北美精算师examp真题1答案
CMA美国注册管理会计师考试++中文+p1+试题及答案113
美国注册管理会计师考试中文p1 试题及答案1、案例AYoung Time公司预测今年前6个月的销售如下1月5,0002月5,1003月5,3004月6,0005月5,8006月5,500Young的政策是产成品期末存货保持在下一个月销售额的10%。
而且假设Young的政策是直接材料的期末存货保持在下一个月直接材料使用预算的20%。
去年12月的销售额是4,800。
Young一般在月底前将产品都做完工，因此在期初和期末都没有在产品。
一个产品的标准生产成本是直接材料：每个产品3磅，每磅$20。
直接人工：每个5小时，每小时$15间接成本：10%的直接人工成本合计：$142.50使用以上案例A的信息，1月、2月和3月的预算产品生产成本是多少?A、$2,183,100B、$2,208,750C、$2,184,525D、$2,194,500试题解析：3个月内的销售额是15,400个(5,000 + 5,100 + 5,300)。
产品生产数量等于销售量(15,400)，加上3月的期望期末存货量600 (6,000x 10%)，再减去1月的期初存货量500 (5,000 x 10%)，得到3个月生产15,500个。
预算产品生产成本是15,500 x $142.50 = $2,208,750。
2、在制定销售预算时，以下哪项不是重要的步骤?A、研究经济预测B、编制预算损益表C、分析长短期公司目标D、分析产能试题解析：销售预算编制之后，还要编制直接人工、直接材料和间接费用预算，才能编制模拟损益表3、当生产预算汇总到季度水平，以下哪项是正确的?A、三个月的销售、期初存货、期末存货都需要汇总B、销售、期初存货和期末存货不需要汇总，但是最后一个月的数据用于季度汇总C、三个月的销售额汇总，但是期末存货只需要最后一个月的，期初存货只需要第一个月的D、销售汇总，但是期初存货和期末存货取季度的平均值试题解析：季度的销售汇总，但是季度的期初存货等于第一个月的期初存货，而季度的期末存货等于最后一个月的。
北美考试题及答案
北美考试题及答案一、单项选择题（每题2分，共20分）1. 在北美地区，哪个国家是最大的经济体？A. 加拿大B. 墨西哥C. 美国D. 古巴答案：C2. 北美地区的官方语言不包括以下哪种？A. 英语B. 西班牙语C. 法语D. 德语答案：D3. 北美五大湖中最大的湖泊是？A. 苏必利尔湖B. 密歇根湖C. 休伦湖D. 伊利湖答案：A4. 北美地区的主要气候类型不包括？A. 温带大陆性气候B. 地中海气候C. 极地气候D. 热带雨林气候答案：D5. 北美地区的主要宗教信仰不包括？A. 基督教B. 伊斯兰教C. 犹太教D. 佛教答案：D6. 北美地区的原住民是？A. 印第安人B. 因纽特人C. 马雅人D. 阿兹特克人答案：A7. 北美地区的主要农作物不包括？A. 小麦C. 大豆D. 稻米答案：D8. 北美地区的著名旅游景点不包括？A. 尼亚加拉大瀑布B. 黄石国家公园C. 大峡谷D. 埃菲尔铁塔答案：D9. 北美地区的著名城市不包括？A. 纽约B. 洛杉矶C. 多伦多答案：D10. 北美地区的著名大学不包括？A. 哈佛大学B. 麻省理工学院C. 多伦多大学D. 悉尼大学答案：D二、多项选择题（每题3分，共15分）11. 北美地区的著名山脉包括哪些？A. 落基山脉B. 安第斯山脉C. 阿巴拉契亚山脉D. 喜马拉雅山脉答案：A、C12. 北美地区的著名河流包括哪些？A. 密西西比河B. 亚马逊河C. 圣劳伦斯河D. 尼罗河答案：A、C13. 北美地区的著名国家公园包括哪些？A. 黄石国家公园B. 大峡谷国家公园C. 班芙国家公园D. 克鲁格国家公园答案：A、B、C14. 北美地区的著名城市包括哪些？A. 纽约B. 洛杉矶C. 多伦多D. 悉尼答案：A、B、C15. 北美地区的著名大学包括哪些？A. 哈佛大学B. 麻省理工学院C. 多伦多大学D. 悉尼大学答案：A、B、C三、填空题（每题2分，共20分）16. 北美地区包括_______和_______两个国家。
CMA美国注册管理会计师考试 中文 p1 试题及答案134
美国注册管理会计师考试中文p1 试题及答案1、分摊的固定间接费用$45,000与预算的固定间接费用$40,000之间的差额是A、$5,000有利的生产量差异B、$5,000 分摊不足C、$5,000 分摊多度D、$5,000 不利的生产量差异试题解析：生产量差异是预算的固定间接费用减去分摊的固定间接费用。
预算固定间接费用= 标准量x 标准固定间接费用分摊率分摊固定间接费用= 实际量x 标准固定间接费用分摊率。
在这个例子中生产量差异是有利的。
2、下面是Dale 制造公司编制的一份4 月份的业绩报告：若采用弹性预算，则公司的总销量差异是多少？A、$4,000 不利B、$6,000 有利C、$16,000有利D、$20,000不利试题解析：销售量差异是静态预算利润$24,000与在100,000销售量下弹性预算利润之间的差。
100,000个产品的弹性预算利润= 预算销售–预算变动成本–预算固定成本预算销售= (预算单价)(实际销售数量) = ($160,000 / 80,000个)(100,000个)= $200,000预算变动成本= (单位变动成本)(实际销售量)= ($96,000 / 80,000)(100,000个)= $120,000预算固定成本= $40,000（相关范围内的任何销售量水平）弹性预算利润= $200,00 - $120,000 - $40,000 = $40,000总销售量差异= $24,000 - $40,000 = $(16,000), 或$16,000有利3、MinnOil 公司从事汽车更换机油和其他汽车小毛病维修服务（比如说轮胎压力检测）。
这家公司在广告中宣传说，完成每一项服务的时间不超过15 分钟。
在最近的一个星期六，为160 辆汽车提供了服务，产生的差异如下：工资率差异，$19，不利；效率差异，$14，有利。
若公司的标准工资率为$7/小时，请计算实际的工资率和工作时间？A、工资率= $6.55, 工作小时= 42.00B、工资率= $6.67, 工作小时= 42.71C、工资率= $7.45, 工作小时= 42.00D、工资率= $7.50, 工作小时= 38.00试题解析：人工效率差异$14有利用于以下计算实际小时的计算公式人工效率差异= (标准工资率)(实际小时–标准小时)-$14 = ($7)[AH – (160)(1/4)]-$14 = $7(AH – 40)-$14 = $7AH - $280AH = 38人工工资率差异$19不利可以用于计算是实际工资率的计算工资率差异= (实际小时)(实际工资率–标准工资率)$19 = (38小时)(AR - $7)$19 = 38AR - $266AR = $7.504、Frisco 公司近来采购了108,000 单位的原料，价值$583,200。
09年SOA北美精算师考试第二门FM官方样题第一部分（主要是金融数学）答案
09年SOA北美精算师考试第二门FM官方样题第一部分（主要是金融数学）答案SAMPLE SOLUTIONS FOR DERIVATIVES MARKETSQuestion #1Answer is DIf the call is at-the-money, the put option with the same cost will have a higher strike price.A purchased collar requires that the put have a lower strike price. (Page 76)Question #2Answer is C66.59 – 18.64 = 500 – K exp(–0.06) for K = 480 (Page 69)Question #3Answer is DThe accumulated cost of the hedge is (84.30-74.80)exp(.06) = 10.09.Let x be the market price.If x < 0.12 the put is in the money and the payoff is 10,000(0.12 – x) = 1,200 – 10,000x. The sale of the jalapenos has a payoff of 10,000x –1,000 for a profit of 1,200 –10,000x + 10,000x – 1,000 – 10.09 = 190.From 0.12 to 0.14 neither option has a payoff and the profit is 10,000x – 1,000 – 10.09 = 10,000x – 1,010.If x >0.14 the call is in the money and the payoff is –10,000(x – 0.14) = 1,400 – 10,000x. The profit is 1,400 – 10,000x + 10,000x – 1,000 – 10.09 = 390.The range is 190 to 390. (Pages 33-41)Question #4Answer is BThe present value of the forward prices is 10,000(3.89)/1.06 + 15,000(4.11)/1.0652 +20,000(4.16)/1.073 = 158,968. Any sequence of payments with that present value is acceptable. All but B have that value. (Page 248)Question #5Answer is EIf the index exceeds 1,025, you will receive x – 1,025. After buying the index for x you will have spent 1,025. If the index is below 1,025, you will pay 1,025 – x and after buying the index for x you will have spent 1,025. One way to get the cost is to note that the forward price is 1,000(1.05) = 1,050. You want to pay 25 less and so must spend 25/1.05 = 23.81 today. (Page 112) Question #6Answer is EIn general, an investor should be compensated for time and risk. A forward contract has no investment, so the extra 5 represents the risk premium. Those who buy the stock expect to earn both the risk premium and the time value of their purchase and thus the expected stock value is greater than 100 + 5 = 105. (Page 140)Question #7Answer is CAll four of answers A-D are methods of acquiring the stock. The prepaid forward has the payment at time 0 and the delivery at time T. (Pages 128-129)Question #8Answer is BOnly straddles use at-the-money options and buying is correct for this speculation. (Page 78)Question #9Answer is DThis is based on Exercise 3.18 on Page 89. To see that D does not produce the desired outcome, begin with the case where the stock price is S and is below 90. The payoff is S + 0 + (110 – S) –2(100 – S) = 2S – 90 which is not constant and so cannot produce the given diagram. On the other hand, for example, answer E hasa payoff of S + (90 – S) + 0 – 2(0) = 90. The cost is 100 + 0.24 +2.17 – 2(6.80) = 88.81. With interest it is 93.36. The profit is 90 –93.36 = –3.36 which matches the diagram.Question #10Answer is D[rationale-a] True, since forward contracts have no initial premium[rationale-b] True, both payoffs and profits of long forwards are opposite to short forwards.[rationale-c] True, to invest in the stock, one must borrow 100 at t=0, and then pay back 110 = 100*(1+.1) at t=1, which is like buying a forward at t=1 for 110. [rationale-d] False, repeating the calculation shown above in part c), but with 10% as a continuously compounded rate, the stock investor must now pay back100*e.1 = 110.52 at t=1; this is more expensive than buying a forward at t=1for 110.00.