注册金融分析师-权益证券投资：行业与公司分析(一)

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1、权益证券投资：行业与公司分析（一）单项选择题AnanalystgatheredthefollowinginformationAboutacompany:Netprofitmargin4%Shareholders1equity$1000000Dividendpayoutratio33%Totalassets$2500000Netincome$180000Thecompany1spotential(sustainable)growthrateisclosestto:A.2.6%.B・7.0%.C・12.0%.2、Allofthefol

2、lowingareadvantagesofusingprice/sales(P/S)multipleEXCEPT:A.Salesfiguresarenotaseasytomanipulateasearningsandbookvalue,whicharesignificantlyaffectedbyaccountingconventions•B.P/Smultiplesaremorereliablebecausesalesdatacannotbedistortedbymanagement•C.P/Smu1tipiesprovidea

3、meaningfulframeworkforevaluatingdistressedfirms•3、Whichofthefollowingwouldbeassessedfirstinatop-downvaluationapproach?A.Fiscalpolicy.B.Industryreturnonequity(ROE..C.Companyreturnonequity(ROE..4AnanalystgatheredthefollowingannualdataforSMGCorporationon2004:Netprofitmar

4、gin5%Totalassetturnover2.0%Totalassetstoequity2.5%Netincome$25000000Dividendspaidoncommonstock$10000000TheSMGCorporation1sestimateddividendgrowthrateisclosestto:A.10.0%.B・15.0%.C.20.0%.5、Acompanyreporteditslatestannualreportasfollowing:Netincome=$1000000Totalequity=$5

5、000000Totalassets=$10000000Dividendpayoutratio=40%Basedonthesustainablegrowthmodel,themostlikelyforecastofthecompany1sfutureearningsgrowthrateis:A.12%・B・8%.C.4%.6^Whichofthefollowingaccountingvariablesisleastlikelytobemanipulated?A.Netincome.B.Depreciationexpense.C.Sa

6、les.7^Whichofthefollowingcouldbeagrowthstock?A.Expectedreturn=requiredreturn.B.Expectedreturnrequiredreturn.8^Technologicalchangesaremostlikelytoresultinwhichofthefollowingeffects?Evolvingtechnologyislikelytoresultinchangesin:A.educati

7、onalcurriculumonly.B.educationalcurriculumandtherelativedemandforvariousproducts・C•therelativedemandforvariousproductsonly•9、Adefensivestockisbestcharacterizedas:A.beingheavilyinfluencedbyaggregatebusinessactivity.B•generallyretainingalargeportionofearnings•C・havinglo

8、wsystematicrisk•10、WhichofthefollowingstatementsregardingacountryriskpremiumisTRUE?A•Countryriskarisesfromexpectedeconomican