Professional Documents
Culture Documents
Indicate which of the three CMO tranches described in Exhibit 1 has third priority to receive principal payments.
a. PAC Bond.
b. Scheduled Bond.
c. Support Bond.
d. It depends on prepayment speeds.
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IV. Act prudently and not tell anyone of her family's situation.
a. I and IV only.
b. I and III only.
c. II and III only.
d. I, II, and IV only.
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12/31/20X0 12/31/20X0
Cash ¥ 180,000 Sales ¥ 500,000
Accounts Receivable 70,000 Costs of Goods 200,000
Inventory 50,000 Depreciation 20,000
Net Fixed Assets 450,000 EBIT 280,000
Total Assets ¥ 750,000 Interest 30,000
Accounts Payable ¥ 100,000 Pretax Income 250,000
Long-term Debt 390,000 Taxes 100,000
Contributed Capital 110,000 Net Income ¥ 150,000
Retained Earnings ¥150,000
Total Liability and Equity ¥ 750,000
Using the all-current method, the accounts receivable balance in dollars on 12/31/20X0 is:
a. $560
b. $700
c. $7,000,000
d. $8,750,000
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Which answer is the correct description of how to compute the theoretical price of a Treasury bond futures
contract (ignore delivery options)?
a. B0(T + Y) is the current spot price of the most likely to be delivered Treasury bond. This is not necessarily the
bond with the lowest coupon rate. FV(CI, ∅, T) is the coupon interest that will be paid from today until the
delivery date of the futures on the Treasury bond that is most likely to be delivered. r0 is the financing rate.
CF(T) is the conversion factor for the cheapest to deliver bond.
b. B0(T + Y) is the coupon interest that will be paid from today until the delivery date of the futures on the
Treasury bond that is most likely to be delivered. FV(CI, ∅, T) is the current spot price of the Treasury bond
that is most likely to be delivered. This is not necessarily the bond with the lowest coupon rate. r0 is the
financing rate. CF(T) is the conversion factor for the cheapest to deliver bond.
c. B0(T + Y) is the current spot price of the most likely to be delivered Treasury bond. This is not necessarily the
bond with the lowest coupon rate. FV(CI, ∅, T) is the coupon interest that will be paid from today until the
delivery date of the futures on the Treasury bond that is most likely to be delivered. r0 is the conversion factor
for the cheapest to deliver bond. CF(T) is the financing rate.
d. None of the above.
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Pg Eg0 1 + Gg + D g
ln 0 Tln
Pa Ea 1 + Ga + Da
0 0
Using the above formula and the data provided, which of the following is closest to the growth duration for the
grocer?
a. 0.1 year.
b. 1.0 year.
c. 2.3 years.
d. 9.0 years.
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C-ville Company
Financial Statements for Years Ended 3/31/X0 and 3/31/X1
($ million, except per share data)
Income Statement 20X0 20X1
Revenue $89 $93
Cost of Goods Sold 40 41
Other Operating Costs 10 11
Depreciation 5 6
Earnings before taxes $34 $35
Taxes 14 14
Net Income $20 $21
Earnings Per Share $2.00 $2.10
Dividends Per Share $1.60 $1.68
Common Stock Outstanding (millions) 10 10
Balance Sheet 20X0 20X1
Current Assets $ 28 $ 34
Net Property, Plant, and Equipment 112 125
Total Assets $140 $159
Current Liabilities $ 40 $ 55
Long-term Debt 0 0
Total Liabilities $ 40 $ 55
Stockholders' Equity 100 104
Total Liabilities & Equity $140 $159
Capital Expenditures $ 15 $ 19
Sykes decides to start his analysis with a look at the company's sustainable growth rate and ROE.
What is the value of a share of C'ville's common stock at the end of 20X1 using the two-stage FCFE method
(assume a cost of equity of 10.4%)?
a. $33.66
b. $31.81
c. $29.80
d. $33.82
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a. 1,100.00
b. 1,083.65
c. 1,109.92
d. 1,012.43
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One of Hamm's co-workers prefers to use the P/E-to-growth ratio (PEG) and wishes to apply this to Kell
Corporation. When calculating PEG, the co-worker uses a leading P/E ratio. The co-worker agrees with Hamm's
estimate that Kell Corporation's long-term growth will be 4.5%. Furthermore, he agrees with the 10% required rate
of return on equity, 8% long-term ROE and that the firm will pay $4.4 million in dividends in 20X5. The co-worker
has made his own estimate of what Kell will earn in 20X5. His number is $1.20 per share, which is higher than
Hamm's estimate. Which of the following is closest to the PEG that the co-worker will calculate?