[rationale-e] True, the calculation would be the same as shown above in part c), but now the stock investor gets an additional dividend of 3.00 at t=.5, which theforward investor does not receive (due to not owning the stock until t=1). [This is based on Exercise 2-7 on p.54-55 ofMcDonald][McDonald, Chapter 2, p.21-28]Question #11Answer is CSolution: The 35-strike call has future cost (at t=1) of 9.12*(1+.08) = 9.85The 40-strike call has future cost (at t=1) of 6.22*(1+.08) = 6.72The 45-strike call has future cost (at t=1) of 4.08*(1+.08) = 4.41If S1<35, the profits of the 3 calls, respectively, are -9.85, -6.72, and -4.41.If 35<s1<="" -6.72,="" 3="" and="" are="" bdsfid="114" calls,="" of="" p="" profits="" respectively,="" s1-44.85,="" the=""></s1If 40<s1<="" 3="" and="" are="" bdsfid="116" calls,="" of="" p="" profits="" respectively,="" s1-44.85,="" s1-46.72,="" the=""></s1If S1>45, the profits of the 3 calls, respectively, are S1-44.85, S1-46.72, and S1-49.41.The cutoff points for when the relative profit ranking of the 3 calls change are:S1-44.85=-6.72, S1-44.85=-4.41, and S1-46.72=-4.41, yielding cutoffs of 38.13, 40.44, and 42.31.If S1<38.13, the 45-strike call has the highest profit, and the 35-strike call the lowest.If 38.13<s1<="" p="" profit,="" the=""></s1If 40.44<s1<="" p="" profit,="" the=""></s1If S1<42.31, the 35-strike call has the highest profit, and the 45-strike call the lowest.We are looking for the case where the 35-strike call has the highest profit, and the 40-strike call has the lowest profit, which occurs when S1 is between 40.44 and 42.31.[This is based on Exercise 2-13 on p.55-56 of McDonald][McDonald, Chapter 2, p.33-37]Question #12Answer is BSolution: The put premium has future value (at t=.5) of 74.20 * (1+(.04/2)) = 75.68 Then, the 6-month profit on a long put position is: max(1,000-S.5,0)-75.68. Correspondingly, the 6-month profit on a short put position is 75.68-max(1,000-S.5,0). These two profits are opposites (naturally, since long and short positions have opposite payoff and profit). Thus, they can only be equal if producing 0 profit. 0 profit is only obtained if 75.68 = max(1,000-S.5,0), or 1,000-S.5 = 75.68, or S.5 = 924.32. [McDonald, Chapter 2, p.39-42]Question #13Answer is DSolution: Buying a call, in conjunction with a short position in a stock index, is a form of insurance called a cap. Answers (A) and (B) are incorrect because they relate to a floor, which is the purchase of a put to insure against a long position in a stock index. Answer (E) is incorrect because it relates to writing a covered call, which is the sale of a call along with a long position in the stock index, so that the investor is selling rather than buying insurance. Note that a cap can also be thought of as ‘buying’ a covered call. Now, let’s calculate the profit: 2-year profit = payoff at time 2 – the future value of the initial cost to establish the position = (-75 + max(75-60,0)) –(-50 + 10)*(1+.03)2 = -75+15+40*(1.03)2 = 42.44-60 = -17.56. Thus,we’ve lost more from holding the short position in the index (since the index went up) than we’ve gained from owning the long call option.[McDonald, Chapter 3, p.59-65]Question #14Answer is ASolution: This consists of standard applications of the put-call parity equation on p.69. Let C be the price for the 40-strike call option. Then, C + 3.35 is the price for the 35-strike call option. Similarly, let P be the price for the 40-strike put option. Then, P –x is the price for the 35-strike put option, where x is what we’re trying to find. Using put-call parity, we have:(C + 3.35) + 35*e-.02 - 40 = P – x (this is for the 35-strike options)C + 40*e-.02 – 40 = P (this is for the 40-strike options)Subtracting the first equation from the second, 5*e-.02 – 3.35 = x = 1.55.[McDonald, Chapter 3, p.68-69]Answer is CSolution: The initial cost to establish this position is 5*2.78 –3*6.13 = -4.49. Thus, you are receiving 4.49 up front. This grows to 4.49*e .08*.25 = 4.58 after 3 months. Then, the following payoff/profit table can be constructed at T=.25 years: S T : 5*max(S T – 40, 0) – 3*max(S T – 35, 0) + 4.58 = Profit S T <35 0 - 0 + 4.58 = 4.58 35 <= S T <= 40 0 - 3*(S T – 35) + 4.58 = 109.58-3S T S T > 40 5*(S T -40) - 3*(S T – 35) + 4.58 = 2S T -90.42Thus, the maximum profit is unlimited (as S T increases beyond 40, so does the profit) Also, the maximum loss is 10.42(occurs at S T = 40, where profit = 109.58-120 = -10.42) [Notes] The above problem is an example of a ratio spread.[McDonald, Chapter 3, p.73]Question #16Answer is DSolution: The ‘straddle’ consists of buying a 40-strike call and buying a 40-strike put. This costs 2.78 + 1.99 = 4.77 at t=0, and grows to 4.77*e .02 = 4.87 at t=.25. The ‘strangle’ consists of buying a 35-strike put and a 45-strike call. This costs 0.44 + 0.97 = 1.41 at t=0, and grows to 1.41*e .02 = 1.44 at t=.25. For S T <40, the ‘straddle’ has a profit of 40-S T -4.87 = 35.13, and for S T >=40, the ‘straddle’ has a profit of S T -40-4.87 = 44.87. For S T <35, the ‘strangle’ has a profit of 35-S T -1.44 = 33.56, and for S T >45, the ‘strangle’ has a profit of S T -45-1.44 = 46.44. However, for 35<=S T <=45, the ‘strangle’ has a profit of -1.44 (since both options would not be exercised). Comparing the payoff structures between the ‘straddle’ and ‘strangle,’ we see that if S T <35 or if S T >45, the ‘straddle’ would outperform the ‘strangle’ (since 35.13 > 33.56,and since -44.87 > -46.44). However, if 35<=S T <=45, we can solve for the two cutoff points for S T , where the ‘strangle’ would outperform the ‘straddle’ as follows:-1.44 > 35.13 – S T, and -1.44 > S T - 44.87. The first inequality gives S T > 36.57, and the second inequality gives S T < 43.43. Thus, 36.57 < S T < 43.43.[McDonald, Chapter 3, p.78-80]Answer is B[rationale I] Yes, since Strategy I is a bear spread using calls, and bear spreads perform better when the prices of the underlying asset goes down.[rationale II] Yes, since Strategy II is also a bear spread – it just uses puts instead! [rationale III] No, since Strategy III is a box spread, which has no price risk; thus, the payoff is the same (1,000-950 = 50), no matter what the price of theunderlying asset.[Note]: An alternative, but much longer, solution is to develop payoff tables for all 3 strategies.[McDonald, Chapter 3, p.70-73]Question #18Answer is BSolution: First, let’s calculate the expected one-year profit without using the forward. This would be .2*(700+150-750) + .5(700+170-850) + .3*(700+190-950) = 20 + 10 - 18 = 12. Next, let’s calculate the expected one-year profit when buying the 1-year forward for 850. This would be 1*(700+170-850) = 20. Thus, the expected profit increases by 20 - 12 = 8 as a result of using the forward.[This is based on Exercise 4-7 on p.122 of McDonald][McDonald, Chapter 4, p.98-100]Question #19Answer is DSolution: There are 3 cases, one for each row in the above probability table.For all 3 cases, the future value of the put premium (at t=1) = 100*e.06 = 106.18.In Case 1, the 1-year profit would be: 750 - 800 - 106.18 + max(900-750,0) = -6.18In Case 2, the 1-year profit would be: 850 - 800 - 106.18 + max(900-850,0) = -6.18In Case 3, the 1-year profit would be: 950 - 800 - 106.18 +max(900-950,0) = 43.82 Thus, the expected 1-year profit = .7 * -6.18 + .3 * 43.82 = -4.326 + 13.146 = 8.82.