Which of the following is not true regarding to zero economic profit？
A. The net present value of cash flows when discounted at the firms cost of capital will equal to zero.
B. The firm is just profitable enough to make a normal return.
C. The return for the firm is insufficient for the risk taken.
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U.S. GAAP and IFRS have converged with respect to the treatment of:
A. Valuation of inventories.
B. Interest received on held-to-maturity securities
C. Unrealized gains on available-for-sale securities.
John Maginn, an investment researcher, who is a CFA charterholder, takes a trip for which his firm will pay all the expenses. Upon his return he alters some of the numbers on restaurant receipts to in
A. No,because the expense inflated is under $100.
B. No,if such behavior is not significant.
C. Yes,because it is a crime of moral turpitude.
An expansionary fiscal policy is most likely to include a （n）:
A. Increase in government expenditures and a decrease in tax rates.
B. Decrease in both government expenditures and tax rates.
C. Increase in both government expenditures and tax rates.
Compared to a normal distribution, a lognormal distribution is least likely to be:
A. Skewed to the right.
B. Skewed to the left.
C. Useful in describing the distribution of stock prices.
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