a. 1.7
b. 3.0
c. 3.6
d. 13.5
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12/31/20X0 12/31/20X0
Cash ¥ 180,000 Sales ¥ 500,000
Accounts Receivable 70,000 Costs of Goods 200,000
Inventory 50,000 Depreciation 20,000
Net Fixed Assets 450,000 EBIT 280,000
Total Assets ¥ 750,000 Interest 30,000
Accounts Payable ¥ 100,000 Pretax Income 250,000
Long-term Debt 390,000 Taxes 100,000
Contributed Capital 110,000 Net Income ¥ 150,000
Retained Earnings ¥150,000
Total Liability and Equity ¥ 750,000
Translate the subsidiary's 12/31/20X0 income statement and 20X0 balance sheet into the parent's currency using
the all-current method. Use your results to answer the next question.
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Using the all-current method, the retained earnings balance in dollars on 12/31/20X0 is closest to:
a. $720
b. $1,350
c. $12,250,000
d. $24,750,000
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The CFO of Giga Corp. informs you that one of her accounting analysts made a mistake in reporting the inflation
rate. Inflation in Zambia has actually averaged approximately 35% annually (rather than 25%) over the past five
years, but all other information (including the financial statements and reported exchange rates) is correct.
Operating net income in U.S. dollars for 12/31/20X1 is closest to:
a. $45 million.
b. $38 million.
c. $29 million.
d. $25 million
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Consider a call option with a strike price of $40 on the stock of Integrated Monkeyshines, Inc. (IMI) with 73 days
left until expiration. The price of IMI is currently $49, the continuously compounded risk-free rate is 6.4%, and the
annualized volatility of IMI is 34%. The areas under the normal curve for N(d1) and N(d2) are 0.9325 and 0.9103,
respectively.
What is the value of this call using the Black-Scholes-Merton model?
a. $7.78
b. $9.00
c. $9.74
d. $11.54
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Equity
Common Stock 157.07
Retained Earnings 681.73
Total Equity 838.80
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− Elgin has numerous operating leases. The present value of these leases was $157.08 at the beginning of
20X1 and $147.65 at the end of 20X1. At the beginning of 20X1, the leases had an average term of 10
years and an average implied interest rate of 12%. The annual payments are $27.80, which is recorded
as a part of cost of goods sold on the income statement. Using the annual payment, we can project the
present value of the leases to be approximately $138.23 one year hence. In addition, the equipment being
leased had a 10-year remaining life at the beginning of the year and no estimated salvage value. Straight-
line depreciation is used.
− Elgin capitalized interest of $6.28 during 20X1. This capitalized interest increased the property, plant and
equipment.
− The restructuring charge is $62.83 and is recorded net of the expected tax benefit of $25.13. The charge
is for future expenses related to a change in the way the firm is structured.
− Elgin does not believe it will ever have to pay its Deferred Tax Liability.
− Based on studies done by a valuation firm, Elgin estimates the following fair market values: Goodwill,
$188.50.
− All other assets (except inventories) and liabilities have market values equal to their recorded values in the
balance sheet.
The adjusted net income reported on the Income Statement is closest to:
a. $115
b. $120
c. $130
d. $150
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Assuming a risk free rate of 5% and a market return of 10%, calculate the expected excess return for the portfolio:
a. 5.225%
b. 10.450%
c. 5.063%
d. 10.125%
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Sykes decides to start his analysis with a look at the company's sustainable growth rate and ROE.
Which of the following is C-ville's sustainable growth rate for 20X1? Unless otherwise noted, use year end rather
than average equity to calculate ROE.
a. 4.04%
b. 3.85%
c. 4.00%
d. 4.20%
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Exhibit 1:
Net Present Value
Machine A Machine B
Cash Flow PV CF Cash Flow PV CF
0 -$500,000 -$500,000 -$600,000 -$600,000
1 250,000 223,214 200,000 178,571
2 250,000 199,298 200,000 159,438
3 250,000 177,945 200,000 142,356
4 200,000 127,104
5 200,000 113,485
6 200,000 101,326
NPV $100,457 $222,280
Which of the following is closest to the NPV that Rogers would calculate for each project using the replacement
chain (common life) approach and which project would Rogers select, assuming the client has a 12% cost of
capital?
