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5 questions will be shown from a total of 30 free practice questions to prepare you for CFA level 1 exam. Enjoy!

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1. Given the following data, determine the cash flow from operations:

Sales = USD2,100m
Increase in inventory = USD200m
Depreciation = USD125m
Increase in accounts receivable = USD75m
Decrease in accounts payable = USD70m
After tax profit margin = 35%
Gain on sale of machinery = USD30m

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2. Which of the following statements regarding Internal Rate of Return (IRR) and Net Present Value (NPV) is/are most likely correct?

1: If the NPV and IRR methods give conflicting decisions for mutually exclusive projects, the IRR method should be used to select the project.
2: A project may have positive NPV even if its IRR is less than the cost of capital
3: IRR is the discount rate at which the NPV of the project is zero.
4: A project’s IRR can be positive even if the NPV is negative.

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3. Company XYZ purchases land for USD5,000,000. XYZ intends to hold the land for a long term (20 years) and rent the land out to generate income. Under IFRS, at which price is the company allowed to use on its financial reports for the value of the land:

I. USD5,000,000
II. The current market price

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4. Management fees in private equity are ________ those in hedge funds in that _________.

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5. The percentage returns for a stock for a 5-year period are provided below:

2008: 12%
2009: 9%
2010: -2%
2011: 12%
2012: 8%

What is the standard deviation of the stock returns? You should treat the 5 year period as the population, not as a sample.

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