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Prüfungsfragen auf Englisch
1. Alternative Anlagen Efua Darko buys a non-fungible token (NFT) that records her ownership of one numbered digital artwork from a collection of 500 different works by the same artist. Which statement about her token is least likely accurate?
A. Its ownership and full transfer history are recorded on a blockchain B. It can be swapped one-for-one with any other token in the collection C. Its price depends on demand for that particular artwork
Lösung und Erklärung Richtige Antwort: B It can be swapped one-for-one with any other token in the collection
Each token in the collection represents a different artwork, so the tokens are not identical units. Two NFTs from the same collection can have very different values, and one cannot be exchanged for another on a one-for-one basis the way one unit of a cryptocurrency can be exchanged for another unit.
Warum die anderen Optionen falsch sind
A: This is accurate: an NFT is a token on a blockchain, so the ledger records who owns it and each transfer. C: This is accurate: because each NFT is unique, its value is driven by demand for that specific item. Kernregel: An NFT is unique and not interchangeable one-for-one with other tokens, unlike fungible tokens such as units of a cryptocurrency.
Merksatz: Non-fungible means unique: NFTs are not interchangeable unit for unit.
2. Alternative Anlagen Akira Nomura reviews two indexes for the Fennimore Teachers' Endowment: a private real estate index based on quarterly property appraisals, and a hedge fund index that drops funds when they stop reporting and lets new entrants add their past returns. Which of his conclusions is least likely accurate?
A. The hedge fund index likely overstates the average return, because failed funds drop out of it. B. The real estate index likely understates both volatility and correlation with listed equities. C. The real estate index likely overstates its long-run average return, as appraisals lag prices.
Lösung und Erklärung Richtige Antwort: C The real estate index likely overstates its long-run average return, as appraisals lag prices.
Appraisals adjust slowly to market prices, so appraisal-based returns are smoothed: gains and losses are spread over later quarters. This lag makes the index look less volatile and less correlated with listed equities than the properties really are, but over a long period the smoothed returns still add up to roughly the same change in value. The lag therefore does not, by itself, cause a systematic overstatement of the long-run average return.
Warum die anderen Optionen falsch sind
A: This is accurate: funds that stop reporting are often poor performers, so dropping them leaves mainly survivors, and backfilled histories add further upward bias. B: This is accurate: smoothing hides much of the true volatility and makes the index appear less correlated with listed equities, which flatters its diversification benefit. Kernregel: Survivorship and backfill bias push reported returns up, whereas appraisal smoothing mainly understates volatility and correlation rather than biasing the long-run average return.
Merksatz: Survivorship and backfill bias inflate returns; appraisal smoothing understates risk and correlation.
3. Alternative Anlagen An investor holds units of Vintry Lane Global Macro Fund, which starts the year with $385 million of assets. During the year the fund earns 13.5% before fees, and there are no subscriptions or redemptions. The fund charges a management fee of 1.5% of beginning-of-year assets and an incentive fee of 20% of gains net of the management fee, subject to a 4% hard hurdle rate applied to beginning-of-year assets. The investor's net return for the year is closest to:
A. 9.60% B. 10.10% C. 10.40%
Lösung und Erklärung Richtige Antwort: C 10.40%
The management fee is 1.5% of beginning assets, or $5.775 million, leaving a net gain of $46.2 million. With a hard hurdle, the 20% incentive fee applies only to the $30.8 million above the $15.4 million hurdle, so it equals $6.16 million. The investor keeps $40.04 million of gains on $385 million, a net return of about 10.40%.
Rechenweg
Gross year-end value = 385 × 1.135 = $436.975 million Management fee = 1.5% × 385 = $5.775 million Gain net of management fee = 436.975 − 5.775 − 385 = $46.200 million Hard hurdle = 4% × 385 = $15.400 million; incentive fee = 20% × (46.200 − 15.400) = $6.160 million Net return = (46.200 − 6.160) / 385 = 10.40% BA-II-Plus-Tastenfolge
385 × 1.135 = STO 1; 385 × 0.015 = STO 2; RCL 1 − RCL 2 − 385 = STO 3; 0.04 × 385 = STO 4; RCL 3 − RCL 4 = × 0.20 = STO 5; RCL 3 − RCL 5 = ÷ 385 = × 100 = [10.40]
Warum die anderen Optionen falsch sind
A: Treats the hurdle as soft and charges 20% on the full $46.2 million net gain (a $9.24 million fee); under a hard hurdle the fee applies only to the gain above $15.4 million. B: Bases the incentive fee on the gross gain of $51.975 million before the management fee, charging 20% × (51.975 − 15.400) = $7.315 million, although the terms specify gains net of the management fee. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: Under a hard hurdle, the incentive fee applies only to the gain (here measured net of the management fee) in excess of the hurdle amount.
Merksatz: Read the fee terms closely: the management fee base, the incentive fee basis (gross or net) and the hurdle type (hard or soft) each change the answer.
4. Unternehmensfinanzierung (Corporate Finance) Dalvik Pneumatics used to sell industrial air compressors outright. Under its new offering, it installs compressors at customers' plants, keeps ownership of them, handles all maintenance and bills each customer a fee for every cubic meter of compressed air actually used, with no fixed monthly charge. Dalvik's new offering is best described as a:
A. pay-per-use model B. subscription model C. asset-light model
Lösung und Erklärung Richtige Antwort: A pay-per-use model
Dalvik's customers no longer buy the compressors; they pay a fee for each cubic meter of compressed air they use, and there is no fixed charge. A customer's bill therefore rises and falls with its consumption, which is the defining feature of a pay-per-use revenue model.
Warum die anderen Optionen falsch sind
B: A subscription charges a fixed recurring fee for access regardless of usage; Dalvik's customers pay nothing fixed, only for the air they consume. C: An asset-light company avoids owning capital-intensive assets, but Dalvik keeps ownership of every compressor it installs, so the new offering makes it more asset-intensive. Kernregel: In a pay-per-use model, customers pay according to how much of a product or service they actually consume rather than buying it outright or paying a fixed recurring fee.
Merksatz: Billing tied to actual consumption is pay-per-use; a fixed recurring fee is a subscription.
