ETHICS

QUESTIONS A B C D ¿?
RESULT 0

The persons who perform

managerial functions, jobs, positions
or commissions in a securities
market intermediary, who as authors
or participants incur in the conduct of
With imprisonment from 5 With imprisonment from With imprisonment from 10 to With imprisonment from 5
1 disposing of the resources received incorrect
to 15 years 10 to 15 years 20 years to 20 years
from a client or his securities, for
purposes other than those ordered or
contracted by him, thereby causing
him a patrimonial damage, shall be
sanctioned.

Who applies penalties for violations

2 The CNBV The SHCP The BMV AMIB incorrect
of the Securities Market Law?

What type of fines are applied in the CNBV administrative Administrative measures Administrative measures Administrative measures
3 incorrect
Securities Market? measures imposed by the Ministry of imposed by the BMV imposed by the AMIB
Finance and Public Credit
The recommendations of the Code of Companies should provide
Companies should have That there are processes in That there are processes
Best Corporate Practices are aimed more information on their
mechanisms in place to place to promote participation in place to encourage
4 at defining principles that contribute administrative structure and incorrect
ensure that their financial and communication among adequate disclosure to
to improving the functioning of the the functions of their
information is sufficient. its operational areas. shareholders.
Board of Directors, except: corporate bodies.

Acts on the basis of a

A trader of a brokerage house hears
rumors that a certain stock is going Acts in accordance with
5 to have problems and has it as a
position in his portfolio, what
principle should he follow.
professional conduct of
integrity that allows the
applicable regulations and
transparent and orderly
sound market practice.
development of the
market.
Avoid conflicts between
Make your customer's
your personal interests incorrect
interest prevail
and those of third parties.

What principle is the professional

Safeguards the Avoid conflicts between Provides the market with
who keeps the information of his Do not use or disclose
6 Confidentiality of customer your personal interests accurate, clear, complete and incorrect
clients and of the operations they inside information
information and those of third parties. timely information.
celebrate in their accounts following?

Values and principles that

It is a set of values that are Refers to evaluative criteria
7 What is meant by Ethics? an individual relies on to All items are correct incorrect
part of a doctrine. about right and wrong
guide his or her behavior.

It is a set of values that are part of a

8 Ethics Moral Metaphysics Psychology incorrect
doctrine.

To be the basis for the To be the basis of action for

To be the basis of action
To be the basis of action for actions of all Operators, all professionals in this
for all Professionals,
all Operators, promoting promoting standards of market, promoting high
promoting standards of
standards of ethical and ethical and professional standards of ethical and
The Code of Ethics has the following conduct in order to
9 professional conduct in conduct in order to professional conduct in order incorrect
objectives preserve the integrity of
order to preserve the preserve the integrity of to preserve the integrity of
the financial market and
integrity of the financial the financial market and the stock market and protect
protect the interests of the
market. protect the interests of the the interests of the investing
public.
investing public. public.

To the Regulatory
Market professionals may only Authorities and Entities,
Cannot provide
10 provide information about their All other customers To the Authorities only when there is an incorrect
information
clients to: express, well-founded and
motivated requirement.

In the regulatory entities, who

develops the supervisory schemes
and systems as well as the The Shareholders' The Commissary and
11 The Board of Directors AMIB incorrect
disciplinary bodies to sanction Meeting Middle Management
conduct in violation of the rules they
issue.

Violations of the Self-Regulatory
12 Rules issued by the AMIB will be
sanctioned with:
Issue operational norms,
The Code of Ethics, by maintaining a
supra-regulatory relationship with the professional standards to
13
regulations of the Self-Regulatory ensure compliance with the
Entities, requires of the latter, except: fundamental principles of
The use of information about
14 customer orders for personal gain is
contrary to the following principle:
By virtue of the fact that healthy
competition must be based on
15
objectively existing factors, it refers
to:
What are the general ethical Honesty, integrity or probity,
16 principles recognized by the Code of diligence, impartiality and
Ethics?
17 The Code of Ethics is:
Guaranteeing returns to clients that
do not derive from the nature of the
18
instrument or the transaction is
contrary to the principle:
Of the following behaviors, which is
not in accordance with the principle
Promote, by example,
"Act on the basis of an integrated
19 correctness of action with
professional conduct that allows the
other professionals.
orderly and transparent development
of the market".
Not being complacent or consistent
20 with the misconduct of others refers
to the principle of:
Who can have access to privileged
21
information?
22 What is meant by "trade secret"?
The concept "They may not accept,
give, request or accept incentives
23
that give rise to a personal
commitment" refers to the principle:
Public reprimand and
Private and union temporary or definitive Exclusion or Financial
All items are correct incorrect
reprimand suspension of membership Penalty
rights.
Have the necessary Issue rules of a coercive
rules of conduct and Have disciplinary bodies and
systems and schemes in nature, regarding the
procedures to sanction
place to supervise conduct that professionals incorrect
Conduct that violates the
compliance with the must maintain in their
regulations they issue.
regulations they issue. performance.
action.
Act on the basis of a
professional conduct of
Safeguarding the Avoid conflicts between
Make your customer's integrity that allows the
confidentiality of customer your personal interest and incorrect
interest prevail transparent and orderly
information that of third parties.
development of the
market.
The dissemination to the
public of incorrect and To keep confidential the
Refrain from participating in
exaggerated data on the information of its clients Promote by example the
activities that are
performance of an and of the operations that rectitude of action with incorrect
incompatible with their
intermediary in the stock they celebrate in their other professionals.
functions.
market should be accounts.
prevented.
Fairness, honesty, probity, Discipline, honesty,
Transparency, integrity,
diligence, impartiality, fairness, probity, and incorrect
diligence, impartiality
good faith. impartiality, etc. transparency
The set of rules of the It is a set of rules that
highest hierarchy within the completes the current It is a set of rules issued by It is a set of rules issued
incorrect
regulation issued by each stock exchange the BMV. by the stock market.
Self-Regulatory Entity. regulation.
Act on the basis of a
professional conduct of
Avoid conflicts between
Make your customer's integrity that allows the
Compete fairly your personal interest and incorrect
interest prevail transparent and orderly
that of third parties.
development of the
market.
Refrain from altering or
Refrain from creating
interrupting without
false demand or supply Not to alter prices or rates by
justification the normal incorrect
conditions that influence means of deception or rumor.
operations in the stock
prices.
market.
Act on the basis of a
professional conduct of
Acts in accordance with Avoid conflicts between
Make your customer's integrity that allows the
applicable regulations and your personal interest and incorrect
interest prevail transparent and orderly
sound market practices. that of third parties.
development of the
market.
The Board of Directors,
No person may have
Employees The auxiliaries Officers, Managers, External incorrect
access to this information
Auditors, Statutory Auditors.
Not to disclose
Disclose information on information on operations To know the information of
Informing others of relevant
operations or services to all or services, except to the other companies through incorrect
situations
customers. holder or beneficiary of public media.
the securities.
Act on the basis of a
professional conduct of
Acts in accordance with Avoid conflicts between
Make your customer's integrity that allows the
applicable regulations and your personal interest and incorrect
interest prevail transparent and orderly
sound market practices. that of third parties.
development of the
market.

The principle whose fundamental
purpose is to prevent the improper
24
use and dissemination of privileged
information is:
How many general ethical principles
25
does the Code of Ethics recognize?
The Code of Ethics, how many
26 fundamental principles of action does 8 Fundamental Principles 5 Fundamental Principles
it establish in the stock market?
What do the Ethical Principles of the
27
Code of Ethics establish?
What do the Fundamental Business Establish the content of the
28 Principles of the Code of Ethics "must be" in the stock
establish?
Who are obligated subjects of the
Code of Professional Ethics of the
29
Mexican Stock Exchange
Community?
What is the difference between
30
ethics and morality?
Investment companies and the
The holder or beneficiary of representatives of the
persons who provide services to
the securities representing holder or beneficiary or to To Bancomext, by virtue of
them may give news or information
31
of the operations or services they
perform or in which they participate,
to the following actors, except to:
The C.N.B.V. is empowered to
provide foreign financial authorities
with information on operations or
services performed by investment
32
companies, provided they have
signed agreements with such
authorities that consider the principle
of reciprocity.
The Code of Best Corporate
33
Practices was issued by:
Where are the recommendations of
34 the Code of Best Corporate
Practices heading?
Act on the basis of a
professional conduct of
Acts in accordance with
Make your customer's integrity that allows the Do not use or disclose
applicable regulations and incorrect
interest prevail transparent and orderly inside information
sound market practices.
development of the
market.
8 Ethical Principles 5 Ethical Principles 3 Ethical principles No item is correct incorrect
3 Fundamental Principles No item is correct incorrect
Establish the content of the They establish how
The virtue of its functions in
"must be" in the stock professionals should act No item is correct incorrect
the stock market
market in the stock market.
They establish how
The virtue of its functions in
professionals should act No item is correct incorrect
the stock market
market in the stock market.
All persons who habitually
and professionally perform All professionals involved Only persons authorized by
No item is correct incorrect
activities in or related to the in buying and selling AMIB.
stock market.
Morality refers to the
conduct of man that
Morality studies the obeys certain evaluative *Morality refers to the
reflection on good and evil, criteria about good and conduct of man that obeys
while ethics obeys evil, while ethics studies moral criteria, while ethics n/a incorrect
evaluative criteria about the reflection on such studies the reflection on good
morality. criteria, as well as and evil.
everything related to
morality.
To the legal
To the judicial authority
when required by a
the capital stock of the those who have been the guarantee of loans incorrect
lawsuit in which the holder
investment company in granted power of attorney granted to the holder.
is a party or defendant.
question. to dispose of such
securities.
CERTAIN FALSE n/a n/a incorrect
The E.C.C. through the The B.M.V. through the
COPARMEX through the The AMIB through the
Corporate Best Corporate Sound Market Practices incorrect
Employers' Committee Steering Committee
Practices Committee Committee.
To define principles that
Towards the updating of contribute to improving
To improve relations between
accounting principles in the functioning of the
listed corporations and stock n/a incorrect
corporate financial Board of Directors and the
market participants.
statements disclosure of information
to shareholders.
 Specifically, do you believe that the
recommendations of the Code of
Best Practices seek, among other
35 objectives, to ensure that companies Yes No n/a n/a incorrect
have mechanisms in place to ensure
that their financial information is
sufficient?
 DEBT SECURITIES MARKET
QUESTIONS A B C D ¿?

Which of the following are Debt

1 Obligations Shares Commercial Paper CPI Futures
Securities Market securities?

2 Build Wealth Transfer Risks Trading on Price

The purpose of the Money Market is: Finance working capital

The Face Value of the Yield to

3 $1.00 $10.00 $100.00 $0.10
Maturity Notes is:

Industrial, Commercial
The Treasury of the
4 The "M" Bonds are issued by: Credit Institutions and Service Bank of Mexico
Federation
Companies

The sum of the amounts of the bids

submitted by each bidder in an
50% of the maximum 25% of the maximum 60% of the maximum
5 auction of government securities there is no limit
must not exceed the sum of the amount offered amount offered amount offered
amounts of the bids submitted by
each bidder in an auction of
The "UMS" Bonds are mostly issued Dollars of the
6 pesos m.n Interest Rate None applicable
in: United States
7 What is the bid in Cetes? $0.000001 $0.01 0.01% 0.10%

If we acquire cetes with 28 days

8 remaining to maturity at a yield rate $9.945478 $9.945167 $9.903212 $9.913322
of 7.05%, the price will be:

A client requests a 6-day investment

and we grant him 6.95%, assigning
9 him cetes with 28 days to maturity $9.956998 $9.945478 $9.945167 $9.913322
that we bring at 7.05% yield. What
will be the repurchase price?

Using the above data, what will be

10 7.03% 7.05% 7.00% 7.07%
the repurchase rate?
Which of the following are NOT
11 commercial paper CPO's cetes PRLV's
Money Market securities?
Which of the following will be the
best rate? 7.05% at 28 days, 7.20%
12 28 days 91 days 182 days 357 days
at 91 days, 7.22% at 182 days &
7.25% at 357 days
In which of the following is Banco de
13 Cetes M" Bonds BREMS Bondes
México the issuer?
At the beginning of a report the
14 receives money paper delivery receives paper not applicable
reporter:
Who participates in the
15 insurance companies Credit Institutions Brokerage Houses Exchange Houses
establishment of the TIIE?
Who is the underwriter of the IPAB
16 SHCP A Brokerage House A Credit Institution Banxico
Bonds?

