1 .Anequity valuation model that values a firm based on the market value of itsoutstanding debt and equity securities, relative to a firm fundamental, isa(n):
　　A)asset-based model.
　　B)enterprise valuemodel.
　　C)market multiplemodel.
　　The correct answer wasB
　　An enterprise valuemodel relates a firm’s enterprise value (the market value of its outstandingequity and debt securities minus its cash and marketable securities holdings)to its EBITDA, operating earnings, or revenue.
　　2 . Dividends onnon-participating preference shares are typically:
　　A)a fixed percentageof par value.
　　B)a contractualobligation of the company.
　　C)lower than thedividends on common shares.
　　The correct answer wasA
　　Similar to theinterest payments on a debt security, dividends on non-participating preferenceshares (preferred stock) are typically fixed. Unlike the interest payments on adebt security, the company is not contractually obligated to pay preferreddividends. Preferred dividends are typically higher than a firm’s commondividends.
　　3 . A firm has aprofit margin of 10%, an asset turnover of 1.2, an equity multiplier of 1.3,and an earnings retention ratio of 0.5. What is the firm's internal growthrate?
　　A)7.8%.
　　B)6.7%.
　　C)4.5%.
　　The correct answer was A
　　ROE = (Net Income /Sales)(Sales / Total Assets)(Total Assets / Total Equity)
　　ROE = (0.1)(1.2)(1.3)= 0.156
　　g = (retentionratio)(ROE) = 0.5(0.156) = 0.078 or 7.8%
　　4 . Liquidity ofprivate equity is most likely:
　　A)greater thanliquidity of public equity.
　　B)less than liquidityof public equity.
　　C)about equal toliquidity of public equity.
　　The correct answer wasB
　　Private equitysecurities are not registered to be traded in a public market, and thereforeare less liquid that public equity.
　　5 . In its latest annualreport, a company reported the following:
　　Net income     = $1,000,000
　　Total equity    = $5,000,000
　　Total assets     = $10,000,000
　　Dividend payout ratio    = 40%
　　Based on thesustainable growth model, the most likely forecast of the company’s futureearnings growth rate is:
　　A)6%.
　　B)12%.
　　C)8%.
　　The correct answer wasB
　　g = (RR)(ROE)
　　RR = 1 ? dividendpayout ratio = 1 ? 0.4 = 0.6
　　ROE = NI / TotalEquity = 1,000,000 / 5,000,000 = 1 / 5 = 0.2
　　Note: This is the"simple" calculation of ROE. Since we are only given these inputs,these are what you should use. Also, if given beginning and ending equitybalances, use the average in the denominator.
　　g = (0.6)(0.2) = 0.12or 12%

 　　CFA官方微信　　
　　掃一掃微信，*9時間獲取2014年CFA考試報名時間和考試時間提醒
　　
　　高頓網(wǎng)校特別提醒：已經(jīng)報名2014年CFA考試的考生可按照復(fù)習(xí)計劃有效進行！另外，高頓網(wǎng)校2014年CFA考試輔導(dǎo)高清網(wǎng)絡(luò)課程已經(jīng)開通，通過針對性地講解、訓(xùn)練、答疑、模考，對學(xué)習(xí)過程進行全程跟蹤、分析、指導(dǎo)，可以幫助考生全面提升備考效果。
　　報考指南：2014年CFA考試備考指南
　　免費題庫：2014年CFA免費題庫
　　考前沖刺：CFA考試備考專題
　　高清網(wǎng)課：CFA考試網(wǎng)絡(luò)課程