[单项选择]

Jason Johnson, CFA, is a principal of a large private equity firm in New York. One of the associates in his firm has identified a potential investment opportunity for the firm. Gasline, Inc. is a major producer of pipeline used in the production of natural gas in the Southwest United States. Last year, Gasline had approximately $150 million in sales, and sales are expected to increase as a result of increasing demand for their product. The company was founded over twenty-five years ago, and has been publically traded for the last ten years. The founder of the company, along with other members of the family, holds the majority of the common stock, and the group is amenable to liquidating their collective position at this time. 　　 Johnson’s associate believes there is significant opportunity in the industry, based upon new technology that allows for the extraction of natural gas from locations and depths that previously were too cost-prohibitive. This new technology should tr
A. $62,500.
B. $25,000.
C. $100,000
D. $0.

[单项选择]

Jason Johnson, CFA, is a principal of a large private equity firm in New York. One of the associates in his firm has identified a potential investment opportunity for the firm. Gasline, Inc. is a major producer of pipeline used in the production of natural gas in the Southwest United States. Last year, Gasline had approximately $150 million in sales, and sales are expected to increase as a result of increasing demand for their product. The company was founded over twenty-five years ago, and has been publically traded for the last ten years. The founder of the company, along with other members of the family, holds the majority of the common stock, and the group is amenable to liquidating their collective position at this time. 　　 Johnson’s associate believes there is significant opportunity in the industry, based upon new technology that allows for the extraction of natural gas from locations and depths that previously were too cost-prohibitive. This new technology should tr
A. In compliance because a Monte Carlo simulation is an acceptable method of valuing options in the absence of a market-based instrument.
B. Not in compliance because the fair value must be established by using the Black-Scholes option pricing model.
C. Not in compliance because the options had no intrinsic value as of the grant date.
D. In compliance because the firm can elect to use either the intrinsic value model or the fair value model in the valuation of stock option plans.

[单项选择]Darcy Grafton, CFA, purchases a large block of stock on behalf of specific accounts she managed. The stock realized a significant gain in value before the close of business; so Grafton reviewed her accounts again to determine where the block shares should be allocated. According to the Standards of Practice Handbook, Grafton’s most appropriate action is to allocate the shares to:（　）
A. all accounts equally.
B. all accounts for which she has discretionary authority.
C. only those accounts for which the block shares were originally intended.

[填空题]Jason Morris

[简答题]Schools are bad businesses, whether public or private, not usually because of bad management but because of the nature of the business.

[单项选择]Neil Barton, CFA, and Nancy Roberts, CFA, began a joint research report on Stamp Corporation. Nancy spent several days visiting Stamp’s corporate headquarters and meeting with all company officers. Prior to the completion of the report, Nancy was reassigned to another project. Nell utilized his and Nancy’s research to write the report. According to the CFA Institute Standards of practice Handbook, did Nell violate any CFA Institute Standards of Professional Conduct（）
A. No.
B. Yes, with respect to misrepresentation.
C. Yes, with respect to independence and objectivity.

[简答题]71.Vacations were once the prerogative of the privileged few, even as late as the 19th century. Now they are considered the right of all, except for such unfotrunate masses as, for example, the bulk of puplation in certain countries, for whom life, save for sleep and brief periods of rest, is uniterrupted toil.
Vacations are more necessary now than before because today the average life is less well-rounded and has become increasingly compartmentalized. 72. I suppose the idea of vacations, as we conceive it, must be incomprehensible to primitive peoples. Rest of some kind has of course always been a part of the rhythm of human life, but earlier ages did not find it necessary to organize it in the way that modern man has done. Holidays and feast days were sufficient.
With modern man’s increasing tensions, with the stultifying quality of so much of his work, this break in the year’s routine became steadily more necessary. 73. Vacations became mandatory for the p