM)?A)Astockwithabetaofzerowillhaveanegativeexpectedreturn.B)Astockwithabetagreaterthanoneisconsideredriskierthanthemarketandshouldhaveahigherexpectedreturn.C)Astockwithabetaofonewillhavethesameexpectedreturnasthemarket.D)Astockwithanegativebetawillalwayshaveanexpectedreturnlowerthantherisk-freerate.55.Ananalystisevaluatingacompany'sfinancialhealth.Whichofthefollowingratioswouldtypicallybemostusefulforassessingthecompany'sabilitytomeetitslong-termdebtobligations?A)Currentratio.B)Debt-to-equityratio.C)Interestcoverageratio.D)Price-to-book(P/B)ratio.56.Whichofthefollowingisaprimaryriskassociatedwithinvestingininternationalequitymarkets?A)Theriskofcurrencyfluctuationsaffectingthereturnswhenconvertingforeigncurrencyinvestmentsbacktotheinvestor'shomecurrency.B)Thepotentialforlowerreturnscomparedtodomesticmarketsduetocountry-specificrisks.C)Limiteddiversificationbenefitsbecausemanyinternationalmarketsarecorrelatedwiththeinvestor'shomemarket.D)Thedifficultyinobtainingreliablefinancialinformationaboutforeigncompaniesduetodifferentaccountingstandardsandregulatoryenvironments.57.Aputoptiongivestheholdertheright,butnottheobligation,to:A)Sellanunderlyingassetataspecifiedpricebeforeacertaindate.B)Buyanunderlyingassetataspecifiedpricebeforeacertaindate.C)Receiveapaymentfromtheselleroftheoptionbasedonthepriceofanunderlyingasset.D)Sellanoptioncontracttoanotherinvestor.58.Whichofthefollowingstatementsregardingtheweightedaveragecostofcapital(WACC)ismostaccurate?A)WACCdecreasesastheproportionofdebtinthecapitalstructureincreases,assumingthedebtcostremainsconstant.B)WACCiscalculatedusingthebookvalueweightsofdebtandequityinthecapitalstructure.C)ThecostofdebtusedinWACCistypicallytheyieldtomaturityonthecompany'sexistingdebt.D)WACCissolelydeterminedbythemarketvalueofthecompany'sdebt.59.Acompanyisanalyzingthecashflowsassociatedwit