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Exam Code: CFA-Level-I

Exam Name: CFA Institute CFA Level I Chartered Financial Analyst

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CFA-Level-I Latest Exam Sample Total Q&A: 2200 Questions and Answers

Last Update: 2017-05-08

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NO.1 In an inefficient market, if an asset's intrinsic value is estimated to be $10 while the market
price is $12, the asset appears to be:
A. uncertain.
B. overvalued.
C. undervalued.
Answer: A

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Explanation: This is because the market is inefficient and the intrinsic value is not a good estimate of
the
market value of the asset.

NO.2 If a firm's asset turnover were to increase by 10% and the tax rate were to increase from 35% to
40%,
leaving all else constant, the resultant change in the firm's ROE equals ________.
A. +1.5%
B. -1.1%
C. -1.9%
Answer: A

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Explanation: ROE = Net income/Equity. Using the Extended DuPont System, = (EBT/sales)*(sales/total
assets)*(total assets/equity)*(1-tax rate) The asset turnover ratio equals sales/total assets.
Therefore,
ROE(after)/ROE(before) = [asset turnover(after)/asset turnover(before)*]*[0.6/0.65] = 1.1*0.6/0.65 =
1.015.
Thus, the ROE increases by 1.5%.