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Desafio CFA - Readings 37, 38 & 39

A CFA Level 1 exam study guide with financial formulas, calculators, and textbooks on a desk, with a brain graphic symbolizing knowledge and understanding

CFA Level 1 Challenge Quiz

Teste seus conhecimentos nas leituras 37, 38 e 39 do CFA Level 1 com nosso quiz desafiador. Esta é uma ótima oportunidade para revisar conceitos importantes e avaliar sua preparação para o exame.

Prepare-se com as seguintes dicas:

Use suas anotações e fórmulas.
Tenha uma calculadora à mão.
Responda a cada pergunta dentro do tempo limite para obter melhores resultados.

12 Questions3 MinutesCreated by StudyingStar321

Leia as instruções com atenção antes de iniciar:

-O quiz é baseado nas readings 37 e 38 e 39 do CFA Level 1 2018. Você deve dominar o conteúdo antes de responder as questões

-É recomendado que você tenha suas anotações com fórmulas e calculadora financeira ou científica em mãos antes de começar. A calculadora do seu computador deve bastar. Para este quiz, o uso de uma planilha do Excel pode ser útil

-Cada questão tem o tempo máximo de resposta de 3 minutos (exceto por uma)

-Boa sorte!

Endereço de email (use o mesmo endereço que preencheu na última vez):

The unit contribution margin for a product is $12. A firm’s fixed operating cost is $600,000. The degree of operating leverage (DOL) is most likely the lowest at which of the following production levels (in units)?

A. 100,000

B. 200,000

C. 300,000

While analyzing the impact of the economy’s growth on the revenues generated by Com Point, Mr. Shah recorded earnings of 200 billion and expected them to grow by 10% due to the increasing demand. To evaluate the impact of this, he wants to calculate the operating leverage with the following data:

Sales in 2009	22.5 million computers
Average price per computer	90,000
Fixed costs for the period	33 billion
Variable costs per computer	70,000

What is the degree of operating leverage (DOL)?

A. 1.03

B. 1.08

C. 1.33

Soma Autos employs debt financing, borrowing at a rate of 10%. The interest cost at this rate equals 65 billion. For 8 million cars, what is the degree of financial leverage (DFL) for Soma given revenue per car is 25,000, variable cost per car is 14,000 and fixed costs equal 15 billion?

A. 8.67

B. 9.13

C. 10.76

Which of the following is not affected by changes in tax rate?

A. Net Profit Margin

B. WACC

C. DFL (Degree of Financial Leverage)

Ahmed Rashid is evaluating companies in the agricultural pesticides industry and has compiled the following information:

Company	2012		2013
Company	Credit Sales	Average Receivables Balance ($)	Credit Sales	Average Receivables Balance ($)
Bayer Corp.	$6.0 million	2.0 million	7.0 million	2.2 million
Excel Corp.	$4.0 million	2.2 million	5.0 million	2.5 million
Insecticides.	$3.5 million	1.8 million	4.0 million	2.0 million
Phyto Corp.	$1.5 million	1.1 million	1.6 million	1.2 million
Industry	26.0 million	6.0 million	29.0 million	6.4 million

Which of the following companies had the highest numbest of days of receivables for the year 2012?

A. Bayer Corp

B. Insecticides

C. Phyto Corp

Ahmed Rashid is evaluating companies in the agricultural pesticides industry and has compiled the following information:

Company	2012		2013
Company	Credit Sales	Average Receivables Balance ($)	Credit Sales	Average Receivables Balance ($)
Bayer Corp.	$6.0 million	2.0 million	7.0 million	2.2 million
Excel Corp.	$4.0 million	2.2 million	5.0 million	2.5 million
Insecticides.	$3.5 million	1.8 million	4.0 million	2.0 million
Phyto Corp.	$1.5 million	1.1 million	1.6 million	1.2 million
Industry	26.0 million	6.0 million	29.0 million	6.4 million

The industry average receivables collection period:

A. Increased from 2012 to 2013

B. Decreased from 2012 to 2013

C. Did not change from 2012 to 2013

A company’s largest supplier has decided to tighten credit terms. Earlier the company could make payments within 20 days of purchase. Now the company is being asked to pay within 10 days of purchase. The most likely effect of this change is a (an):

A. Decrease in the company’s operating cycle

B. Increase in the company’s net operating cycle

C. Increase in the company’s operating cycle

Modern portfolio theory stresses the correlation between:

A. Particular portfolio and a benchmark portfolio

B. Individual securities within a portfolio

C. Individual securities macroeconomic variables

Three Level I candidates were discussing portfolio risk and returns and made the statements shown below. Which candidate is most likely correct?

A. Candidate A: Portfolios impact returns more than risks

B. Candidate B: Portfolios impact risks more than returns

C. Candidate C: Portfolios impact both risk and return equally

An analyst gathers the following information for the asset allocations of three portfolios:

Portfolio	Fixed Income (%)	Equity (%)	Alternative Assets (%)
1	30	45	25
2	45	30	25
3	15	55	30

Which of the portfolios is most likely appropriate for a client who has a high degree of risk tolerance?

A. Portfolio 1

B. Portfolio 2

C. Portfolio 3

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