Gratis-Diagnose Level I

An equally weighted portfolio holds 10 stocks. The average return variance of the stocks is 0.090 and the average covariance between pairs of stocks is 0.018. The portfolio standard deviation is closest to:

A firm sells its product at USD 45 per unit in a competitive market. Its fixed costs are USD 360,000 per year and its variable cost is a constant USD 30 per unit. The breakeven output is:

A US GAAP company buys a corporate bond at its par value of USD 500,000 and classifies it as available-for-sale. During the year it receives coupon interest of USD 20,000, and at year-end the bond's fair value is USD 530,000. The bond's effect on the company's net income for the year (before tax) is closest to:

A private company raising equity under Rule 506(c) wants to advertise the offering on its website. Under this exemption it may do so provided that:

A company's forecast free cash flow to the firm is USD 300 million. Interest expense is USD 40 million, the tax rate is 25% and net borrowing is expected to be USD 20 million. Forecast free cash flow to equity is closest to:

A bank issues covered bonds backed by a cover pool of residential mortgages. If the bank defaults and the cover pool is liquidated for less than par, covered bond investors:

A share trades at USD 100.00 and will rise by a factor of 1.15 or fall by a factor of 0.90 in one period. The risk-free rate is 1.50% per period. A contract pays USD 10.00 if the share rises and nothing otherwise. Its value today is closest to:

A fund's year-end NAVs per share are 100.00, 112.00, 105.00, 121.00, 96.80 and 108.00. Its maximum drawdown over the period is:

A pension insurer's investment policy states that risk should be managed for the organization as a whole. Under this portfolio perspective, the focus should be on:

Software reports a kurtosis of 3.0 for a return series, using the definition that does not subtract 3. The series' tails are most likely:

Which situation most clearly points to a market close to pure monopoly?

Larchmont Industries reports 2026 net income of USD 18.6 million and declared preferred dividends of USD 1.2 million. It had 10.0 million common shares outstanding on 1 January, issued 2.4 million shares on 1 April and repurchased 0.6 million shares on 1 October. Basic EPS for 2026 is closest to:

A mine costs USD 20 million whether it is opened now or in one year. Opened now, its cash flows are worth USD 21 million. If the company waits a year, they will be worth USD 26 million or USD 16 million with equal probability, and it will open only if worthwhile. At a 10% discount rate, the value today of the wait-and-see strategy is closest to:

Brightwell Energy sells 5 million newly issued shares to investors through an underwritten offering. This sale takes place in the:

Corporate bonds trade mainly through dealers that quote two-way prices. A dealer quotes a bond at 98.40 bid and 99.10 ask (per 100 of par). An investor buys USD 2,000,000 par at the ask and immediately sells it back at the bid. Ignoring accrued interest, the investor's round-trip cost is closest to:

Apart from daily settlement, which difference between otherwise identical forward and futures contracts can make their prices differ?

A pension fund that already invests in a buyout fund is offered the chance to put additional capital directly into one of the fund's acquisitions, alongside the fund. This is:

For an investor who holds Treasury bills and money market funds for many years, the principal risk is most likely:

An analyst wants to test whether two trading strategies have the same median daily profit using paired daily results. The paired differences are clearly non-normal and strongly asymmetric. The most appropriate test is the:

A country in a balance of payments crisis receives a loan from the International Monetary Fund. The funds are most likely released:

Customers of an enterprise-software vendor would face high costs and disruption if they changed to another provider. In a five-forces analysis, this most likely:

In planning capital spending on going-concern projects, information on the current condition of a company's existing assets is used mainly to:

An investor owns 300 shares trading at USD 84.00. The company carries out a 3-for-2 stock split. Ignoring any market reaction, the share price immediately after the split is closest to:

For a portfolio of fixed-rate mortgages whose borrowers can prepay, a fall in market interest rates typically causes the portfolio's duration to:

Two American call options on the same stock are identical except that one expires in 3 months and the other in 9 months. Compared with the 3-month call, the 9-month call has:

A portfolio is 30% in Fund A (standard deviation 25%) and 70% in Fund B (standard deviation 15%). The covariance between the funds' returns is 0.0105. The portfolio standard deviation is closest to:

Five annual returns (in %) for funds X and Y are paired as follows: (1, 2), (3, 5), (5, 4), (7, 8) and (9, 11). The sample correlation between the two funds' returns is closest to:

When a US company publicly discloses a non-GAAP financial measure such as "adjusted EBITDA", Regulation G requires it to:

For the 2022 revision of NAICS, the classification of some retail, wholesale and information businesses was changed. The main reason was that:

A bond rated AAA by a major agency is best interpreted as: