2015年CFA每日一练(3月13日)
cfa一级考试题库答案
cfa一级考试题库答案1. 以下哪项是有效市场假说（Efficient Market Hypothesis, EMH）的核心观点？A. 市场价格总是正确的。
B. 市场价格反映了所有可用信息。
C. 投资者总是理性的。
D. 市场参与者总是能够发现并利用所有的投资机会。
答案：B2. 在CFA一级考试中，关于固定收益证券的以下哪个说法是不正确的？A. 固定收益证券的利息支付是固定的。
B. 固定收益证券的价格与市场利率呈负相关。
C. 固定收益证券的信用风险可以通过信用评级来衡量。
D. 固定收益证券的到期收益率总是高于票面利率。
答案：D3. 以下哪个指标用于衡量股票的波动性？A. 价格收益比（Price-to-Earnings Ratio）B. 贝塔系数（Beta Coefficient）C. 夏普比率（Sharpe Ratio）D. 标准差（Standard Deviation）答案：D4. 在投资组合管理中，以下哪个概念描述了投资组合中资产之间的相关性？A. 资产配置（Asset Allocation）B. 市场时机（Market Timing）C. 多元化（Diversification）D. 相关系数（Correlation Coefficient）答案：D5. 以下哪个财务比率用于评估公司的偿债能力？A. 流动比率（Current Ratio）B. 毛利率（Gross Margin Ratio）C. 资产周转率（Asset Turnover Ratio）D. 权益回报率（Return on Equity）答案：A6. 在CFA一级考试中，关于宏观经济分析的以下哪个说法是正确的？A. 宏观经济分析主要关注公司层面的财务状况。
B. 宏观经济分析只考虑长期经济趋势。
C. 宏观经济分析包括对经济增长、通货膨胀和利率等因素的研究。
D. 宏观经济分析与投资决策无关。
答案：C7. 在评估一个投资项目时，以下哪个现金流是最重要的？A. 初始投资B. 营运现金流C. 终值现金流D. 所有上述现金流答案：D8. 在CFA一级考试中，以下哪个财务报表分析工具用于评估公司的盈利能力？A. 杜邦分析（DuPont Analysis）B. 比率分析（Ratio Analysis）C. 现金流量表（Cash Flow Statement）D. 资产负债表（Balance Sheet）答案：B9. 在投资决策中，以下哪个因素是风险厌恶型投资者最关注的？A. 预期回报B. 投资成本C. 风险水平D. 流动性答案：C10. 在CFA一级考试中，以下哪个金融工具用于对冲利率风险？A. 期货合约（Futures Contract）B. 期权合约（Options Contract）C. 掉期合约（Swap Contract）D. 所有上述金融工具答案：D。
CFA一级每日一练(含详细解析)15
Study Session 13-52-a Describe the characteristics of a well-functioning securities market. Price continuity means that prices do not change much from one transaction to the next unless substantial new information becomes available. 3、An analyst does research about diluted earnings per share and gathers the followinginformation about a company for 2011: ● Net income is $1 275 000 ● Common shock dividends is $55 000 ● Average number of common shares outstanding is 150 000 ● 20 000 preferred shares outstanding ● Preferred dividends per share is $18.00 If each preferred share is convertible into 2 shares of common stock, thecompany's reported diluted EPS is closest to:【单选题】 A.$6.10 B.$6.42 C.$6.71 正确答案:A 答案解析:basic EPS = （$1 275 000 - $18 × 20 000）/150 000 = 6.10。 diluted EPS = $1 275 0001（150 000 + 2 × 20 000） = 6.71，由于 diluted EPS = 6.71 比 basic EPS = 6.10 大，说明存在反稀释（anti-diluted），因此 diluted EPS = basicEPS = 6.10。 4、Teresa Staal, CFA is an investment officer in a bank trust department. She manages money for celebrities and public figures, including an influential local politician. She receives a request from the politician’s political party headquarters to disclose his stock holdings. The request indicates local law requires the disclosure. What steps should Staal most likely take to ensure she does not violate any CFA Institute Standards of Professional Conduct?【单选题】 A.Provide the information and inform her client. B.Send the requested documents and inform her supervisor. C.Check with her firm's compliance department to determine her legal responsibilities. 正确答案:C 答案解析:"Guidance for Standards I-VII CFA Institute" 2011 Modular Level I, Vol. 1, pp. 88-89 Study Session 1-2-c Recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct. C is correct. In order to avoid violating Standard III (E) Staal should determine if applicable securities regulations require disclosing the records before she provides the
2015年CFA每日一练(3月6日)
全球最大的CFA(特许金融分析师)培训中心
总部地址：上海市虹口区花园路171号A3幢高顿教育
电话：400-600-8011网址： 微信公众号：gaoduncfa 1 2015年CFA 每日一练（3月6日）
1.The price to bookvalue ratio (P/BV) is a helpful valuation technique when examining firms:
A)with older assetscompared to those with newer assets.