If we quote a bond with coupons

17 including accrued coupon interest clean price dirty price base price none of the above
we talk about:

At the beginning of a report the

18 receives money paper delivery receives paper not applicable
reported:
The annual calculation basis for
19 natural days 270 days 365 days 360 days
discounted instruments is as follows
is a contract between
is an intermediation the investor and the
is an intermediation is a transaction in which
contract, in which a institution in which an
What is a repurchase agreement contract, in which the the investor acquires
20 premium is agreed for a interest rate is
and what is it for? investor purchases debt assets through a public
determined term, it is guaranteed and serves
securities offering.
used to obtain liquidity. to ensure certainty of
payment.
 none of the following
21 In the auction of government the highest rate at the lowest rate at the lowest price
applies
securities, it is assigned first to:

if in an auction the values are

assigned based on the highest bids with communicating
22 at a single price at multiple prices none of the above
and each bidder's rate and amount basins
requested, it is an auction.

Which of the following grants a fixed

23 Cetes PRLV's M" Bonds Shares
rate?
Governmental value positions are
24 price rate of return discount rate actual rate
given in:
25 Issued by IPAB Cetes PRLV's BPAT's Udibonos
If cetes were purchased today and
26 we will be winning we will be losing does not affect us
tomorrow the rates go down

What will be the order of allocation

in the following bids for government
27 securities in an auction? A.- 7.02%, A,C,B,D A,B,D,C A,C.B.D A,B,C,D
B.- 7.03%, C.- 7.06%, D.-7.08%, D.-
7.08%.

If the initial UDI is 3.1690 and after

28 18 days it is 3.1783, the effective 0.2900% 0.2935% 5.8694% 0.0940%
inflation is:

The Treasury of the Industrial, commercial

29 Who is the issuer in BPATS? Bank of Mexico IPAB
Federation and service companies

The ordinary settlement of Money

30 T+1 T+2 T+3 T0
Market securities is as follows

31 The Report involves Change of ownership Securities lending Futures Trading

Options Transactions

32 The face value of the Udibonos is: $100 $1,000 1,000 udis 100 pcs

33 In a repurchase agreement the reported seller reporter none of the following

investor is applies
When a generalized rise in market
34 rates occurs, the price of debt go to go to do not move has nothing to do with
securities:

The FIX Exchange Rate determines

35 SHCP BMV Nafinsa Banxico
it:
36 NOT reportable Obligations PRLV's cetes Bondes
37 The Cetes are held in custody: Banxico INDEVAL Assign CCV
The tax-free rate
The rate of return to the rate that represents the rate of return
obtained on an
38 The actual rate is: which inflation has been the same yield in a expressed in a special
investment in an
deducted different time frame period
investment

The proceeds from the placement of Financing from Banco Federal Government
39 Monetary regulation IPAB Payment
bonds will be used to. de México Financing

40 Pay the prize in a reporto reported reporter investor Banxico

The Treasury of the
41 is the guarantor of the CEBIC's. BMV Banxico Banobras
Federation

The Price on a fixed rate bond is by the discount rate on for the future value of by the present value of
42 for the agreed prize
calculated: the placement cash flows cash flows

This is the exchange rate used to

43 settle dollar-denominated obligations FIX Spot Same Day Interbank
in Mexico.

In collateralized repurchase
44 agreements, the institution that CCV INDEVAL BMV Assign
administers the collateral is:

45 Manages quotes to determine TIIE BMV SHCP Nafinsa Banxico

 If PRLV's are acquired today
46 Thursday and we sell them a report a live operation is an option is a derivative
tomorrow Friday by choice is:

47 BREMs cut coupons every year. 91 days 182 days 28 days day

Bonds with a quarterly coupon are

purchased, live when the market
rate is 7.58%, the coupon rate is
7.38% with 572 days to maturity and
48 $99.213957 $101.532400 $98.732500 $100.000000
65 days elapsed on the coupon.
What would have been the clean
price if a 0.52% surcharge was
granted?

Using the above data, what would

49 $100.000000 $100.546457 $99.213957 $98.732500
the dirty price have been?

The nominal value of the PIC-

50 $100.000000 $1,000.000000 1,000 udis 100 pcs
FARAC's is:
Bankers' Acceptances are issued none of the following
51 a credit institution a trust companies
by: applies
The Cetes allocated in the auction
52 Tuesdays Wednesdays Fridays Thursdays
are liquidated:
The Commercial Paper has a face
53 $1.00 $10.00 $1,000.00 $100.00
value of

What will be the yield to maturity of a

$100 par value bond with a 9%
semi-annual fixed coupon that we
54 8.67% 8.50% 8.63% 8.00%
settle on Sept. 25? 2006 and expires
Nov. 15. 2010, with a price of
$101,125?

Using the above data, how much is

55 the interest earned on each $3.00 $3.15 $3.25 $2.85
security?

The maximum term of a repurchase

56 no deadline 28 days 91 days 360 days
agreement is.
Certificates of
57 Bankers' Acceptances are: Promissory notes Pledge Bonds Bills of Exchange
Participation

58 Commercial paper is placed via. public placement auction private none of the above

Mechanism by which intermediaries

59 obtain resources to hedge their risk primary auction securities clearing live operations anchoring
position.

Banco de México allocates the

60 Mondays Tuesdays Fridays Thursdays
auctioned securities.
The person who receives money
61 and delivers securities at the reported reporter length short
beginning of a repurchase
agreement.
In a public placement, the issuer of the Mexican Stock
62 of the acquiring investor of Indeval Placement Agent
issues the securities in the name of: Exchange

financing the federal financing credit

63 The placement of PRLV is for: monetary regulation finance companies
government institutions

64 At the end of a report the reported: paper delivery receives money money delivery not applicable

65 Banco de México Announces Mondays Tuesdays Fridays Thursdays

auctions of government securities:
The "M" Bonds grant a coupon each
66 28 days 91 days 180 days 182 days
year.
the treasury of the
67 Commercial Paper is issued by: financial institutions companies trusts
federation
 It is the market in which the In the Foreign Exchange
68 Secondary Market Primary Market In the Derivatives Market
company obtains its financing. Market
RESULT
0

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect
incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect
incorrect
 It is an operation in which no
131 a firm operation a crossover operation a self-entry operation a registration operation
one can participate

If a share trades at $210

132 $0.001 $0.01 $1.00 $0.10
pesos, the bid will be
If a stock trades at $0.95
133 1,000 100 10 1
pesos, the lot will be

A customer places a limit

order with us at $21.22 per
134 share. We will only be able a and b a and c b and c a and d
to allocate you: a) $21.22, b)
$21.21, c) $21.23, d) $21.24

The hierarchical criteria for

all must be market-
135 order entry or operation first entries first exits all must be limited best in price first in right
based
assignment are as follows

to make a short sale, we obtaining a securities

136 operate bidding down operate bid 0 none of the above
need loan
The sample at INMEX
137 consists of at least ...... 12 15 20 22
Series
to make a short sale, we obtaining a securities
138 operate bidding down operate bid 0 none of the above
need loan

A customer enters a sell limit

order at $12.21 per share.
139 We will only be able to a and b a and c b and c a and d
allocate you: a) $12.21, b)
$12.22, c) $12.20, d) $12.19

Mass media may NOT be a secondary public

140 a public placement an initial public offering a private placement
used in: offering

141 The SIC operates in SENTRA Capitals SENTRA Derivatives SENTRA Money MexDer
 DERIVATIVES & RISKS
RESULT
QUESTIONS A B C D ¿?
4
Finance working Form Operating at a
1 Derivatives are used for: c correct
capital Wealth Transfer Risks Discount

2 Credit risk refers to: Non-compliance Bursatility Liquidity Operation c incorrect

A significant change in the

3 economic or political environment Business Bursatility Systemic Not Systematic c correct
may result in a risk to the company.
Monetary Price
4 Market Risk refers to: Noncompliance Bursatility d correct
liquidity fluctuations

The risk that refers to the price

Unsystematic
5 oscillation in a particular share Systemic Risk Legal Risk Systematic Risk a incorrect
Risk
series is known as

The risk of widespread upside or

Unsystematic
6 downside risk in the stock market Systemic Risk Legal Risk Systematic Risk a incorrect
Risk
as a whole is known as

It is the tool that allows us to relate

the movement of a stock series in
7 Alpha Gamma Delta Beta incorrect
comparison with its benchmark
(IPC).

The "Black & Scholes" Model is

8 Valuing Risk Valuing Options Valuing Futures Valuing Shares incorrect
useful for:

Indicates our worst possible loss

9 within a given time period and VaR Beta Delta Gamma incorrect
confidence interval.

Remains the It has nothing to

10 If volatility increases VaR Decrease Increases incorrect
same do with
The Normal Distribution Curve
11 Dispersion Deltas Gammas Betas incorrect
measures

12 BETA is a measure of OPERATION ipc interest rates volatility incorrect

its volatility is
If the beta of a stock series is 1.07 its volatility is its volatility is
13 higher than the No relationship incorrect
vs. The CPI indicates that lower than the CPI equal to the CPI
CPI
its volatility is
If the beta of a stock series is 1 its volatility is its volatility is
14 higher than the No relationship incorrect
vs. The CPI indicates that lower than the CPI equal to the CPI
CPI

has no relation
dollar rises debt securities cetes are not
15 If rates rise to the debt incorrect
against the euro fall affected
market

no influence on increases the None of the

16 If the term is long decreases risk incorrect
risk risk above
If the price of the underlying asset remain the
17 increase decrease No relationship incorrect
rises in the market, the puts same

It expresses how much the value of

18 the option premiums moves by a beta alpha delta Gamma incorrect
price change in the underlying asset

Operational
19 Human Risk is considered as Credit Risk Liquidity Risk Market Risk incorrect
Risk

When the systems we use in the

Technological
20 institution have become obsolete, it Credit Risk Liquidity Risk Technical Risk incorrect
Risk
is considered a risk.

Failure to have a client's file

21 properly completed is considered to Credit Risk Legislative Risk Legal risk Legislative Risk incorrect
be
 Non-compliance with a rule,
Documentation
22 whether voluntary or involuntary, is Credit Risk Legislative Risk Legal Risk incorrect
Risk
known as

If we acquire a certain issue of

23 Counterparty Emitter Operative Technological incorrect
unsecured bonds, we face a risk of

Not having an adequate Policies

24 and Procedures Manual is Counterparty Emitter Operative Technological incorrect
considered a risk.

If we negotiate today and liquidate Advance Cash

25 Spot t+2 in shares incorrect
later, it is known as a Operation Transaction

If we trade DEUA futures on Dollar in same

26 TIIE 28 days IPC Spot dollar incorrect
"MexDer", the underlying will be day quotation

Advance market Reduce our None of the

27 A hedging operation allows us to Obtain high yields incorrect
movements risks above

The following are Its price

Which of the following is NOT a Advanced
28 purchase/sale Are Values depends on the incorrect
property of Derivatives? Operations are
contracts underlying

Another name applicable to the so-

29 Futures Options Forwards Swaps incorrect
called Forward Contracts is

30 Futures Options Forwards Swaps incorrect

They consist broadly of swaps
Its value
Which of the following is one of the These are
Advanced depends on the
31 differences between forwards and Standardization Leveraged incorrect
Operations are Underlying
futures? Transactions
Asset
None of the
32 Which risk is not diversifiable? financial legal Systemic incorrect
above

Risk arising from changes in the

33 Business Risk Strategic Risk Financial Risk Legislative Risk incorrect
financial markets.

which of the following is NOT an

34 Swaps Forwards Warrants Futures incorrect
OTC derivatives market?
These are Its value
It is one of the differences between Advance They are "tailor-
35 Leveraged depends on the incorrect
Forwards and Futures. operations are made suits".
Transactions underlying

interest rate
36 Are transferable Swaps Forwards Futures incorrect
swaps

We assume the
Cannot be
37 To close a short futures position We sell We buy opposite incorrect
closed
position

If we go long CPI SP06 futures and Position Position High risk

38 Single Position incorrect
short CPI DC06 futures we get Stapled Opposite position

An importing company to neutralize DEUA Long DEUA Short TE28 Short TE28 Future
39 incorrect
its risk would take: Position futures Position futures position futures Long Position

A company that has contracted a

DEUA Long DEUA Short TE28 Short TE28 Future
40 revisable rate debt to neutralize its incorrect
Position futures Position futures position futures Long Position
risk would take:

A Siefore that is 90% invested in Long position

Long IPC futures Short IPC TE28 Short
41 equities, in order to neutralize its futures of incorrect
position futures position position futures
risk in "such a drawer" would take TE28

When we trade on MexDer, our

42 CNBV MexDer Assign One Operator incorrect
counterparty in the contract is

It is the entity that guarantees

43 compliance with the contracts CNBV MexDer Assign One Operator incorrect
traded on MexDer.
 This is the fixed amount per
contract that must be deposited in
44 Award Collateral AIM's AE's incorrect
Asigna when opening futures
positions in MexDer.

