Russian Gas Reserves
With commodity prices near record-high levels, the firms and countries that control the world's oil and natural gas reserves are seeing windfall profits. Which Russian firm controls nearly one-fifth of the world's reserves of natural gas?

A.)  BP
B.)  Lukoil
C.)  Gazprom
D.)  AO Tatneft
E.)  Total

Infrastructure Spending
According to a study by the Urban Land Institute, firms that build and maintain roads, bridges, and other infrastructure will likely see increased profits in the near future, thanks to the United States' need to spend how much on infrastructure by 2010?

A.)  $589 million
B.)  $1.0 billion
C.)  $1.3 billion
D.)  $2.2 billion
E.)  $1.6 trillion

Online Retail
Which online retailer has delivered sensational gains of +33.4% annually over the past decade? (Good enough to turn a $10,000 investment into nearly $180,000!)

A.)  Amazon.com (AMZN)
B.)  Buy.com (BUYX)
C.)  Overstock.com (OSTK)
D.)  eBay (EBAY)
E.)  1-800-Flowers.com (FLWS)

Convertible Bonds
Convertible securities give the holder the right to exchange debt owed by the issuer or preferred shares of the issuer for common shares of the issuer. What's the least amount of time an investor should hold a convertible security?

A.) 10-12 years
B.) 2-3 years
C.) 4-5 years
D.) 1 year
E.) 6-7 years

Short-Squeeze Candidates
Short selling (betting that a stock's price will fall) can be a lucrative strategy -- if you're on the right side of the bet. But when short sellers rush to close out their positions, they have to buy the stock back -- usually resulting in an increase in the stock's price. Which travel stock actually rallied more than +1,000% in 2004 because of short sellers covering their positions?

A.)  Travelzoo (TZOO)    
B.)  Expedia (EXPE)
C.)  Priceline.com (PCLN)
D.)  Orbitz (OWW)
E.)  Allegiant Travel (ALGT)

Emerging Markets
The world is full of emerging markets, some more promising for investors than others. Which emerging market region has piqued investors' interest because it is expected to receive a total of nearly $300 billion in economic development aid through 2013?

A.)  South America
B.)  Sub-Saharan Africa
C.)  Eastern Europe
D.)  Central America
E.)  The Pacific Rim

A.)  Wendy's (WEN)
B.)  Home Depot (HD)
C.)  Motorola (MOT)
D.)  AT&T (T)
E.)  Cisco Systems (CSCO)
 

Asset Class
Which of the five following asset classes has delivered the strongest gains from August 2002 to August 2007?

A.)  Large-Cap Growth Stocks
B.)  High-Yield "Junk" Bonds
C.)  Small-Cap Value Stocks
D.)  U.S. Government Bonds
E.)  Precious Metals (Dow Jones P.M. Index)

Revenue Growth
Which of the following companies posted the strongest compounded annual revenue growth between 2001 and 2006?

A.)  Whole Foods (WFMI)
B.)  Ceradyne (CRDN)
C.)  eBay (EBAY)
D.)  Research in Motion (RIMM)
E.)  Electronic Arts (ERTS)

Returns
Over the nearly 20-year time span between July 1990 and July 2007, which of the following stocks delivered the greatest total returns?

A.)  Microsoft (MSFT)
B.)  Home Depot (HD)
C.)  General Electric (GE)
D.)  Eaton Vance (EV)
E.)  Intel (INTC)

The Shipping Industry
Surging demand for raw materials in Asia is one of many reasons that shipping firms and shipping expeditors have earned eye-popping triple-digit gains in recent years. Which shipping company's shares rose +1000% from 1997 to 2007?

A.)  Teekay (TK)  
B.)  Diana Shipping (DSX)
C.)  OceanFreight Inc. (OCNF)
D.)  YRC Worldwide Inc. (YRCW)
E.)  Expeditors International of   Washington (EXPD) 
 

Consumer Staples
Consumer staples see constant demand even when the economy takes a dive. After all, people always need shampoo, pet food, and laundry detergent no matter what the economic outlook is. That's why the consumer staples sector thrives even when a recession looms. What were the sector's average gains during the previous three decelerating economic cycles?

A.)  +13%
B.)  +27%
C.)  +48%
D.)  +79%
E.)  +95%
 

This Sector Has Outperformed Almost All Others Over the Past Three Years
Investors certainly appreciated the +11.5% annual returns posted by the S&P from 2005 to 2007. But which sector delivered gains that were almost six times as high during that time period?

A.)  Retail
B.)  Banking
C.)  Restaurants
D.)  Agrochemicals
E.)  Utilities

The Falling Dollar
The dollar has been in a protracted bear market for years, and one thing is clear: it can be a boon for savvy investors. In Berkshire Hathaway's (NYSE: BRK-B) latest annual report, we discovered that legendary investor Warren Buffett has raked in staggering profits by betting against the dollar. As of November 2007, how much has Berkshire Hathaway profited directly from the dollar's fall?

A.)  $755 Million
B.)  $2.2 Billion
C.)  $10.3 Billion
D.)  $45 Million
E.)  $1.1 Billion
 

Long-Term Investing
According to equity research firm I.G. Investment Management, investors held a stock for an average of five years in 1975. What is the average holding period today?

A.)  7 Years    
B.)  2 Weeks
C.)  3 Months
D.)  4 Years
E.)  10 Months 
 

Gaming
Which of the following gaming areas generates the most revenue for casinos?

A.)  Slot Machines  
B.)  Blackjack
C.)  Craps
D.)  Sports Betting
E.)  Roulette
 

Activist Shareholders
By using their large stakes in a company as leverage, activist shareholders can ensure their voices are heard by a firm's management. And by pushing for improvements in a company's operations, these shareholders can become a catalyst to increase a firm's share price. Thanks in large part to shareholder activism, which of these companies enjoyed total returns of over +80% between April 2005 and August 2007?

A.)  McDonald's (MCD)
B.)  Amgen (AMGN)
C.)  Target (TGT)
D.)  Wendy's (WEN)
E.)  Dell (DELL)
 

Operating Margins
Which of the following companies posted the highest operating margins in 2006?

A.)  Microsoft (MSFT)
B.)  IBM (IBM)
C.)  Exxon-Mobil (XOM)
D.)  eBay (EBAY)
E.)  Wal-Mart (WMT)

Spin-Offs
Which of the five spin-offs below posted the largest returns during its first 12 months as a separate entity?

A.)  Chipotle (CMG)
B.)  Coach (COH)
C.)  Yum! Brands (YUM)
D.)  Kraft (KFT)
E.)  Ameriprise (AMP)

Dividends
Between July 2002 and July 2007, which of the following five companies delivered the greatest annual dividend growth?

A.)  Harley Davidson (HOG)
B.)  Intel (INTC)
C.)  Mattel (MAT)
D.)  Pepsi Bottling Group (PBG)
E.)  Waste Management (WMI)