CFA考试《CFA一级》历年真题精选22(附详解)

CFA考试《CFA一级》历年真题精选22（附

详解）

1、A discrete uniform distribution consists of the following twelve values:On a single draw from the distribution, the probability of drawing a value between -2.0 and 2.0 from the distribution is closest to:【单选题】

A.16.67%.

B.18.04%.

C.27.59%.

正确答案:A

答案解析:“Common Probability Distributions,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2011 Modular Level I, Vol. 1, pp. 497-498Study Session 3-9-fCalculate and interpret probabilities given the discrete uniform and the binomial distribution functions.First order the values from smallest to largest.Then note that two of the twelve values are between -2.0 and 2.0. Thus, the probability of a draw from the distribution being between -2.0 and 2.0 is 2/12 = 0.16667.

2、A two-tailed t-test of the null hypothesis that the population mean differs from zero has a p-value of 0.0275. Using a significance level of 5%, the most appropriate conclusion is:【单选题】

A.reject the null hypothesis.

B.accept the null hypothesis.

C.the chosen significance level is too high.

正确答案:A

答案解析:“Hypothesis Testing,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleA is correct. The p-value is the smallest level of significance at which the null hypothesis can be rejected. In this case, the given p-value is less than the given level of significance and we reject the null hypothesis.

3、Given a large random sample, which of the following types of data are least appropriately analyzed with nonparametric tests?【单选题】

A.Ranked data (e.g., 1st, 3rd)

B.Signed data (e.g., number of +'s and –'s)

C.Numerical values (e.g., 28.43, 79.11)

正确答案:C

答案解析:Nonparametric tests are primarily concerned with ranks, signs, or groups, and they are used when numerical parameters are not known or do not meet assumptions about distributions. Even if the underlying distribution is unknown, parametric tests can be used on numerical data if the sample is large.Section 5

4、A group of fund analysts have to select the first, second, and third best fund manager of the year for 2012 based on their subjective judgment. If 10 fund managers are candidates for the three awards, the number of ways in which each analyst can make his ranking is closest to:【单选题】

A.120.

B.30.

C.720.

答案解析:This problem is a counting one in which order does matter.For this reason, use the permutation formula ,wheren is the total number of fund managers; in the problem, n = 10.r is the number of fund managers that will receive the awards (first, second, and third); in the problem, r = 3.There are 720 ways that each analyst can rank 3 fund managers out of 10, when order does matter.2014 CFA Level I“Probability Concepts,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 4.2

5、The unemployment rate is best described as the ratio of unemployed to:【单选题】

bor force minus frictionally unemployed.

B.total population of people who are of working age.

bor force.

正确答案:C

答案解析:The unemployment rate is the ratio of unemployed to labor force.Section 4.1

6、An analyst gathers the following information about a company’s common stock:To calculate earnings per share for 2011, the company’s weighted average number of shares outstanding is closest to:【单选题】

A.333,333.

B.350,000.

C.458,333.

正确答案:C

答案解析:“Understanding Income Statements,” Elaine Henry and Thomas R. RobinsonIncluding effect of 2:1 split458,333

7、An analyst does research about hypothesis testing and conducts a significancetest to determine if the relationship between two variables is real or the result ofchance.His null hypothesis is that the population correlation coefficient is equalto zero and his alternative hypothesis is that the population correlation coefficientis different from zero.He develops the following information:The analyst conducts a:【单选题】

A.one-tailed test and can reject his null hypothesis.

B.two-tailed test and can reject his null hypothesis.

C.two-tailed test and can not reject his null hypothesis.

正确答案:C

答案解析:根据5%的显著性水平是1.96的临界值，1%的显著性水平是2.58的临界值，可知是双边检验，1.7081小于1.96，没有落在拒绝域，说明无论在5%的显著性水平还是1%的显著性水平下，都无法拒绝原假设。

8、An analyst does research about return on equity and gathers the following informationabout a company in 2011:The company's return on equity in 2011 is closest to:【单选题】

A.3.5%

B.6.3%

C.6.9%

正确答案:C

答案解析:ROE = ROA × financial leverage = net income/average total assets × financial leverage =$100 000/$2 750 000 × 1.9 = 6.9%.

9、If a portfolio manager wants to sell a stock at a price above current marketprice, the best type of order to use is a:【单选题】

A.limit order.

B.market order.

C.stop sell order.