[This is based on Exercise 4-3 on p.121 of McDonald][McDonald, Chapter 4, p.92-96]Answer is BSolution: This is an example of pricing a forward contract using discrete dividends. Thus, we need the future value of the current stock price minus the future value of each of the 12 dividends, where the valuation date is T=3. Thus, the valuation equation is: Forward price = 200*e.04(3) –[1.50*e.04(2.75) + 1.50*1.01*e.04(2.5) + 1.50*(1.01)2*e.04(2.25) + …1.50*(1.01)12] = 200*e.12 - 1.50*e.11{[1-(1.01*e-.01)12]/[1-(1.01*e.01)]}, using the geometric series formula from interest theory. This simplifies numerically to 225.50 -1.67442*11.99666 = 205.41.[This problem combines the material from interest theory and derivatives, although one could also simplify the above expression by brute force (instead of geometric series), since there are only 12 dividends to accumulate forward to T=3.] [McDonald, Chapter 5, p.133-134]Question #21Answer is ESolution: Here, the fair value of the forward contract is given by S0 * e(r-d)T =110 * e(.05-.02).5 = 110 * e.015 = 111.66. This is 0.34 less than the observed price. Thus, one could exploit this arbitrage opportunity by selling the observed forward at 112 and buying a synthetic forward at 111.66, making 112-111.66 = 0.34 profit.[This is based on Exercise 5-8 on p.163-164 of McDonald][McDonald, Chapter 5, p.135-138]Answer is BSolution: First, we must determine the present value of the forward contracts. On a per ton basis, this is: 1,600/1.05 + 1,700/(1.055)2 + 1,800/(1.06)3 = 4,562.49.Then, we must solve for the level swap price, which is labeled x below, as follows:4,562.49 = x/1.05 + x/(1.055)2 + x/(1.06)3 = x*[1/1.05 + 1/(1.055)2 + 1/(1.06)3] =2.69045*x.Thus, x = 4,562.49 / 2.69045 = 1,695.81.Thus, the amount he would receive each year is 50*1,695.81 = 84,790.38. [McDonald, Chapter 8, p.247-248]Question #23Answer is ESolution: First, note that the notional amount and the future 1-year LIBOR rates (not given) do not factor into the calculation of the swap’s fixed rate. All we need at the various zero-coupon bond prices P(0, t) for t=1,2,3,4,5, along with the 1-year implied forward rates, which are given by r0(t-1,t), for t=1,2,3,4,5. These calculations are shown in the following table:t 1 2 3 4 5P(0,t) (1.04)-1(1.045)-2 (1.0525)-3 (1.0625)-4 (1.075)-5=.96154 =.91573 =.85770 =.78466 =.69656 r0(t-1,t) s1[1.0452/1.04]-1 [1.05253/1.0452]-1 [1.06254/1.05253]-1 [1.0755/1.06254]-1 =.04000 =.05002 =.06766 =.09307 =.12649 Thus, the fixed swap rate = R = [(.96154)*(.04)+…+(.69656)*(.12649)] / [.96154 +…+.69656]= [.03846 + .04580 + .05803 + .07303 + .08811]/[.96154 + .91573 + .85770 + .78466 +.69656]= .30344 / 4.21619 = .07197 = 7.20% (approximately).[Note: This is much less calculation-intensive if you realize that the numerator (.30344) for R can also be obtained by taking 1- P(0,n) = 1 – P(0,5) = 1 - .69656 = .30344. Then, you would not need to calculate any of the implied forward rates!][McDonald, Chapter 8, p.255-258]Answer is D[rationale-a] True, hedging reduces the risk of loss, which is a primary function of derivatives.[rationale-b] True, derivatives can be used the hedge some risks that could result in bankruptcy.[rationale-c] True, derivatives can provide a lower-cost way to effect a financialtransaction.[rationale-d] False, derivatives are often used to avoid these types of restrictions. [rationale-e] True, an insurance contract can be thought of as a hedge against the risk of loss.[McDonald, Chapter 1, p.2-3]Question #25Answer is C[rationale-a] True, both types of individuals are involved in the risk-sharing process. [rationale-b] True, this is the primary reason reinsurance companies exist.[rationale-c] False, reinsurance companies share risk by issuing rather than investing in catastrophic bonds. In effect, they are ceding this excess risk to thebondholder.[rationale-d] True, it is diversifiable risk which is reduced or eliminated when risks are shared.[rationale-e] True, this is a fundamental idea underlying risk management andderivatives.[McDonald, Chapter 1, p.5-6]Question #26Answer is B[rationale-I] True, the forward seller has unlimited exposure if the underlying asset’s price increases.[rationale-II] True, the call issuer has unlimited exposure if the underlying asset’s price rises.[rationale-III] False, the maximum loss on selling a put is FV(put premium) – strike price. [McDonald, Chapter 2, p.43 (Table 2.4)]Answer is A[rationale-I] True, as prices go down, the value of holding a put option increases.canbe thought of as a put option.insuranceHomeowner’s[rationale-II] False, returns from equity-linked CDs are zero if prices decline, but positive if prices rise. Thus, owners of these CDs benefit from rising prices. [rationale-III] False, a synthetic forward consists of a long call and a short put, both of which benefit from rising prices (so the net position also benefits as such). [McDonald, Chapter 2, p.44-48]Question #28Answer is E[rationale-a] True, derivatives are used to shift income, thereby potentially lowering taxes.[rationale-b] True, as with taxes, the transfer of income lowers the probability ofbankruptcy.[rationale-c] True, hedging can safeguard reserves, and reduce the need for external financing, which has both explicit (e.g. – fees) and implicit (e.g. –reputational) costs.[rationale-d] True, when operating internationally, hedging can reduce exchange rate risk. [rationale-e] False, a firm that credibly hedges will reduce the riskiness of its cash flows, and will be able to increase debt capacity, which will lead to tax savings, since interest is deductible.[McDonald, Chapter 4, p.103-106]Question #29Answer is ASolution: If S0 is the price of the stock at time-0, then the following payments are required: Outright purchase – payment at time 0 – amount of payment = S0.Fully leveraged purchase – payment at time T – amount of payment = S0*e rT.Prepaid forward contract – payment at time 0 – amount of payment = S0*e-dT.Forward contract – payment at time T – amount of payment = S0*e(r-d)T.Since r>d>0, it must be true that S0*e-dT < S0 < S0*e(r-d)T < S0*e rT.Thus, the correct ranking is given by choice (A).[McDonald, Chapter 5, p.127-134]Answer is C[rationale-a] True, marking to market is done for futures, andcan lead to pricedifferences relative to forward contracts.[rationale-b] True, futures are more liquid; in fact, if you use the same broker to buy and sell, your position is effectively cancelled.[rationale-c] False, forwards are more customized, and futures are more standardized. [rationale-d] True, because of the daily settlement, credit risk is less with futures (v.forwards).[rationale-e] True, futures markets, like stock exchanges, do have daily price limits. [McDonald, Chapter 5, p.142]。
北美精算考试P练习题
0
for −2 ≤ x ≤ 4 otherwise
(c) 1
3 5 1 5
5
6. The time of failure of a component in an electronic device has an exponential distribution with a median of four hours. Calculate the probability that the component will work without failing for at least five hours. (a) 0.07 (b) 0.38 (c) 0.42 (d) 0.29 (e) 0.57
where c is a constant. Calculate the moment generating function of X .
