CFA一级权益投资练习题（五）——出自高顿财经CFA
1 .An equity valuation model that values a firm based on the market value of its outstanding debt and equity securities, relative to a firm fundamental, is a(n):
A)asset-based model.
B)enterprise value model.
C)market multiple model.
答案及解析：
正确答案：B
An enterprise value model relates a firm’s enterprise value (the market value of its outstanding equity and debt securities minus its cash and marketable securities holdings)to its EBITDA, operating earnings, or revenue.
2 . Dividends on non-participating preference shares are typically:
A)a fixed percentage of par value.
B)a contractual obligation of the company.
C)lower than the dividends on common shares.
答案及解析：
正确答案：A
Similar to the interest payments on a debt security, dividends on non-participating preference shares (preferred stock) are typically fixed. Unlike the interest payments on a debt security, the company is not contractually obligated to pay preferred dividends. Preferred dividends are typically higher than a firm’s common dividends.
3 . A firm has a profit 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 growth rate?（高顿财经2014年6月CFA模拟考试试题）
A)7.8%.
B)6.7%.
C)4.5%.
答案及解析：
正确答案：A
ROE = (Net Income /Sales)(Sales / Total Assets)(Total Assets / Total Equity)
ROE = (0.1)(1.2)(1.3)= 0.156
g = (retention ratio)(ROE) = 0.5(0.156) = 0.078 or 7.8%
4 . Liquidity of private equity is most likely:
A)greater than liquidity of public equity.
B)less than liquidity of public equity.
C)about equal to liquidity of public equity.
答案及解析：
正确答案：B
Private equity securities are not registered to be traded in a public market, and therefore are less liquid that public equity.
5 . In its latest annual report, 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 the sustainable growth model, the most likely forecast of the company’s future earnings growth rate is:
A)6%.
B)12%.
C)8%.
答案及解析：
正确答案：B
g = (RR)(ROE)
RR = 1 ? Dividend payout ratio = 1 ? 0.4 = 0.6
ROE = NI / Total Equity = 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 equity balances, use the average in the denominator.
g = (0.6)(0.2) = 0.12or 12%