5. Unternehmensfinanzierung (Corporate Finance) Marangu Veterinary Clinics has a cost of capital of 11.5% as an all-equity company. After a planned recapitalization, it will maintain a market-value debt-to-equity ratio of 0.85, and its debt will cost 6.0% before tax. Its corporate tax rate is 28%. Assuming that Modigliani and Miller's propositions with corporate taxes hold, Marangu's cost of equity after the recapitalization is closest to:
A. 13.32% B. 14.87% C. 16.18%
Lösung und Erklärung Richtige Antwort: B 14.87%
Adding debt makes Marangu's equity riskier, so shareholders require a premium over the 11.5% unlevered cost of capital. With taxes, that premium is the spread between the unlevered cost and the cost of debt, multiplied by (1 − t) and by the debt-to-equity ratio: 5.5% × 0.72 × 0.85 = 3.37%. The cost of equity therefore rises to about 14.87%.
Rechenweg
r_e = r0 + (r0 − r_d) × (1 − t) × D/E r_e = 11.5% + (11.5% − 6.0%) × (1 − 0.28) × 0.85 r_e = 11.5% + 5.5% × 0.72 × 0.85 = 11.5% + 3.366% r_e = 14.87% BA-II-Plus-Tastenfolge
11.5 − 6 = × ( 1 − 0.28 ) = × 0.85 = + 11.5 = [14.87]
Warum die anderen Optionen falsch sind
A: 13.32% multiplies the premium by debt-to-value, 0.85/1.85 = 0.459, instead of the debt-to-equity ratio of 0.85 that Proposition II uses. C: 16.18% applies the no-tax version of Proposition II and omits the (1 − t) factor, so it overstates how fast the cost of equity rises when interest is tax-deductible. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: With corporate taxes, MM Proposition II gives r_e = r0 + (r0 − r_d)(1 − t)(D/E).
Merksatz: Under MM with taxes, the cost of equity rises with D/E, but by (1 − t) times the spread rather than the full spread.
6. Unternehmensfinanzierung (Corporate Finance) Rietbokhoek Orchards, an apple grower, is evaluating a hail-net system for its orchards. The system costs ZAR 3,184,650, payable today, and is expected to reduce crop losses enough to produce incremental after-tax cash flows of ZAR 812,300, ZAR 1,046,450, ZAR 1,185,800 and ZAR 1,097,600 at the end of years 1 to 4, after which the nets are worn out and have no salvage value. Rietbokhoek's required return for projects of this risk is 9.5% per year. The value that the project is expected to add for Rietbokhoek's shareholders is closest to:
A. ZAR 88,181.50 B. ZAR 96,558.74 C. ZAR 154,710.11
Lösung und Erklärung Richtige Antwort: B ZAR 96,558.74
Discounting each year-end cash flow at 9.5% gives a combined present value of ZAR 3,281,208.74. Subtracting the ZAR 3,184,650 outlay, which is paid today and is therefore not discounted, gives an NPV of ZAR 96,558.74. Because the NPV is positive, accepting the hail-net project is expected to increase the value of Rietbokhoek's equity by about that amount.
Rechenweg
PV of inflows = 812,300/1.095 + 1,046,450/1.095^2 + 1,185,800/1.095^3 + 1,097,600/1.095^4 PV of inflows = 741,826.48 + 872,750.78 + 903,169.14 + 763,462.34 = 3,281,208.74 NPV = −3,184,650 + 3,281,208.74 = 96,558.74 NPV > 0, so the project adds about ZAR 96,558.74 of value for shareholders and should be accepted BA-II-Plus-Tastenfolge
CF; 2ND CLR WORK; CF0 = 3184650 +|- ENTER ↓; C01 = 812300 ENTER ↓ F01 = 1 ENTER ↓; C02 = 1046450 ENTER ↓ F02 = 1 ENTER ↓; C03 = 1185800 ENTER ↓ F03 = 1 ENTER ↓; C04 = 1097600 ENTER ↓ F04 = 1 ENTER; NPV; I = 9.5 ENTER ↓; CPT [96,558.74]
Warum die anderen Optionen falsch sind
A: ZAR 88,181.50 discounts the outlay by one period along with every inflow, as happens when a spreadsheet NPV function is applied to the whole cash flow range; money paid today is already a present value. C: ZAR 154,710.11 discounts with simple interest, dividing each flow by (1 + 0.095t) instead of 1.095^t, which overstates the present value of the later cash flows. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: A project's NPV, the present value of its future cash flows at the required return minus the undiscounted time-0 outlay, is the value it adds for shareholders.
Merksatz: Discount every future cash flow, leave the time-0 outlay undiscounted, and read a positive NPV as value added for shareholders.
7. Derivate und Risikomanagement Isadora Quaresma writes a European call option on shares of Alentejo Cork Works with an exercise price of 67.50 and receives a premium of 3.25 per share. At expiration, the share price is 71.90. What is Quaresma's profit per share on the position?
A. −4.40 B. −1.15 C. 1.15
Lösung und Erklärung Richtige Antwort: B −1.15
The share finishes at 71.90, above the 67.50 exercise price, so the holder exercises and Quaresma must deliver shares worth 71.90 for 67.50, a payoff of −4.40 to her. The 3.25 premium she collected at the start offsets only part of that, leaving a loss of 1.15 per share.
Rechenweg
Call payoff = max(0, 71.90 − 67.50) = 4.40 Writer's payoff = −4.40 Writer's profit = 3.25 − 4.40 = −1.15 BA-II-Plus-Tastenfolge
71.9 − 67.5 = +|- + 3.25 = [−1.15]
Warum die anderen Optionen falsch sind
A: −4.40 is the writer's payoff at expiration; it ignores the 3.25 premium Quaresma received when she wrote the call. C: 1.15 is the profit of the call buyer, who gains what the writer loses. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: A call writer's profit is the premium received minus the call's payoff, max(0, S_T − X).
Merksatz: For a writer, profit = premium − payoff; it turns negative once S_T exceeds X + premium.