45 The AE's are retained Assign Partner IPAB MexDer incorrect

Liquidator
46 Assigns en S.A. de C.V. Society S.C. Trust incorrect
Depositary
The minimum number of Asigna
47 4 5 8 9 incorrect
members is
These are MexDer members who Third-Party
48 can only trade for their own Operators Settling Own Liquidation Market Makers incorrect
position. Partners Partners
It is the process by which profits
Network
49 and losses are settled on a daily AIM's AE's Mark to Market incorrect
Security
basis.

The Carrying Cost in the financial Warehousing and Insurance and Interest rate
50 Storage only incorrect
futures is Insurance Interest Rate only

What is the Value of the DEUA 1,000 U.S.

51 $500,000 pesos $5,000 $10,000 incorrect
Contract? dollars

If we say $10 per point we indicate

52 TE28 CE91 DEUA IPC incorrect
the contract value of:

The settlement at maturity

Best Effort The cheapest
53 procedure in M10 futures is known Cash Settlement Firm Settlement incorrect
Settlement on delivery
as:

We took a Long position of 10 IPC

contracts at 21,000 pts. And the
54 -$10,000 $10,000 $1,000 -$1,000 incorrect
market ends at 21,100 pts. Our total
utility will be:

55
The theoretical value of the 33-day
DEUA considering a spot rate of
56 $11.0770 $11.0885 $11.1011 $11.2200 incorrect
$11.0543, cetes at 7.18, t.bills at
4.93 will be as follows
If we assume simultaneous
positions in different series in Position Position Zero risk
57 Single Position incorrect
MexDer, but all short or all long, we Stapled Opposite position
have.
These are options that allow early
58 European mexican american Australians incorrect
maturity
It is the one that tells me how much
the value of the premium changes
59 vega delta gamma rho incorrect
in an option due to a change in
interest rates.
This is the one that tells me how
much the value of the premium
60 vega delta gamma rho incorrect
changes in an option due to a
change in volatility.
It is the second derivative in the
61 vega delta gamma rho incorrect
"Black & Scholes" model.
This is what long options are
62 gaining and short options are temporary value gamma value intrinsic value extrinsic value incorrect
losing.

If the market price is above the out of the None of the

63 inside the money to money incorrect
strike price of a put then it is: money above

A call is in-the-money if the market at the same None of the

64 up below incorrect
price is ......... Of the exercise price: price above

It is the entity that guarantees

65 compliance with the options traded OCC IPAB MexDer Assign incorrect
on MexDer.
 If the market price of the underlying remains
66 increases, the value of the premium is increased decreases No relationship incorrect
unchanged
on the put
If I have bought futures, my position laurga y gano on short and gain long and I win cut and gain on
67 incorrect
is: the rise to the upside on the downside the downside
Who administers the Minimum
68 MEX DER ASIGNA INDEVAL AMIB incorrect
Initial Contributions?
 REGULATORY FRAMEWORK
RESULT
QUESTIONS A B C D ¿?
0
General Law of General Law of Credit
Law regulating the Public Offering of Investment
1 Mercantile Securities Market Law Instruments and incorrect
Securities: Company Law
Corporations Operations

Where are the Credit Securities

National Securities Commercial Code Public Registry of
2 registered, of which Public Offering is Civil Registry incorrect
Registry Registration Property
made?

Independent Board Members of Issuing Shareholder without Partner and

Employee or officer of
3 Companies shall be those who in no being an employee or employee advising All items are correct incorrect
the Company
case are: director the Issuer

Issuers listed abroad and registered in

4 Of Values Special Mixed No item is correct incorrect
the RNV are from the section:

What is the penalty for Brokerage Firms Three days to six Three days to three Three days to one Three days to 5 years
5 incorrect
that misuse insider information? months imprisonment months imprisonment year imprisonment imprisonment

How many members can the S.D. have? It shall not be less It shall not be less It shall not be less It shall not be less
6 incorrect
Indeval and the BMV? than ten than five than one hundred than twenty

Brokerage,
Administration and
commission or other
management of
What is understood by brokerage in the Own account operations aimed at
7 securities portfolio All items are correct incorrect
Securities Market? operations contacting the supply
owned by third
and demand of
parties
securities.

8 What is the duration of the S.D. Indeval? 10 years 50 years Indefinite 99 years incorrect

To supervise and
Appointing the Appointing the regulate, within the
Objective of the National Securities
9 directors of the directors of the Rating scope of its Authorize Siefores incorrect
Commission Law:
Valuation Companies Agencies competence,
financial entities

10 members, 5 from 10 members, 5 from

10 members, 5 from 10 members, 5 from
SHCP, 3 from SHCP, 2 from
How is the Board of Governors of the SHCP, 2 from SHCP, 1 from
10 Banxico, 1 from Banxico, 2 from incorrect
CNBV formed? Banxico, 1 from CNSF Banxico, 2 from CNSF
CNSF and 1 from CNSF and 1 from
and 2 from CONSAR. and 2 from CONSAR.
CONSAR. CONSAR.
The administration of a company is in Shareholders' The Investment
11 Board of Directors The Commissioner incorrect
charge of: Meeting Committee

Which is the Meeting that meets to deal

with matters relating to the merger, spin-
12 Special Constitutive Ordinary Extraordinary incorrect
off, transformation or change of the
Company's name?

Law that contemplates the issuance, General Law of Credit General Law of
Investment
13 endorsement, guarantee and operations Securities Market Law Instruments and Mercantile incorrect
Company Law
of negotiable instruments: Operations Corporations

A natural or legal
Persons who receive person who uses
The person who takes
14 Who is a Trustor? the benefits of the certain assets for a It is a Credit Institution incorrect
the risks of the Trust.
contract specific lawful
purpose.

It is a document to
It is a document to It is a document for
It is a document for exercise the Literal
15 What is a Title of Credit? exercise the Stock the exercise of labor incorrect
exercising tax law Right that is stated
Exchange Law. law that states
therein
 A company incorporated under a name
Public Limited
16 and composed exclusively of its Civil Society Civil Association Limited Partnership incorrect
Company
partners:
The capital stock of a corporation is
17 Obligations Promissory notes Shares Bankers' Acceptances incorrect
represented by:
What is the supreme body of the Council of
18 The Committee Shareholders' Meeting Commissioner incorrect
corporation? Administration

The minimum capital

Some of the requirements to incorporate Capital stock $ Have at least two
19 must be fully All items are correct incorrect
a corporation are as follows: 50,000 minimum partners
subscribed.

Prevent you from

That the notary does Increased flexibility
Function pursued by a corporation with requesting the
20 not record the in capital increases No item is correct incorrect
variable capital: convening of an
changes to equity or decreases
assembly
in deposits on
The securities granted in custody to the in brokerage house
21 In own accounts in banxico account of third incorrect
Brokerage House where are they held? vaults
parties

Banking
What is the contract that brokerage firms Stock Brokerage Securities Custody Investment Company
22 Intermediation incorrect
enter into with their clients? Agreement Agreement Brokerage Prospectus
Agreement

How often does a brokerage firm deliver

23 Diary Monthly Bimonthly Fortnightly incorrect
an account statement to a client?

Repurchase
Banco de México issues circulars to Investment Investment
24 Afores and Siefores agreements and incorrect
authorize and regulate: Companies Company Operators
securities lending
A system that generates, captures,
Mexican Financial
25 guides and directs savings and Political System Economic System Operating System incorrect
System
investment:

Which institutions participate in the Regulatory, Operating Secretaries of the Secretaries of the
26 SAT incorrect
Mexican Financial System? and Support Federal Government Federal District

Which is the organ of the Federal

Ministry of Finance
27 Executive Branch and highest authority CONDUSEF Bank of Mexico CONSAR incorrect
and Public Credit
of the Mexican Financial System?

Promote the healthy To promote the

Supervise and
development of the healthy and balanced
Plan, coordinate, regulate, within the
financial system, development of the
evaluate and oversee scope of its
28 The objective of the SHCP is: representing a financial system as a incorrect
the country's banking competence,
safeguard against the whole, in order to
system. banking and stock
emergence of protect the interests of
exchange entities.
inflation. the public.

Which is the body that provides the

29 Treasury service and agent of the BANOBRAS NAFINSA BMV Bank of Mexico incorrect
Federal Government?

Supervise and
Plan, coordinate, regulate, within the
Promotes the healthy
evaluate and oversee scope of its Regulates the
30 CNBV Objective: development of the incorrect
the country's banking competence, banking issuance of cash
financial system
system. and stock exchange
entities.

Administers financial
Deconcentrated
Financial Institution It is a company for consolidation
organ of the SHCP,
constituted as an depositing the shares programs,
31 What is the CNBV? with technical incorrect
autonomous Central of investment representing a
autonomy and
Bank. companies. safeguard against the
executive powers.
emergence of inflation

Which is the body that regulates,

32 CONDUSEF CNBV CNSF CONSAR incorrect
inspects and monitors Siefores?
 Institute for the
CONSAR, Rating
The following are considered regulatory SHCP, CONDUSEF, Securities
BMV, SHCP and Agency for Securities
33 institutions within the Financial System Banxico and Depository, CNBV incorrect
Credit Institutions and Investment
Mexican: CONSAR and Brokerage
Companies
Houses

These are transactions that can only be Accept loans and Receive bank
34 Issuing bank bonds All items are correct incorrect
carried out by credit institutions: credits deposits of money

Multiple Banking and

35 Credit Institutions include: Valuators Rating Development Pricing Suppliers incorrect
Banking
What activities do credit institutions Intermediation Foreign exchange
36 Banking and credit No item is correct incorrect
perform? Stock Exchange brokerage
Deadline for the brokerage house to
settle foreign exchange market
37 T MAS 1 T MAS 2 T MAS 3 SAME DAY incorrect
transactions, to settle debt securities in
the SIC

Warehouses
General Depository
Almacenes Generales
Companies, Leasing
They are considered auxiliary credit de Depósito, Underwriters and Credit Unions and
38 Companies, Credit incorrect
organizations: Financial Leasing Insurers Factoring Companies
Unions and
Companies
Factoring
Companies

Difference between long and short

39 position of a currency other than legal derivatives overall risk balance currency risk incorrect
tender is called:

A recording of the investment clientele at

40 does not exist archival probative value registration incorrect
the brokerage house is:

through the brokerage contract, the

41 trust mandate warranties resource management incorrect
investor confers to the brokerage house

act: events act: manifestation of

act: participation in a independent of human human volition,
Difference between a legal act and a
42 legal act, legal fact will and deed: event: an event no difference incorrect
legal fact
does not exist manifestation of independent of
human will human volition

Unsecured, indexed
What are the types of commercial PRLV, public Unsecured, Government bonds,
43 and endorsed incorrect
paper? promissory notes mortgage, indexed stocks and debentures
commercial paper

What role does the Brokerage House

44 Reporter Beneficiary Seller Reported incorrect
play in the Repo in relation to the client?

This instrument is backed by a

45 promissory note and is regulated by Commercial Paper Bill of Exchange Bank Acceptance Check incorrect
CNBV Circular 10-118:

These are debt securities that represent

the individual participation of their
46 Promissory notes Certificates of Deposit Stock Certificates Obligations incorrect
holders in a collective claim of the
issuing company:

Who establishes the procedures to

ensure compliance with the applicable Chief Executive
Stock Market General Counsel of Regulatory
47 external and internal regulations and to Officer of Casa de incorrect
Specialist Casa de Bolsa Comptroller
hear about non-compliance within a Bolsa
brokerage house?
 This is when the
This is when the Federal Government's
This is when the
This is when the estate or trust obligation to pay the
estate or trust
48 What are the CPI's? estate or trust property property is both holder the face value incorrect
property is a movable
is real estate. movable and of the note at the
asset
immovable. maturity date is
recorded.

financial, economic,
type of information that issuers must
financial and accounting and
49 send to the CNBV, BMV and the public Financial information no information is sent incorrect
economic information administrative
in publications.
information

Debt instruments issued by the

50 Government, which are adjusted for Promissory note Tesobono Adjustabono Udibono incorrect
inflation is:

Negotiable,
nominative, medium-
term debt securities,
Short-term bearer denominated in local
bonds in which the currency, in which the
Federal Federal Government's Debt securities
Bearer securities
Government's direct and issued by the
51 Mention the definition of Cetes: issued by State incorrect
obligation to pay the unconditional Government of
Governments
holder the face value obligation to settle in a Mexico City.
of the document at sum of money that is
maturity is stated. adjusted in
accordance with the
published NCPI is
recorded quin

Income tax withholding for individuals

no income tax
52 resident in Mexico for capital gains on 29% 5% .5% incorrect
withholding
shares:

Companies that have

the respective It is the securities Companies whose Companies that have
concession to provide broker, a legal entity purpose is the the respective
53 What are brokerage firms? securities custody, authorized to act as acquisition and sale concession to provide incorrect
administration, an intermediary in the of Investment the service of selling
clearing, settlement Securities Market. Assets. Investment Assets.
and transfer services.

