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NEW QUESTION 32
The futures exchanges industry is an industry that is ______.
- A. fragmented with strong pricing power.
- B. concentrated with strong pricing power.
- C. concentrated with weak pricing power.
Answer: B
Explanation:
There is only one major futures exchange in the U.S. – Chicago Mercantile Exchange.
NEW QUESTION 33
Which of the following statements regarding duration and a bond’s price volatility is (are) correct?
I). Duration is a linear estimate of a bond’s price change given an expected change in market interest rates.
II). Duration actually underestimates a bond’s price increase and decrease given an expected change in market interest rates.
III). The combined effect of a bond’s duration and convexity will be greater than a bond’s expected change related to duration alone.
IV). Convexity is an attempt to mitigate the error included with the duration measure.
A I and II
B. I and IV.
C. III and IV.
Answer:
Explanation:
B
Explanation: Duration is a linear estimate and the application of convexity is an attempt to remedy the errors related to duration. Duration underestimates the bond price increase when market interest rates decline and overestimates the bond price decline when market interest rates rise. Convexity, which can be either positive or negative, may add or reduce the effective change suggested by duration alone.
NEW QUESTION 34
In a period of rising prices, many firms adopt the periodic LIFO method of accounting for inventory cost for tax purposes. When compared with periodic FIFO or average cost:
- A. LIFO allocates older and therefore smaller inventory costs to cost of goods sold
- B. LIFO produces an inventory valuation on the balance sheet that is always closer to replacement cost
- C. LIFO allocates the newest and therefore the largest inventory costs to cost of goods sold
Answer: C
Explanation:
The latest costs, which are the highest costs, will be allocated to cost of goods sold. The higher cost of goods sold will cause income before taxes to be lower, and thus income taxes will be lower.
NEW QUESTION 35
Grant Parker, a money manager, was promised a gift of significant value from a client contingent on the performance of the coming period. Would Grant be committing an ethical violation if he were to accept?
- A. Yes. Grant should not accept gifts from a client, regardless of value or performance.
- B. No. As long as Grant does not tell his employers of the gift and compromise their integrity, this is not an ethical violation.
- C. No. If Grant secures the permission of his employer and does not act to the detriment of his other clients in pursuit of the gift, this is not an ethical violation.
Answer: C
Explanation:
No. If Grant secures the permission of his employer and does not act to the detriment of his other clients in pursuit of the gift, this is not an ethical violation.
NEW QUESTION 36
________ are also known as redeemable common shares.
- A. Putable common shares.
- B. Exchangeable common shares.
- C. Callable common shares.
Answer: C
Explanation:
A callable stock can be recalled or redeemed by the issuer of the stock. Generally, callable stock is issued with a specific redemption price appearing in the terms and conditions of the sale.
NEW QUESTION 37
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