8. Derivate und Risikomanagement Shares of Jurmala Amber Crafts trade at 93.60. In a one-period binomial model covering one year, the share price will either rise by a factor of 1.22 or fall by a factor of 0.84. The one-year risk-free rate is 2.5%. Using the risk-neutral probability, the value of a one-year European put option on the shares with an exercise price of 95.00 is closest to:
A. 7.99 B. 8.20 C. 8.40
Lösung und Erklärung Richtige Antwort: B 8.20
The risk-neutral probability of an up move is (1.025 − 0.84)/(1.22 − 0.84) = 0.4868. If the share rises to 114.19, the put expires worthless; if it falls to 78.62, the put pays 16.38. Weighting by 0.4868 and 0.5132 gives an expected payoff of 8.40, and discounting one year at 2.5% gives a value of 8.20.
Rechenweg
q = (1.025 − 0.84) / (1.22 − 0.84) = 0.185 / 0.38 = 0.4868 S+ = 93.60 × 1.22 = 114.19, so p+ = 0; S− = 93.60 × 0.84 = 78.62, so p− = 95.00 − 78.62 = 16.38 Expected payoff = 0.4868 × 0 + 0.5132 × 16.376 = 8.40 p0 = 8.40 / 1.025 = 8.20 BA-II-Plus-Tastenfolge
( 1.025 − 0.84 ) ÷ ( 1.22 − 0.84 ) = STO 1; 93.6 × 0.84 = +|- + 95 = STO 2; 1 − RCL 1 = × RCL 2 = ÷ 1.025 = [8.20]
Warum die anderen Optionen falsch sind
A: 7.99 weights the two outcomes 50/50 instead of using the risk-neutral probabilities implied by u, d and the risk-free rate. C: 8.40 is the risk-neutral expected payoff at expiration; it has not been discounted back one year at the risk-free rate. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: In a one-period binomial model, the option value is the risk-neutral expected payoff, with q = (1 + r − d)/(u − d), discounted at the risk-free rate.
Merksatz: Use q, not 50/50 or real-world odds, and discount the expected payoff at the risk-free rate.
9. Derivate und Risikomanagement For a month-end risk report, Nkatha Mwiti of Meru Highlands Asset Management values a long forward contract to buy one share of Ravelle Biotechnics, which pays no dividends, at a forward price of 78.60. The contract has nine months (0.75 years) left to expiration, the share now trades at 81.35, and the risk-free rate is 4.25% per year with annual compounding. The value of the long forward position is closest to:
A. −5.17 B. 2.75 C. 5.17
Lösung und Erklärung Richtige Antwort: C 5.17
The long has agreed to pay 78.60 in nine months, which is worth 78.60/1.0425^0.75 = 76.18 today. The share it will receive is worth 81.35 now, so the contract is worth 81.35 − 76.18 = 5.17 to the long. The value is positive because the share now trades above the present value of the price the long has agreed to pay.
Rechenweg
PV of forward price = 78.60 / 1.0425^0.75 = 78.60 / 1.031709 = 76.18 V(long) = 81.35 − 76.18 = 5.17 BA-II-Plus-Tastenfolge
78.6 ÷ ( 1.0425 y^x 0.75 ) = +|- + 81.35 = [5.17]
Warum die anderen Optionen falsch sind
A: −5.17 is the value of the short position, which is always the negative of the long's value. B: 2.75 subtracts the undiscounted forward price from the spot price; the 78.60 is paid only at expiration, so it must be discounted over the remaining 0.75 years. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: During its life, a long forward on an asset without carry is worth V_t = S_t − F0/(1 + r)^(T − t).
Merksatz: Value a forward by comparing today's spot price with the present value of the forward price, not the forward price itself.
10. Volkswirtschaftslehre Orrin Valley Hot Springs holds the only permit to operate a thermal spa in its valley and charges every visitor the same price for a day pass. Its daily inverse demand curve is P = 187 − 0.6Q, where P is the price of a day pass in dollars and Q is the number of passes sold per day. The marginal cost of serving one visitor is constant at $43. What price per day pass maximizes the spa's profit?
A. $72.00 B. $93.50 C. $115.00
Lösung und Erklärung Richtige Antwort: C $115.00
Marginal revenue is 187 − 1.2Q. Setting it equal to the marginal cost of 43 gives Q = 144/1.2 = 120 passes per day. Reading the price from the demand curve at that quantity gives P = 187 − 0.6 x 120 = $115.00.
Rechenweg
MR = 187 − 2 x 0.6Q = 187 − 1.2Q Set MR = MC: 187 − 1.2Q = 43, so Q = 144 / 1.2 = 120 P = 187 − 0.6 x 120 = 187 − 72 = 115.00 BA-II-Plus-Tastenfolge
187 − 43 = ÷ 1.2 = [120]; × 0.6 = +|- + 187 = [115.00]
Warum die anderen Optionen falsch sind
A: This is (187 − 43)/2 = 72, which equals 0.6Q at the optimal output, not the price; the price is 187 minus that amount. B: This sets marginal revenue equal to zero, which maximizes total revenue but ignores the $43 marginal cost of serving each visitor. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: A single-price monopolist produces where MR = MC and then charges the price on the demand curve at that quantity; with P = a − bQ, MR = a − 2bQ.
Merksatz: Find the quantity where MR = MC, then read the price off the demand curve, not off the MR curve.
11. Volkswirtschaftslehre In the country of Tarvessa, which has a floating exchange rate, most home loans carry variable interest rates that reset every quarter. To bring inflation down, the central bank raises its policy rate by 75 basis points. Through the monetary transmission mechanism, which effect is most likely?
A. The domestic currency depreciates, which raises import prices and adds to inflation. B. Household spending rises because higher deposit rates lift interest income, adding to inflation. C. Mortgage payments rise, cutting disposable income and spending, which later eases inflation.
Lösung und Erklärung Richtige Antwort: C Mortgage payments rise, cutting disposable income and spending, which later eases inflation.
Because most Tarvessan mortgages reset quarterly, the rate increase passes through quickly to households' loan payments. Higher payments leave less disposable income for consumption, which weakens aggregate demand and, after a lag, reduces inflationary pressure. This is the intended direction of a tightening.
Warum die anderen Optionen falsch sind
A: With a floating exchange rate, a higher policy rate makes domestic assets more attractive and tends to appreciate, not depreciate, the currency, which lowers import prices. B: Some savers earn more interest, but in an economy of variable-rate borrowers the dominant effect of a rate rise is lower spending, not higher demand. Kernregel: A higher policy rate passes through to market and bank lending rates, which reduces spending and, with a lag, inflation.