8
1 8 4 3 23 12 7 72 5 36
1
2. An insurance policy pays for a random loss X subject to a deductible of C , where 0 < C < 1. The loss amount is modeled as a continuous random variable with density function f (x) = 2x for 0 < x < 1 0 otherwise
Name:
Student #:
Quiz 3 Duration: 50 min Total: 10 Marks 1. A random variable X has thction: for x < 1 0 x2 −2x+2 F (x) = for 1 ≤ x < 2 2 1 for x ≥ 2 Find the variance of X. (a) (b) (c) (d) (e)
【SOA】关于北美精算师,你必须知道的入门级知识——Exam P
关于北美精算师，你必须知道的入门级知识——Exam P成为一名北美准精算师（ASA）必须要经历五门SOA的准精算师考试，而其中最简单也是大部分人最先开始学习准备的就是Exam P，即probability。
顾名思义，Exam P考察的就是最基本的数理统计与概率问题。
下面我们就来了解一下Exam P的考试形式与内容。
考试目的考生可以掌握用于定量评估风险的基本的概率方法，并着重于用这些方法应用解决精算学中遇到的问题。
参加这门考试的考生应具有一定的微积分基础，并了解基本的概率、保险和风险管理的概念。
考试形式Exam P采用机考的形式，总共30道单项选择题，考试时间为3个小时。
每道选择题共有5个选项，其中只有一个正确选项。
与SAT考试不同的是，Exam P考试答错并不会额外扣分，也就是说考生一定不要空任何一道题。
Exam P中会随机分布几道“pilot question”，这些题目是主办方用来分析从而改进将来的考试而出现的，它们的正确与否并不会影响到考生的实际分数。
但是由于考生并无法分辨出这些题目，所以对每一道题目，考生都要同样认真地对待。
考试内容概率（占总分10%－20%）最基本的事件概率计算问题。
包括集合方程与表示（sat functions）、互斥事件（mutually exclusive events）、事件独立性（independence of events）、组合概率（Combinatorial probability）、条件概率（Conditional probability）以及贝叶斯定理（Bayes theorem）等。
拥有单因素概率分布的随机变量（占总分35%－45%）连续分布或离散分布的单因素随机变量的研究。
包括PDF&CDF（Probability density functions and Cumulative distribution functions）、独立随机事件的和的分布、众数（Mode）、中位数（Median）、百分位数（Percentile）、动差（Moment）、方差（Variance）以及变形等问题。
CMA美国注册管理会计师考试++中文+p1+试题及答案117
美国注册管理会计师考试中文p1 试题及答案1、Oakmont 公司有两个分部，家电产品分部和施工设备分部；分别按照投资回报率和剩余收益来考核两个分部的经理。
这两个分部的资本成本和投资回报率都分别为12%和16%。
每个经理都在考虑一个投资回报率为14%的项目。
根据当前针对经理人员的考核制度，其中哪个经理具有实施该项目的激励动力？A、两个经理都有B、两个经理都没有C、施工设备分部的经理有，但是家电产品分部的经理没有D、家电产品分部的经理有，但是施工设备部的经理没有试题解析：鉴于两个分部的资本成本和投资回报率，项目对建筑设备部门最有激励。
2、某公司注意到其分部经理人员制定的决策并没有使得公司整体的利益最大化。
为了阻止这样的倾向，公司要采用一套业绩考核制度，该制度应该强调：A、剩余收益B、弹性预算差异C、营业收益D、可控成本试题解析：剩余收益是一个分部发生所有费用后剩下的收益。
强调剩余收益决策及小评估将使分部经理的注意力集中在降低成本的措施。
3、下列关于平衡计分卡的表述哪一项是错误的？A、平衡计分卡直接来源于一些科学管理理论B、传统的用来考核业绩的财务指标，存在着一些问题。
平衡记分卡寻求解决这些问题。
C、设计一套平衡记分卡的过程中，价值链分析这一观念起了重要作用D、平衡计分卡成功与否，取决于每个使用者对于计分卡所提供的服务的理解我用的是试题解析：平衡计分卡寻求解决关于用于衡量绩效的传统财务指标的问题。
价值链分析的概念在拟定平衡计分卡时发挥重要作用。
，它依赖于顾客对所提供服务的的认知。
4、一个制造企业有以下的数据：期初在制品存货$5,000期末在制品存货$15,000全部的生产成本是$110,000期初产成品存货$20,000期末产成品存货$30,000产品销售成本(COGS)是多少A、$50,000B、$100,000C、$110,000D、$90,000试题解析：首先计算产品生产成本(COGM)。
COGM等于期初在制品存货加上全部生产成本减去期末在制品成本($5,000 + $110,000 - $15,000 = $100,000)。
北美精算师(SOA)考试P 2000 November年真题
(A) (B) (C) (D) (E)
208 260 270 312 374
November 2000
1
Course 1
2.
An investor purchases two assets, each having an initial value of 1000 . The value Vn of the first asset after n years can be modeled by the relationship:
0.06 0.16 0.19 0.22 0.25
Course 1
12
Form 00B
13.
An actuary believes that the demand for life insurance, L, and the demand for health insurance, H, can be modeled as functions of time, t:
What is the approximate probability that there is a total of between 2450 and 2600 claims during a one-year period?
(A) (B) (C) (D) (E)
0.68 0.82 0.87 0.95 1.00
Course 1
2
Form 00B
3.
An auto insurance company has 10,000 policyholders. Each policyholder is classified as
(i) (ii) (iii)
young or old; male or female; and married or single.
CMA美国注册管理会计师考试 中文 p1 试题及答案127
美国注册管理会计师考试中文p1 试题及答案1、关于工厂范围的间接费用分摊率、部门间接费用分摊率和作业成本法(ABC) ，以下哪项是正确的?A、三种方法的成本动因(分摊基数)都是根据与成本之间假设或确定的因果关系来选择的B、部门间接费用是三者中最准确的C、ABC间接分摊率是生产同质产品过程的最好选择D、每个方法都仅使用一种成本动因(分摊基数)但多个成本池试题解析：成本动因(分摊基数)应该与成本有因果关系。
显然，工厂范围间接费用分摊率最难实现这个目标2、Starlet 公司的成本会计员John Sheng 正在为公司的工模具部门和组装部门制定部门制造费用分配率。
两个部门的制造费用和某批产品的数据见下：若采用部门制造费用分配率分配制造费用，则在这两个部门对231 号批次产品分配的制造费用总计为多少？A、$225.B、$537.C、$303.D、$671.试题解析：在工模具和组装部门分摊给批次#231的总间接费用可以如下计算分摊给批次#231的总间接费用= (每直接人工小时的工模具间接费用分摊率)(批次#231的直接人工小时) + (每直接人工小时的组装间接费用分摊率)(#231的直接人工小时)工模具的间接费用分摊率= $8,625 / 460= $18.75/直接人工小时组装的间接费用分摊率= $16,120 / 620= $26/直接人工小时总间接费用分摊，批次#231 = ($18.75)(12直接人工小时) + ($26)(3直接人工小时)= $225 + $78 = $3033、Sanford 制造公司的成本会计员Cynthia Rogers 正在编制一份管理报告，该报告必须包括制造费用的分配。
各部门预算的制造费用和某批次产品的数据见下：公司采用按部门的制造费用分配率，且以直接人工为基数分配制造费用，请问工模具部门对231 号批次产品分配多少制造费用？A、$44.00.B、$197.50.C、$241.50.D、$501.00.试题解析：工模具部门分摊给批次#231的间接费用计算如下:工模具间接费用分摊,批次#231= (工模具的间接费用分摊率)(批次#231使用的人工小时)工模具分摊率= (总工模具间接费用) / (工模具部门的总直接人工小时) = ($8,690) / (440直接人工小时) = $19.75/人工小时。
CMA美国注册管理会计师考试 中文 p1 试题及答案114
美国注册管理会计师考试中文p1 试题及答案1、Maxis Tech公司试图确定一名员工的绩效评定如何用他/她的教育水平(EDU)，雇佣时间(EMP)和接受的培训时间（TRN）来解释。
使用了100名员工的数据，Maxis Tech采用了回归分析，并得到以下的结果绩效评级= 0.2 + 0.32 EDU + 0.15 EMP + 0.07 TRN。
R方= 0.72，EDU回归系数的T值= 0.013，EMP回归系数的T值= 3.276，TRN回归系数的T值= 4.121。
以下哪个表述最好地描述了在员工绩效评级中的三个因素的影响的统计显著性？A、所有3个的影响都是统计性显著的，因为R2相对较高B、只有接受培训时间的影响是统计性显著，因为它的t值最高。
C、雇用时间和接受的培训时间有统计显著性影响，因为t值的绝对值高于最极端的分界点D、没有一个因素是统计性显著影响试题解析：为了确定一项自变量是否统计性显著，我们需要看它的t值。
如果它的t值大于某个分界点(由显著性水平来决定)，它就被认为是统计性显著。
虽然题中没有给出显著性水平，但EMP和TRN的t的绝对值已经足够高，这样他们就可以被认为统计性显著。
另一方面，EDU的t绝对值太低了，因而不能被认为统计性显著。
2、Maxis为了确定内部培训项目如何影响员工的绩效评分，他做了回归分析，并得到以下的结果绩效评分= 0.2 + 0.05×内训的时间（小时），R方= 0.1。
根据这些信息，Maxis的结论是A、培训时间（小时）之外的因素能更好地解释一个员工的绩效评分B、每获得1小时的培训，员工的绩效评分将下降0.05C、获得培训时间的多少对员工的绩效评分有重要的影响D、如果某个员工获得1小时的培训，他的绩效评分将是0.35试题解析：R方等于0.1意味着培训时间的多少只能解释10%的员工绩效评分。
而其它因素可以解释剩下90%的员工绩效评分的波动。
因此，这个公司应该做多元回归分析(用多个自变量)而不是简单回归分析(只有一个自变量)。
Spring 2001 Exam
Determine b .