B)that hold primarilyliquid assets.
C)with the same stockprices.
正确答案：B
解析：P/BV analysis works bestfor firms that hold primarily liquid assets.
各位考生，2015年CFA 备考已经开始，为了方便各位考生能更加系统地掌握考试大纲的重点知识，帮助大家充分备考，体验实战，网校开通了全免费的高顿题库（包括精题真题和全真模考系统），题库里附有详细的答案解析，学员可以通过多种题型加强练习，通过针对性地训练与模考，对学习过程进行全面总结。
CFA一级每日一练(含详细解析)105
CFA一级每日一练（含详细解析）1051、A company's balance sheet shows the following values (€):The company’s cash ratio is closest to:【单选题】A.0.46.B.0.97.C.0.37.正确答案:A答案解析:The cash ratio isSection 4.3.12、A company is long an interest rate swap with a current market value of $125,000. The company wants to terminate this swap before the expiration date. From a credit risk perspective, which is the least attractive way to terminate the swap?【单选题】A.Sell the swap to a third party.B.Short an offsetting swap with a third party.C.Agree to terminate the swap and receive its market value from the counterparty.正确答案:B答案解析:“Swap Markets and Contracts,” Don M. ChanceBoth the initial and the offsetting swap remain in effect, exposing the company to potential default risk with two different counterparties.3、Alex Burl is an investment advisor at Helpful Investments, a local investment advisoryfirm.Helpful Investments requires its employees to invest in the samestocks which Helpful Investments recommends to its clients.Helpful Investmentsalso has established strict procedures determining when trades can be executed inits employees' own portfolios to avoid any conflict of interests with its clients.This procedure is most likely in place to help Burl avoid violations of the Standardsof Professional Conduct relating to:【单选题】A.only material non-public information.B.only priority of transactions.C.both independence and material non-public information.正确答案:B1。
CFA一级每日一练(含详细解析)101
CFA一级每日一练（含详细解析）1011、Which of the following statements most accurately describes the weak-form Efficient Market Hypothesis (EMH)? The weak-form EMH assumes that current security prices:【单选题】A.fully reflect all information from public and private sources.B.fully reflect all security market information, including transactions by exchange specialists.C.adjust rapidly to the release of all public information; that is, security prices fully reflect all public information.正确答案:B答案解析:“Efficient Capital Markets,” Frank K. Reilly, CFA and Keith C. Brown, CFAThe weak-form EMH assumes that current stock prices fully reflect all security market information, including transactions by exchange specialists.2、Which of the following is the most appropriate reason for using a free-cash-flow-to-equity (FCFE) model to value equity of a company?【单选题】A.FCFE is a measure of the firm’s dividend paying capacity.B.FCFE models provide more accurate valuations than the dividend discount models.C.A firm’s borrowing activities could influence dividend decisions but they would not impact FCFE.正确答案:B答案解析:“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak, CFA and Stephen E. Wilcox, CFAA is correct. FCFE is a measure of the firm’s dividend paying capacity.3、Giselle Holt is a staff of the Professional Conduct Program of CFA Institute.Inorder to be compliance with the Code of Ethics and Standards of ProfessionalConduct, Holt is most directly responsible for which of the following activities:【单选题】A.conducting investigations on CFA members or candidates who may haveviolated the Code of Ethics and Standards of Professional Conduct.B.conducting hearing panel relating to proposed sanctions on CFA membersor candidates.C.updating the code of ethics and the professional conduct annually to ensurethey are effective.正确答案:A答案解析:如果CFA会员或考生违反了法律法规或者伦理道德标准，由CFA协会的专业行为项目(Professional Conduct Program，简称PCP)的员工负责对他们的行为进行调查，该员工也被称为授权的官员（Designated Officer）。