Merksatz: Tightening raises borrowing costs, strengthens the currency and lowers asset prices, all of which reduce demand and inflation with a lag.
12. Volkswirtschaftslehre Aroha Ngata-Whitfield, a treasury analyst at Rangitikei Wool Exports, a New Zealand company that sells to buyers in the euro area, sees these mid-market quotes: NZD/USD = 1.6835 (New Zealand dollars per one US dollar) and USD/EUR = 1.0912 (US dollars per one euro). The NZD/EUR cross rate (New Zealand dollars per one euro) is closest to:
A. 0.5444 B. 1.5428 C. 1.8370
Lösung und Erklärung Richtige Antwort: C 1.8370
One euro buys 1.0912 US dollars, and each US dollar buys 1.6835 New Zealand dollars. Multiplying the two quotes cancels the US dollar and gives 1.6835 x 1.0912 = 1.8370 New Zealand dollars per euro.
Rechenweg
NZD/EUR = (NZD/USD) x (USD/EUR) = 1.6835 x 1.0912 = 1.8370 NZD per EUR BA-II-Plus-Tastenfolge
1.6835 × 1.0912 = [1.8370]
Warum die anderen Optionen falsch sind
A: This is 1/1.8370, the EUR/NZD rate (euros per New Zealand dollar), the reciprocal of the cross rate requested. B: This divides 1.6835 by 1.0912; with these quotes the US dollar cancels only if they are multiplied. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: Chain the quotes so that the common currency cancels: NZD/EUR = NZD/USD x USD/EUR.
Merksatz: Check the units: multiply when the common currency is the base of one quote and the price currency of the other.
13. Aktien (Equities) Losaline Fonua buys 800 shares of Pokhrel Solar on margin at 37.50 per share. The initial margin requirement is 60% and the maintenance margin requirement is 30%, and her loan balance stays constant. Ignoring interest, dividends and commissions, the share price below which Fonua will receive a margin call is closest to:
A. 18.75 B. 21.43 C. 26.25
Lösung und Erklärung Richtige Antwort: B 21.43
Fonua borrows 40% of the purchase price, or 37.50 × 0.40 = 15.00 per share, and this loan stays fixed. Her equity per share at price P is P − 15.00, and a margin call occurs when (P − 15.00) / P falls below 0.30. Solving gives P* = 15.00 / 0.70 = 21.43.
Rechenweg
Loan per share = 37.50 × (1 − 0.60) = 15.00 Margin call when (P − 15.00) / P = 0.30 P* = 15.00 / (1 − 0.30) = 21.43 BA-II-Plus-Tastenfolge
1 − 0.6 = ; × 37.5 = ; ÷ ( 1 − 0.3 ) = [21.43]
Warum die anderen Optionen falsch sind
A: Scales the purchase price by the ratio of the margins (37.50 × 0.30 / 0.60); the trigger depends on the fixed loan per share relative to 1 − maintenance margin. C: Assumes the price can fall only by the 30-percentage-point gap between the margins (37.50 × 0.70); because her equity absorbs the whole price decline, the price can fall further before a call. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: A margin call is triggered when equity / position value falls below the maintenance margin, which occurs at P* = P0 × (1 − initial margin) / (1 − maintenance margin).
Merksatz: Margin call price = P0 × (1 − IM) / (1 − MM): the borrowed amount per share divided by 1 − maintenance margin.
14. Aktien (Equities) In Elvarna, more than 200 small producers make craft cider. A new producer needs little capital because it can rent pressing capacity from existing cider makers. Three supermarket chains buy about 75% of the industry's output and can source it from many interchangeable suppliers. Based on the five-forces framework, the craft cider industry's profit potential is most likely:
A. below average, because entry barriers are low and buyers have strong bargaining power B. above average, because a fragmented industry of small producers faces only weak rivalry C. above average, because the supermarket chains need many producers to fill their shelves
Lösung und Erklärung Richtige Antwort: A below average, because entry barriers are low and buyers have strong bargaining power
Rented pressing capacity means a new producer needs little capital, so the threat of new entrants is high. Three chains buying 75% of output from many interchangeable suppliers have strong bargaining power and can push prices down. With many small, similar producers, rivalry is also likely intense, so the industry's profit potential is below average.
Warum die anderen Optionen falsch sind
B: Fragmentation with many similar producers usually intensifies rivalry and price competition; it does not weaken it. C: Needing many producers does not give each producer power; concentrated buyers that can easily switch among interchangeable suppliers hold the bargaining power. Kernregel: High entry barriers, weak buyers and suppliers, few substitutes and limited rivalry support above-average returns; the reverse conditions point to below-average profitability.
Merksatz: Low entry barriers plus concentrated buyers who can switch suppliers easily squeeze industry profits.
15. Aktien (Equities) Kgothatso Modise is building a peer group for Venkatraman Cold Chain, which operates temperature-controlled warehouses and trucks for food producers. She makes three statements about her approach. Which statement is least likely correct?
A. A commercial classification system will assign Venkatraman to an industry based mainly on the business activity that produces most of its revenue. B. A company assigned to a different commercial industry may still belong in the peer group if it shares Venkatraman's demand drivers and cost structure. C. Companies in the same commercial industry will be close peers, because commercial systems group companies by the correlation of their returns.
Lösung und Erklärung Richtige Antwort: C Companies in the same commercial industry will be close peers, because commercial systems group companies by the correlation of their returns.
Modise's statement mixes up two approaches: grouping by the correlation of historical returns is the statistical approach, not the basis of commercial systems, which use principal business activity. Even companies in the same commercial industry can differ in demand drivers, cost structures or access to capital, so sharing an industry label does not by itself make them close peers.
Warum die anderen Optionen falsch sind
A: This statement is correct: commercial systems classify a company by its principal business activity, usually judged by the largest source of revenue. B: This statement is correct: peers are companies with similar business activities, demand drivers, cost structures and access to capital, so the economics matter more than the label. Kernregel: Commercial classification systems group companies by principal business activity, statistical approaches group them by return correlations, and a peer group must still be checked for shared business drivers.
