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+[{"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is true for REITs?\nOption A:According to GAAP, equity REITs are exempt from reporting earnings per share.\nOption B:Though equity REIT correlations with other asset classes are typically moderate, they are highest during steep market downturns.\nOption C:The REIT corporation pays taxes on income, and the REIT shareholder pays taxes on the REIT’s dividend distribution of after-tax earnings.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Capricorn Fund of Funds invests GBP 100 million in each of Alpha Hedge Fund and ABC Hedge Fund. Capricorn FOF has a “1 and 10” fee structure. Management fees and incentive fees are calculated independently at the end of each year. After one year, net of their respective management and incentive fees, the investment in Alpha is valued at GBP80 million and the investment in ABC is valued at GBP140 million. The annual return to an investor in Capricorn, net of fees assessed at the fund of funds level, is closest to:\nOption A:7.9%.\nOption B:8.0%.\nOption C:8.1%.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A hedge fund has the following fee structure: Annual management fee based on year-end AUM 2% Incentive fee 20% Hurdle rate before incentive fee collection starts 4% Current high-water mark $610 million The fund has a value of $583.1 million at the beginning of the year. After one year, it has a value of $642 million before fees. The net return to an investor for this year is closest to:\nOption A:6.72%.\nOption B:6.80%.\nOption C:7.64%.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor seeks a current income stream as a component of total return, and desires an investment that historically has low correlation with other asset classes. The investment most likely to achieve the investor’s goals is:\nOption A:timberland.\nOption B:collectibles.\nOption C:commodities.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Risks in infrastructure investing are most likely greatest when the project involves:\nOption A:construction of infrastructure assets.\nOption B:investment in existing infrastructure assets.\nOption C:investing in assets that will be leased back to a government.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "As the loan-to-value ratio increases for a real estate investment, risk most likely increases for:\nOption A:debt investors only.\nOption B:equity investors only.\nOption C:both debt and equity investors.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Private equity funds are most likely to use:\nOption A:merger arbitrage strategies.\nOption B:leveraged buyouts.\nOption C:market-neutral strategies.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An alternative investment fund’s hurdle rate is a:\nOption A:rate unrelated to a catch-up clause.\nOption B:tool to protect clients from paying twice for the same performance.\nOption C:minimum rate of return the GP must exceed in order to earn a performance fee.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is true regarding mortgage-backed securities?\nOption A:Insurance companies prefer the first-loss tranche.\nOption B:When interest rates rise, prepayments will likely accelerate.\nOption C:When interest rates fall, the low-risk senior tranche will amortize more quickly.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Hedge funds are similar to private equity funds in that both:\nOption A:are typically structured as partnerships.\nOption B:assess management fees based on assets under management.\nOption C:do not earn an incentive fee until the initial investment is repaid.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is true regarding private equity performance calculations?\nOption A:The money multiple calculation relies on the amount and timing of cash flows.\nOption B:The IRR calculation involves the assumption of two rates.\nOption C:Because private equity funds have low volatility, accounting conventions allow them to use a lagged mark-to- market process.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A characteristic of farmland strongly distinguishing it from timberland is its:\nOption A:commodity price-driven returns.\nOption B:inherent rigidity of production for output.\nOption C:value as an offset to other human activities.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A private equity fund desiring to realize an immediate and complete cash exit from a portfolio company is most likely to pursue a(n):\nOption A:IPO.\nOption B:trade sale.\nOption C:recapitalization.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Until the committed capital is fully drawn down and invested, the management fee for a private equity fund is based on:\nOption A:invested capital.\nOption B:committed capital.\nOption C:assets under management.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Both event-driven and macro hedge fund strategies use:\nOption A:long–short positions.\nOption B:a top-down approach.\nOption C:long-term market cycles.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Hedge fund losses are most likely to be magnified by a:\nOption A:margin call.\nOption B:lockup period.\nOption C:redemption notice period.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements about commodity investing is invalid?\nOption A:Few commodity investors trade actual physical commodities.\nOption B:Commodity producers and consumers both hedge and speculate.\nOption C:Commodity indexes are based on the price of physical commodities.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Angel investing capital is typically provided in which stage of financing?\nOption A:Later-stage.\nOption B:Formative-stage.\nOption C:Mezzanine-stage.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which is not true of mark-to-model valuations?\nOption A:Return volatility may be understated.\nOption B:Returns may be smooth and overstated.\nOption C:A calibrated model will produce a reliable liquidation value.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following relates to a benefit when owning real estate directly?\nOption A:Taxes\nOption B:Capital requirements\nOption C:Portfolio concentration", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is least likely to be considered an alternative investment?\nOption A:Real estate\nOption B:Commodities\nOption C:Long-only equity funds", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An analyst wanting to assess the downside risk of an alternative investment is least likely to use the investment’s:\nOption A:Sortino ratio.\nOption B:value at risk (VaR).\nOption C:standard deviation of returns.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Compared with traditional investments, alternative investments are more likely to have:\nOption A:greater use of leverage.\nOption B:long-only positions in liquid assets.\nOption C:more transparent and reliable risk and return data.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A significant challenge to investing in timber is most likely its:\nOption A:high correlation with other asset classes.\nOption B:dependence on an international competitive context.\nOption C:return volatility compounded by financial market exposure.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The privatization of an existing hospital is best described as:\nOption A:a greenfield investment.\nOption B:a brownfield investment.\nOption C:an economic infrastructure investment.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Relative to traditional investments, alternative investments are least likely to be characterized by:\nOption A:high levels of transparency.\nOption B:limited historical return data.\nOption C:significant restrictions on redemptions.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following forms of infrastructure investments is the most liquid?\nOption A:An unlisted infrastructure mutual fund\nOption B:A direct investment in a greenfield project\nOption C:An exchange-traded master limited partnership (MLP)", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor may prefer a single hedge fund to a fund of funds if he seeks:\nOption A:due diligence expertise.\nOption B:better redemption terms.\nOption C:a less complex fee structure.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An equity hedge fund following a fundamental growth strategy uses fundamental analysis to identify companies that are most likely to:\nOption A:be undervalued.\nOption B:be either undervalued or overvalued.\nOption C:experience high growth and capital appreciation.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The distribution method by which profits generated by a fund are allocated between LPs and the GP is called:\nOption A:a waterfall.\nOption B:an 80\\/20 split.\nOption C:a fair division.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "From the perspective of the investor, the most active approach to investing in alternative investments is:\nOption A:co-investing.\nOption B:fund investing.\nOption C:direct investing.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which approach is most commonly used by equity hedge strategies?\nOption A:Top down\nOption B:Bottom up\nOption C:Market timing", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "United Capital is a hedge fund with $250 million of initial capital. United charges a 2% management fee based on assets under management at year end, and a 20% incentive fee based on returns in excess of an 8% hurdle rate. In its first year, United appreciates 16%. Assume management fees are calculated using end-of-period valuation. The investor’s net return assuming the performance fee is calculated net of the management fee is closest to:\nOption A:11.58%.\nOption B:12.54%.\nOption C:12.80%.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor is seeking an investment that can take long and short positions, may use multi-strategies, and historically exhibits low correlation with a traditional investment portfolio. The investor’s goals will be best satisfied with an investment in:\nOption A:real estate.\nOption B:a hedge fund.\nOption C:a private equity fund.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Alternative investment funds are typically managed:\nOption A:actively.\nOption B:to generate positive beta return.\nOption C:assuming that markets are efficient", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The following information applies to Rotunda Advisors, a hedge fund: $288 million in assets under management (AUM) as of prior year-end 2% management fee (based on year-end AUM) 20% incentive fee calculated: net of management fee using a 5% soft hurdle rate using a high-water mark (high-water mark is $357 million) Current year fund return is 25% The total fee earned by Rotunda in the current year is closest to:\nOption A:$7.20 million.\nOption B:$20.16 million.\nOption C:$21.60 million.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor chooses to invest in a brownfield rather than a greenfield infrastructure project. The investor is most likely motivated by:\nOption A:growth opportunities.\nOption B:predictable cash flows.\nOption C:higher expected returns.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor in a private equity fund is concerned that the general partner can receive incentive fees in excess of the agreed-on incentive fees by making distributions over time based on profits earned rather than making distributions only at exit from investments of the fund. Which of the following is most likey to protect the investor from the general partner receiving excess fees?\nOption A:A high hurdle rate\nOption B:A clawback provision\nOption C:A lower capital commitment", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "What is the most significant drawback of a repeat sales index to measure returns to real estate?\nOption A:Sample selection bias\nOption B:Understatement of volatility\nOption C:Reliance on subjective appraisals", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The Sharpe ratio is a less-than-ideal performance measure for alternative investments because:\nOption A:it uses a semi-deviation measure of volatility.\nOption B:returns of alternative assets are not normally distributed.\nOption C:alternative assets exhibit low correlation with traditional asset classes.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The first stage of financing at which a venture capital fund most likely invests is the:\nOption A:seed stage.\nOption B:mezzanine stage.\nOption C:angel investing stage.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The potential benefits of allocating a portion of a portfolio to alternative investments include:\nOption A:ease of manager selection.\nOption B:improvement in the portfolio’s risk–return relationship.\nOption C:accessible and reliable measures of risk and return.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A hedge fund invests primarily in distressed debt. Quoted market prices are available for the underlying holdings but they trade infrequently. Which of the following will the hedge fund most likely use in calculating net asset value for trading purposes?\nOption A:Average quotes\nOption B:Average quotes adjusted for liquidity\nOption C:Bid prices for short positions and ask prices for long positions", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An effective risk management process used by alternative investment funds most likely includes:\nOption A:in-house valuations.\nOption B:internal custody of assets.\nOption C:segregation of risk and investment process duties.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If a commodity’s forward curve is in contango, the component of a commodities futures return most likely to reflect this is:\nOption A:spot prices.\nOption B:the roll yield.\nOption C:the collateral yield.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is most likely to be available when conducting hedge fund due diligence?\nOption A:The benchmark used by the fund\nOption B:Information on systems risk management\nOption C:Details of investment strategies and processes", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Two years ago, a company issued $20 million in long-term bonds at par value with a coupon rate of 9 percent. The company has decided to issue an additional $20 million in bonds and expects the new issue to be priced at par value with a coupon rate of 7 percent. The company has no other debt outstanding and has a tax rate of 40 percent. To compute the company‘s weighted average cost of capital, the appropriate after-tax cost of debt is closet to:\nOption A:4.2%.\nOption B:4.8%.\nOption C:5.4%.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Consider two companies that operate in the same line of business and have the same degree of operating leverage: the Basic Company and the Grundlegend Company. The Basic Company and the Grundlegend Company have, respectively, no debt and 50 percent debt in their capital structure. Which of the following statements is most accurate? Compared to the Basic Company, the Grundlegend Company has:\nOption A:a lower sensitivity of net income to changes in unit sales.\nOption B:the same sensitivity of operating income to changes in unit sales.\nOption C:the same sensitivity of net income to changes in operating income.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is least likely to be true with respect to agency costs and senior management compensation?\nOption A:Equity-based incentive compensation is the primary method to address the problem of agency costs.\nOption B:A well-designed compensation scheme should eliminate agency costs.\nOption C:High cash compensation for senior management, without significant equity-based performance incentives, can lead to excessive caution and complacency.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is most accurate? If two equity issues have the same market risk but the first issue has higher leverage, greater liquidity, and a higher required return, the higher required return is most likely the result of the first issue’s:\nOption A:greater liquidity.\nOption B:higher leverage.\nOption C:higher leverage and greater liquidity.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "According to the static trade-off theory:\nOption A:debt should be used only as a last resort.\nOption B:companies have an optimal level of debt.\nOption C:the capital structure decision is irrelevant.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is an example of agency costs? In each case, management is advocating a substantial acquisition, and management compensation is comprised heavily of stock options.\nOption A:Management believes the acquisition will be positive for shareholder value but negative for the value and interests of the company’s debtholders.\nOption B:Management’s stock options are worthless at the current share price. The acquisition has a high (50%) risk of failure (with zero value) but substantial (30%) upside if it works out.\nOption C:The acquisition is positive for equityholders and does not significantly impair the position of debtholders. However, the acquisition puts the company into a new business where labor practices are harsh and the production process is environmentally damaging.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements regarding stakeholder management is most accurate?\nOption A:Company management ensures compliance with all applicable laws and regulations.\nOption B:Directors are excluded from voting on transactions in which they hold material interest.\nOption C:The use of variable incentive plans in executive remuneration is decreasing.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Wang Securities had a long-term stable debt-to-equity ratio of 0.65. Recent bank borrowing for expansion into South America raised the ratio to 0.75. The increased leverage has what effect on the asset beta and equity beta of the company?\nOption A:The asset beta and the equity beta will both rise.\nOption B:The asset beta will remain the same and the equity beta will rise.\nOption C:The asset beta will remain the same and the equity beta will decline.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following represents a principal–agent conflict between shareholders and management?\nOption A:Risk tolerance\nOption B:Multiple share classes\nOption C:Accounting and reporting practices", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Paloma Villarreal has received three suggestions from her staff about how to address her firm’s liquidity problems.Suggestion 1. Reduce the firm’s inventory turnover rate.Suggestion 2. Reduce the average collection period on accounts receivable.Suggestion 3. Accelerate the payments on accounts payable by paying invoices before their due dates.Which suggestion should Villarreal employ to improve the firm’s liquidity position?\nOption A:Suggestion 1\nOption B:Suggestion 2\nOption C:Suggestion 3", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of these statements is most accurate with respect to the use of debt by a start-up fashion retailer with negative cash flow and uncertain revenue prospects?\nOption A:Debt financing will be unavailable or very costly.\nOption B:The company will prefer to use equity rather than debt given its uncertain cash flow outlook.\nOption C:Both A and B.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Kwam Solutions must raise €120 million. Kwam has two primary sources of liquidity: €60 million of marketable securities (which can be sold with minimal liquidation/brokerage costs) and €30 million of bonds (which can be sold with 3% liquidation costs). Kwam can sell some or all of either of these portfolios. Kwam has a secondary source of liquidity, which would be to sell a large piece of real estate valued at €70 million (which would incur 10% liquidation costs). If Kwam sells the real estate, it must be sold entirely (a fractional sale is not possible). What is the lowest cost strategy for raising the needed €120 million?\nOption A:Sell €60 million of the marketable securities, €30 million of the bonds, and €34.3 million of the real estate property.\nOption B:Sell the real estate property and €50 million of the marketable securities.\nOption C:Sell the real estate property and €57 million of the marketable securities.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is true of the growth stage in a company’s development?\nOption A:Cash flow is negative, by definition, with investment outlays exceeding cash flow from operations.\nOption B:Cash flow may be negative or positive.\nOption C:Cash flow is positive and growing quickly.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "According to the pecking order theory:\nOption A:new debt is preferable to new equity.\nOption B:new debt is preferable to internally generated funds.\nOption C:new equity is always preferable to other sources of capital.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Brandon Wiene is a financial analyst covering the beverage industry. He is evaluating the impact of DEF Beverage's new product line of flavored waters. DEF currently has a debt-to-equity ratio of 0.6. The new product line would be financed with $50 million of debt and $100 million of equity. In estimating the valuation impact of this new product line on DEF's value, Wiene has estimated the equity beta and asset beta of comparable companies. In calculating the equity beta for the product line, Wiene is intending to use DEF's existing capital structure when converting the asset beta into a project beta. Which of the following statements is correct?\nOption A:Using DEF's debt-to-equity ratio of 0.6 is appropriate in calculating the new product line's equity beta.\nOption B:Using DEF's debt-to-equity ratio of 0.6 is not appropriate, but rather the debt-to-equity ratio of the new product, 0.5, is appropriate to use in calculating the new product line's equity beta.\nOption C:Wiene should use the new debt-to-equity ratio of DEF that would result from the additional $50 million debt and $100 million equity in calculating the new product line's equity beta.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is least accurate with respect to the market value and book value of a company’s equity?\nOption A:Market value is more relevant than book value when measuring a company’s cost of capital.\nOption B:Book value is often used by lenders and in financial ratio calculations.\nOption C:Both market value and book value fluctuate with changes in the company’s share price.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "SebCoe plc, a British firm, is evaluating an investment in a ￡50 million project that will be financed with 50% debt and 50% equity. Management has already determined that the NPV of this project is ￡5 million if it uses internally generated equity. However, if the company uses external equity, it will incur flotation costs of 5.8%. Assuming flotation costs are not tax deductible, the NPV using external equity would be:\nOption A:less than ￡5 million because we would discount the cash flows using a higher weighted average cost of capital that reflects the flotation costs.\nOption B:￡3.55 million because flotation costs reduce NPV by $1.45 million.\nOption C:￡5 million because flotation costs have no impact on NPV.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements regarding corporate shareholders is most accurate?\nOption A:Cross-shareholdings help promote corporate mergers.\nOption B:Dual-class structures are used to align economic ownership with control.\nOption C:Affiliated shareholders can protect a company against hostile takeover bids.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The Bearing Corp. invests only in positive-NPV projects. Which of the following statements is true?\nOption A:Bearing’s return on invested capital (ROIC) is greater than its cost of capital (COC).\nOption B:Bearing’s COC is greater than its ROIC.\nOption C:We can’t reach any conclusions about the relationship between the company’s ROIC and COC.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is most likely to occur as a company evolves from growth stage through maturity and seeks to optimize its capital structure?\nOption A:The company relies on equity to finance its growth.\nOption B:Leverage increases as the company needs more capital to support organic expansion.\nOption C:Leverage increases as the company is able to support more debt.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Using the dividend discount model, what is the cost of equity capital for Zeller Mining if the company will pay a dividend of C$2.30 next year, has a payout ratio of 30 percent, a return on equity (ROE) of 15 percent, and a stock price of C$45?\nOption A:9.61 percent.\nOption B:10.50 percent.\nOption C:15.61 percent.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Whichof the following is least likely tobe true with respect to optimal capital structure?\nOption A:The optimal capital structure minimizes WACC.\nOption B:The optimal capital structure is generally close to the target capital structure.\nOption C:Debt can be a significant portion of the optimal capital structure because of the tax-deductibility of interest.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The Gearing Company has an after-tax cost of debt capital of 4 percent, a cost of preferred stock of 8 percent, a cost of equity capital of 10 percent, and a weighted average cost of capital of 7 percent. Gearing intends to maintain its current capital structure as it raises additional capital. In making its capital budgeting decisions for the average-risk project, the relevant cost of capital is:\nOption A:4 percent.\nOption B:7 percent.\nOption C:8 percent.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The current weighted average cost of capital (WACC) for Van der Welde is 10%. The company announced a debt offering that raises the WACC to 13%. The most likely conclusion is that for Van der Welde:\nOption A:the company’s prospects are improving.\nOption B:equity financing is cheaper than debt financing.\nOption C:the company’s debt\\/equity has moved beyond the optimal range.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is not a reason why target capital structure and actual capital structure tend to differ?\nOption A:Financing is often tied to a specific investment.\nOption B:Companies raise capital when the terms are attractive.\nOption C:Target capital structure is set for a particular project, while actual capital structure is measured at the consolidated company level.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following stakeholders are least likely to be positively affected by increasing the proportion of debt in the capital structure?\nOption A:Senior management\nOption B:Non-management employees\nOption C:Shareholders", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Morgan Insurance Ltd. issued a fixed-rate perpetual preferred stock three years ago and placed it privately with institutional investors. The stock was issued at $25 per share with a $1.75 dividend. If the company were to issue preferred stock today, the yield would be 6.5 percent. The stock's current value is:\nOption A:$25.00\nOption B:$26.92\nOption C:$37.31", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements about non-market factors in corporate governance is most accurate?\nOption A:Stakeholders can spread information quickly and shape public opinion.\nOption B:A civil law system offers better protection of shareholder interests than does a common law system.\nOption C:Vendors providing corporate governance services have limited influence on corporate governance practices.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If investors have homogeneous expectations, the market is efficient, and there are no taxes, no transaction costs, and no bankruptcy costs, Modigliani and Miller’s Proposition I states that:\nOption A:bankruptcy risk rises with more leverage.\nOption B:managers cannot change the value of the company by changing the amount of debt.\nOption C:managers cannot increase the value of the company by employing tax-saving strategies.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is least likely to affect the capital structure of Longdrive Trucking Company? Longdrive has moderate leverage today\nOption A:The acquisition of a major competitor for shares\nOption B:A substantial increase in share price\nOption C:The payment of a stock dividend", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Dot. Com has determined that it could issue $1,000 face value bonds with an 8 percent coupon paid semi-annually and a five-year maturity at $900 per bond. If Dot. Com's marginal tax rate is 38 percent, its after-tax cost of debt is closest to:\nOption A:6.2 percent.\nOption B:6.4 percent.\nOption C:6.6 percent.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following issues discussed at a shareholders’ general meeting would most likely require only a simple majority vote for approval?\nOption A:Voting on a merger\nOption B:Election of directors\nOption C:Amendments to bylaws", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With regard to capital allocation, an appropriate estimate of the incremental cash flows from an investment is least likely to include:\nOption A:externalities.\nOption B:interest costs.\nOption C:opportunity costs.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Catherine Ndereba is an energy analyst tasked with evaluating a crude oil exploration and production company. The company previously announced that it plans to embark on a new project to drill for oil offshore. As a result of this announcement, the stock price ran up by 10%. After conducting her analysis, Ms. Ndereba concludes that the project does indeed have a positive NPV. Which statement is true?\nOption A:The stock price should remain where it is because Ms. Ndereba’s analysis confirms that the recent run-up was justified.\nOption B:The stock price should go even higher now that an independent source has confirmed that the NPV is positive.\nOption C:The stock price could remain steady, move higher, or move lower.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Other factors being equal, in which of the following situations are debt–equity conflicts likely to increase?\nOption A:Financial leverage is low.\nOption B:The company’s debt is secured.\nOption C:The company’s debt is long-term.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The internal rate of return (IRR) is best described as the:\nOption A:opportunity cost of capital.\nOption B:time-weighted rate of return.\nOption C:discount rate that makes the net present value equal to zero.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Acompany has arranged a $20 million line of credit with a bank, allowing thecompany theflexibility to borrow and repay any amount of funds as long as thebalance doesnot exceed the line of credit. These arrangements are called:\nOption A:convertibles.\nOption B:factoring.\nOption C:revolvers.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Vega Company has announced that it intends to raise capital next year, but it is unsure as to the appropriate method of raising capital. White, the CFO, has concluded that Vega should apply the pecking order theory to determine the appropriate method of raising capital. Based on White’s conclusion, Vega should raise capital in the following order:\nOption A:debt, internal financing, equity.\nOption B:equity, debt, internal financing.\nOption C:internal financing, debt, equity.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The business risk of a particular company is most accurately measured by the company’s:\nOption A:debt-to-equity ratio.\nOption B:efficiency in using assets to generate sales.\nOption C:operating leverage and level of uncertainty about demand, output prices, and competition.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Happy Resorts Company currently has 1.2 million common shares of stock outstanding and the stock has a beta of 2.2. It also has $10 million face value of bonds that have five years remaining to maturity and 8 percent coupon with semi-annual payments, and are priced to yield 13.65 percent. If Happy issues up to $2.5 million of new bonds, the bonds will be priced at par and have a yield of 13.65 percent; if it issues bonds beyond $2.5 million, the expected yield on the entire issuance will be 16 percent. Happy has learned that it can issue new common stock at $10 a share. The current risk-free rate of interest is 3 percent and the expected market return is 10 percent. Happy's marginal tax rate is 30 percent. If Happy raises $7.5 million of new capital while maintaining the same debt-to-equity ratio, its weighted average cost of capital is closest to:\nOption A:14.5 percent.\nOption B:15.5 percent.\nOption C:16.5 percent.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "William Jones is evaluating three possible means of borrowing $1 million for one month: Drawing down on a line of credit at 7.2 percent with a 1/2 percent commit-ment fee on the full amount with no compensating balances. A banker’s acceptance at 7.1 percent, an all-inclusive rate. Commercial paper at 6.9 percent with a dealer's commission of 1/4 percent and a backup line cost of 1/3 percent, both of which would be assessed on the $1 million of commercial paper issued. Which of these forms of borrowing results in the lowest cost of credit?\nOption A:Line of credit.\nOption B:Banker‘s acceptance.\nOption C:Commercial  paper.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Hermann Corporation is considering an investment of €375 million with expected after-tax cash inflows of €115 million per year for seven years and an additional after-tax salvage value of €50 million in Year 7. The required rate of return is 10 percent. What is the investment’s PI?\nOption A:1.19.\nOption B:1.33.\nOption C:1.56.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investment has an outlay of 100 and after-tax cash flows of 40 annually for four years. A project enhancement increases the outlay by 15 and the annual after-tax cash flows by 5. As a result, the vertical intercept of the NPV profile of the enhanced project shifts:\nOption A:Up and the horizontal intercept shifts left.\nOption B:Up and the horizontal intercept shifts right.\nOption C:Down and the horizontal intercept shifts left.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With regard to net present value (NPV) profiles, the point at which a profile crosses the vertical axis is best described as:\nOption A:the point at which two projects have the same NPV.\nOption B:the sum of the undiscounted cash flows from a project.\nOption C:a project's internal rate of return when the project's NPV is equal to zero.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Shirley Shea has evaluated an investment proposal and found that its payback period is one year, it has a negative NPV, and it has a positive IRR. Is this combination of results possible?\nOption A:Yes.\nOption B:No, because a project with a positive IRR has a positive NPV.\nOption C:No, because a project with such a rapid payback period has a positive NPV.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Kim Corporation is considering an investment of 750 million won with expected after-tax cash inflows of 175 million won per year for seven years. The required rate of return is 10 percent. Expressed in years, the project’s payback period and discounted payback period, respectively, are closest to:\nOption A:4.3 years and 5.4 years.\nOption B:4.3 years and 5.9 years.\nOption C:4.8 years and 6.3 years.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Kim Corporation is considering an investment of 750 million won with expected after-tax cash inflows of 175 million won per year for seven years. The required rate of return is 10 percent. What is the project’s?\nOption A:NPV：102 million won\\tIRR：14.0%\nOption B:NPV：157 million won\\tIRR：23.3%\nOption C:NPV：193 million won\\tIRR：10.0%", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investment of $150,000 is expected to generate an after-tax cash flow of $100,000 in one year and another $120,000 in two years. The cost of capital is 10 percent. What is the internal rate of return?\nOption A:28.39 percent.\nOption B:28.59 percent.\nOption C:28.79 percent.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investment of $100 generates after-tax cash flows of $40 in Year 1, $80 in Year 2, and $120 in Year 3. The required rate of return is 20 percent. The net present value is closest to:\nOption A:$42.22.\nOption B:$58.33.\nOption C:$68.52.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A three-year investment requires an initial outlay of ￡1,000. It is expected to provide three year-end cash flows of ￡200 plus a net salvage value of ￡700 at the end of three years. Its internal rate of return (IRR) is closest to:\nOption A:10%.\nOption B:11%.\nOption C:20%.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Erin Chou is reviewing a profitable investment project that has a conventional cash flow pattern. If the cash flows for the project, initial outlay, and future after-tax cash flows all double, Chou would predict that the IRR would:\nOption A:Increase and the NPV would increase.\nOption B:Stay the same and the NPV would increase.\nOption C:Stay the same and the NPV would stay the same.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investment of $20,000 will create a perpetual after-tax cash flow of $2,000. The required rate of return is 8 percent. What is the investment's profitability index?\nOption A:1.08.\nOption B:1.16.\nOption C:1.25.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With regard to the net present value (NPV) profiles of two projects, the cross-over rate is best described as the discount rate at which:\nOption A:two projects have the same NPV.\nOption B:two projects have the same internal rate of return.\nOption C:a project’s NPV changes from positive to negative.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The Fulcrum Company produces decorative swivel platforms for home televisions. If Fulcrum produces 40 million units, it estimates that it can sell them for $100 each. Variable production costs are $65 per unit and fixed production costs are $1.05 billion. Which of the following statements is most accurate? Holding all else constant, the Fulcrum Company would:\nOption A:generate positive operating income if unit sales were 25 million.\nOption B:have less operating leverage if fixed production costs were 10 percent greater than The Fulcrum Company produces decorative swivel platforms for home televisions. If Fulcrum produces 40 million units, it estimates that it can sell them for $100 each. Variable production costs are $65 per unit and fixed production costs are $1.05 billion. Which of the following statements is most accurate? Holding all else constant, the Fulcrum Company would:.05 billion.\nOption C:generate 20 percent more operating income if unit sales were 5 percent greater than 40 million.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The bond equivalent yield for a 182-day US Treasury bill that has a price of $9,725 per $10,000 face value is closest to:\nOption A:5.44%.\nOption B:5.53%.\nOption C:5.67%.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company increasing its credit terms for customers from 1/10, net 30 to 1/10, net 60 will most likely experience:\nOption A:an increase in cash on hand.\nOption B:a higher level of uncollectible accounts.\nOption C:an increase in the average collection period.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Suppose a company uses trade credit with the terms of 2/10, net 50. If the company pays its account on the 50th day, the effective borrowing cost of skipping the discount on day 10 is closest to:\nOption A:14.9%\nOption B:15.0%\nOption C:20.2%", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In contrast to gambling, derivatives speculation:\nOption A:has a positive public image.\nOption B:is a form of financial risk taking.\nOption C:benefits the financial markets and thus society.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "To the holder of a long position, it is more desirable to own a forward contract than a futures contract when interest rates and futures prices are:\nOption A:negatively correlated.\nOption B:uncorrelated.\nOption C:positively correlated.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The buyer of an option has a contingent claim in the sense that the option creates:\nOption A:a right.\nOption B:an obligation.\nOption C:a linear payoff with respect to gains and losses of the underlying.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A futures contract is best described as a contract that is:\nOption A:standardized.\nOption B:subject to credit risk.\nOption C:marked to market throughout the trading day.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "At expiration, a European put option will be valuable if the exercise price is:\nOption A:less than the underlying price.\nOption B:equal to the underlying price.\nOption C:greater than the underlying price.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "To determine the price of an option today, the binomial model requires:\nOption A:selling one put and buying one offsetting call.\nOption B:buying one unit of the underlying and selling one matching call.\nOption C:using the risk-free rate to determine the required number of units of the underlying.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements regarding commodity derivatives is correct?\nOption A:The primary commodity derivatives are futures.\nOption B:Commodities are subject to a set of well-defined risk factors.\nOption C:Commodity traders and financial traders today are distinct groups within the financial world.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In contrast to a forward contract, a futures contract:\nOption A:trades over-the-counter.\nOption B:is initiated at a zero value.\nOption C:is marked-to-market daily.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "At expiration, American call options are worth:\nOption A:less than European call options.\nOption B:the same as European call options.\nOption C:more than European call options.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Compared with exchange-traded derivatives, over-the-counter derivatives would most likely be described as:\nOption A:standardized.\nOption B:less transparent.\nOption C:more transparent.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Holding an asset and buying a put on that asset is equivalent to:\nOption A:initiating a fiduciary call.\nOption B:buying a risk-free zero-coupon bond and selling a call option.\nOption C:selling a risk-free zero-coupon bond and buying a call option.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Under put–call–forward parity, which of the followingtransactions is risk free:\nOption A:Short call, long put, long forward contract, long\\nrisk-free bond.\nOption B:Long call, short put, long forward contract, short\\nrisk-free bond.\nOption C:Long call, long put, short forward contract, short\\nrisk-free bond.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Combining a protective put with a forward contractgenerates equivalent outcomes at expiration to those of a:\nOption A:fiduciary call.\nOption B:long call combined with a short asset.\nOption C:forward contract combined with a risk-free bond.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If a call option is priced higher than the binomial model predicts, investors can earn a return in excess of the risk-free rate by:\nOption A:investing at the risk-free rate, selling a call, and selling the underlying.\nOption B:borrowing at the risk-free rate, buying a call, and buying the underlying.\nOption C:borrowing at the risk-free rate, selling a call, and buying the underlying.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A beneficial opportunity created by the derivatives market is the ability to:\nOption A:adjust risk exposures to desired levels.\nOption B:generate returns proportional to movements in the underlying.\nOption C:simultaneously take long positions in multiple highly liquid fixed-income securities.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A characteristic of forward commitments is that they:\nOption A:provide linear payoffs.\nOption B:do not depend on the outcome or payoff of an underlying asset.\nOption C:provide one party the right to engage in future transactions on terms agreed on in advance.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following combinations replicates a long derivative position?\nOption A:A short derivative and a long asset\nOption B:A long asset and a short risk-free bond\nOption C:A short derivative and a short risk-free bond", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Compared with the underlying spot market, derivative markets are more likely to have:\nOption A:greater liquidity.\nOption B:higher transaction costs.\nOption C:higher capital requirements.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following derivatives provide payoffs that are non-linearly related to the payoffs of the underlying?\nOption A:Options\nOption B:Forwards\nOption C:Interest-rate swaps", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A European call option and a European put option are written on the same underlying, and both options have the same expiration date and exercise price. At expiration, it is possible that both options will have:\nOption A:negative values.\nOption B:the same value.\nOption C:positive values.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In a declining interest rate environment, compared with a sequential-pay CMO's Class A tranche, its Class C tranche will be repaid：\nOption A:earlier.\nOption B:at the same pace.\nOption C:later.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Based on the binomial model, an increase in the actual probability of an upward move in the underlying will result in the option price:\nOption A:decreasing.\nOption B:remaining the same.\nOption C:increasing.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If no cash is initially exchanged, a swap is comparable to a series of forward contracts when:\nOption A:the swap payments are variable.\nOption B:the combined value of all the forward contracts is zero.\nOption C:all the forward contracts have the same agreed-on price.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to a forward contract, as market conditions change:\nOption A:only the price fluctuates.\nOption B:only the value fluctuates.\nOption C:both the price and the value fluctuate.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The junior and senior tranches of an asset-backed security:\nOption A:have equivalent expected returns.\nOption B:have claims on separate underlying portfolios.\nOption C:may be differentially impacted by prepayments or credit losses.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Forward commitments subject to default are:\nOption A:forwards and futures.\nOption B:futures and interest rate swaps.\nOption C:interest rate swaps and forwards.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The value of a European call option at expiration is the greater of zero or the:\nOption A:value of the underlying.\nOption B:value of the underlying minus the exercise price.\nOption C:exercise price minus the value of the underlying.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following transactions is the equivalent of a synthetic long call position?\nOption A:Long asset, long put, short call\nOption B:Long asset, long put, short bond\nOption C:Short asset, long call, long bond", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "It is more desirable to own a forward contract than a futures contract to the holder of a long position when interest rates and futures prices are:\nOption A:Uncorrelated.\nOption B:Positively correlated.\nOption C:Negatively correlated.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements best portrays the full implementation of post-financial-crisis regulations in the OTC derivatives market?\nOption A:Transactions are no longer private.\nOption B:Most transactions need to be reported to regulators.\nOption C:All transactions must be cleared through central clearing agencies.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In contrast to contingent claims, forward contracts:\nOption A:have their prices chosen by the participants.\nOption B:could end in default by either party.\nOption C:can be exercised by physical or cash delivery.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "At the initiation of a forward contract on an asset that neither receives benefits nor incurs carrying costs during the term of the contract, the forward price is equal to the:\nOption A:spot price.\nOption B:future value of the spot price.\nOption C:present value of the spot price.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is most likely the underlying of a plain vanilla interest rate swap?\nOption A:180-day Libor\nOption B:10-year US Treasury bond\nOption C:Bloomberg Barclay’s US Aggregate Bond Index", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The derivative markets tend to:\nOption A:transfer liquidity from the broader financial markets.\nOption B:not reflect fundamental value after it is restored in the underlying market.\nOption C:offer a less costly way to exploit mispricing in comparison to other free and competitive financial markets.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Assume an asset pays no dividends or interest, and also assume that the asset does not yield any non-financial benefits or incur any carrying cost. At initiation, the price of a forward contract on that asset is:\nOption A:lower than the value of the contract.\nOption B:equal to the value of the contract.\nOption C:greater than the value of the contract.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An arbitrage transaction generates a net inflow of funds:\nOption A:throughout the holding period.\nOption B:at the end of the holding period.\nOption C:at the start of the holding period.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Derivatives may contribute to financial contagion because of the:\nOption A:centrally cleared nature of OTC derivatives.\nOption B:associated significant costs and high capital requirements.\nOption C:reliance by derivatives speculators on large amounts of leverage.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is most likely to be a destabilizing consequence of speculation using derivatives?\nOption A:Increased defaults by speculators and creditors\nOption B:Market price swings resulting from arbitrage activities\nOption C:The creation of trading strategies that result in asymmetric performance", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If the present value of storage costs exceeds the present value of its convenience yield, then the commodity’s forward price is most likely:\nOption A:less than the spot price compounded at the risk-free rate.\nOption B:the same as the spot price compounded at the risk-free rate.\nOption C:higher than the spot price compounded at the risk-free rate.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "For a European call option with two months until expiration, if the spot price is below the exercise price, the call option will most likely have:\nOption A:zero time value.\nOption B:positive time value.\nOption C:positive exercise value.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The value of a swap is equal to the present value of the:\nOption A:fixed payments from the swap.\nOption B:net cash flow payments from the swap.\nOption C:underlying at the end of the contract.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In contrast to contingent claims, forward commitments provide the:\nOption A:right to buy or sell the underlying asset in the future.