It is public and will have two sections:

the securities section and the special Qualifying Securities Depository Investment National Registry of
54 incorrect
section, which will be in charge of the Values Institute Companies Values
CNBV:

Investing in Carrying out

Receive money transactions with transactions in Receive deposits of
deposits, grant securities not respect of the money, intervene in
guarantees or registered in the RNV, securities handled in transactions with
sureties for not submitting the such capacity by the securities not
Some of the prohibitions to Investment
55 obligations of third articles of members of the registered in the RNV, incorrect
Companies are the following:
parties, engage in incorporation for Board of Directors, grant its endorsement
active credit approval within 3 officers, directors, or guarantee with
operations, except months from the date managers and respect to obligations
loans and reports. the authorization was factors of the issuer owed by a third party.
granted. of such securities

purchase, sale,
Types of orders received by
56 purchases and sales modification, only purchases SALES ONLY incorrect
intermediaries in the securities market
cancellation
 That operation assumed or carried out
by an employee, officer or member of
57 Worrying operation Unusual operation Relevant transaction Suspicious operation incorrect
the Board of Directors, which may be
considered abnormal, is known as:

An operation carried out by a natural or

legal person, which is doubtful due to the
amount, frequency, type and nature of
58 the operation, the place, region or zone Worrying operation Unusual operation Relevant transaction Suspicious operation incorrect
in which it is carried out, the background
or activity of the person, is defined as a
"transaction":

Companies that have the respective

concession to provide custody, Securities Depository Investment
59 Brokerage Houses RNV incorrect
administration, clearing, settlement and Institutions Companies
transfer services:

Acts as an intermediary for its own

account or for the account of others, with
respect to the securities in which it is
Stock Market Regulatory
60 registered as a specialist in the stock Independent Advisor Stock Broker incorrect
Specialist Comptroller
exchange in which it operates, subject to
the general provisions issued by the
CNBV.

The Federal
61 The shares are issued in: Series or mass To the Bearer Financial Institutions incorrect
Government

Which institutions are considered self- Broker-dealer

62 Brokerage Houses Bonding companies Insurers incorrect
regulatory bodies? Associations

The purpose of this Law is to regulate

the public offering of securities, the General Law of Credit
Mercantile Investment
63 intermediation in the Securities Market Securities Market Law Instruments and incorrect
Companies Law Company Law
and the activities of the persons involved Operations
in it:

Penalties for making a public offering Imprisonment from 1 Imprisonment from 5 Imprisonment from 5 10 to 15 years
64 incorrect
without being registered in the RNV: to 20 years to 25 years to 15 years imprisonment

Deadline to file any disagreement in the

65 statement of account of Investment 20 working days 30 working days 3 months 6 months incorrect
Companies:

The following are Accounts:

What are the current characteristics of participating Discretionary, Non-
66 Must be in writing All items are correct incorrect
the Stock Brokerage Agreement? Intermediary and Discretionary,
Investor Limited Discretionary

Agency responsible for interpreting the Mexican Association

Ministry of Finance Mexican Stock
67 administrative aspects of the Securities of Stock Exchange Bank of Mexico incorrect
and Public Credit
Market Law: Intermediaries Values

Preserves sound practices and seeks National Commission

68 the balanced development of the S.D. Indeval Banking and BANOBRAS CONDUSEF incorrect
Securities Market: Securities

From whom the brokerage house investors or

69 only beneficiaries only from investors of Investors or their incorrect
receives orders beneficiaries
legal representatives
Banxico, Brokerage
Banxico, Brokerage Firms, Stock Market
Banxico, Brokerage Banxico, Brokerage
Firms, Stock Market Specialists, Stock
Who can participate as partners in the Firms, Stock Market Firms, Stock Market
70 Specialists, Stock Exchanges, Credit incorrect
S.D.? Indeval? Specialists, Price Specialists, Rating
Exchanges, Rating Institutions, Insurance
Providers Firms, Valuators
Agencies, AMIB Companies and
Bonds

Law regulating corporations, General Law of General Law of Credit

Investment
71 administration, oversight and share Securities Market Law Mercantile Instruments and incorrect
Company Law
issues Corporations Operations
 Which persons are prohibited from Employees of the Disqualified from
Relatives of
72 serving as Statutory Auditors in a Company with shares engaging in All items are correct incorrect
administrators
corporation? of more than 25%. commercial activities

To pay up to 10 To cover all damages

The obligation of the partners of a To the payment of its To respond with all its
73 times your and losses to all incorrect
partnership is limited to: shares assets
contribution suppliers

serves as a price
serves as capital
is used to win in a is used to speculate in stabilizer of the
74 utility of the arbitrage operation: formation for incorrect
falling market two markets instrument in both
companies
markets

The CNBV is
The CNBV is not empowered to act as
In CONDUSEF's conciliatory process, empowered to act as conciliator between Only the authorized
Only the financial
75 when there is a problem between an conciliator between the financial institution authority intervenes incorrect
institution intervenes
investor and a banking institution: the financial institution and the user in order and not the user.
and the user. to protect the interests
of the latter.

An Investor, Debtor,
Creditor, Intermediary,
What does a surety bond contract Only the
76 Investor Only Only the Executor Executor, Securities incorrect
contain? Intermediary
Depositary, Securities
Depositary Company

How long do brokerage firms have to 15 working days after 5 working days after 10 working days 20 working days after
77 incorrect
deliver account statements? cutting cutting after cutting cutoff

20 times the
10 times the minimum 30 times the minimum 15 times the minimum
minimum wage
In the event of death, in what proportion wage raised per year wage raised per year wage raised per year
raised per year or
78 is the balance of the account with the or 80% of the or 50% of the balance or 60% of the balance incorrect
75% of the balance
brokerage house delivered? registered balance in recorded in the recorded in the
recorded in the
the account account account
account
Mexican instrument for arbitrage on the
79 Shares ADR DOLLARS PESO FUTURES incorrect
BMV
Body that applies Fiscal Policy and
Ministry of Finance
80 generates guidelines in the Financial CONDUSEF CONSAR Bank of Mexico incorrect
and Public Credit
System:

To promote the Promote the healthy

To supervise and
healthy and balanced development of the
regulate banking and To grant and revoke
development of the financial system,
stock exchange concessions of stock
81 Functions of the SHCP: financial system as a representing a incorrect
entities within the intermediaries and
whole, in order to safeguard against
scope of its stock exchanges.
protect the interests the emergence of
competence.
of the public. inflation.

is carried out in the

This is where international section The SIC is a system
Characteristics of an operation in the
82 Securities are loaned NAFTRACS are of the BMV with for trading OTC incorrect
SIC
issued. securities not issued derivatives.
in Mexico.

National Commission Ministry of Finance

83 Placement Agent in the capital markets Banking and Casa de Bolsa INDEVAL incorrect
and Public Credit
Values
 To promote the Promote the healthy
healthy and balanced Plan, coordinate, development of the
To grant and revoke
development of the evaluate and financial system,
concessions of stock
84 The functions of the CNBV are: financial system as a oversee the representing a incorrect
intermediaries and
whole, in order to country's banking safeguard against the
stock exchanges.
protect the interests system. emergence of
of the public. inflation.

SHCP, CNBV,
SHCP, CNBV,
What are the Authorities in the Financial BANXICO, SHCP, CNBV, SHCP, CNBV,
85 BANXICO, AMIB, incorrect
System? CONDUSEF, BANKXICO, BMV BANXICO, SOFOLES
AMIB
CONSAR
The customer who trades securities in
86 the SIC, through which institution does BMV Banxico, INDEVAL SHCP incorrect
he/she do so?
NATIONAL
87 Who is the trustee in the NAFTRACS? NAFTRAC BANXICO Casa de Bolsa incorrect
FINANCIAL
replicate the replicate the
follow a particular are shares held
88 The Tracks are: movement of the movement of a stock incorrect
action through trusts
dollar index
Which institution of the Securities Market Mexican Stock
Investment
89 has the function of providing advice on Exchange Brokerage Houses S.D. Indeval incorrect
Companies
securities matters? Values
A securities loan, serves the investor there is an there is an expectation the derivatives are not
90 not enough money incorrect
when: expectation of upside of low known
Number of series of shares comprising
91 100 series 25 series 35 series 20 series incorrect
INMEX:

calculate adjusted price and coupon adjusted price adjusted price

adjusted price $4.79, adjusted price $10.78,
92 value at: market price $15.50, old shares $107.084, coupon $10.7084, coupon incorrect
coupon $48.31 coupon $4.79
5, new shares 2.2373 $4.79 $4.79

In a Primary Market, the proceeds of a

93 The Issuers Investors Intermediaries All items are correct incorrect
securities placement are received:

Shares, Debentures Shares, debentures

The Securities Market Law defines a
94 and Securities issued and securities issued Shares in MexDer Shares in NAFINSA incorrect
security as follows:
by Banco de México in series or in bulk

Which operation should an investor first open a margin

95 securities lending buy derivatives No item is correct incorrect
carry out in a short sale? account

Transfer resources
Resources are only Resources are
The Secondary Market is distinguished Resources are not between
96 received by received by the incorrect
because: paid by the Issuer intermediaries or
commercial banks Issuers
investors

Institution oriented to integrate and

provide information to institutions to help Mexican Stock
97 Bank of Mexico Credit Bureau S.D. Indeval Exchange incorrect
determine the moral solvency of
Values
companies and individuals:

the interest rate to

98 What are the risks of short selling? the market to rise the market to go down No item is correct incorrect
go down
represents a
decrease in the
theoretical value of
represents a
the share and the represents a decrease
decrease in the
Concept of the right called split in the number of shares in notional value and
99 number of shares and Represents a coupon incorrect
shares: outstanding an increase in capital
an increase in their
increases, even stock.
price.
though the
capital remains
unchanged

A person governed by public law, with

autonomous status, that acts as an
100 SHCP CNBV CNSF Bank of Mexico incorrect
advisor to the Federal Government and
acts as its financial agent:
 Entities
AMIB, Mexican IPAB, Banco de Regulators and
Who are the support bodies of the SHCP, CNBV,
101 Academy of Financial México and Operational incorrect
Securities Market? BANKXICO
Law CONDUSEF Financial System
Mexican
A contract by virtue of which the Contract of
Surety Bond Repurchase
102 fulfillment of an obligation is to be Loan of Trust Agreement incorrect
Agreement Agreements
guaranteed with securities: Values
What is the minimum capital to form a There is no 100,000 non- 50,000 non-
103 500,000 variable incorrect
corporation? established amount withdrawable withdrawable
The prohibitions of the Investment The repurchase of its Giving guaranteed Valuing your
104 Issue debentures incorrect
Companies are as follows: securities returns securities
more shares and the more shares and more shares and
In a stock dividend or capitalization, the
105 a cash dividend capital stock is increase decreases incorrect
holder receives:
increased stockholders' equity stockholders' equity

An activity invariably A function that can An activity carried out

A market stabilizing
106 The buyback is: permitted to be performed by the by promissory note incorrect
activity
corporations. issuer at face value issuers.