(A)
5 ln 6 5 5 ln 6 6 5 6 ln 6 5 7 ln 6 6 ln 5
(B)
(C)
(D)
(E)
May 2001
7
Course 1
2.
A stock pays annual dividends. The first dividend is 8 and each dividend thereafter is 7% larger than the prior dividend.
Let m be the number of dividends paid by the stock when the cumulative amount paid first exceeds 500 .
Calculate m .
(A) (B) (C) (D) (E)
23 24 25 26 27
May 2001
What is the expected excess of premiums over claims, given that the husband survives at least ten years?
(A) (B) (C) (D) (E)
350 385 397 870 897
May 2001
May 2001
12
Course 1
7.
A joint density function is given by kx f ( x, y ) = 0 where k is a constant. for 0 < x < 1, 0 < y < 1 otherwise,
What is Cov(X,Y) ?
CMA美国注册管理会计师考试 中文 p1 试题及答案128
美国注册管理会计师考试中文p1 试题及答案1、一个企业采用工厂范围分摊率，它有四个车间，分别有$200,000, $300,000, $100,000和$200,000的间接费用。
四个车间分别有年度总人工小时：30,000, 40,000, 20,000和10,000。
假设人工小时作为分摊基础。
第一个车间使用的分摊率是多少?A、$2/人工小时B、$6.67/人工小时C、$8/人工小时D、$10/人工小时试题解析：由于工厂使用工厂范围的分摊率，间接费用金额和人工小时数都要加总，然后总工厂间接费用除以总成本动因数量：$800,000/100,000人工小时= $8/人工小时2、一个采用完全成本法，并计划当期生产20,000个产品的企业的估计单位成本如下使用表格B中的信息，单位转换成本是多少？A、$58B、$18C、$108D、$113试题解析：单位转换成本定义为单位直接人工成本加上单位间接费用，在这个案例中：$40 + $10 + $8 = $583、一个采用完全成本法，并计划当期生产20,000个产品的企业的估计单位成本如下使用表格B中的信息，单位主要成本是多少？A、$90B、$100C、$108D、$113试题解析：单位主要成本的定义是单位直接材料成本加上单位直接人工成本。
在这个案例中：$50 + $40 = $904、以下哪项经常在日常的基础上变化?A、固定间接成本B、工厂范围间接费用分摊率C、部门间接费用分摊率D、变动间接成本试题解析：变动间接成本可以在日常的基础上受影响，而固定间接成本不是日常管理所能影响的。
5、一个公司的维护部门为网球部门、壁球部门以及自己做油漆。
维护部分用平方英尺作为成本动因。
这些部门分别有80,000, 20,000和1,000平方英尺。
分摊前维护部门的总成本有$60,000。
使用直接法分摊服务部门成本，分摊给每个部门的成本是多少?A、维护部门: $0; 网球部门: $48,000; 壁球部门: $12,000B、维护部门: $594; 网球部门: $47,525; 壁球部门: $11,881C、维护部门: $0; 网球部门: $36,000; 壁球部门: $24,000D、维护部门: $594; 网球部门: $35,644; 壁球部门: $23,762试题解析：直接法不考虑分摊给其他服务部门以及自身。
北美精算考试试题
北美精算考试试题1. The probability that a visit to a primary care physician’s (PCP) office results in neither lab work nor referral to a specialist is 35% . Of those coming to a PCP’s office, 30% are referred to specialists and 40% require lab work.Determine the probability that a visit to a PCP’s office results in both lab work and referral to a specialist.(A) 0.05(B) 0.12(C) 0.18(D) 0.25(E) 0.352. A study of automobile accidents produced the following data:An automobile from one of the model years 1997, 1998, and 1999 was involved in an accident.Determine the probability that the model year of this automobile is 1997 .(A) 0.22(B) 0.30(C) 0.33(D) 0.45(E) 0.503. The lifetime of a printer costing 200 is exponentially distributed with mean 2 years. The manufacturer agrees to pay a full refund to a buyer if the printer fails during the first year following its purchase, and a one-half refund if it fails during the second year. If the manufacturer sells 100 printers, how much should it expect to pay in refunds?(A) 6,321(B) 7,358(C) 7,869(D) 10,256(E) 12,6424. Let T denote the time in minutes for a customer service representative to respond to 10 telephone inquiries. T is uniformly distributed on the interval with endpoints 8 minutes and 12 minutes. Let R denote the average rate, in customers per minute, at which the representative responds to inquiries.Which of the following is the density function of the random variable R on the interval(A)12/5(B) 3 (C) (D) (E)5. Let T1 and T2 represent the lifetimes in hours of two linked components in an electronic device. The joint density function for T1 and T2 is uniform over the region defined by 0 <= t1<= t2<=L where L is a positive constant.Determine the expected value of the sum of the squares of T1 and T2 .(A)L2/3(B)L2/2(C)2 L2/3(D) 3 L2/4(E) L26. Two instruments are used to measure the height, h, of a tower. The error made by the less accurate instrument is normally distributed with mean 0 and standard deviation 0.0056h . The error made by the more accurate instrument is normally distributed with mean 0 and standard deviation 0.0044h . Assuming the two measurements are independent random variables, what is the probability that their average value is within 0.005h of the height of the tower?(A) 0.38(B) 0.47(C) 0.68(D) 0.84(E) 0.907. An insurance company’s monthly claims are modeled by a continuous, positive randomvariable X, whose probability density function is proportional to (1 + x)-4 ,where 0 < x Determine the company’s expected monthly claims.(A)1/6(B)1/3(C)1/2(D) 1(E) 38. A probability distribution of the claim sizes for an auto insurance policy is given in thetable below:What percentage of the claims are within one standard deviation of the mean claim size?(A) 45%(B) 55%(C) 68%(D) 85%(E) 100%9. The total claim amount for a health insurance policy follows a distributionwith density function The premium for the policy is set at 100 over the expected total claim amount.If 100 policies are sold, what is the approximate probability that the insurancecompany will have claims exceeding the premiums collected?(A) 0.001(B) 0.159(C) 0.333(D) 0.407(E) 0.46010. An insurance company sells two types of auto insurance policies: Basic and Deluxe. The time until the next Basic Policy claim is an exponential random variable with mean two days. The time until the next Deluxe Policy claim is an independent exponential random variable with mean three days. What is the probability that the next claim will be a Deluxe Policy claim?(A) 0.172(B) 0.223(C) 0.400(D) 0.487(E) 0.50011. A company offers a basic life insurance policy to its employees, as well as a supplemental life insurance policy. To purchase the supplemental policy, an employee must first purchase the basic policy.Let X denote the proportion of employees who purchase the basic policy, and Y the proportion of employees who purchase the supplemental policy. Let X and Y have the joint density function f(x,y) = 2(x + y) on the region where the density is positive. Given that 10% of the employees buy the basic policy, what is the probability that fewer than 5% buy the supplemental policy?(A) 0.010(B) 0.013(C) 0.108(D) 0.417(E) 0.50012. Let C be the curve defined by x = sin t + t and y = cos t – t,Find an equation of the line tangent to C at (0, 1) .(A) y = 1(B) y = 1 + 2x(C) y = 1 – 2x(D) y = 1 –x(E) y = 1 –0.5x13. For a certain product priced at p per unit, 2000 – 10p units will be sold.Which of the following best represents the graph of revenue, r, as a function of price, p ?(A) (B) (C) (D) (E)14. A virus is spreading through a population in a manner that can be modeled by thefunction where A is the total population, g(t) is the number infected at time t, and B is a constant.What proportion of the population is infected when the virus is spreading the fastest?(A)1/3(B)1/2(C)2/3(D)3/4(E) 115. In a certain town, the rate of deaths at time t due to a particular disease is modeled by What is the total number of deaths from this disease predicted by the model?(A) 243(B) 370(C) 556(D) 1,111(E) 10,00016. The total cost, c, to a company for selling n widgets is c(n) = n2 + 4n + 100 . The price per widget is p(n) = 100 – n .What price per widget will yield the maximum profit for the company?(A) 50(B) 76(C) 96(D) 98(E) 10017. An insurance company has 120,000 to spend on the development and promotion of a new insurance policy for car owners. The company estimates that if x is spent on development and y is spent on promotion, then policies will besold.Based on this estimate, what is the maximum number of policies that the insurance company can sell?(A) 3,897(B) 9,000(C) 11,691(D) 30,000(E) 90,00018. An insurance policy reimburses dental expense, X, up to a maximum benefit of 250 . The probability density function for X is: where c is a constant.Calculate the median benefit for this policy.(A) 161(B) 165(C) 173(D) 182(E) 25019. In an analysis of healthcare data, ages have been rounded to the nearest multiple of 5 years. The difference between the true age and the rounded age is assumed to be uniformly distributed on the interval from _2.5 years to 2.5 years. The healthcare data are based on a random sample of 48 people. What is the approximate probability that the mean of the rounded ages is within 0.25 years of the mean of the true ages?