\nOption B:obligation to buy or sell the underlying asset in the future.\nOption C:promise to provide credit protection in the event of default.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An interest rate swap is a derivative contract in which:\nOption A:two parties agree to exchange a series of cash flows.\nOption B:the credit seller provides protection to the credit buyer.\nOption C:the buyer has the right to purchase the underlying from the seller.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The value of a European put option can be either directly or inversely related to the:\nOption A:exercise price.\nOption B:time to expiration.\nOption C:volatility of the underlying.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If the net cost of carry of an asset is positive, then the price of a forward contract on that asset is most likely:\nOption A:lower than if the net cost of carry was zero.\nOption B:the same as if the net cost of carry was zero.\nOption C:higher than if the net cost of carry was zero.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The value of a forward contract at expiration is:\nOption A:positive to the long party if the spot price is higher than the forward price.\nOption B:negative to the short party if the forward price is higher than the spot price.\nOption C:positive to the short party if the spot price is higher than the forward price.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "For a given CDO, which of the following tranches is most likely to have the highest expected return?\nOption A:Equity\nOption B:Senior\nOption C:Mezzanine", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following circumstances will most likely affect the value of an American call option relative to a European call option?\nOption A:Dividends are declared\nOption B:Expiration date occurs\nOption C:The risk-free rate changes", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The price of a swap typically:\nOption A:is zero at initiation.\nOption B:fluctuates over the life of the contract.\nOption C:is obtained through a process of replication.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A European put option on a dividend-paying stock is most likely to increase if there is an increase in:\nOption A:carrying costs.\nOption B:the risk-free rate.\nOption C:dividend payments.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A plain vanilla interest rate swap is also known as:\nOption A:a basis swap.\nOption B:a fixed-for-floating swap.\nOption C:an overnight indexed swap.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following derivatives is classified as a contingent claim?\nOption A:Futures contracts\nOption B:Interest rate swaps\nOption C:Credit default swaps", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following factors is shared by forwards and futures contracts?\nOption A:Timing of profits\nOption B:Flexible settlement arrangements\nOption C:Nearly equivalent profits by expiration", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Assume a call option’s strike price is initially equal to the price of its underlying asset. Based on the binomial model, if the volatility of the underlying decreases, the lower of the two potential payoff values of the hedge portfolio:\nOption A:decreases.\nOption B:remains the same.\nOption C:increases.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Most derivatives are priced by:\nOption A:assuming that the market offers arbitrage opportunities.\nOption B:discounting the expected payoff of the derivative at the risk-free rate.\nOption C:applying a risk premium to the expected payoff of the derivative and its risk.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The notional principal of a swap is:\nOption A:not exchanged in the case of an interest rate swap.\nOption B:a fixed amount whenever it is matched with a loan.\nOption C:equal to the amount owed by one swap party to the other.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following characteristics is least likely to be a benefit associated with using derivatives?\nOption A:More effective management of risk\nOption B:Payoffs similar to those associated with the underlying\nOption C:Greater opportunities to go short compared with the spot market", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following derivatives is least likely to have a value of zero at initiation of the contract?\nOption A:Futures\nOption B:Options\nOption C:Forwards", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following derivatives allows an investor to pay the return on a stock index and receive a fixed rate?\nOption A:Equity swap\nOption B:Stock warrant\nOption C:Index futures contract", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Currency swaps are:\nOption A:rarely used.\nOption B:commonly used to manage interest rate risk.\nOption C:executed by two parties making a series of interest rate payments in the same currency.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The value of a swap typically:\nOption A:is non-zero at initiation.\nOption B:is obtained through replication.\nOption C:does not fluctuate over the life of the contract.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements most likely contributes to the view that derivatives have some role in causing financial crashes?\nOption A:Derivatives are the primary means by which leverage and related excessive risk is brought into financial markets.\nOption B:Growth in the number of investors willing to speculate in derivatives markets leads to excessive speculative trading.\nOption C:Restrictions on derivatives, such as enhanced collateral requirements and credit mitigation measures, in the years leading up to crashes introduce market rigidity.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following factors most likely explains why the spot price of a commodity in short supply can be greater than its forward price?\nOption A:Opportunity cost\nOption B:Lack of dividends\nOption C:Convenience yield", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A swap is:\nOption A:more like a forward than a futures contract.\nOption B:subject to simultaneous default by both parties.\nOption C:based on an exchange of two series of fixed cash flows.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements explains a characteristic of futures price limits? Price limits:\nOption A:help the clearinghouse manage its credit exposure.\nOption B:can typically be expanded intra-day by willing traders.\nOption C:establish a band around the final trade of the previous day.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following options grants the holder the right to purchase the underlying prior to expiration?\nOption A:American-style put option\nOption B:European-style call option\nOption C:American-style call option", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An at-the-money American call option on a stock that pays no dividends has three months remaining until expiration. The market value of the option will most likely be:\nOption A:less than its exercise value.\nOption B:equal to its exercise value.\nOption C:greater than its exercise value.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The complex nature of derivatives has led to:\nOption A:reliable financial models of derivatives markets.\nOption B:widespread trust in applying scientific principles to derivatives.\nOption C:financial industry employment of mathematicians and physicists.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "For a swap in which a series of fixed payments is exchanged for a series of floating payments, the parties to the transaction:\nOption A:designate the value of the underlying at contract initiation.\nOption B:value the underlying solely on the basis of its market value at the end of the swap.\nOption C:value the underlying sequentially at the time of each payment to determine the floating payment.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements describes an aspect of margin accounts for futures?\nOption A:The maintenance margin is always less than the initial margin.\nOption B:The initial margin required is typically at least 10% of the futures price.\nOption C:A margin call requires a deposit sufficient to raise the account balance to the maintenance margin.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is least likely to be required by the binomial option pricing model?\nOption A:Spot price\nOption B:Two possible prices one period later\nOption C:Actual probabilities of the up and down moves", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The clearing and settlement process of an exchange-traded derivatives market:\nOption A:provides a credit guarantee.\nOption B:provides transparency and flexibility.\nOption C:takes longer than that of most securities exchanges.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The price of a forward contract:\nOption A:is the amount paid at initiation.\nOption B:is the amount paid at expiration.\nOption C:fluctuates over the term of the contract.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If the risk-free rate increases, the value of an in-the-money European put option will most likely:\nOption A:decrease.\nOption B:remain the same.\nOption C:increase.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Exchange-traded derivatives are:\nOption A:largely unregulated.\nOption B:traded through an informal network.\nOption C:guaranteed by a clearinghouse against default.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A credit derivative is a derivative contract in which the:\nOption A:clearinghouse provides a credit guarantee to both the buyer and the seller.\nOption B:seller provides protection to the buyer against the credit risk of a third party.\nOption C:the buyer and seller provide a performance bond at initiation of the contract.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When interest rates are constant, futures prices are most likely:\nOption A:less than forward prices.\nOption B:equal to forward prices.\nOption C:greater than forward prices.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When the price of the underlying is below the exercise price, a put option is:\nOption A:in-the-money.\nOption B:at-the-money.\nOption C:out-of-the-money.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Based on put–call parity, which of the following combinations results in a synthetic long asset position?\nOption A:A long call, a short put, and a long bond\nOption B:A short call, a long put, and a short bond\nOption C:A long call, a short asset, and a long bond", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements best describes the payoff from a forward contract?\nOption A:The buyer has more to gain going long than the seller has to lose going short.\nOption B:The buyer profits if the price of the underlying at expiration exceeds the forward price.\nOption C:The gains from owning the underlying versus owning the forward contract are equivalent.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Prior to expiration, the lowest value of a European put option is the greater of zero or the:\nOption A:exercise price minus the value of the underlying.\nOption B:present value of the exercise price minus the value of the underlying.\nOption C:value of the underlying minus the present value of the exercise price.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following international trade bodies was the only multilateral body governing international trade from 1948 to 1995?\nOption A:World Trade Organization (WTO).\nOption B:International Trade Organization (ITO).\nOption C:General Agreement on Tariffs and Trade (GATT).", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A product is part of a price index based on a fixed consumption basket. If, over time, the product’s quality improves while its price stays constant, the measured inflation rate is most likely:\nOption A:unaffected.\nOption B:biased upward.\nOption C:biased downward.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The discouraged worker category is defined to include people who:\nOption A:are overqualified for their job.\nOption B:could look for a job but choose not to.\nOption C:currently look for work without finding it.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following economic developments is most likely to cause cost-push inflation?\nOption A:Industrial capacity utilization rises to a very high level.\nOption B:Labor productivity increases faster than hourly labor costs.\nOption C:A shortage of trained workers emerges throughout the economy.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Of the following statements regarding the Producer Price Index (PPI), which is the least likely? The PPI:\nOption A:can influence the future CPI.\nOption B:category weights can vary more widely than analogous CPI terms.\nOption C:is used more frequently than CPI as a benchmark for adjusting labor contract payments.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The inflation rate most likely relied on to determine public economic policy is:\nOption A:core inflation.\nOption B:headline inflation.\nOption C:index of food and energy prices.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "As the expansion phase of the business cycle advances from early stage to late stage, businesses most likely experience a decrease in:\nOption A:labor costs.\nOption B:capital investment.\nOption C:availability of qualified workers.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A decrease in both the labor force participation ratio and the unemployment rate is most likely caused by:\nOption A:an increase in discouraged workers.\nOption B:an increase in underemployed workers.\nOption C:a decrease in voluntarily unemployed persons.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following organizations helps to keep global systemic risk under control by preventing contagion in scenarios such as the 2010 Greek sovereign debt crisis?\nOption A:World Bank Group (World Bank).\nOption B:World Trade Organization (WTO).\nOption C:International Monetary Fund (IMF).", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The proposition that the real interest rate is relatively stable is most closely associated with:\nOption A:the Fisher effect.\nOption B:money neutrality.\nOption C:the quantity theory of money.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A decrease in a country’s total imports is most likely caused by:\nOption A:an increase in the pace of domestic GDP growth.\nOption B:a cyclical downturn in the economies of primary trading partners.\nOption C:persistent currency depreciation relative to primary trading partners.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A central bank that decides the desired levels of interest rates and inflation and the horizon over which the inflation objective is to be achieved is most accurately described as being:\nOption A:target independent and operationally independent.\nOption B:target independent but not operationally independent.\nOption C:operationally independent but not target independent.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is a limitation on the ability of central banks to stimulate growth in periods of deflation?\nOption A:Ricardian equivalence.\nOption B:The interaction of monetary and fiscal policy.\nOption C:The fact that interest rates have a minimum value (0%).", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A large country can:\nOption A:benefit by imposing a tariff.\nOption B:benefit with an export subsidy.\nOption C:not benefit from any trade restriction", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The most likely argument against high national debt levels is that:\nOption A:the debt is owed internally to fellow citizens.\nOption B:they create disincentives for economic activity.\nOption C:they may finance investment in physical and human capital.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "According to Real Business Cycle models, an economic contraction is most likely caused by:\nOption A:sticky wages.\nOption B:rising energy prices.\nOption C:a contraction in the money supply.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The least likely goal of a government’s fiscal policy is to:\nOption A:redistribute income and wealth.\nOption B:influence aggregate national output.\nOption C:ensure the stability of the purchasing power of its currency.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements best describes the benefits of international trade?\nOption A:Countries gain from exchange and specialization.\nOption B:Countries receive lower prices for their exports and pay higher prices for imports.\nOption C:Absolute advantage is required for a country to benefit from trade in the long term.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following trade restrictions is likely to result in the greatest welfare loss for the importing country?\nOption A:A tariff.\nOption B:An import quota.\nOption C:A voluntary export restraint.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following best represents a contractionary fiscal policy?\nOption A:Public spending on a high-speed railway.\nOption B:A temporary suspension of payroll taxes.\nOption C:A freeze in discretionary government spending.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "According to the Heckscher–Ohlin model, when trade opens:\nOption A:the scarce factor gains relative to the abundant factor in each country.\nOption B:the abundant factor gains relative to the scarce factor in each country.\nOption C:income is redistributed between countries but not within each country.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The least likely consequence of a period of hyperinflation is the:\nOption A:reduced velocity of money.\nOption B:increased supply of money.\nOption C:possibility of social unrest.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When a central bank announces a decrease in its official policy rate, the desired impact is an increase in:\nOption A:investment.\nOption B:interbank borrowing rates.\nOption C:the national currency’s value in exchange for other currencies.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The treasury manager of a large company has recently left his position to accept a promotion with a competitor six months from now. A statistical employment survey conducted now should categorize the status of the former treasury manager as:\nOption A:underemployed.\nOption B:voluntarily unemployed.\nOption C:frictionally unemployed.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which role is a central bank least likely to assume?\nOption A:Lender of last resort.\nOption B:Sole supervisor of banks.\nOption C:Supplier of the currency.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which is the most accurate statement regarding central banks and monetary policy?\nOption A:Central bank activities are typically intended to maintain price stability.\nOption B:Monetary policies work through the economy via four independent channels.\nOption C:Commercial and interbank interest rates move inversely to official interest rates.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The Austrian economic school attributes the primary cause of the business cycle to:\nOption A:misguided government intervention.\nOption B:the creative destruction of technological progress.\nOption C:#sticky price and wage expectations that exaggerate trends.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following factors best explains why regional trading agreements are more popular than larger multilateral trade agreements?\nOption A:Minimal displacement costs.\nOption B:Trade diversions benefit members.\nOption C:Quicker and easier policy coordination.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When the spread between 10-year US Treasury yields and the federal funds rate narrows and at the same time the prime rate stays unchanged, this mix of indicators most likely forecasts future economic:\nOption A:growth.\nOption B:decline.\nOption C:stability.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Monetary policy is least likely to include:\nOption A:setting an inflation rate target.\nOption B:changing an official interest rate.\nOption C:enacting a transfer payment program.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The term that describes when inflation declines but nonetheless remains at a positive level is:\nOption A:deflation.\nOption B:stagflation.\nOption C:disinflation.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Monetarists favor a limited role for the government because they argue:\nOption A:government policy responses may lag.\nOption B:firms take time to adjust to systemic shocks to the economy.\nOption C:resource use is efficient with marginal revenue and cost equal.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A prolonged period of an official interest rate very close to zero without an increase in economic growth most likely suggests:\nOption A:quantitative easing must be limited to be successful.\nOption B:there may be limits to the effectiveness of monetary policy.\nOption C:targeting reserve levels is more important than targeting interest rates.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The sale of mineral rights would be captured in which of the following balance of payments components?\nOption A:Capital account.\nOption B:Current account.\nOption C:Financial account.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Given an independent central bank, monetary policy actions are more likely than fiscal policy actions to be:\nOption A:implementable quickly.\nOption B:effective when a specific group is targeted.\nOption C:effective when combating a deflationary economy.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A price index of goods and services that excludes food and energy is most likely used to calculate:\nOption A:core inflation.\nOption B:the GDP deflator.\nOption C:headline inflation.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Based on typical labor utilization patterns across the business cycle, productivity (output per hours worked) is most likely to be highest:\nOption A:at the peak of a boom.\nOption B:into a maturing expansion\nOption C:at the bottom of a recession.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Suppose the cost of producing tea relative to copper is lower in Tealand than in Copperland. With trade, the copper industry in Copperland would most likely:\nOption A:expand.\nOption B:contract.\nOption C:remain stable.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An economic peak is most closely associated with:\nOption A:accelerating inflation.\nOption B:stable unemployment.\nOption C:declining capital spending.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In a recession, companies are most likely to adjust their stock of physical capital by:\nOption A:selling it at fire prices.\nOption B:not maintaining equipment.\nOption C:quickly canceling orders for new construction equipment.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "What is the most important effect of labor productivity in a cost-push inflation scenario?\nOption A:Rising productivity indicates a strong economy and a bias towards inflation.\nOption B:The productivity level determines the economy’s status relative to its “natural rate of unemployment.”\nOption C:As productivity growth proportionately exceeds wage increases, product price increases are less likely.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Deflation is most likely to be associated with:\nOption A:a shortage of government revenue.\nOption B:substantial macroeconomic contraction.\nOption C:explicit monetary policy to combat inflation.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The least likely limitation to the effectiveness of monetary policy is that central banks cannot:\nOption A:accurately determine the neutral rate of interest.\nOption B:regulate the willingness of financial institutions to lend.\nOption C:control amounts that economic agents deposit into banks.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A “pay-as-you-go” rule, which requires that any tax cut or increase in entitlement spending be offset by an increase in other taxes or reduction in other entitlement spending, is an example of which fiscal policy stance?\nOption A:Neutral.\nOption B:Expansionary.\nOption C:Contractionary.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following best describes a fundamental assumption when monetary policy is used to influence the economy?\nOption A:Financial markets are efficient.\nOption B:Money is not neutral in the short run.\nOption C:Official rates do not affect exchange rates.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A central bank’s repeated open market purchases of government bonds:\nOption A:decreases the money supply.\nOption B:is prohibited in most countries.\nOption C:is consistent with an expansionary monetary policy.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following equations is a consequence of the Fisher effect?\nOption A:Nominal interest rate = Real interest rate + Expected rate of inflation.\nOption B:Real interest rate = Nominal interest rate + Expected rate of inflation.\nOption C:Nominal interest rate = Real interest rate + Market risk premium.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If Brazil and South Africa have free trade with each other, a common trade policy against all other countries, but no free movement of factors of production between them, then Brazil and South Africa are part of a:\nOption A:customs union.\nOption B:common market.\nOption C:free trade area (FTA).", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "During an economic recovery, a lagging unemployment rate is most likely attributable to:\nOption A:businesses quickly rehiring workers.\nOption B:new job seekers entering the labor force.\nOption C:underemployed workers transitioning to higher-paying jobs.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which statement regarding fiscal deficits is most accurate?\nOption A:Higher government spending may lead to higher interest rates and lower private sector investing.\nOption B:Central bank actions that grow the money supply to address deflationary conditions decrease fiscal deficits.\nOption C:According to the Ricardian equivalence, deficits have a multiplicative effect on consumer spending.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The unemployment rate is considered a lagging indicator because:\nOption A:new job types must be defined to count their workers.\nOption B:multi-worker households change jobs at a slower pace.\nOption C:businesses are slow to hire and fire due to related costs.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In the cellphone market, investors notice that if the price of the cellphone increases 10%, the quantity demand for thecellphone will fall 40%. The price elasticityofthe cell phone is:\nOption A:-0.25.\nOption B:-4.0.\nOption C:-0.04.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Regarding thefactors that affect the price elasticity of demand, which of the following statements is most accurate?Statement 1: Goods with close substitutes have greater elasticities.Statement 2: The longer the time horizon, the higher is the price elasticity of demand.\nOption A:Statement 1.\nOption B:Statement 2.\nOption C:Both of statement 1 and statement 2.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In the long run, which of the following statements is most accuratefor asurvived firm in a perfectly competitive market?Statement 1: The firm will produce goods at the lowest average cost.Statement 2: The firm may earn zero economic profit.\nOption A:Statement 1\nOption B:Statement 2\nOption C:Both of statement 1 and statement 2", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A firm does its business in a perfectly competitive market. If the firm can stay in the market in the short run but is expected to exit the market in the long run, which of the following situations is the firm most likely facing now?\nOption A:Average revenue is less than average total cost but more than average variable cost.\nOption B:Marginal revenue is more than average total cost.\nOption C:Price is less than average variable cost.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Interest rates increasebecause of a higher price level, lead to lower levels of consumption and investment. What’s the description talk about and it can be used to explain：\nOption A:interest rate effect, the downward slope of the aggregate demand curve.\nOption B:real exchange rate effect, the downward slope of the aggregate demand curve.\nOption C:interest rate effect, the upward slope of the aggregate supply curve.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is most accurate?\nOption A:The income effect is positive for the inferior goods.\nOption B:For normal goods, the income effect reinforces the substitution effect.\nOption C:For inferior goods, its demand curve is upward sloping.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In a rural communitythat suffered from poverty and famine, peoplespend a very large portion of their income on corn. At the same time, more corn would be consumed as the price rises and less would be consumed as the price falls. In this situation, corns are viewed as:\nOption A:Normal goods.\nOption B:Veblen goods.\nOption C:Giffen goods.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The peaks and troughs of which cycle are mostly recognized earlier than others?\nOption A:Classical cycle\nOption B:Growth cycle\nOption C:Growth rate cycle", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "According to Neoclassical models, which of the following is most likely to cause an economic expansion?\nOption A:Low interest rates\nOption B:Innovation induces a lower input price\nOption C:Government intervention", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements about monopolistic market is least accurate?\nOption A:Economic profit can exist in the long run due to high entry barriers.\nOption B:The product offered by the seller has no close substitute.\nOption C:A monopolist will charge a price as high as possible.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In a monopolistic market, the monopolist may charge students and elders at a lower price. This type of price discrimination belongs to:\nOption A:First-degree price discrimination.\nOption B:Second-degree price discrimination.\nOption C:Third-degree price discrimination.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "China is the second-largest economic entity of the world. Regardingthe calculation of China’s GDPfor a given period of time, which of the following statements is correct?Statement1: The market value of clothes made in China and sold in the USA should be included in China’s GDP.Statement2: The market value of cars manufactured in the USA and sold in China should be included in China’s GDP.\nOption A:Both of statement 1 and statement 2.\nOption B:Statement 2.\nOption C:Statement 1.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Jimmy Brown, a financial advisor, wants to use the GDP deflator to measure the change of the macroeconomic environment. If the GDP deflator is 80, it is most likely to conclude that the nominal GDP is:\nOption A:less than real GDP.\nOption B:equal to real GDP.\nOption C:greater than real GDP.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following changes is most likelyto increase the overall level of supply in the long run?\nOption A:A decline in the population.\nOption B:An increase in productivity.\nOption C:The limitation of natural resources.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "What is the characteristic of capital spending during the expansion phase of business cycle?\nOption A:Companies order a large amount of light producer equipment.\nOption B:Capital spending focuses on efficiency.\nOption C:Companies pay more attention to capacity expansion.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If some discouraged workers start to look for jobs, the unemployment rate is most likely to:\nOption A:decrease.\nOption B:increase.\nOption C:remain unchanged.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If an economy goes through from trough to the recoveryphase, which of the following phenomena is most likely to be observed?\nOption A:Theunemploymentratefalls.\nOption B:Economicactivitiesbecomestableandstarttorise.\nOption C:Inflationpicksupmodestly.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Country A heavily relies on raw materials imported from other countries. If country A’s currency has depreciated significantly, it will most likely lead to:\nOption A:cost- push inflation.\nOption B:demand -pull inflation\nOption C:none of the above.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Different inflation measurements are applied for different purposes. Which of the following descriptions is least likely correct about CPI and PPI?\nOption A:PPI could influence future CPI.\nOption B:The CPI measures price changes in final goods and services consumed by households.\nOption C:CPI reflects cost changes in the production process.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is most likely correct about the purpose of the central bank, by continuously selling government bonds in the open market:\nOption A:To implement a tight monetary policy.\nOption B:To implement an expansionary monetary policy.\nOption C:To decrease interest rates.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Assume that a worker in country A can produce 20 units of iPad or 10 units of iPhone in one year, and a worker in country B can produce 16 units of iPad or 4 units of iPhone in one year. Which of the following statements is most accurate?\nOption A:Country A cannot benefit from trade with country B since country A has an absolute advantage.\nOption B:Country B has a comparative advantage in producing iPhone.\nOption C:Country A has a comparative advantage in producing iPhone.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Country A has experienced a sustained trade deficit for years, then the government plan to improve the current account by depreciating its currency. According to Marshal-Lerner Condition, Country A would be able to improve it under which of the following situations?\nOption A:Import goods have close substitutes.\nOption B:Export goods are mostly necessities.\nOption C:Import goods represent a small portion of expenditures.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements best describes the costs of international trade?\nOption A:Countries without an absolute advantage in producing a good cannot benefit significantly from international trade.\nOption B:Resources may need to be allocated into or out of an industry and less-efficient companies may be forced to exit an industry, which in turn may lead to higher unemployment.\nOption C:Loss of manufacturing jobs in developed countries as a result of import competition means that developed countries benefit far less than developing countries from trade.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which statement regarding fiscal policy is most accurate?\nOption A:To raise business capital spending, personal income taxes should be reduced.\nOption B:Cyclically adjusted budget deficits are appropriate indicators of fiscal policy.\nOption C:An increase in the budget surplus is associated with expansionary fiscal policy.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is the most likely example of a tool of fiscal policy?\nOption A:Public financing of a power plant.\nOption B:Regulation of the payment system.\nOption C:Central bank’s purchase of government bonds.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The least likely explanation for why fiscal policy cannot stabilize aggregate demand completely is that:\nOption A:private sector behavior changes over time.\nOption B:policy changes are implemented very quickly.\nOption C:fiscal policy focuses more on inflation than on unemployment.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Central banks would typically be most concerned with costs of:\nOption A:low levels of inflation that are anticipated.\nOption B:moderate levels of inflation that are anticipated.\nOption C:moderate levels of inflation that are not anticipated.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A national government responds to a severe recession by funding numerous infrastructure projects using deficit spending. Which school of economic thought is most consistent with such action.\nOption A:Keynesian\nOption B:Monetarist\nOption C:Neoclassical", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An analyst writes in an economic report that the current phase of the business cycle is characterized by accelerating inflationary pressures and borrowing by companies. The analyst is most likely referring to the:\nOption A:peak of the business cycle.\nOption B:contraction phase of the business cycle.\nOption C:early expansion phase of the business cycle.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which is the most accurate statement regarding the demand for money?\nOption A:Precautionary money demand is directly related to GDP.\nOption B:Transactions money demand is inversely related to returns on bonds.\nOption C:Speculative demand is inversely related to the perceived risk of other assets.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If relative to prior values of their respective indicators, the inventory–sales ratio has risen, unit labor cost is stable, and real personal income has decreased, it is most likely that a peak in the business cycle:\nOption A:has occurred.\nOption B:is just about to occur.\nOption C:will occur sometime into the future.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Germany has much more capital per worker than Portugal. In autarky each country produces and consumes both machine tools and wine. Production of machine tools is relatively capital intensive whereas winemaking is labor intensive. According to the Heckscher–Ohlin model, when trade opens:\nOption A:Germany should export machine tools and Portugal should export wine.\nOption B:Germany should export wine and Portugal should export machine tools.\nOption C:Germany should produce only machine tools and Portugal should produce only wine.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A country that maintains a target exchange rate is most likely to have which outcome when its inflation rate rises above the level of the inflation rate in the target country?\nOption A:An increase in short-term interest rates.\nOption B:An increase in the domestic money supply.\nOption C:An increase in its foreign currency reserves.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "One disadvantage of the Herfindahl–Hirschmann Index is that the index:\nOption A:is difficult to compute.\nOption B:fails to reflect low barriers to entry.\nOption C:fails to reflect the effect of mergers in the industry.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The numerator of the GDP price deflator reflects:\nOption A:the value of base year output at current prices.\nOption B:the value of current year output at current prices.\nOption C:the value of current year output at base year prices.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company is experiencing economies of scale when:\nOption A:cost per unit increases as output increases.\nOption B:it is operating at a point on the LRAC curve where the slope is negative.\nOption C:It is operating beyond the minimum point on the long-run average total cost curve.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Under conditions of perfect competition, a company will break even when market price is equal to the minimum point of the:\nOption A:average total cost curve.\nOption B:average variable cost curve.\nOption C:short-run marginal cost curve.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A large industrialized country has recently devalued its currency in an attempt to correct a persistent trade deficit. Which of the following domestic industries ismost likely to benefit from the devaluation?\nOption A:Luxury cars.\nOption B:Branded prescription drugs.\nOption C:Restaurants and live entertainment venues.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In the case of a normal good with a decrease in own price, which of the following statements is most likely true?\nOption A:Both the substitution and income effects lead to an increase in the quantity purchased.\nOption B:The substitution effect leads to an increase in the quantity purchased, while the income effect has no impact.\nOption C:The substitution effect leads to an increase in the quantity purchased, while the income effect leads to a decrease.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The marketing director for a Swiss specialty equipment manufacturer estimates the firm can sell 200 units and earn total revenue of CHF500,000. However, if 250 units are sold, revenue will total CHF600,000. The marginal revenue per unit associated with marketing 250 units instead of 200 units is closest to:\nOption A:CHF 2,000.\nOption B:CHF 2,400.\nOption C:CHF 2,500.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Oligopolistic pricing strategy most likely results in a demand curve that is:\nOption A:kinked.\nOption B:vertical.\nOption C:horizontal.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company plans to hire additional factory employees. In the short run, marginal returns are most likely to decrease if:\nOption A:the factory is operating at full capacity.\nOption B:the factory is experiencing a labor shortage.\nOption C:workers are required to multitask and share duties.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company doing business in a monopolistically competitive market will most likely maximize profits when its output quantity is set such that:\nOption A:average cost is minimized.\nOption B:marginal revenue equals average cost.\nOption C:marginal revenue equals marginal cost.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Collusion is less likely in a market when:\nOption A:the product is homogeneous.\nOption B:companies have similar market shares.\nOption C:the cost structures of companies are similar.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A GDP deflator less than 1 indicates that an economy has experienced:\nOption A:inflation.\nOption B:deflation.\nOption C:stagflation.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "From the beginning to the ending years of a decade, the annual value of final goods and services for country X increased from €100 billion to €300 billion. Over that time period, the GDP deflator increased from 111 to 200. Over the decade, real GDP for country X increased by approximately:\nOption A:50%.\nOption B:67%.\nOption C:200%.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Normal profit is best described as:\nOption A:zero economic profit.\nOption B:total revenue minus all explicit costs.\nOption C:the sum of accounting profit plus economic profit.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A profit maximum is least likely to occur when:\nOption A:average total cost is minimized.\nOption B:marginal revenue equals marginal cost.\nOption C:the difference between total revenue and total cost is maximized.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "As the price level declines along the aggregate demand curve, the interest rate is most likely to:\nOption A:decline.\nOption B:increase.\nOption C:remain unchanged.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An exchange rate between two currencies has increased to 1.4500. If the base currency has appreciated by 8% against the price currency, the initial exchange rate between the two currencies was closest to:\nOption A:1.3340.\nOption B:1.3426.\nOption C:1.5660.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Market competitors are least likely to use advertising as a tool of differentiation in an industry structure identified as:\nOption A:monopoly.\nOption B:perfect competition.\nOption C:monopolistic competition.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If the income elasticity of demand for a product is –0.6, a:\nOption A:1% increase in income will result in a 0.6% increase in demand.\nOption B:1% increase in income will result in a 0.6% decrease in demand.\nOption C:0.6% increase in income will result in a 1% decrease in demand.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A country with a trade deficit will most likely:\nOption A:have an offsetting capital account surplus.\nOption B:save enough to fund its investment spending.\nOption C:buy assets from foreigners to fund the imbalance.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The sustainable growth rate is best estimated as:\nOption A:the weighted average of capital and labor growth rates.\nOption B:growth in the labor force plus growth of labor productivity.\nOption C:growth in total factor productivity plus growth in the capital-to-labor ratio.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If wages were automatically adjusted for changes in the price level, the short-run aggregate supply curve would most likely be:\nOption A:flatter.\nOption B:steeper.\nOption C:unchanged.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Equality between aggregate expenditure and aggregate output implies that the government’s fiscal deficit must equal:\nOption A:Private saving – Investment – Net exports.\nOption B:Private saving – Investment + Net exports.\nOption C:Investment – Private saving + Net exports.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A firm that increases its quantity produced without any change in per-unit cost is experiencing:\nOption A:economies of scale.\nOption B:diseconomies of scale.\nOption C:constant returns to scale.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The most likely outcome when both aggregate supply and aggregate demand increase is:\nOption A:a rise in inflation.\nOption B:higher employment.\nOption C:an increase in nominal GDP.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is most likely to cause the long-run aggregate supply curve to shift to the left?\nOption A:Higher nominal wages.\nOption B:A decline in productivity.\nOption C:An increase in corporate taxes.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Over the past month, the Swiss Franc (CHF) has depreciated 12 percent against pound sterling (GBP). How much has the pound sterling appreciated against the Swiss Franc?\nOption A:12%\nOption B:Less than 12%\nOption C:More than 12%", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following conditions is least likely to increase a country’s GDP?\nOption A:An increase in net exports.\nOption B:Increased investment in capital goods.\nOption C:Increased government transfer payments.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In calculating personal income for a given year, which of the following would not be subtracted from national income?\nOption A:Indirect business taxes.\nOption B:Undistributed corporate profits.\nOption C:Unincorporated business net income.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The marginal revenue per unit sold for a firm doing business under conditions of perfect competition will most likely be:\nOption A:equal to average revenue.\nOption B:less than average revenue.\nOption C:greater than average revenue.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following best describes the aggregate supply curve in the short-run (e.g., 1 to 2 years)? The short run aggregate supply curve is:\nOption A:flat because output is more flexible than prices in the short run.\nOption B:vertical because wages and other input prices fully adjust to the price level.\nOption C:upward sloping because input prices do not fully adjust to the price level in the short run.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When total revenue is greater than total variable costs but less than total costs, in the short term a firm will most likely:\nOption A:exit the market.\nOption B:stay in the market.\nOption C:shut down production.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company will shut down production in the short run if total revenue is less than total:\nOption A:fixed costs.\nOption B:variable costs.\nOption C:opportunity costs.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A fixed exchange rate regime in which the monetary authority is legally required to hold foreign exchange reserves backing 100% of its domestic currency issuance is best described as:\nOption A:dollarization.\nOption B:a currency board.\nOption C:a monetary union.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Among developed economies, which of the following sources of economic growth is most likely to explain superior growth performance?\nOption A:Technology.\nOption B:Capital stock.\nOption C:Labor supply.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Diseconomies of scale most likely result from:\nOption A:specialization in the labor force.\nOption B:overlap of business functions and product lines.\nOption C:discounted prices on resources when buying in larger quantities.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An operator of a ski resort is considering offering price reductions on weekday ski passes. At the normal price of €50 per day, 300 customers are expected to buy passes each weekday. At a discounted price of €40 per day 450 customers are expected to buy passes each weekday. The marginal revenue per customer earned from offering the discounted price is closest to:\nOption A:€20.\nOption B:€40.\nOption C:€50.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If companies earn economic profits in a perfectly competitive market, over the long run the supply curve will most likely:\nOption A:shift to the left.\nOption B:shift to the right.\nOption C:remain unchanged.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A government entity that regulates an authorized monopoly will most likely base regulated prices on:\nOption A:marginal cost.\nOption B:long run average cost.\nOption C:first degree price discrimination.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If the base currency in a forward exchange rate quote is trading at a forward discount, which of the following statements is most accurate?\nOption A:The forward points will be positive.\nOption B:The forward percentage will be negative.\nOption C:The base currency is expected to appreciate versus the price currency.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The full employment, or natural, level of output is best described as:\nOption A:the maximum level obtainable with existing resources.\nOption B:the level at which all available workers have jobs consistent with their skills.\nOption C:a level with a modest, stable pool of unemployed workers transitioning to new jobs.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In practice, both a fixed parity regime and a target zone regime allow the exchange rate to float within a band around the parity level. The most likely rationale for the band is that the band allows the monetary authority to:\nOption A:be less active in the currency market.\nOption B:earn a spread on its currency transactions.\nOption C:exercise more discretion in monetary policy.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An increase in government spending would shift the:\nOption A:IS curve and the LM curve.\nOption B:IS curve and the aggregate demand curve.\nOption C:LM curve and the aggregate demand curve.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A country with a persistent trade surplus is being pressured to let its currency appreciate. Which of the following best describes the adjustment that must occur if currency appreciation is to be effective in reducing the trade surplus?