A.5
B.6
C.7
D.8
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更多“A portfolio has an expected ra…”相关的问题
第1题
A.investing $100 in the risky asset.
B.investing $80 in the risky asset and $20 in the risk-free asset.
C.borrowing $43 at the risk-free rate and investing the total amount ($143) in the risky asset.
D.investing $43 in the risky asset and $57 in the risk less asset.
E.Such a portfolio cannot be formed.
第2题
A.Cannot be determined
B.$54; $568; $378
C.$568; $54; $378
D.$378; $54; $568
E.$108; $514; $378
第3题
A.7000 series routers
B.integrated services routers
C.small business pro routers
D.small business routers
第4题
A.petrol
B.portable
C.portfolio
D.port
第5题
A bank trust department has three portfolio managers (Diane Cole, Tomas Bermudez, and Anthony Ring), who have been awarded the right to use the CFA designation, and one other employee (Diane Takao) who has registered for the Level 3 CFA exam. The bank wants to include information about these individuals in a brochure. According to CFA Institute Standards of Professional Conduct, which of the following is the mostappropriate use the designation in the brochure？
A) Anthony Ring is a Chartered Financial Analyst who has had 10 years of experience as a portfolio manager.
B) Diane Takao passed Level 2 of the CFA examination and is currently enrolled to take Level 3.
C) Tomas Bermudez is a CFA-type portfolio manager, who specializes in growth stocks.
D) Diane Cole is one of three CFAs in our trust department.
第6题
A.The fee will be larger if the default of A and of B are highly correlated.
B.The fee will be smaller if the default of A and of B are highly correlated.
C.The fee is independent of the correlation between the default of A and of B.
D.None of the above is correct.
第7题
听力原文： It's no secret that throughout history common stock has outperformed most financial instruments. If an investor plans to have an investment for a long period of time, then their portfolio should be comprised mostly of stocks ; however, investors who don't have this kind of time should diversify their portfolios. For this reason, the concept of "asset allocation" was developed. Asset allocation is an investment portfolio technique that aims to balance risk and create diversification by dividing assets among major categories. The underlying principle of asset allocation is that the older a person gets, the less risk he or she should face. After you retire you may have to depend on your savings as your only source of income.
28. Throughout history, what kind of stock has outperformed most financial instruments？
29.What is the purpose of asset allocation？
30.What is the principle underlying the concept of asset allocation？
(28)
A．preferred stock
B．common stock
C．concept stock
D．cynical stock
第8题
Other information:
(i) The current market price of Mondglobe’s ordinary shares is 360 pence.
(ii) The annual volatility (variance) of Mondglobe’s shares for the last year was 169%.
(iii) The risk free rate is 4% per year.
(iv) No dividend is expected to be paid by Mondglobe during the next six months.
Required:
(a) Evaluate whether or not the price at which the investment bank is willing to sell the option is a fair price.(10 marks)
第9题
5 (a) Carver Ltd was incorporated and began trading in August 2002. It is a close company with no associated
companies. It has always prepared accounts to 31 December and will continue to do so in the future.
It has been decided that Carver Ltd will sell its business as a going concern to Blade Ltd, an unconnected
company, on 31 July 2007. Its premises and goodwill will be sold for ￡2,135,000 and ￡290,000 respectively
and its machinery and equipment for ￡187,000. The premises, which do not constitute an industrial building,
were acquired on 1 August 2002 for ￡1,808,000 and the goodwill has been generated internally by the
company. The machinery and equipment cost ￡294,000; no one item will be sold for more than its original cost.
The tax adjusted trading profit of Carver Ltd in 2007, before taking account of both capital allowances and the
sale of the business assets, is expected to be ￡81,000. The balance on the plant and machinery pool for the
purposes of capital allowances as at 31 December 2006 was ￡231,500. Machinery costing ￡38,000 was
purchased on 1 March 2007. Carver Ltd is classified as a small company for the purposes of capital allowances.
On 1 August 2007, the proceeds from the sale of the business will be invested in either an office building or a
portfolio of UK quoted company shares, as follows:
Office building
The office building would be acquired for ￡3,100,000; the vendor is not registered for value added tax (VAT).
Carver Ltd would borrow the additional funds required from a UK bank. The building is let to a number of
commercial tenants who are not connected with Carver Ltd and will pay rent, in total, of ￡54,000 per calendar
quarter, in advance, commencing on 1 August 2007. The company’s expenditure for the period from 1 August
2007 to 31 December 2007 is expected to be:
￡
Loan interest payable to UK bank 16,000
Building maintenance costs 7,500
Share portfolio
Shares would be purchased for the amount of the proceeds from the sale of the business with no need for further
loan finance. It is estimated that the share portfolio would generate dividends of ￡36,000 and capital gains, after
indexation allowance, of ￡10,000 in the period from 1 August 2007 to 31 December 2007.
All figures are stated exclusive of value added tax (VAT).
Required:
(i) Taking account of the proposed sale of the business on 31 July 2007, state with reasons the date(s) on
which Carver Ltd must submit its corporation tax return(s) for the year ending 31 December 2007.
(2 marks)
第10题
estate and is seeking advice on his father’s capital gains tax position and the payment of inheritance tax following his
death.
The following information has been extracted from client files and from telephone conversations with Crusoe.
Noland – personal information:
– Divorcee whose only other relatives are his sister, Avril, and two grandchildren.
– Died suddenly on 1 October 2007 without having made a will.
– Under the laws of intestacy, the whole of his estate passes to Crusoe.
Noland – income tax and capital gains tax:
– Has been a basic rate taxpayer since the tax year 2000/01.
– Sales of quoted shares resulted in:
– Chargeable gains of ￡7,100 and allowable losses of ￡17,800 in the tax year 2007/08.
– Chargeable gains of approximately ￡14,000 each tax year from 2000/01 to 2006/07.
– None of the shares were held for long enough to qualify for taper relief.
Noland – gifts made during lifetime:
– On 1 December 1999 Noland gave his house to Crusoe.
– Crusoe has allowed Noland to continue living in the house and has charged him rent of ￡120 per month
since 1 December 1999. The market rent for the house would be ￡740 per month.
– The house was worth ￡240,000 at the time of the gift and ￡310,000 on 1 October 2007.
– On 1 November 2004 Noland transferred quoted shares worth ￡232,000 to a discretionary trust for the benefit
of his grandchildren.
Noland – probate values of assets held at death: ￡
– Portfolio of quoted shares 370,000
Shares in Kurb Ltd 38,400
Chattels and cash 22,300
Domestic liabilities including income tax payable (1,900)
– It should be assumed that these values will not change for the foreseeable future.
Kurb Ltd:
– Unquoted trading company
– Noland purchased the shares on 1 December 2005.
Crusoe:
– Long-standing personal tax client of your firm.
– Married with two young children.
– Successful investment banker with very high net worth.
– Intends to gift the portfolio of quoted shares inherited from Noland to his aunt, Avril, who has very little personal
wealth.
Required:
(a) Prepare explanatory notes together with relevant supporting calculations in order to quantify the tax relief
potentially available in respect of Noland’s capital losses realised in 2007/08. (4 marks)
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