Which of the following factors is true of forward contracts but not of futures contracts?

The deals are bilateral OTC contracts

They are a means of fixing forward rates

They are flexible in terms of maturity rate

They can be either bought or sold by market participants

You purchase a USD Treasury Bill. Which of the following sentences best describes the trade you have done?

You have purchased a credit risk free security for which you have paid less than face value and will receive at maturity face value

You have purchased a credit risk free security for which you have paid face value and will receive at maturity face value plus accrued interest

You have purchased an interest rate risk free security for which you have paid face value and will receive at maturity face value plus accrued interest

You have purchased an interest rate risk free security for which you have paid less than face value and will receive at maturity face value

As a company moves through its industry lifecycle, toward maturity, how is this most likely to affect an equity analyst's perception of its growth rate for equity valuation?

It is likely to decrease the expected growth rate

Analysts do not consider a growth rate in equity valuation

It is likely to increase the expected growth rate

Free ICMA FMFQ Exam Practice Questions & Explanations

Last updated on: Sep 15, 2026
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