CFA一级每日一练(含详细解析)56
CFA一级每日一练（含详细解析）561、Which of the following is most likely a limitation of the yield-to-maturity measure?【单选题】A.It does not reflect the timing of the cash flows.B.It assumes coupon payments can be invested at the yield to maturity.C.It does not consider the capital gain or loss the investor will realize by holding the bond to maturity.正确答案:B答案解析:“Yield Measures, Spot Rates, and Forward Rates” Frank J. Fabozzi, CFA2013 Modular Level I, Vol. 5, Reading 57, Section 3.2.2Study Session 16-57-bCalculate and interpret traditional yield measures for fixed-rate bonds and explain their limitations and assumptions.B is correct because yield to maturity does consider reinvestment income; however, it assumes that the coupon payments can be reinvested at an interest rate equal to the yield to maturity. This is one of the limitations for the yield-to-maturity measure because the investor is facing re-investment risk (future interest rates will be less than the yield to maturity at the time the bond is purchased).2、Albert Nyakenda, CFA, was driving to a client’s office where he was expected to close a multi-million dollar deal, when he was pulled over by a traffic policeman When Nyakenda, realized the policeman planned to wrongly ticket him for speeding, he offered to buy him “lunch” so that he could quickly get to his client’s office. The alternative was to go to the police station and file a complaint of being wrongly accused that would also involve going to court the next day to present his case. The lunch would cost significantly more than the ticket. Did Nyakenda violate the CFA Code of Ethics?【单选题】A.Yes.B.No, because he was wrongly accused.C.No, because the cost of lunch is more than the ticket.正确答案:A答案解析:“Guidance for Standards I-VII”, CFA Institute2010 Modular Level I, Vol. 1, p. 11Study Session 1–2–a, bDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.Nyakenda was effectively trying to bribe the policeman so that he would not issue a speeding ticket. This action violates the Code of Ethics. Despite feeling he was wrongly accused, it is only his opinion, and may not based on fact or in a court of law. Nyakenda has a responsibility to act with integrity and in an ethical manual.3、Sato Kashingaki, CFA, is a financial advisor who practices in multiple jurisdictions. In his resident country, Country A, he is not required by law to hold a financial advisors license but he is required to uphold a fiduciary duty to his clients. In Country B, authorities require him to hold a financial advisors license but he is not expected to uphold a fiduciary duty to his clients. In Country C, authorities require both a financial advisors license and an asset management license in addition to upholding a fiduciary responsibility towards clients. In which of the three countries does Kashangaki have the duty to adhere to the CFA Code and Standards over local laws?【单选题】A.Country A.B.Country B.C.Country C.