valuation allowance可以因为预期未来收益增加回转吗？

25. Given an independent central bank, monetary policy actions are more likely than fiscal policy actions to be: A. implementable quickly. B. effective when a specific group is targeted. C. effective when combating a deflationary economy. 书本上的答案解释太简单，请说明B为什么不对？

关于第四个example，如果卖一为74.3（300手），卖二为74.33（200手）。新limit buy为74.32（400手），那么会成交74.3的300手和74.33的100手吗？因为这样买下来400股的平均价格还是低于limit74.32的。会这样买入吗？如果是一个immediate-or-cancel order会有多少被cancel？

为什么保证金部分对于资产来说没有变动，他不是支付出去了吗

我实际交的税到底是tax payable 还是income tax expense啊 ?

2. Which is the most accurate statement regarding the demand for money? A. Precautionary money demand is directly related to GDP. B. Transactions money demand is inversely related to returns on bonds. C. Speculative demand is inversely related to the perceived risk of other assets. 这个知识点好像没有在基础班里面提及过，NOTE上也没有，考试需要掌握吗？

10.单选题 收藏 标记 纠错 A swap that involves the exchange of a fixed payment for a floating payment is most likely equivalent to a series of: A forward contracts that all have an initial positive value. B forward contracts that all have an initial value equal to the fixed payment. C forward contracts that have initial positive or negative value. 查看解析 上一题 下一题 正确答案C 您的答案A本题平均正确率：36% Swap 难度：一般 推荐：      答案解析 Since the cost of carrying an asset over different time periods will vary, the values of the implicit forward contracts embedded in the swap will not be equal. Some maybe positive and some maybe negative. 问：固定 浮动利率互换虽然不考定量，但是感觉这样比定量题还难，对于这种题没有切入点，请问怎么办

09.单选题 收藏 标记 纠错 The party making the fixed-rate payment under a swap contract may also have to make the variable payment on that contract if the swap is belonged to: A currency swap. B interest rate swap. C equity swap. 查看解析 上一题 下一题 正确答案C 您的答案B本题平均正确率：25% Swap 难度：一般 推荐：      答案解析 If the value of the index on which the swap is based declines, the resulting negative return would have to be paid by the party making the fixed-rate payment. This characteristic is one of the distinguishing features of equity swaps. 问:老师 股票互换和货币互换 基础课里没有讲，这块要不要 自己找资料研究，还是考试比例很小？

The internal rate of return method assumes that the cash flows from a project are reinvested at the project's IRR 可以解释下这句话吗？？

35.单选题 收藏 标记 纠错 In an investment policy statement (IPS), which of the following typical topics is most closely related to the client's "distinctive needs"? A Procedures. B Investment Guidelines. C Statement of Duties and Responsibilities 老师，讲解下这个题，麻烦