CIPS L4M3 Q&A - in .pdf

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  • Exam Code: L4M3
  • Exam Name: CIPS Commercial Contracting
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NEW QUESTION: 1
변경 관리 환경에서 다음 중 무엇이 프로덕션 프로그램에 대한 무단 변경을 초래할수 있습니까?
A. 승인없이 RAD (Rapid Application Development) 방법론을 사용하는 개발자
B. 개발자가 승인없이 소스 코드를 체크 아웃합니다.
C. 승인없이 소스 코드 수정하기
D. 승인없이 프로그램을 프로덕션으로 승격
Answer: D

NEW QUESTION: 2
Which two statements about 802.11r are true? (Choose two)
A. Non-802.11r clients cannot associate to WLANs that have 802 llr enabled on WLC AireOS code 8.0
B. 802.11r IS supported only on OPEN and WPA2 WLANs.
C. A PTK is generated before the client roams to the target AP.
D. This protocol uses the four-way handshake for the key management upon roaming.
Answer: A,B

NEW QUESTION: 3
Amie Lear, CFA, is a quantitative analyst employed by a brokerage firm. She has been assigned by her supervisor to cover a number of different equity and debt investments. One of the investments is Taylor, Inc. (Taylor), a manufacturer of a wide range of children's toys. Based on her extensive analysis, she determines that her expected return on the stock, given Taylor's risks, is 10%. In applying the capital asset pricing model (CAPM), the result is a 12% rate of return.
For her analysis of the returns of Devon, Inc. (Devon), a manufacturer of high-end sports apparel, Lear intends to use the Fama-French model (FFM). Devon is a small-cap growth stock that has traded at a low market-to-book value in recent years. Lear's analysis has provided a wealth of quantitative information to consider. The return on a value-weighted market index minus the risk-free rate is 5.5%, the small-cap return premium is 3.1%, the value return premium is 2.2%, and the liquidity premium is 3.3%. The risk-free rate is 3.4%. The market, size, relative value, and liquidity betas for Devon are 0.7, -0.3, 1.4, and 1.2, respectively. In estimating the appropriate equity risk premium, Lear has chosen to use the Gordon growth model.
Lear's assistant, Doug Saunders, presents her with a report on macroeconomic multifactor models that includes the following two statements:
Statement 1: Business cycle risk represents the unexpected change in the difference between the return of risky corporate bonds and government bonds.
Statement 2: Confidence risk represents the unexpected change in the level of real business activity.
Lear is also attempting to determine the most appropriate method for determining the required return for Densmore, Inc. (Densmore), a closely held company that is considering a debt issue within the next year.
The company has not previously issued debt securities to the public, relying instead on bank financing.
She realizes that there are a number of models to consider, including the CAPM, multifactor models, and build-up models.
Which of the following approaches/methods is most appropriate for Lear to consider in determining the required return for Densmore?
A. Bond-yield plus risk premium method.
B. Risk premium approach.
C. Build-up method.
Answer: C
Explanation:
Explanation/Reference:
Explanation:
The build-up method is usually applied to closely held companies (such as Densmore) where betas are not readily obtainable.
The risk premium approach requires betas for its calculations; betas are generally not readily available for closely held companies.The bond-yield plus risk premium method is appropriate only if the company has publicly traded debt. The method simply adds a risk premium to the yield to maturity of the company's long- term debt. (Study Session 10, LOS 35-d)

NEW QUESTION: 4
Select the four activities that are NOT part of the Payables closing process. (Choose four.)
A. confirm payment batches
B. close the General Ledger period
C. process period-end receipt accruals
D. close the Payables period
E. process the remaining Inventory transactions
F. review the Uninvoiced Receipts Report
Answer: B,C,E,F

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