1 .Thecompetitive forces identified by Michael Porter include:
　　A)threat of substituteproducts and rivalry among suppliers.
　　B)rivalry amongexisting competitors and bargaining power of buyers.
　　C)bargaining power ofexisting competitors and threat of new entrants.
　　The correct answer wasB
　　Porter’s fivecompetitive forces are: (1) rivalry among existing competitors; (2) threat ofnew entrants; (3) threat of substitute products; (4) bargaining power ofbuyers; (5) bargaining power of suppliers.
　　2 . An analystestimates that a stock’s value is €22.50. If the market price of this stock is€25.00 the analyst believes the stock is:
　　A)fairly valued.
　　B)overvalued.
　　C)undervalued.
　　The correct answer wasB
　　If a stock’s intrinsicvalue is less than its market value, the stock is overvalued.
　　3 . An analyst hasgathered the following data for Webco, Inc:
　　§    Retention = 40%
　　§    ROE = 25%
　　§    k = 14%
　　Using the infiniteperiod, or constant growth, dividend discount model, calculate the price ofWebco’s stock assuming that next years earnings will be $4.25.
　　A)$55.00.
　　B)$125.00.
　　C)$63.75.
　　The correct answer wasC
　　g = (ROE)(RR) =(0.25)(0.4) = 10%
　　V = D1 / (k – g)
　　D1 = 4.25 (1 ? 0.4) =2.55
　　G = 0.10
　　K – g = 0.14 ? 0.10 =0.04
　　V = 2.55 / 0.04 =63.75
　　4 . A company has 6%preferred stock outstanding with a par value of $100. The required return onthe preferred is 8%. What is the value of the preferred stock?
　　A)$92.59.
　　B)$75.00.
　　C)$100.00.
　　The correct answer wasB
　　The annual dividend onthe preferred is $100(.06) = $6.00. The value of the preferred is $6.00/0.08 =$75.00.
　　5 . Which of thefollowing changes would most likely cause a firm’s return on equity toincrease?
　　A)Net income increasesby 5% and average book value of equity increases by 10%.
　　B)Net income increasesby 5% and average book value of equity increases by 5%.
　　C)Net income decreasesby 5% and average book value of equity decreases by 10%.
　　The correct answer wasC
　　Return on equity isnet income divided by average book value of equity. If the book value of equitydecreases relatively more than net income decreases, return on equity willincrease. This illustrates that an increase in ROE is not necessarily positivefor the firm. An analyst must examine the reasons for changes in ROE.

 　　CFA官方微信　　
　　掃一掃微信，*9時間獲取2014年CFA考試報名時間和考試時間提醒
　　
　　高頓網(wǎng)校特別提醒：已經(jīng)報名2014年CFA考試的考生可按照復(fù)習(xí)計劃有效進行！另外，高頓網(wǎng)校2014年CFA考試輔導(dǎo)高清網(wǎng)絡(luò)課程已經(jīng)開通，通過針對性地講解、訓(xùn)練、答疑、模考，對學(xué)習(xí)過程進行全程跟蹤、分析、指導(dǎo)，可以幫助考生全面提升備考效果。
　　報考指南：2014年CFA考試備考指南
　　免費題庫：2014年CFA免費題庫
　　考前沖刺：CFA考試備考專題
　　高清網(wǎng)課：CFA考試網(wǎng)絡(luò)課程