\nOption A:Domestic investment must decline relative to saving.\nOption B:Foreigners must increase investment relative to saving.\nOption C:Global capital flows must shift toward the domestic market.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "For a Giffen good, the:\nOption A:demand curve is positively sloped.\nOption B:substitution effect overwhelms the income effect.\nOption C:income and substitution effects are in the same direction.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Companies most likely have a well-defined supply function when the market structure is:\nOption A:oligopoly.\nOption B:perfect competition.\nOption C:monopolistic competition.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is least likely to be caused by a shift in aggregate demand?\nOption A:Stagflation.\nOption B:A recessionary gap.\nOption C:An inflationary gap.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Because of a sharp decline in real estate values, the household sector has increased the fraction of disposable income that it saves. If output and investment spending remain unchanged, which of the following is most likely?\nOption A:A decrease in the government deficit.\nOption B:A decrease in net exports and increased capital inflow.\nOption C:An increase in net exports and increased capital outflow.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is not a condition of an ideal currency regime?\nOption A:Fully convertible currencies.\nOption B:Fully independent monetary policy.\nOption C:Independently floating exchange rates.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The short-term breakeven point of production for a firm operating under perfect competition will most likely occur when:\nOption A:price is equal to average total cost.\nOption B:marginal revenue is equal to marginal cost.\nOption C:marginal revenue is equal to average variable costs.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Increased household wealth will most likely cause an increase in:\nOption A:household saving.\nOption B:investment expenditures.\nOption C:consumption expenditures.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Movement along the demand curve for good X occurs due to a change in:\nOption A:income.\nOption B:the price of good X.\nOption C:the price of a substitute for good X.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An agricultural firm operating in a perfectly competitive market supplies wheat to manufacturers of consumer food products and animal feeds. If the firm were able to expand its production and unit sales by 10% the most likely result would be:\nOption A:a 10% increase in total revenue.\nOption B:a 10% increase in average revenue.\nOption C:an increase in total revenue of less than 10%.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In order to minimize the foreign exchange exposure on a euro-denominated receivable due from a German company in 100 days, a British company would most likely initiate a:\nOption A:spot transaction.\nOption B:forward contract.\nOption C:real exchange rate contract.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Price elasticity of demand for a good will most likely be greater if:\nOption A:there are no substitutes for the good.\nOption B:consumers consider the good as discretionary.\nOption C:consumers spend a small portion of their budget on the good.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A decrease in the real exchange rate (quoted in terms of domestic currency per unit of foreign currency) is most likely to be associated with an increase in which of the following?\nOption A:Foreign price level.\nOption B:Domestic price level.\nOption C:Nominal exchange rate.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following can be measured directly?\nOption A:Potential GDP.\nOption B:Labor productivity.\nOption C:Total factor productivity.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following counterparties is most likely to be considered a sell-side foreign-exchange market participant?\nOption A:A large corporation that borrows in foreign currencies.\nOption B:A sovereign wealth fund that influences cross-border capital flows.\nOption C:A multinational bank that trades foreign exchange with its diverse client base.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The least likely cause of a decrease in aggregate demand is:\nOption A:higher taxes.\nOption B:a weak domestic currency.\nOption C:a fall in capacity utilization.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Aquarius, Inc. is the dominant company and the price leader in its market. One of the other companies in the market attempts to gain market share by undercutting the price set by Aquarius. The market share of Aquarius will most likely:\nOption A:increase.\nOption B:decrease.\nOption C:stay the same.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Following a sharp increase in the price of energy, the overall price level is most likely to rise in the short run:\nOption A:and remain elevated indefinitely unless the central bank tightens.\nOption B:but be unchanged in the long run unless the money supply is increased.\nOption C:and continue to rise until all prices have increased by the same proportion.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The most accurate description of nominal GDP is:\nOption A:a measure of total expenditures at current prices.\nOption B:the value of goods and services at constant prices.\nOption C:a measure to compare one nation's economy to another.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The inventory/sales ratio is most likely to be rising:\nOption A:as a contraction unfolds.\nOption B:partially into a recovery.\nOption C:near the top of an economic cycle.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Current economic statistics indicating little change in services inflation, rising residential building permits, and increasing average duration of unemployment are best interpreted as:\nOption A:conflicting evidence about the direction of economy.\nOption B:evidence that a cyclical upturn is expected to occur in the future.\nOption C:evidence that a cyclical downturn is expected to occur in the future.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is the best description of the characteristics of economic indicators?\nOption A:Leading indicators are important because they track the entire economy.\nOption B:Lagging indicators in measuring past conditions do not require revisions.\nOption C:A combination of leading and coincident indicators can offer effective forecasts.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When aggregate real personal income, industrial output, and the S&P 500 Index all increase in a given period, it is most accurate to conclude that a cyclical upturn is:\nOption A:occurring.\nOption B:about to end.\nOption C:about to begin.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The category of persons who would be most likely to be harmed by an increase in the rate of inflation is:\nOption A:homeowners with fixed 30-year mortgages.\nOption B:retirees relying on a fixed annuity payment.\nOption C:workers employed under contracts with escalator clauses.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An economist expects the following: The decline in the unemployment rate will result in higher revenues for home retailers. A tighter labor market will put upward pressure on wages, compelling home retailers to raise prices. Which type of inflation best corresponds to the economist’s expectations?\nOption A:Stagflation\nOption B:Cost-push inflation\nOption C:Demand-pull inflation", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which action is a central bank least likely to take if it wants to encourage businesses and households to borrow for investment and consumption purposes?\nOption A:Sell long-dated government securities.\nOption B:Purchase long-dated government treasuries.\nOption C:Purchase mortgage bonds or other securities.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following chronic deficit conditions is least alarming to the deficit country’s creditors?\nOption A:High consumption.\nOption B:High private investment.\nOption C:High government spending.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Disinflation is best described as a:\nOption A:decline in price levels.\nOption B:negative inflation rate.\nOption C:decline in the inflation rate.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company has total variable costs of $4 million and fixed costs of $3 million. Based on this information, the company will stay in the market in the long term if total revenue is at least:\nOption A:$3.0 million.\nOption B:$4.5 million.\nOption C:$7.0 million.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Upsilon Natural Gas, Inc. is a monopoly enjoying very high barriers to entry. Its marginal cost is $40 and its average cost is $70. A recent market study has determined the price elasticity of demand is 1.5. The company will most likely set its price at:\nOption A:$40.\nOption B:$70.\nOption C:$120.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Suppose a painting is produced and sold in 2018 for ￡5,000. The expenses involved in producing the painting amounted to ￡2,000. According to the sum-of-value-added method of calculating GDP, the value added by the final step of creating the painting was:\nOption A:￡2,000.\nOption B:￡3,000.\nOption C:￡5,000.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following would be included in Canadian GDP for a given year? The market value of:\nOption A:wine grown in Canada by US citizens.\nOption B:electronics made in Japan and sold in Canada.\nOption C:movies produced outside Canada by Canadian film makers.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If the GDP deflator values for year 1 and year 3 were 190 and 212.8, respectively, which of the following best describes the annual growth rate of the overall price level?\nOption A:5.8%.\nOption B:6%.\nOption C:12%.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A wireless phone manufacturer introduced a next-generation phone that received a high level of positive publicity. Despite running several high-speed production assembly lines, the manufacturer is still falling short in meeting demand for the phone nine months after introduction. Which of the following statements is the most plausible explanation for the demand/supply imbalance?\nOption A:The phone price is low relative to the equilibrium price.\nOption B:Competitors introduced next-generation phones at a similar price.\nOption C:Consumer incomes grew faster than the manufacturer anticipated.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A three-month forward exchange rate in CAD/USD is listed by a dealer at 1.0123. The dealer also quotes 3-month forward points as a percentage at 6.8%. The CAD/USD spot rate is closest to:\nOption A:0.9478.\nOption B:1.0550.\nOption C:1.0862.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A forward premium indicates:\nOption A:an expected increase in demand for the base currency.\nOption B:the interest rate is higher in the base currency than in the price currency.\nOption C:the interest rate is higher in the price currency than in the base currency.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An increase in the price level would shift the:\nOption A:IS curve.\nOption B:LM curve.\nOption C:aggregate demand curve.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which curve represents combinations of income and the real interest rate at which planned expenditure equals income?\nOption A:The IS curve.\nOption B:The LM curve.\nOption C:The aggregate demand curve.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "On June 5, the U.S. Federal Reserve (the Fed) bought $20,000,000 of U.S. Treasury securities in the open market. At the time, the reserve requirement was 15%, and all banks had zero excess reserves. What is the potential impact of the Fed's purchase on the U.S. money supply?\nOption A:$133,333,333 increase.\nOption B:$10,000,000 increase.\nOption C:$25,000,000 decrease.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The time it takes for policy makers to enact a fiscal policy action is best described as:\nOption A:implementation lag\nOption B:action lag\nOption C:legislative lag", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor, who wants to increase the diversification of his portfolio, primarily invests in stocks of publicly traded companies. A friend has recommended investing in real estate properties. The purchase of real estate would best be characterized as a transaction in the:\nOption A:Derivative investment market.\nOption B:Alternative investment market.\nOption C:Traditional investment market.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is not a real estate index category?\nOption A:Appraisal index.\nOption B:Initial sales index.\nOption C:Repeat sales index.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The Standard & Poor’s Depositary Receipts (SPDRs) is an exchange-traded fund in the United States that is designed to track the S&P 500 stock market index. The latest price of a share of SPDRs is $290. A trader has just bought call options on shares of SPDRs for a premium of $3 per share. The call options expire in six months and have an exercise price of $305 per share. On the expiration date, the trader will exercise the call options (ignore any transaction costs) if and only if the shares of SPDRs are trading:\nOption A:below $305 per share.\nOption B:above $305 per share.\nOption C:above $308 per share.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Caroline Rogers believes the price of Gamma Corp. stock will go down in the near future. She has decided to sell short 200 shares of Gamma Corp. at the current market price of €47. The initial margin requirement is 40 percent. Which of the following is an appropriate statement regarding the margin requirement that Rogers is subject to on this short sale?\nOption A:She will need to contribute €3,760 as margin.\nOption B:She will need to contribute €5,640 as margin.\nOption C:She will only need to leave the proceeds from the short sale as deposit and does not need to contribute any additional funds.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following index weighting methods requires an adjustment to the divisor after a stock split?\nOption A:Price weighting.\nOption B:Fundamental weighting.\nOption C:Market-capitalization weighting.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Jason Schmidt works for a hedge fund and he specializes in finding profit opportunities that are the result of inefficiencies in the market for convertible bonds—bonds that can be converted into a predetermined amount of a company’s common stock. Schmidt tries to find convertibles that are priced inefficiently relative to the underlying stock. The trading strategy involves the simultaneous purchase of the convertible bond and the short sale of the underlying common stock. The above process could best be described as:\nOption A:hedging.\nOption B:arbitrage.\nOption C:securitization.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If markets are semi-strong efficient, standard fundamental analysis will yield abnormal trading profits that are:\nOption A:negative.\nOption B:equal to zero.\nOption C:positive.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following index weighting methods requires the most frequent rebalancing?\nOption A:Price weighting.\nOption B:Equal weighting.\nOption C:Market-capitalization weighting.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "One month after inception, the price return version and total return version of a single index (consisting of identical securities and weights) will be equal if:\nOption A:market prices have not changed.\nOption B:capital gains are offset by capital losses.\nOption C:the securities do not pay dividends or interest.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If a market is weak-form efficient but semi-strong-form inefficient, then which of the following types of portfolio management is most likely to produce abnormal returns?\nOption A:Passive portfolio management.\nOption B:Active portfolio management based on technical analysis.\nOption C:Active portfolio management based on fundamental analysis.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The intrinsic value of an undervalued asset is:\nOption A:less than the asset’s market value.\nOption B:greater than the asset’s market value.\nOption C:the value at which the asset can currently be bought or sold.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The values of a price return index and a total return index consisting of identical equal-weighted dividend-paying equities will be equal:\nOption A:only at inception.\nOption B:at inception and on rebalancing dates.\nOption C:at inception and on reconstitution dates.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An aggregate fixed-income index:\nOption A:comprises corporate and asset-backed securities.\nOption B:represents the market of government-issued securities.\nOption C:can be subdivided by market or economic sector to create more narrowly defined indexes.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Lisa Smith owns a manufacturing company in the United States. Her company has sold goods to a customer in Brazil and will be paid in Brazilian real (BRL) in three months. Smith is concerned about the possibility of the BRL depreciating more than expected against the US dollar (USD). Therefore, she is planning to sell three-month futures contracts on the BRL. The seller of such contracts generally gains when the BRL depreciates against the USD. If Smith were to sell these future contracts, she would most appropriately be described as a(n):\nOption A:hedger.\nOption B:investor.\nOption C:information-motivated trader.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements regarding sector indexes is most accurate? Sector indexes:\nOption A:track different economic sectors and cannot be aggregated to represent the equivalent of a broad market index.\nOption B:provide a means to determine whether an active investment manager is more successful at stock selection or sector allocation.\nOption C:apply a universally agreed upon sector classification system to identify the constituent securities of specific economic sectors, such as consumer goods, energy, finance, health care.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Jim White has sold short 100 shares of Super Stores at a price of $42 per share. He has also simultaneously placed a “good-till-cancelled, stop 50, limit 55 buy” order. Assume that if the stop condition specified by White is satisfied and the order becomes valid, it will get executed. Excluding transaction costs, what is the maximum possible loss that White can have?\nOption A:$800.\nOption B:$1,300.\nOption C:Unlimited.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Security market indexes are used as:\nOption A:measures of investment returns.\nOption B:proxies to measure unsystematic risk.\nOption C:proxies for specific asset classes in asset allocation models.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Consider a mutual fund that invests primarily in fixed-income securities that have been determined to be appropriate given the fund’s investment goal. Which of the following is least likely to be a part of this fund?\nOption A:Warrants.\nOption B:Commercial paper.\nOption C:Repurchase agreements.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An oil and gas exploration and production company announces that it is offering 30 million shares to the public at $45.50 each. This transaction is most likely a sale in the:\nOption A:futures market.\nOption B:primary market.\nOption C:secondary market.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is most accurate?\nOption A:Commodity indexes all share similar weighting methods.\nOption B:Commodity indexes containing the same underlying commodities offer similar returns.\nOption C:The performance of commodity indexes can be quite different from that of the underlying commodities.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor purchased 5,000 stocks at 57 dollars on margin. The initial margin he deposited to his broker is 40%. The broker will make a margin call when the margin account is less than 25%. The price that will cause a margin call is closest to:\nOption A:30.0.\nOption B:45.6.\nOption C:23.0.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which one of the following statements best describes the semi-strong form of market efficiency?\nOption A:Empirical tests examine the historical patterns in security prices.\nOption B:Security prices reflect all publicly known and available information.\nOption C:Semi-strong-form efficient markets are not necessarily weak-form efficient.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A German company that exports machinery is expecting to receive $10 million in three months. The firm converts all its foreign currency receipts into euros. The chief financial officer of the company wishes to lock in a minimum fixed rate for converting the $10 million to euro but also wants to keep the flexibility to use the future spot rate if it is favorable. What hedging transaction is most likely to achieve this objective?\nOption A:Selling dollars forward.\nOption B:Buying put options on the dollar.\nOption C:Selling futures contracts on dollars.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If a researcher conducting empirical tests of a trading strategy using time series of returns finds statistically significant abnormal returns, then the researcher has most likely found:\nOption A:a market anomaly.\nOption B:evidence of market inefficiency.\nOption C:a strategy to produce future abnormal returns.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The market value of an undervalued asset is:\nOption A:greater than the asset’s intrinsic value.\nOption B:the value at which the asset can currently be bought or sold.\nOption C:equal to the present value of all the asset’s expected cash flows.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Technical analysts assume that markets are:\nOption A:weak-form efficient.\nOption B:weak-form inefficient.\nOption C:semi-strong-form efficient.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Zhenhu Li has submitted an immediate-or-cancel buy order for 500 shares of a company at a limit price of CNY 74.25. There are two sell limit orders standing in that stock’s order book at that time. One is for 300 shares at a limit price of CNY 74.30 and the other is for 400 shares at a limit price of CNY 74.35. How many shares in Li’s order would get cancelled?\nOption A:None (the order would remain open but unfilled).\nOption B:200 (300 shares would get filled).\nOption C:500 (there would be no fill).", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Uses of market indexes do not include serving as a:\nOption A:measure of systemic risk.\nOption B:basis for new investment products.\nOption C:benchmark for evaluating portfolio performance.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A friend has asked you to explain the differences between open-end and closed-end funds. Which of the following will you most likely include in your explanation?\nOption A:Closed-end funds are unavailable to new investors.\nOption B:When investors sell the shares of an open-end fund, they can receive a discount or a premium to the fund’s net asset value.\nOption C:When selling shares, investors in an open-end fund sell the shares back to the fund whereas investors in a closed-end fund sell the shares to others in the secondary market.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If the price return of an equal-weighted index exceeds that of a market-capitalization-weighted index comprised of the same securities, the most likely explanation is:\nOption A:stock splits.\nOption B:dividend distributions.\nOption C:outperformance of small-market-capitalization stocks.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements regarding fixed-income indexes is most accurate?\nOption A:Liquidity issues make it difficult for investors to easily replicate fixed-income indexes.\nOption B:Rebalancing and reconstitution are the only sources of turnover in fixed-income indexes.\nOption C:Fixed-income indexes representing the same target market hold similar numbers of bonds.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to rational and irrational investment decisions, the efficient market hypothesis requires:\nOption A:only that the market is rational.\nOption B:that all investors make rational decisions.\nOption C:that some investors make irrational decisions.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The usefulness of a forward contract is limited by some problems. Which of the following is most likely one of those problems?\nOption A:Once you have entered into a forward contract, it is difficult to exit from the contract.\nOption B:Entering into a forward contract requires the long party to deposit an initial amount with the short party.\nOption C:If the price of the underlying asset moves adversely from the perspective of the long party, periodic payments must be made to the short party.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A trader has purchased 200 shares of a non-dividend-paying firm on margin at a price of $50 per share. The leverage ratio is 2.5. Six months later, the trader sells these shares at $60 per share. Ignoring the interest paid on the borrowed amount and the transaction costs, what was the return to the trader during the six-month period?\nOption A:20 percent.\nOption B:33.33 percent.\nOption C:50 percent.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A unique feature of hedge fund indexes is that they:\nOption A:are frequently equal weighted.\nOption B:are determined by the constituents of the index.\nOption C:reflect the value of private rather than public investments.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A British company listed on AIM (formerly the Alternative Investment Market) of the London Stock Exchange announced the sale of 6,686,665 shares to a small group of qualified investors at ￡0.025 per share. Which of the following best describes this sale?\nOption A:Shelf registration.\nOption B:Private placement.\nOption C:Initial public offering.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Pierre-Louis Robert just purchased a call option on shares of the Michelin Group. A few days ago he wrote a put option on Michelin shares. The call and put options have the same exercise price, expiration date, and number of shares underlying. Considering both positions, Robert’s exposure to the risk of the stock of the Michelin Group is:\nOption A:long.\nOption B:short.\nOption C:neutral.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Rebalancing an index is the process of periodically adjusting the constituent:\nOption A:securities’ weights to optimize investment performance.\nOption B:securities to maintain consistency with the target market.\nOption C:securities’ weights to maintain consistency with the index’s weighting method.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is not a function of the financial system?\nOption A:To regulate arbitrageurs’ profits (excess returns).\nOption B:To help the economy achieve allocational efficiency.\nOption C:To facilitate borrowing by businesses to fund current operations.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If markets are efficient, the difference between the intrinsic value and market value of a company’s security is:\nOption A:negative.\nOption B:zero.\nOption C:positive.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An online brokerage firm has set the minimum margin requirement at 55 percent. What is the maximum leverage ratio associated with a position financed by this minimum margin requirement?\nOption A:1.55.\nOption B:1.82.\nOption C:2.22.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Tony Harris is planning to start trading in commodities. He has heard about the use of futures contracts on commodities and is learning more about them. Which of the following is Harris least likely to find associated with a futures contract?\nOption A:Existence of counterparty risk.\nOption B:Standardized contractual terms.\nOption C:Payment of an initial margin to enter into a contract.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is least likely to explain the January effect anomaly?\nOption A:Tax-loss selling.\nOption B:Release of new information in January.\nOption C:Window dressing of portfolio holdings.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "You have placed a sell market-on-open order—a market order that would automatically be submitted at the market’s open tomorrow and would fill at the market price. Your instruction, to sell the shares at the market open, is a(n):\nOption A:execution instruction.\nOption B:validity instruction.\nOption C:clearing instruction.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Fundamental analysts assume that markets are:\nOption A:weak-form inefficient.\nOption B:semi-strong-form efficient.\nOption C:semi-strong-form inefficient.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A float-adjusted market-capitalization-weighted index weights each of its constituent securities by its price and:\nOption A:its trading volume.\nOption B:the number of its shares outstanding.\nOption C:the number of its shares available to the investing public.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When creating a security market index, the target market:\nOption A:determines the investment universe.\nOption B:is usually a broadly defined asset class.\nOption C:determines the number of securities to be included in the index.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following market regulations will most likely impede market efficiency?\nOption A:Restricting traders’ ability to short sell.\nOption B:Allowing unrestricted foreign investor trading.\nOption C:Penalizing investors who trade with nonpublic information.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In an underwritten offering, the risk that the entire issue may not be sold to the public at the stipulated offering price is borne by the:\nOption A:issuer.\nOption B:investment bank.\nOption C:buyers of the part of the issue that is sold.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A German publicly traded company, to raise new capital, gave its existing shareholders the opportunity to subscribe for new shares. The existing shareholders could purchase two new shares at a subscription price of €4.58 per share for every 15 shares held. This is an example of a(n):\nOption A:rights offering.\nOption B:private placement.\nOption C:initial public offering.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements about exchange-traded funds is most correct?\nOption A:Exchange-traded funds are not backed by any assets.\nOption B:The investment companies that create exchange-traded funds are financial intermediaries.\nOption C:The transaction costs of trading shares of exchange-traded funds are substantially greater than the combined costs of trading the underlying assets of the fund.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Jason Williams purchased 500 shares of a company at $32 per share. The stock was bought on 75 percent margin. One month later, Williams had to pay interest on the amount borrowed at a rate of 2 percent per month. At that time, Williams received a dividend of $0.50 per share. Immediately after that he sold the shares at $28 per share. He paid commissions of $10 on the purchase and $10 on the sale of the stock. What was the rate of return on this investment for the one-month period?\nOption A:–12.5 percent.\nOption B:–15.4 percent.\nOption C:–50.1 percent.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A book publisher requires substantial quantities of paper. The publisher and a paper producer have entered into an agreement for the publisher to buy and the producer to supply a given quantity of paper four months later at a price agreed upon today. This agreement is a:\nOption A:futures contract.\nOption B:forward contract.\nOption C:commodity swap.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following market anomalies is inconsistent with weak-form market efficiency?\nOption A:Earnings surprise.\nOption B:Momentum pattern.\nOption C:Closed-end fund discount.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When creating a security market index, an index provider must first determine the:\nOption A:target market.\nOption B:appropriate weighting method.\nOption C:number of constituent securities.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Currently, the market in a stock is “$54.62 bid, offered at $54.71.” A new sell limit order is placed at $54.62. This limit order is said to:\nOption A:take the market.\nOption B:make the market.\nOption C:make a new market.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Commodity index values are based on:\nOption A:futures contract prices.\nOption B:the market price of the specific commodity.\nOption C:the average market price of a basket of similar commodities.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Researchers have found that value stocks have consistently outperformed growth stocks. An investor wishing to exploit the value effect should purchase the stock of companies with above-average:\nOption A:dividend yields.\nOption B:market-to-book ratios.\nOption C:price-to-earnings ratios.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "You own shares of a company that are currently trading at $30 a share. Your technical analysis of the shares indicates a support level of $27.50. That is, if the price of the shares is going down, it is more likely to stay above this level rather than fall below it. If the price does fall below this level, however, you believe that the price may continue to decline. You have no immediate intent to sell the shares but are concerned about the possibility of a huge loss if the share price declines below the support level. Which of the following types of orders could you place to most appropriately address your concern?\nOption A:Short sell order.\nOption B:Good-till-cancelled stop sell order.\nOption C:Good-till-cancelled stop buy order.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following index weighting methods is most likely subject to a value tilt?\nOption A:Equal weighting.\nOption B:Fundamental weighting.\nOption C:Market-capitalization weighting.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An increase in the time between when an order to trade a security is placed and when the order is executed most likely indicates that market efficiency has:\nOption A:decreased.\nOption B:remained the same.\nOption C:increased.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If markets are semi-strong-form efficient, then passive portfolio management strategies are most likely to:\nOption A:earn abnormal returns.\nOption B:outperform active trading strategies.\nOption C:underperform active trading strategies.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If a market is semi-strong-form efficient, the risk-adjusted returns of a passively managed portfolio relative to an actively managed portfolio are most likely:\nOption A:lower.\nOption B:higher.\nOption C:the same.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements about peer groups is most accurate?\nOption A:Constructing a peer group for a company follows a standardized process.\nOption B:Commercial industry classification systems often provide a starting point for constructing a peer group.\nOption C:A peer group is generally composed of all the companies in the most narrowly defined category used by the commercial industry classification system.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following factors would most likely be a limitation of applying business-cycle analysis to global industry analysis?\nOption A:Some industries are relatively insensitive to the business cycle.\nOption B:Correlations of security returns between different world markets are relatively low.\nOption C:One region or country of the world may experience recession while another region experiences expansion.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Industry consolidation and high barriers to entry most likely characterize which life-cycle stage?\nOption A:Mature\nOption B:Growth\nOption C:Embryonic", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An analyst is attempting to calculate the intrinsic value of a company and has gathered the following company data: EBITDA, total market value, and market value of cash and short-term investments, liabilities, and preferred shares. The analyst is least likely to use:\nOption A:a multiplier model.\nOption B:a discounted cash flow model.\nOption C:an asset-based valuation model.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Calculate the total return on a share of equity using the following data: Purchase price: $50 Sale price: $42 Dividend paid during holding period: $2\nOption A:–12.0%\nOption B:–14.3%\nOption C:–16.0%", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An analyst who bases the calculation of intrinsic value on dividend-paying capacity rather than expected dividends will most likely use the:\nOption A:dividend discount model.\nOption B:free cash flow to equity model.\nOption C:cash flow from operations model.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An analyst has determined that the appropriate EV/EBITDA for Rainbow Company is 10.2. The analyst has also collected the following forecasted information for Rainbow Company: EBITDA = $22,000,000 Market value of debt = $56,000,000 Cash = $1,500,000The value of equity for Rainbow Company is closest to:\nOption A:$169 million.\nOption B:$224 million.\nOption C:$281 million.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When selecting companies for inclusion in a peer group, a company operating in three different business segments would:\nOption A:be in only one peer group.\nOption B:possibly be in more than one peer group.\nOption C:not be included in any peer group.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The primary difference between P/E multiples based on comparables and P/E multiples based on fundamentals is that fundamentals-based P/Es take into account:\nOption A:future expectations.\nOption B:the law of one price.\nOption C:historical information.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements about commercial and government industry classification systems is most accurate?\nOption A:Many commercial classification systems include private for-profit companies.\nOption B:Both commercial and government classification systems exclude not-for-profit companies.\nOption C:Commercial classification systems are generally updated more frequently than government classification systems.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to Level III sponsored ADRs, which of the following is least likely to be accurate? They:\nOption A:have low listing fees.\nOption B:are traded on the NYSE, NASDAQ, and AMEX.\nOption C:are used to raise equity capital in US markets.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Venture capital investments:\nOption A:can be publicly traded.\nOption B:do not require a long-term commitment of funds.\nOption C:provide mezzanine financing to early-stage companies.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is not a primary goal of raising equity capital?\nOption A:To finance the purchase of long-lived assets.\nOption B:To finance the company’s revenue-generating activities.\nOption C:To ensure that the company continues as a going concern.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The best model to use when valuing a young dividend-paying company that is just entering the growth phase is most likely the:\nOption A:Gordon growth model.\nOption B:two-stage dividend discount model.\nOption C:three-stage dividend discount model.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which factor is most likely associated with stable market share?\nOption A:Low switching costs.\nOption B:Low barriers to entry.\nOption C:Slow pace of product innovation.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is not a limitation of the cyclical/non-cyclical descriptive approach to classifying companies?\nOption A:A cyclical company may have a growth component in it.\nOption B:Business-cycle sensitivity is a discrete phenomenon rather than a continuous spectrum.\nOption C:A global company can experience economic expansion in one part of the world while experiencing recession in another part.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The market value of equity for a company can be calculated as enterprise value:\nOption A:minus market value of debt, preferred stock, and short-term investments.\nOption B:plus market value of debt and preferred stock minus short-term investments.\nOption C:minus market value of debt and preferred stock plus short-term investments.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In asset-based valuation models, the intrinsic value of a common share of stock is based on the:\nOption A:estimated market value of the company’s assets.\nOption B:estimated market value of the company’s assets plus liabilities.\nOption C:estimated market value of the company’s assets minus liabilities.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In which sector would a manufacturer of personal care products be classified?\nOption A:Health care.\nOption B:Consumer staples.\nOption C:Consumer discretionary.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If a US-based investor purchases a euro-denominated ETF and the euro subsequently depreciates in value relative to the dollar, the investor will have a total return that is:\nOption A:lower than the ETF’s total return.\nOption B:higher than the ETF’s total return.\nOption C:the same as the ETF’s total return.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following companies most likely has the greatest ability to quickly increase its capacity to offer goods or services?\nOption A:A restaurant\nOption B:A steel producer\nOption C:An insurance company", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A basket of listed depository receipts, or an exchange-traded fund, would most likely be used for:\nOption A:gaining exposure to a single equity.\nOption B:hedging exposure to a single equity.\nOption C:gaining exposure to multiple equities.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following industries is most likely to be characterized as concentrated with strong pricing power?\nOption A:Asset management.\nOption B:Alcoholic beverages.\nOption C:Household and personal products.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements regarding the calculation of the enterprise value multiple is most likely correct?\nOption A:Operating income may be used instead of EBITDA.\nOption B:EBITDA may not be used if company earnings are negative.\nOption C:Book value of debt may be used instead of market value of debt.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following industry characteristics is generally least likely to produce high returns on capital?\nOption A:High barriers to entry\nOption B:High degree of concentration\nOption C:Short lead time to build new plants", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company’s cost of equity is often used as a proxy for investors’:\nOption A:average required rate of return.\nOption B:minimum required rate of return.\nOption C:maximum required rate of return.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Asset-based valuation models are best suited to companies where the capital structure does not have a high proportion of:\nOption A:Debt.\nOption B:Intangible assets.\nOption C:Current assets and liabilities.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Enterprise value is most often determined as market capitalization of common equity and preferred stock minus the value of cash equivalents plus the:\nOption A:book value of debt.\nOption B:market value of debt.\nOption C:market value of long-term debt.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A population that is rapidly aging would most likely cause the growth rate of the industry producing eye glasses and contact lenses to:\nOption A:decrease.\nOption B:increase.\nOption C:not change.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Book value is least likely to be considered when using:\nOption A:a multiplier model.\nOption B:an asset-based valuation model.\nOption C:a present value model.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor expects to purchase shares of common stock today and sell them after two years. The investor has estimated dividends for the next two years, D1 and D2, and the selling price of the stock two years from now, P2. According to the dividend discount model, the intrinsic value of the stock today is the present value of:\nOption A:next year’s dividend, D1.\nOption B:future expected dividends, D1 and D2.\nOption C:future expected dividends and price—D1, D2 and P2.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company that is sensitive to the business cycle would most likely:\nOption A:not have growth opportunities.\nOption B:experience below-average fluctuation in demand.\nOption C:sell products that the customer can purchase at a later date if necessary.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements about private equity securities is incorrect?\nOption A:They cannot be sold on secondary markets.\nOption B:They have market-determined quoted prices.\nOption C:They are primarily issued to institutional investors.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An automotive manufacturer is most likely classified in which of the following industry sectors?\nOption A:Consumer staples\nOption B:Industrial durables\nOption C:Consumer discretionary", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The Beasley Corporation has just paid a dividend of $1.75 per share. If the required rate of return is 12.3 percent per year and dividends are expected to grow indefinitely at a constant rate of 9.2 percent per year, the intrinsic value of Beasley Corporation stock is closest to:\nOption A:$15.54.\nOption B:$56.45.\nOption C:$61.65.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An equity analyst has been asked to estimate the intrinsic value of the common stock of Omega Corporation, a leading manufacturer of automobile seats. Omega is in a mature industry, and both its earnings and dividends are expected to grow at a rate of 3 percent annually. Which of the following is most likely to be the best model for determining the intrinsic value of an Omega share?\nOption A:Gordon growth model.\nOption B:Free cash flow to equity model.\nOption C:Multistage dividend discount model.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A cyclical company is most likely to:\nOption A:have low operating leverage.\nOption B:sell relatively inexpensive products.\nOption C:experience wider-than-average fluctuations in demand.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A price earnings ratio that is derived from the Gordon growth model is inversely related to the:\nOption A:growth rate.\nOption B:dividend payout ratio.\nOption C:required rate of return.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is most likely a reason for using asset-based valuation?\nOption A:The analyst is valuing a privately held company.\nOption B:The company has a relatively high level of intangible assets.\nOption C:The market values of assets and liabilities are different from the balance sheet values.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A disadvantage of the EV method for valuing equity is that the following information may be difficult to obtain:\nOption A:Operating income.\nOption B:Market value of debt.\nOption C:Market value of equity.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In which of the following life-cycle phases are price wars most likely to be absent?\nOption A:Mature.\nOption B:Decline.\nOption C:Growth.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The Gordon growth model can be used to value dividend-paying companies that are:\nOption A:expected to grow very fast.\nOption B:in a mature phase of growth.\nOption C:very sensitive to the business cycle.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements most accurately describes one difference between private and public equity firms?\nOption A:Private equity firms are focused more on short-term results than public firms.\nOption B:Private equity firms’ regulatory and investor relations operations are less costly than those of public firms.\nOption C:Private equity firms are incentivized to be more open with investors about governance and compensation than public firms.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An analyst makes the following statement: “Use of P/E and other multiples for analysis is not effective because the multiples are based on historical data and because not all companies have positive accounting earnings.” The analyst’s statement is most likely:\nOption A:inaccurate with respect to both historical data and earnings.\nOption B:accurate with respect to historical data and inaccurate with respect to earnings.\nOption C:inaccurate with respect to historical data and accurate with respect to earnings.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With regard to forming a company’s peer group, which of the following statements is not correct?\nOption A:Comments from the management of the company about competitors are generally not used when selecting the peer group.\nOption B:The higher the proportion of revenue and operating profit of the peer company derived from business activities similar to the subject company, the more meaningful the comparison.\nOption C:Comparing the company’s performance measures with those for a potential peer-group company is of limited value when the companies are exposed to different stages of the business cycle.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is most likely a characteristic of a concentrated industry?\nOption A:Infrequent, tacit coordination.\nOption B:Difficulty in monitoring other industry members.\nOption C:Industry members attempting to avoid competition on price.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor is considering the purchase of a common stock with a $2.00 annual dividend. The dividend is expected to grow at a rate of 4 percent annually. If the investor’s required rate of return is 7 percent, the intrinsic value of the stock is closest to:\nOption A:$50.00.\nOption B:$66.67.\nOption C:$69.33.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following life-cycle phases is typically characterized by high prices?\nOption A:Mature.\nOption B:Growth.\nOption C:Embryonic.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A Canadian life insurance company has an issue of 4.80 percent, $25 par value, perpetual, non-convertible, non-callable preferred shares outstanding. The required rate of return on similar issues is 4.49 percent. The intrinsic value of a preferred share is closest to:\nOption A:$25.00.\nOption B:$26.75.\nOption C:$28.50.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "From an investor’s point of view, which of the following equity securities is the least risky?\nOption A:Putable preference shares.\nOption B:Callable preference shares.\nOption C:Non-callable preference shares.