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1、An investｏｒpurchases the bonds of JLD Corp., which pay an annual coupon of 10% ａｎｄ mature in 10 years, at an annual yield to maturity of 12%. The bonds will most likely be selling at:【單選題】

A.par.

B.a discount.

C.a premium.

正確答案:B

答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi, CFA

2013 Modular Level I, Vol. 5, Section 2.1

Study Session 15-53-b

Identify the relations among a bond’s coupon rate, the yield required by the market, ａｎｄ the bond’s price relative to par value (i.e., discount, premium, ｏｒequal to par).

B is correct because the coupon rate on the bonds is lower than the yield to maturity, implying that the bonds should be selling at a price lower than their par value—that is, at a discount.

2、Which of the following is least likely a characteristic of an effective financial reporting framework?【單選題】

A.Transparency

B.Comparability

C.Comprehensiveness

正確答案:B

答案解析:“Financial Reporting Standards,” Elaine Henry, CFA, Jan Hendrik van Greuning, CFA, ａｎｄ Thomas R. Robinson, CFA

2013 Modular Level I, Vol.3, Reading 24, Section 6.1

Study Session 7-24-g

Identify the characteristics of a coherent financial reporting framework ａｎｄ the barriers to creating such a framework.

B is correct. The characteristics of an effective financial reporting framework are transparency, comprehensiveness, ａｎｄ consistency. Comparability is a general feature of financial statements.

3、A review of a company’s inventory records fｏｒthe year indicates that the following costs were incurred:

Fixed production overhead: $500,000

Direct material ａｎｄ direct labor: 300,000

Storage costs incurred during production: 25,000

Abnormal waste costs: 30,000

If the company operated at full capacity during the year, the total capitalized inventory cost is closest to:【單選題】

A.$800,000.

B.$825,000.

C.$855,000.

正確答案:B

答案解析:“Inventories,” Michael A. Broihahn, CFA

2011 Modular Level I, Vol. 3, pp. 379-380

Study Session 9-36-a

Distinguish between costs included in inventories ａｎｄ costs recognized as expenses in the period in which they are incurred.

The total capitalized costs include fixed production costs, the direct conversion costs of material ａｎｄ labor, storage costs required as part of production but not abnormal waste costs. $500,000 + 300,000 + 25,000 = $825,000

4、Consider a 5-year option-free bond that is priced at a discount to par value. Assuming the discount rate does not change, one year from now the value of the bond will most likely:【單選題】

A.increase.

B.decrease.

C.stay the same.

正確答案:A

答案解析:“Introduction to the Valuation of Debt Securities”, Frank J. Fabozzi, CFA

2013 Modular Level I, Vol. 5, Reading 56, Section 2.3.3

Study Session 16-56-d

Explain how the price of a bond changes if the discount rate changes ａｎｄ as the bond

approaches its maturity date.

A is correct because the bond is priced below its par value but will be worth exactly par value at

maturity. Over time, assuming a stable discount rate, the value of the bond must rise so that it is

equal to par at maturity.

5、Which of the following most likely trades in the secondary markets?【單選題】

A.Open-end funds

B.Closed-end funds

C.Unit investment trusts

正確答案:B

答案解析:“Alternative Investments,” Bruno Solnik ａｎｄ Dennis McLeavey

2012 Modular Level I, Vol. 6, pp. 189–190

Study Session 18-66-a

Distinguish between an open-end ａｎｄ a closed-end fund, ａｎｄ explain how net asｓｅｔvalue of a fund is calculated ａｎｄ the nature of fees charged by investment companies.

B is correct because closed-end funds trade in the secondary markets ａｎｄ do not offer a redemption feature.

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