Merksatz: Commercial systems classify by principal business activity; peer groups are then refined by checking shared economic drivers.
16. Ethik und berufliche Standards Sabeen Qureshi-Wells, CFA, a portfolio manager at Kirthar Range Investments, places a block order to buy shares of Thar Solar Glass for 30 discretionary accounts that follow the same growth mandate and for which the shares are equally suitable. One of the 30 is an account owned by her adult son, who pays the firm's standard fee. She also wants to buy the shares for a joint account she holds with her husband. The order is only partly filled. Which allocation is most consistent with Standard VI(B) Priority of Transactions?
A. Pro rata among the 30 client accounts, including her son's, then the joint account once clients are filled B. Pro rata among the 29 client accounts other than her son's, to avoid any appearance of favoring members of her family C. Pro rata among all 31 accounts, because her husband's interest makes the joint account a client account
Lösung und Erklärung Richtige Antwort: A Pro rata among the 30 client accounts, including her son's, then the joint account once clients are filled
Qureshi-Wells has a beneficial interest in the joint account with her husband, so that account must wait until all client orders are filled. Her son's account is a fee-paying client account in the same mandate, so it must share in the allocation on the same pro rata basis as the other 29 clients: neither favored nor disadvantaged. Allocating pro rata among the 30 client accounts and filling the joint account only afterward meets the Standard.
Warum die anderen Optionen falsch sind
B: Excluding the son's fee-paying account disadvantages a client because of his family tie, which is unfair to him. C: The joint account is one in which the member is a beneficial owner, so it ranks behind client accounts regardless of her husband's share. Kernregel: Under Standard VI(B), client transactions take priority over any account in which the member has a beneficial interest, while a family member's fee-paying account is a client account to be treated like any other.
Merksatz: Family fee-paying accounts are clients; accounts you benefit from come last.
17. Ethik und berufliche Standards Dawit Alemayehu-Ross, CFA, a portfolio manager at Bale Plateau Advisors, manages separate accounts for 40 clients in a core bond strategy. Some of the accounts pay a performance fee, and the rest pay only a flat management fee. Which of the following practices is least likely consistent with Standard III(B) Fair Dealing?
A. Allocating a partially filled new bond issue pro rata among all accounts for which it is suitable B. Filling the performance-fee accounts first whenever a new bond issue is in short supply C. Offering a disclosed premium service, open to any client who pays for it, with more frequent reviews
Lösung und Erklärung Richtige Antwort: B Filling the performance-fee accounts first whenever a new bond issue is in short supply
Giving priority to performance-fee accounts favors the clients whose results raise the firm's own revenue and disadvantages the flat-fee clients in the same strategy. Fair dealing requires an allocation method, such as pro rata, that does not depend on how profitable an account is to the firm. Different service levels are allowed when they are disclosed and available to every client willing to pay, so a premium review service does not breach the Standard.
Warum die anderen Optionen falsch sind
A: Pro rata allocation among all suitable accounts is the standard fair method for a partially filled order. C: Fair does not mean identical; a premium service is acceptable when it is disclosed and offered to all clients who choose to pay for it. Kernregel: Standard III(B) requires that all clients be treated fairly when trades are allocated, so scarce securities are shared pro rata among accounts for which they are suitable, regardless of the fees each account pays.
Merksatz: Allocate scarce trades by a fair method such as pro rata, never by how much an account pays the firm.
18. Ethik und berufliche Standards Tremarnock Investment Counsel is preparing to claim compliance with the GIPS standards. The exhibit lists four segregated accounts that it manages in its global bond strategy. Under the GIPS standards, which of these accounts must the firm include in at least one composite?
Segregated accounts in Tremarnock's global bond strategy Account Client Fee arrangement Investment discretion Recent performance 1 Corporate pension plan Pays a management fee Full discretion In line with benchmark 2 Firm's own staff savings plan Managed free of charge Full discretion In line with benchmark 3 Charity Pays a management fee Charity must approve every trade Above benchmark 4 Family office Pays a management fee Full discretion Far below benchmark after a large loss
A. Accounts 1 and 4 B. Account 1 only C. Accounts 1, 2, 3 and 4
Lösung und Erklärung Richtige Antwort: A Accounts 1 and 4
Accounts 1 and 4 both pay fees and are managed with full discretion, so both must be included; account 4's large loss is irrelevant, because excluding poor performers is exactly the cherry-picking the standards prevent. Account 2 is managed free of charge, so the firm may include it with disclosure but is not required to. Account 3 is nondiscretionary, because the charity's approval of every trade prevents the firm from implementing its strategy, so it must not be included in a composite.
Warum die anderen Optionen falsch sind
B: Leaving out account 4 because of its poor results would be cherry-picking; fee-paying discretionary accounts must be included regardless of performance. C: Account 2 is non-fee-paying, so its inclusion is optional, and account 3 is nondiscretionary, so it must not be included. Kernregel: Every actual, fee-paying, discretionary segregated account must be included in at least one composite, whatever its performance, while nondiscretionary accounts are excluded and non-fee-paying accounts are optional.
Merksatz: Composite inclusion depends on fees and discretion, never on performance.
19. Anleihen Tomás Echeverri wants to buy EUR 5 million par of bonds of Calaveras Rail today. A dealer quotes Calaveras's small issue from six years ago at 98.42 bid / 98.71 ask, and its large issue sold last month, with a similar maturity, at 99.05 bid / 99.12 ask. If Tomás buys the older issue from this dealer, at what price will he most likely trade, and which issue is more liquid?
A. At 98.71; the large issue sold last month is more liquid. B. At 98.42; the large issue sold last month is more liquid. C. At 98.71; the older issue is more liquid, as its wider spread pays dealers more.
Lösung und Erklärung Richtige Antwort: A At 98.71; the large issue sold last month is more liquid.
A dealer buys at its bid and sells at its ask, so Tomás pays the ask price of 98.71 for the older issue. The older issue's spread is 0.29 per 100 par, while the recent large issue's spread is only 0.07. The narrower spread on the recent, larger issue shows that it is cheaper to trade and therefore more liquid, which is typical of large and recently issued bonds.