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Participating preference shares entitle shareholders to:\nOption A:participate in the decision-making process of the company.\nOption B:convert their shares into a specified number of common shares.\nOption C:receive an additional dividend if the company’s profits exceed a pre-determined level.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When graphically depicting the life-cycle model for an industry as a curve, the variables on the axes are:\nOption A:price and time.\nOption B:demand and time.\nOption C:demand and stage of the life cycle.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is incorrect about the risk of an equity security? The risk of an equity security is:\nOption A:based on the uncertainty of its cash flows.\nOption B:based on the uncertainty of its future price.\nOption C:measured using the standard deviation of its dividends.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is most likely used in a present value model?\nOption A:Enterprise value.\nOption B:Price to free cash flow.\nOption C:Free cash flow to equity.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which industry classification system uses a three-tier classification system?\nOption A:Russell Global Sectors.\nOption B:Industry Classification Benchmark.\nOption C:Global Industry Classification Standard.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An industry with high barriers to entry and weak pricing power most likely has:\nOption A:high barriers to exit.\nOption B:stable market shares.\nOption C:significant numbers of issued patents.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is least likely to be a reason for a company to issue equity securities on the primary market?\nOption A:To raise capital.\nOption B:To increase liquidity.\nOption C:To increase return on equity.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Two analysts estimating the value of a non-convertible, non-callable, perpetual preferred stock with a constant dividend arrive at different estimated values. The most likely reason for the difference is that the analysts used different:\nOption A:time horizons.\nOption B:required rates of return.\nOption C:estimated dividend growth rates.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to present value models, which of the following statements is most accurate?\nOption A:Present value models can be used only if a stock pays a dividend.\nOption B:Present value models can be used only if a stock pays a dividend or is expected to pay a dividend.\nOption C:Present value models can be used for stocks that currently pay a dividend, are expected to pay a dividend, or are not expected to pay a dividend.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An industry that most likely has both high barriers to entry and high barriers to exit is the:\nOption A:restaurant industry.\nOption B:advertising industry.\nOption C:automobile industry.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When graphically depicting the life-cycle model for an industry as a curve, the variables on the axes are:\nOption A:Price and time.\nOption B:Demand and time.\nOption C:Demand and stage of the life cycle.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Asset-based valuation models are best suited to companies where the capital structure does not have a high proportion of:\nOption A:debt.\nOption B:intangible assets.\nOption C:current assets and liabilities.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If the technology for an industry involves high fixed capital investment, then one way to seek higher profit growth is by pursuing:\nOption A:economies of scale.\nOption B:diseconomies of scale.\nOption C:removal of features that differentiate the product or service provided.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to competitive strategy, a company with a successful cost leadership strategy is most likely characterized by:\nOption A:a low cost of capital.\nOption B:reduced market share.\nOption C:the ability to offer products at higher prices than competitors.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The type of equity voting right that grants one vote for each share of equity owned is referred to as:\nOption A:Proxy voting.\nOption B:Statutory voting.\nOption C:Cumulative voting.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following information about a company would most likely depend on an industry analysis? The company’s:\nOption A:treatment\\nof long-lived assets on its financial statements.\nOption B:competitive environment.\nOption C:trends in corporate expenses.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is most accurate in describing a company’s book value?\nOption A:Book value increases when a company retains its net income.\nOption B:Book value is usually equal to the company’s market value.\nOption C:The ultimate goal of management is to maximize book value.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "All of the following are characteristics of preference shares except:\nOption A:They are either callable or putable.\nOption B:They generally do not have voting rights.\nOption C:They do not share in the operating performance of the company.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In the free cash flow to equity (FCFE) model, the intrinsic value of a share of stock is calculated as:\nOption A:the present value of future expected FCFE.\nOption B:the present value of future expected FCFE plus net borrowing.\nOption C:the present value of future expected FCFE minus fixed capital investment.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Economic value is created for an industry’s shareholders when the industry earns a return:\nOption A:below the cost of capital.\nOption B:equal to the cost of capital.\nOption C:above the cost of capital.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When investing in unsponsored depository receipts, the voting rights to the shares in the trust belong to:\nOption A:the depository bank.\nOption B:the investors in the depository receipts.\nOption C:the issuer of the shares held in the trust.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is not a limitation of the cyclical/non-cyclical descriptive approach to classifying companies?\nOption A:cyclical company may have a growth component in it.\nOption B:Business-cycle sensitivity is a discrete phenomenon rather than a continuous spectrum.\nOption C:A global company can experience economic expansion in one part of the world while experiencing recession in another part.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following information about a company would most likely depend on an industry analysis? The company’s:\nOption A:dividend policy.\nOption B:competitive environment.\nOption C:trends in corporate expenses.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Reconstitution of a security market index reduces:\nOption A:portfolio turnover.\nOption B:the need for rebalancing.\nOption C:the likelihood that the index includes securities that are not representative of the target market.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is an example of a style index? An index based on:\nOption A:geography.\nOption B:economic sector.\nOption C:market capitalization.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An analyst is attempting to value shares of the Dominion Company. The company has just paid a dividend of $0.58 per share. Dividends are expected to grow by 20 percent next year and 15 percent the year after that. From the third year onward, dividends are expected to grow at 5.6 percent per year indefinitely. If the required rate of return is 8.3 percent, the intrinsic value of the stock is closest to:\nOption A:$26.00.\nOption B:$27.00.\nOption C:$28.00.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following companies most likely has the greatest ability to quickly increase its capacity?\nOption A:Restaurant.\nOption B:Steel producer.\nOption C:Legal services provider.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to efficient markets, a company whose share price change gradually after the public release of its annual report most likely indicates that the market where the company trades is:\nOption A:semi-strong-form efficient.\nOption B:subject to behavioral biases.\nOption C:receiving additional information about the company.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Jason Williams purchased 500 shares of a company at $32 per share. The stock was bought on 75 percent margin. One month later, Williams had to pay interest on the amount borrowed at a rate of 2 percent per month. At that time, Williams received a dividend of $0.50 per share. Immediately after that he sold the shares at $28 per share. He paid commissions of $10 on the purchase and $10 on the sale of the stock. What was the rate of return on this investment for the one-month period?\nOption A:12.5 percent.\nOption B:–15.4 percent.\nOption C:–50.1 percent.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The current price of a stock is $25 per share. You have $10,000 to invest. You borrow an additional $10,000 from your broker and invest $20,000 in the stock. If the maintenance margin is 30 percent, at what price will a margin call first occur?\nOption A:$9.62.\nOption B:$17.86.\nOption C:$19.71.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Calculate the return on equity (ROE) of a stable company using the following data:\nOption A:10.0%.\nOption B:13.3%.\nOption C:16.7%.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is least accurate in describing a company’s market value?\nOption A:Management’s decisions do not influence the company’s market value.\nOption B:Increases in book value may not be reflected in the company’s market value.\nOption C:Market value reflects the collective and differing expectations of investors.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A former hedge fund manager, Jackman, has decided to launch a new private wealth management firm. From his prior experiences, he believes the new firm needs to achieve US$1 million in assets under management in the first year. Jackman offers a $10,000 incentive to any adviser who joins his firm with the minimum of $200,000 in committed investments. Jackman places notice of the opening on several industry web portals and career search sites. Which of the following is correct according to the Code and Standards?\nOption A:A member or candidate is eligible for the new position and incentive if he or she can arrange for enough current clients to switch to the new firm and if the member or candidate discloses the incentive fee.\nOption B:A member or candidate may not accept employment with the new firm because Jackman’s incentive offer violates the Code and Standards.\nOption C:A member or candidate is not eligible for the new position unless he or she is currently unemployed because soliciting the clients of the member’s or candidate’s current employer is prohibited.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The Investment Analysis, Recommendations, and Actions standard states that members and candidates must:\nOption A:find an investment suitable for their client before making a recommendation.\nOption B:make reasonable efforts to ensure that performance presentation is fair, accurate, and complete.\nOption C:distinguish between fact and opinion in the presentation of investment analysis and recommendations.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investment management firm has been hired by ETV Corporation to work on an additional public offering for the company. The firm’s brokerage unit now has a “sell” recommendation on ETV, but the head of the investment banking department has asked the head of the brokerage unit to change the recommendation from “sell” to “buy.” According to the Standards, the head of the brokerage unit would be permitted to:\nOption A:Increase the recommendation by no more than one increment (in this case, to a “hold” recommendation).\nOption B:Place the company on a restricted list and give only factual information about the company.\nOption C:Assign a new analyst to decide if the stock deserves a higher rating.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Long has been asked to be the keynote speaker at an upcoming investment conference. The event is being hosted by one of the third-party investment managers currently used by his pension fund. The manager offers to cover all conference and travel costs for Long and make the conference registrations free for three additional members of his investment management team. To ensure that the conference obtains the best speakers, the host firm has arranged for an exclusive golf outing for the day following the conference on a local championship-caliber course. Which of the following is least likely to violate Standard I(B)?\nOption A:Long may accept only the offer to have his conference-related expenses paid by the host firm.\nOption B:Long may accept the offer to have his conference-related expenses paid and may attend the exclusive golf outing at the expense of the hosting firm.\nOption C:Long may accept the entire package of incentives offered to speak at this conference.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following categories completely represents an ethical principle of CFA Institute as outlined in the Standards of Practice Handbook?\nOption A:Individual professionalism\nOption B:Responsibilities to clients and employers\nOption C:Ethics involved in investment analysis and recommendations", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Carter works for Invest Today, a local asset management firm. A broker that provides Carter with proprietary research through client brokerage arrangements is offering a new trading service. The broker is offering low-fee, execution-only trades to complement its traditional full-service, execution-and-research trades. To entice Carter and other asset managers to send additional business its way, the broker will apply the commissions paid on the new service toward satisfying the brokerage commitment of the prior full-service arrangements. Carter has always been satisfied with the execution provided on the full-service trades, and the new low-fee trades are comparable to the fees of other brokers currently used for the accounts that prohibit soft dollar arrangements.\nOption A:Carter can trade for his accounts that prohibit soft dollar arrangements under the new low-fee trading scheme.\nOption B:Carter cannot use the new trading scheme because the commissions are prohibited by the soft dollar restrictions of the accounts.\nOption C:Carter should trade only through the new low-fee scheme and should increase his trading volume to meet his required commission commitment", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Pietro, president of Local Bank, has hired the bank’s market maker, Vogt, to seek a merger partner. Local is currently not listed on a stock exchange and has not reported that it is seeking strategic alternatives. Vogt has discussed the possibility of a merger with several firms, but they have all decided to wait until after the next period’s financial data are available. The potential buyers believe the results will be worse than the results of prior periods and will allow them to pay less for Local Bank.Pietro wants to increase the likelihood of structuring a merger deal quickly. Which of the following actions would most likely be a violation of the Code and Standards?\nOption A:Pietro could instruct Local Bank to issue a press release announcing that it has retained Vogt to find a merger partner.\nOption B:Pietro could place a buy order for 2,000 shares (or four times the average weekly volume) through Vogt for his personal account.\nOption C:After confirming with Local’s chief financial officer, Pietro could instruct Local to issue a press release reaffirming the firm’s prior announced earnings guidance for the full fiscal year.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Albert and Tye, who recently started their own investment advisory business, have registered to take the Level III CFA examination. Albert’s business card reads, “Judy Albert, CFA Level II.” Tye has not put anything about the CFA designation on his business card, but promotional material that he designed for the business describes the CFA requirements and indicates that Tye participates in the CFA Program and has completed Levels I and II. According to the Standards:\nOption A:Albert has violated the Standards, but Tye has not.\nOption B:Tye has violated the Standards, but Albert has not.\nOption C:Both Albert and Tye have violated the Standards.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Fiduciary duty is a standard most likely to be upheld by members of a(n):\nOption A:employer.\nOption B:profession.\nOption C:not-for-profit body.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "ABC Investment Management acquires a new, very large account with two concentrated positions. The firm’s current policy is to add new accounts for the purpose of performance calculation after the first full month of management. Cupp is responsible for calculating the firm’s performance returns. Before the end of the initial month, Cupp notices that one of the significant holdings of the new accounts is acquired by another company, causing the value of the investment to double. Because of this holding, Cupp decides to account for the new portfolio as of the date of transfer, thereby allowing ABC Investment to reap the positive impact of that month’s portfolio return.\nOption A:Cupp did not violate the Code and Standards because the GIPS standards allow composites to be updated on the date of large external cash flows.\nOption B:Cupp did not violate the Code and Standards because companies are allowed to determine when to incorporate new accounts into their composite calculation.\nOption C:Cupp violated the Code and Standards because the inclusion of the new account produces an inaccurate calculation of the monthly results according to the firm’s stated policies.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Ward is scheduled to visit the corporate headquarters of Evans Industries. Ward expects to use the information he obtains there to complete his research report on Evans stock. Ward learns that Evans plans to pay all of Ward’s expenses for the trip, including costs of meals, hotel room, and air transportation. Which of the following actions would be the best course for Ward to take under the Code and Standards?\nOption A:Accept the expense-paid trip and write an objective report.\nOption B:Pay for all travel expenses, including costs of meals and incidental items.\nOption C:Accept the expense-paid trip but disclose the value of the services accepted in the report.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Verification :\nOption A:must be performed on a firm-wide basis.\nOption B:may be provided by the firm’s compliance department.\nOption C:ensures the accuracy of a specific composite presentation.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Park is very frustrated after taking her Level II exam. While she was studying for the exam, to supplement the curriculum provided, she ordered and used study material from a third-party provider. Park believes the additional material focused her attention on specific topic areas that were not tested while ignoring other areas. She posts the following statement on the provider’s discussion board: “I am very dissatisfied with your firm’s CFA Program Level II material. I found the exam extremely difficult and myself unprepared for specific questions after using your product. How could your service provide such limited instructional resources on the analysis of inventories and taxes when the exam had multiple questions about them? I will not recommend your products to other candidates.”\nOption A:Park violated the Code and Standards by purchasing third-party review material.\nOption B:Park violated the Code and Standards by providing her opinion on the difficulty of the exam.\nOption C:Park violated the Code and Standards by providing specific information on topics tested on the exam.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Decision makers who use a compliance approach are most likely to:\nOption A:avoid situational influences.\nOption B:oversimplify decision making.\nOption C:consider more factors than when using an ethical decision-making approach.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Anderb, a portfolio manager for XYZ Investment Management Company—a registered investment organization that advises investment firms and private accounts—was promoted to that position three years ago. Bates, her supervisor, is responsible for reviewing Anderb’s portfolio account transactions and her required monthly reports of personal stock transactions. Anderb has been using Jonelli, a broker, almost exclusively for brokerage transactions for the portfolio account. For securities in which Jonelli’s firm makes a market, Jonelli has been giving Anderb lower prices for personal purchases and higher prices for personal sales than Jonelli gives to Anderb’s portfolio accounts and other investors. Anderb has been filing monthly reports with Bates only for those months in which she has no personal transactions, which is about every fourth month. Which of the following is most likely to be a violation of the Code and Standards?\nOption A:Anderb failed to disclose to her employer her personal transactions.\nOption B:Anderb owned the same securities as those of her clients.\nOption C:Bates allowed Anderb to use Jonelli as her broker for personal trades.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "During a round of golf, Rodriguez, chief financial officer of Mega Retail, mentions to Hart, a local investment adviser and long-time personal friend, that Mega is having an exceptional sales quarter. Rodriguez expects the results to be almost 10% above the current estimates. The next day, Hart initiates the purchase of a large stake in the local exchange-traded retail fund for her personal account.\nOption A:Hart violated the Code and Standards by investing in the exchange-traded fund that included Mega Retail.\nOption B:Hart did not violate the Code and Standards because she did not invest directly in securities of Mega Retail.\nOption C:Rodriguez did not violate the Code and Standards because the comments made to Hart were not intended to solicit an investment in Mega Retail.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The Duties to Employers standard states that members and candidates must not:\nOption A:accept any gifts that might compromise their independence and objectivity.\nOption B:deprive their employer of their skills and abilities as related to their employment.\nOption C:accept compensation competing with their employer’s interest and with the written consent of all parties involved.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Grey recommends the purchase of a mutual fund that invests solely in long-term US Treasury bonds. He makes the following statements to his clients:I. “The payment of the bonds is guaranteed by the US government; therefore, the default risk of the bonds is virtually zero.”II. “If you invest in the mutual fund, you will earn a 10% rate of return each year for the next several years based on historical performance of the market.”Did Grey’s statements violate the CFA Institute Code and Standards?\nOption A:Neither statement violated the Code and Standards.\nOption B:Only statement I violated the Code and Standards.\nOption C:Only statement II violated the Code and Standards.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Michelieu tells a prospective client, “I may not have a long-term track record yet, but I’m sure that you’ll be very pleased with my recommendations and service. In the three years that I’ve been in the business, my equity-oriented clients have averaged a total return of more than 26% a year.” The statement is true, but Michelieu only has a few clients, and one of his clients took a large position in a penny stock (against Michelieu’s advice) and realized a huge gain. This large return caused the average of all of Michelieu’s clients to exceed 26% a year. Without this one investment, the average gain would have been 8% a year. Has Michelieu violated the Standards?\nOption A:No, because Michelieu is not promising that he can earn a 26% return in the future.\nOption B:No, because the statement is a true and accurate description of Michelieu’s track record.\nOption C:Yes, because the statement misrepresents Michelieu’s track record.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which is an example of an activity that may be legal but that CFA Institute considers unethical?\nOption A:Making legally required disclosures in marketing materials\nOption B:Trading while in possession of material nonpublic information\nOption C:Disclosure by an employee of his or her own company’s dishonest activity", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements clearly conflicts with the recommended procedures for compliance presented in the CFA Institute Standards of Practice Handbook?\nOption A:Firms should disclose to clients the personal investing policies and procedures established for their employees.\nOption B:Prior approval must be obtained for the personal investment transactions of all employees.\nOption C:For confidentiality reasons, personal transactions and holdings should not be reported to employers unless mandated by regulatory organizations.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Rose, a portfolio manager for a local investment advisory firm, is planning to sell a portion of his personal investment portfolio to cover the costs of his child’s academic tuition. Rose wants to sell a portion of his holdings in Household Products, but his firm recently upgraded the stock to “strong buy.” Which of the following describes Rose’s options under the Code and Standards?\nOption A:Based on his firm’s “buy” recommendation, Rose cannot sell the shares because he would be improperly prospering from the inflated recommendation.\nOption B:Rose is free to sell his personal holdings once his firm is properly informed of his intentions.\nOption C:Rose can sell his personal holdings but only when a client of the firm places an order to buy shares of Household.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Rule has worked as a portfolio manager for a large investment management firm for the past 10 years. Rule earned his CFA charter last year and has decided to open his own investment management firm. After leaving his current employer, Rule creates some marketing material for his new firm. He states in the material, “In earning the CFA charter, a highly regarded credential in the investment management industry, I further enhanced the portfolio management skills learned during my professional career. While completing the examination process in three consecutive years, I consistently received the highest possible scores on the topics of Ethics, Alternative Investments, and Portfolio Management.” Has Rule violated Standard VII(B)–Reference to CFA Institute, the CFA Designation, and the CFA Program in his marketing material?\nOption A:Rule violated Standard VII(B) in stating that he completed the exams in three consecutive years.\nOption B:Rule violated Standard VII(B) in stating that he received the highest scores in the topics of Ethics, Alternative Investments, and Portfolio Management.\nOption C:Rule did not violate Standard VII(B).", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Smith is a financial analyst with XYZ Brokerage Firm. She is preparing a purchase recommendation on JNI Corporation. Which of the following situations is most likely to represent a conflict of interest for Smith that would have to be disclosed?\nOption A:Smith frequently purchases items produced by JNI.\nOption B:XYZ holds for its own account a substantial common stock position in JNI.\nOption C:Smith’s brother-in-law is a supplier to JNI.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "According to the Duties to Clients standard, suitability requires members and candidates in an advisory relationship with a client to:\nOption A:place their clients’ interests before their own interests.\nOption B:consider investments in the context of the client’s total portfolio.\nOption C:not knowingly make misrepresentations relating to recommendations.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Cannan has been working from home on weekends and occasionally saves correspondence with clients and completed work on her home computer. Because of worsening market conditions, Cannan is one of several employees released by her firm. While Cannan is looking for a new job, she uses the files she saved at home to request letters of recommendation from former clients. She also provides to prospective clients some of the reports as examples of her abilities.\nOption A:Cannan violated the Code and Standards because she did not receive permission from her former employer to keep or use the files after her employment ended.\nOption B:Cannan did not violate the Code and Standards because the files were created and saved on her own time and computer.\nOption C:Cannan violated the Code and Standards because she is prohibited from saving files on her home computer.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements best describes an aspect of the Standards of Professional Conduct? Members and candidates are required to:\nOption A:ensure any portfolio mandate followed is fair, accurate, and complete.\nOption B:promptly disclose changes that might materially affect investment processes.\nOption C:have a reasonable and adequate basis for decisions about client confidentiality.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investment banking department of a brokerage firm often receives material nonpublic information that could have considerable value if used in advising the firm’s brokerage clients. In order to conform to the Code and Standards, which one of the following is the best policy for the brokerage firm?\nOption A:Permanently prohibit both “buy” and “sell” recommendations of the stocks of clients of the investment banking department.\nOption B:Establish physical and informational barriers within the firm to prevent the exchange of information between the investment banking and brokerage operations.\nOption C:Monitor the exchange of information between the investment banking department and the brokerage operation.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following best identifies an internal trait that may lead to poor ethical decision making?\nOption A:Overconfidence\nOption B:Loyalty to employer\nOption C:Promise of money or prestige", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which one of the following actions will help to ensure the fair treatment of brokerage firm clients when a new investment recommendation is made?\nOption A:Informing all people in the firm in advance that a recommendation is to be disseminated.\nOption B:Distributing recommendations to institutional clients prior to individual accounts.\nOption C:Minimizing the time between the decision and the dissemination of a recommendation.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Jurgen is a portfolio manager. One of her firm’s clients has told Jurgen that he will compensate her beyond the compensation provided by her firm on the basis of the capital appreciation of his portfolio each year. Jurgen should:\nOption A:Turn down the additional compensation because it will result in conflicts with the interests of other clients’ accounts.\nOption B:Turn down the additional compensation because it will create undue pressure on her to achieve strong short-term performance.\nOption C:Obtain permission from her employer prior to accepting the compensation arrangement.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Quinn sat for the Level III CFA exam this past weekend. He updates his resume with the following statement: “In finishing the CFA Program, I improved my skills related to researching investments and managing portfolios. I will be eligible for the CFA charter upon completion of the required work experience.”\nOption A:Quinn violated the Code and Standards by claiming he improved his skills through the CFA Program.\nOption B:Quinn violated the Code and Standards by incorrectly stating that he is eligible for the CFA charter.\nOption C:Quinn did not violate the Code and Standards with his resume update.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements regarding GIPS compliance is correct?\nOption A:Asset owners that manage assets can claim compliance with the GIPS Standards.\nOption B:Software that calculates performance in a manner consistent with the GIPS standards can claim compliance with GIPS standards.\nOption C:Firms can comply with the GIPS standards by limiting their compliance claims to the provisions they have chosen to follow.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "One of the discretionary accounts managed by Farnsworth is the Jones Corporation employee profit-sharing plan. Jones, the company president, recently asked Farnsworth to vote the shares in the profit-sharing plan in favor of the slate of directors nominated by Jones Corporation and against the directors sponsored by a dissident stockholder group. Farnsworth does not want to lose this account because he directs all the account’s trades to a brokerage firm that provides Farnsworth with useful information about tax-free investments. Although this information is not of value in managing the Jones Corporation account, it does help in managing several other accounts. The brokerage firm providing this information also offers the lowest commissions for trades and provides best execution. Farnsworth investigates the director issue, concludes that the management-nominated slate is better for the long-run performance of the company than the dissident group’s slate, and votes accordingly. Farnsworth:\nOption A:Violated the Standards in voting the shares in the manner requested by Jones but not in directing trades to the brokerage firm.\nOption B:Did not violate the Standards in voting the shares in the manner requested by Jones or in directing trades to the brokerage firm.\nOption C:Violated the Standards in directing trades to the brokerage firm but not in voting the shares as requested by Jones.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is a correct statement of a member’s or candidate’s duty under the Code and Standards?\nOption A:In the absence of specific applicable law or other regulatory requirements, the Code and Standards govern the member’s or candidate’s actions.\nOption B:A member or candidate is required to comply only with applicable local laws, rules, regulations, or customs, even though the Code and Standards may impose a higher degree of responsibility or a higher duty on the member or candidate.\nOption C:A member or candidate who trades securities in a securities market where no applicable local laws or stock exchange rules regulate the use of material nonpublic information may take investment action based on material nonpublic information.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "As part of the Duties to Clients standard, members and candidates must:\nOption A:document client financial constraints after an initial investment action.\nOption B:maintain an equal balance of interests owed to their clients and employers.\nOption C:deal fairly and objectively with all clients when engaging in professional activities.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When unethical behavior erodes trust in an investment firm, that firm is more likely to experience:\nOption A:lower revenues only.\nOption B:higher expenses only.\nOption C:lower revenues and higher expenses.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A CFA Institute member would violate the standard for material nonpublic information by:\nOption A:conducting price distortion practices.\nOption B:inappropriately causing others to act.\nOption C:inadequately maintaining investment records.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Each composite of a GIPS-compliant firm must consist of:\nOption A:multiple portfolios.\nOption B:portfolios selected on an ex post basis.\nOption C:portfolios managed according to a similar investment strategy.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The mosaic theory holds that an analyst:\nOption A:Violates the Code and Standards if the analyst fails to have knowledge of and comply with applicable laws.\nOption B:Can use material public information and nonmaterial nonpublic information in the analyst’s analysis.\nOption C:Should use all available and relevant information in support of an investment recommendation.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Jamison is a junior research analyst with Howard & Howard, a brokerage and investment banking firm. Howard & Howard’s mergers and acquisitions department has represented the Britland Company in all of its acquisitions for the past 20 years. Two of Howard & Howard’s senior officers are directors of various Britland subsidiaries. Jamison has been asked to write a research report on Britland. What is the best course of action for her to follow?\nOption A:Jamison may write the report but must refrain from expressing any opinions because of the special relationships between the two companies.\nOption B:Jamison should not write the report because the two Howard & Howard officers serve as directors for subsidiaries of Britland.\nOption C:Jamison may write the report if she discloses the special relationships with the company in the report.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Willier is the research analyst responsible for following Company X. All the information he has accumulated and documented suggests that the outlook for the company’s new products is poor, so the stock should be rated a weak “hold.” During lunch, however, Willier overhears a financial analyst from another firm whom he respects offer opinions that conflict with Willier’s forecasts and expectations. Upon returning to his office, Willier releases a strong “buy” recommendation to the public. Willier:\nOption A:Violated the Standards by failing to distinguish between facts and opinions in his recommendation.\nOption B:Violated the Standards because he did not have a reasonable and adequate basis for his recommendation.\nOption C:Was in full compliance with the Standards.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Andrews, a private wealth manager, is conducting interviews for a new research analyst for his firm. One of the candidates is Wright, an analyst with a local investment bank. During the interview, while Wright is describing his analytical skills, he mentions a current merger in which his firm is acting as the adviser. Andrews has heard rumors of a possible merger between the two companies, but no releases have been made by the companies concerned. Which of the following actions by Andrews is least likely a violation of the Code and Standards?\nOption A:Waiting until the next day before trading on the information to allow time for it to become public.\nOption B:Notifying all investment managers in his firm of the new information so none of their clients are disadvantaged.\nOption C:Placing the securities mentioned as part of the merger on the firm’s restricted trading list.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Scott works for a regional brokerage firm. He estimates that Walkton Industries will increase its dividend by US$1.50 a share during the next year. He realizes that this increase is contingent on pending legislation that would, if enacted, give Walkton a substantial tax break. The US representative for Walkton’s home district has told Scott that, although she is lobbying hard for the bill and prospects for its passage are favorable, concern of the US Congress over the federal deficit could cause the tax bill to be voted down. Walkton Industries has not made any statements about a change in dividend policy. Scott writes in his research report, “We expect Walkton’s stock price to rise by at least US$8.00 a share by the end of the year because the dividend will increase by US$1.50 a share. Investors buying the stock at the current time should expect to realize a total return of at least 15% on the stock.” According to the Standards:\nOption A:Scott violated the Standards because he used material inside information.\nOption B:Scott violated the Standards because he failed to separate opinion from fact.\nOption C:Scott violated the Standards by basing his research on uncertain predictions of future government action.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is correct under the Code and Standards?\nOption A:CFA Institute members and candidates are prohibited from undertaking independent practice in competition with their employer.\nOption B:Written consent from the employer is necessary to permit independent practice that could result in compensation or other benefits in competition with a member’s or candidate’s employer.\nOption C:Members and candidates are prohibited from making arrangements or preparations to go into a competitive business before terminating their relationship with their employer.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Stafford is a portfolio manager for a specialized real estate mutual fund. Her firm clearly describes in the fund’s prospectus its soft dollar policies. Stafford decides that entering the CFA Program will enhance her investment decision-making skill and decides to use the fund’s soft dollar account to pay the registration and exam fees for the CFA Program. Which of the following statements is most likely correct?\nOption A:Stafford did not violate the Code and Standards because the prospectus informed investors of the fund’s soft dollar policies.\nOption B:Stafford violated the Code and Standards because improving her investment skills is not a reasonable use of the soft dollar account.\nOption C:Stafford violated the Code and Standards because the CFA Program does not meet the definition of research allowed to be purchased with brokerage commissions.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A firm that does not adopt the GIPS standards could mischaracterize its overall performance by presenting a performance history:\nOption A:that includes terminated portfolios.\nOption B:composed of a single top-performing portfolio.\nOption C:for an investment mandate over all periods since the firm’s inception.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Stewart has been hired by Goodner Industries, Inc., to manage its pension fund. Stewart’s duty of loyalty, prudence, and care is owed to:\nOption A:The management of Goodner.\nOption B:The participants and beneficiaries of Goodner’s pension plan.\nOption C:The shareholders of Goodner.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements regarding GIPS compliance is correct?\nOption A:Plan sponsors and consultants that manage assets can claim compliance with GIPS.\nOption B:Software that calculates performance in a manner consistent with the GIPS standards can claim compliance with GIPS.\nOption C:Investment management firms can comply with GIPS requirements by limiting their compliance claims to the standards they have chosen to follow.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Iles Kitty, CFA, was recently offered a senior management position with the trust department of a regional bank. Although the department is new, the bank has plans to expand it significantly over the next few months. Iles has been told that she needs to aid that growth and has been asked to have her department conduct educational seminars and then pursue new business by follow-up contacts with the attendees. Iles notices that advertisements for upcoming seminars, prepared by the marketing department, do not mention any investment products. The ads indicate attendees can \"learn how to immediately earn $100,000 to their net worth.\" What is the first action Iles most likely should take to avoid violating any CFA Institute Standard of Professional Conduct?\nOption A:Decline to accept the new position.\nOption B:Accept the position and revise the marketing material.\nOption C:Accept the position but bring the lack of procedures to the attention of senior management.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements concerning the requirements of GIPS Fundamentals of Compliance is correct?\nOption A:Firms claiming compliance have full discretion over the dissemination of their compliant presentation.\nOption B:Firms may claim partial compliance with the standards provided the performance presented is not false or misleading.\nOption C:The definition of the firm creates defined boundaries whereby total firm assets and the basis for firm-wide compliance are determined.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is NOT the accurate about Standards of conduct?\nOption A:The role of Standards of conduct serves as benchmark for the minimally acceptable behavior required of members of a group\nOption B:Standards of conduct are general guide regrading proper conduct by members of group\nOption C:Standards of conduct expand on their code of ethics", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A key feature of the GIPS standards is that:\nOption A:they strive to cover the unique characteristics of each asset class.\nOption B:firms must adhere to all requirements of the standards to claim compliance.\nOption C:actual, discretionary, fee-paying portfolios may be excluded from a composite under limited conditions.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Adherence to the GIPS standards is reinforced by:\nOption A:the sanctioning authority of sponsoring organizations.\nOption B:the higher priority placed on compliance with GIPS over conflicting regulations.\nOption C:a strong commitment to ethical integrity in fair representation and full disclosure.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "To claim compliance with the GIPS standards, a firm is required to:\nOption A:adhere to certain calculation methodologies.\nOption B:conduct an independent third-party verification of its claim of compliance.\nOption C:perform periodic internal compliance checks of its investment performance process.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "G&F Advisors claims compliance with the Global Investment Performance Standards (GIPS) in its marketing materials. The compliant presentation includes a footnote which indicates that the firm has been verified by an independent third party. An additional note states that G&F is in compliance with the GIPS standards except for its private equity investments. Is it likely that G&F violated the GIPS standards?\nOption A:No, because the footnotes meet the requirements of the Standards.\nOption B:No, because the provisions do not apply to the private equity investments.\nOption C:Yes, because they cannot claim compliance unless all requirements of the Standard are met.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The GIPS standards are instrumental in:\nOption A:enabling regulatory enforcement of investment performance reporting.\nOption B:establishing best practices for calculating and presenting investment performance.\nOption C:eliminating barriers to entry in markets with no investment performance standards.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "What is the minimum period of compliant performance that a 12-year-old firm must present to comply with the GIPS standards?\nOption A:Five years\nOption B:Ten years\nOption C:Twelve years", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Neutrality of information in the financial statements most closely contributes to which qualitative characteristic?\nOption A:Relevance.\nOption B:Understandability.\nOption C:Faithful representation.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In accrual accounting, if an adjusting entry results in the reduction of an asset and the recording of an expense, the originating entry recorded was most likely a(n):\nOption A:prepaid expense\nOption B:accrued expense\nOption C:unearned revenue", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company has total liabilities of ￡35 million and total stockholders’ equity of ￡55 million. Total liabilities are represented on a vertical common-size balance sheet by a percentage closest to:\nOption A:35%.\nOption B:39%.\nOption C:64%.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "US generally accepted accounting principles are currently developed by which entity?\nOption A:The Securities and Exchange Commission.\nOption B:The Financial Accounting Standards Board.\nOption C:The Public Company Accounting Oversight Board.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Money received from customers for products to be delivered in the future is recorded as:\nOption A:revenue and an asset.\nOption B:an asset and a liability.\nOption C:revenue and a liability.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following sources of information used by analysts is found outside a company’s annual report?\nOption A:Auditor’s report\nOption B:Peer company analysis\nOption C:Management’s discussion and analysis", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When a company buys shares of its own stock to be held in treasury, it records a reduction in:\nOption A:both assets and liabilities.\nOption B:both assets and shareholders’ equity.\nOption C:assets and an increase in shareholders’ equity.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company’s profitability over a period of time is best evaluated using the:\nOption A:balance sheet.\nOption B:income statement.\nOption C:cash flow statement.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is not a constraint on the financial statements according to the Conceptual Framework?\nOption A:Understandability.\nOption B:Benefit versus cost.\nOption C:Balancing of qualitative characteristics.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is not a required financial statement according to IAS No. 1?\nOption A:Statement of financial position.\nOption B:Statement of changes in income.\nOption C:Statement of comprehensive income.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A core objective of the International Organization of Securities Commissions is to:\nOption A:eliminate systemic risk.\nOption B:protect users of financial statements.\nOption C:ensure that markets are fair, efficient, and transparent.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Golden Cumulus Corp., a commodities trading company, reported interest expense of $19 million and taxes of $6 million. Interest payable increased by $3 million, and taxes payable decreased by $4 million over the period. How much cash did the company pay for interest and taxes?\nOption A:$22 million for interest and $10 million for taxes.\nOption B:$16 million for interest and $2 million for taxes.\nOption C:$16 million for interest and $10 million for taxes.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "For financial assets classified as available for sale, how are unrealized gains and losses reflected in shareholders’ equity?\nOption A:They are not recognized.\nOption B:They flow through retained earnings.\nOption C:They are a component of accumulated other comprehensive income.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When, at the end of an accounting period, cash has been paid with respect to an expense incurred but not yet recognized in the financial statements, the business should then record:\nOption A:an accrued expense, an asset.\nOption B:a prepaid expense, an asset.\nOption C:an accrued expense, a liability.