Brokerage firms and Finance Leasing

Which institutions are authorized to
Banks and Brokerage other intermediaries SOFOLES and Companies and
107 perform brokerage in the Securities incorrect
Firms empowered by the Sincas Money Exchange
Market?
LMV Houses

For reporting false

For not publishing in For not publishing its Failure to report
information about your
108 Why are stations cancelled in the RNV? the S.D. Indeval's price on the stock short code to the incorrect
situation or your
Public Offering exchange Exchange
securities

Securities Market,
General of Securities Securities Market and From the Market of
Securities Market and
By which laws is the Stock Market and Credit General Law of Values and
109 General Securities incorrect
regulated? Transactions, Mercantile Organizations of
Market
Commercial Corporations Credit
Companies

110 Who authorizes the S.D. Indeval? CNBV BMV SHCP Bank of Mexico incorrect

the yield is equal to

This is the reason why IPABONOS or coupon rate is equal
111 are fixed-rate bonds the reference rate plus None of the above incorrect
BPAS always trade below par: to the surcharge
a surcharge

coupon rate of a bond with a dirty price

of $98.75 and a clean price of $98.50, its
112 $0 4.05% 5.40% 5.04% incorrect
face value is $100 and 50 days of the
current period have elapsed

At which Meeting are matters relating

Extraordinary
113 to the transformation or change of name Constitutive Assembly Special Assembly Ordinary Assembly incorrect
Assembly
of the Companies dealt with?

The supervision of the corporation is in Council of The General

114 Commissioner incorrect
charge of the: Administration The Risk Committee Management

Reported, reporter,
What does a Repurchase Agreement Award, amount and Prize, term and award, amount, term Term, interest rates
115 incorrect
contain? interest exchange rate and security given as and maturity
consideration

What contracts are derived from Securities Lending Repurchase

116 Surety Agreement All items are correct incorrect
Intermediation? Agreement Agreement

What are the parties involved in the

117 Brokerage Houses Borrower Lender All items are correct incorrect
Securities Lending Agreement?
The series of circulars issued by the
118 10, 11, 12 y 13 9, 10, 11 y 12 11, 12, 13 y 14 10, 13 y 14 incorrect
CNBV are as follows:
From the Federal From the Federal
119 Who does the SHCP depend on? State Government No item is correct incorrect
Government Executive
 The Bank Savings Protection System
120 CONSAR IPAB S.D. Indeval BMV incorrect
will be administered by:

Public Limited National Credit Variable Capital

121 Development Banking is a partnership: Civil Association incorrect
Company Society Stock Corporation

long-term,
negotiable,
short-term, negotiable, long-term, negotiable,
nominative debt
Long-term bearer nominative debt nominative debt
securities,
bonds in which the securities securities
denominated in UDIs
Federal Government denominated in UDIs denominated in UDIs
with interest
122 what is a UDIBONO is obligated to pay the with interest payments with interest payments incorrect
payments every 182
holder the face value every 182 days at a every 182 days at a
days at a fixed rate
of the document at fixed rate and with a fixed rate and with a
and with a nominal
maturity. nominal value nominal value
value adjusted to the
adjusted to the UDI. adjusted to the UDI.
UDI, guaranteed by
BANOBRAS

123 UDIBONO Auction Day Monday Tuesday Thursday Friday incorrect

ZERO COUPON MIXED COUPON
124 Type of bond identified with the CETE COUPONED BONUS VARIABLE BONUS incorrect
BOND BOND

Promote the healthy Promote the healthy

development of the development of the
To grant and revoke Plan, coordinate,
financial system, but financial system,
concessions of stock evaluate and oversee
125 Objective of Banco de México: does not safeguard representing a incorrect
intermediaries and the country's banking
against the safeguard against
stock exchanges. system.
emergence of the emergence of
inflation. inflation.

Body in charge of protecting and

126 defending the rights and interests of CNBV Bank of Mexico BMV CONDUSEF incorrect
users of financial services:

Public Limited National Credit Public Stock

127 Banca Múltiple is a partnership: Civil Association incorrect
Company Society Corporation with
Variable Capital

Set of mechanisms A set of mechanisms

that allow the that allow the
Set of mechanisms
issuance, placement issuance, placement
Set of mechanisms that allow the
and distribution of and distribution of
128 What is meant by Stock Market? that only allow to qualification of the incorrect
securities that are securities, but does
place values paper, only to place it
subject to public not allow
on the market.
offering or intermediation
brokerage. between them.

Brokerage,
Brokerage, commission or other
Brokerage,
commission or other transactions aimed
commission or other
transactions, aimed at at bringing the
129 Stock brokerage is considered to be: transactions, aimed at No item is correct incorrect
bringing together only supply and demand
bringing together only
the demand for of securities into
the offer of securities
securities contact with each
other

5% of the capital 5% of the capital stock 10% of the capital 10% of the capital
stock for each year, for each year, until stock for each year, stock for each year,
The legal reserve for Corporations until reaching the reaching the until reaching the until reaching the
130 incorrect
should be equivalent to: equivalent of 20% of equivalent of 25% of equivalent of 25% of equivalent of 20% of
the capital stock the capital stock the capital stock the capital stock
amount. amount. amount amount.

It is an instrument that is backed by a

131 Bill of Exchange Commercial Paper Bank Acceptance Check incorrect
promissory note:
 When the obligation of
the Federal
When the trust estate When the trust
When the estate or Government to pay
or trust property is estate or trust
132 The CPI'S are issued titles: trust property is real the holder the face incorrect
both movable and property is movable
property value of the note at
immovable property property
the maturity date is
recorded.

A person who gives The person who

an unconditional It is the person who receives the The person
In the Bill of Exchange, who is the
133 order to pay a specific will collect the unconditional order overseeing the incorrect
drawee?
sum of money to receivable to pay the sum of operation
another person. money.

It is made by any means of mass

communication or to an undetermined
134 person to subscribe, dispose of or Public Offering Private Offer Tender None of the above incorrect
acquire securities, negotiable
instruments and documents:

Contract in which a
person called settlor
It is the one in which designates and
A contract whereby a The contract in which
the instructions given assigns certain
brokerage firm sells the trustee affects
by the client are assets for a specific
securities to a client specific assets, which
135 What is a Trust Agreement? fulfilled as a general purpose, entrusting incorrect
that it will borrow in were beneficially
mandate by virtue of the trustee with their
the future from other entrusted to an
what has been administration, for
investors. assigned trust.
entrusted. the benefit of a
beneficiary called
trustee.

The National
Banking and
Legal Securities Members of the Board
Which subjects are presumed to have PGR Authorities, Representatives, PGR Commission, the of Directors, Officers,
136 incorrect
access to privileged information? Lawyers and Judges Authorities and National Insurance Managers and Factors
Shareholders and Bonding of the Issuer
Commission and
Banco de México.
Unsecured, indexed PRLV, public Government Bonds,
What are the types of Commercial Unsecured,
137 and endorsed promissory notes and Stocks and incorrect
Paper? mortgage, indexed
commercial paper pagafes Debentures

What is a prohibited activity of the Connecting suppliers Acting as financial Adherence to BMV
138 Guaranteed yields incorrect
Brokerage House? and demanders advisors regulations

Represents a portion
of the capital stock of
Represents a debt
a corporation, the Represents
139 The share is a debt security that: payable by the Represents a coupon incorrect
rights and duties of receivables
Company.
the partners, and is a
credit instrument.

To be an intermediary Facilitating securities

Safekeeping of The rating of
140 The functions of a stock exchange are: in the securities transactions and incorrect
securities securities
market market development

What is the minimum capital to form a There is no 100,000 non- 50,000 non-
141 500,000 variable incorrect
corporation? established amount withdrawable withdrawable
 Name, duration,
Name, nationality, Investment, duration,
These are elements that distinguish a domicile, object, Nationality, domicile,
142 domicile and capital object, capital and the incorrect
legal entity: capital and the assets and purpose
stock foreign clause
foreigner clause

Certificates of
143 General bonded warehouses issue: Obligations Bonds and Ceplatas Deposit and Pledge CPO'S incorrect
Bonds
 INVESTMENT COMPANIES
QUESTIONS A B C D ¿?

The acquisition of The sale of Money Negotiate prices of

What is the main function of Investment Acquisition and sale of
1 Assets subject to Capital Market Investment portfolio securities with
Companies? Investment Assets
Market Investments Assets its clients.

It is a document
These are documents
The Articles of containing the prices of
Newsletter known only to that contain the general
2 What are Investor Disclosure Statements? Incorporation of the the securities in the
the Investment Company characteristics of the
Investment Corporation Investment Company's
Investment Company.
portfolio.

These are some of the characteristics of the Name of the Classification of the
3 Type of Company All items are correct
Prospectus: Investment Company Investment Company

4 Who authorizes the Prospectuses? The CNBV The BMV The Operator The Valuator

What constituent data must be included in the Members of the No. of Employees of the Incorporation Date and
5 Commissioner's name
prospectus? Shareholders' Meeting Investment Company Notarial Registration

Can changes to the Prospectus be reported in

Only when authorized by Only if authorized by the
6 the Investment Company's Account YES NO
the Valuator S.D. Indeval
Statements?

At least 96% in assets to

The investment regime of the Investment Up to 10 % of total
At least 90 % of its total 60 % in Government be invested and 4% of
7 Companies must comply with the Law, to assets in expenses
assets in equities Securities the total assets in
maintain: (furniture and equipment)
furniture and equipment.

This is the recommended

This is the commission The manner in which the The yield paid by the
8 What does investment horizon mean? term and a bit of the
charged by the Fund shares would be sold Fund
Fund's philosophy.

In order to comply with

What is the purpose of the investment regime the parameters
9 To select the values To acquire the values All items are correct
in investment companies? established in the
provisions

10 The Equity Companies may invest in: Bondes Cetes Shares All items are correct

Udibonds, Brem's, Bpa's

11 Stocks and Cetes Udibonos and Shares Brem's and Stocks
Debt Investment Companies may invest in: and Picfarac

The following are considered Investment All items are correct

12 The Titles The Values Documents that apply the
Objects:
Law Regime
Who performs the valuation of investment Valuadora
13 Pricing Provider Securities Rating Agency Operator
companies? Independent

The prices of equity and debt companies are

14 Weekly Daily Monthly Fortnightly
determined on a frequent basis:

To the CNBV, Pricing To the BMV, the To the CNBV, BMV, To the SHCP, the BMV,
To whom must the investment company Provider, Distributor, Operator, the Distributor, Operator, Distributor, the Operator, Distributor,
15
appraiser report the book price? Regulatory Comptroller, the employees of the Regulatory Comptroller, Regulatory Comptroller,
etc. Fund etc. etc.

What is the maximum percentage to over-

16 undervalue the book price of an Investment 0.01 0.02 0.03 0.05
Company?

Which investment companies benefit from a

17 rise in the shares listed on the Mexican Stock Equities Debt Limited Object All items are correct
Exchange?

To offer the client the

What is the mission of an Investment Company Eliminate risk and That the investor avoids Offering the client a
18 Fund that meets his
Advisor? maximize profits risks when investing highly liquid portfolio
needs.
What type of Investment Companies can be
19 qualified by the Portfolio of Securities they Debt Equities Of Capital Limited Purpose
hold?