Warum die anderen Optionen falsch sind
B: 98.42 is the dealer's bid, the price at which the dealer buys; an investor buying from the dealer pays the higher ask price. C: A wider bid-ask spread means a higher cost of trading and lower liquidity, not higher liquidity. Kernregel: Investors buy at the dealer's ask and sell at the bid, and a narrower bid-ask spread signals greater liquidity.
Merksatz: Buy at the ask, sell at the bid; the narrower the spread, the more liquid the bond.
20. Anleihen Pham Quoc Bao, a risk analyst at Thuan An Lagoon Asset Management, measures the interest rate risk of a callable bond issued by Lam Tuyen Expressways. His option pricing model values the bond at 101.46 per 100 par. After a 25 basis point parallel downward shift of the government benchmark curve, the model price is 102.31; after a 25 basis point parallel upward shift, it is 100.42. The bond's effective duration is closest to:
A. 3.73 B. 4.10 C. 7.45
Lösung und Erklärung Richtige Antwort: A 3.73
The price difference between the down-shift and up-shift scenarios is 102.31 − 100.42 = 1.89. Dividing by 2 x 0.0025 x 101.46 = 0.5073 gives an effective duration of 3.73. Effective duration is the right measure here because the call option makes the bond's cash flows depend on rates.
Rechenweg
PV− − PV+ = 102.31 − 100.42 = 1.89 2 x ΔCurve x PV0 = 2 x 0.0025 x 101.46 = 0.5073 Effective duration = 1.89 / 0.5073 = 3.73 BA-II-Plus-Tastenfolge
102.31 − 100.42 = ÷ ( 2 × 0.0025 × 101.46 ) = [3.73]
Warum die anderen Optionen falsch sind
B: This uses only the upward shift, (101.46 − 100.42) / (0.0025 x 101.46); for a callable bond the up and down price moves differ, so a one-sided estimate is biased. C: This omits the 2 in the denominator, even though the price difference spans a total curve move of 50 bp; it doubles the duration. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: Effective duration = (PV− − PV+) / (2 x ΔCurve x PV0), using model prices after parallel shifts of the benchmark curve.
Merksatz: Effective duration uses the price spread across both shifts divided by twice the shift times the initial price.
21. Anleihen Three years ago, Marrakand Solar Credit securitized its rooftop solar installment loans: it sold the loans to a bankruptcy-remote special purpose entity (SPE), which issued senior and subordinated asset-backed securities (ABS). Marrakand has now filed for bankruptcy, but the homeowners in the pool keep paying as scheduled. What will most likely happen to holders of the senior ABS?
A. They become unsecured creditors of Marrakand and share its remaining assets with its other creditors in the bankruptcy process. B. They continue to receive payments from the cash flows of the loan pool, because Marrakand's creditors have no claim on the SPE's assets. C. Their payments are suspended until the bankruptcy ends, because the SPE's assets are combined with Marrakand's assets in the proceedings.
Lösung und Erklärung Richtige Antwort: B They continue to receive payments from the cash flows of the loan pool, because Marrakand's creditors have no claim on the SPE's assets.
The loans were sold to the SPE, so they are no longer Marrakand's assets and are not available to its creditors. The SPE is set up so that the originator's bankruptcy does not pull it into the proceedings. As long as the pooled loans keep paying, the senior ABS keep receiving interest and principal through the waterfall; their credit risk depends on the pool, not on Marrakand.
Warum die anderen Optionen falsch sind
A: ABS investors have a claim on the SPE's pool, not on the originator; they do not join Marrakand's general creditors, because the assets were transferred in a true sale. C: The purpose of a bankruptcy-remote SPE is precisely that its assets are not combined with the originator's in a bankruptcy, so payments from a performing pool continue. Kernregel: Because the originator sells the assets to a bankruptcy-remote SPE, the ABS are serviced by the pool's cash flows and are insulated from the originator's own bankruptcy.
Merksatz: In a securitization, investors take the credit risk of the asset pool, not of the originator.
22. Jahresabschlussanalyse Mahuika Geothermal Drilling prepares its financial statements under US GAAP, which classifies interest paid as an operating cash flow. The exhibit shows selected cash flow data for its latest fiscal year. The company's tax rate is 25%. Free cash flow to equity (in $ thousands) is closest to:
Mahuika Geothermal Drilling, latest fiscal year ($ thousands) Item Amount Cash flow from operating activities (after interest paid) 58,740 Interest paid 3,920 Net investment in fixed capital 21,360 Net borrowing (new debt issued less repayments) 4,250
A. 33,130.00 B. 41,630.00 C. 44,570.00
Lösung und Erklärung Richtige Antwort: B 41,630.00
Because Mahuika reports under US GAAP, its CFO of 58,740 is already stated after the 3,920 of interest paid to lenders, so no interest adjustment is needed for FCFE. Deduct the 21,360 invested in fixed capital and add the 4,250 of net borrowing, which is cash made available to shareholders: 58,740 − 21,360 + 4,250 = 41,630.
Rechenweg
FCFE = CFO − FCInv + net borrowing CFO of 58,740 already reflects interest paid of 3,920, so interest is not added back FCFE = 58,740 − 21,360 + 4,250 FCFE = 41,630 ($ thousands) BA-II-Plus-Tastenfolge
58740 − 21360 + 4250 = [41,630.00]
Warum die anderen Optionen falsch sind
A: Subtracts the 4,250 of net borrowing; new borrowing in excess of repayments increases the cash available to equity holders, so it is added. C: Adds back after-tax interest of 3,920 × (1 − 0.25) = 2,940, which is the adjustment for FCFF; interest is paid to lenders, so it is not cash available to equity holders. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: When interest paid is already deducted in CFO, FCFE = CFO − fixed capital investment + net borrowing, with no interest adjustment.
Merksatz: FCFE starts from CFO, deducts fixed capital investment and adds net borrowing; only FCFF adds back after-tax interest.
23. Jahresabschlussanalyse Wanaka Leatherworks, an IFRS reporter, makes handbags. Which of the following costs incurred this year is included in the cost of its inventory?