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An auditor determines that a company’s financial statements are prepared in accordance with applicable accounting standards except with respect to inventory reporting. This exception is most likely to result in an audit opinion that is:\nOption A:adverse.\nOption B:qualified.\nOption C:unqualified.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Debt due within one year is considered:\nOption A:current.\nOption B:preferred.\nOption C:convertible.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company pays its workers on the 1st and the 15th of each month for their service in the previous month. The wages earned from the 15th to the 30th of September by the employees are best described as a(n):\nOption A:unearned expense.\nOption B:accrued expense.\nOption C:prepaid expense.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The most likely company to use a liquidity-based balance sheet presentation is a:\nOption A:bank.\nOption B:computer manufacturer holding inventories.\nOption C:software company with trade receivables and payables.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When, at the end of an accounting period, a revenue has been recognized in the financial statements but no cash has been received, the amount should be recorded as:\nOption A:accrued revenue, an asset.\nOption B:deferred revenue, an asset.\nOption C:accrued revenue, a liability.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company previously expensed the incremental costs of obtaining a contract. All else being equal, adopting the May 2014 IASB and FASB converged accounting standards on revenue recognition makes the company’s profitability initially appear:\nOption A:lower.\nOption B:unchanged.\nOption C:higher.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The assumption that the effects of transactions and other events are recognized when they occur, not when the cash flows occur, is called:\nOption A:relevance.\nOption B:accrual basis.\nOption C:going concern.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Shareholders’ equity reported on the balance sheet is most likely to differ from the market value of shareholders’ equity because:\nOption A:historical cost basis is used for all assets and liabilities.\nOption B:some factors that affect the generation of future cash flows are excluded.\nOption C:shareholders’ equity reported on the balance sheet is updated continuously.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which statement is most accurate? A common-size income statement:\nOption A:restates each line item of the income statement as a percentage of net income.\nOption B:allows an analyst to conduct cross-sectional analysis by removing the effect of company size.\nOption C:standardizes each line item of the income statement but fails to help an analyst identify differences in companies’ strategies.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A decrease in assets would least likely be consistent with a(n):\nOption A:increase in expenses.\nOption B:decrease in revenues.\nOption C:increase in contributed capital.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following components of the cash flow statement may be prepared under the indirect method under both IFRS and US GAAP?\nOption A:Operating.\nOption B:Investing.\nOption C:Financing.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Accrued expenses (accrued liabilities) are:\nOption A:expenses that have been paid.\nOption B:created when another liability is reduced.\nOption C:expenses that have been reported on the income statement but not yet paid.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Mabel Corporation (MC) reported accounts receivable of $66 million at the end of its second fiscal quarter. MC had revenues of $72 million for its third fiscal quarter and reported accounts receivable of $55 million at the end of its third fiscal quarter. Based on this information, the amount of cash MC collected from customers during the third fiscal quarter is:\nOption A:$61 million.\nOption B:$72 million.\nOption C:$83 million.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Red Road Company, a consulting company, reported total revenues of $100 million, total expenses of $80 million, and net income of $20 million in the most recent year. If accounts receivable increased by $10 million, how much cash did the company receive from customers?\nOption A:$90 million.\nOption B:$100 million.\nOption C:$110 million.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "For its fiscal year-end, Sublyme Corporation reported net income of $200 million and a weighted average of 50,000,000 common shares outstanding. There are 2,000,000 convertible preferred shares outstanding that paid an annual dividend of $5. Each preferred share is convertible into two shares of the common stock. The diluted EPS is closest to:\nOption A:$3.52.\nOption B:$3.65.\nOption C:$3.70.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Valuing assets at the amount of cash or equivalents paid or the fair value of the consideration given to acquire them at the time of acquisition most closely describes which measurement of financial statement elements?\nOption A:Current cost.\nOption B:Historical cost.\nOption C:Realizable value.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Green Glory Corp., a garden supply wholesaler, reported cost of goods sold for the year of $80 million. Total assets increased by $55 million, including an increase of $5 million in inventory. Total liabilities increased by $45 million, including an increase of $2 million in accounts payable. The cash paid by the company to its suppliers is most likely closest to:\nOption A:$73 million.\nOption B:$77 million.\nOption C:$83 million.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Apex Consignment sells items over the internet for individuals on a consignment basis. Apex receives the items from the owner, lists them for sale on the internet, and receives a 25 percent commission for any items sold. Apex collects the full amount from the buyer and pays the net amount after commission to the owner. Unsold items are returned to the owner after 90 days. During 2009, Apex had the following information: Total sales price of items sold during 2009 on consignment was €2,000,000. Total commissions retained by Apex during 2009 for these items was €500,000. How much revenue should Apex report on its 2009 income statement?\nOption A:€500,000.\nOption B:€2,000,000.\nOption C:€1,500,000.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company recently engaged in a non-cash transaction that significantly affected its property, plant, and equipment. The transaction is:\nOption A:reported under the investing section of the cash flow statement.\nOption B:reported differently in cash flow from operations under the direct and indirect methods.\nOption C:disclosed as a separate note or in a supplementary schedule to the cash flow statement.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "For its fiscal year-end, Calvan Water Corporation (CWC) reported net income of $12 million and a weighted average of 2,000,000 common shares outstanding. The company paid $800,000 in preferred dividends and had 100,000 options outstanding with an average exercise price of $20. CWC’s market price over the year averaged $25 per share. CWC’s diluted EPS is closest to:\nOption A:$5.33.\nOption B:$5.54.\nOption C:$5.94.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is most likely to appear in the operating section of a cash flow statement under the indirect method?\nOption A:Net income.\nOption B:Cash paid to suppliers.\nOption C:Cash received from customers.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An example of a contra asset account is:\nOption A:depreciation expense.\nOption B:sales returns and allowances.\nOption C:allowance for doubtful accounts.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following best describes why the notes that accompany the financial statements are required? The notes:\nOption A:permit flexibility in statement preparation.\nOption B:standardize financial reporting across companies.\nOption C:provide information necessary to understand the financial statements.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "According to the Conceptual Framework for Financial Reporting, which of the following is not an enhancing qualitative characteristic of information in financial statements?\nOption A:Accuracy.\nOption B:Timeliness.\nOption C:Comparability.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The information provided by a balance sheet item is limited because of uncertainty regarding:\nOption A:measurement of its cost or value with reliability.\nOption B:the change in current value following the end of the reporting period.\nOption C:the probability that any future economic benefit will flow to or from the entity.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The item “retained earnings” is a component of:\nOption A:assets.\nOption B:liabilities.\nOption C:shareholders’ equity.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Accounting policies, methods, and estimates used in preparing financial statements are most likely to be found in the:\nOption A:auditor’s report.\nOption B:management commentary.\nOption C:notes to the financial statements.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Under IFRS, a loss from the destruction of property in a fire would most likely be classified as:\nOption A:continuing operations.\nOption B:discontinued operations.\nOption C:other comprehensive income.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company chooses to change an accounting policy. This change requires that, if practical, the company restate its financial statements for:\nOption A:all prior periods.\nOption B:current and future periods.\nOption C:prior periods shown in a report.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following would an analyst most likely be able to determine from a common-size analysis of a company’s balance sheet over several periods?\nOption A:An increase or decrease in sales.\nOption B:An increase or decrease in financial leverage.\nOption C:A more efficient or less efficient use of assets.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Purple Fleur S.A., a retailer of floral products, reported cost of goods sold for the year of $75 million. Total assets increased by $55 million, but inventory declined by $6 million. Total liabilities increased by $45 million, and accounts payable increased by $2 million. The cash paid by the company to its suppliers is most likely closest to:\nOption A:$67 million.\nOption B:$79 million.\nOption C:$83 million.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "What type of audit opinion is preferred when analyzing financial statements?\nOption A:Qualified.\nOption B:Adverse.\nOption C:Unqualified.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The initial measurement of goodwill is most likely affected by:\nOption A:an acquisition’s purchase price.\nOption B:the acquired company’s book value.\nOption C:the fair value of the acquirer’s assets and liabilities.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Information about management and director compensation are least likely to be found in the:\nOption A:auditor’s report.\nOption B:proxy statement.\nOption C:notes to the financial statements.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The role of financial statement analysis is best described as:\nOption A:providing information useful for making investment decisions.\nOption B:evaluating a company for the purpose of making economic decisions.\nOption C:using financial reports prepared by analysts to make economic decisions.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Interim financial reports released by a company are most likely to be:\nOption A:monthly.\nOption B:unaudited.\nOption C:unqualified.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following elements of financial statements is most closely related to measurement of performance?\nOption A:Assets.\nOption B:Expenses.\nOption C:Liabilities.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is most likely classified as a current liability?\nOption A:Payment received for a product due to be delivered at least one year after the balance sheet date\nOption B:Payments for merchandise due at least one year after the balance sheet date but still within a normal operating cycle\nOption C:Payment on debt due in six months for which the company has the unconditional right to defer settlement for at least one year after the balance sheet date", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An audit opinion of a company's financial reports is most likely intended to:\nOption A:detect fraud.\nOption B:reveal misstatements.\nOption C:assure that financial information is presented fairly.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Distinguishing between current and non-current items on the balance sheet and presenting a subtotal for current assets and liabilities is referred to as:\nOption A:a classified balance sheet.\nOption B:an unclassified balance sheet.\nOption C:a liquidity-based balance sheet.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "White Flag, a women’s clothing manufacturer, reported salaries expense of $20 million. The beginning balance of salaries payable was $3 million, and the ending balance of salaries payable was $1 million. How much cash did the company pay in salaries?\nOption A:$18 million.\nOption B:$21 million.\nOption C:$22 million.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An independent audit report is most likely to provide:\nOption A:absolute assurance about the accuracy of the financial statements.\nOption B:reasonable assurance that the financial statements are fairly presented.\nOption C:a qualified opinion with respect to the transparency of the financial statements.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The valuation technique under which assets are recorded at the amount that would be received in an orderly disposal is:\nOption A:current cost.\nOption B:present value.\nOption C:realizable value.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "All of the following are current assets except:\nOption A:cash.\nOption B:goodwill.\nOption C:inventories.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The non-controlling (minority) interest in consolidated subsidiaries is presented on the balance sheet:\nOption A:as a long-term liability.\nOption B:separately, but as a part of shareholders’ equity.\nOption C:as a mezzanine item between liabilities and shareholders’ equity.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The cash received prior to the recognition of revenue in the financial statements is recorded as:\nOption A:deferred revenue, an asset.\nOption B:accrued revenue, a liability.\nOption C:deferred revenue, a liability.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The assumption that an entity will continue to operate for the foreseeable future is called:\nOption A:accrual basis.\nOption B:comparability.\nOption C:going concern.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company’s financial position would best be evaluated using the:\nOption A:balance sheet.\nOption B:income statement.\nOption C:statement of cash flows.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A conversion of a face value $1 million convertible bond for $1 million of common stock would most likely be:\nOption A:reported as a $1 million investing cash inflow and outflow.\nOption B:reported as a $1 million financing cash outflow and inflow.\nOption C:reported as supplementary information to the cash flow statement.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "For financial assets classified as trading securities, how are unrealized gains and losses reflected in shareholders’ equity?\nOption A:They are not recognized.\nOption B:They flow through income into retained earnings.\nOption C:They are a component of accumulated other comprehensive income.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "HVG, LLC paid $12,000 of cash to a real estate company upon signing a lease on 31 December 2005. The payment represents a $4,000 security deposit and $4,000 of rent for each of January 2006 and February 2006. Assuming that the correct accounting is to reflect both January and February rent as prepaid, the most likely effect on HVG's accounting equation in December 2005 is:\nOption A:no net change in assets.\nOption B:a decrease in assets of $8,000.\nOption C:a decrease in assets of $12,000.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Under which section of a manufacturing company’s cash flow statement are the following activities reported? Item 1: Purchases of securities held for trading Item 2: Sales of securities considered cash equivalents\nOption A:Both items are investing activities.\nOption B:Both items are operating activities.\nOption C:Only Item 1 is an investing activity.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Cameron and Caspar formed a new company with an investment of $500,000 on July 1 2014. The most likely effect of this transaction on the company's accounting equation at the time of the formation is an increase in cash and:\nOption A:an increase in revenue.\nOption B:an increase in liabilities.\nOption C:an increase in contributed capital.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Under IFRS, income includes increases in economic benefits from:\nOption A:increases in liabilities not related to owners’ contributions.\nOption B:enhancements of assets not related to owners’ contributions.\nOption C:increases in owners’ equity related to owners’ contributions.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is an example of a financing activity on the cash flow statement under US GAAP?\nOption A:Payment of interest.\nOption B:Receipt of dividends.\nOption C:Payment of dividends.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When computing net cash flow from operating activities using the indirect method, an addition to net income is most likely to occur when there is a:\nOption A:gain on the sale of an asset.\nOption B:loss on the retirement of debt.\nOption C:decrease in a deferred tax liability.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Zimt AG uses the FIFO method, and Nutmeg Inc. uses the LIFO method. Compared to the cost of replacing the inventory, during periods of rising prices the ending inventory balance reported by (periodic inventory system applied):\nOption A:Zimt is too high.\nOption B:Nutmeg is too low.\nOption C:Nutmeg is too high.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Like many technology companies, TechnoTools operates in an environment of declining prices. Its reported profits will tend to be highest if it accounts for inventory using the (periodic inventory system applied):\nOption A:FIFO method.\nOption B:LIFO method.\nOption C:weighted average cost method.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which inventory method is least likely to be used under IFRS?\nOption A:First in, first out (FIFO).\nOption B:Last in, first out (LIFO).\nOption C:Weighted average.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following would best explain an increase in receivables turnover?\nOption A:The company adopted new credit policies last year and began offering credit to customers with weak credit histories.\nOption B:Due to problems with an error in its old credit scoring system, the company had accumulated a substantial amount of uncollectible accounts and wrote off a large amount of its receivables.\nOption C:To match the terms offered by its closest competitor, the company adopted new payment terms now requiring net payment within 30 days rather than 15 days, which had been its previous requirement.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Compared to using the FIFO method to account for inventory, during periods of rising prices, a company using the LIFO method is most likely to report higher (periodic inventory system applied):\nOption A:net income.\nOption B:cost of sales.\nOption C:income taxes.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The carrying value of inventories reflects:\nOption A:their historical cost.\nOption B:their current value.\nOption C:the lower of historical cost or net realizable value.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "LIFO reserve is most likely to increase when inventory unit:\nOption A:costs are increasing.\nOption B:costs are decreasing.\nOption C:levels are decreasing.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "During the process data phase of financial statement analysis, an analyst will most likely develop a:\nOption A:common-size balance sheet.\nOption B:statement of purpose.\nOption C:statement of cash flows.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Fernando’s Pasta purchased inventory and later wrote it down. The current net realisable value is higher than the value when written down. Fernando’s inventory balance will most likely be:\nOption A:higher if it complies with IFRS.\nOption B:higher if it complies with US GAAP.\nOption C:the same under US GAAP and IFRS.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Nutmeg, Inc. uses the LIFO method to account for inventory. During years in which inventory unit costs are generally rising and in which the company purchases more inventory than it sells to customers, its reported gross profit margin will most likely be (periodic inventory system applied):\nOption A:lower than it would be if the company used the FIFO method.\nOption B:higher than it would be if the company used the FIFO method.\nOption C:about the same as it would be if the company used the FIFO method.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Zimt AG started business in 2017 and uses the FIFO method. During 2017, it purchased 45,000 units of inventory at €10 each and sold 40,000 units for €20 each. In 2018, it purchased another 50,000 units at €11 each and sold 45,000 units for €22 each. Its 2018 ending inventory balance (€ thousands) was closest to (periodic inventory system applied):\nOption A:€105.\nOption B:€109.\nOption C:€110.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Assuming no changes in other variables, which of the following would decrease ROA?\nOption A:A decrease in the effective tax rate.\nOption B:A decrease in interest expense.\nOption C:An increase in average assets.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Compared to using the weighted average cost method to account for inventory, during a period in which prices are generally rising, the current ratio of a company using the FIFO method would most likely be (periodic inventory system applied):\nOption A:lower.\nOption B:higher.\nOption C:dependent upon the interaction with accounts payable.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A creditor most likely would consider a decrease in which of the following ratios to be positive news?\nOption A:Interest coverage (times interest earned).\nOption B:Debt-to-total assets.\nOption C:Return on assets.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A write down of the value of inventory to its net realizable value will have a positive effect on the:\nOption A:balance sheet.\nOption B:income statement.\nOption C:inventory turnover ratio.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Compared with a company that uses the FIFO method, during a period of rising unit inventory costs, a company using the LIFO method will most likely appear more:\nOption A:liquid.\nOption B:efficient.\nOption C:profitable.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Company A adheres to US GAAP and Company B adheres to IFRS. Which of the following is most likely to be disclosed on the financial statements of both companies?\nOption A:Any material income resulting from the liquidation of LIFO inventory\nOption B:The amount of inventories recognized as an expense during the period\nOption C:The circumstances that led to the reversal of a write down of inventories", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Brown Corporation had average days of sales outstanding of 19 days in the most recent fiscal year. Brown wants to improve its credit policies and collection practices and decrease its collection period in the next fiscal year to match the industry average of 15 days. Credit sales in the most recent fiscal year were $300 million, and Brown expects credit sales to increase to $390 million in the next fiscal year. To achieve Brown’s goal of decreasing the collection period, the change in the average accounts receivable balance that must occur is closest to:\nOption A:+$0.41 million.\nOption B:–$0.41 million.\nOption C:–$1.22 million.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Cinnamon Corp. started business in 2017 and uses the weighted average cost method. During 2017, it purchased 45,000 units of inventory at €10 each and sold 40,000 units for €20 each. In 2018, it purchased another 50,000 units at €11 each and sold 45,000 units for €22 each. Its 2018 cost of sales (€ thousands) was closest to (periodic inventory system applied):\nOption A:€490.\nOption B:€491.\nOption C:€495.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Zimt AG wrote down the value of its inventory in 2017 and reversed the write-down in 2018. Compared to the ratios that would have been calculated if the write-down had never occurred, Zimt’s reported 2017 (periodic inventory system applied):\nOption A:current ratio was too high.\nOption B:gross margin was too high.\nOption C:inventory turnover was too high.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Carrying inventory at a value above its historical cost would most likely be permitted if:\nOption A:the inventory was held by a producer of agricultural products.\nOption B:financial statements were prepared using US GAAP.\nOption C:the change resulted from a reversal of a previous write-down.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "During periods of rising inventory unit costs, a company using the FIFO method rather than the LIFO method will report a lower:\nOption A:current ratio.\nOption B:inventory turnover.\nOption C:gross profit margin.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In a period of declining inventory unit costs and constant or increasing inventory quantities, which inventory method is most likely to result in a higher debt-to-equity ratio?\nOption A:LIFO\nOption B:FIFO\nOption C:Weighted average cost", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which ratio would a company most likely use to measure its ability to meet short-term obligations?\nOption A:Current ratio.\nOption B:Payables turnover.\nOption C:Gross profit margin.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "What does the P/E ratio measure?\nOption A:The “multiple” that the stock market places on a company’s EPS.\nOption B:The relationship between dividends and market prices.\nOption C:The earnings for one common share of stock.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following most likely signals that a manufacturing company expects demand for its product to increase?\nOption A:Finished goods inventory growth rate higher than the sales growth rate\nOption B:Higher unit volumes of work in progress and raw material inventories\nOption C:Substantially higher finished goods, with lower raw materials and work-in-process", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Defining total asset turnover as revenue divided by average total assets, all else equal, impairment write-downs of long-lived assets owned by a company will most likely result in an increase for that company in:\nOption A:the debt-to-equity ratio but not the total asset turnover.\nOption B:the total asset turnover but not the debt-to-equity ratio.\nOption C:both the debt-to-equity ratio and the total asset turnover.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Zimt AG uses the FIFO method, and Nutmeg Inc. uses the LIFO method. Compared to the cost of replacing the inventory, during periods of rising prices, the cost of sales reported by (periodic inventory system applied):\nOption A:Zimt is too low.\nOption B:Nutmeg is too low.\nOption C:Nutmeg is too high.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Galambos Corporation had an average receivables collection period of 19 days in 2003. Galambos has stated that it wants to decrease its collection period in 2004 to match the industry average of 15 days. Credit sales in 2003 were $300 million, and analysts expect credit sales to increase to $400 million in 2004. To achieve the company’s goal of decreasing the collection period, the change in the average accounts receivable balance from 2003 to 2004 that must occur is closest to:\nOption A:–$420,000.\nOption B:$420,000.\nOption C:$836,000.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Carey Company adheres to US GAAP, whereas Jonathan Company adheres to IFRS. It is least likely that (periodic inventory system applied):\nOption A:Carey has reversed an inventory write-down.\nOption B:Jonathan has reversed an inventory write-down.\nOption C:Jonathan and Carey both use the FIFO inventory accounting method.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor concerned whether a company can meet its near-term obligations is most likely to calculate the:\nOption A:current ratio.\nOption B:return on total capital.\nOption C:financial leverage ratio.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The most stringent test of a company’s liquidity is its:\nOption A:cash ratio.\nOption B:quick ratio.\nOption C:current ratio.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following ratios would be most useful in determining a company’s ability to cover its lease and interest payments?\nOption A:ROA.\nOption B:Total asset turnover.\nOption C:Fixed charge coverage.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "During 2009, Accent Toys Plc., which began business in October of that year, purchased 10,000 units of a toy at a cost of €10 per unit in October. The toy sold well in October. In anticipation of heavy December sales, Accent purchased 5,000 additional units in November at a cost of €11 per unit. During 2009, Accent sold 12,000 units at a price of €15 per unit. Under the first in, first out (FIFO) method, what is Accent’s cost of goods sold for 2009?\nOption A:€120,000.\nOption B:€122,000.\nOption C:€124,000.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If inventory unit costs are increasing from period-to-period, a LIFO liquidation is most likely to result in an increase in:\nOption A:gross profit.\nOption B:LIFO reserve.\nOption C:inventory carrying amounts.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor worried about a company’s long-term solvency would most likely examine its:\nOption A:current ratio.\nOption B:return on equity.\nOption C:debt-to-equity ratio.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When comparing a US company that uses the last in, first out (LIFO) method of inventory with companies that prepare their financial statements under international financial reporting standards (IFRS), analysts should be aware that according to IFRS, the LIFO method of inventory:\nOption A:is never acceptable.\nOption B:is always acceptable.\nOption C:is acceptable when applied to finished goods inventory only.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which is an appropriate method of preparing a common-size cash flow statement?\nOption A:Show each item of revenue and expense as a percentage of net revenue.\nOption B:Show each line item on the cash flow statement as a percentage of net revenue.\nOption C:Show each line item on the cash flow statement as a percentage of total cash outflows.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An analyst observes a decrease in a company’s inventory turnover. Which of the following would most likely explain this trend?\nOption A:The company installed a new inventory management system, allowing more efficient inventory management.\nOption B:Due to problems with obsolescent inventory last year, the company wrote off a large amount of its inventory at the beginning of the period.\nOption C:The company installed a new inventory management system but experienced some operational difficulties resulting in duplicate orders being placed with suppliers.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Zimt AG wrote down the value of its inventory in 2017 and reversed the write-down in 2018. Compared to the results the company would have reported if the write-down had never occurred, Zimt’s reported 2018 (periodic inventory system applied):\nOption A:profit was overstated.\nOption B:cash flow from operations was overstated.\nOption C:year-end inventory balance was overstated.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Regarding a company’s debt obligations, which of the following is most likely presented on the balance sheet?\nOption A:Effective interest rate\nOption B:Maturity dates for debt obligations\nOption C:The portion of long-term debt due in the next 12 months", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Habel Inc. owns equipment with a tax base of $400,000 and a carrying value of $600,000. Habel also has a tax loss carry forward of $200,000 that is expected to be utilized in the foreseeable future. Deferred tax items on the balance sheet are valued based on a tax rate of 30%. If the tax rate is expected to increase to 35%, the adjustments to the value of deferred tax items will most likely cause Habel’s total liabilities-to-equity ratio to:\nOption A:decrease.\nOption B:remain unchanged.\nOption C:increase.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Income tax expense reported on a company’s income statement equals taxes payable, plus the net increase in:\nOption A:deferred tax assets and deferred tax liabilities.\nOption B:deferred tax assets, less the net increase in deferred tax liabilities.\nOption C:deferred tax liabilities, less the net increase in deferred tax assets.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Under IFRS, an impairment loss on a property, plant, and equipment asset is measured as the excess of the carrying amount over the asset’s:\nOption A:fair value.\nOption B:recoverable amount.\nOption C:undiscounted expected future cash flows.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When accounting standards require an asset to be expensed immediately but tax rules require the item to be capitalized and amortized, the company will most likely record:\nOption A:a deferred tax asset.\nOption B:a deferred tax liability.\nOption C:no deferred tax asset or liability.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Fairmont Golf issued fixed rate debt when interest rates were 6 percent. Rates have since risen to 7 percent. Using only the carrying amount (based on historical cost) reported on the balance sheet to analyze the company’s financial position would most likely cause an analyst to:\nOption A:overestimate Fairmont’s economic liabilities.\nOption B:underestimate Fairmont’s economic liabilities.\nOption C:underestimate Fairmont’s interest coverage ratio.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Under US GAAP, which of the following would require the lessee to classify a lease as a capital lease?\nOption A:The term is 60% of the useful life of the asset.\nOption B:The lease contains an option to purchase the asset at fair value.\nOption C:The present value of the lease payments is 95% of the fair value.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Debt covenants are least likely to place restrictions on the issuer’s ability to:\nOption A:pay dividends.\nOption B:issue additional debt.\nOption C:issue additional equity.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company purchases a piece of equipment for €1,500. The equipment is expected to have a useful life of five years and no residual value. In the first year of use, the units of production are expected to be 15% of the equipment’s lifetime production capacity and the equipment is expected to generate €1,500 of revenue and incur €500 of cash expenses. The depreciation method yielding the lowest operating profit on the equipment in the first year of use is:\nOption A:straight line.\nOption B:units of production.\nOption C:double-declining balance.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company purchases equipment for $200,000 with a five-year useful life and salvage value of zero. It uses the double-declining balance method of depreciation for two years, then shifts to straight-line depreciation at the beginning of Year 3. Compared with annual depreciation expense under the double-declining balance method, the resulting annual depreciation expense in Year 4 is:\nOption A:smaller.\nOption B:the same.\nOption C:greater.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is a required financial statement disclosure for long-lived intangible assets under US GAAP?\nOption A:The useful lives of assets\nOption B:The reversal of impairment losses\nOption C:Estimated amortization expense for the next five fiscal years", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "For a bond issued at a premium, using the effective interest rate method, the:\nOption A:carrying amount increases each year.\nOption B:amortization of the premium increases each year.\nOption C:premium is evenly amortized over the life of the bond.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The gain or loss on a sale of a long-lived asset to which the revaluation model has been applied is most likely calculated using sales proceeds less:\nOption A:carrying amount.\nOption B:carrying amount adjusted for impairment.\nOption C:historical cost net of accumulated depreciation.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Under the revaluation model for property, plant, and equipment and the fair model for investment property:\nOption A:fair value of the asset must be able to be measured reliably.\nOption B:net income is affected by all changes in the fair value of the asset.\nOption C:net income is never affected if the asset increases in value from its carrying amount.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "According to IFRS, all of the following pieces of information about intangible assets must be disclosed in a company’s financial statements and footnotes except for:\nOption A:fair value.\nOption B:impairment loss.\nOption C:amortization rate.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When both the timing and amount of tax payments are uncertain, analysts should treat deferred tax liabilities as:\nOption A:equity.\nOption B:liabilities.\nOption C:neither liabilities nor equity.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following characteristics is most likely to differentiate investment property from property, plant, and equipment?\nOption A:It is tangible.\nOption B:It earns rent.\nOption C:It is long-lived.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Using the effective interest rate method, the reported interest expense of a bond issued at a premium will:\nOption A:decrease over the term of the bond.\nOption B:increase over the term of the bond.\nOption C:remain unchanged over the term of the bond", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "At the beginning of 2009, Glass Manufacturing purchased a new machine for its assembly line at a cost of $600,000. The machine has an estimated useful life of 10 years and estimated residual value of $50,000. Under the straight-line method, how much depreciation would Glass take in 2010 for financial reporting purposes?\nOption A:$55,000.\nOption B:$60,000.\nOption C:$65,000.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A firm issues a bond with a coupon rate of 5.00% when the market interest rate is 5.50% on bonds of comparable risk and terms. One year later, the market interest rate increases to 6.00%. Based on this information, the effective interest rate is:\nOption A:5.00%.\nOption B:5.50%.\nOption C:6.00%.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company is comparing straight-line and double-declining balance amortization methods for a non-renewable six-year license, acquired for €600,000. The difference between the Year 4 ending net book values using the two methods is closest to:\nOption A:€81,400.\nOption B:€118,600.\nOption C:€200,000.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Deferred tax liabilities should be treated as equity when:\nOption A:they are not expected to reverse.\nOption B:the timing of tax payments is uncertain.\nOption C:the amount of tax payments is uncertain.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company is most likely to:\nOption A:use a fair value model for some investment property and a cost model for other investment property.\nOption B:change from the fair value model when transactions on comparable properties become less frequent.\nOption C:change from the fair value model when the company transfers investment property to property, plant, and equipment.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Under IFRS, what must be disclosed under the cost model of valuation for investment properties?\nOption A:Useful lives\nOption B:The method for determining fair value\nOption C:Reconciliation between beginning and ending carrying amounts of investment property", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company acquires a patent with an expiration date in six years for ￥100 million. The company assumes that the patent will generate economic benefits that will decline over time and decides to amortize the patent using the double-declining balance method. The annual amortization expense in Year 4 is closest to:\nOption A:￥6.6 million.\nOption B:￥9.9 million.\nOption C:￥19.8 million.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If a company uses the fair value model to value investment property, changes in the fair value of the asset are least likely to affect:\nOption A:net income.\nOption B:net operating income.\nOption C:other comprehensive income.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Company AAA issues 10-year bonds on 1 January 2013, the bonds are priced at ￡107,306 with face value 100,000, market interest rates are 6%, coupon rates are 7%, interest paid annually on 31 December. The carrying value of the bonds as of 31 December 2013 will be closest to:\nOption A:￡107,306.\nOption B:￡106,801.\nOption C:￡107,919.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Consolidated Enterprises issues €10 million face value, five-year bonds with a coupon rate of 6.5 percent. At the time of issuance, the market interest rate is 6.0 percent. Using the effective interest rate method of amortisation, the carrying value after one year will be closest to:\nOption A:€10.17 million.\nOption B:€10.21 million.\nOption C:€10.28 million.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "All else equal, in the fiscal year when long-lived equipment is purchased:\nOption A:depreciation expense increases.\nOption B:cash from operations decreases.\nOption C:net income is reduced by the amount of the purchase.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Costs incurred for intangible assets are generally expensed when they are:\nOption A:internally developed.\nOption B:individually acquired.\nOption C:acquired in a business combination.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Innovative Inventions, Inc. needs to raise €10 million. If the company chooses to issue zero-coupon bonds, its debt-to-equity ratio will most likely:\nOption A:rise as the maturity date approaches.\nOption B:decline as the maturity date approaches.\nOption C:remain constant throughout the life of the bond.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The impairment of intangible assets with finite lives affects:\nOption A:the balance sheet but not the income statement.\nOption B:the income statement but not the balance sheet.\nOption C:both the balance sheet and the income statement.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The most likely costs included in both the cost of inventory and property, plant, and equipment are:\nOption A:selling costs.\nOption B:storage costs.\nOption C:delivery costs.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "On 1 January 2010, Elegant Fragrances Company issues ￡1,000,000 face value, five-year bonds with annual interest payments of ￡55,000 to be paid each 31 December. The market interest rate is 6.0 percent. Using the effective interest rate method of amortisation, Elegant Fragrances is most likely to record:\nOption A:an interest expense of ￡55,000 on its 2010 income statement.\nOption B:a liability of ￡982,674 on the 31 December 2010 balance sheet.\nOption C:a ￡58,736 cash outflow from operating activity on the 2010 statement of cash flows", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Juan Martinez, CFO of VIRMIN, S.A., is selecting the depreciation method to use for a new machine. The machine has an expected useful life of six years. Production is expected to be relatively low initially but to increase over time. The method chosen for tax reporting must be the same as the method used for financial reporting. If Martinez wants to minimize tax payments in the first year of the machine’s life, which of the following depreciation methods is Martinez most likely to use?\nOption A:Straight-line method.\nOption B:Units-of-production method.\nOption C:Double-declining balance method.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Under US GAAP, a lessor’s reported revenues at lease inception will be highest if the lease is classified as:\nOption A:a sales-type lease.\nOption B:an operating lease.\nOption C:a direct financing lease.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "CROCO S.p.A sells an intangible asset with a historical acquisition cost of €12 million and an accumulated depreciation of €2 million and reports a loss on the sale of €3.2 million. Which of the following amounts is most likely the sale price of the asset?\nOption A:€6.8 million\nOption B:€8.8 million\nOption C:€13.2 million", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "According to IFRS, all of the following pieces of information about property, plant, and equipment must be disclosed in a company’s financial statements and footnotes except for:\nOption A:useful lives.\nOption B:acquisition dates.\nOption C:amount of disposals.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which combination of depreciation methods and useful lives is most conservative in the year a depreciable asset is acquired?\nOption A:Straight-line depreciation with a short useful life.\nOption B:Declining balance depreciation with a long useful life.\nOption C:Declining balance depreciation with a short useful life.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Intangible assets with finite useful lives mostly differ from intangible assets with infinite useful lives with respect to accounting treatment of:\nOption A:revaluation.\nOption B:impairment.\nOption C:amortization.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When constructing an asset for sale, directly related borrowing costs are most likely:\nOption A:expensed as incurred.\nOption B:capitalized as part of inventory.\nOption C:capitalized as part of property, plant, and equipment.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Oil Exploration LLC paid $45,000 in printing, legal fees, commissions, and other costs associated with its recent bond issue. It is most likely to record these costs on its financial statements as:\nOption A:an asset under US GAAP and reduction of the carrying value of the debt under IFRS.\nOption B:a liability under US GAAP and reduction of the carrying value of the debt under IFRS.\nOption C:a cash outflow from investing activities under both US GAAP and IFRS.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Under US GAAP, when assets are acquired in a business combination, goodwill most likely arises from:\nOption A:contractual or legal rights.\nOption B:assets that can be separated from the acquired company.\nOption C:assets that are neither tangible nor identifiable intangible assets.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is an example of an affirmative debt covenant? The borrower is:\nOption A:prohibited from entering into mergers.\nOption B:prevented from issuing excessive additional debt.\nOption C:required to perform regular maintenance on equipment pledged as collateral.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following will cause a company to show a lower amount of amortization of intangible assets in the first year after acquisition?\nOption A:A higher residual value.\nOption B:A higher amortization rate.\nOption C:A shorter useful life.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Comte Industries issues $3,000,000 worth of three-year bonds dated 1 January 2015. The bonds pay interest of 5.5% annually on 31 December. The market interest rate on bonds of comparable risk and term is 5%. The sales proceeds of the bonds are $3,040,849. Under the straight-line method, the interest expense in the first year is closest to:\nOption A:$150,000.\nOption B:$151,384.\nOption C:$152,042.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When accounting standards require recognition of an expense that is not permitted under tax laws, the result is a:\nOption A:deferred tax liability.\nOption B:temporary difference.\nOption C:permanent difference.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The management of Bank EZ repurchases its own bonds in the open market. They pay €6.5 million for bonds with a face value of €10.0 million and a carrying value of €9.8 million. The bank will most likely report:\nOption A:other comprehensive income of €3.3 million.\nOption B:other comprehensive income of €3.5 million.\nOption C:a gain of €3.3 million on the income statement.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Investment property is most likely to:\nOption A:earn rent.\nOption B:be held for resale.\nOption C:be used in the production of goods and services.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company enters into a finance lease agreement to acquire the use of an asset for three years with lease payments of €19,000,000 starting next year. The leased asset has a fair market value of €49,000,000 and the present value of the lease payments is €47,250,188. Based on this information, the value of the leaseliability reported on the company’s balance sheet at lease inception is closest to:\nOption A:€47,250,188.\nOption B:€49,000,000.\nOption C:€57,000,000.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "For a lessor, the leased asset appears on the balance sheet and continues to be depreciated when the lease is classified as:\nOption A:a sales-type lease.\nOption B:an operating lease.\nOption C:a financing lease.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company redeems $1,000,000 face value bonds with a carrying value of $990,000. If the call price is 104 the company will:\nOption A:reduce bonds payable by $1,000,000.\nOption B:recognize a loss on the extinguishment of debt of $50,000.\nOption C:recognize a gain on the extinguishment of debt of $10,000.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "At the beginning of 2009, Glass Manufacturing purchased a new machine for its assembly line at a cost of $600,000. The machine has an estimated useful life of 10 years and estimated residual value of $50,000. How much depreciation would Glass take in 2009 for financial reporting purposes under the double-declining balance method?\nOption A:$60,000.\nOption B:$110,000.\nOption C:$120,000.