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ANSWER

RATIONALES

TOP QUESTIONS

YOU MUST MASTER

TO PASS THE LEVEL I

CFA EXAM

®

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CFA® Exam Review efficientlearning.com/cfa

Top Questions You Must Master for the Level I CFA® Exam

Preparing for the Level I exam is tough, but you can make life easier with an effective

study plan. If you have yet to get a plan, Wiley’s adaptive Ditigal Exam Planner in our

Platinum, Gold, Silver and Self-Study review courses will help you create a personalized

plan down to the day, provide a dashboard to keep on track and track your progress every

step of the way.

But first, here are some questions to test your knowledge of typical, fundamental topics

that are likely to appear on the actual exam.

Mastering time value of money (TVM) problems the investment): 52 x 1.5 = 78.

at Level I is a must; be familiar with your financial This question requires you to know your TVM

calculator and how to easily attack questions with calculator functions and how to capture the

different frequencies of compounding. necessary information in the question and ignore

TIP: Underlining key pieces of information keeps you what you do not need.

focused on what’s necessary to answer the question. TIP: Set the “P/Y” setting on your calculator to “1” so

1. An investor has $100,000 held in a two-year the “I/Y” represents the interest rate per compounding

bank CD earning four percent with weekly period and “N” is the number of compounding

compounding. The terms impose a 10 percent periods. Remember before starting a new TVM

penalty for early withdrawal. How much will problem – clear the TVM worksheet and reset to

the investor receive if he redeems the CD after default values: [2ND][QUIT] [2ND][CLR TVM]

18 months?

A. $95,563 CFA® Exam

B. $97,502

C. $106,181

Calculator 2nd INV HYP COMPUTE ENTER

SET DEL INS BGN RAD

CPT

2ND

SET

ENTER

DEL INS

ON|OFF

CF NPV IRR

xP/Y P/Y AMORT BGN CLR TVM

N I/Y PV PMT

Access Time-Saving

FV

K

RAND

% 2

1/

HYP SIN COS TAN !

INV ( )

e DATA STAT BOND nPr

LN 7 8 9

ROUND DEPR % BRKEVN nCr

STO 4 5 6

-100,000 [PV]; 4/52 = 0.07692 [I/Y]; 52 × 1.5 = 78 [N]; for your BA II Plus

DATE ICONV PROFIT ANS

RCL 1 2 3

CLR WORK MEM

FORMAT RESET

CE|C 0 .

$106,181 × 0.90 = $95,563.

www.efficientlearning.com/wiley-cfa/resources/baii-calculator-guide/

“PV” is a cash outlay, therefore use the negative

sign. Identify the interest rate and the compounding

– you will need to adjust your inputs accordingly.

4% compounded weekly = 4/52 and notice the

question asks “how much the investor receives”;

therefore, the number of compounding periods

must reflect 18 months (not the two-year term of

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CFA® Exam Review efficientlearning.com/cfa

of net present value (NPV) and internal rate of NPV = -197,612

return (IRR). These concepts cross topics and

For IRR: [IRR][CPT] Calculates IRR for same NPV

levels so building a strong foundation now, will calculation

pay off in the long run. IRR = 7.93% or approximately 8%

Remember the NPV / IRR rules: TIP: Should this project be accepted? No, remember

NPV rule: the NPV rule, only accept positive NPV projects.

+NPV projects ↑ shareholder wealth → accept; 3. A firm must choose between two mutually

-NPV projects ↓ shareholder wealth → reject exclusive projects. The firm’s opportunity cost

of capital is 9.5 percent. After performing both

For mutually exclusive projects

NPV and IRR analyses, the data shown in the

→ accept the highest +NPV

table below was collected.

IRR = the discount where NPV = 0

Project NPV IRR

IRR rule:

A $36,500 11.2%

IRR > r → accept; IRR < r → reject

B $15,700 12.3%

For mutually exclusive projects, if NPV and IRR

rules conflict → use NPV rule. Which project should be undertaken?

2. Company X has committed to investing A. Project A because it has the highest NPV.

$2,000,000 in a project with expected cash B. Project B because it has the highest IRR.

flows of $500,000 at the end of every year for C. Both projects because their NPVs are

the next 5 years. The appropriate discount positive.

rate is 12%. The NPV and IRR of the project are

closest to: Answer Rationale

NPV IRR (A) is the correct answer. Go back to the NPV and

IRR rules.

