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1、A country implements policies that are expected to increase taxes by €100 million, increase government spending by €50 million, and reduce investments and private sector savings by €25 million each. As a result, the country's current account balance will most likely:
A．increase by €50 million.
B．decrease by €50 million.
C．increase by €100 million.
【答案】A
【达聪解析】"International Trade and Capital Flows," Usha Nair-Reichert, PhD and Daniel Robert Witschi, PhD, CFA
2013 Modular Level 1, Vol.2, Reading 20, Section 4.4, formula (7)
Study Session 6-20-g, h
Describe the balance of payments accounts including their components.
Explain how decisions by consumers, firms, and governments affect the balance of payments.
A is correct.
CA = Sp- I+ (T-G- R)
CA = Current account balance
Sp = Private sector savings
I = Investments T = Taxes
G = Government spending R = Transfers
?CA = -25 - (-25) + (100 - 50 - 0) = 50.
2、An investor purchases a put option on AAA shares that has a strike price of €50 and expires in three months. One month later, AAA shares are trading at €54. At that time, the put most likely has:
A．positive intrinsic value but no time value.
B．positive time value but no intrinsic value.
C．positive time value and positive intrinsic value.
【答案】B
【达聪解析】"Option Markets and Contracts," Don M. Chance, CFA
2013 Modular Level Ⅰ, Vol.6, Reading 63, Section 5.1
Study Session 17-63-i
Define intrinsic value and time value and define their relationship.
B is correct. The put option has no intrinsic value because the share price is above the strike price. Because the option has a remaining life of two months, it has positive time value.
3、A company that prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) is attempting to produce lighter and longer-lasting batteries for portable electronic devices. The most appropriate accounting treatment for the related costs incurred in this project is to:
A．capitalize costs directly related to the development.
B．expense costs until technical feasibility has been established.
C．expense them as incurred.
【答案】B
【达聪解析】Under IFRS, research and development costs are expensed until certain criteria are met, including that technical feasibility has been established and the company intends to use the developed product.
CFA Level Ⅰ
"Long-Lived Assets," Elaine Henry and Elizabeth A. Gordon
Section 2.2.2
4、Which attribute would a private equity firm most likely desire when deciding if a company is particularly attractive as a leveraged buyout target?
A．Efficient management
B．Market value exceeds intrinsic value
C．Sustainable cash flow
【答案】C
【达聪解析】Private equity firms look for companies that have strong cash flows and a significant amount of physical assets. These physical assets can be used as security and borrowed against.
CFA Level Ⅰ
"Introduction to Alternative Investments," Terri Duhon, George Spentzos, and Scott D. Stewart
Section 4.2.1.2
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