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company is experiencing a period of strong financial performance. In order to increase the likelihood of exceeding analysts’ earnings forecasts in the next reporting period, the company would most likely undertake accounting choices for the period under review that:\nOption A:inflate reported revenue.\nOption B:delay expense recognition.\nOption C:accelerate expense recognition", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A high-quality financial report may reflect:\nOption A:earnings smoothing.\nOption B:low earnings quality.\nOption C:understatement of asset impairment.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which technique most likely increases the cash flow provided by operations?\nOption A:Stretching the accounts payable credit period\nOption B:Applying all non-cash discount amortization against interest capitalized\nOption C:Shifting classification of interest paid from financing to operating cash flows", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which attribute of financial reports would most likely be evaluated as optimal in the financial reporting spectrum?\nOption A:Conservative accounting choices\nOption B:Sustainable and adequate returns\nOption C:Emphasized pro forma earnings measures", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is an indication that a company may be recognizing revenue prematurely? Relative to its competitors, the company’s:\nOption A:asset turnover is decreasing.\nOption B:receivables turnover is increasing.\nOption C:days sales outstanding is increasing.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "One concern when screening for stocks with low price-to-earnings ratios is that companies with low P/Es may be financially weak. What criterion might an analyst include to avoid inadvertently selecting weak companies?\nOption A:Net income less than zero\nOption B:Debt-to-total assets ratio below a certain cutoff point\nOption C:Current-year sales growth lower than prior-year sales growth", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Low quality earnings most likely reflect:\nOption A:low-quality financial reporting.\nOption B:company activities which are unsustainable.\nOption C:information that does not faithfully represent company activities.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following situations will most likely motivate managers to inflate reported earnings?\nOption A:Possibility of bond covenant violation\nOption B:Earnings in excess of analysts’ forecasts\nOption C:Earnings that are greater than the previous year", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In a comprehensive financial analysis, financial statements should be:\nOption A:used as reported without adjustment.\nOption B:adjusted after completing ratio analysis.\nOption C:adjusted for differences in accounting standards, such as international financial reporting standards and US generally accepted accounting principles.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following concerns would most likely motivate a manager to make conservative accounting choices?\nOption A:Attention to future career opportunities\nOption B:Expected weakening in the business environment\nOption C:Debt covenant violation risk in the current period", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is most likely to be considered a potential benefit of accounting conservatism?\nOption A:A reduction in litigation costs\nOption B:Less biased financial reporting\nOption C:An increase in current period reported performance", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When a database eliminates companies that cease to exist because of a merger or bankruptcy, this can result in:\nOption A:look-ahead bias.\nOption B:back-testing bias.\nOption C:survivorship bias.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Financial reports of the lowest level of quality reflect:\nOption A:fictitious events.\nOption B:biased accounting choices.\nOption C:accounting that is non-compliant with GAAP.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Bias in revenue recognition would least likely be suspected if:\nOption A:the firm engages in barter transactions.\nOption B:reported revenue is higher than the previous quarter.\nOption C:revenue is recognized before goods are shipped to customers.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When earnings are increased by deferring research and development (R&D) investments til the next reporting period, this choice is considered:\nOption A:non-compliant accounting.\nOption B:earnings management as a result of a real action.\nOption C:earnings management as a result of an accounting choice.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following conditions best explains why a company’s manager would obtain legal, accounting, and board level approval prior to issuing low-quality financial reports?\nOption A:Motivation\nOption B:Opportunity\nOption C:Rationalization", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is most likely to reflect conservative accounting choices?\nOption A:Decreased reported earnings in later periods\nOption B:Increased reported earnings in the period under review\nOption C:Increased debt reported on the balance sheet at the end of the current period", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When screening for potential equity investments based on return on equity, to control risk, an analyst would be most likely to include a criterion that requires:\nOption A:positive net income.\nOption B:negative net income.\nOption C:negative shareholders’ equity.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "To properly assess a company’s past performance, an analyst requires:\nOption A:high earnings quality.\nOption B:high financial reporting quality.\nOption C:both high earnings quality and high financial reporting quality.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If a company uses a non-GAAP financial measure in an SEC filing, then the company must:\nOption A:give more prominence to the non-GAAP measure if it is used in earnings releases.\nOption B:provide a reconciliation of the non-GAAP measure and equivalent GAAP measure.\nOption C:exclude charges requiring cash settlement from any non-GAAP liquidity measures.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company wishing to increase earnings in the reporting period may choose to:\nOption A:decrease the useful life of depreciable assets.\nOption B:lower estimates of uncollectible accounts receivables.\nOption C:classify a purchase as an expense rather than a capital expenditure.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "To compute tangible book value, an analyst would:\nOption A:add goodwill to stockholders’ equity.\nOption B:add all intangible assets to stockholders’ equity.\nOption C:subtract all intangible assets from stockholders’ equity.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Earnings that result from non-recurring activities most likely indicate:\nOption A:lower-quality earnings.\nOption B:biased accounting choices.\nOption C:lower-quality financial reporting.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If a particular accounting choice is considered aggressive in nature, then the financial performance for the reporting period would most likely:\nOption A:be neutral.\nOption B:exhibit an upward bias.\nOption C:exhibit a downward bias.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following situations represents a motivation, rather than an opportunity, to issue low-quality financial reports?\nOption A:Poor internal controls\nOption B:Search for a personal bonus\nOption C:Inattentive board of directors", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements most likely describes a situation that would motivate a manager to issue low-quality financial reports?\nOption A:The manager’s compensation is tied to stock price performance.\nOption B:The manager has increased the market share of products significantly.\nOption C:The manager has brought the company’s profitability to a level higher than competitors.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following best describes an opportunity for management to issue low-quality financial reports?\nOption A:Ineffective board of directors\nOption B:Pressure to achieve some performance level\nOption C:Corporate concerns about financing in the future", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The information provided by a low quality financial report will most likely:\nOption A:decrease company value.\nOption B:indicate earnings are not sustainable.\nOption C:impede the assessment of earnings quality.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "GordonCo.isaprofessional refrigeration engineering company. Gordon primarilysellscommercial freezers. Apart from selling freezers, it also provides a 3-yearmaintenance and repairmentsupport in thecombined goods and services contract.The combined contract is sold for $20,000. Moreover, the freezer is sold for $20,000 separately, while the maintenance and repairmentsupport is sold for $5,000 separately.Iftimevalueofmoneyisignored,how much is allocated to the separate performance obligation on sales of freezerinthe combined contract?\nOption A:$20,000\nOption B:$25,000\nOption C:$16,000", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The redemption of bond for $100,000 cash will be recorded as:\nOption A:an increase in both an asset account and a liability account.\nOption B:a decrease in an asset account and an increase in a liability account.\nOption C:a decrease in both an asset account and a liability account.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Galina, CFA, made the following statements regarding the activity ratio:The higher the inventory turnover, the better the inventory management.The higher the days of receivable, the better the receivable management.Are these statements correct?\nOption A:Only one of these statements is correct.\nOption B:Two of these statements are correct.\nOption C:Neither of these statements is correct.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is not correct for the components of an ROE?\nOption A:Tax burden, interest burden, EBT margin, asset turnover, leverage ratio\nOption B:ROA, financial leverage\nOption C:Net income, average equity", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Assuming constant inventory quantities, which of the following cost flow methods will produce a higher inventory turnover ratio in an inflationary economy?\nOption A:FIFO\nOption B:LIFO\nOption C:Weighted average", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Given the following inventory information about Golden Inc., a leading electronic equipment manufacturer (in millions), what is the COGS if Golden Inc. uses a periodic FIFO inventory valuation method?Beginning inventory 10 units at $150/unitPurchased 20 units at $175/unitSold 5 units at $200/unitPurchased 35 units at $255/unitPurchased 20 units at $265/unitSold 60 units at $300/unit\nOption A:$13,925\nOption B:$15,915\nOption C:$15,665", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company purchased an inventory item for $100 in Year 1. The inventory item was written down to $80 as of December 31, Year 1. As of December 31, Year 2, the inventory item had a selling price of $105, and a replacement cost of $90. The selling cost of the inventory item is $3. Normal profit margins for this company are 15 percent. Under IFRS, what is the carrying value of the inventory item as of the December 31, Year 2?\nOption A:100\nOption B:102\nOption C:90", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company purchased an inventory item for $100 in Year 1. The inventory item was written down to $80 as of December 31, Year 1. As of December 31, Year 2, the inventory item had a selling price of $100, and a replacement cost of $90. The selling cost of the inventory item is $3. Normal profit margins for this company are 15 percent. Under US GAAP, what is the carrying value of the inventory item as of the December 31, Year 2?\nOption A:102\nOption B:90\nOption C:80", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is most inaccurate?\nOption A:Under IFRS, research costs which are costs aimed at the discovery of new scientific or technical knowledge and understanding, are capitalized as incurred.\nOption B:Under IFRS, development costs incurred to translate research findings into a plan or design of a new product or process are capitalized.\nOption C:Under US GAAP, both research and development costs are expensed as incurred except for cost of software development.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following might result in a higher amount of depreciation of a tangible asset in the first year after acquisition?\nOption A:A higher depreciation rate\nOption B:A higher residual value\nOption C:A longer useful life", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Regarding the impairment for long lived assets under IFRS, which of the following is most accurate?\nOption A:An asset is impaired when its carrying value exceeds the recoverable amount.\nOption B:The recoverable amount used in impairment test is the lower of its net realizable value and its value in use.\nOption C:The impairment loss cannot be reversed if the value of the impaired asset recovers in the future.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "TesiaCompany recognized an impairment loss of $40,000 for equipment on 2019.12.31. After the impairment treatment, the carrying value of the asset is $450,000 and recognized as held for use. In 2020, the fair value of the equipment is $500,000. What is the revaluation gain or loss recognized in the income statement?Under IFRS Under US GAAP\nOption A:50,000 50,000\nOption B:0 40,000\nOption C:40,000 0", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Regarding the reporting model of long-lived asset, which of the statements is correct?\nOption A:Cost model is permitted under IFRS but not under US GAAP.\nOption B:Fair value model is permitted under IFRS but not US GAAP.\nOption C:Revaluation model is permitted under US GAAP but not under IFRS.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following items is least likely to be included in the permanent differences?\nOption A:Income or expense items not allowed by tax legislation.\nOption B:Tax credits for some expenditures that directly reduce taxes.\nOption C:Tax loss carry forward.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is incorrect regarding the valuation allowance?\nOption A:According to US GAAP, if it is more likely than not that some or all of a DTL will not be realized, and then the DTL must be reduced by a valuation allowance.\nOption B:The valuation allowance is a contra account that reduces the net balance sheet value of the DTA.\nOption C:The increasing valuation allowance will increase income tax expense and decrease net income.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is least correct regarding the bond?\nOption A:For bond issued at a premium, the book value of bond liability is decreasing over the term.\nOption B:For bond issued at a discount, cash flow from financing is overstated over the term.\nOption C:When bond issued, the proceeds are reported in the cash flow statement as an inflow from financing activities.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is least accurate?\nOption A:When the bond repaid at maturity, the cash flow from financing will decreased by face value even if the bond is issued at a premium or at a discount.\nOption B:For the bond issued at a premium, the interest expense in the income statement will increase over time.\nOption C:For the bond issued at a discount, the liability will increase as the discount is amortized to interest expense.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements regarding the issuance cost is least accurate?\nOption A:The cost of issuance bond includes legal and accounting fees, printing costs, sales commissions and other fees.\nOption B:Under US GAAP, the issuance costs are capitalized as an asset and allocated to the income statement as an expense over the term of the bond.\nOption C:Under both US GAAP and IFRS, the issuance costs are reported on the cash flow statement as operating cash flow.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Recognition of an operating lease as opposed to finance lease by the lessee least likely results in:\nOption A:lower interest expense.\nOption B:lower liability at the inception of the lease.\nOption C:lower amortization expense.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is most likely to overstate a company’s current earnings?\nOption A:Recognize deferred revenue as revenue in current year.\nOption B:Estimate a lower salvage value of fixed asset.\nOption C:Recognize prepayment as expense in the current period.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Laurelli Builders (LB) reported the following financial data for year-end 31 December: Common shares outstanding, 1 January 2,020,000Common shares issued as stock dividend, 1 June 380,000Warrants outstanding, 1 January 500,000Net income $3,350,000Preferred stock dividends paid $430,000Common stock dividends paid $240,000Which statement about the calculation of LB’s EPS is most accurate?\nOption A:LB’s basic EPS is $1.12.\nOption B:LB’s diluted EPS is equal to or less than its basic EPS.\nOption C:The weighted average number of shares outstanding is 2,210,000.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Compared to using a finance lease, a lessee that makes use of an operating lease will most likely report higher:\nOption A:debt.\nOption B:rent expense.\nOption C:cash flow from operating activity.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company issues $30,000,000 face value of five-year bonds dated 1 January 2015 when the market interest rate on bonds of comparable risk and terms is 5%. The bonds pay 4% interest annually on 31 December. Based on the effective interest rate method, the carrying amount of the bonds on 31 December 2015 is closest to:\nOption A:$28,466,099.\nOption B:$28,800,000.\nOption C:$28,936,215.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company issues €10,000,000 face value of 10-year bonds dated 1 January 2015 when the market interest rate on bonds of comparable risk and terms is 6%. The bonds pay 7% interest annually on 31 December. Based on the effective interest rate method, the interest expense on 31 December 2015 is closest to:\nOption A:€644,161.\nOption B:€700,000.\nOption C:€751,521.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Compared with a finance lease, an operating lease:\nOption A:is similar to renting an asset.\nOption B:is equivalent to the purchase of an asset.\nOption C:term is for the majority of the economic life of the asset.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An analyst evaluating a company’s solvency gathers the following information: The company’s debt-to-assets ratio is closest to:\nOption A:0.18.\nOption B:0.27.\nOption C:0.37.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Midland Brands issues three-year bonds dated 1 January 2015 with a face value of $5,000,000. The market interest rate on bonds of comparable risk and term is 3%. If the bonds pay 2.5% annually on 31 December, bonds payable when issued are most likely reported as closest to:\nOption A:$4,929,285.\nOption B:$5,000,000.\nOption C:$5,071,401.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company issues $1,000,000 face value of 10-year bonds on 1 January 2015 when the market interest rate on bonds of comparable risk and terms is 5%. The bonds pay 6% interest annually on 31 December. At the time of issue, the bonds payable reflected on the balance sheet is closest to:\nOption A:$926,399.\nOption B:$1,000,000.\nOption C:$1,077,217.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When a company pays its rent in advance, its balance sheet will reflect a reduction in:\nOption A:assets and liabilities.\nOption B:assets and shareholders’ equity.\nOption C:one category of assets and an increase in another.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A conversion of a face value 13.单选题  收藏 已收藏  标记 已标记  纠错 million convertible bond for 13.单选题  收藏 已收藏  标记 已标记  纠错 million of common stock would most likely be:\nOption A:reported as a 13.单选题\\n \\n  收藏 已收藏\\n  标记 已标记\\n  纠错 million investing cash inflow and outflow.\nOption B:reported as a 13.单选题\\n \\n  收藏 已收藏\\n  标记 已标记\\n  纠错 million financing cash outflow and inflow.\nOption C:reported as supplementary information to the cash flow statement.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The first step in cash flow statement analysis should be to:\nOption A:evaluate consistency of cash flows.\nOption B:determine operating cash flow drivers.\nOption C:identify the major sources and uses of cash.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Brown Corporation had average days of sales outstanding of 19 days in the most recent fiscal year. Brown wants to improve its credit policies and collection practices and decrease its collection period in the next fiscal year to match the industry average of 15 days. Credit sales in the most recent fiscal year were $300 million, and Brown expects credit sales to increase to $390 million in the next fiscal year. To achieve Brown’s goal of decreasing the collection period, the change in the average accounts receivable balance that must occur is closest to:\nOption A:+$0.41 million.\nOption B:–$0.41 million.\nOption C:–13.单选题\\n \\n  收藏 已收藏\\n  标记 已标记\\n  纠错.22 million.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A 10-year, capital-indexed bond linked to the Consumer Price Index (CPI) is issued with a coupon rate of 6% and a par value of 1,000. The bond pays interest semi-annually. During the first six months after the bond’s issuance, the CPI increases by 2%. On the first coupon payment date, the bond’s:\nOption A:coupon rate increases to 8%.\nOption B:coupon payment is equal to 40.\nOption C:principal amount increases to 1,020.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Investors who believe that interest rates will rise most likely prefer to invest in:\nOption A:inverse floaters.\nOption B:fixed-rate bonds.\nOption C:floating-rate notes.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which factor is associated with a more favorable quality sovereign bond credit rating?\nOption A:Issued in local currency, only\nOption B:Strong domestic savings base, only\nOption C:Issued in local currency of country with strong domestic savings base", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which type of bond most likely earns interest on an implied basis?\nOption A:Floater\nOption B:Conventional bond\nOption C:Pure discount bond", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An option-adjusted spread (OAS) on a callable bond is the Z-spread:\nOption A:over the benchmark spot curve.\nOption B:minus the standard swap rate in that currency of the same tenor.\nOption C:minus the value of the embedded call option expressed in basis points per year.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The annual yield-to-maturity, stated for with a periodicity of 12, for a 4-year, zero-coupon bond priced at 75 per 100 of par value is closest to:\nOption A:6.25%.\nOption B:7.21%.\nOption C:7.46%.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following type of debt obligation most likely protects bondholders when the assets serving as collateral are non-performing?\nOption A:Covered bonds\nOption B:Collateral trust bonds\nOption C:Mortgage-backed securities", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The distinction between investment grade debt and non-investment grade debt is best described by differences in:\nOption A:tax status.\nOption B:credit quality.\nOption C:maturity dates.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A bond offers an annual coupon rate of 5%, with interest paid semiannually. The bond matures in seven years. At a market discount rate of 3%, the price of this bond per 100 of par value is closest to:\nOption A:106.60.\nOption B:112.54.\nOption C:143.90.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A company has issued a floating-rate note with a coupon rate equal to the three-month Libor + 65 basis points. Interest payments are made quarterly on 31 March, 30 June, 30 September, and 31 December. On 31 March and 30 June, the three-month Libor is 1.55% and 1.35%, respectively. The coupon rate for the interest payment made on 30 June is:\nOption A:2.00%.\nOption B:2.10%.\nOption C:2.20%.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The type of bond issued by a multilateral agency such as the International Monetary Fund (IMF) is best described as a:\nOption A:sovereign bond.\nOption B:supranational bond.\nOption C:quasi-government bond.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A yield curve constructed from a sequence of yields-to-maturity on zero-coupon bonds is the:\nOption A:par curve.\nOption B:spot curve.\nOption C:forward curve.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Matrix pricing allows investors to estimate market discount rates and prices for bonds:\nOption A:with different coupon rates.\nOption B:that are not actively traded.\nOption C:with different credit quality.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is a source of wholesale funds for banks?\nOption A:Demand deposits\nOption B:Money market accounts\nOption C:Negotiable certificates of deposit", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When issuing debt, a company may use a sinking fund arrangement as a means of reducing:\nOption A:credit risk.\nOption B:inflation risk.\nOption C:interest rate risk.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Clauses that specify the rights of the bondholders and any actions that the issuer is obligated to perform or is prohibited from performing are:\nOption A:covenants.\nOption B:collaterals.\nOption C:credit enhancements.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements describing a par curve is incorrect?\nOption A:A par curve is obtained from a spot curve.\nOption B:All bonds on a par curve are assumed to have different credit risk.\nOption C:A par curve is a sequence of yields-to-maturity such that each bond is priced at par value.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Corporate bond secondary market trading most often occurs:\nOption A:on a book-entry basis.\nOption B:on organized exchanges.\nOption C:prior to settlement at T + 1.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor who owns a bond with a 9% coupon rate that pays interest semiannually and matures in three years is considering its sale. If the required rate of return on the bond is 11%, the price of the bond per 100 of par value is closest to:\nOption A:95.00.\nOption B:95.11.\nOption C:105.15.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When classified by type of issuer, asset-backed securities are part of the:\nOption A:corporate sector.\nOption B:structured finance sector.\nOption C:government and government-related sector.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Relative to an otherwise similar option-free bond, a:\nOption A:putable bond will trade at a higher price.\nOption B:callable bond will trade at a higher price.\nOption C:convertible bond will trade at a lower price.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements relating to commercial paper is most accurate?\nOption A:There is no secondary market for trading commercial paper.\nOption B:Only the strongest, highly rated companies issue commercial paper.\nOption C:Commercial paper is a source of interim financing for long-term projects.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Investors seeking some general protection against a poor economy are most likely to select a:\nOption A:deferred coupon bond.\nOption B:credit-linked coupon bond.\nOption C:payment-in-kind coupon bond.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor in a country with an original issue discount tax provision purchases a 20-year zero-coupon bond at a deep discount to par value. The investor plans to hold the bond until the maturity date. The investor will most likely report:\nOption A:a capital gain at maturity.\nOption B:a tax deduction in the year the bond is purchased.\nOption C:taxable income from the bond every year until maturity.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following best describes a negative bond covenant? The issuer is:\nOption A:required to pay taxes as they come due.\nOption B:prohibited from investing in risky projects.\nOption C:required to maintain its current lines of business.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A bond issued by a local government authority, typically without an explicit funding commitment from the national government, is most likely classified as a:\nOption A:sovereign bond.\nOption B:quasi-government bond\nOption C:non-sovereign government bond.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The rate, interpreted to be the incremental return for extending the time-to-maturity of an investment for an additional time period, is the:\nOption A:add-on rate.\nOption B:forward rate.\nOption C:yield-to-maturity.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which type of sovereign bond has the lowest interest rate risk for an investor?\nOption A:Floaters\nOption B:Coupon bonds\nOption C:Discount bonds", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Bond dealers most often quote the:\nOption A:flat price.\nOption B:full price.\nOption C:full price plus accrued interest.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In most countries, the bond market sector with the smallest amount of bonds outstanding is most likely the:\nOption A:government sector.\nOption B:financial corporate sector.\nOption C:non-financial corporate sector.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Suppose a bond's price is expected to increase by 5% if its market discount rate decreases by 100 basis points. If the bond’s market discount rate increases by 100 basis points, the bond price is most likely to change by:\nOption A:5%.\nOption B:less than 5%.\nOption C:more than 5%.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following provisions is a benefit to the issuer?\nOption A:Put provision\nOption B:Call provision\nOption C:Conversion provision", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A bond with two years remaining until maturity offers a 3% coupon rate with interest paid annually. At a market discount rate of 4%, the price of this bond per 100 of par value is closest to:\nOption A:95.34.\nOption B:98.00.\nOption C:98.11.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A bond market in which a communications network matches buy and sell orders initiated from various locations is best described as an:\nOption A:organized exchange.\nOption B:open market operation.\nOption C:over-the-counter market.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A South African company issues bonds denominated in pound sterling that are sold to investors in the United Kingdom. These bonds can be best described as:\nOption A:Eurobonds.\nOption B:global bonds.\nOption C:foreign bonds.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is a type of external credit enhancement?\nOption A:Covenants\nOption B:A surety bond\nOption C:Overcollaterization", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to floating-rate bonds, a reference rate (such as MRR) is most likely used to determine the bond’s:\nOption A:spread.\nOption B:coupon rate.\nOption C:frequency of coupon payments.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "For the issuer, a sinking fund arrangement is most similar to a:\nOption A:term maturity structure.\nOption B:serial maturity structure.\nOption C:bondholder put provision.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A bond offers an annual coupon rate of 4%, with interest paid semiannually. The bond matures in two years. At a market discount rate of 6%, the price of this bond per 100 of par value is closest to:\nOption A:93.07.\nOption B:96.28.\nOption C:96.33.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An affirmative covenant is most likely to stipulate:\nOption A:limits on the issuer’s leverage ratio.\nOption B:how the proceeds of the bond issue will be used.\nOption C:the maximum percentage of the issuer’s gross assets that can be sold.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Agency bonds are issued by:\nOption A:local governments.\nOption B:national governments.\nOption C:quasi-government entities", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following describes privately placed bonds?\nOption A:They are non-underwritten and unregistered.\nOption B:They usually have active secondary markets.\nOption C:They are less customized than publicly offered bonds.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following best describes a negative bond covenant? The requirement to:\nOption A:insure and maintain assets.\nOption B:comply with all laws and regulations.\nOption C:maintain a minimum interest coverage ratio.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A portfolio manager is considering the purchase of a bond with a 5.5% coupon rate that pays interest annually and matures in three years. If the required rate of return on the bond is 5%, the price of the bond per 100 of par value is closest to:\nOption A:98.65.\nOption B:101.36.\nOption C:106.43.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A mechanism by which an issuer may be able to offer additional bonds to the general public without preparing a new and separate offering circular best describes:\nOption A:the grey market.\nOption B:a shelf registration.\nOption C:a private placement.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which type of call bond option offers the greatest flexibility as to when the issuer can exercise the option?\nOption A:A Bermuda call\nOption B:A European call\nOption C:An American call", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In major developed bond markets, newly issued sovereign bonds are most often sold to the public via a(n):\nOption A:auction.\nOption B:private placement.\nOption C:best efforts offering.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A liquid secondary bond market allows an investor to sell a bond at:\nOption A:the desired price.\nOption B:a price at least equal to the purchase price.\nOption C:a price close to the bond’s fair market value.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If interest rates are expected to increase, the coupon payment structure most likely to benefit the issuer is a:\nOption A:step-up coupon.\nOption B:inflation-linked coupon.\nOption C:cap in a floating-rate note.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The yield spread of a specific bond over the standard swap rate in that currency of the same tenor is best described as the:\nOption A:I-spread.\nOption B:Z-spread.\nOption C:G-spread.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Eurocommerical paper is most likely:\nOption A:negotiable.\nOption B:denominated in euro.\nOption C:issued on a discount basis.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investment bank that underwrites a bond issue most likely:\nOption A:buys and resells the newly issued bonds to investors or dealers.\nOption B:acts as a broker and receives a commission for selling the bonds to investors.\nOption C:incurs less risk associated with selling the bonds than in a best efforts offering.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The legal contract that describes the form of the bond, the obligations of the issuer, and the rights of the bondholders can be best described as a bond’s:\nOption A:covenant.\nOption B:indenture.\nOption C:debenture.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A bond issued internationally, outside the jurisdiction of the country in whose currency the bond is denominated, is best described as a:\nOption A:Eurobond.\nOption B:foreign bond.\nOption C:municipal bond.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Sovereign bonds are best described as:\nOption A:bonds issued by local governments.\nOption B:secured obligations of a national government.\nOption C:bonds backed by the taxing authority of a national government.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Compared with developed markets bonds, emerging markets bonds most likely:\nOption A:offer lower yields.\nOption B:exhibit higher risk.\nOption C:benefit from lower growth prospects.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The repo margin is:\nOption A:negotiated between counterparties.\nOption B:established independently of market-related conditions.\nOption C:structured on an agreement assuming equal credit risks to all counterparties.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A bond with 20 years remaining until maturity is currently trading for 111 per 100 of par value. The bond offers a 5% coupon rate with interest paid semiannually. The bond’s annual yield-to-maturity is closest to:\nOption A:2.09%.\nOption B:4.18%.\nOption C:4.50%.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements related to secondary bond markets is most accurate?\nOption A:Newly issued corporate bonds are issued in secondary bond markets.\nOption B:Secondary bond markets are where bonds are traded between investors.\nOption C:The major participants in secondary bond markets globally are retail investors.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A repurchase agreement is most comparable to a(n):\nOption A:interbank deposit.\nOption B:collateralized loan.\nOption C:negotiable certificate of deposit.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A 10-year bond was issued four years ago. The bond is denominated in US dollars, offers a coupon rate of 10% with interest paid semi-annually, and is currently priced at 102% of par. The bond’s:\nOption A:tenor is six years.\nOption B:nominal rate is 5%.\nOption C:redemption value is 102% of the par value.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In auto loan ABSs, the form of credit enhancement that most likely serves as the first line of loss protection is the:\nOption A:excess spread account.\nOption B:sequential pay structure.\nOption C:proceeds from repossession sales.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The last payment in a partially amortizing residential mortgage loan is best referred to as a:\nOption A:waterfall.\nOption B:principal repayment.\nOption C:balloon payment.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In the context of mortgage-backed securities, a conditional prepayment rate (CPR) of 8% means that approximately 8% of the outstanding mortgage pool balance at the beginning of the year is expected to be prepaid:\nOption A:in the current month.\nOption B:by the end of the year.\nOption C:over the life of the mortgages.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The single monthly mortality rate (SMM) most likely:\nOption A:increases as extension risk rises.\nOption B:decreases as contraction risk falls.\nOption C:stays fixed over time when the standard prepayment model remains at 100 PSA.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In a securitization, the collateral is initially sold by the:\nOption A:issuer.\nOption B:depositor.\nOption C:underwriter.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Securitization benefits investors by:\nOption A:providing more direct access to a wider range of assets.\nOption B:reducing the inherent credit risk of pools of loans and receivables.\nOption C:eliminating cash flow timing risks of an ABS, such as contraction and extension risks.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A commercial mortgage-backed security (CMBS) does not meet the debt-to-service coverage at the loan level necessary to achieve a desired credit rating. Which of the following features would most likely improve the credit rating of the CMBS?\nOption A:Subordination\nOption B:Call protection\nOption C:Balloon payments", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is correct concerning mortgage loan defaults?\nOption A:A non-recourse jurisdiction poses higher default risks for lenders.\nOption B:In a non-recourse jurisdiction, strategic default will not affect the defaulting borrower’s future access to credit.\nOption C:When a recourse loan defaults, the mortgaged property is the lender’s sole source for recovery of the outstanding mortgage balance.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which statement about covered bonds is least accurate?\nOption A:Covered bonds provide investors with dual recourse, to the cover pool and also to the issuer.\nOption B:Covered bonds usually carry higher credit risks and offer higher yields than otherwise similar ABS.\nOption C:Covered bonds have a dynamic cover pool, meaning sponsors must replace any prepaid or non-performing assets.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following investments is least subject to prepayment risk?\nOption A:Auto loan receivable–backed securities\nOption B:Commercial mortgage-backed securities (CMBSs)\nOption C:Non-agency residential mortgage-backed securities (RMBSs)", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "William Marolf obtains a 5 million EUR mortgage loan from Bank Nederlandse. A year later the principal on the loan is 4 million EUR and Marolf defaults on the loan. Bank Nederlandse forecloses, sells the property for 2.5 million EUR, and is entitled to collect the 1.5 million EUR shortfall, from Marolf. Marolf most likely had a:\nOption A:bullet loan.\nOption B:recourse loan.\nOption C:non-recourse loan.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following best describes the cash flow that owners of credit card receivable asset-backed securities receive during the lockout period?\nOption A:No cash flow\nOption B:Only principal payments collected\nOption C:Only finance charges collected and fees", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The tranches in a collateralized mortgage obligation (CMO) that are most likely to provide protection for investors against both extension and contraction risk are:\nOption A:planned amortization class (PAC) tranches.\nOption B:support tranches.\nOption C:sequential-pay tranches.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The CDO tranche with a credit rating status between senior and subordinated bond classes is called the:\nOption A:equity tranche.\nOption B:residual tranche.\nOption C:mezzanine tranche.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which type of asset-backed security is not affected by prepayment risk?\nOption A:Auto loan ABSs\nOption B:Residential MBSs\nOption C:Credit card receivable ABSs", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If a mortgage borrower makes prepayments without penalty to take advantage of falling interest rates, the lender will most likely experience:\nOption A:extension risk.\nOption B:contraction risk.\nOption C:yield maintenance.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Fran Martin obtains a non-recourse mortgage loan for $500,000. One year later, when the outstanding balance of the mortgage is $490,000, Martin cannot make his mortgage payments and defaults on the loan. The lender forecloses on the loan and sells the house for $315,000. What amount is the lender entitled to claim from Martin?\nOption A:$0.\nOption B:$175,000.\nOption C:$185,000.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The longest-term tranche of a sequential-pay CMO is most likely to have the lowest:\nOption A:average life.\nOption B:extension risk.\nOption C:contraction risk.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A balloon payment equal to a mortgage’s original loan amount is a characteristic of a:\nOption A:bullet mortgage.\nOption B:fully amortizing mortgage.\nOption C:partially amortizing mortgage.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An excess spread account incorporated into a securitization is designed to limit:\nOption A:credit risk.\nOption B:extension risk.\nOption C:contraction risk.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In a securitization, the special purpose entity (SPE) is responsible for the:\nOption A:issuance of the asset-backed securities.\nOption B:collection of payments from the borrowers.\nOption C:recovery of underlying assets from delinquent borrowers.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following describes a typical feature of a non-agency residential mortgage-backed security (RMBS)?\nOption A:Senior\\/subordinated structure\nOption B:A pool of conforming mortgages as collateral\nOption C:A guarantee by a government-sponsored enterprise", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If a default occurs in a non-recourse commercial mortgage-backed security (CMBS), the lender will most likely:\nOption A:recover prepayment penalty points paid by the borrower to offset losses.\nOption B:use only the proceeds received from the sale of the property to recover losses.\nOption C:initiate a claim against the borrower for any shortfall resulting from the sale of the property.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In credit card receivable ABSs, principal cash flows can be altered only when the:\nOption A:lockout period expires.\nOption B:excess spread account is depleted.\nOption C:early amortization provision is triggered.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A benefit of securitization is the:\nOption A:reduction in disintermediation.\nOption B:simplification of debt obligations.\nOption C:creation of tradable securities with greater liquidity than the original loans.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Collateralized mortgage obligations (CMOs) are designed to:\nOption A:eliminate contraction risk in support tranches.\nOption B:distribute prepayment risk to various tranches.\nOption C:eliminate extension risk in planned amortization tranches.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In a securitization, time tranching provides investors with the ability to choose between:\nOption A:extension and contraction risks.\nOption B:senior and subordinated bond classes.\nOption C:fully amortizing and partially amortizing loans.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Securitization is beneficial for banks because it:\nOption A:repackages bank loans into simpler structures.\nOption B:increases the funds available for banks to lend.\nOption C:allows banks to maintain ownership of their securitized assets.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The creation of bond classes with a waterfall structure for sharing losses is referred to as:\nOption A:time tranching.\nOption B:credit tranching.\nOption C:overcollateralization.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "For a mortgage pass-through security, which of the following risks most likely increases as interest rates decline?\nOption A:Balloon\nOption B:Extension\nOption C:Contraction", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which commercial mortgage-backed security (CMBS) characteristic causes a CMBS to trade more like a corporate bond than a residential mortgage-backed security (RMBS)?\nOption A:Call protection\nOption B:Internal credit enhancement\nOption C:Debt-service coverage ratio level", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following characteristics of a residential mortgage loan would best protect the lender from a strategic default by the borrower?\nOption A:Recourse\nOption B:A prepayment option\nOption C:Interest-only payments", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Securitization benefits financial markets by:\nOption A:increasing the role of intermediaries.\nOption B:establishing a barrier between investors and originating borrowers.\nOption C:allowing investors to tailor credit risk and interest rate risk exposures to meet their individual needs.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Credit risk is an important consideration for commercial mortgage-backed securities (CMBS) if the CMBS are backed by mortgage loans that:\nOption A:are non-recourse.\nOption B:have call protection.\nOption C:have prepayment penalty points.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is most likely an advantage of collateralized mortgage obligations (CMOs)? CMOs can\nOption A:eliminate prepayment risk.\nOption B:be created directly from a pool of mortgage loans.\nOption C:meet the asset\\/liability requirements of institutional investors.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Support tranches are most appropriate for investors who are:\nOption A:concerned about their exposure to extension risk.\nOption B:concerned about their exposure to concentration risk.\nOption C:willing to accept prepayment risk in exchange for higher returns.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which type of security is most likely to have the same rating as the issuer?\nOption A:Preferred stock\nOption B:Senior secured bond\nOption C:Senior unsecured bond", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Assuming no change in the credit risk of a bond, the presence of an embedded put option:\nOption A:reduces the effective duration of the bond.\nOption B:increases the effective duration of the bond.\nOption C:does not change the effective duration of the bond.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If goodwill makes up a large percentage of a company’s total assets, this most likely indicates that:\nOption A:the company has low free cash flow before dividends.\nOption B:there is a low likelihood that the market price of the company’s common stock is below book value.\nOption C:a large percentage of the company’s assets are not of high quality.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A limitation of calculating a bond portfolio’s duration as the weighted average of the yield durations of the individual bonds that compose the portfolio is that it:\nOption A:assumes a parallel shift to the yield curve.\nOption B:is less accurate when the yield curve is less steeply sloped.\nOption C:is not applicable to portfolios that have bonds with embedded options.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The factor that most likely results in corporate credit spreads widening is:\nOption A:an improving credit cycle.\nOption B:weakening economic conditions.\nOption C:a period of high demand for bonds.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When determining the capacity of a borrower to service debt, a credit analyst should begin with an examination of:\nOption A:industry structure.\nOption B:industry fundamentals.\nOption C:company fundamentals.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The risk that a bond’s creditworthiness declines is best described by:\nOption A:credit migration risk.\nOption B:market liquidity risk.\nOption C:spread widening risk.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When the investor’s investment horizon is less than the Macaulay duration of the bond she owns:\nOption A:the investor is hedged against interest rate risk.\nOption B:reinvestment risk dominates, and the investor is at risk of lower rates.\nOption C:market price risk dominates, and the investor is at risk of higher rates.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Credit spreads are most likely to widen:\nOption A:in a strengthening economy.\nOption B:as the credit cycle improves.\nOption C:in periods of heavy new issue supply and low borrower demand.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In the event of default, the recovery rate of which of the following bonds would most likely be the highest?\nOption A:First mortgage debt\nOption B:Senior unsecured debt\nOption C:Junior subordinate debt", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following sources of return is most likely exposed to interest rate risk for an investor of a fixed-rate bond who holds the bond until maturity?