(A) 0.14(B) 0.38(C) 0.57(D) 0.77(E) 0.8820. Let X and Y denote the values of two stocks at the end of a five-year period. X is uniformly distributed on the interval (0,12) . Given X = x, Y is uniformly distributed on the interval (0, x) . Determine Cov(X, Y) according to this model.(A) 0(B) 4(C) 6(D) 12(E) 2421. A ball rolls along the polar curve defined by r = sin . The ball starts at = 0 and ends at Calculate the distance the ball travels.(A) (B) (C) (D) (E)22. An actuary determines that the annual numbers of tornadoes in counties P and Q are jointly distributed as follows:Calculate the conditional variance of the annual number of tornadoes in county Q, giventhat there are no tornadoes in county P .(A) 0.51(B) 0.84(C) 0.88(D) 0.99(E) 1.7623. An insurance policy is written to cover a loss X where X has density function The time (in hours) to processa claim of size x, where 0 _ x _ 2, is uniformly distributed on the interval from x to 2x .Calculate the probability that a randomly chosen claim on this policy is processed in three hours or more.(A) 0.17(B) 0.25(C) 0.32(D) 0.58(E) 0.8324. An actuary has discovered that policyholders are three times as likely to file two claims as to file four claims.If the number of claims filed has a Poisson distribution, what is the variance of the number of claims filed?(A) (B) 1(C) (D) 2(E) 425. An advertising executive claims that, through intensive advertising, 175,000 of a city’s 3,500,000 people will recognize the client’s product after one day. He further claims that product recognition will grow as advertising continues according to the relationship an+1 = 0.95an +175,000, where an is the number of people who recognize the client’s product n days after advertising begins. If the advertising executive’s claims are correct, how many of the city’s 3,500,000 people will not recognize the client’s product after 35 days of advertising?(A) 552,227(B) 561,468(C) 570,689(D) 581,292(E) 611,88626. The bond yield curve is defined by the function y(x) for 0 < x _ 30 where y is the yield on a bond which matures in x years. The bond yield curve is a continuous, increasing function of x and, for any two points on the graph of y, the line segment connecting those points lies entirely below the graph of y . Which of the following functions could represent the bond yield curve?(A) y(x) = a a is a positive constant(B) y(x) = a + kx a, k are positive constants(C) , k are positive constants(D) y(x) = , k are positive constants(E) y(x) = a + k log(x + 1) a, k are positive constants27. A car dealership sells 0, 1, or 2 luxury cars on any day. When selling a car, the dealer also tries to persuade the customer to buy an extended warranty for the car. Let X denote the number of luxury cars sold in a given day, and let Y denote the number of extended warranties sold.P(X = 0, Y = 0) =1/6 P(X = 1, Y = 0) =1/12 P(X = 1, Y = 1) =1/6 P(X = 2, Y = 0) =1/12P(X = 2, Y = 1) =1/3 P(X = 2, Y = 2) =1/6 What is the variance of X ?28. Inflation is defined as the rate of change in price as a function of time. The figure below is a graph of inflation, I, versus time, t . Price at time t = 0 is 100 . What is the next time at which price is 100 ?(A) At some time t, t (0, 2) .(B) 2(C) At some time t, t (2, 4) .(D) 4(E) At some time t, t (4, 6) .29. An investor buys one share of stock in an internet company for 100 . During the first four days he owns the stock, the share price changes as follows (measured relative to theprior day’s price): If the pattern of relative price movements observed on the first four days is repeated indefinitely, how will the price of the share of stock behave in the long run?(A) It converges to 0.00 .(B) It converges to 99.45 .(C) It converges to 101.25 .(D) It oscillates between two finite values without converging.(E) It diverges to .30. Three radio antennas are located at points (1, 2), (3, 0) and (4, 4) in the xy-plane. In order to minimize static, a transmitter should be located at the point which minimizes the sum of the weighted squared distances between the transmitter and each of the antennas. The weights are 5, 10 and 15, respectively, for the three antennas. What is the x-coordinate of the point at which the transmitter should be located in order to minimize static?(A) 2.67(B) 3.17(C) 3.33(D) 3.50(E) 4.0031. Let R be the region bounded by the graph of x2 + y2 = 9 .Calculate(A) (B) (C) (D) (E)32. A study indicates that t years from now the proportion of a population that will beinfected with a disease can be modeled by Determine the time when the actual proportion infected equals the average proportion infected over the time interval from t = 0 to t = 3 .(A) 1.38(B) 1.50(C) 1.58(D) 1.65(E) 1.6833. A blood test indicates the presence of a particular disease 95% of the time when thedisease is actually present. The same test indicates the presence of the disease 0.5% ofthe time when the disease is not present. One percent of the population actually has thedisease.Calculate the probability that a person has the disease given that the test indicates the presence of the disease.(A) 0.324(B) 0.657(C) 0.945(D) 0.950(E) 0.99534. An insurance policy reimburses a loss up to a benefit limit of 10 . The policyholder’sloss, Y, follows a distribution with density function:What is the expected value of the benefit paid under the insurance policy?(A)1.0(B) 1.3(C) 1.8(D) 1.9(E) 2.035. A company insures homes in three cities, J, K, and L . Since sufficient distance separates the cities, it is reasonable to assume that the losses occurring in these cities are independent. The moment generating functions for the loss distributions of the cities are:MJ(t) = (1 – 2t)-3 MK(t) = (1 – 2t)-2.5 ML(t) = (1 – 2t)-4.5 Let X represent the combined losses from the three cities.Calculate E(X3) .(A) 1,320(B) 2,082(C) 5,760(D) 8,000(E) 10,56036. In modeling the number of claims filed by an individual under an automobile policyduring a three-year period, an actuary makes the simplifying assumption that for all integers , where pn represents the probability that the policyholder files n claims during the period.Under this assumption, what is the probability that a policyholder files more than one claim during the period?(A) 0.04(B) 0.16(C) 0.20(D) 0.80(E) 0.9637. Let S be the surface described by f(x,y) = arctany/x Determine an equation of the plane tangent to S at the point(A) (B) (C) (D) (E)38. An insurance policy is written to cover a loss, X, where X has a uniform distributionon [0, 1000] .At what level must a deductible be set in order for the expected payment to be 25% of what it would be with no deductible?(A) 250(B) 375(C) 500(D) 625(E) 75039. An insurance policy is written that reimburses the policyholder for all losses incurred up to a benefit limit of 750 . Let f(x) be the benefit paid on a loss of x .Which of the following most closely resembles the graph of the derivative of f ?(A) (B) (C) (D) (E)40. A company prices its hurricane insurance using the following assumptions:(i) In any calendar year, there can be at most one hurricane.(ii) In any calendar year, the probability of a hurricane is 0.05 .(iii) The number of hurricanes in any calendar year is independentof the number of hurricanes in any other calendar /doc/fb5f1bbcc77da26925c5b09e.html ing the company’s assumptions, calculate the probability that there are fewer than 3 hurricanes in a 20-year period.Course 1 May 2000 Answer Key1. A 21. B2. D 22. D3. D 23. A4. E 24. D5. C 25. D6. D 26. E7. C 27. B8. A 28. C9. B 29. A10. C 30. B11. D 31. D12. E 32. D13. E 33. B14. B 34. D15. C 35. E16. B 36. A17. C 37. B18. C 38. C19. D 39. C20. C 40. E。
CMA美国注册管理会计师考试--中文-p1-试题及答案136【2024版】
可编辑修改精选全文完整版美国注册管理会计师考试中文p1 试题及答案1、Tidwell 公司销售单一产品，单价$20。
销售均采用赊销方式，60%当月回款，40%下个月回款。
来年1-3月份的现金收款计划如下：还包括如下的一些其他信息：* 库存量维持在下个月销量的30%* $1,000.公司要求的最小现金账户余额为$15,000。
1 月份支付的现金总额预计为$106,500，其中不包括$12,000 的折旧费用。
任何借款必须是$1,000的倍数* 前一年12 月31 日的资产负债表上现金余额为$24,900。
不考虑所得税，请问2 月份维持公司的最低现金余额至少要融资多少？A、$8,000B、$10,600C、$23,000D、$11,000试题解析：1月底的期望现金余额（没有融资）= (期初现金余额) + (期望现金回款) –(期望现金支付)注意的是1月1日的现金余额等于12月31日的现金余额，在这道题里是$24,900。