A. Import duties on hides that the customs authority will later refund to Wanaka B. Leather scrapped after a cutting machine was miscalibrated for two weeks C. Depreciation of stitching machines, allocated on the basis of normal capacity
Lösung und Erklärung Richtige Antwort: C Depreciation of stitching machines, allocated on the basis of normal capacity
Depreciation of production machinery is a fixed production overhead. It is allocated systematically to the handbags produced, using normal capacity as the basis, so it forms part of the cost of inventory under IFRS.
Warum die anderen Optionen falsch sind
A: Only non-recoverable import duties are part of purchase cost; duties that will be refunded are a receivable from the authority, not a cost of the hides. B: Abnormal amounts of wasted materials, such as leather spoiled by a miscalibrated machine, are expensed as incurred rather than added to inventory. Kernregel: Inventory cost includes purchase costs net of recoverable duties and taxes plus conversion costs, including fixed production overhead allocated on normal capacity; abnormal waste is expensed.
Merksatz: Capitalize normal production costs, including allocated fixed overhead; expense abnormal waste and leave recoverable duties out of cost.
24. Jahresabschlussanalyse Avetisyan Copper Tubing reports under US GAAP and uses the LIFO cost formula in a periodic inventory system. It began the year with 2,400 coils of tubing costing $31.50 each and purchased 5,600 coils during the year at $36.00 each. It sold 6,100 coils during the year. Cost of goods sold for the year is closest to:
A. $59,850.00 B. $208,800.00 C. $217,350.00
Lösung und Erklärung Richtige Antwort: C $217,350.00
Avetisyan sold 6,100 coils. Under LIFO, the 5,600 coils bought during the year are treated as sold first (5,600 × $36.00 = $201,600), and the remaining 500 coils come from beginning inventory (500 × $31.50 = $15,750). Cost of goods sold = $201,600 + $15,750 = $217,350.
Rechenweg
Goods available = 2,400 × 31.50 + 5,600 × 36.00 = 75,600 + 201,600 = 277,200 LIFO: the newest layer is sold first: 5,600 × 36.00 = 201,600 Remaining 6,100 − 5,600 = 500 units come from beginning inventory: 500 × 31.50 = 15,750 COGS = 201,600 + 15,750 = 217,350 BA-II-Plus-Tastenfolge
5600 × 36 = STO 1; 500 × 31.5 = ; + RCL 1 = [217,350.00]
Warum die anderen Optionen falsch sind
A: $59,850 is LIFO ending inventory (goods available of $277,200 minus cost of goods sold), not cost of goods sold. B: $208,800 applies FIFO, costing the 2,400 beginning coils first and then 3,700 purchased coils; the company uses LIFO. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: Under periodic LIFO, units sold are costed from the most recent purchases first, and the oldest costs remain in ending inventory.
Merksatz: With rising costs, LIFO puts the latest, highest costs into COGS and leaves the oldest, lowest costs in inventory.
25. Portfoliokonstruktion Dorota Kwiatkowska, a cautious client, has a risk-aversion coefficient of 6. Her brother recommends a leveraged emerging-market bond fund with an expected annual return of 7.0% and an annual standard deviation of 24.0%. Using mean-variance utility, the fund's utility for Kwiatkowska is closest to:
A. −27.56% B. −10.28% C. 24.28%
Lösung und Erklärung Richtige Antwort: B −10.28%
The variance is 0.24² = 0.0576, and with A = 6 the risk penalty is 0.5 × 6 × 0.0576 = 0.1728. This exceeds the 0.07 expected return, so utility is 0.07 − 0.1728 = −0.1028, or about −10.28%. The fund's certainty-equivalent return is negative, so even a risk-free asset earning 0% would be preferable for Kwiatkowska.
Rechenweg
Variance = 0.24^2 = 0.0576 Risk penalty = 0.5 × 6 × 0.0576 = 0.1728 U = 0.07 − 0.1728 = −0.1028, or −10.28% A negative utility means the fund is worth less to her than a risk-free asset earning 0% BA-II-Plus-Tastenfolge
0.24 x² × 6 × 0.5 = STO 1; 0.07 − RCL 1 = × 100 = [−10.28]
Warum die anderen Optionen falsch sind
A: Omits the factor 0.5, doubling the risk penalty to 6 × 0.0576 = 0.3456. C: Adds the risk penalty to the expected return instead of subtracting it, which would make a riskier fund more attractive to a risk-averse investor. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: U = E(r) − 0.5 × A × σ²; for a highly risk-averse investor and a volatile asset, the risk penalty can exceed the expected return and make utility negative.
Merksatz: Utility can be negative: a high risk-aversion coefficient combined with high variance can outweigh the expected return.
26. Portfoliokonstruktion Elif Demir joined her employer's defined contribution plan at age 25 and was placed in its default money market option. Fifteen years later she has never changed her allocation, even though she has a long horizon and her adviser has shown her that a diversified balanced fund would better suit her goals. She says it is simply easier to leave things as they are. Which bias does her behavior illustrate?
A. Status quo bias B. Endowment bias C. Overconfidence bias
Lösung und Erklärung Richtige Antwort: A Status quo bias
Demir stays in the default option out of inertia, not because she has analyzed it and judged it best. Preferring to leave things unchanged is status quo bias. Its likely consequence is a portfolio that is too conservative for her long horizon, which can leave her retirement savings short of her goals.
Warum die anderen Optionen falsch sind
B: Endowment bias means valuing an asset more highly simply because one owns it; Demir shows no special attachment to the money market fund, only a reluctance to act. C: Overconfidence leads to excessive trading and concentrated bets based on overestimated skill; Demir does not trade at all and claims no superior knowledge. Kernregel: Status quo bias is an emotional bias in which an investor does nothing and keeps an existing position, often a default, even when a change would better serve their goals.
Merksatz: Doing nothing because change feels like effort is status quo bias, and default options make it especially common.
27. Portfoliokonstruktion Skerrivik Aquaculture, a salmon farmer, has volatile shares: their annual return standard deviation is 38.5%, against 16.5% for the market index, and the correlation between the shares and the index is 0.35. What is the beta of the shares?
A. 0.29 B. 0.82 C. 2.33
Lösung und Erklärung Richtige Antwort: B 0.82
The shares are more than twice as volatile as the market (38.5% versus 16.5%), but their correlation with the market is only 0.35. Beta = 0.35 × 0.385 / 0.165 = 0.82, so the shares carry less systematic risk than the market despite their high total risk.