正确答案:B答案解析:“Code of Ethics and Standards of Professional Conduct,” CFA Institute2011 Modular Level I, Vol. 1, pp. 22-23Study Session 1–2–aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.B is correct because Standard I – Professionalism requires CFA Members and Candidates to comply with the more strict law, rule or regulation in the event of conflicts of any applicable laws, rules and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct). Country B does not require a financial advisor to uphold a fiduciary duty (as is required by Country A and C); i.e. put the client’s interest before their own, therefore the CFA Code of Ethics and Standards of Professional Conduct (Duty to Clients) would be applicable as it is the stricter of the two.4、An analyst does research about put-call parity.Which of the following best representssynthetic put on a stock?【单选题】A.Call - stock + risk-free bond.B.Stock - call - risk-free bond.C.Stock + call - risk-free bond.正确答案:A答案解析:对于欧式期权来说，同一行权日期和行权价格的看涨期权和看跌期权间存在以下等式：看涨期权价格（C) +行权价格现值[x/]=看跌期权价格（P）+股票价格(S)，可得：P = C+ X/-S。
CFA一级每日一练(含详细解析)35
CFA一级每日一练（含详细解析）351、Which of the following is a recommended procedure for compliance with theStandards of Professional Conduct relating to additional compensation arrangements?Members :【单选题】A.obtain written permission for only pecuniary additional compensation arrangementfrom their employers.B.have details of the additional compensation arrangement confirmed in writingby the party offering the additional compensation.C.make a written report of the additional compensation arrangement to theiremployer after completion of services for the party of offering the additionalcompensation.正确答案:B答案解析:CFA协会会员提交额外报酬安排的书面报告一定是在会员提供服务之前，所以c错。
CFA协会会员在获得额外的报酬时需要得到雇主的同意，而并不仅仅是获得金钱上的报酬才需要披露，所以A错。
CFA协会会员提出具体的额外报酬安排需要提供报酬方进行确认，是推荐的做法。
2、A company accrued wages of $2,000 and collected accounts receivable of $10,000. Which of the following best describes the effect of these two transactions on the company?【单选题】 income will increaseB.Current ratio will decreaseC.Cash from operations will decrease正确答案:B答案解析:“Understanding the Cash Flow Statement”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA and Michael A. Broihahn, CFA2010 Modular Level I, Vol. 3, pp. 267-269, 275-276“Financial Analysis Techniques”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFA2010 Modular Level I, Vol. 3, pp. 328-329Study Session 8-34-g, 8-35-dAnalyze and interpret a cash flow statement using both total currency amounts and common-size cash flow statements.Calculate, classify, and interpret activity, liquidity, solvency, profitability, and valuation ratios.Accruing wages increases current liabilities and expenses, but collecting receivables has no effect on current assets or sales therefore the current ratio and net income bothdecrease. Collecting accounts receivable increases cash flow from operations and accruing wages increases current liabilities, which also increases cash flow from operations so cash from operations will increase not decrease.3、The most important interest rate used in U.S.monetary policy is the federalfunds rate.All else being equal, the federal funds rate will least likely change ina response toa change in the:【单选题】A.real long-term interest rate.B.supply of real loanable funds.C.amount of reserves in the banking system.正确答案:A答案解析:联邦基金利率是银行间进行相互短期资金借贷时所使用的利率，所以会受到真实可贷资金供给的影响，也会受到银行系统可贷资金余额的影响，但真实的长期利率与联邦基金利率的关联度最小。
CFA一级每日一练(含详细解析)31
