CFA level 1conceptions2.docx
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CFA level 1conceptions2.docx
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CFAlevel1conceptions2
Anoperatingsegmentisdefinedasacomponentofacompany:
a)thatengagesinactivitiesthatmaygeneraterevenueandcreateexpenses,includingastart-upsegmentthathasyettoearnrevenues,b)whoseresultsareregularlyreviewedbythecompany’sseniormanagement,andc)forwhichdiscretefinancialinformationisavailable.Acompanymustdiscloseseparateinformationaboutanyoperatingsegmentwhichmeetscertainquantitativecriteria—namely,thesegmentconstitutes10percentormoreofthecombinedoperatingsegments’revenue,assets,orprofit.(Forpurposesofdeterminingwhetherasegmentconstitutes10percentormoreofcombinedprofitsorlosses,thecriteriaisexpressedintermsoftheabsolutevalueofthesegment’sprofitorlossasapercentageofthegreaterof(i)thecombinedprofitsofallprofitablesegmentsand(ii)theabsoluteamountofthecombinedlossesofallloss-makingsegments.)If,afterapplyingthesequantitativecriteria,thecombinedrevenuefromexternalcustomersforallreportablesegmentscombinedislessthan75percentofthetotalcompanyrevenue,thecompanymustidentifyadditionalreportablesegmentsuntilthe75percentlevelisreached.Smallsegmentsmightbecombinedasoneiftheyshareasubstantialnumberoffactorsthatdefineabusinessorgeographicalsegment,ortheymightbecombinedwithasimilarsignificantreportablesegment.Informationaboutoperatingsegmentsandbusinessesthatarenotreportableiscombinedinan“allothersegments”category.
Ifanysinglecustomerrepresents10percentormoreofthecompany’stotalrevenues,thecompanymustdisclosethatfact.
``Forecastsarenotlimitedtoasinglepointestimatebutshouldinvolvearangeofpossibilities.Thiscaninvolveseveraltechniques:
Sensitivityanalysis:
Alsoknownas“whatif”analysis,sensitivityanalysisshowstherangeofpossibleoutcomesasspecificassumptionsarechanged;thiscould,inturn,influencefinancingneedsorinvestmentinfixedassets.
Scenarioanalysis:
Thistypeofanalysisshowsthechangesinkeyfinancialquantitiesthatresultfromgiven(economic)events,suchasthelossofcustomers,thelossofasupplysource,oracatastrophicevent.Ifthelistofeventsismutuallyexclusiveandexhaustiveandtheeventscanbeassignedprobabilities,theanalystcanevaluatenotonlytherangeofoutcomesbutalsostandardstatisticalmeasuressuchasthemeanandmedianvalueforvariousquantitiesofinterest.
Simulation:
Thisiscomputer-generatedsensitivityorscenarioanalysisbasedonprobabilitymodelsforthefactorsthatdriveoutcomes.Eacheventorpossibleoutcomeisassignedaprobability.Multiplescenariosarethenrunusingtheprobabilityfactorsassignedtothepossiblevaluesofavariable.
``Thedefensiveintervalratiomeasureshowlongacompanycanpayitsdailycashexpendituresusingonlyitsexistingliquidassets,withoutadditionalcashflowcomingin.Thisratioissimilartothe“burnrate”oftencomputedforstart-upinternetcompaniesinthelate1990sorforbiotechnologycompanies.Thenumeratorofthisratioincludesthesameliquidassetsusedinthequickratio,andthedenominatorisanestimateofdailycashexpenditures.Toobtaindailycashexpenditures,thetotalofcashexpendituresfortheperiodisdividedbythenumberofdaysintheperiod.Totalcashexpendituresforaperiodcanbeapproximatedbysummingallexpensesontheincomestatement—suchascostofgoodssold;selling,general,andadministrativeexpenses;andresearchanddevelopmentexpenses—andthensubtractinganynon-cashexpenses,suchasdepreciationandamortisation.(Typically,taxesarenotincluded.)
Thecashconversioncycle,afinancialmetricnotinratioform,measuresthelengthoftimerequiredforacompanytogofromcashpaid(usedinitsoperations)tocashreceived(asaresultofitsoperations).Thecashconversioncycleissometimesexpressedasthelengthoftimefundsaretiedupinworkingcapital.Duringthisperiodoftime,thecompanyneedstofinanceitsinvestmentinoperationsthroughothersources(i.e.,throughdebtorequity).
thefinancialleverageratio=Averagetotalassets/averagetotalequity,samewiththedegreeoffinancialleverage(DFL).
Q. Aportfoliomanagerdecidestotemporarilyinvestmoreofaportfolioinequitiesthantheinvestmentpolicystatementprescribesbecauseheexpectsequitieswillgenerateahigherreturnthanotherassetclasses.Thisdecisionis mostlikely anexampleof:
A.rebalancing.B.tacticalassetallocation.C.strategicassetallocation.
SolutionBiscorrect. Tacticalassetallocationisthedecisiontodeliberatelydeviatefromthepolicyexposurestosystematicriskfactorswiththeintenttoaddvaluebasedonforecastsofthenear-termreturnsofthoseassetclasses.
Aisincorrectbecauserebalancingistheprocessofreturningtothestrategicassetallocation.