Machine A Machine B Selection
a. $171,962 $222,280 A
b. $210,093 $222,280 A
c. $171,962 $222,280 B
d. $210,093 $222,280 B
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The securities laws in France are different, but not necessarily less strict than mandated by the Code and
Standards. Securities laws are less strict in Algeria and are more strict in Germany.
Assume that France, like the U.S., uses the "conduct" and "effects" test to analyze each case and apply their
version of the Investment Advisers Act of 1940. Germany is more strict in that any conduct contrary to its laws
constitutes a violation, regardless of the nationality of the person on whom the effect occurs.
Exhibit 1
Letter from Sonia Chapman
1 June, 20X4
M. Monsoor Ijaz
Rte nac.5, Cinq-Maison 65
Cité du 5 juillet
Bab Ezzouar
16200 Alger
We are pleased to announce that we have assumed the business interests of Faux Plume Investment Advisory in
Alger. Chapman-Faux Plume welcomes the opportunity to serve you in the future as Faux Plume has in the past.
Toward the goal of providing the best possible advisory services, Chapman-Faux Plume now employs the services
of 125 CFAs, and has 240 partial CFA charterholders enrolled for the next examination. We feel that this level of
expertise will provide superior results to the high net worth individuals entrusting us with their wealth.
Girard Plume or I will contact you shortly for your annual review appointment. In the interim, know that we uphold
the highest standards of respect for our clients.
Yours sincerely,
Which of the following is most correct with regard to Chapman's communication to the Algerian client?
a. Chapman has not violated the Code and Standards in the communication.
b. Chapman has violated the Code and Standards only by referring to the candidates for the CFA designation as
"partial CFA charterholders."
c. Chapman has violated the Code and Standards only by referring to the CFA charterholders as "CFAs."
d. Chapman has violated the Code and Standards by referring to the candidates for the CFA designation as
"partial CFA charterholders," and by referring to the CFA charterholders as "CFAs."
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Exhibit 2-1
Mackinac, Inc.
Annual Income Statement
for the Year ended June 30, 2001
(in thousands, except per-share data)
Sales $250,000
Cost of Goods Sold 125,000
Gross Operating Profit $125,000
Selling, General, and Administrative Expenses 50,000
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) $ 75.000
Depreciation and Amortization $ 10,500
Earnings Before Interest and Taxes (EBIT) $ 64,500
Interest Expense 11,000
Pretax Income $ 53,500
Income Taxes 16,050
Net Income $ 37,450
Shares Outstanding 13,000
Earnings Per Share (EPS) $ 2.88
Exhibit 2-2
Mackinac, Inc.
Balance Sheet
As of June 30, 2001
(in thousands)
Current Assets:
Cash and Equivalents $20,000
Receivables 40,000
Inventories 29,000
Other Current Assets 23,000
Total Current Assets $112,000
Non-current Assets:
Property, Plant, and Equipment $145,000
Less: Accumulated Depreciation (53,500)
Net Property, Plant, and Equipment $102,000
Investments 70,000
Other Non-current Assets 36,000
Total Non-current Assets $208,000
Total Assets $320,000
Current Liabilities:
Accounts Payable $41,000
Short-term Debt 12,000
Other Current Liabilities 17,000
Total Current Liabilities $70,000
Non-current Liabilities:
Long-term Debt $100,000
Total Non-current Liabilities $100,000
Total Liabilities $170,000
Shareholders’ Equity
Common Equity $40,000
Retained Earnings 110,000
Total Equity $150,000
Total Liabilities and Equity $320,000
Exhibit 2-3
Mackinac, Inc.
Cash Flow Statement
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Mackinac has announced that it has finalized an agreement to handle North American production of a successful
product currently marketed by a foreign company. Jones decides to value Mackinac using the dividend discount
model (DDM) and the free cash flow-to-equity (FCFE) model. After reviewing Mackinac's financial statements in
Exhibits 2-1, 2-2 and 2-3 and forecasts related to the new production agreement, Jones concludes the following:
● Mackinac's earnings and FCFE are expected to grow 17% per year over the next three years before
stabilizing at an annual growth rate of 9%.
● Mackinac will maintain the current payout ratio.
● Mackinac's beta is 1.25.
● The government bond yield is 6% and the market equity premium is 5%.