A. (197,612) 7%

When projects are mutually exclusive (only one may

B. (197,612) 8% be undertaken), the best choice is to accept the one

C. (142,612) 8% with the highest net present value (NPV) because it

Answer Rationale represents the actual value added by the project.

your financial calculator. Free CFA® Video Lesson

For NPV:

Net Present Value &

[CF] Enters the Cash Flow function

Clears the CF memory

Internal Rate of Return

[2ND][CEǀC]

www.efficientlearning.com/blog/cfa/free-cfa-lesson-net-present-value-irr/

[2,000,000][+ ǀ-] CF0 value – use the negative sign

[ENTER] because this is an outflow

[↓][500,000] C01 value – this is an inflow

[ENTER]

[↓][5] [ENTER] F01 value – the frequency of the CF, it is

received 5 times

[NPV][12] [ENTER] I value – the interest rate

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and across levels are definite “must knows”! HPR=

beginning value

Return concepts fall into this category, in Holding Year 1 beginning (100)($60) = $6,000

particular: Holding period yield (HPY), money- Period 1 value (t = 0)

weighted and time-weighted rates of return Year 1 dividends (100)($5) = $500

(MWRR and TWRR), bank discount yield (BDY), received (t = 1)

effective annual yield (EAY), money market yield Year 1 ending (100)($70) = $7,000

(MMY) and bond equivalent yield (BEY). You will value (t = 1)

need to know how to calculate and interpret (7,000 + 500 − 6,000)(100)

HPR1 = = 25%

these. Here again, your financial calculator is your 6,000

best friend. Holding Year 2 beginning (150)($70) = $10,500

Period 2 value (t = 1)

MWRR is simply the IRR; it accounts for timing Year 2 dividends 0= 0

and the amount of cash flows coming in and received (t = 2)

going out. TWRR measures the compounded Year 2 ending (150)($75) = $11,250

rate of growth over a stated period of time. value (t = 2)

(11,250 − 10,500)(100)

Note the differences; as opposed to MWRR, HPR2 =

10,500

= 7.14%

TWRR averages holding period returns over time

[(1+HPR1)(1+HPR2)]0.5−1=[(1+0.25)(1+0.0714)]0.5−1=0.1572=15.72%

and is not affected by the timing of cash inflows

or outflows. Calculate MWRR:

TWRR is the standard in the investment Step 1: Determine timing and nature of cash flows

management industry. Step 2: Calculate IRR

4. An investor purchased 100 shares of Company t = 0 Purchase of first 100 shares (100)($60) = - $6,000

X at $60/share. A year later she bought 50 more t = 1 Year 1 dividends received (100)($5) = + $500

shares of the company at a price of $70/share. Purchase of next 50 shares (50)($70) = -$3,500

She also received a $5/share dividend at the end Net cash flow at t = 1 -$3,000

of Year 1. At the end of Year 2 she sold all her

t = 2 Year 2 dividends received 0

shares for $75/share. No dividends were paid for

Year 2. Her money-weighted (MWRR) and time- Proceeds from sale of shares (150)($75) = $11,250

weighted (TWRR) rates of return are closest to: Net cash flow at t= 2 $11,250

MWRR TWRR [CF] Enters the Cash Flow function

[2ND][CEǀC] Clears the CF memory

A. 14.19% 14.23%

[6,000][+ ǀ-] CF0 value – use the negative sign because

B. 13.73% 14.23% this is an outflow

[ENTER]

C. 14.19% 15.72%

[↓][3,000][+ ǀ-] C01 value – this is a NET out flow.

Answer Rationale [ENTER] $500 inflow from dividends and $3,500

outflow for new share purchase.

(C) is the correct answer. Know your financial [↓][↓][11,250] C02 value – this is an inflow

calculator keystrokes! [ENTER] (proceeds from the sale)

Calculate TWRR: [IRR][CPT] Calculates IRR

IRR = 14.19%

Step 1: Break down the cash flows into 2 holding

periods TIP: Know the steps and, if needed, create a visual

Step 2: Calculate HPR for each period timeline of the cash flows.

Step 3: Calculate the compounded annual rate

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The following return concept questions are period assuming simple interest. The EAY is the

more easily tackled if you calculate HPY first. HPY annualized over a 365-day year assuming

Know the relationships between the returns. compound interest.

HPY is the actual annualized return to the

investor over a specific holding period; EAY

is the HPY annualized on a 365-day year with MMY MMY = HPYx (360t( = 1.01% x 360

90

= 4.04%

365 365

on a 360-day year without compounding. The EAY EAY = (1+HPY) t – 1 = (1 + 0.0101) 90 – 1 = 0.0416 = 4.16%

bond equivalent yield (BEY) is the semiannual

rate times 2. TIP: EAY can be converted back to HPY using the

following formula:

5. A T-bill with the face value of $100,000 and

t 90

90 days until maturity is selling for $99,000.