\nOption A:Capital gain or loss\nOption B:Redemption of principal\nOption C:Reinvestment of coupon payments", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following corporate debt instruments has the highest seniority ranking?\nOption A:Second lien\nOption B:Senior unsecured\nOption C:Senior subordinated", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Empirical duration is likely the best measure of the impact of yield changes on portfolio value, especially under stressed market conditions, for a portfolio consisting of:\nOption A:100% sovereign bonds of several AAA rated euro area issuers.\nOption B:100% covered bonds of several AAA rated euro area corporate issuers.\nOption C:25% AAA rated sovereign bonds, 25% AAA rated corporate bonds, and 50% high-yield (i.e., speculative-grade) corporate bonds, all from various euro area sovereign and corporate issuers.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In order to determine the capacity of a company, it would be most appropriate to analyze the:\nOption A:company’s strategy.\nOption B:growth prospects of the industry.\nOption C:aggressiveness of the company’s accounting policies.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An issuer credit rating usually applies to a company’s:\nOption A:secured debt.\nOption B:subordinated debt.\nOption C:senior unsecured debt.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The holding period for a bond at which the coupon reinvestment risk offsets the market price risk is best approximated by:\nOption A:duration gap.\nOption B:modified duration.\nOption C:Macaulay duration.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In credit analysis, capacity is best described as the:\nOption A:quality of management.\nOption B:ability of the borrower to make its debt payments on time.\nOption C:quality and value of the assets supporting an issuer’s indebtedness.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A credit analyst is evaluating the credit worthiness of three companies: a construction company, a travel and tourism company, and a beverage company. Both the construction and travel and tourism companies are cyclical, whereas the beverage company is non-cyclical. The construction company has the highest debt level of the three companies. The highest credit risk is most likely exhibited by the:\nOption A:construction company.\nOption B:beverage company.\nOption C:travel and tourism company.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The following information is from the annual report of Adidas AG for December 2019:Depreciation and amortization: €1,214 millionTotal assets: €20,640 millionTotal debt: €4,364 millionShareholders’ equity: €7,058 millionThe debt/capital ratio of Adidas AG is closest to:\nOption A:21.14%.\nOption B:38.21%.\nOption C:61.83%.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Among the Four Cs of credit analysis, the recognition of revenue prematurely most likely reflects a company’s:\nOption A:character.\nOption B:covenants.\nOption C:collateral.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Stedsmart Ltd and Fignermo Ltd are alike with respect to financial and operating characteristics, except that Stedsmart Ltd has less publicly traded debt outstanding than Fignermo Ltd. Stedsmart Ltd is most likely to have:\nOption A:no market liquidity risk.\nOption B:lower market liquidity risk.\nOption C:higher market liquidity risk.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The notching adjustment for corporate bonds rated Aa2/AA is most likely:\nOption A:larger than the notching adjustment for corporate bonds rated B2\\/B.\nOption B:the same as the notching adjustment for corporate bonds rated B2\\/B.\nOption C:smaller than the notching adjustment for corporate bonds rated B2\\/B.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The factor considered by rating agencies when a corporation has debt at both its parent holding company and operating subsidiaries is best referred to as:\nOption A:credit migration risk.\nOption B:corporate family rating.\nOption C:structural subordination.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Holding all other factors constant, the most likely effect of low demand and heavy new issue supply on bond yield spreads is that yield spreads will:\nOption A:widen.\nOption B:tighten.\nOption C:not be affected.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The following information is from the annual report of Adidas AG for December 2010: Depreciation and amortization: €249 million Total assets: €10,618 million Total debt: €1,613 million Shareholders’ equity: €4,616 million The debt/capital ratio of Adidas AG is closest to:\nOption A:15.19%.\nOption B:25.90%.\nOption C:34.94%.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements about Macaulay duration is correct?\nOption A:A bond’s coupon rate and Macaulay duration are positively related.\nOption B:A bond’s Macaulay duration is inversely related to its yield-to-maturity.\nOption C:The Macaulay duration of a zero-coupon bond is less than its time-to-maturity.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements relating to yield volatility is most accurate? If the term structure of yield volatility is downward sloping, then:\nOption A:short-term rates are higher than long-term rates.\nOption B:long-term yields are more stable than short-term yields.\nOption C:short-term bonds will always experience greater price fluctuation than long-term bonds.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements about duration is correct? A bond’s:\nOption A:effective duration is a measure of yield duration.\nOption B:modified duration is a measure of curve duration.\nOption C:modified duration cannot be larger than its Macaulay duration (assuming a positive yield-to-maturity).", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The process of moving credit ratings of different issues up or down from the issuer rating in response to different payment priorities is best described as:\nOption A:notching.\nOption B:structural subordination.\nOption C:cross-default provisions.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A senior unsecured credit instrument holds a higher priority of claims than one ranked as:\nOption A:mortgage debt.\nOption B:second lien loan.\nOption C:senior subordinated.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The rating agency process whereby the credit ratings on issues are moved up or down from the issuer rating best describes:\nOption A:notching.\nOption B:pari passu ranking.\nOption C:cross-default provisions.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "During bankruptcy proceedings of a firm, the priority of claims was not strictly adhered to. Which of the following is the least likely explanation for this outcome?\nOption A:Senior creditors compromised.\nOption B:The value of secured assets was less than the amount of the claims.\nOption C:A judge’s order resulted in actual claims not adhering to strict priority of claims.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In order to analyze the collateral of a company a credit analyst should assess the:\nOption A:cash flows of the company.\nOption B:soundness of management’s strategy.\nOption C:value of the company’s assets in relation to the level of debt.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Loss severity is best described as the:\nOption A:default probability multiplied by the loss given default.\nOption B:portion of a bond’s value recovered by bondholders in the event of default.\nOption C:portion of a bond’s value, including unpaid interest, an investor loses in the event of default.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The risk that the price at which investors can actually transact differs from the quoted price in the market is called:\nOption A:spread risk.\nOption B:credit migration risk.\nOption C:market liquidity risk.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is most appropriate for measuring a bond’s sensitivity to shaping risk?\nOption A:key rate duration\nOption B:effective duration\nOption C:modified duration", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Credit yield spreads most likely widen in response to:\nOption A:high demand for bonds.\nOption B:weak performance of equities.\nOption C:strengthening economic conditions.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "For a high-quality debt issuer with a large amount of publicly traded debt, bond investors tend to devote most effort to assessing the issuer’s:\nOption A:default risk.\nOption B:loss severity.\nOption C:market liquidity risk.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Credit risk of a corporate bond is best described as the:\nOption A:A risk that an issuer’s creditworthiness deteriorates.\nOption B:probability that the issuer fails to make full and timely payments.\nOption C:risk of loss resulting from the issuer failing to make full and timely payments.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A fixed income analyst is least likely to conduct an independent analysis of credit risk because credit rating agencies:\nOption A:may at times mis-rate issues.\nOption B:often lag the market in pricing credit risk.\nOption C:cannot foresee future debt-financed acquisitions.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The interest rate risk of a fixed-rate bond with an embedded call option is best measured by:\nOption A:effective duration.\nOption B:modified duration.\nOption C:Macaulay duration.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor purchases an annual coupon bond with a 6% coupon rate and exactly 20 years remaining until maturity at a price equal to par value. The investor’s investment horizon is eight years. The approximate modified duration of the bond is 11.470 years. The duration gap at the time of purchase is closest to:\nOption A:–7.842.\nOption B:3.470.\nOption C:4.158.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements about credit ratings is most accurate?\nOption A:Credit ratings can migrate over time.\nOption B:Changes in bond credit ratings precede changes in bond prices.\nOption C:Credit ratings are focused on expected loss rather than risk of default.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In a bankruptcy proceeding, when the absolute priority of claims is enforced:\nOption A:senior subordinated creditors rank above second lien holders.\nOption B:preferred equity shareholders rank above unsecured creditors.\nOption C:creditors with a secured claim have the first right to the value of that specific property.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In contrast to high-yield credit analysis, investment-grade analysis is more likely to rely on:\nOption A:spread risk.\nOption B:an assessment of bank credit facilities.\nOption C:matching of liquidity sources to upcoming debt maturities.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The priority of claims for senior subordinated debt is:\nOption A:lower than for senior unsecured debt.\nOption B:the same as for senior unsecured debt.\nOption C:higher than for senior unsecured debt.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Funds from operations (FFO) of Pay Handle Ltd (a fictitious company) increased in 20X1. In 20X1 the total debt of the company remained unchanged, while additional common shares were issued. Pay Handle Ltd’s ability to service its debt in 20X1, as compared to 20X0, most likely:\nOption A:improved.\nOption B:worsened.\nOption C:remained the same.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The “second-order” effect on a bond’s percentage price change given a change in yield-to-maturity can be best described as:\nOption A:duration.\nOption B:convexity.\nOption C:yield volatility.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which industry characteristic most likely has a positive effect on a company’s ability to service debt?\nOption A:Low barriers to entry in the industry\nOption B:High number of suppliers to the industry\nOption C:Broadly dispersed market share among large number of companies in the industry", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following accounting issues should mostly likely be considered a character warning flag in credit analysis?\nOption A:Expensing items immediately\nOption B:Changing auditors infrequently\nOption C:Significant off-balance-sheet financing", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A bond with exactly nine years remaining until maturity offers a 3% coupon rate with annual coupons. The bond, with a yield-to-maturity of 5%, is priced at 85.784357 per 100 of par value. The estimated price value of a basis point for the bond is closest to:\nOption A:0.0086.\nOption B:0.0648.\nOption C:0.1295.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A bond has an annual modified duration of 7.020 and annual convexity of 65.180. If the bond’s yield-to-maturity decreases by 25 basis points, the expected percentage price change is closest to:\nOption A:1.73%.\nOption B:1.76%.\nOption C:1.78%.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The bond equivalent yield of a 180-day banker’s acceptance quoted at a discount rate of 4.25% for a 360-day year is closest to:\nOption A:4.31%.\nOption B:4.34%.\nOption C:4.40%.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A 5-year, 5% semiannual coupon payment corporate bond is priced at 104.967 per 100 of par value. The bond’s yield-to-maturity, quoted on a semiannual bond basis, is 3.897%. An analyst has been asked to convert to a monthly periodicity. Under this conversion, the yield-to-maturity is closest to:\nOption A:3.87%.\nOption B:4.95%.\nOption C:7.67%.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A goal of securitization is to:\nOption A:separate the seller’s collateral from its credit ratings.\nOption B:uphold the absolute priority rule in bankruptcy reorganizations.\nOption C:account for collateral’s primary influence on corporate bond credit spreads.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When the collateral manager fails pre-specified risk tests, a CDO is:\nOption A:deleveraged by reducing the senior bond class.\nOption B:restructured to reduce its most expensive funding source.\nOption C:liquidated by paying off the bond classes in order of seniority.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The key to a CDO’s viability is the creation of a structure with a competitive return for the:\nOption A:senior tranche.\nOption B:mezzanine tranche.\nOption C:subordinated tranche.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor purchases a bond at a price above par value. Two years later, the investor sells the bond. The resulting capital gain or loss is measured by comparing the price at which the bond is sold to the:\nOption A:carrying value.\nOption B:original purchase price.\nOption C:original purchase price value plus the amortized amount of the premium.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A manufacturing company receives a ratings upgrade and the price increases on its fixed-rate bond. The price increase was most likely caused by a(n):\nOption A:decrease in the bond’s credit spread.\nOption B:increase in the bond’s liquidity spread.\nOption C:increase of the bond’s underlying benchmark rate.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor buys a three-year bond with a 5% coupon rate paid annually. The bond, with a yield-to-maturity of 3%, is purchased at a price of 105.657223 per 100 of par value. Assuming a 5-basis point change in yield-to-maturity, the bond’s approximate modified duration is closest to:\nOption A:2.78.\nOption B:2.86.\nOption C:5.56.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A bond has an annual modified duration of 7.140 and annual convexity of 66.200. The bond’s yield-to-maturity is expected to increase by 50 basis points. The expected percentage price change is closest to:\nOption A:–3.40%.\nOption B:–3.49%.\nOption C:–3.57%.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A “buy-and-hold” investor purchases a fixed-rate bond at a discount and holds the security until it matures. Which of the following sources of return is least likely to contribute to the investor’s total return over the investment horizon, assuming all payments are made as scheduled?\nOption A:Capital gain\nOption B:Principal payment\nOption C:Reinvestment of coupon payments", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor buys a 6% annual payment bond with three years to maturity. The bond has a yield-to-maturity of 8% and is currently priced at 94.845806 per 100 of par. The bond’s Macaulay duration is closest to:\nOption A:2.62.\nOption B:2.78.\nOption C:2.83.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A bond is currently trading for 98.722 per 100 of par value. If the bond’s yield-to-maturity (YTM) rises by 10 basis points, the bond’s full price is expected to fall to 98.669. If the bond’s YTM decreases by 10 basis points, the bond’s full price is expected to increase to 98.782. The bond’s approximate convexity is closest to:\nOption A:0.071.\nOption B:70.906.\nOption C:1,144.628.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The two components of credit risk are default probability and:\nOption A:spread risk.\nOption B:loss severity.\nOption C:market liquidity risk.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following factors would best justify a decision to avoid investing in a country’s sovereign debt?\nOption A:Freely floating currency\nOption B:A population that is not growing\nOption C:Suitable checks and balances in policymaking", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The expected loss for a given debt instrument is estimated as the product of default probability and:\nOption A:(1 + Recovery rate).\nOption B:(1 – Recovery rate).\nOption C:1\\/(1 + Recovery rate).", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following factors in credit analysis is more important for general obligation non-sovereign government debt than for sovereign debt?\nOption A:Per capita income\nOption B:Power to levy and collect taxes\nOption C:Requirement to balance an operating budget", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following bond types provides the most benefit to a bondholder when bond prices are declining?\nOption A:Callable\nOption B:Plain vanilla\nOption C:Multiple put", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A sovereign bond has a maturity of 15 years. The bond is best described as a:\nOption A:perpetual bond.\nOption B:pure discount bond.\nOption C:capital market security.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The provision that provides bondholders the right to sell the bond back to the issuer at a predetermined price prior to the bond’s maturity date is referred to as:\nOption A:a put provision.\nOption B:a make-whole call provision.\nOption C:an original issue discount provision.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A characteristic of negotiable certificates of deposit is:\nOption A:they are mostly available in small denominations.\nOption B:they can be sold in the open market prior to maturity.\nOption C:a penalty is imposed if the depositor withdraws funds prior to maturity.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is most accurate? An interbank offered rate:\nOption A:is a single reference rate.\nOption B:applies to borrowing periods of up to 10 years.\nOption C:is used as a reference rate for interest rate swaps.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The repo margin on a repurchase agreement is most likely to be lower when:\nOption A:the underlying collateral is in short supply.\nOption B:the maturity of the repurchase agreement is long.\nOption C:the credit risk associated with the underlying collateral is high.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The variability of the coupon rate on a Libor-based floating-rate bond is most likely due to:\nOption A:periodic resets of the reference rate.\nOption B:market-based reassessments of the issuer’s creditworthiness.\nOption C:changing estimates by the Libor administrator of borrowing capacity.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A zero-coupon bond matures in 15 years. At a market discount rate of 4.5% per year and assuming annual compounding, the price of the bond per 100 of par value is closest to:\nOption A:51.30.\nOption B:51.67.\nOption C:71.62.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A 365-day year bank certificate of deposit has an initial principal amount of USD 96.5 million and a redemption amount due at maturity of USD 100 million. The number of days between settlement and maturity is 350. The bond equivalent yield is closest to:\nOption A:3.48%.\nOption B:3.65%.\nOption C:3.78%.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The spread component of a specific bond’s yield-to-maturity is least likely impacted by changes in:\nOption A:its tax status.\nOption B:its quality rating.\nOption C:inflation in its currency of denomination.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements related to securitization is correct?\nOption A:Time tranching addresses the uncertainty of a decline in interest rates.\nOption B:Securitizations are rarely structured to include both credit tranching and time tranching.\nOption C:Junior and senior bond classes differ in that junior classes can only be paid off at the bond’s set maturity.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to return-generating models, which of the following statements is most accurate? Return-generating models are used to directly estimate the:\nOption A:expected return of a security.\nOption B:weights of securities in a portfolio.\nOption C:parameters of the capital market line.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following forms of pooled investments is subject to the least amount of regulation?\nOption A:Hedge funds.\nOption B:Exchange traded funds.\nOption C:Closed-end mutual funds.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Evidence of risk aversion is best illustrated by a risk–return relationship that is:\nOption A:negative.\nOption B:neutral.\nOption C:positive.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to risk-averse investors, a risk-free asset will generate a numerical utility that is:\nOption A:the same for all individuals.\nOption B:positive for risk-averse investors.\nOption C:equal to zero for risk seeking investors.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Analysts who have estimated returns of an asset to be greater than the expected returns generated by the capital asset pricing model should consider the asset to be:\nOption A:overvalued.\nOption B:undervalued.\nOption C:properly valued.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is least accurate? The efficient frontier is the set of all attainable risky assets with the:\nOption A:highest expected return for a given level of risk.\nOption B:lowest amount of risk for a given level of return.\nOption C:highest expected return relative to the risk-free rate.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The graph of the capital asset pricing model is the:\nOption A:capital market line.\nOption B:security market line.\nOption C:security characteristic line.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to capital market theory, the optimal risky portfolio:\nOption A:is the market portfolio.\nOption B:has the highest expected return.\nOption C:has the lowest expected variance.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The slope of the security characteristic line is an asset’s:\nOption A:beta.\nOption B:excess return.\nOption C:risk premium.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following pooled investments is most likely characterized by a few large investments?\nOption A:Hedge funds.\nOption B:Buyout funds.\nOption C:Venture capital funds.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to the pricing of risk in capital market theory, which of the following statements is most accurate?\nOption A:All risk is priced.\nOption B:Systematic risk is priced.\nOption C:Nonsystematic risk is priced.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to capital market theory, which of the following statements best describes the effect of the homogeneity assumption? Because all investors have the same economic expectations of future cash flows for all assets, investors will invest in:\nOption A:the same optimal risky portfolio.\nOption B:the Standard and Poor’s 500 Index.\nOption C:assets with the same amount of risk.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Highly risk-averse investors will most likely invest the majority of their wealth in:\nOption A:risky assets.\nOption B:risk-free assets.\nOption C:the optimal risky portfolio.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The set of portfolios on the minimum-variance frontier that dominates all sets of portfolios below the global minimum-variance portfolio is the:\nOption A:capital allocation line.\nOption B:Markowitz efficient frontier.\nOption C:set of optimal risky portfolios.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to return-generating models, the slope term of the market model is an estimate of the asset’s:\nOption A:total risk.\nOption B:systematic risk.\nOption C:nonsystematic risk.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following events is most likely an example of nonsystematic risk?\nOption A:A decline in interest rates.\nOption B:The resignation of chief executive officer.\nOption C:An increase in the value of the US dollar.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following institutional investors will most likely have the longest time horizon?\nOption A:Defined benefit plan.\nOption B:University endowment.\nOption C:Life insurance company.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Relative to portfolios on the CML, any portfolio that plots above the CML is considered:\nOption A:inferior.\nOption B:inefficient.\nOption C:unachievable.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following institutional investors is most likely to manage investments in mutual funds?\nOption A:Insurance companies.\nOption B:Investment companies.\nOption C:University endowments.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A defined benefit plan with a large number of retirees is likely to have a high need for\nOption A:income.\nOption B:liquidity.\nOption C:insurance.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to the mean–variance portfolio theory, the capital allocation line, CAL, is the combination of the risk-free asset and a portfolio of all:\nOption A:risky assets.\nOption B:equity securities.\nOption C:feasible investments.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following types of risk is most likely avoided by forming a diversified portfolio?\nOption A:Total risk.\nOption B:Systematic risk.\nOption C:Nonsystematic risk.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Compared to the timing of payouts for life insurance companies. The timing of payouts for property and casualty insurers is unpredictable (\"lumpy\") Therefore, in general, property and casualty insurers have:\nOption A:greater liquidity needs than life insurance companies.\nOption B:a higher return objective than life insurance companies.\nOption C:lower liquidity needs than life insurance companies.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A portfolio on the capital market line with returns greater than the returns on the market portfolio represents a(n):\nOption A:lending portfolio.\nOption B:borrowing portfolio.\nOption C:unachievable portfolio.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following performance measures is most appropriate for an investor who is not fully diversified?\nOption A:M-squared.\nOption B:Treynor ratio.\nOption C:Jensen’s alpha.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to the capital asset pricing model, the primary determinant of expected return of an individual asset is the:\nOption A:asset’s beta.\nOption B:market risk premium.\nOption C:asset’s standard deviation.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Compared to the efficient frontier of risky assets, the dominant capital allocation line has higher rates of return for levels of risk greater than the optimal risky portfolio because of the investor’s ability to:\nOption A:lend at the risk-free rate.\nOption B:borrow at the risk-free rate.\nOption C:purchase the risk-free asset.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to capital market theory, which of the following assumptions allows for the existence of the market portfolio? All investors:\nOption A:are price takers.\nOption B:have homogeneous expectations.\nOption C:plan for the same, single holding period.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Two individual investors with different levels of risk aversion will have optimal portfolios that are:\nOption A:below the capital allocation line.\nOption B:on the capital allocation line.\nOption C:above the capital allocation line.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following performance measures does not require the measure to be compared to another value?\nOption A:Sharpe ratio.\nOption B:Treynor ratio.\nOption C:Jensen’s alpha.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to capital market theory, the average beta of all assets in the market is:\nOption A:less than 1.0.\nOption B:equal to 1.0.\nOption C:greater than 1.0.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Returns on asset classes are best described as being a function of:\nOption A:the failure of arbitrage.\nOption B:exposure to the idiosyncratic risks of those asset classes.\nOption C:exposure to sets of systematic factors relevant to those asset classes.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to capital market theory, which of the following asset characteristics is least likely to impact the variance of an investor’s equally weighted portfolio?\nOption A:Return on the asset.\nOption B:Standard deviation of the asset.\nOption C:Covariances of the asset with the other assets in the portfolio.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor performs the following transactions on the shares of a firm. ● At t = 0, she purchases a share for $1,000. ● At t = 1, she receives a dividend of $25 and then purchases three additional shares for $1,055 each. ● At t = 2, she receives a total dividend of $100 and then sells the four shares for $1,100 each. The money-weighted rate of return is closest to:\nOption A:4.5%.\nOption B:6.9%.\nOption C:7.3%.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to utility theory, the most risk-averse investor will have an indifference curve with the:\nOption A:most convexity.\nOption B:smallest intercept value.\nOption C:greatest slope coefficient.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to the portfolio management process, the rebalancing of a portfolio’s composition is most likely to occur in the:\nOption A:planning step.\nOption B:feedback step.\nOption C:execution step.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The dominant capital allocation line is the combination of the risk-free asset and the:\nOption A:optimal risky portfolio.\nOption B:levered portfolio of risky assets.\nOption C:global minimum-variance portfolio.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to the formation of portfolios, which of the following statements is most accurate?\nOption A:Portfolios affect risk less than returns.\nOption B:Portfolios affect risk more than returns.\nOption C:Portfolios affect risk and returns equally.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to capital market theory, correctly priced individual assets can be plotted on the:\nOption A:capital market line.\nOption B:security market line.\nOption C:capital allocation line.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The portfolio on the minimum-variance frontier with the lowest standard deviation is:\nOption A:unattainable.\nOption B:the optimal risky portfolio.\nOption C:the global minimum-variance portfolio.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The planning step of the portfolio management process is least likely to include an assessment of the client’s\nOption A:securities.\nOption B:constraints.\nOption C:risk tolerance.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements most accurately defines the market portfolio in capital market theory? The market portfolio consists of all:\nOption A:risky assets.\nOption B:tradable assets.\nOption C:investable assets.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Portfolio managers who are maximizing risk-adjusted returns will seek to invest more in securities with:\nOption A:lower values of Jensen’s alpha.\nOption B:values of Jensen’s alpha equal to 0.\nOption C:higher values of Jensen’s alpha.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to capital market theory, an investor’s optimal portfolio is the combination of a risk-free asset and a risky asset with the highest:\nOption A:expected return.\nOption B:indifference curve.\nOption C:capital allocation line slope.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to an investor’s utility function expressed as: , which of the following values for the measure for risk aversion has the least amount of risk aversion?\nOption A:-4.\nOption B:0.\nOption C:4.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to the capital asset pricing model, the market risk premium is:\nOption A:less than the excess market return.\nOption B:equal to the excess market return.\nOption C:greater than the excess market return.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following return calculating methods is best for evaluating the annualized returns of a buy-and-hold strategy of an investor who has made annual deposits to an account for each of the last five years?\nOption A:Geometric mean return.\nOption B:Arithmetic mean return.\nOption C:Money-weighted return.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A triangle chart pattern that indicates a consolidation period and has bullish trading implications would most likely be classified as a(n):\nOption A:ascending triangle.\nOption B:descending triangle.\nOption C:symmetrical triangle.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is the correct sequence of events for risk governance and management that focuses on the entire enterprise? Establishing:\nOption A:risk tolerance, then risk budgeting, and then risk exposures.\nOption B:risk exposures, then risk tolerance, and then risk budgeting.\nOption C:risk budgeting, then risk exposures, and then risk tolerance.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In constructing a chart, using a logarithmic scale on the vertical axis is likely to be most useful for which of the following applications?\nOption A:The price of gold for the past 100 years.\nOption B:The share price of a company over the past month.\nOption C:Yields on 10-year US Treasuries for the past 5 years.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A chart constructed with a single data point per time interval is a:\nOption A:bar chart.\nOption B:line chart.\nOption C:candlestick chart.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is a continuation pattern?\nOption A:Triangle.\nOption B:Triple top.\nOption C:Head and shoulders.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is one of cognitive errors?\nOption A:Overconfidence bias.\nOption B:Loss aversion bias.\nOption C:Framing bias.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An inverse head and shoulders acts as a reversal pattern for a preceding:\nOption A:uptrend.\nOption B:downtrend.\nOption C:consolidation.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Risk governance:\nOption A:aligns risk management activities with the goals of the overall enterprise.\nOption B:defines the qualitative assessment and evaluation of potential sources of risk in an organization.\nOption C:delegates responsibility for risk management to all levels of the organization’s hierarchy.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "All of the following are reasons that the historical outperformance of value stocks versus growth stocks may not be anomalous except:\nOption A:Abnormal returns represent compensation for risk exposures, such as the heightened risk of value stocks to suffer distress during downturns.\nOption B:Companies with strong historical growth rates are viewed as good investments, with higher expected returns than risk characteristics merit.\nOption C:The deviation disappears by incorporating a three-factor asset pricing model.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "One principle of technical analysis is that a security’s price::\nOption A:tends to move in a random fashion.\nOption B:moves in patterns that tend to reoccur.\nOption C:does not reflect all known factor information relating to the security.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements on fintech’s use of data as part of risk analysis is correct?\nOption A:Stress testing requires precise inputs and excludes qualitative data.\nOption B:Machine learning ensures that traditional and alternative data are fully segregated.\nOption C:For real-time risk monitoring, data may be aggregated for reporting and used as model inputs.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "All of the following are reasons that an apparent deviation from the efficient market hypothesis might not be anomalous except:\nOption A:The abnormal returns represent compensation for exposure to risk.\nOption B:Changing the asset pricing model makes the deviation to disappear.\nOption C:The deviation is well known or documented.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Text Analytics is appropriate for application to:\nOption A:economic trend analysis.\nOption B:large, structured datasets.\nOption C:public but not private information.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A benefit of risk budgeting is that it:\nOption A:considers risk tradeoffs.\nOption B:establishes a firm’s risk tolerance.\nOption C:reduces uncertainty facing the firm.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A technical analyst following a bottom-up investing approach focusing on momentum and breakout strategies should favor long positions in stocks with:\nOption A:shorter consolidation periods.\nOption B:high Bollinger Band readings.\nOption C:low volatility prior to an upside breakout.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following typical topics in an investment policy statement (IPS) is most closely linked to the client’s “distinctive needs”?\nOption A:Procedures.\nOption B:Investment Guidelines.\nOption C:Statement of Duties and Responsibilities.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Status quo bias is least similar to which of the following behavioral biases?\nOption A:Endowment\nOption B:Regret aversion\nOption C:Confirmation", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following best describes activities that are supported by a risk management infrastructure?\nOption A:Risk tolerance, budgeting, and reporting\nOption B:Risk tolerance, measurement, and monitoring\nOption C:Risk identification, measurement, and monitoring", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In analyzing a price chart, high or increasing volume most likely indicates which of the following?\nOption A:Predicts a reversal in the price trend.\nOption B:Predicts that a trendless period will follow.\nOption C:Confirms a rising or declining trend in prices.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A downtrend line is constructed by drawing a line connecting:\nOption A:the lows of the price chart.\nOption B:the highs of the price chart.\nOption C:the highest high to the lowest low of the price chart.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The halo effect, which may be evident in FMP’s assessments of a company with a history of high revenue growth, is a form of which behavioral bias?\nOption A:Endowment\nOption B:Representativeness\nOption C:Regret aversion", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Tactical asset allocation is best described as:\nOption A:attempts to exploit arbitrage possibilities among asset classes.\nOption B:the decision to deliberately deviate from the policy portfolio.\nOption C:selecting asset classes with the desired exposures to sources of systematic risk in an investment portfolio.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An example of a non-financial risk is:\nOption A:market risk.\nOption B:liquidity risk.\nOption C:settlement risk.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statement is most likely correct?\nOption A:In the use of machine learning (ML), some techniques are termed “black box” due to data biases.\nOption B:Human judgment is not needed in the use of machine learning (ML) because algorithms continuously learn from data.\nOption C:When applying machine learning (ML), training data can be learned too precisely, resulting in inaccurate predictions when used with different datasets.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A Bollinger Band “squeeze” occurs when volatility:\nOption A:falls to low levels as the Bollinger Band widens.\nOption B:falls to low levels as the Bollinger Band narrows.\nOption C:rises to high levels as the Bollinger Band narrows.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In the use of machine learning (ML):\nOption A:some techniques are termed “black box” due to data biases.\nOption B:human judgment is not needed because algorithms continuously learn from data.\nOption C:training data can be learned too precisely, resulting in inaccurate predictions when used with different datasets.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Effective risk governance in an enterprise provides guidance on all of the following except:\nOption A:unacceptable risks.\nOption B:worst losses that may be tolerated.\nOption C:specific methods to mitigate risk for each subsidiary in the enterprise.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Momentum, can be partly explained by the following behavioral biases except:\nOption A:availability.\nOption B:home bias.\nOption C:regret.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Why is technical analysis especially useful in the analysis of commodities and currencies?\nOption A:Valuation models cannot be used to determine fundamental intrinsic value for these securities.\nOption B:Government regulators are more likely to intervene in these markets.\nOption C:These types of securities display clearer trends than equities and bonds do.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "To profit from a head and shoulders formation, a technician often sets a price target below the neckline price by an increment equal to the:\nOption A:head minus neckline.\nOption B:head minus top of right shoulder.\nOption C:top of right shoulder minus neckline.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is a reversal pattern?\nOption A:Pennant.\nOption B:Rectangle.\nOption C:Double bottom.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is least likely to be placed in the appendices to an investment policy statement (IPS)?\nOption A:Rebalancing Policy.\nOption B:Strategic Asset Allocation.\nOption C:Statement of Duties and Responsibilities.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A trader observes that the 50-day moving average for the S&P 500 Index recently crossed below its long-term 200-day moving average. This situation is referred to as a:\nOption A:death cross.\nOption B:golden cross.\nOption C:Bollinger Band.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investment policy statement that includes a return objective of outperforming the FTSE 100 by 120 basis points is best characterized as having a(n):\nOption A:relative return objective.\nOption B:absolute return objective.\nOption C:arbitrage-based return objective.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Drawbacks of technical analysis include which of the following?\nOption A:It identifies changes in trends only after the fact.\nOption B:Deviations from intrinsic value can persist for long periods.\nOption C:It usually requires detailed knowledge of the financial instrument under analysis.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Intermarket analysis focuses on the:\nOption A:valuation drivers of intermarket asset price relationships.\nOption B:bottom-up economic fundamentals of intermarket relationships.\nOption C:identification of inflection points in intermarket relationships using relative strength indicators.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If the 5-day moving average for AZB Company crossed over its 60-day moving average from underneath, it would be considered a:\nOption A:bullish indicator.\nOption B:bearish indicator.\nOption C:new level of resistance.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Relative strength analysis typically compares the performance of an asset with that of a benchmark or other security using a:\nOption A:bar chart that reflects the two assets’ price history.\nOption B:line chart that reflects the ratio of the two assets’ prices.\nOption C:candlestick chart that reflects ratios measuring the magnitude of each asset’s up days versus down days.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is generally true of the head and shoulders pattern?\nOption A:Volume is important in interpreting the data.\nOption B:The neckline, once breached, becomes a support level.\nOption C:Head and shoulders patterns are generally followed by an uptrend in the security’s price.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following chart patterns signals the end of an uptrend in price?\nOption A:Bearish rectangle\nOption B:Head and shoulders\nOption C:Symmetrical triangle", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The advice “Don’t confuse brains with a bull market” is aimed at mitigatingwhich of the following behavioral biases?\nOption A:Self-control\nOption B:Conservatism\nOption C:Overconfidence", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Liquidity risk is most associated with:\nOption A:the probability of default.\nOption B:a widening bid–ask spread.\nOption C:a poorly functioning market.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The section of the investment policy statement (IPS) that provides information about how policy may be executed, including investment constraints, is best described as the:\nOption A:Investment Objectives.\nOption B:Investment Guidelines.\nOption C:Statement of Duties and Responsibilities.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The “change in polarity” principle states which of the following?\nOption A:Once an uptrend is broken, it becomes a downtrend.\nOption B:Once a resistance level is breached, it becomes a support level.\nOption C:The short-term moving average has crossed over the longer-term moving average.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A fully formed head and shoulders pattern is most likely an indicator to:\nOption A:buy.\nOption B:sell.%\nOption C:hold.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In an inverted head and shoulders pattern, if the neckline is at €100, the shoulders at €90, and the head at €75, the price target is closest to which of the following?\nOption A:€50.\nOption B:€110.\nOption C:€125.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements regarding technical support and resistance is correct?\nOption A:A breached support level becomes a new level of resistance.\nOption B:Support is a price range where selling activity is sufficient to stop a rise in price.\nOption C:Resistance is a price range where buying activity is sufficient to stop a decline in price.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following risks is best described as a financial risk?\nOption A:Credit\nOption B:Solvency\nOption C:Operational", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Investment managers incentivized or accountable for short-term performance by current and prospective clients is a potentially rational explanation for which of the following?\nOption A:Home bias\nOption B:Bubbles\nOption C:Value stocks outperforming growth stocks", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The timing of payouts for property and casualty insurers is unpredictable (“lumpy”) in comparison with the timing of payouts for life insurance companies. Therefore, in general, property and casualty insurers have:\nOption A:lower liquidity needs than life insurance companies.\nOption B:greater liquidity needs than life insurance companies.\nOption C:a higher return objective than life insurance companies.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is best characterized as a relative risk objective?\nOption A:Value at risk for the fund will not exceed US$3 million.\nOption B:The fund will not underperform the DAX by more than 250 basis points.\nOption C:The fund will not lose more than €2.5 million in the coming 12-month period.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Once an enterprise’s risk tolerance is determined, the role of risk management is to:\nOption A:analyze risk drivers.\nOption B:align risk exposures with risk appetite.\nOption C:identify the extent to which the enterprise is willing to fail in meeting its objectives.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In a candlestick chart, a shaded candlestick body indicates that the opening price was:\nOption A:equal to the closing price.\nOption B:lower than the closing price.\nOption C:higher than the closing price.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Risk assessment questionnaires for investment management clients are most useful in measuring:\nOption A:value at risk.\nOption B:ability to take risk.\nOption C:willingness to take risk.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The process of risk management includes:\nOption A:minimizing risk.\nOption B:maximizing returns.\nOption C:defining and measuring risks being taken.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following individual behavioral biases is most strongly associated with market bubbles?\nOption A:Overconfidence\nOption B:Representativeness\nOption C:Framing", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "After interviewing a client in order to prepare a written investment policy statement (IPS), you have established the following: ●The client has earnings that have exceeded €120,000 (pre-tax) each year for the past five years. ●She has no dependents. ●The client’s subsistence needs are approximately €45,000 per year. ●The client states that she feels uncomfortable with her lack of understanding of securities markets. ●All of the client’s current savings are invested in short-term securities guaranteed by an agency of her national government. ●The client’s responses to a standard risk assessment questionnaire suggest she has low risk tolerance. The client is best described as having a:\nOption A:low ability to take risk, but a high willingness to take risk.\nOption B:high ability to take risk, but a low willingness to take risk.\nOption C:high ability to take risk and a high willingness to take risk.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A benefit of distributed ledger technology (DLT) favoring its use by the investment industry is its:\nOption A:scalability of underlying systems.\nOption B:ease of integration with existing systems.\nOption C:streamlining of current post-trade processes.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Under-diversifiedportfolios are not a potential implication of which of the followingbehavioral biases?\nOption A:Representativeness.