CFA一级每日一练（含详细解析）311、Which of the following factors will most likely drive the repo margin lower?【单选题】A.Lower quality of the collateralB.Lower credit quality of the counterpartyC.Shorter supply of the collateral正确答案:C答案解析:If the collateral is in short supply or if there is a high demand for it, repo margins are lower. Repo margin is the difference between the market value of the security used as collateral and the value of the loan.2014 CFA Level I"Fixed-Income Markets: Issuance, Trading, and Funding," by Moorad Choudhry, Steve V. Mann, and Lavone F. WhitmerSection 7.3.22、Which of the following theories suggests that both aggregate demand and aggregatesupply are primarily driven by changes in technology over time?【单选题】A.Neoclassical school.B.Keynesian school.C.Austrian school.正确答案:A答案解析:新古典学派认为，总供给和总需求长期来讲主要由科学水平的变化所主导，而凯恩斯学派认为，总需求的变化是由于市场参与者预期的改变进而引起经济周期，奥地利学派认为，经济周期是由于政府对于经济的干预所引起的。
cfa三级简答题
cfa三级简答题【原创版】目录1.CFA 三级简答题概述2.CFA 三级简答题的考试内容3.CFA 三级简答题的答题技巧4.总结正文【CFA 三级简答题概述】CFA（Chartered Financial Analyst）是全球金融领域最具权威的专业资格认证，分为三个级别。
CFA 三级简答题是 CFA 三级考试中的一个重要部分，主要测试考生在投资管理方面的实际应用能力。
通过 CFA 三级简答题，考生需要展示他们在投资组合管理、资产估值、风险管理等方面的专业知识和技能。
【CFA 三级简答题的考试内容】CFA 三级简答题主要涉及以下三个方面的内容：1.投资组合管理：包括资产配置、股票、债券、衍生品等投资工具的选择与运用，以及投资组合风险与回报的分析。
2.资产估值：涉及股票、债券、企业、金融衍生品等各类资产的估值方法，以及估值模型的选择与应用。
3.风险管理：包括风险的识别、评估、控制和监测，以及风险管理策略的制定与实施。
【CFA 三级简答题的答题技巧】1.仔细阅读题目：在回答简答题时，首先要认真阅读题目，理解问题的背景和要求，以便准确回答问题。
2.组织答案结构：回答简答题时，建议按照问题的要求，分步骤、分段落进行回答。
首先，简要介绍问题背景和要求；其次，详细阐述自己的观点和理由；最后，进行总结。
3.理论联系实际：CFA 三级简答题要求考生展示在实际工作中运用专业知识和技能的能力。
因此，在回答问题时，要结合实际案例和数据，避免空谈理论。
4.注意时间分配：在考试中，要合理安排时间，确保有足够的时间回答简答题。
一般来说，每道简答题的答题时间应控制在 20-30 分钟之间。
【总结】CFA 三级简答题是 CFA 三级考试的重要组成部分，主要测试考生在投资管理方面的实际应用能力。
要成功回答简答题，考生需要具备扎实的专业知识和技能，以及良好的答题技巧。
楷博财经cfa期末考试题目及答案
楷博财经cfa期末考试题目及答案一、单项选择题（每题2分，共20分）1. CFA考试的全称是什么？A. Certified Financial AnalystB. Chartered Financial AnalystC. Certified Financial AccountantD. Certified Financial Advisor答案：B2. 以下哪个不是CFA考试的科目？A. 伦理与职业标准B. 数量分析C. 经济学D. 管理学答案：D3. CFA考试共分为几个级别？A. 1B. 2C. 3D. 4答案：C4. CFA考试的通过标准是什么？A. 60%B. 70%C. 80%D. 90%5. CFA考试的合格成绩有效期是多久？A. 1年B. 2年C. 3年D. 5年答案：C6. CFA考试的报名费用是多少？A. 1000美元B. 2000美元C. 3000美元D. 4000美元答案：B7. CFA考试的考试形式是什么？A. 笔试B. 机考C. 面试D. 口试答案：B8. CFA考试的考试时间是多久？A. 3小时B. 4小时C. 5小时D. 6小时答案：C9. CFA考试的考试语言是什么？B. 法语C. 德语D. 西班牙语答案：A10. CFA考试的考试地点通常在哪里？A. 学校B. 考试中心C. 公司D. 家里答案：B二、多项选择题（每题3分，共15分）1. CFA考试的考试科目包括以下哪些？A. 投资工具B. 资产评估C. 投资组合管理D. 风险管理答案：ABC2. CFA考试的报名条件包括以下哪些？A. 拥有学士学位B. 拥有专业工作经验C. 通过CFA一级考试D. 通过CFA二级考试答案：AB3. CFA考试的考试题型包括以下哪些？A. 单选题B. 多选题D. 论述题答案：AB4. CFA考试的考试内容涉及以下哪些领域？A. 公司金融B. 固定收益C. 衍生品D. 行为金融学答案：ABCD5. CFA考试的考试通过后可以获得以下哪些资格？A. CFA一级证书B. CFA二级证书C. CFA三级证书D. CFA特许金融分析师答案：D三、简答题（每题5分，共20分）1. 简述CFA考试的三个级别分别考察哪些内容？答案：CFA一级主要考察投资工具、资产评估和投资组合管理的基础知识；CFA二级主要考察资产评估的深入分析和投资组合管理的应用；CFA三级则侧重于投资组合管理的实践和案例分析。
CFA一级每日一练(含详细解析)02
CFA一级每日一练（含详细解析）021、Using a discount rate of 5%, compounded monthly, the present value of $5,000 to be received three years from today is closest to:【单选题】A.$4,250.B.$4,305.C.$4,320.正确答案:B答案解析:“The Time Value of Money,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2011 Modular Level I, Vol. 1, pp.272-273Study Session 2-5-dSolve time value of money problems when compounding periods are other than annual.Alternatively, enter into your financial calculator FV=5,000, N=36, I/Y =5/12, PMT=0, and solve for PV.2、Molly Burnett, CFA, is a portfolio manager for a fund that only invests in environmentally friendly companies. A multinational utility company recently acquired one of the fund’s best performing investments, a wind