CisincorrectbecauseStrategicassetallocationisthesetofexposurestoIPS-permissibleassetclassesthatisexpectedtoachievetheclient’slong-termobjectivesgiventheclient’sinvestmentconstraints.
Q. Aportfoliowithequalpartsinvestedinarisk-freeassetandariskyportfoliowill mostlikely lieon:
A.theefficientfrontier.B.acapitalallocationline.C.thesecuritymarketline.
SolutionBiscorrect. Acapitalallocationlineshowspossiblecombinationsofariskyportfolioandtherisk-freeasset.
Aisincorrectbecauseaportfoliothatis100%investedinanefficientriskyportfoliowilllieontheefficientfrontier.Whencombinedwitharisk-freeasset,theresultingportfoliowilllieonacapitalallocationline.
Companiestypicallyrecordchangestoinventoryusingeitheraperiodicinventorysystemoraperpetualinventorysystem.Undereithersystem,theallocationofgoodsavailableforsaletocostofsalesandendinginventoryisthesameiftheinventoryvaluationmethodusediseitherspecificidentificationorFIFO.Thisisnotgenerallytruefortheweightedaveragecostmethod.UsingtheLIFOmethod,theperiodicandperpetualinventorysystemswillgenerallyresultinsignificantlydifferentallocationstocostofsalesandendinginventory.
Q. Inahypotheticaleconomy,consumptionis70%ofpre-taxincome,andtheaveragetaxrateis25%oftotalincome.Ifplannedgovernmentexpendituresareexpectedtoincreaseby$1.25billion,theincreaseintotalincomeandspending,inbillions,is closest to:
A.$2.6.B.$4.2.C.$1.3.
Solution
c =marginalpropensitytoconsume=consumption/disposableincome
T =thetaxrate;Assumingpre-taxincomeof$100
Disposableincome:
$100×(1−0.25)=$75
Marginalpropensitytoconsume:
$70/$75=0.933
Thefiscalmultiplier:
1/[1−0.933(1−0.25)]=3.33
Withgovernmentexpenditureof$1.25billion,totalincomesandspendingwillriseby$1.25billion×3.33=$4.2billion
Q. Thefollowingfinancialstatementdataareavailableforacompany:
Metric
$thousands
Operatingincome
3,390
Netincome
2,210
Operatingassets
3,850
Changeincashandcashequivalents
1,010
Changeincashfromoperatingactivities
1,750
Freecashflowtothefirm
2,240
Thecompany’scash-to-incomeratiois closest to:
A.0.79.B.0.66.C.0.52.
SolutionCiscorrect.Cashtoincome
Q. Amajorbenefitofemployingariskbudgetingprocessisthatit mostlikely:
A.allowstheorganizationtodetermineitsenterpriserisktolerance.
B.forcesrisktradeoffsacrosstheorganization.
C.eliminatestheneedforhedgingwithintheorganization.
SolutionBiscorrect. Addingariskbudgetingprocesscausestheorganizationtoconsiderhowitstotalrisktolerancewillbeallocatedacrossitssubsidiaries.Eitherthetotalcurrentrisksthesubsidiariesareengaginginwillexceedtherisktoleranceandsubsidiarieswillhavetocompeteforriskbydemonstratinghighestreturnsperunitofriskorthetotalcurrentriskswillbelessthantherisktoleranceandasearchwillbeunderwayforthesubsidiariesthatcanbestutilizetheremainingriskbudget.Therisktoleranceisdeterminedandthensetstheriskbudget,ratherthanbeingdeterminedbyit.Hedgingcanbeapartofriskbudgetingifhedgingproducesthesuperiorriskadjustedreturns.
Q. Ananalystiscomparingthesolvencyofacompanyoverthepasttwoyearsusingtheinformationbelow:
2013
¥millions
Totaldebt
2,300
Totalshareholders’equity
17,000
Totalassets
20,000
Netincome
375
Interestpayments
200
Taxespaid
125
Ratiosin2012
Debttocapital
12.7%
Interestcoverage
2.9
The best conclusiontheanalystcanmakeabout2013isthatcomparedwith2012,thecompany’ssolvencyhas:
A.beeninconclusivebecausetheratiosgiveconflictingresults.
B.deterioratedbecausebothratioshaveweakened.
C.improvedbecausebothratioshavestrengthened.
SolutionCiscorrect.
2012
2013Calculations(¥millions)
2013
Debttocapital
12.7%
2,300/(2,300+17,000)=11.9%
11.9%
Interestcoverage
2.9
(375+200+125)/200=3.5
3.5times
Bothratioshaveimprovedfrom2012to2013,thusthecompanyismoresolventin2013.
Q. Whichofthefollowingis mostlikely afeatureofadefined-contributionpensionplan?
The
A.employeracceptstheinvestmentrisk.
B.employerprovidesaspecifiedretirementbenefit.
C.employeeacceptstheinvestmentrisk.
SolutionCiscorrect. Inadefined-contributionpensionplan,theemployeeacceptstheinvestmentriskandisresponsibleforensuringthattheplancontainsenoughfundstomeetretirementneeds.AandBareincorrectbecausethisisafeatureofadefined-benefitplan.
Q. Anexampleofrisktransfercombinedwithself-insuranceis mostlikely:
A.abondportfoliohedgedwithaninterestrateoption
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