By what means are the daily prices of

20 Internet BMV Bulletin Newspapers All items are correct
investment companies disclosed?

The Investment Companies according to their Specialized and Limited Diversified and
21 Diversified and Equity Common and Typified
investment parameters are as follows: Purpose Specialized

Who pays the expenses for the asset

22 management services provided by the The Investment Company Investors The Qualifier The Valuator
Operator to the Investment Company?
 For the daily price
How is the performance of an Investment
23 comparison of the By market interest rate By number of customers By volume of operations
Company obtained?
Investment Company

Investment Companies must register their The Financial The Broker-Dealer The Securities Section of
24 All items are correct
shares in: Intermediaries Section Section the National Registry

The services that an Investment Company Asset management and Valuation and rating of Pricing, warehousing and
25 All items are correct
must contract are: stock distribution investment companies asset custody provider

The Board of Directors of an Investment

26 2 members 4 members 5 members 5-15 members
Company is composed of:

Agrees with the Investment Company the plan Distributor of the

27 Independent Valuator Securities Rating Agency Pricing supplier
for the sale of its shares to investors: Investment Company

Assets, cash, rights and

According to the Law, Investment Assets shall Documents registered in Securities,
28 receivables under All items are correct
be understood to mean: the RNV Securities
derivative contracts

Equity, Debt, Capital and

What are the types of investment companies Capital and Limited
29 Capital only Limited Purpose Dollarized and Indexed
mentioned in the Law? Purpose
Securities
What are the modalities to be adopted by the
30 Open and Closed Mixed Global No item is correct
Investment Companies?

Which institution should the Investment

Securities Rating Valuation of Investment Investment Company
31 Company contract with to measure the credit Pricing Provider
Agencies Companies Operator
amount of its Investment Subject Assets?

By what law are Limited Purpose Investment By the Retirement By the Popular Credit By the Investment
32 No item is correct
Companies governed? Savings System Law and Savings Law Company Law

Company authorized to manage, distribute and Investment Company Valuation of Investment

33 Brokerage Houses Exchange Houses
repurchase shares of investment companies: Operators Companies

It is a stock corporation
It is a stock corporation It is a stock corporation
It is a company for authorized by the CNBV
authorized by the CNBV authorized by the CNBV
34 What is an Investment Company Rating Firm? depositing the shares of to provide pricing
to grant valuations to to grant ratings to
investment companies. services to investment
investment companies. investment companies.
companies.

They value the securities that constitute the

Mexican Association of Valuation of Investment
35 portfolios on a daily basis and determine the Mexican Stock Exchange NAFINSA
Stock Intermediaries Companies
prices of the Funds:

The following companies These are companies

These are companies These are companies
are authorized to price the that provide ratings for
What are Price Provider companies and what that provide accounting that audit the portfolios of
36 securities in the the securities in the
are they for? services to the the Investment
Investment Company's Investment Company's
Investment Company. Company.
portfolio portfolio.

Company authorized by the CNBV, whose

37 purpose is the sale and purchase of its own Brokerage Houses Investment Companies Banks Valuators
shares:
How often can the information leaflets be
38 Every 3 months Every 6 months Each year Every 5 years
changed?

Who establishes the maximum shareholding The Shareholders' The Investment

39 The Board of Directors Shareholders
limits for investment companies? Meeting Company Law

Who establishes the investment policies of the

40 The Board of Directors The SHCP The BMV The CNBV
Investment Company?
Investment Companies may charge
Only if specified in the When the share price According to the Fund's
41 commissions for the purchase and sale of When demand is high
prospectus. falls profit and loss
shares to the client:
Where are the Investment Company's On the Account
42 On the BMV In the S.D. Indeval In the Prospectus
objectives and policies specified? Statement

The letters stand for sell Letters signify a Letters signify the
What do the letters and numbers in the rating recommendation and the recommendation to buy probability of payment of
43 No item is correct
given to Investment Companies mean? numbers for buy and numbers signify a securities and numbers
recommendation. recommendation to sell. signify price sensitivity

Small and medium-size The strengthening and Diversifying capital and

44 The objectives of an Investment Company are: investors' access to the decentralization of the protecting the interests of All items are correct
market Stock Market the investing public

Debt Securities can be purchased in the

45 Capitals Equities Debt All items are correct
Investment Companies of:
 What type of investment companies can
46 Debt Equities Siefores Limited Purpose
acquire subordinated debentures?

Divide by the number of

Divide by the number of Divide by the number of
outstanding shares the Divide by the number of
How is the book price of an Investment shares outstanding, only shares outstanding, only
47 amount resulting from shares outstanding, the
Company determined? the assets without the total liabilities without
adding all its assets and total liability
considering the liabilities. considering the assets
subtracting its liabilities.

Who can carry out the valuation of the Equity The Securities Rating
48 The Independent Valuator The Operator Pricing Provider
Partnerships? Agency

If the investor sells shares of the Investment Repurchase of shares by Reciprocal offer to buy
49 Primary Public Offering Public Offering
Company, the following operation is performed: the Investment Company and sell

Who can acquire shares of an Investment Foreign individuals and

50 Mexican individuals Mexican legal entities All items are correct
Company? companies

What is the effect of a sale of Investment Decrease in cash balance Decrease in cash Increases cash balance Cash balance increases
51 Company Securities on the customer's and increase in securities balance and decrease in and decreases securities and securities position
account: position securities position position increases

What types of investment companies can

52 Equities Closed Open None
repurchase their shares?

To a purchase of shares
To a sale of shares of the
of the Investment To a reduction in interest To an increase in interest
53 A reduction in treasury stock, is due to: Investment Company's
Company's stock made rates rates
stock by clients
by investors

The liquidation of the equity investment

54 72 hours Same day 24 hours 48 hours
companies is as follows:

To protect customers
Why is there an over-undervaluation in the For the benefit of the Because it is mandated
55 who stay with the At the customer's request
price of an Investment Company? Operator by the BMV
Company

Indexed, Money Market,

Some classification of Investment Companies High, medium, low and High, medium and low High, medium and low
56 Balanced, Aggressive,
according to the CNBV no marketability qualification risk
Debt-predominant

The Repurchase Agreement is a contract that

57 can be purchased by the Investment Siefores Equities Debt All items are correct
Companies:
Where are the securities of an Investment
58 On the BMV At AMIB S.D. Indeval The Appraisers
Company held?

Institution in charge of calculating the value of

Investment Funds Investment Funds
59 the Investment Assets to value the Investment Pricing Provider Securities Rating Agency
Operator Distributor
Funds' Portfolios:

It must inform the It must inform the

If the updated price given by a Pricing Provider You must inform the affected companies and affected companies and It is not your obligation to
60
changes it, who should you inform? Rating Agency the Commission on the the Commission the inform anyone
same day. following day.

What is the minimum authorized capital stock As authorized by the

61 1'000,000 pesos No maximum 12'000,000 pesos
to incorporate an Investment Company? CNBV to the Company.

To supervise unlimitedly
Determines the book price Determines prices of Grants ratings to the
What is the main function of the and at any time all the
62 of the Investment instruments in the Investment Company's
Commissioner? operations of the
Partnership Portfolio Portfolio
Investment Company

Where is the decision to change the name of The Constituent The Extraordinary
63 The General Assembly The Ordinary Assembly
an Investment Company made? Assembly Assembly

The statements of account of the Investment Last day of the cutoff for Last day of the previous
Last day of the previous Daily prices recorded in
64 Companies show the position of securities and the relevant period and period cutoff and daily
period's cutoff the month
the price of the: the previous period prices to date

They operate only with Investment Subject Limited Purpose Capital Investment Debt Instrument Equity Investment
65
Assets as defined in their bylaws: Investment Companies Companies Investment Companies Companies

66 The contract that investment companies enter Promotion Provision of services Financial analysis Valuation of securities
into with promoted companies is a contract of:

Investment Companies should be organized Limited Liability

67 Civil Association Civil Society Corporations
as: Company
 Consistently to all
To which operations does the 2% differential To repurchase
68 operations entered into by To purchase operations To sales operations
apply? transactions
the Fund.
What is the minimum percentage of
69 Independent Directors in an Investment 0.05 0.1 0.2 0.33
Company?

Who authorizes the Operators, Distributors or

70 Valuators of Investment Companies to operate BMV SHCP CNBV Bank of Mexico
as such?

It is to determine
This is when there are investment policies,
This is the application of This is the application of
decreases in the prices of acquisition and selection
71 What is risk diversification? an overvaluation to the an undervaluation to the
the instruments in the of securities in
Fund's book price. Fund's book price.
portfolio. accordance with the
provisions of the

The access of small and To dictate the rules for

Regulating Issuers listed Authorize the operation
72 Objective of the Investment Company Law: medium-size investors to carrying out the Public
abroad of Siefores
the stock market. Offering.

At least 96% of its total At least 93% of its total At least 90% of its total At least 85% of its total
The investment regime of the Investment assets must be assets must be assets must be assets must be
73 Companies must consider, according to the represented in Investment represented in represented in represented in
Law: Assets and 4% in Investment Assets and Investment Assets and Investment Assets and
expenses. 7% in expenses. 10% in expenses. 15% in expenses.

How many Directors should an Investment Minimum 2 and maximum Minimum 5 and Minimum 3 and maximum Minimum 5 and
74
Company have? 5 maximum 5 8 maximum 50

To contribute to the
To provide the prices that
What is the purpose of prospectuses for appropriate decision To be deposited in the To determine the daily
75 make up the Investment
investor information? making by the investing S.D. Indeval valuation price
Company's portfolio
public

Government securities may be considered in

76 Equities Of Debt Siefores All items are correct
the Investment Companies of:

Debt Securities issued by companies may be

77 Equities Of Debt Siefores All items are correct
considered in the Investment Companies of:

Establish procedures to
ensure compliance with Regulates the purchase
What is the role of the Regulatory Controller at Determines prices of Distributes shares of the applicable external and sale of securities of
78
the Fund Operator? portfolio instruments investment companies and internal regulations of the Investment
the Investment Company.
Companies.

The minimum paid-in capital of an investment

79 $ 10'000,000 $ 1'000,000 $ 5'000,000 $ 25'000,000
company is:

Are those that still remain These are those that are
What are treasury shares of an investment Those that have not yet
80 in the Investment put into circulation All items are correct
company? been put into circulation.
Company. against cash payment.

The credit risk of the

The number of investors
What is measured in the rating of an Fund's portfolio and the Only the credit risk of the The quality of the
81 participating in the
Investment Company? volatility of portfolio prices portfolio Investment Committee
Company
in the market.

What is the role of Equity Investment Perform arbitrage Foreign exchange

82 Futures trading Promote companies
Companies? operations trading

83 The liquidation of securities acquired by a Debt Same day Value 24 hours Value 48 hours All items are correct
Investment Company may be:

Equity, fixed-income, Common, Debt, Equity Common, Fixed-Income,

Equities, Debt, Equity
84 Mention the types of Investment Companies: capital and limited and Limited Purpose Equity and Limited
and Limited Purpose
purpose securities Companies Purpose Securities

Investment companies that self-regulate their

85 Specialized Diversified Mixed No item is correct
investment regime with CNBV criteria:

86 In the event that a Company objects to a Price 20 days later 5 days later On the same day Next day
Provider's price, how soon must it resolve it?

How is an Investment Company organized With a Board of Directors

87 With investors With suppliers With credit applicants
internally? and a Director
 The Investment
When broadcasting rights are decreed, who Company, or the
88 The customer The BMV The appraiser
collects them? Operator on its behalf,
will

What type of operations may an Investment Enter into Securities

89 Buying, Selling and Holding Reports All items are correct
Company carry out? Lending
Investing in Target Assets
Current price divided by
What is the formula for calculating the annual the previous price, minus Total portfolio value
90 Price for net asset value Assets less liabilities
overnight yield of a Debt Investment Company? one per hundred, for 360 between treasury shares
days
Holding Companies of
Financial Groups, Credit
Institutions, Brokerage Bonding Institutions,
The Director of a Fund Operator may not work In Auxiliary Credit
91 Firms, Securities Sofoles, Money All items are correct
in: Organizations
Brokerage Firms, Exchange Houses
Financial Institutions
Insurance

The equivalent of 10 The equivalent of 20 The equivalent of 5 times The equivalent of 25

In the event of death, the beneficiaries in times the minimum wage times the minimum wage the minimum salary or times the minimum wage
92
Investment Companies will receive: or 50 % of the amount of or 75 % of the amount of 75% of the amount of its or 65% of the amount of
its shares its shares shares its shares

To grant a guarantee or
Pledging of goods and
These are some of the prohibitions of guarantee with respect to
93 Receive money deposit securities held in their All items are correct
investment companies: obligations of third
assets as collateral
parties.