\nOption B:Illusion of control.\nOption C:Confirmation", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A “healthy correction” chart pattern:\nOption A:is classified as a type of reversal pattern.\nOption B:does not change long-term price trends since supply and demand remain in balance.\nOption C:is formed when the price reaches a low, rebounds, and then sells off back to the first low level.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A technical analyst who observes a downtrending security break out of a consolidation range on the downside will most likely predict that the downtrend will:\nOption A:resume.\nOption B:reverse trend with an upside breakout.\nOption C:retrace back to the consolidation range.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is not a momentum oscillator?\nOption A:MACD.\nOption B:Stochastic oscillator.\nOption C:Bollinger Bands.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A daily bar chart provides:\nOption A:a logarithmically scaled horizontal axis.\nOption B:a horizontal axis that represents changes in price.\nOption C:high and low prices during the day and the day’s opening and closing prices.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which strategy would best mitigate or prevent endowment bias?\nOption A:Actively seeking out information that challenges existing beliefs\nOption B:When new information is presented, asking “How does this information change my forecast?”\nOption C:Asking “Would you buy this security today at the current price?”", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Technical analysis is a form of security analysis that:\nOption A:assesses past price action to project future prices.\nOption B:requires in-depth knowledge of financial instruments.\nOption C:is ineffective when evaluating long-term price movements.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If a company has a one-day 5% Value at Risk of $1 million, this means:\nOption A:5% of the time the firm is expected to lose at least $1 million in one day.\nOption B:95% of the time the firm is expected to lose at least $1 million in one day.\nOption C:5% of the time the firm is expected to lose no more than $1 million in one day.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In defining asset classes as part of the strategic asset allocation decision, pairwise correlations within asset classes should generally be:\nOption A:equal to correlations among asset classes.\nOption B:lower than correlations among asset classes.\nOption C:higher than correlations among asset classes.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A client who is a director of a publicly listed corporation is required by law to refrain from trading that company’s stock at certain points of the year when disclosure of financial results are pending. In preparing a written investment policy statement (IPS) for this client, this restriction on trading:\nOption A:is irrelevant to the IPS.\nOption B:should be included in the IPS.\nOption C:makes it illegal for the portfolio manager to work with this client.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is not an assumption of technical analysis?\nOption A:Security markets are efficient.\nOption B:The security under analysis is freely traded.\nOption C:Market trends and patterns tend to repeat themselves.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In providing investment services, robo-advisers are most likely to:\nOption A:rely on their cost effectiveness to pursue active strategies.\nOption B:offer fairly conservative advice as easily accessible guidance.\nOption C:be free from regulation when acting as fully-automated wealth managers.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A characteristic of Big Data is that:\nOption A:one of its traditional sources is business processes.\nOption B:it involves formats with diverse types of structures.\nOption C:real-time communication of it is uncommon due to vast content.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A factor associated with the widespread adoption of algorithmic trading is increased:\nOption A:market efficiency.\nOption B:average trade sizes.\nOption C:trading destinations.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A linear price scale is:\nOption A:inappropriate for a candlestick chart.\nOption B:better suited for analysis of short-term price movements.\nOption C:constructed with equal vertical distances corresponding to an equal percentage price change.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A firm’s risk management committee would be expected to do all of the following except:\nOption A:approving the governing body’s proposed risk policies.\nOption B:deliberating the governing body’s risk policies at the operational level.\nOption C:providing top decision-makers with a forum for considering risk management issues.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In the 1980s, Japan was viewed by many FMPs as the model economy. Although its growth began to decelerate sharply by 1990, it was not until the mid to late 1990s that FMPs’ GDP forecasts were consistently achieved. By taking several years to adapt their forecasts to the lower growth environment, FMPs exhibited which behavioral bias?\nOption A:Mental accounting\nOption B:Overconfidence\nOption C:Conservatism", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which factor should most affect a company’s ability to tolerate risk?\nOption A:A stable market environment\nOption B:The beliefs of the individual board members\nOption C:The ability to dynamically respond to adverse events", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In preparing an investment policy statement, which of the following is most difficult to quantify?\nOption A:Time horizon.\nOption B:Ability to accept risk.\nOption C:Willingness to accept risk.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Risk budgeting includes all of the following except:\nOption A:determining the target return.\nOption B:quantifying tolerable risk by specific metrics.\nOption C:allocating a portfolio by some risk characteristics of the investments.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Bollinger Bands are constructed by plotting:\nOption A:a MACD line and a signal line.\nOption B:a moving-average line with an uptrend line above and downtrend line below.\nOption C:a moving-average line with upper and lower lines that are at a set number of standard deviations apart.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A candlestick chart is similar to a bar chart except that the candlestick chart:\nOption A:represents upward movements in price with X’s.\nOption B:also graphically shows the range of the period’s highs and lows.\nOption C:has a body that is light or dark depending on whether the security closed higher or lower than its open.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Jun Park, CFA, works at a hedge fund. Most of Park’s colleagues are also CFA charterholders. At an event with recent university graduates, Park comments, “Most CFA charterholders work at hedge funds.” Park’s remark exhibits which behavioral bias?\nOption A:Availability\nOption B:Conservatism\nOption C:Framing", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A written investment policy statement (IPS) is most likely to succeed if:\nOption A:it is created by a software program to assure consistent quality.\nOption B:it is a collaborative effort of the client and the portfolio manager.\nOption C:it reflects the investment philosophy of the portfolio manager.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When a security is not trending, it is considered to be in a:\nOption A:breakout.\nOption B:retracement.\nOption C:consolidation.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The capital market line (CML) is the graph of the risk and return of portfolio combinations consisting of the risk-free asset and:\nOption A:any risky portfolio.\nOption B:the market portfolio.\nOption C:the leveraged portfolio.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "As the number of assets in an equally-weighted portfolio increases, the contribution of each individual asset’s variance to the volatility of the portfolio:\nOption A:increases.\nOption B:decreases.\nOption C:remains the same.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "At the beginning of Year 1, a fund has $10 million under management; it earns a return of 14% for the year. The fund attracts another $100 million at the start of Year 2 and earns a return of 8% for that year. The money-weighted rate of return is most likely:\nOption A:less than the time-weighted rate of return.\nOption B:the same as the time-weighted rate of return.\nOption C:greater than the time-weighted rate of return.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following performance measures is consistent with the CAPM?\nOption A:M-squared.\nOption B:Sharpe ratio.\nOption C:Jensen’s alpha", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "With respect to an equally-weighted portfolio made up of a large number of assets, which of the following contributes the most to the volatility of the portfolio?\nOption A:Average variance of the individual assets.\nOption B:Standard deviation of the individual assets.\nOption C:Average covariance between all pairs of assets.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In 1938, R. N. Elliott proposed a theory that equity markets move:\nOption A:in stochastic waves.\nOption B:in cycles following Fibonacci ratios.\nOption C:in waves dependent on other securities.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Based on the decennial pattern of cycles, how would the return of the Dow Jones Industrial Average (DJIA) in the year 2015 compare with the return in 2020?\nOption A:The return would be better.\nOption B:The return would be worse.\nOption C:The answer cannot be determined because the theory does not apply to both of those years.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which flow-of-funds indicator is considered bearish for equities?\nOption A:A large increase in the number of IPOs.\nOption B:Higher-than-average cash balances in mutual funds.\nOption C:An upturn in margin debt but one that is still below the long-term average.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A TRIN with a value of less than 1.0 indicates:\nOption A:the market is in balance.\nOption B:there is more volume in rising shares.\nOption C:there is more volume in declining shares.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "According to the US presidential cycle theory, the DJIA has the best performance during which year?\nOption A:The presidential election year itself.\nOption B:The first year following a presidential election.\nOption C:The third year following a presidential election.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Nikolai Kondratieff concluded in the 1920s that since the 1780s, Western economies have generally followed a cycle of how many years?\nOption A:18.\nOption B:54.\nOption C:76.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "What is a major problem with long-term cycle theories?\nOption A:The sample size is small.\nOption B:The data are usually hard to observe.\nOption C:They occur over such a long period that they are difficult to discern.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An analyst estimates that 20% of high-risk bonds will fail (go bankrupt). If she applies a bankruptcy prediction model, she finds that 70% of the bonds will receive a “good” rating, implying that they are less likely to fail. Of the bonds that failed, only 50% had a “good” rating. Use Bayes’ formula to predict the probability of failure given a “good” rating. (Hint, let P(A) be the probability of failure, P(B) be the probability of a “good” rating, P(B | A) be the likelihood of a “good” rating given failure, and P(A | B) be the likelihood of failure given a “good” rating.)\nOption A:5.7%\nOption B:14.3%\nOption C:28.6%", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A bar chart that orders categories by frequency in descending order and includes a line displaying cumulative relative frequency is referred to as a:\nOption A:Pareto Chart.\nOption B:grouped bar chart.\nOption C:frequency polygon.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If the probability that Zolaf Company sales exceed last year's sales is 0.167, the odds for exceeding sales are closest to:\nOption A:1 to 5.\nOption B:1 to 6.\nOption C:5 to 1.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following correlation coefficients indicates the weakest linear relationship between two variables?\nOption A:–0.67\nOption B:–0.24\nOption C:0.33", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which probability estimate most likely varies greatly between people?\nOption A:An a priori probability\nOption B:An empirical probability\nOption C:A subjective probability", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Data values that are categorical and not amenable to being organized in a logical order are most likely to be characterized as:\nOption A:ordinal data.\nOption B:discrete data.\nOption C:nominal data.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The probability of an event given that another event has occurred is a:\nOption A:joint probability.\nOption B:marginal probability.\nOption C:conditional probability.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which valuation tool is recommended to be used if the goal is to make comparisons of three or more variables over time?\nOption A:Heat map\nOption B:Bubble line chart\nOption C:Scatter plot matrix", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Himari Fukumoto has joined a new firm and is selecting mutual funds in the firm’s pension plan. If 10 mutual funds are available, and she plans to select four, how many different sets of mutual funds can she choose?\nOption A:210\nOption B:720\nOption C:5,040", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Given a portfolio of five stocks, how many unique covariance terms, excluding variances, are required to calculate the portfolio return variance?\nOption A:10\nOption B:20\nOption C:25", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A correlation of 0.34 between two variables, X and Y, is best described as:\nOption A:changes in X causing changes in Y.\nOption B:a positive association between X and Y.\nOption C:a curvilinear relationship between X and Y.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Published ratings on stocks ranging from 1 (strong sell) to 5 (strong buy) are examples of which measurement scale?\nOption A:Ordinal\nOption B:Continuous\nOption C:Nominal", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following risk premiums is most relevant in explaining the difference in yields between 30-year bonds issued by the US Treasury and 30-year bonds issued by a small private issuer?\nOption A:Inflation\nOption B:Maturity\nOption C:Liquidity", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A manager will select 20 bonds out of his universe of 100 bonds to construct a portfolio. Which formula provides the number of possible portfolios?\nOption A:Permutation formula\nOption B:Multinomial formula\nOption C:Combination formula", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is most accurate? If the covariance of returns between two assets is 0.0023, then:\nOption A:the assets’ risk is near zero.\nOption B:the asset returns are unrelated.\nOption C:the asset returns have a positive relationship.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An analyst calculated the excess kurtosis of a stock’s returns as -0.75. From this information, we conclude that the distribution of returns is:\nOption A:normally distributed.\nOption B:thin-tailed compared to the normal distribution.\nOption C:fat-tailed compared to the normal distribution.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is a potential problem with interpreting a correlation coefficient?\nOption A:Outliers\nOption B:Spurious correlation\nOption C:Both outliers and spurious correlation", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The average return for Portfolio A over the past twelve months is 3%, with a standard deviation of 4%. The average return for Portfolio B over this same period is also 3%, but with a standard deviation of 6%. The geometric mean return of Portfolio A is 2.85%. The geometric mean return of Portfolio B is:\nOption A:less than 2.85%.\nOption B:equal to 2.85%.\nOption C:greater than 2.85%.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In probability theory, exhaustive events are best described as events:\nOption A:have a probability of zero.\nOption B:are mutually exclusive.\nOption C:include all potential outcomes.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Investors should most likely be attracted to return distributions that are:\nOption A:Normal.\nOption B:Positively skewed.\nOption C:Negatively skewed.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A tree-map is best suited to illustrate:\nOption A:underlying trends over time.\nOption B:joint variations in two variables.\nOption C:value differences of categorical groups.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A heat map is best suited for visualizing the:\nOption A:frequency of textual data.\nOption B:degree of correlation between different variables.\nOption C:shape, center, and spread of the distribution of numerical data.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "After estimating the probability that an investment manager will exceed his benchmark return in each of the next two quarters, an analyst wants to forecast the probability that the investment manager will exceed his benchmark return over the two-quarter period in total. Assuming that each quarter’s performance is independent of the other, which probability rule should the analyst select?\nOption A:Addition rule\nOption B:Multiplication rule\nOption C:Total probability rule", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In a frequency distribution, the absolute frequency measure:\nOption A:represents the percentages of each unique value of the variable.\nOption B:represents the actual number of observations counted for each unique valueof the variable.\nOption C:allows for comparisons between datasets with different numbers of total observations.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Florence Hixon is screening a set of 100 stocks based on two criteria (Criterion 1 and Criterion 2). She set the passing level such that 50% of the stocks passed each screen. For these stocks, the values for Criterion 1 and Criterion 2 are not independent but are positively related. How many stocks should pass Hixon’s two screens?\nOption A:Less than 25\nOption B:25\nOption C:More than 25", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A two-dimensional rectangular array would be most suitable for organizing a collection of raw:\nOption A:panel data.\nOption B:time-series data.\nOption C:cross-sectional data.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following data types would be classified as being categorical?\nOption A:Discrete\nOption B:Nominal\nOption C:Continuous", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A fixed-income analyst uses a proprietary model to estimate bankruptcy probabilities for a group of firms. The model generates probabilities that can take any value between 0 and 1.The resulting set of estimated probabilities would most likely be characterized as:\nOption A:ordinal data.\nOption B:discrete data.\nOption C:continuous data.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A line chart with two variables—for example, revenues and earnings per share—is best suited for visualizing:\nOption A:the joint variation in the variables.\nOption B:underlying trends in the variables over time.\nOption C:the degree of correlation between the variables.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which visualization tool works best to represent unstructured, textual data?\nOption A:Tree-Map\nOption B:Scatter plot\nOption C:Word cloud", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "All else being equal, as the correlation between two assets approaches +1.0, the diversification benefits:\nOption A:decrease.\nOption B:stay the same.\nOption C:increase.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In a typical year, 5% of all CEOs are fired for “performance” reasons. Assume that CEO performance is judged according to stock performance and that 50% of stocks have above-average returns or “good” performance. Empirically, 30% of all CEOs who were fired had “good” performance. Using Bayes’ formula, what is the probability that a CEO will be fired given “good” performance? (Hint, let P(A) be the probability of a CEO being fired, P(B) be the probability of a “good” performance rating, P(B | A) be the likelihood of a “good” performance rating given that the CEO was fired, and P(A | B) be the likelihood of the CEO being fired given a “good” performance rating.)\nOption A:1.5%\nOption B:2.5%\nOption C:3.0%", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If the sample standard deviation is zero, compare with geometric mean, arithmetic mean is:\nOption A:Greater.\nOption B:Smaller.\nOption C:The same.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "John purchased 60% of the stocks in a portfolio, while Andrew purchased the other 40%. Half of John’s stock-picks are considered good, while a fourth of Andrew’s are considered to be good. If a randomly chosen stock is a good one, what is the probability John selected it?\nOption A:0.40.\nOption B:0.30.\nOption C:0.75.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following best describes how an analyst would estimate the expected value of a firm under the scenarios of bankruptcy and survivorship? The analyst would use:\nOption A:the addition rule.\nOption B:conditional expected values.\nOption C:the total probability rule for expected value.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When analyzing investment returns, which of the following statements is correct?\nOption A:The geometric mean will exceed the arithmetic mean for a series with non-zero variance.\nOption B:The geometric mean measures an investment’s compound rate of growth over multiple periods.\nOption C:The arithmetic mean accurately estimates an investment’s terminal value over multiple periods.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The nominal risk-free rate is best described as the sum of the real risk-free rate and a premium for:\nOption A:maturity.\nOption B:liquidity.\nOption C:expected inflation.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "After six months, the growth portfolio that Rayan Khan manages has outperformed its benchmark. Khan states that his odds of beating the benchmark for the year are 3 to 1. If these odds are correct, what is the probability that Khan’s portfolio will beat the benchmark for the year?\nOption A:0.33\nOption B:0.67\nOption C:0.75", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In the step \"stating a decision rule\" in testing a hypothesis, which of the following elements must be specified?\nOption A:Critical value\nOption B:Power of a test\nOption C:Value of a test statistic", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "All else equal, is specifying a smaller significance level in a hypothesis test likely to increase the probability of a Type I error or Type II error?\nOption A:Type I error (No) or Type II error (No)\nOption B:Type I error (No) or Type II error (Yes)\nOption C:Type I error (Yes) or Type II error (No)", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A report on long-term stock returns focused exclusively on all currently publicly traded firms in an industry is most likely susceptible to:\nOption A:look-ahead bias.\nOption B:survivorship bias.\nOption C:intergenerational data mining.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is correct with respect to the null hypothesis?\nOption A:It can be stated as “not equal to” provided the alternative hypothesis is stated as “equal to.”\nOption B:Along with the alternative hypothesis, it considers all possible values of the population parameter.\nOption C:In a two-tailed test, it is rejected when evidence supports equality between the hypothesized value and population parameter.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A Monte Carlo simulation can be used to:\nOption A:directly provide precise valuations of call options.\nOption B:simulate a process from historical records of returns.\nOption C:test the sensitivity of a model to changes in assumptions.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which parameter equals zero in a normal distribution?\nOption A:Kurtosis\nOption B:Skewness\nOption C:Standard deviation", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The power of a hypothesis test is:\nOption A:equivalent to the level of significance.\nOption B:the probability of not making a Type II error.\nOption C:unchanged by increasing a small sample size.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following represents a correct statement about the p-value?\nOption A:The p-value offers less precise information than does the rejection points approach.\nOption B:A larger p-value provides stronger evidence in support of the alternative hypothesis.\nOption C:A p-value less than the specified level of significance leads to rejection of the null hypothesis.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A chi-square test is most appropriate for tests concerning:\nOption A:a single variance.\nOption B:differences between two population means with variances assumed to be equal.\nOption C:differences between two population means with variances assumed to not be equal.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An analyst is researching the relationship between corporate earnings growthand stock returns. Specifically, she is interested in whether earnings revisionsaffect stock price returns in the same period. She collects five years of monthlydata on “Wall Street” EPS revisions for a sample of 100 companies and on theirmonthly stock price returns over the five-yearperiod.What are the dependent and independent variables in her model?\nOption A:The dependent variable is monthly stock price returns, and the independent variable is Wall Street EPS revisions.\nOption B:The dependent variable is Wall Street EPS revisions, and the independent variable is monthly stock price returns.\nOption C:The dependent variable and the independent variable can switch positions.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The value of the cumulative distribution function F(x), where x is a particular outcome, for a discrete uniform distribution:\nOption A:sums to 1.\nOption B:lies between 0 and 1.\nOption C:decreases as x increases.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The best approach for creating a stratified random sample of a population involves:\nOption A:drawing an equal number of simple random samples from each subpopulation.\nOption B:selecting every kth member of the population until the desired sample size is reached.\nOption C:drawing simple random samples from each subpopulation in sizes proportional to the relative size of each subpopulation.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A pooled estimator is used when testing a hypothesis concerning the:\nOption A:equality of the variances of two normally distributed populations.\nOption B:difference between the means of two at least approximately normally distributed populations with unknown but assumed equal variances.\nOption C:difference between the means of two at least approximately normally distributed populations with unknown and assumed unequal variances.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following assets most likely requires the use of a multivariate distribution for modeling returns?\nOption A:A call option on a bond\nOption B:A portfolio of technology stocks\nOption C:A stock in a market index", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When making a decision in investments involving a statistically significant result, the:\nOption A:economic result should be presumed meaningful.\nOption B:statistical result should take priority over economic considerations.\nOption C:economic logic for the future relevance of the result should be further explored.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A limitation of Monte Carlo simulation is:\nOption A:its failure to do “what if” analysis.\nOption B:that it requires historical records of returns\nOption C:its inability to independently specify cause-and-effect relationships.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The lowest boundary of a normal distribution is:\nOption A:-1.\nOption B:-∞.\nOption C:Zero.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An analyst tests the profitability of a trading strategy with the null hypothesis being that the average abnormal return before trading costs equals zero. The calculated t-statistic is 2.802, with critical values of ± 2.756 at significance level α = 0.01. After considering trading costs, the strategy’s return is near zero. The results are most likely:\nOption A:statistically but not economically significant.\nOption B:economically but not statistically significant.\nOption C:neither statistically nor economically significant.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The probability of correctly rejecting the null hypothesis is the:\nOption A:p-value.\nOption B:power of a test.\nOption C:level of significance.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A random number between zero and one is generated according to a continuous uniform distribution. What is the probability that the first number generated will have a value of exactly 0.30?\nOption A:0%\nOption B:30%\nOption C:70%", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A population has a non-normal distribution with mean μ and variance σ^2. The sampling distribution of the sample mean computed from samples of large size from that population will have:\nOption A:the same distribution as the population distribution.\nOption B:its mean approximately equal to the population mean.\nOption C:its variance approximately equal to the population variance.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An analyst is examining a large sample with an unknown population variance. Which of the following is the most appropriate test to test the hypothesis that the historical average return on an index is less than or equal to 6%?\nOption A:One-tailed t-test\nOption B:Two-tailed t-test\nOption C:One-sided chi-square test", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is characteristic of the normal distribution?\nOption A:Asymmetry\nOption B:Kurtosis of 3\nOption C:Definitive limits or boundaries", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In a discrete uniform distribution with 20 potential outcomes of integers 1 to 20, the probability that X is greater than or equal to 3 but less than 6, P(3 ≤ X ＜ 6), is:\nOption A:0.10.\nOption B:0.15.\nOption C:0.20.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is correct with respect to the p-value?\nOption A:It is a less precise measure of test evidence than rejection points.\nOption B:It is the largest level of significance at which the null hypothesis is rejected.\nOption C:It can be compared directly with the level of significance in reaching test conclusions.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which one of the following statements is true about non-probability sampling?\nOption A:There is significant risk that the sample is not representative of the population.\nOption B:Every member of the population has an equal chance of being selected for the sample.\nOption C:Using judgment guarantees that population subdivisions of interest are represented in the sample.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Perkiomen Kinzua, a seasoned auditor, is auditing last year’s transactions for Conemaugh Corporation. Unfortunately, Conemaugh had a very large number of transactions last year, and Kinzua is under a time constraint to finish the audit. He decides to audit only the small subset of the transaction population that is of interest and to use sampling to create that subset. The most appropriate sampling method for Kinzua to use is:\nOption A:judgmental sampling.\nOption B:systematic sampling.\nOption C:convenience sampling.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A stock is priced at $100.00 and follows a one-period binomial process with an up move that equals 1.05 and a down move that equals 0.97. If 1 million Bernoulli trials are conducted, and the average terminal stock price is $102.00, the probability of an up move （　） is closest to:\nOption A:0.375.\nOption B:0.500.\nOption C:0.625.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is correct regarding the chi-squaretest ofindependence?\nOption A:The test has a one-sided rejection region.\nOption B:The null hypothesis is that the two groups are dependent.\nOption C:If there are two categories, each with three levels or groups, there are six\\ndegrees of freedom.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements about hypothesis testing is correct?\nOption A:The null hypothesis is the condition a researcher hopes to support.\nOption B:The alternative hypothesis is the proposition considered true without conclusive evidence to the contrary.\nOption C:The alternative hypothesis exhausts all potential parameter values not accounted for by the null hypothesis.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "For a two-sided confidence interval, an increase in the degree of confidence will result in:\nOption A:a wider confidence interval.\nOption B:a narrower confidence interval.\nOption C:no change in the width of the confidence interval.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The level of significance of a hypothesis test is best used to:\nOption A:calculate the test statistic.\nOption B:define the test’s rejection points.\nOption C:specify the probability of a Type II error.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The value of a test statistic is best described as the basis for deciding whether to:\nOption A:reject the null hypothesis.\nOption B:accept the null hypothesis.\nOption C:reject the alternative hypothesis.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A portfolio has an expected return of 7% with a standard deviation of 13%. For an investor with a minimum annual return target of 4%, the probability that the portfolio return will fail to meet the target is closest to:\nOption A:33%.\nOption B:41%.\nOption C:59%.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An increase in sample size is most likely to result in a:\nOption A:wider confidence interval.\nOption B:decrease in the standard error of the sample mean.\nOption C:lower likelihood of sampling from more than one population.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following events can be represented as a Bernoulli trial?\nOption A:The flip of a coin\nOption B:The closing price of a stock\nOption C:The picking of a random integer between 1 and 10", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements regarding a one-tailed hypothesis test is correct?\nOption A:The rejection region increases in size as the level of significance becomes smaller.\nOption B:A one-tailed test more strongly reflects the beliefs of the researcher than a two-tailed test.\nOption C:The absolute value of the rejection point is larger than that of a two-tailed test at the same level of significance.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An estimator with an expected value equal to the parameter that it is intended to estimate is described as:\nOption A:efficient.\nOption B:unbiased.\nOption C:consistent.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "If an estimator is consistent, an increase in sample size will increase the:\nOption A:accuracy of estimates.\nOption B:efficiency of the estimator.\nOption C:unbiasedness of the estimator.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements on p-value is correct?\nOption A:The p-value indicates the\\nprobability of making a Type II error.\nOption B:The lower the p-value, the weaker\\nthe evidence for rejecting the H0.\nOption C:The p-value is the smallest level\\nof significance at which H0 can be rejected.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is a Type I error?\nOption A:Rejecting a true null hypothesis\nOption B:Rejecting a false null hypothesis\nOption C:Failing to reject a false null hypothesis", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Homoskedasticity is best described as the situation in which the variance of the residuals of a regression is:\nOption A:zero.\nOption B:normally distributed.\nOption C:constant across observations.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A hypothesis test for a normally-distributed population at a 0.05 significance level implies a:\nOption A:95% probability of rejecting a true null hypothesis.\nOption B:95% probability of a Type I error for a two-tailed test.\nOption C:5% critical value rejection region in a tail of the distribution for a one-tailed test.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Whichof the following tests of a hypothesis concerning the population mean is mostappropriate?\nOption A:A z-test if the population variance is unknown and the sample is small\nOption B:A z-test if the population is normally distributed with a known variance\nOption C:A t-test if the population is non-normally distributed with unknown variance and a small sample", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Investor believes that the mean price of houses in the area is greater than $135,000. A random sample of 25 houses in the area has a mean price of $139,750. The population standard deviation is $24,000, and he wants to conduct a hypothesis test at a 1% level of significance. The value of the calculated test statistic is closest to:\nOption A:0.67.\nOption B:0.99.\nOption C:2.00.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "For a small sample from a normally distributed population with unknown variance, the most appropriate test statistic for the mean is the:\nOption A:z-statistic.\nOption B:t-statistic.\nOption C:χ2 statistic.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A Type II error is best described as:\nOption A:rejecting a true null hypothesis.\nOption B:failing to reject a false null hypothesis.\nOption C:failing to reject a false alternative hypothesis.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following is a continuous random variable?\nOption A:The value of a futures contract quoted in increments of $0.05\nOption B:The total number of heads recorded in 1 million tosses of a coin\nOption C:The rate of return on a diversified portfolio of stocks over a three-month period", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which one of the following statements about Student’s t-distribution is false?\nOption A:It is symmetrically distributed around its mean value, like the normal distribution.\nOption B:It has shorter (i.e., thinner) tails than the normal distribution.\nOption C:As its degrees of freedom increase, Student’s t-distribution approaches the normal distribution.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When evaluating mean differences between two dependent samples, the most appropriate test is a:\nOption A:z-test.\nOption B:chi-square test.\nOption C:paired comparisons test.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Compared with bootstrap resampling, jackknife resampling:\nOption A:is done with replacement.\nOption B:usually requires that the number of repetitions is equal to the sample size.\nOption C:produces dissimilar results for every run because resamples are randomly drawn.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A portfolio has an expected mean return of 8 percent and standard deviation of 14 percent. The probability that its return falls between 8 and 11 percent is closest to:\nOption A:8.3%\nOption B:14.8%.\nOption C:58.3%.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In contrast to normal distributions, lognormal distributions:\nOption A:are skewed to the left.\nOption B:have outcomes that cannot be negative.\nOption C:are more suitable for describing asset returns than asset prices.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A distribution with excess kurtosis less than zero is termed:\nOption A:mesokurtic.\nOption B:platykurtic.\nOption C:leptokurtic.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In descriptive statistics, an example of a parameter is the:\nOption A:median of a population.\nOption B:mean of a sample of observations.\nOption C:standard deviation of a sample of observations.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The height of a bar in a histogram represents the matching data interval’s:\nOption A:relative frequency.\nOption B:absolute frequency.\nOption C:cumulative frequency.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements on p-value is correct?\nOption A:The p-value is the smallest level of significance at which H0 can be rejected.\nOption B:The p-value indicates the probability of making a Type II error.\nOption C:The lower the p-value, the weaker the evidence for rejecting the H0.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following groups best illustrates a population?\nOption A:The 500 companies in the S&P 500 Index\nOption B:The NYSE-listed stocks in the Dow Jones Industrial Average\nOption C:The Lehman Aggregate Bond Index as a representation of the US bond market", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Two portfolios have unimodal return distributions. Portfolio 1 has a skewness of 0.77, and Portfolio 2 has a skewness of –1.11. Which of the following is correct?\nOption A:For Portfolio 1, the median is less than the mean.\nOption B:For Portfolio 1, the mode is greater than the mean.\nOption C:For Portfolio 2, the mean is greater than the median.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A return distribution with frequent small gains and a few extreme losses is most likely to be called:\nOption A:leptokurtic.\nOption B:positively skewed.\nOption C:negatively skewed.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Frequency distributions summarize data in:\nOption A:a tabular display.\nOption B:overlapping intervals.\nOption C:a relatively large number of intervals.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following sequences best represents the relative sizes of the mean, median, and mode for a positively skewed unimodal distribution?\nOption A:mode ≤ median ≤ mean\nOption B:mode < median < mean\nOption C:mean < median < mode", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An investor purchases an annuity that will pay $100 annually for 4 years, and the first payment occurs one year from now. Assuming the discount rate is 5%, how much should she pay for the annuity?\nOption A:$355\nOption B:$372\nOption C:$338", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements about a heat map is incorrect?\nOption A:It is a useful tool for visualizing textual data.\nOption B:It is suitable for visualizing the degree of correlation among different variables.\nOption C:It is commonly used in displaying frequency distributions.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of following statements is least accurate ?\nOption A:Covariance can be positive or negative.\nOption B:Correlation coefficient is between -1 and +1.\nOption C:Covariance is between -1 and +1.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following characteristics does a normal distribution not have?\nOption A:Definitive limits or boundaries\nOption B:Excess kurtosis of 0\nOption C:Symmetry", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When degrees of freedom increases, the t-distribution:\nOption A:is approaching standard normal distribution.\nOption B:has fatter tails.\nOption C:becomes asymmetric.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "After carefully studying the central limit theorem, an analyst makes the following statements:Ⅰ. The sampling distribution is the same as the population distribution.Ⅱ. The population distribution may be leptokurtic and positively skewed.Ⅲ. The sample size must be no more than 30.How many statements above are consistent with the central limit theorem?\nOption A:One\nOption B:Two\nOption C:Three", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The t-distribution is appropriate to construct a confidence interval when:\nOption A:the population follows a lognormal distribution with known variance and small sample size.\nOption B:the population follows a normal distribution with known variance and large sample size.\nOption C:the population follows a normal distribution with unknown variance and small sample size.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "The following factors will widen the confidence interval except:\nOption A:larger point estimate.\nOption B:smaller sample size.\nOption C:larger confidence level.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements is incorrect regarding bootstrap resampling?\nOption A:Bootstrap cannot be used to construct the sampling distribution of the sample mean.\nOption B:Bootstrap treats the randomly drawn sample as if it were the population\nOption C:Each resample has the same size as the original sample", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "In a hypothesis test with a 0.05 significance level, the p-value is 0.04. Which of the following statements is most accurate? \nOption A:A Type II error may occur.\nOption B:A Type I error may occur.\nOption C:Both the Type I error and Type II error may occur.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements about the alternative hypothesis in a two-tailed test is correct?\nOption A:It is accepted when there is no evidence showing the null hypothesis is true.\nOption B:It is the hypothesis to be tested.\nOption C:It is usually stated as “equal to”.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "At a 0.10 significance level, which of the following statements is least accurate?\nOption A:For a two-tailed z-test, the null hypothesis can be rejected if the calculated test statistic is 1.96.\nOption B:For a one-tailed t-test, the null hypothesis can be rejected if the calculated p-value is 11%.\nOption C:For an F-test, the null hypothesis can be rejected if the calculated p-value is 9%.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "To test a null hypothesis that the mean of a normalized population is no larger than a particular value, which of the following tests is most appropriate if the sample size is small and population variance is unknown?\nOption A:A z-test\nOption B:A t-test\nOption C:A non-parametric test", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following statements about the assumption of homoskedasticity in linear regression is most accurate? Homoskedasticity refers to that:\nOption A:the variance of the error term is the same for all observations\nOption B:the error term is normally distributed.\nOption C:the error term is uncorrelated across observations", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An analyst is examining a large sample with an unknown population variance. To test the hypothesis that the historical average return on an index is less than or equal to 6%, which of the following is the most appropriate test?\nOption A:One-tailed z-test\nOption B:Two-tailed z-test\nOption C:One-tailed F-test", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Which of the following should be used to test the difference between the variances of two normally distributed populations?\nOption A:t-test\nOption B:F-test\nOption C:Paired comparisons test", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Over the past 240 months, an investor’s portfolio had a mean monthly return of 0.79%, with a standard deviation of monthly returns of 1.16%. According to Chebyshev’s inequality, the minimum number of the 240 monthly returns that fall into the range of -0.95% to 2.53% is closest to:\nOption A:80.\nOption B:107.\nOption C:133.", "output": "C"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "For a sample size of 65 with a mean of 31 taken from a normally distributed population with a variance of 529, a 99% confidence interval for the population mean will have a lower limit closest to:\nOption A:23.64.\nOption B:25.41.\nOption C:30.09.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "Jill Batten is analyzing how the returns on the stock of Stellar Energy Corp. are related with the previous month's percent change in the US Consumer Price Index for Energy (CPIENG). Based on 248 observations, she has computed the sample correlation between the Stellar and CPIENG variables to be -0.1452. She also wants to determine whether the sample correlation is statistically significant. The critical value for the test statistic at the 0.05 level of significance is approximately 1.96. Batten should conclude that the statistical relationship between Stellar and CPIENG is:\nOption A:significant, because the calculated test statistic has a lower absolute value than the critical value for the test statistic.\nOption B:significant, because the calculated test statistic has a higher absolute value than the critical value for the test statistic.\nOption C:not significant, because the calculated test statistic has a higher absolute value than the critical value for the test statistic.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "As the t-distribution’s degrees of freedom decrease, the t-distribution most likely:\nOption A:exhibits tails that become fatter.\nOption B:approaches a standard normal distribution.\nOption C:becomes asymmetrically distributed around its mean value.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "When evaluating mean differences between two dependent samples, the most appropriate test is a:\nOption A:chi-square test.\nOption B:paired comparisons test.\nOption C:z-test.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "US and Spanish bonds have return standard deviations of 0.64 and 0.56, respectively. If the correlation between the two bonds is 0.24, the covariance of returns is closest to:\nOption A:0.086.\nOption B:0.670.\nOption C:0.781.", "output": "A"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "A sample mean is computed from a population with a variance of 2.45. The sample size is 40. The standard error of the sample mean is closest to:\nOption A:0.039.\nOption B:0.247.\nOption C:0.387.", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "For a distribution of 2,000 observations with finite variance, sample mean of 10.0%, and standard deviation of 4.0%, what is the minimum number of observations that will lie within 8.0% around the mean according to Chebyshev's Inequality?\nOption A:720\nOption B:1,500\nOption C:1,680", "output": "B"}, {"instruction": "Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.", "input": "An article in a trade journal suggests that a strategy of buying the seven stocks in the S&P 500 with the highest earnings-to-price ratio at the end of the calendar year and holding them until March 20 of the following year produces significant trading profits. Upon reading further, you discover that the study is based on data from 1993 to 1997, and the earnings-to-price ratio is calculated using the stock price on December 31 of each year and the annual reported earnings per share for that year. Which of the following biases is least likely to influence the reported results?\nOption A:Survivorship bias.\nOption B:Look-ahead bias.\nOption C:Time-period bias.", "output": "A"}]
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