HPY = (1 + EAY) 365 – 1 = (1 + 0.0416) 365 – 1 = 0.0101 = 1.01%

Its BDY, MMY, and EAY are closest to:

BDY MMY EAY To calculate BEY, use the EAY and determine the semi-

annual rate; then multiple by 2. BEY is calculated as:

A. 4% 4.4% 4.16%

B. 4.5% 4.04% 4.4% BEY = [(1+EAY)0.5 − 1](2) = [(1+0.0416)0.5 − 1](2) = 0.04117 = 4.12%

Answer Rationale: with ratios – you need to be able to calculate and

interpret: Activity, liquidity, solvency, profitability,

(C) is the correct answer.

and valuation ratios. In the following questions,

The Bank Discount Yield (BDY) is calculated as we look at some examples of these ratio categories

follows, where: as well as the DuPont analysis of return of equity

rBD = the annualized yield on a bank discount basis; (ROE). Ratio analysis is a definite “must know”!

D = the dollar discount (face value - purchase price)

F = the face value of the bill A quick summary of ratio analysis categories:

t = number of days remaining until maturity Activity ratios - measure how productive a

company uses its assets and how efficiently it

BDY RBD= D

x 360 = (100,000−99,000)

F t 100,000 x 360

90 = 4.00%

preforms everyday operations.

To calculate the Money Market Yield (MMY) and Liquidity ratios – measure a company’s ability to

the Effective Annual Yield (EAY), first calculate the meet its short-term cash requirements.

Holding Period Yield (HPY) where: Solvency ratios – measure a company’s ability to

P0 = initial price of the investment; meet its long-term debt obligations.

P1 = price received from the instrument at Profitability ratios - measure a company’s ability

maturity/sale to generate an adequate return on invested

capital.

D1 = interest or dividend received from the investment

Valuation ratios - measure the quantity of an

HPY −

(P1 − P0 − D1) (P1 − D1)

− −1

asset or flow (cash/earnings) associated with

P0 P0

HPY (100,000)

ownership of a specific claim (e.g., common

HPY = − 1 = 1.01% stock).

99,000

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6. ABC Corporation presents the following 7. A company’s balance sheet indicates that it has

condensed balance sheet: sufficient cash and short-term investments.

Its payables turnover ratio, however, remains

20X8 ($’000) 20X9 ($’000)

low. This most likely suggests that:

ASSETS

Current Assets 26,600 31,600

A. The company has a liquidity crisis.

Long-term Assets 259,900 332,900 B. The company’s suppliers offer it lenient

Total Assets 286,500 364,500 credit terms.

LIABILITIES C. The company has excellent receivables

Current Liabilities 8,500 12,300 collection.

Long-term Debt 72,000 134,700 Answer Rationale:

SHAREHOLDER’S EQUITY

(B) is the correct answer.

Common Stock 100,000 100,000

10% Preferred Stock 75,000 75,000 Purchases

Payables Turnover Ratio =

Average Trade Payables

Retained Earnings 31,000 42,500

Total Shareholder’s Equity The denominator in the payables turnover ratio

286,500 364,500

and Liabilities is average trade payables; if trade payables are

high or increase, the ratio will be lower. The most

ABC Corporation’s liquidity position (as

likely explanation for a company with sufficient

measured by the current ratio) and solvency

liquid assets to have low payables turnover is that

position (as measured by its debt-to-assets

management is taking advantage of lenient credit

ratio) over 2009 has most likely:

and collection terms offered by suppliers.

Liquidity Solvency

TIP: If the preceding question required a calculation,

A. Improved Remained the same the amount for purchases may not be explicitly

B. Worsened Weakened stated on the income statement. It may need to be

determined from footnotes or calculated using the

C. Remained the same Weakened

following formula:

Answer Rationale:

Purchases = Ending Inventory + COGS - Opening Inventory

(B) is the correct answer.

Liquidity as measured by the current ratio: TIP: Make sure you can interpret ratios not only

directionally (increase / decrease) but that you

Current Assets 31,600

Current Ratio2009 = = = 2.569 understand the logical reasons why they could occur

Current Liabilities 12,300

and the impact ratios have on each other; these are

Current Assets 26,600 popular exam items!

Current Ratio2008 = = = 3.129

Current Liabilities 8,500

Total Debt 134,700

Debt-to-Assets2009 = = = 0.37

Total Assets 364,500

Total Debt 72,000

Debt-to-Assets2008 = = = 0.25

Total Assets 286,500

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The DuPont analysis decomposes ROE into time order; take that into consideration when

multiple components to facilitate a meaningful answering the question.

evaluation of a company’s performance, and

to direct management to areas that need The DuPont analysis also decomposes ROE into

improvement. five components to illustrate the effects of taxes

Net Income and interest.