Rechenweg
β = ρ × σi / σm β = 0.35 × 0.385 / 0.165 β = 0.82 BA-II-Plus-Tastenfolge
0.35 × 0.385 ÷ 0.165 = [0.82]
Warum die anderen Optionen falsch sind
A: Uses R-squared (0.35² = 0.1225) instead of the correlation: 0.1225 × 0.385 / 0.165. C: Divides the standard deviations without multiplying by the correlation, treating all of the shares' volatility as market-related. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: β = ρ(i,m) × σi / σm, so only the part of an asset's volatility that moves with the market counts.
Merksatz: High total volatility does not imply a high beta; multiply the volatility ratio by the correlation.
28. Quantitative Methoden The data team at Skerrivore Sound Commodities combines three sources to forecast crude oil exports: position messages broadcast every few minutes by thousands of tankers, weekly port authority reports published as PDF files, and free-text chat messages from shipbrokers. The team finds that some tankers switch off their transmitters for days or broadcast false positions. This problem most likely relates to which characteristic of big data, and which processing step deals with it?
A. Variety; it is handled during data search, when the different file formats are queried together B. Velocity; it is handled during data storage, by using a database designed for real-time updates C. Veracity; it is handled during data curation, when inaccurate or missing records are treated
Lösung und Erklärung Richtige Antwort: C Veracity; it is handled during data curation, when inaccurate or missing records are treated
False positions and transmitter gaps make the tanker data unreliable, which is a veracity problem; the speed of the messages (velocity) and the mix of formats (variety) are present but are not what causes the errors. Data curation is the step that checks quality, flags inaccurate or missing records and corrects, fills or removes them before the data are stored and analyzed. Without curation, the export forecast would be built on misleading inputs.
Warum die anderen Optionen falsch sind
A: The mix of formats is variety, but mixed formats do not create false positions; searching the data does not fix inaccurate records. B: The frequency of the messages is velocity, but faster storage does nothing to correct data that are wrong or missing. Kernregel: Veracity refers to the reliability and accuracy of data, and data curation is the processing step that detects and treats errors and missing values.
Merksatz: Unreliable data = veracity, addressed by curation (cleaning) before storage and analysis.
29. Quantitative Methoden Aisulu Zhanibekova, a sustainability analyst at Burabay Lake Investments, estimates that 14% of the chemical companies she covers will be fined for environmental violations next year. A satellite methane-monitoring service issued an alert for 78% of companies that were later fined, and it correctly issued no alert for 91% of companies that were not fined. The service has just issued an alert for one of the companies she covers. The probability that this company will be fined next year is closest to:
A. 10.92% B. 18.66% C. 58.52%
Lösung und Erklärung Richtige Antwort: C 58.52%
The stem gives the share of non-fined companies with no alert, so the false-alert rate is 1 − 0.91 = 0.09. The joint probability of an alert and a fine is 0.78 × 0.14 = 0.1092, and false alerts add 0.09 × 0.86 = 0.0774, so the probability of an alert is 0.1866. The posterior is 0.1092 / 0.1866 = 58.52%: the alert raises the probability of a fine from 14% to about 59%, yet about four in ten alerts still concern companies that will not be fined.
Rechenweg
False-alert rate: P(alert | not fined) = 1 − 0.91 = 0.09 Joint probability: P(alert and fined) = 0.78 × 0.14 = 0.1092 Complement branch: P(alert and not fined) = 0.09 × (1 − 0.14) = 0.09 × 0.86 = 0.0774 Unconditional probability: P(alert) = 0.1092 + 0.0774 = 0.1866 Posterior: P(fined | alert) = 0.1092 / 0.1866 = 0.5852, or 58.52% BA-II-Plus-Tastenfolge
0.78 × 0.14 = STO 1; 1 − 0.14 = × 0.09 = + RCL 1 = STO 2; RCL 1 ÷ RCL 2 = × 100 = [58.52]
Warum die anderen Optionen falsch sind
A: This is the joint probability of an alert and a fine (0.78 × 0.14); it must be divided by the total probability of an alert. B: This is the unconditional probability of an alert, the denominator of Bayes' formula, not the probability of a fine given an alert. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: Bayes' formula gives P(fined | alert) = P(alert | fined) × P(fined) / P(alert), where P(alert | not fined) is the complement of the 91% correct no-alert rate.
Merksatz: Convert a 'correctly no alert' rate into the false-alert rate before applying Bayes' formula.
30. Quantitative Methoden In the Republic of Aranmor, consumer prices rose 7.5% over the past year. The central bank forecasts, and investors broadly agree, that inflation will fall to about 3% within two years and remain there. Marit Oosterhuis compares newly issued 1-year and 10-year government bonds, both of which are free of default risk and actively traded. Which statement about the inflation premiums in the two bonds' yields is correct?
A. Each premium equals 7.5%, because inflation premiums are set by the most recently measured inflation rate B. The 1-year bond's premium is higher, because expected inflation over its life is still elevated C. The 10-year bond's premium is higher, because the inflation premium rises with a bond's time to maturity
Lösung und Erklärung Richtige Antwort: B The 1-year bond's premium is higher, because expected inflation over its life is still elevated
Investors expect inflation to fall from its recent 7.5% toward 3% over the next two years. The 1-year bond's inflation premium reflects expected inflation over the coming year, which is still well above 3%. The 10-year bond's premium reflects average expected inflation over ten years, most of which are expected to run near 3%, so it is lower. Any extra yield that investors require for the 10-year bond's greater price sensitivity is a maturity premium, a separate component of the nominal rate.
Warum die anderen Optionen falsch sind
A: The inflation premium is forward-looking; past measured inflation matters only to the extent it shapes expectations, which here point to falling inflation. C: This confuses the inflation premium with the maturity premium; the inflation premium depends on expected inflation over each bond's life, which is lower for the 10-year bond here. Kernregel: The inflation premium in a nominal yield reflects the average inflation that investors expect over the life of the bond, not the inflation rate measured in the past.
Merksatz: Inflation premium = expected inflation over the bond's life; extra yield for longer maturity is the maturity premium.
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