WEB, an investment-banking firm, is the principal underwriter for MTEX’s upcoming debenture issue. Wendy Berry, CFA, an analyst with WEB, has found out from an employee in MTEX’s programming department that a serious glitch was recently discovered in the software program of their major new product line. In fact, the glitch is so bad that most of their orders have been canceled. Berry checked the debenture’s prospectus and found no mention of this development. The red herring prospectus has already been distributed. Berry’s best course of action is to:（）
A. inform her immediate supervisor at WEB of her discovery.
B. keep quiet since this is material non-public inside information.
C. notify potential investors of the omission on a fair and equitable basis.
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Which of the following statements involving a plain vanilla interest rate swap is least accurate In a plain interest rate swap, the:（）
A. parties generally agree to swap the notional principal.
B. parties involved in the swap agreement are called counterparties.
C. counterparty that wants variable-rate interest agrees to pay fixed-rate interest and is called the pay-fixed side of the swap.
In accounting for long-term construction contracts, the percentage-of-completion method is preferable to the completed contract method when: （）
A. the contracts are of a relatively short duration (less than one year).
B. lack of dependable cost estimates cause forecasts to be doubtful.
C. estimates of the costs to complete and the extent of progress toward completion are reasonably dependable.
Why do bond portfolio managers use the concept of duration（）
A. It allows structuring a portfolio to take advantage of changes in credit quality.
B. It enables direct comparisons between bond issues with different levels of risk.
C. It assesses the time element of bonds in terms of both coupon and term to maturity.
Two basic assumptions of technical analysis are that security prices adjust:（）
A. move in trends that persist for long periods of time, and market prices are determined by the interaction of supply and demand.
B. move in trends that persist for long periods of time, and liquidity is provided by securities dealers.
C. adjust rapidly to new information, and market prices are determined by the interaction of supply and demand.
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