What is the value of a share of Mackinac's common stock using the two-stage FCFE model?
a. $99.77
b. $97.25
c. $97.14
d. $102.51
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Spartacus Corporation
Balance Sheet
12/31/20X1 12/31/20X0
Assets
Cash $ 120,000 $ 36,000
Accounts Receivable 240,000 360,000
Inventory 720,000 480,000
Property, Plant & Equipment 1,680,000 1,764,000
Total Assets $ 2,760,000 $ 2,640,000
Liabilities and Shareholders' Equity
Accounts Payable $ 453,600 $ 600,000
Mortgage Payable 960,000 996,000
Common Stock (250 shares o/s) 720,000 720,000
Retained Earnings 626,400 324,000
Total Liabilities & Capital $ 2,760,000 $ 2,640,000
Spartacus Corporation
Income Statement
For the Year Ended December 31, 20X1
Sales $ 2,160,000
Less Expenses:
Cost of Goods Sold $ 1,200,000
Salaries Expense 396,000
Depreciation Expense 84,000
Interest Expense 48,000
Total Expenses $ 1,728,000
Pre-Tax Income $ 432,000
Income Tax Expense (30%) 129,600
Net Income $ 302,400
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Exhibit 6-1
Rubylight, Inc.
2004 Annual Report
Excerpt from President's Letter
[1] Rubylight, Inc. had an exceptional year in 2004. [2] The results in almost every corner of the business
exceeded our expectations. [3] Sales at Rubylight climbed 73 percent over fiscal 2003 to $135 million,
representing the strongest year-on-year sales growth in the company's history. [4] Our gross margin remained
constant, compared to the prior year, at a respectable 67 percent. [5] We managed to maintain our margins,
despite aggressive price reductions negotiated by our customers, through an improvement in product mix and
production efficiencies. [6] The capital markets have rewarded us for this superior financial performance; the
company's stock price closed the year at an all time high. [7] We have an outstanding team here at Rubylight,
deserving high praise for performance.
[8] The backlog (unfulfilled orders) expanded by 39 percent. [9] This was principally due to an inability of our
supplier to ship two application-specific integrated circuits ("ASIC") that are critical to the superior performance of
the Rubylight product. [10] Although the ASIC designs are owned by Rubylight, the integrated circuits must be
fabricated in highly specialized facilities, of which there are only two worldwide. [11] The extremely capital
intensive nature of these facilities prevents us from manufacturing the integrated circuits ourselves. [12]
Shortages of electronic component supplies and fabrication time are worldwide phenomena that have also
plagued our major competitor.
[13] One of the strategic imperatives in the optical components industry is to get your components incorporated
into the designs of your customers' products, known as "design wins," which makes it very expensive for the
customer to make a component substitution. [14] Early in the year we announced the appointment of Dr. Brian
Richards as the Chief Technology Officer. [15] Dr. Richards is one of the pioneers of the optical switching industry
and has numerous patents to his credit. [16] He and his very fine team in our Research and Development
department continue to work closely with our customers to ensure design wins for the next generation of products.
[17] On the competitive landscape, we have seen some interesting developments over the last year. [18] Our
major competitor has focused on building distribution in the European market. [19] That competitor appears to be
exiting North America and the Far East, which are our strongholds. [20] However, we have seen several start-ups
enter the North American market. [21] They have been able to attract significant venture capital financing, which
gives them greater ability to build brand recognition than start-ups have enjoyed in the past.
[22] On the technology front, recent developments in micro-electronic mechanical technology have created the
promise of a dramatic improvement in product performance. [23] Typically the start-ups have been focused on
this technology.
Which statement contained in the excerpt from Rubylight's President's Letter increases the bargaining power of
buyers in the optical network component business?
a. [5] We managed to maintain our margins, despite aggressive price reductions negotiated by our customers,
through an improvement in product mix and production efficiencies.
b. [8] The backlog (unfulfilled orders) expanded by 39 percent.
c. [10] Although the ASIC designs are owned by Rubylight, the integrated circuits must be fabricated in highly
specialized facilities, of which there are only two worldwide.
d. [20] However, we have seen several start-ups enter the North American market.
