SECTION ONE (Compulsory)：Answer all ten questions in this section. Each question carries 1 mark.
　　1. Multiple-choice questions: from the following four options, select a correct and fill in its labeling the brackets. (A total of 10 points)
　　1. Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. Which of the following is least likely to be classified as a financial statement element? ()
　　A. Asset
　　B. Revenue
　　C. Liability
　　D. Net income
　　2. Amy, a CFA candidate, recently joined A&F Asset Management, and reports directly to Tammy. Shortly after joining the firm, Amy learned that A&F Asset Management does not have a copy of the Code and Standards. Which of the following statements best complies with AIMR Standards of Professional Conduct? ()
　　A. Amy must deliver a copy of the Code and Standards to Tammy.
　　B. Amy must notify Tammy, in writing, of her obligation to comply with the Code and Standards.
　　C. Statement A and B.
　　D. None of the above.
　　3. Compared with an otherwise identical amortizing security, a zero-coupon bond will most likely have: ()
　　A. Less interest rate risk and more reinvestment risk.
　　B. Less reinvestment risk and more interest rate risk.
　　C. The same reinvestment risk and less interest rate risk.
　　D. The same interest rate risk and more reinvestment risk.
　　4. A futures trader goes long one futures contract at $450. The settlement price 1 day before expiration is $500. On expiration day, the future is trading at $505. The least likely way the futures trader will lock in her profits on expiration is: ()
　　A. Take delivery of the underlying asset and pay $500 to the short.
　　B. Close out the futures position by selling the futures contract at $505.
　　C. Take delivery of the underlying asset and pay the expiration settlement price to the short.
　　D. Cash settle the futures and receive the difference between $500 and the expiration settlement price.
　　5. Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. Bishop Ltd. received an advanced payment of $10,000 on December 1, for rent on a property for December and January. On receipt they correctly recorded it as cash and unearned revenue. If at December 31, their year-end, they failed to make an adjusting entry related to this payment, ignoring taxes, what would the effect on the financial statements for the year be? ()
　　A. Assets are overstated by $5,000 and Liabilities are overstated by $5,000.
　　B. Liabilities are overstated by $5,000 and Net income is overstated by $5,000.
　　C. Assets are overstated by $5,000 and Owner’s equity is overstated by $5,000.
　　D. Liabilities are overstated by $5,000 and Owners’ equity is understated by $5,000.
　　6. A market participant has a view regarding the potential movement of a stock. He sells a customized over-the-counter put option on the stock when the stock is trading at $38. The put has an exercise price of $36 and the put seller receives $2.25 in premium. The price of the stock is $35 at expiration. The profit or loss for the put seller at expiration is: ()
　　A. $1.25.
　　B. $1.00.
　　C. $1.25.
　　D. $2.25.
　　7. As part of an AIMR investigation into the conduct of Helen, CFA, AIMR requests records from Helen about her investment accounts. Helen writes AIMR a letter stating that under Standard IV (B.5), Preservation of Confidentiality that she is unable to comply with their request. Which of the following statement is TRUE? ()
　　A. Is correct in her interpretation of Standard IV (B.5).
　　B. Should not turn over the information because it will violate federal material nonpublic information statutes and AIMR’s Standard V (A) Prohibit against Use of Material Nonpublic information.
　　C. Will no be in violation of Standard IV (B.5) by turning over the requested information because under the Professional Conduct Program, the Disciplinary Review Subcommittee is considered an extension of Helen.
　　D. All of the above.
　　8. Which of the following is the least accurate statement about the short sale of stocks? ()
　　A. The short seller must pay any dividends due to the lender of shares.
　　B. A stop buy order would enable a short seller to minimize potential losses.
　　C. Short sales involve time limits for returning the shares borrowed to the lender.
　　D. A short sale can be made only on an uptick or a zero uptick trade if the previous trade was an uptick trade.
　　9. The appropriate measures of free cash flow and discount rate to use when estimating the total value of a firm, respectively, are: ()

　　A. Answer A.
　　B. Answer B.
　　C. Answer C.
　　D. Answer D.
　　10. Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. An analyst gathered the following information from a company’s accounting records:
　　The analyst’s estimate of net income for 2007 would be closest to: ()
　　 A. $650,000.
　　 B. $850,000.
　　 C. $1,050,000.
　　 D. $1,850,000.

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