CFA考试《CFA一级》历年真题精选03(附详解)

CFA考试《CFA一级》历年真题精选03（附
详解）
1、A company determines that the quantity demanded of a product increases by 5% when price is reduced by 10%. The product’s price elasticity of demand is best described as:【单选题】
A.elastic.
B.inelastic.
C.perfectly elastic.
正确答案:B
答案解析:“Elasticity,” Michael ParkinWhen the price elasticity of demand is between 0 and 1, the good is said to have an inelastic demand. In this case, the price elasticity of demand is calculated as 5% / 10% = 0.5.
2、A local laundry and dry cleaner collects the following data on its workforce productivity. Workers always work in teams of two, and the laundry earns $3.00 of revenue for each shirt laundered.The marginal revenue product ($ per worker) for hiring the fifth and sixth workers is closest to:【单选题】
A.14.
B.21.
C.42.
正确答案:B
答案解析:“Demand and Supply Analysis: The Firm,” Gary L. Arbogast and Richard V. EastinIn this problem, the marginal product of hiring the 5th and 6th workers (ΔL = 2) is 14 shirts per hour/2 workers = 7 shirts per hour/worker. With each shirt resulting in $3 of revenue, the MRP is 7 shirts per hour/worker × $3/shirt = $21 per worker.
3、The following selected data are available for a firm:If the firm’s tax rate is 40%, the free cash flow to the firm (FCFF) is closest to:【单选题】
A.57.9.
B.74.7.
C.87.7.
正确答案:B
答案解析:“Understanding Cash Flow Statements,” Elaine Henry, CFA, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, and Michael A Broihahn, CFA
4、An analyst has gathered the following information:Based on the arbitrage-free valuation approach, a $1,000 face value bond that pays a 5 percent annual coupon and matures in 3 years has a current market value closest to:【单选题】
A.$1,027.75.
B.$1,028.67.
C.$1,034.85.
正确答案:B
答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi
5、A company pays its workers on the 1st and the 15th of each month. Employee wages earned from the 15th to the 30th of September are best described as a(n):【单选题】
A.accrued expense.
B.prepaid expense.
C.unearned expense.
正确答案:A
答案解析:Wage expenses that have been incurred but not yet paid are an example of an accrued expense: a liability that has not yet resulted in a cash payment.Section 5.1
6、With respect to the portfolio management process, the execution step most likely includes:【单选题】
A.developing the investment policy statement.
B.portfolio monitoring.
C.asset allocation.
正确答案:C
答案解析:Asset allocation is part of the execution step of the portfolio management process. The execution step also includes security analysis and portfolio construction.Section 4
7、Which of the following statements does not accurately represent the objectives of Global InvestmentPerformance Standards (GIPS)? The GIPS standards:【单选题】
A.ensure consistent, accurate investment performance data in the areas of reporting, records,marketing, and presentations.
B.obtain global acceptance of calculation and presentation standards in a fair, comparable formatwith full disclosure.
C.promote fair competition among investment management firms in all markets by requiringcommon fee structures.
正确答案:C
答案解析:One of the objectives of the GIPS standards is to promote fair competition among investmentmanagement firms in all markets; this objective does not require unnecessary entry barriers orhurdles for new firms, such as common fee structures.Fundamentals of Compliance
8、According to CFA Institute of Professional Conduct (the Standards) , which ofthe following is NOT a recommendation procedure for compliance with the Standardsrelating to fair dealing?【单选题】
A.Limit the number of people involved.
B.Maintain a list of clients and their holdings.
C.Prolong the time frame between decision and dissemination.
正确答案:C
答案解析:当投资建议将要发布时，限制参与的人数，以及保留客户的名单和他们持股情况都是CFA协会推
荐的做法。

同时，CFA协会推荐缩短决策制定和信息发布的时间，来避免违反公平对待的规定。

9、An analyst gathers the following information from a company's balance sheet(in millions):Based on the information, the company's liquidity ratios at the end of 2011have:【单选题】
A.decreased since the end of 2010.
B.remained the same since the end of 2010.
C.increased since the end of 2010.
正确答案:B
答案解析:流动比率（liquidity ratio）(2010) = 120/ 220 = 0.5455，流动比率(2011) = 132 / 242 =0.5455。

其他流动性指标包括速动比率及现金比率。

由于现金及一般等价物、应收账款、流动资产及流动负债都按10%的比例增加，所以这些比率也都保持一致。

10、An analyst does research about price-to-earnings ratio and gathers the followinginformation about a company:The trailing price-to-earnings ratio for this stock is closest to:【单选题】
A.11.5
B.13.6
C.15.5
正确答案:B
答案解析:trailing price-to-earnings ratio是将现在价格除以过去12月的每股收益= 75/5.50 =13.6。