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Spartacus Corporation
Income Statement
For the Year Ended December 31, 20X1
Sales $ 2,160,000
Less Expenses:
Cost of Goods Sold $ 1,200,000
Salaries Expense 396,000
Depreciation Expense 84,000
Interest Expense 48,000
Total Expenses $ 1,728,000
Pre-Tax Income $ 432,000
Income Tax Expense (30%) 129,600
Net Income $ 302,400
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RDU Corporation
Historical Financial Statements for Years Ended 12/31/X0 and 12/31/X1
($ million, except per share data)
Income Statement 20X0 20X1
Revenue $ 3,234 $ 3,396
Cost of Goods Sold 1,294 1,358
Other Operating Costs 323 340
Depreciation and Amortization 565 585
Earnings Before Interest & Taxes $ 1,052 $ 1,113
Interest 205 210
Earnings Before Taxes $ 847 $ 903
Taxes 381 406
Net Income $ 466 $ 497
Earnings Per Share $ 1.86 $ 1.94
Dividends Per Share $ 0.93 $ 0.97
Common Stock Outstanding (millions) 250 256
Balance Sheet 20X0 20X1
Current Assets $ 646 $ 680
Net property, Plant, and Equipment 4,154 4,490
Goodwill 1,000 1,110
Total Assets $ 5,800 $ 6,280
Current Liabilities $ 323 $ 340
Long-term Debt 2,050 2,100
Total Liabilities $ 2,373 $ 2,440
Stockholders' Equity 3,472 3,840
Total Liabilities & Equity $ 5,800 $ 6,280
Capital Expenditures/Acquisitions $ 990 $ 1,055
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RDU Corporation
Pro Forma Financial Statements for Year Ending 12/31/X2
($ million, except per share data)
Assuming Without
Income Statement Divestiture Divestiture
Revenue $ 3,266 $ 3,566
Cost of Goods Sold 1,143 1,426
Other Operating Costs 303 357
Depreciation and Amortization 580 620
Earnings Before Interest & Taxes $ 1,240 $ 1,163
Interest 200 220
Earnings Before Taxes $ 1,040 $ 943
Taxes 468 424
Net Income $ 572 $ 519
Earnings Per Share $ 2.20 $ 2.00
Dividends Per Share $ 1.10 $ 1.00
Common Stock Outstanding (millions) 260 260
Assuming Without
Balance Sheet Divestiture Divestiture
Current Assets $ 653 $ 712
Net property, Plant, and Equipment 4,096 4,690
Goodwill 1,086 1,086
Total Assets $ 5,835 $ 6,488
Current Liabilities $ 326 $ 356
Long-term Debt 2,000 2,200
Total Liabilities $ 2,326 $ 2,556
Stockholders' Equity 3,509 3,932
Total Liabilities & Equity $ 5,835 $ 6,488
Capital Expenditures/Acquisitions $ 900 $ 1,105
Note: Use December 31, 20X0 and 20X1 year-end balance sheet data rather than averages in ratio calculations.
Which of the following is the leverage calculation for RDU using the DuPont ROE model for year 20X0?
a. 13.42%
b. 1.6705
c. 12.94%
d. 1.6354
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Using the data provided, Johnson calculates the trailing P/E ratio for Toller based on underlying earnings.
Choose which of the following choices is closest to this calculation?
a. 24.1x
b. 24.9x
c. 25.9x
d. 28.2x
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a. Bond A.
b. Bond B.
c. Bond C.
d. Cannot be determined.
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a. I, II, III.
b. II and III only.
c. I and III only.
d. I and II only.
Exhibit 15-1
Risk and Return Characteristics
Expected Standard
Expected Monthly
Deviation of Monthly
Returns
Returns
The expected correlation coefficient of ABC stock returns with the original portfolio returns is 0.40.
The inheritance changes her overall portfolio and she is deciding whether or not to keep the ABC stock.
Assuming Grace keeps the ABC stock, the expected return of her new portfolio that includes the ABC stock is
closest to:
a. 2.80%
b. .531%
c. 2.27%
d. .728%
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Exhibit 5-1
Rio National Corp.
Summary Balance Sheets
on 31 December
(U.S. $ millions)
2002 2001
Cash $ 13.00 $ 5.87
Accounts Receivable 30.00 27.00
Inventory 209.06 189.06
Current Assets $252.06 $221.93
Gross Fixed Assets 474.47 409.47
Accumulated Depreciation (154.17) (90.00)
Net Fixed Assets 320.30 319.47
Total Assets $572.36 $541.40
Exhibit 5-2
Rio National Corp.
