Schweser Printable Answers L 2 Practice Exams Vol 2 Exam 1 am.docx
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Schweser Printable Answers L 2 Practice Exams Vol 2 Exam 1 am.docx
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SchweserPrintableAnswersL2PracticeExamsVol2Exam1am
SchweserPrintableAnswers-PracticeExamsVol.2-Exam1AM
Question1-#51039
Youranswer:
Dwascorrect!
ThereisnoviolationoftheStandardsinTransactionA.ConnorisbasicallyhedginganypotentiallossfromadeclineinthepriceofStockApriortothecompletionofhissaletransaction.Thereisnoapparentattempttomanipulatethemarketinthistransaction.
ThisquestiontestedfromSession1,Reading2,LOSa,b
Question2-#51040
Youranswer:
Awascorrect!
AcriticalfactorinassessinganyviolationofStandardII(B)MarketManipulationistheintentofthepartiesinvolved.Inthiscase,ConnorishopingthathisoptionstransactiondrivesupthepriceofStockB,whichwouldimprovethereportedperformanceoftheGeronimoFund.ThistypeofmanipulationwouldbeaviolationoftheStandard.
ThisquestiontestedfromSession1,Reading2,LOSa,b
Question3-#51041
Youranswer:
Dwascorrect!
TransactionsmeanttominimizetaxliabilitiesarenotprohibitedbytheStandards.IftheGeronimoFundbenefits,theinvestorsinthefundwillpresumablybenefitalso.
ThisquestiontestedfromSession1,Reading2,LOSa,b
Question4-#51042
Youranswer:
Dwascorrect!
ConnorwasnotpressuredtotaketheIPO,andhebelieveditwasagoodinvestment.Connorreceivednoconfidentialinformation.TheIPOhadbeenmadeavailabletoallApacheclientspriortoGeronimo.ThereisnoevidenceofaviolationofeitheroftheseStandards.
ThisquestiontestedfromSession1,Reading2,LOSa,b
Question5-#51043
Youranswer:
Bwascorrect!
BysuggestingthatGeronimomightneedtoacquiremoresharestosupportthepriceinthefuture,ArmstrongissuggestingthatApachewouldbewillingtomanipulatethemarketbycreatingfalsetradingvolume.Thisistransaction-basedmanipulationinviolationoftheStandards.
ThisquestiontestedfromSession1,Reading2,LOSa,b
Question6-#51044
Youranswer:
Awascorrect!
Bychanginghispreviousdecisionandacceptingthe2%basedonArmstrong’se-mail,ConnorhasviolatedtheStandardsrelatedtomaterialnonpublicinformation.Hehasactedbaseduponthereceiptofinsideinformation.ArmstronghasviolatedtheStandardsrelatedtobothmaterialnonpublicinformationandpreservationofconfidentiality.ArmstrongviolatedconfidentialitybyrevealinginformationhereceivedbaseduponaspecialrelationshipwithStockD.BypassingthatinformationtoanotherareaofApache,ArmstronghasviolatedStandardII(A)MaterialNonpublicInformationaswell.
ThisquestiontestedfromSession1,Reading2,LOSa,b
Question7-#51045
Youranswer:
Awascorrect!
Undertheclassicaltheoryofgrowth,aone-timeincreaseintechnology(electricity)shiftstheproductivitycurveupward,soateachandeverypointahigherlevelofrealGDPperhouriscreated.However,theoriginalproductivitycurvesetsthesubsistencewagerate,notthenewproductivitycurve.Inthiscase,1947setsthesubsistencewagerate,sincethisisthewagelevelsetpriortotheintroductionofelectricity.RealGDP/hourslabor=$100/20=$5.00subsistencewagelevel.Theactualrealwageratein1950isrealGDP/hoursoflaborinthatyear=$180/21=$8.57perhour.Undertheclassicaltheoryofgrowth,aone-timeshifttotheproductivitycurvewillincreasewageratesonetimeandthusacttoincreasethelaborforce.Withcapitalandtechnologyheldconstant,agrowingpopulationtranslatesintoagreaternumberoflaborhours,whichreducescapitalperhouroflaborandforcesthemovementalongthenewproductivitycurveuntilthepreviouslevelofsubsistencerealGDPorsubsistencewagelevelisachieved.(StudySession4,LOS14.c)
ThisquestiontestedfromSession4,Reading14,LOSc
Question8-#51046
Youranswer:
Dwascorrect!
NeitherconditionwouldallowAlphiatoincreasethelong-termsubsistencelevelofwages.Undertheclassicaltheoryofeconomicgrowth,aneconomywouldhaveatemporaryimprovementinthelaborlivingstandardsastherealwagerateclimbedabovethesubsistencewagerate,butovertimepopulationgrowthwouldlowercapitalperhouroflaboranddriverealGDPperhouroflaborbacktowardsthesubsistencewagelevel.Evenagreaterlevelofsavingsandinvestmentcreatingmorecapital,underclassicalgrowththeory,doesnotpreventthisslidebacktowardsthesubsistencelevelofwages.AnythingthatincreasesrealGDPperhouroflaborabovesubsistencelevelcausespopulationgrowththatoverwhelmsthegainsfromincreasedproductivityduetoagreaterlevelofcapital.(StudySession4,LOS14.b)
ThisquestiontestedfromSession4,Reading14,LOSb
Question9-#51047
Youranswer:
Cwascorrect!