The Fund Operator charges a maximum fee for 1.7 % to the purchase and 0.4167 % per month on
0.4167 % monthly of
94 administration services to the Investment sale in companies of yields generated by the All items are correct
assets
Company of: Debt Investment Fund

How often must the Operator or Distributor

95 Monthly Annual Quarterly Semiannual
deliver account statements to its investors?

Up to how many funds can an Operator

96 No legal limit 10 Funds 5 Funds 1 Fund
handle?

The Operator through the

97 Who distributes the information leaflets? Pricing Provider The appraiser The S.D. Indeval
Distribution Company

What kind of services can a Fund Operator Management of Distribution of investment Accounting and valuation
98 All items are correct
provide to the Investment Company? Investment Assets company shares of investment companies

99 $ 1'000,000 $ 10'000,000 $ 12'000,000 $ 20'000,000

What is the capital to incorporate an Operator?

Generation of reports
Purchase and sale of
and consolidated
such shares for the
The services of distribution of shares of Promotion and advice to statements of
100 account and to the order All items are correct
Investment Companies shall include: third parties investments and other
of the Investment
complementary services
Company concerned
authorized by the CNBV.

They may not trade on their own account with

101 Distribution Companies The Appraisers The Rating Agencies Pricing Providers
the public on shares of Investment Companies:

The Operator's Board of Directors is comprised

102 At least 2 administrators At least 1 administrator At least 5 administrators No item is correct
of:
Persons who carry out the promotion and sale Technical and moral Technical and moral Technical and moral
Technical and moral
103 of shares of Investment Companies shall capacity before the capacity before Banco de capacity before S.D.
capacity before the BMV
demonstrate: CNBV México Indeval
Who can place shares of an Investment
104 Valuators Fund Operator Rating Pricing Provider
Company?
RESULT
0

incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect

incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect
incorrect

incorrect
incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect

incorrect
 FINANCE
RESULT
QUESTIONS A B C D ¿?
0
The price of an investment company's shares is
$2. 8300, one day later, the price is $ 2.8306. What
1 6.25% 7.10% 8.1% 7.63% incorrect
annual rate of return did the Investment Company
pay?

MASECA placed commercial paper with a face

value of $10,000,000 at a discount rate of 12.6% in
2 $10,000,000 $12,000,000 $9,685,000 $8,565,470 incorrect
90 days. How much did MASECA receive in its
placement?

On an investment of $300,00.00, $5,400 of interest

3 was earned in 45 days. At what nominal rate was 14.4% 21% 12% 9.9% incorrect
the money invested?

For how long was $250,000 invested at a rate of

4 30 days 120 days 90 days 60 days incorrect
18% per annum, to generate $7,500 in interest?

What amount was invested at 24% per annum for

5 $100,000 $500,000.00 $350,000.00 $400,000.00 incorrect
90 days. To earn interest on $30,000.00?

The annualized rate of return of your mutual fund

6 was 7.98%, inflation for that year was 5.23% What 2.61% 3.15% 2.1% 1.17% incorrect
was the real rate of return for the period?

A mortgage loan was granted for $1,000,000 for a

10-year term, at an annual rate of 24%. Payments
7 are annual and are made at the end of each $240,725.00 $250,000.00 $295,148.62 $271,602.13 incorrect
period. The method of payment is equal payments.
How much is the annual payment?

The value of the UDI is 3.04 and 100 days later it is

8 1.04962% 3.6582% 2.9605% 4.1715% incorrect
3.13 or what was the inflation for the period.

The inflation rate for this year is estimated at 4.5%.

9 0.1417% 0.2169% 0.5285% 0.3674% incorrect
What is the average monthly inflation rate?

Inflation for this year is estimated at 4.5%,

cumulative inflation for the first half of the year was
10 1.5% 2.1% 1.5351% 2.25% incorrect
2.92%. What will be the estimated inflation for the
second half of the year?

Risk, in a Financial
11 Factor affecting the Cost of Money. Production opportunities Inflation All items are correct incorrect
Market context

It is the profit or gain

It is when there is no It is the tax applied to
12 What is meant by Performance produced by an No item is correct incorrect
profit on an investment an investment.
investment

13 What concepts are related to Profitability? Performance, discount Dividend, interest Utility All items are correct incorrect

Mr. Cuevas invested $200,000 at a rate of 18% per

annum, capitalizing interest every 30 days. What
14 $125,463.48 $239,123.63 $199,854.18 $385,059.40 incorrect
amount will he have at the end of 12 months
between principal and interest?

A mortgage loan was granted for $ 1'000,000 for a

term of ten years with annual payments at the end
of each year. The annual rate was 24%. Calculate $205,025.27 $271,602.12 $271,602.12 $282,623.25
15 incorrect
$532,688.25 $820,366.43 $745,652.24 $457,526.40
the amount of payment #5 and the balance of the
debt by the EQUAL PAYMENTS method.

On June 1 the centennial price was $3, 350, on

June 1 a year later the price was $3, 650. What
16 6.42% 9.23% 8.96% 7.5% incorrect
was the annual rate of return on the gold
centennial?

AA Bank grants loans at a rate of 20% per annum

for 180 days with interest discounted in advance.
17 $90,000 $85,000 $75,000 $95,000 incorrect
You requested $100,000 What amount did you
receive for the credit requested?

The yield rate paid on the Cetes is 9% for 91 days.

18 8.1% 8.93% 8.5% 9.2% incorrect
What rate will they pay for a 28-day curve?
 January inflation was .48% and February inflation
19 was .42% What was the cumulative inflation for the 0.902% 0.5781% 0.6521% 1.2532% incorrect
two-month period?

Inflation for the 2nd half of the month was .31%.

The value of the UDI is 3.1248 today (last day
20 3.1528 3.1254 3.4281 3.1021 incorrect
before known inflation) What will be the value of
the UDI one day later?

The rate of return paid on a master account is 3.25

per annum for 30 days. Inflation for the last 30
21 1.45% 2.9% -2% -1.06% incorrect
days was 0.36 %. What was the nominal real rate
paid by the master account?

Of the following variables. Which ones affect

22 Economic cycles Parity Inflation All items are correct incorrect
investment instruments?

At what nominal rate was $150,000 invested to

have $159,228.02 today, if interest was
23 14.4% 18% 12% 27% incorrect
compounded every 30 days for a period of 180
days?

Which capital was invested 90 days ago at a rate

24 of 9.00 % annual capitalized interest every 15 days $150,000 $300,000 $365,000 $280,000 incorrect
to have $ 306,813.60.

25 At what nominal rate was $ 500,000 invested for a 4% 17% 25% 12% incorrect
term of 90 days to earn interest of $ 15,000?

26 What capital was invested so that after 6 quarters $1,000.00 $2,000.00 $1,100.00 $1,500.00 incorrect
at a rate of 24% it has generated interest of $360

What is the simple interest on a $2,000 principal

27 $4,300.00 $2,450.00 $3,400.00 $2,400.00 incorrect
investment for 4 years at 30% per annum?

Determine the future value of an investment of

28 $300 that is invested for three years at a rate of 595 565 586 578 incorrect
25% with annual compounding.

A mortgage loan was granted for $ 1'000,000 for a

term of ten years with annual payments at the end
29 of each year. The annual rate was 24%. Calculate $240,000 $500,000 $340,000 $700,000 $244,000 $500,000 $500,000 $500,000 incorrect
the amount of payment #5 and the balance of the
debt by the DECRECTING PAYMENTS method.

A mortgage loan was granted for $ 1'000,000 for a

term of ten years with annual payments at the end
of each year. The annual rate was 24%. Calculate
30 $240,000 $1,000,000 $240,000 $800,000 $360,000 $700,000 $480,000 $600,000 incorrect
the amount of payment #5 and the balance of the
debt by the INTEREST PAYMENT AND
AMORTIZATION method.

The price at which Telmex L shares were

purchased was $25.00, forty days later, they are
31 0,0008 0,001 0,0018 0,0005 incorrect
sold at $27.00. What was the effective return on
investment?

32 What is the best option to invest for a 90-day term? 17.70 % at 100 days. 18.5 % at 28 days. 17.54 % at 28 days. 18.0 % at 182 days. incorrect

The yield rate paid on the Cetes was 8% per

annum for 90 days. The Inflation Rate for the same
33 6.25% 7.1% 3.18% 4.08% incorrect
term was .97 % What was the nominal real rate
paid by Cetes?
During what period of time was $ 80,000 invested
at a rate of 24.00 % per annum, capitalizing
34 390 days 180 days 120 days 360 days incorrect
interest every 30 days, to have today $
101,459.34?

What was the amount of interest earned on an

investment of $125,000 at a rate of 12.60% per
35 $14562,35 $8063.00 $20520.00 $2632,20 incorrect
annum, capitalizing interest every 45 days for a
term of 180 days.

Mr. Gonzalez wants to invest $ 1,000,000.00.

36 17.8% at 70 days 17.5% at 15 days 18% for 90 days 17.4 % at 1 day incorrect
What is the best 90-day option:

Determine the future value of $100 invested for 3

37 $134,98 $134,01 $184,04 $194,01 incorrect
years at a rate of 10% compounded semiannually.
 A mortgage loan was granted for $1,000,000 for a
ten-year term with annual payments at the end of
$293,162.50
38 each year. The annual rate was 24%. Calculate the $250,000 $1,025,408 $310,560 $1,425,172 $275,696 $1,895,623 incorrect
$1,465,812.53
amount of payment #5 and the balance of the debt
by the GROWING PAYMENT method.

A mortgage loan was granted for $1,000,000 for a

ten-year term with annual payments at the end of
each year. The real rate is 11% per annum and the
$222,675.00 $207,875.00 $211,598.70 $265,517.00
39 value of the UDI is 3.25. Calculate the amount of incorrect
$853,962.00 $1,127,632.00 $782,047.00 $927,495.00
payment # 5 and the balance of the debt by the
method of PAYMENTS IN UDI`S. The value of the
UDI for this payment is 4.05.
 FINANCIAL ANALYSIS (Elevator CR Statements in J64)
QUESTIONS A B C D ¿?
RESULT 0
Statement of financial
Statement of changes in Income statement and
position and statement of Statement of financial
1 These are basic financial statements: stockholders' equity and statement of cost of incorrect
changes in financial position and cash flow
working capital production and sales
position

A bank loan for $600,000 was

obtained on April 3, 2001, payable in
three years with quarterly payments 150,000 in short-term 200,000 in short-term 200,000 in short-term
$ 600,000 in long-term
2 from the date the loan was obtained. liabilities and $300,000 in liabilities and $250,000 in liabilities and $300,000 in incorrect
liabilities
If a balance sheet is prepared as of long-term liabilities long-term liabilities long-term liabilities
December 31, 2001, it must be
presented:

When the investment activity in the

The company made new
statement of changes in financial The company sold its fixed The company depreciated its The company mortgaged
3 investments in fixed incorrect
position shows resources generated, assets fixed assets its fixed assets.
assets
it means that:

Machinery, depreciation
They are classified as an investing
Depreciation of the building, and amortization of Organizational expenses, Organizational expenses,
4 activity in the Statement of Changes incorrect
furniture and land. installation costs and machinery and land. inventory and building.
in Financial Position:
furniture
They contain explanations of the
Supplementary financial Pro forma financial Notes to the financial
5 figures contained in the basic Special financial statements incorrect
statements statements statements
financial statements.
Depreciation of the building is
considered for the statement of One source of operating An application of
6 Not classified An investment source incorrect
changes in financial position. resources operating resources
as:

If the integral cost of financing shows Monetary assets exceed The effect of inflation on The effect of inflation on non-
7 a monetary position result of $42,000 monetary liabilities by the monetary position was cash items was favorable by No item is correct incorrect
positive, it means: $42,000 favorable at $42,000. $42,000.

They measure the degree

They measure the company's
They measure the to which the company has
effectiveness in terms of
What does a Coverage or Debt ratio effectiveness with which been financed by third
8 profit and investment and All items are correct incorrect
measure? resources are being used to parties (loans), thus
how it has achieved its
achieve objectives. measuring the degree of
objectives in this regard.
dependence on them.