ROE =

Average Total Equity

The five-way decomposition is: Tax Burden x

The three-way decomposition is: Net Profit Interest Burden x EBIT Margin x Asset Turnover

Margin x Asset Turnover Ratio x Financial Ratio x Financial Leverage Ratio.

Leverage Ratio. Net Income EBT EBIT Revenue Average Total Assets

ROE = x x x x

Net Income Revenue Average Total Assets EBT EBIT Revenue Avg. Total Assets Avg. Shareholders’ Equity

ROE = x x

Revenue Average Total Assets Average Shareholders’ Equity

8. An analyst has compiled the following data for is as follows:

a company:

Company A

20X3 20X2 20X1 FY13 FY12

Net profit margin 2.7% 2.8% 2.6% ROE 15.1% 25.7%

Total asset turnover 3.5 3.6 3.3 Tax burden 0.80 0.70

Financial leverage 1.18 1.17 1.14 Interest burden 0.75 0.90

Based only on the information above, which EBIT margin 7.0% 12.0%

of the following is the most appropriate Asset turnover 1.2 1.7

conclusion for the 20X1 to 20X3 period? Leverage 3.0 2.0

A. ROA and ROE have increased.

Company B

B. ROA and ROE have decreased.

FY13 FY12

C. ROA has decreased, but ROE has increased.

ROE 22.2% 25.7%

Answer Rationale Tax burden 0.70 0.70

(A) is the correct answer. Use the three-way DuPont Interest burden 0.90 0.90

decomposition.

EBIT margin 11.0% 12.0%

ROA is calculated by multiplying the net profit Asset turnover 1.6 1.7

margin by the total asset turnover. The resulting

Leverage 2.0 2.0

ROAs for 20X1 and 20X3 are 8.58 [(0.026)(3.3)] and

9.45 [(0.027)(3.5)] percent, respectively. This shows

that ROA increased during the period. ROE is equal An analyst is most likely to conclude that

to the ROA multiplied by the financial leverage. Company A’s lower ROE in FY13 (compared to

Given that both the ROA and the financial leverage Company B’s ROE) could be due to:

have risen, the ROE must have increased between A. the purchase of new equipment that is

20X1 and 20X3. being financed with debt.

TIP: When you are moving quickly through the exam, B. a shift in strategy by Company A to become

pay careful attention to details such as the order of more labor intensive and less capital

the information presented. Note: The table in the intensive.

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C. a higher tax rate, lower EBIT margin, and These items will combine to best explain the much

less efficient asset use, but these were larger decline in Company A’s ROE relative to the

somewhat offset by Company A’s increased decline in Company B’s ROE.

leverage.

TIP: Do not be confused by the term “burden”.

Answer Rationale A higher ratio does not mean more tax or interest;

(A) is the correct answer. Use the five-way DuPont it means just the opposite. A higher tax and interest

decomposition. burden is actually better for the company.

If Company A purchased new equipment using debt, One of many important ratios to learn is the

it would likely cause several possible outcomes. Sharpe Ratio, which measures excess return per

1. Depreciation expense will increase. This is a unit of risk.

possible reason for the lower EBIT margin. 10. Portfolio A has a mean return of 11% and a

2. Interest paid will increase. This outcome can be standard deviation of 3%. Portfolio B has a

observed in the interest burden factor. Interest as mean return of 17% and a standard deviation

a percentage of EBIT rose from 10 percent to 25 of 6%. The risk-free rate of interest is 3%. The

percent and this resulted in the interest burden respective Sharpe ratios of the two portfolios

factor declining from 0.90 to 0.75. are closest to:

3. The effective tax rate will likely decrease Portfolio A Portfolio B

due to the lower profits caused by the first two A. 2.33 2.67

items. The tax burden factor rose from 0.70

(30 percent tax rate) to 0.80 (20 percent tax rate). B. 2.67 2.33

average total assets, will fall as new assets are Answer Rationale

added. This has definitely occurred with Company

(B) is the correct answer.

A’s asset turnover declining from 1.7 to 1.2,

while Company B’s asset turnover only declined Rp – rf

Sharpe Ratio =

ơp

modestly to 1.6 from 1.7.

5. If debt was used to add fixed assets, then equity is Sharpe ratio for Portfolio A = (11 - 3) / 3 = 2.67

not being used to fund the additions. As a result of

adding equipment, assets rise (increasing average Sharpe ratio for Portfolio B = (17 - 3) / 6 = 2.33

assets), debt rises, and equity is unchanged.

Hence, the leverage (average assets / average

equity) will rise; as was seen for Company A.

Remember, good preparation is essential to success.

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