InordertosolvethisproblemwehavetousetheOne-ThirdRuleofRobertSolowofMIT.Hisrulestatesthat,withtechnologyheldconstant,a1%increaseincapitalperhouroflaborequatestoone-thirdofa1%increaseinrealGDPperhouroflabor.Thus,whencapitalperhouroflaborincreasesby9%,theone-thirdruledictatesthatcapitalgrowthhascontributed3%(9%×1/3)torealGDPgrowth.Thebalanceofthe7%realGDPgrowth,or4%,isduetotechnologicalchange.(StudySession4,LOS14.b)
ThisquestiontestedfromSession4,Reading14,LOSb
Question10-#51048
Youranswer:
Dwascorrect!
Theneoclassicalgrowththeorymodeldoesindeedimplythatgivenaccesstothesametechnologyandcapitalmarkets,thengrowthratesandincomelevelsperpersonshouldbegintoconvergeonaglobalbasis.However,whilesomeconvergencehasoccurredovertime,inrealitymanycountriesarejustasfarawayfromtherichcountriesastheyhaveeverbeen.Thislackofconvergenceintherealworldisprobablyduetothefactthattheneoclassicalgrowthmodelleavesoutmanyofthevariablesthatmustgrowatthesamerateindifferentcountriesforconvergencetooccur.Obstaclestoconvergenceincludedifferencesinpopulationgrowthrates,inratesoftechnologicalchange,andmostimportantlyinsavingsratesandtargetratesofreturn.Inessence,ifthecountriesdonothavesimilareconomicanddemographiccharacteristics,thenitwouldbedifficultforthemtogrowatthesamerate.(StudySession4,LOS14.e)
ThisquestiontestedfromSession4,Reading14,LOSe
Question11-#51049
Youranswer:
Cwascorrect!
Equilibriumintheneoclassicalmodeloccurswhenthetargetrateofreturnequalstherealinterestratesequalthetargetinterestrates.Realinterestratesarethoseratesachievedinthemarket,whiletargetinterestratesarethoseratesofreturntheinvestorwishestoearn.EquilibriumoccursatPointAandatPointC.However,asaresultofaddingdiseaseresistantgraintotheAlphianfarmers,thesefarmersareoperatingonahigherproductivitycurvethantheoriginalPointA.AtPointBtherealinterestrateishigherthanthetargetinterestrate,inducingmorecapitaltobeinvested.AtPointCthetargetrateofinterestisequaltotherealrateofinterest,creatinganequilibrium.AtPointDthetargetrateofinterestisgreaterthantherealrateofinterest;thiscompelsinvestorstoremovecapitalfromtheAlphianfarmmarket.(StudySession4,LOS14.e)
ThisquestiontestedfromSession4,Reading14,LOSe
Question12-#51050
Youranswer:
Dwascorrect!
No,thebiotechnologyindustryisnotbasedsolelyonknowledgecapital.They=AkgrowthmodelholdsupwellasAlphiaentersthepharmaceuticalbusiness,butin2010,whenAlphiabeginstoseethereturnsfromthebiotechnologyindustry,therealGDPperhouroflaborbeginstodiminishrelativetocapitalperhouroflabor.Apparentlybiotechnologyisamoredifficultindustrytodevelopthanpharmaceuticals,asAlphiaisbeginningtoseediminishedreturnsintheformoflessrealGDPperhouroflaborpereverycapitalperhouroflabor.InthiscasetheAklinewouldbegintoflattenoutandshowdiminishedreturns.Inthenewgrowththeory,knowledgecapitaldoesnotexperiencediminishingreturnsandthereforeanindustrybasedsolelyonknowledgecapitalwouldnotseetheAklineflattenout.(StudySession4,LOS14.b)
ThisquestiontestedfromSession4,Reading14,LOSb
Question13-#51051
Youranswer:
Awascorrect!
Securitizingreceivablesistreatedlikeacollection;thatis,theincreaseincashflowisreportedasanoperatingactivityinthecashflowstatement.Borrowingagainstthereceivablesisreportedasaninflowfromfinancingactivities.Thus,securitizingwillresultinhigheroperatingcashflowandborrowingwillresultinhigherfinancingcashflow.(StudySession7,LOS27.a)
ThisquestiontestedfromSession7,Reading27,LOSa
Question14-#51052
Youranswer:
Bwascorrect!
InordertocalculatetheimpactonCFOofextendingpayables,solveforaccountspayableattheendof2006and2007giventhedaysinpayablesandCOGS.
TheincreaseinaccountspayableresultsinanincreaseinCFOof$15million($40million–$25million).TheincreaseinCFOisnotsustainablesinceitislikelysupplierswilleventuallyrefusetoextendcreditbecauseoftheslowerpayments.(StudySession7,LOS27.a)
ThisquestiontestedfromSession7,Reading27,LOSa
Question15-#51054
Youranswer:
Dwascorrect!
Withasales-typelease,thelessor(CopyTech)recognizesallofthegrossprofitattheinceptionofthelease.Profitmaybeoverstatedifthelesseefailstomaketheleasepaymentsandeventuallydefaults.CopyTechshouldalsodefertherecognitionoftheprofitrelatedtotheservicecontract.Thesales-typeleasesandaccountingfortheservicecontractsresultinlowerearningsquality.
Extendingtheusefullivesoflong-term
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