They are classified as operating Profit for the year, Taxes payable, capital
Amortization, the bank Inventories, retained
9 activities in the Statement of depreciation and liabilities stock and organizational incorrect
creditor and customers. earnings and suppliers.
Changes in Financial Position. with suppliers. expenses.

The statement of changes in the

financial position of RC Elevadores, Resources generated for Resources used for
10 Resources used for $133,500 None of the above incorrect
S.A. de C.V. is the result of the $120,500 $120,500
operation:

In RC Elevadores, S.A. de C.V. for $.72 pesos in current $.72 pesos in easily
11 $.72 pesos in total assets None of the above incorrect
each peso of short-term debt exist: assets convertible cash assets

140% of short-term 79.7% of short-term

12 Current assets of RC Elevadores, 72% of short-term liabilities None of the above incorrect
liabilities liabilities
S.A. de C.V. represents the:
Sales of RC Elevadores, S.A. de
13 41.6% of Total Assets 38.6% of Total Assets 46.3% of Total Assets incorrect
C.V. are equivalent to: None of the above

Increased based on
14 Based on sales growth, the cost of Optimized Grew at the same level None of the above incorrect
sales
sales from 2001 to 2002:

23.3% of the Operating

15 In 2002 the net income of RC 10.8% of Cost of Sales 20% of Sales None of the above incorrect
Income
Elevadores, S.A. de C.V. represents:
Adding to the monetary
Multiplying the monetary Multiplying the monetary
The result by monetary position is Adding the net interest to the position the net interest
16 position by the inflation of position by the discount incorrect
obtained: monetary position and the exchange rate
the month factor
fluctuation

In the statement of changes in

financial position, if the operating The important thing is that it It is beneficial to the The company had no cash
17 Negative for the company incorrect
activity uses resources, we can is useful company flows
consider that:
 In the statement of changes in
financial position, organizational
18 Operation Financing Investment None incorrect
expenses are classified within the
activity of:
The trend method is an extension of Statement of Changes in
19 Integral percentages Financial reasons Increases and decreases incorrect
the method of: Financial Position

We placed debentures on May 15,

2001 for $800,000 payable in 4 years
with equal semi-annual payments
200,000 in short-term 200,000 in short-term 200,000 in short-term
from the placement date. Whereas $ 600,000 in long-term
20 liabilities and $ 500,000 in liabilities and $550,000 in liabilities and $600,000 in incorrect
payments have been made in a liabilities
long-term liabilities long-term liabilities long-term liabilities
timely manner, as should be shown
in the balance sheet as of October
31, 2001

The capitalization of a bank creditor An increase in capital

21 A decrease in capital stock A reclassification of liabilities No item is correct incorrect
affects the company with: stock

Evaluate the company's Assess the company's

Is it an objective of the Statement of Evaluate the changes in the
22 capacity to generate ability to meet its All items are correct incorrect
Changes in Financial Position? company's financial situation.
resources. obligations.

These are stages of financial Qualitative and quantitative

23 Vertical and Horizontal Statics and Dynamics No item is correct incorrect
analysis: research

The creation of a legal reserve of Ps. Stockholders' equity

24 A decrease of 200,000 An increase of 200,000 No item is correct incorrect
200,000 affects stockholders' equity: remains the same.

The statement of changes in the

Resources generated by Resources used for
25 financial situation of RC Elevadores, Resources used for $434,100 None of the above incorrect
$403,800 $403,800
S. A. de C.V. in the financing:

At RC Elevadores, S.A. de C.V.,

26 inventory turnover indicates that Sold every 122 days Charged every 122 days Transformed every 122 days None of the above incorrect
inventories:
28.6% of assets are
190,200 of current assets
In RC Elevadores, S.A. de C.V. we financed by long-term 28.6% of short-term liabilities
27 are financed by current None of the above incorrect
have to: liabilities and stockholders' finances Non-current assets
liabilities
equity.
Fixed Assets turnover of RC
Equivalent to 66% of Equivalent to 58% of Equivalent to 35% of average
28 Elevadores, S.A. de C.V. indicates None of the above incorrect
average fixed assets average fixed assets fixed assets
that the company sells:

In nominal terms, the customers of Increased by Increased by Increased by

29 Decreased by 46.5%. incorrect
RC Elevadores, S.A. de C.V.: 46.5% 13.9%% 13.9%

30 Inventory of RC Elevadores, S.A. de 13.7% of Current Assets 33% of sales 48.2% of Total Assets None of the above incorrect
C.V. in 2002 represents:

The account showing results from

Statement of financial Statement of changes in
31 holding non-monetary assets is Income statement All of the above incorrect
position financial position
shown in:

It is the financial statement that

shows the variations that have
occurred in the different accounts Statement of Changes in Statement of changes in Statement of Financial
32 Income Statement incorrect
that comprise stockholders' equity Financial Position stockholders' equity Position
over a period of time, generally one
year:

The creation of a legal reserve of Ps. Stockholders' equity

33 A decrease of 200,000 An increase of 200,000 No item is correct incorrect
200,000 affects stockholders' equity: remains the same.

Consists of allocating
By reducing the figures in 100% to each chapter of To know the magnitude of a
What does the integral percent
34 the Financial Statements to the financial statements to part of a whole in relation to All items are correct incorrect
method consist of?
percentage terms analyze each part of the the whole.
total.

The result for the year with Resources generated or The result of the fiscal year The result of the exercise
The statement of changes in
35 the variation in cash and used in operation, with resources generated in with origins and incorrect
financial position reconciles:
temporary investments financing and investment operation applications

A gain or loss from holding A result from holding

When monetary assets exceed A favorable monetary An unfavorable monetary
36 nonmonetary assets of nonmonetary assets of a incorrect
monetary liabilities we have: position position
income loss of
 Interest, Repomo,
The integral cost of financing Interest, the Repomo and Interest and exchange Interest, Repomo and
37 Retanom and exchange incorrect
includes: the Retanom rate fluctuations exchange rate fluctuations
rate fluctuations

Measure the impact of

It is an objective of the Financial Increased return on
38 internal and external factors Leverage Control All items are correct incorrect
Analysis investment
on the company.

Short-term and long-term

Resources generated or used in loans received, other than Capital increases for
39 Dividends paid in cash All items are correct incorrect
financing activities comprise: transactions with suppliers additional resources
and/or creditors.

The statement of changes in the

Resources generated for Resources generated for Resources generated by
40 financial position of RC Elevadores, None of the above incorrect
$300,000 $287,000 $432,000
S.A. de C.V. in the investment:

The liabilities of RC Elevadores, S.A. 35% of its stockholders'

41 55% of its total assets 86% of its sales None of the above incorrect
de C.V. represent: equity
Profitability of RC Elevadores, S.A.
8.5% of stockholders' 20.2% of stockholders'
42 de C.V. indicates that the company 7.5% of sales 10.8% of sales incorrect
equity equity
generates:
The company finances The company finances
The company finances 312 The company finances 185
43 The cash cycle of RC Elevadores, 190 days of the operating 233 days of operating incorrect
days of the operating cycle days of the operating cycle
S.A. de C.V. indicates that: cycle cycle

The decrease in RC Elevadores, Higher than the decrease in Lower than the decrease Equal to the decrease in
44 None of the above incorrect
S.A. de C.V.'s total liabilities. was: sales in sales sales

In 2002, operating expenses

45 44.8% of gross profit 38.8% of sales 20.8% of cost of sales None of the above incorrect
amounted to Ps:
The decree and payment of
dividends of Ps. 580,000.00; 30% in An increase of $ A decrease of $ Stockholders' equity
46 A decrease of $ 174,000.00 incorrect
cash and 70% in shares, affects 406,000.00 580,000.00 remains the same
stockholders' equity with:

The method of Increases and
47 Decreases, Nominal and Real
Analysis compares:
Financial statements of
different genres for a single
period
Financial statements of Financial statements of
Financial statements of the
different gender, for 2 the same gender for 2 incorrect
same type for a single period
consecutive periods consecutive periods

It is the statement that shows the Statement of Changes in Statement of Financial

48 Income Statement No item is correct incorrect
financial situation in a given period: Financial Position Position

The monetary position result is a Statement of financial The statement of changes in Statement of changes in
49 Income statement incorrect
concept that appears in: position stockholders' equity financial position

The acquisition of a patent is

Not included in the
classified for the statement of
50 An investment activity An operating activity A financing activity statement because it is incorrect
changes in financial position as
intangible.
follows:

A dividend declaration of 470,000,

51 40% in shares and 60% in cash, An increase of $188,000 A decrease of $188,000 A decrease of $ 470,000 None of the above incorrect
affects stockholders' equity with:

It is a financial statement that shows

Statement of changes in
52 the company's capacity to generate Income statement Balance Sheet No item is correct incorrect
financial position
resources:

They measure the They measure the degree to

company's effectiveness in which the company has been
They measure the
terms of profit and financed by third parties
53 What do liquidity ratios measure? company's ability to meet All of the above. incorrect
investment and how it has (loans), thus measuring the
its short-term obligations.
achieved its objectives in degree of dependence on
this regard. them.

They are classified as operating Profit for the year, Taxes payable, capital
Amortization, the bank Inventories, retained
54 activities in the Statement of depreciation and liabilities stock and organizational incorrect
creditor and customers. earnings and suppliers.
Changes in Financial Position. with suppliers. expenses.

The statement of changes in the

Resources generated by Resources used for
55 financial position of RC Elevadores, Resources used for $434,100 None of the above incorrect
$403,800 $403,800
S. A. de C.V. in the financing:

56 Suppliers give the company: 123 days credit 119 credit days 127 credit days None of the above incorrect
 35.8% of Total Assets are 20.3% of Property, plant 31.7% of stockholders' equity
57 RC Elevadores, S.A. de C.V.'s None of the above incorrect
owed and equipment due is owed
financial leverage. indicates that:

58 In 2002, the net income of RC 10.8% of Cost of Sales 20% of Sales 23.3% of Operating Income None of the above incorrect
Elevadores, S.A. de C.V. represents:

In nominal terms the sales of RC

59 Elevadores, S.A. de C.V. from 2001 Decreased by 25%. Increased by 25%. Decreased by 33%. Increased by 33%. incorrect
to 2002:

Customers of RC Elevadores, S.A.

60 40% of sales 27.6% of Current Assets 11.5% of Total Assets None of the above incorrect
de C.V. in fiscal year 2002 represent:
 RC ELEVADORES, S.A. DE C.V.
STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2002 AND 2001

ACTIVE 2002 2001 LIABILITIES 2002

CIRCULATING SHORT TERM
Cash and Banks 43,200 26,500 Suppliers 181,400
Customers 268,400 183,200 Sundry Creditors 252,000
Debtors 32,000 36,000 Taxes Payable 40,500
Inventory 320,500 337,200 473,900
664,100 582,900 LONG TERM
FIXED Bank Creditor 109,200
Real Estate 1,450,000 1,700,000 Obligations 250,000
Machinery 215,000 260,000 359,200
Delivery Team 430,000 397,000
ADDING THE
Depreciation (625,000) (480,000) LIABILITIES 833,100

1,470,000 1,877,000
CAPITAL
DIFFERRED Organizational Expenses 125,000 150,000
Capital Stock Retained 900,000
Insurance Pag. By Ant. 69,000 82,000
Earnings Accum. 490,000
194,000 232,000 Profit for the year 105,000
1,495,000

ADD ASSETS 2,328,100 2,691,900 LIABILITIES + 2,328,100

CAPITAL

RC ELEVADORES, S.A. DE C.V.

Statement of Income from January 1 to December 31, 2009
2002 2001
Net Sales 970,000 1,290,000
Cost of sales 520,000 635,000
Gross Profit 450,000 655,000

Operating Expenses 202,000 370,000

Operating Income 248,000 285,000

Comprehensive Financing Cost 75,000 61,000

Income Before Taxes 173,000 224,000

Provision for taxes 68,000 54,000

Net income 105,000 170,000

 2001

174,60
0
282,30
0
82,00
0
538,900

203,00
0
350,00
0
553,000

1,091,900

1,000,000
430,00
0
170,00
0
1,600,000
2,691,900