1月份期望的现金回款等于12月和1月的应收款在1月的回款总和1月的预计现金回款= $32,000 + $54,000 = $86,000。
1月的预计现金支付是$106,500。
1月底的预计现金余额（没有融资）= $24,900 + $86,000 –$106,500 = $4,400。
因此，为了确保最低余额$15,000，Tidwell公司需要借$11,000。
2、ohnsen 公司本年最后七个月的预计销售额和计划的收款方式如下：预计销售额6月份$700,0007月份600,0008月份650,0009 月份800,00010月份850,00011月份900,00012月份840,000销售类型现销30%赊销70%赊销额的收款方式(其中5%确定为收不回的坏账)销售当月20%售后第一个月50%售后第二个月25%请问9 月份公司预计总共能回款多少现金？A、$684,500B、$635,000C、$807,000D、$827,000试题解析：9月份预算的从销售和应收款上的现金回款= (9月的现金销售) + (从9月赊账销售中的回款) + (从8月销售中的回款) + (从7月销售中的回款)。
CMA美国注册管理会计师考试++中文+p1+试题及答案106
美国注册管理会计师考试中文p1试题及答案1、如果变动间接费用的预算机器小时是200,000，标准分摊率是$5/机器小时，但是实际使用了220,000机器小时。
实际分摊率是$6/机器小时。
变动间接费用的分摊率差异是多少?A、$220,000有利B、$100,000不利C、$100,000有利D、$220,000不利试题解析：变动间接费用分摊率(或价格)差异是实际价格与标准价格的差乘以实际量($6/机器小时-$5/机器小时)x220,000机器小时= $220,000不利2、一个公司有固定间接费用耗费差异$5,000有利，以及固定间接费用生产量差异$80,000不利。
以下哪项最可能是这些差异的原因?A、预算过程遗漏了或没有预计到固定成本的变化B、由于事故和没有预料到的维修使部门的开支没有得到足够的控制C、公司在期间内的生产量少于预期，一些固定间接费用实际上应该作为变动间接费用D、工人的技术水平、时间安排、现场监督或设置的效率有波动试题解析：耗费差异是很小且有利的，而生产量差异相对更大和不利。
因此，问题主要在生产量差异。
它是由于对产品的实际需求量与预算的不同所造成的。
当一些变动成本被错误地归类为固定成本，生产量差异就更大3、直接材料(DM)的价格差异是$2,650有利，直接材料使用差异是$3,000不利。
每个产品的预算直接材料是2磅，标准价格是每磅$10。
预算生产2,000个，但是实际生产了2,500个(假设采购的直接材料等于使用的直接材料)。
直接材料采购的总成本是多少?A、$47,500B、$50,350C、$50,000D、$53,500试题解析：生产2,500个产品的标准直接材料使用量是5,000磅。
DM使用差异=(实际量-预算量)x预算价格$3,000=(x-5,000)x$10/磅300lbs.=x-5,000磅x=5,300磅-$2,650=(实际价格x实际量)–$53,000-$2,650+$53,000=(实际价格x实际量)(实际价格x实际量)=$50,350。
soa北美精算师第二门FMTIA样题一
soa北美精算师第⼆门FMTIA样题⼀The In?nite Actuary’sJoint Exam2/FMSample Exam1by James Washer,FSA,MAAAlast updated-August14,2009Take this sample exam under strict exam conditions.Start a timer for3hours and stop imme-diately when the timer is done.Do not stop the clock when you go to the bathroom.Do not look at your notes.Do not look at the answer key.This exam contains35questions.Do not spend too much time on any one question.Choose the best available answer for each question.1.Which of the following is not a way to create a40-45-50butter?y?A.buy40-strike call,write two45-strike calls,buy50-strike callB.buy40-strike put,write two45-strike puts,buy50-strike putC.buy40-strike put,write45-strike call,write45-strike put,buy50-strike callD.buy40-strike call,write45-strike call,write45-strike put,buy50-strike putE.all of the above will create a40-45-50butter?y2.Letδt=14+t,0≤t≤15What is the?rst year for which the e?ective rate of discount is less than12.5%?A.3B.4C.5D.6E.73.A bond will pay a coupon of100at the end of each of the next three years and will pay the facevalue of1000at the end of the three-year period.The bond’s modi?ed duration when valued using an annual e?ective interest rate of20%is X.Calculate X.A.2.25B.2.61C.2.70D.2.77E.2.894.You are given the following table of interest rates:CalendarYear of PortfolioOriginal RatesInvestment Investment Year Rates(in%)(in%)y i y1i y2i y3i y4i y5i y+519928.258.258.408.508.508.3519938.508.708.758.909.008.6019949.009.009.109.109.208.8519959.009.109.209.309.409.1019969.259.359.509.559.609.3519979.509.509.609.709.70199810.0010.009.909.80199910.009.809.7020009.509.5020019.00A person deposits1000on January1,1997.Let the following be the accumulated value of the 1000on January1,2000.P:under the investment year methodQ:under the portfolio yield methodCalculate P+Q.A.2575B.2595C.2610D.2655E.27005.A loan is repaid with10annual payments.The?rst payment occurs one year after the loan.The?rst payment is100and each subsequent payment increases by10.The annual e?ective rate of interest is5%.The amount of principal repaid in the4th payment is X.Determine X.A.71B.76C.80D.84E.916.A1000par value10-year bond that pays9%coupons semiannually is purchased for X.Thecoupons are reinvested at a nominal rate of7%convertible semiannually.The bond investor’s nominal annual yield rate convertible semiannually over the10-year period is9.2%.Determine X.A.924B.987C.1024D.1386E.14427.Bill writes a$100-strike call option on stock XYZ with6months to expiration for a premium of$7.24.The risk-free rate is5%convertible semiannually.For what rage of prices at expiration does Bill make a pro?t?A.[0,92.58)B.(92.58,∞)C.[0,107.42)D.(107.42,∞)E.[0,107.60)8.10deposits of$2000are made every other year with the?rst deposit made immediately.Theresulting fund is used to buy a perpetuity with payments made once every3years following the pattern X,4X,7X,10X,...The?rst perpetuity payment is made3years after the last deposit of$2000.The annual e?ective rate of interest is6%.Determine X.A.408B.458C.471D.512E.6039.John buys a perpetuity-due with annual payments that are adjusted each year for in?ation.The?rst payment is100.In?ation is3%for years1-5and2%thereafter.Calculate the price of the perpetuity if the yield rate is an e?ective6%per annum.A.2750B.2760C.2770D.2780E.279010.Given the following information about the treasury market:Term Coupon Price10%96.6220%X30%88.90It is known that the2-year forward rate is4.5%.Calculate X.A.87.65B.89.70C.92.90D.93.45E.95.5011.A20-year bond is priced at par and pays R%coupons semiannually.The bond’s duration is 13.95years.Determine R.A.2B.3C.4D.5E.612.Which of the following is not true?A.An asset insured with a?oor is equivalent to investing in a zero-coupon bond and buying a call option on the asset.B.A short position insured with a cap is equivalent to writing a zero-coupon bond and buying a put option on the asset.C.A covered written call is equivalent to investing in a zero-coupon bond and writing a put option on the asset.D.A covered written put is equivalent to writing a zero-coupon bond and writing a call option on the asset.E.All of the above are true.13.A fairly smart actuary(also know as an FSA)is o?ered the following rates on a loan:1.X%nominal annual rate of interest compounded monthly2.X%nominal annual rate of discount compounded monthly3.X%annual e?ective rate of interest4.X%annual e?ective rate of discount5.X%constant force of interestWhich rate does the FSA take?A.1B.2C.3D.4E.514.An annuity pays1at the beginning of each year for n /doc/894fe700eff9aef8941e067b.html ing an annual e?ective interestrate of i,the present value of the annuity at time0is8.55948.It is also known that(1+i)n=3.172169.Find the accumulated value of the annuity immediately after the last payment.A.27.152B.28.456C.29.324D.30.765E.31.97315.Deposits are made at the beginning of every month into a fund earning a nominal annual rateof6%convertible monthly.The?rst deposit is100and deposit increase2%every year.In other words,deposits1-12are100,deposits13-24are100×1.02=102,deposits25-36are 100×1.022=104.04,and so on.Calculate the fund balance at the end of10years.A.16,569B.16,893C.17,257D.17,770E.17,85916.On January1a fund has a balance of$100.Sometime during the year a withdrawal of$20ismade.Immediately before the withdrawal the fund balance is$110.At year-end the balance is $95.If the time weighted and dollar weighted rates for the year are equal,then in what month was the$20withdrawal made?A.JuneB.JulyC.AugustD.SeptemberE.October17.A common stock pays annual dividends at the end of each year.The earnings per share inthe year just ended were J.Earnings are assumed to grow10%per year in the future.The percentage of earnings paid out as a dividend will be0%for the next5years and50%thereafter.Calculate the theoretical price of the stock to yield the investor21%.A.5J(1.1)4B.5J(1.1)5C.5J(1.1)6D.10J(1.1)5E.10J(1.1)618.You are the CFO of In?nite Life.In?nite Life only has one liability of$5000due in8years.In?nite Life uses a nominal rate of6%convertible semiannual to discount all liability cash?ows.You call up your favorite bond broker and ask him what bonds he has for sale today.Your broker says he has5-year and10-year bonds.Both bonds are priced to yield6%convertible semiannually.The5-year bond pays6%coupons semiannually and the10-year bond is a zero-coupon bond.The bonds can be bought in any face amount.What face amount of the5-year bond should you buy in order to meet the?rst two conditions of immunization?A.777B.888C.999D.1111E.2222。
北美精算师(SOA)考试P 2001年真题和注解
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Course 1 Solutions
7
May 2001
11.
