30 Free Sample Level 1 CFA Exam Questions and Answers on Fixed Income Words

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Earnings of a firm as reported on its income statement.

• Accounting earnings
• Accounting estimates
• Accounting risk
• Accounting profit

The amount of variability present without comparison to any reference point or benchmark.

• Absolute priority rule
• Absolute frequency
• Absolute dispersion
• Acquisition

The number of observations in a given interval (for grouped data).

• Absolute frequency
• Abnormal return
• Active return
• Absolute dispersion

Managers who hold portfolios that differ from their benchmark portfolio in an attempt to produce positive risk-adjusted returns.

• Active investment managers
• Active management
• Accounting estimates
• Active risk squared

A model that specifies an asset's intrinsic value.

• Absolute frequency
• Absolute dispersion
• Absolute valuation model
• Absolute priority rule

Wall Street expression for buying on a large scale over time, typically by an institution. "Accumulation" of a stock is said to occur if a number of institutions are gradually adding to their holdings.

• Accounting
• Acquisition
• Active risk
• Accumulate

Return on a stock beyond what would be predicted by market movements alone. Cumulative abnormal return (CAR) is the total abnormal return for the period surrounding an announcement or the release of information.

• Abnormal earnings
• Abnormal rate of return
• Abnormal return
• Active return

Attempts to achieve portfolio returns more than commensurate with risk, either by forecasting broad market returns or by identifying particular mispriced sectors of a market or securities in a market.

• Active return
• Active portfolio
• Active management
• Accrued interest

The hierarchy whereby claims are satisfied in corporate liquidation.

• Absolute valuation model
• Absolute frequency
• Absolute dispersion
• Absolute priority rule

Amounts owed to a company by customers as a result of delivering goods or services and extending credit in the ordinary course of business. Also referred to as trade receivables.

• Accounting estimates
• Accounting risk
• Accounts receivable
• Accounts payable

Estimates of items such as the useful lives of assets, warranty costs, and the amount of non-collectible receivables.

• Accounting estimates
• Accounting risk
• Accounting earnings
• Accounting profit

The ability to terminate a project at some future time if the financial results are disappointing.

• Abnormal return
• Acquisition
• Absolute dispersion
• Abandonment Option

The company in a merger or acquisition that is acquiring the target.

• Active factor risk
• Accounting earnings
• Active risk squared
• Acquiring company or acquirer

Cumulative gains or losses reported in shareholder's equity that arise from changes in the fair value of available-for-sale securities, from the effects of changes in foreign-currency exchange rates on consolidated foreign-currency financial statements, from certain gains and losses on financial derivatives and from adjustments for underfunded pension plans.

• Accumulated other comprehensive income
• Accrued interest
• Accrual accounting
• Accounts receivable

Interest earned but not yet paid.

• Accrued interest
• Accounting risk
• Active risk
• Accounting profit

The return on a portfolio minus the return on the portfolio's benchmark.

• Active risk
• Active return
• Abnormal return
• Active portfolio

In the context of the Treynor-Black model, the portfolio formed by mixing analyzed stocks of percieved nonzero alpha values. This portfolio is ultimately mixed with the passive market index portfolio.

• Active return
• Active factor risk
• Active risk
• Active portfolio

The standard deviation of active returns.

• Active return
• Accounting risk
• Active risk
• Active factor risk