Summary Income Statement
for the Year Ended 31 December 2002
(U.S. $ millions)
Revenue $300.80
Total Operating Expenses (173.74)
Operating Profit 127.06
Gain on Sale 4.00
Earnings Before Interest, Taxes, 131.06
Depreciation & Amortization (EBITDA)
Depreciation and Amortization (71.17)
Earnings Before Interest & Taxes (EBIT) 59.89
Interest (16.80)
Income Tax Expense (12.93)
Net Income $ 30.16
Exhibit 5-3
Rio National Corp.
Supplemental Notes for 2002
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Note 1: Rio National had $75 million in capital expenditures during the year.
Note 2: A piece of equipment that was originally purchased for $10 million was
sold for $7 million at year-end, when it had a net book value of $3 million.
Equipment sales are unusual for Rio National.
Note 3: The decrease in long-term debt represents an unscheduled principal
repayment; there was no new borrowing during the year.
Note 4: On 1 January 2002, the company received cash from issuing 400,000
shares of common equity at a price of $25.00 per share.
Note 5: A new appraisal during the year increased the estimated market value of
land held for investment by $2 million, which was not recognized in 2002
income.
Exhibit 5-4
Rio National Corp.
Common Equity Data for 2002
Dividends Paid (U.S. $ millions) $3.20
Weighted Average Shares Outstanding during 2002 16,000,000
Dividend per Share $0.20
Earnings per Share $1.89
Beta 1.80
Note: The dividend payout ratio is expected to be constant.
Exhibit 5-5
Industry and Market Data
31 December 2002
Risk-free Rate of Return 4.00%
Expected Rate of Return on Market Index 9.00%
Median Industry Price/Earnings (P/E) Ratio 19.90
Expected Industry Earnings Growth Rate 12.00%
While valuing the equity of Rio National Corp., Katrina Shaar is considering the use of either cash flow from
operations (CFO) or free cash flow to equity (FCFE) in her valuation process.
Shaar decides to calculate Rio National's FCFE for the year 2002, starting with net income.
What is Rio National's free cash flow to equity for the year 2002?
a. $24.33 million
b. $10.33 million
c. $0.33 million
d. $5.33 million
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What is the key factor to successfully implementing the product differentiation strategy?
a. The strategy requires advertising to build a perception of product differentiation.
b. The strategy requires that products be sold at a premium price to recover costs of developing a differentiated
product.
c. The strategy becomes more effective when it raises switching costs by building customer loyalty.
d. The strategy depends on the ability to create real differences that uniquely describe products from the
competitor.
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XYZ Corporation
Income Statement
For the Year Ended
12/31/20X2 12/31/20X1
Sales $1,000,000 $800,000
Cost of Sales $700,000 $550,000
SG&A $150,000 $100,000
In 20X2, the payables turnover and the payables payment period were:
a. 7.4 times; 52 days.
b. 7.4 times; 50 days.
c. 8.9 times, 52 days.
d. 8.9 times, 50 days.
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Which of the following is most correct with regard to expenses payable with soft dollars with regard to CFA
Institute Soft Dollar Standards ("Yes" indicates an allowable soft dollar expenditure)?
Bloomberg
Terminal Credenza Magazines
a. Yes Yes Yes
b. Yes Yes No
c. Yes No No
d. No No No
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1. B
2. A
3. C
4. C
5. B
6. A
7. C
8. C
9. B
10. A
11. D
12. A
13. B
14. C
15. B
16. B
17. B
18. B
19. B
20. B
21. B
22. B
23. B
24. C
25. A
26. C
27. B
28. D
29. B
30. C
31. C
32. C
33. A
34. A
35. D
36. A
37. B
38. B
39. D
40. A
41. C
42. D
43. D
44. D
45. D
46. B
47. D
48. B
49. A
50. A
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51. B
52. A
53. C
54. B
55. C
56. D
57. C
58. A
59. B
60. A
61. D
62. D
63. B
64. D
65. B
66. D
67. C
68. C
69. C
70. C
71. B
72. B
73. C
74. D
75. B
76. B
77. A
78. C
79. D
80. B
81. C
82. B
83. B
84. B
85. A
86. A
87. A
88. D
89. D
90. A
91. A
92. C
93. D
94. C
95. D
96. A
97. C
98. B
99. D
100. D
101. B
102. B
103. B
104. C
105. B
106. B
107. B
108. D
109. D
110. C
111. C
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112. D
113. C
114. A
115. A
116. C
117. B
118. B
119. C
120. C
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