D Observe that x and y follow the constraint equation x + y = 160, 000 x = 160, 000 − y where 0 ≤ y ≤ 160, 000 Now this constraint equation can be used to express policy sales g(x, y) as a function f(y) of marketing y alone: f ( y ) = g (160, 000 − y, y ) = 0.001(160, 000 − y ) y 3/ 4 We can then compute f '(y) as follows: 3 −3/ 4 3/ 4 1/ 4 1 f ' ( y ) = − (160, 000 − y ) y + (160, 000 − y ) y −1/ 4 /1000 4 4 −1 −3/ 4 = (160, 000 − y ) y −1/ 4 y − 3 (160, 000 − y ) 4000 −1 −3/ 4 = (160, 000 − y ) y −1/ 4 ( 4 y − 480, 000 ) 4000 1 −3/ 4 = (160, 000 − y ) y −1/ 4 (120, 000 − y ) , 0 ≤ y ≤ 160, 000 1000 Note that f ' ( y ) > 0 for 0 ≤ y < 120, 000 ,
Course 1 May 2001 Answer Key
CMA-白默老师英文班P1的试题答案
Answers1. Answer (D) is correct.Employing different accounting methods will yield different net incomes. Each choice of two or more accounting methods will further change the results reported, making the task of comparing different entities very difficult, even when these methods are disclosed.2. Answer (B) is correct.Interest incurred during the reporting period on a note payable is considered an “interest expense” on the income statement which reduces net income, and in turn, decreases the equity section of the balance sheet. Interest expense paid is considered an operating activity as it is used to pay for the day-to-day operating activities of the organization. Therefore, for statement of cash flow purposes, interest expense paid would be classified as an outflow from operating activities.3.Answer (A) is correct.The total cash provided (used) by the three activities (operating, investing, and financing) should equal the increase or decrease in cash for the year. The difference between the beginning balance of cash of $150,000, and the ending balance of cash of $177,500 is equal to $27,500.4. Answer (B) is correct.Investing cash inflows result from sales of property, plant, and equipment; sales of investments in another entity's debt or equity securities; or collections of the principal on loans to another entity. However, dividend income and interest income are included in cash flow from operating activities. Hence, the management accountant might have incorrectly calculated the cash flow from operations as follows: $15,000 + $2,500 − ($8,000 − $6,500) − ($2,500 + $5,000) = $8,500.5. Answer (A) is correct.The current market value of inventory closely reflects the value at which it can be sold. Fixed assets reported at historical cost will help to estimate depreciation expense correctly to estimate the tax shield from depreciation.6.Answer (D) is correct.The inventory of cargo ships has been lying in stock for 18 months. Therefore, considering the value of inventory in the calculation of current ratio will not provide a true picture of the company's liquidity.7.Answer (A) is correct.When using the indirect method, a decrease to cash flow would occur when a business pays off its liabilities; therefore, a decrease in income taxes payable would result in a decrease to cash when using the indirect method.8. Answer (B) is correct.The statement of cash flows requires footnote disclosure of any significant noncash investing and financing activities, such as the issuing of stock for fixed assets or the conversion of debt to equity.9. Answer (A) is correct.Extraordinary items are material items that are both unusual in nature and infrequent in occurrence.10.11. Answer (A) is correct.Companies that use factoring get immediate cash and can eliminate their credit department, because factors usually take over these tasks. The company continues all operational activities directly with the customers, such as order placement and fulfillment.12. Answer (C) is correct.Reacquisition reduces the number of shares a company has outstanding without altering the value of the company. Therefore, the stock price of the company will increase.13. Answer (B) is correct.During rising prices, LIFO liquidation results in higher levels of income, thereby increasing the tax expense. Hence, LIFO liquidations can reduce the benefits of valuation of inventory using LIFO.14. Answer (A) is correct.As required by ASC 810 Consolidation (formerly SFAS No. 94, Consolidation of All Majority-Owned Subsidiaries), all companies with subsidiaries are required to issue consolidated statements including each subsidiary they control, usually meaning 50% or more ownership.15. Answer (D) is correct.Since this industry deals with high-value and customized orders, the production usually starts after the order is received. Since there will not be any equipment lying in inventory,the inventory balance will be zero, irrespective of the methodof valuation used. Therefore, the balance in LIFO reserve will most likely be zero.16. 题解：销售点之后的收入确认，C分期销售法，确认的毛利= $90,000 × 40% + $100,000 × 50% + $155,000 × 60% = $179,000成本回收法，确认的毛利= $90,000 + 0 + $3,000 = $93,000确认毛利的差异= $179,000 - $93,000 = $86,00017. 题解：递延所得税的转换，A临时性差异所引起的递延所得税流动的递延所得税负债= (14,000 – 7,000) × 40% = 2,800非流动的递延所得税负债= (22,000 – 25,000) × 40% = 1,200由于ABC公司是第1年运营，所以递延所得税没有期初余额，因此，当期增加值= 2,800 + 1,200 = 4,000所得税费用= 应付所得税+ 递延所得税负债变化金额应付所得税= 40,000 × 40% – 4,000 = 12,00018．Answer (A) is correct.Among the listed industries, it is difficult for a new entrant to establish business in the automobile industry.19. Answer (C) is correct.If consumers' focus is on price and not on quality, Juno's investment in research and development is probably wasted. In fact, the premium price will likely drive customers away.20. Answer (A) is correct.Ability of buyers to backward-integrate will enhance their bargaining leverage. Current prices and/or other terms can make an alternative more attractive than continuing to buy externally.21. Answer (B) is correct.Organizations prepare strategic plans at different intervals depending on the industry, the level of competition (e.g., new entrants), and how fast products or services change. If Chroma is a provider of cutting-edge communication technology in a competitive market, it will need to revise and prepare strategic plans at relatively short intervals.22.Answer (C) is correct.Inexpensive and abundant retail space will lower entry barriers for new entrants, posing a threat to Wishing-Well's business.23.Answer (C) is correct.SWOT (or S.W.O.T.) is the acronym for strengths, weaknesses, opportunities, and threats. SWOT analysis provides a framework to identify a variety of elements that will help or hinder an organization's progress in the environment in which it operates.24. Answer (C) is correct.When the management of a company has a high level of expertise in its business, there is a greater chance that a centralized leadership will be effective.25. Answer (B) is correct.Most of Infinity's business units are either stars or question marks. These operate inhigh-growth markets and require cash inputs to grow, which usually are provided by cash cows or dogs. Since Infinity has only two business units in these two quadrants, the company is likely to be facing a cash crunch.26. Answer (C) is correct.Bargaining power of buyers is reduced when the switching costs are high, as is the case here.27. Answer (D) is correct.This strategy uses one of Tamara's strengths—its product development team—to take advantage of the opportunity presented by the growing popularity of mobile technologies.28. Answer (B) is correct.▪ 改善预算是一种包括持续改进的预算方式，它根据目标效率和生产效率对所需要的资源进行调整，是传统预算系统和ABC预算系统的有效补充▪ 在改善预算中，降低成本是通过以“相同作业，更高效率，更高品质”的方式来实现的；它并不是随意地削减作业29.题解：单位产品标准耗时的判断，答案B每生产20个产品就有一个不合格产品则单位产品的标准耗时= （21*10）/20 = 10.5 分钟/个30.题解：预算编制，D31.题解：现金预算的计算，D▪ 该公司的回款形式属于(n+1)，而且是3次收款，因此3月份的收款往前只能追溯到1月份(3-2)▪ 3月份的现金回收额= 当期的现金+ 2月份赊销的60% + 2月份赊销的30% + 1月份赊销的10%▪ 3月份的现金收回额= 120,000 + 335,000×0.6×0.98 + 335,000×0.3 + 320,000×0.1 =120,000 + 196,980 + 100,500 + 32,000 = 449,48032.题解：应付账款资金的预算，B▪ 期初+ 当期采购= 当期支付+ 期末▪ 当期支付= $5,000,000 + $6,000,000 - 5,500,000 = 6,500,00033.题解：原材料预算，D▪ 制作20 kg的水果沙拉需要使用19 kg完全加工好的水果▪ 设使用了未加工过的水果X kg▪ X×(1 – 10%)×(1 – 2%) = 19 kg，X = 21.54 kg34.题解：Dlimit unauthorized expenditures. 是internal control 的作用。