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Test Prep CFA-Level-I Exam Questions
CFA® Level I Chartered Financial Analyst (Page 102 )

Updated On: 24-Feb-2026
Page 102 of 793
PDF with 3963 Questions

A study of a company's practice regarding the payment of invoices revealed that on the average an invoice was paid 20 days after it was received. The standard deviation equaled five days. Assuming that the distribution is normal, what percent of the invoices were paid within 15 days of receipt?

  1. 37.91%
  2. 86.74%
  3. 15.87%
  4. 34.13%
  5. None of these answers

Answer(s): C

Explanation:

z = (x-u)/sigma = 15 - 20/5 = -1.0. z = 1 is 0.3413. 1.0 - 0.8413 = 0.1587.



Which of the following is/are discrete random variables? I. The height of a student selected at random from 217 students. II. The slot number where the ball comes to rest in a roulette wheel. III. The color of a playing card drawn at random from a pack. IV. The speed of a car tracked by the radar gun of highway patrol.

  1. IV only
  2. II & III
  3. I, II & IV.
  4. II only
  5. III only
  6. I, II & III
  7. I only
  8. I & II

Answer(s): B

Explanation:

A student's height and the speed of a car can take values over a continuum and hence, are not discrete variables.



At a local burger joint, 3 workers receive $5.3 per hour, 4 workers receive $4.9 per hour and 2 workers receive $8.1 per hour. The average pay of a worker at the joint is ________.

  1. $5.18
  2. none of these answers
  3. $5.74
  4. $6.10

Answer(s): C

Explanation:

There are 3 + 4 + 2 = 9 workers. The total wages paid equal 3*5.3 + 4*4.9 + 2*8.1 = $51.7. The average pay equals 51.7/9 = $5.74



Which of the following measures of dispersion are based on deviations from the mean?

  1. None of these answers
  2. Standard deviation
  3. Mean deviation
  4. All of these answers
  5. Variance

Answer(s): D

Explanation:

The formulas for all three measures are based on the deviation of the mean. Note: variance is the standard deviation squared.



What semiannual deposit is needed to accumulate $8,000 in 5 years if the account pays 7% per year, compounded semiannually, assuming that the first deposit is made in 6 months and also assuming that the account already has $1,250 in it today?

  1. $336.15
  2. $677.44
  3. $559.52
  4. $278.01
  5. $531.63

Answer(s): E

Explanation:

On the BAII Plus, press 10 N, 7 divide 2 = I/Y, 1250 PV, 8000 +/- FV, CPT PMT. On the HP12C, press 10 n, 7 ENTER 2 divide i, 1250 PV, 8000 CHS FV, PMT. Note that the answer this time is a positive number. This means that the $531.63 is a deposit in addition to the $1,250 original deposit. The $5,000 is entered as a negative number, because the $1,250 and the $531.63 are deposits and the $8,000 is a withdrawal. Make sure the BAII Plus has the value of P/Y set to 1.






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