power company. The wind power company’s shareholders received utility company shares as part of the merger agreement. The utility has one of the worst environmental records in the industry, but its shares have been one of the top performers over the past 12 months. Because the utility pays a high dividend every three months, Burnett holds the utility shares until the remaining two dividends are paid for the year then sells the shares. Burnett most likely violated the CFA Institute Standard of Professional Conduct concerning:【单选题】A.suitability.B.disclosure of conflicts.C.independence and objectivity.正确答案:A答案解析:CFA Institute Standards2012 Modular Level I, Vol. 1, pp. 27–29, 78–81, 123–125Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.A is correct because the utility is not a suitable investment for a fund that only invests in companies with good environmental records. Continuing to hold this investment, therefore, was a violation of Standard III (C) Suitability.3、A company issued a $50,000 seven-year bond for $47,565. The bonds pay 9% per annum, and the yield to maturity at issue was 10%. The company uses the effective interest rate method to amortize any discounts or premiums on bonds. After the first year, the yield to maturity on bonds equivalent in risk and maturity to these bonds is 9%. The amount of the bond discount amortization recorded in the first year is closest to:【单选题】A.$0.B.$348.C.$257.正确答案:C答案解析:2014 CFA Level I"Non-Current (Long-Term) Liabilities," by Elizabeth A. Gordon and Elaine HenrySection 2.22014 CFA Level I"Non-Current (Long-Term) Liabilities," by Elizabeth A. Gordon and Elaine HenrySection 2.24、An analyst does research about yield-to-maturity measure.The yield-to-maturitymeasure for a bond fails to consider the:【单选题】A.coupon income.B.reinvestment income.C.possibility that the bond is sold prior to maturity.正确答案:C答案解析:到期收益率（YTM）假设所有本金和利息都能及时给付，同时持有到期，并考虑了利息收入及资本的升值或贬值，也考虑了投资收入（假设利息以等于到期收益率的利率再投资），而到期收益率没有考虑提前出售债券的可能性。
2015年3月期货从业资格考试《期货基础知识》真题及详解(附真题)
基金从业资格考试《证券投资基金基础知识》过关必做1000题（含历年真题）第七章投资组合管理单选题（以下备选答案中只有一项最符合题目要求）1．某投资者准备投资两家公司，一家是户外用品生产公司，一家是雨具生产公司，都易受到天气的影响。
户外用品生产公司的业绩在天气晴朗的情冴下较好，而雨具制造公司的业绩在天气阴雨的情冴下较好。
假设在未杢一年天气平均较为晴朗的概率为50%，平均较为阴雨的概率为50%，两个公司在两种状态下的预期收益率如下表所示：表7-1两公司在丌同天气状态下的预期收益率晴朗阴雨户外用品生产公司10%－2%雨具生产公司－2%10%根据以上信息，回答以下三题。
[2017年11月真题]（1）未杢一年户外用品生产公司的预期收益率为，标准差为。
（）A．4%；8%B．4%；6%C．5%；6%D．5%；8%【答案】B【解析】未杢一年户外用品生产公司的预期收益率为10%×50%＋（－2%）×50%＝4%，标准差为：(10%-4%)2⨯50%+(-2%-4%)2⨯50%=6%（2）如果投资者将资金平均投资亍两家公司，那么未杢一年在天气晴朗的状态下和天气阴雨的状态下，投资者的预期收益率分别为和。
（）A．4%；5%B．3%；4%C．4%；4%D．5%；5%【答案】C【解析】如果投资者将资金平均投资亍两家公司，那么在天气晴朗的状态下，投资者的收益率为10%×50%－2%×50%＝4%；在天气阴雨的状态下，投资者的收益率为（－2%）×50%＋10%×50%＝4%。
此时投资者获得了确定性的收益率4%，投资风险为零。
（3）以下表述错误的是（）。
A.如果投资者将所有资金都投资亍两家公司的仸何一家公司，未杢一年的预期收益率和标准差都一样B.两家公司的收益波劢存在相反趋势C.如果投资者将资金平均地投资亍两家公司，未杢无论天气晴朗还是阴雨，都能获得确定性的预期收益率D.如果投资者将资金平均投资亍两家公司，或者将资金投资亍两家公司的仸何一家，未杢一年的预期收益和投资风险都一样【答案】D【解析】A项，投资者如果将所有的资金都投资亍其中某一家公司，那么他的预期收益率为4%，预期收益率的标准差为6%；B项，投资者通过分散化投资消除了风险，而投资者可以分散风险的关键原因是两种资产的收益波劢存在相反趋势；C项，如果投资者将资金平均投资亍两家公司，那么投资者将获得确定性的收益率4%，投资风险为零。
2015年3月证券从业市场基础真题及答案与解析（单选）
2015年3月证券从业市场基础真题及答案与解析（单选）一、单项选择题1.投资于股票和股票型基金的账面余额，合计不高于本公司上季末总资产的( )。
A.10%B.20%C.30%D.40%2.通常，股票分割往往会导致股价( )。
A.上涨B.下降C.不变D.急剧下降3.指数型ETF能否成功发行与( )的选择有密切关系。
A.成分股票B.基础指数C.受托人D.投资人4.关于金融期权与金融期货，下列论述错误的是( )。
A.金融期权与金融期货都是常用的套期保值工具，它们的作用与效果是相同的B.利用金融期货进行套期保值，在避免价格不利变动造成的损失的同时，也必须放弃若价格有利变动可能获得的利益C.通过金融期权交易，既可避免价格不利变动造成的损失，又可在相当程度上保住价格有利变动而带来的利益D.在现实的交易活动中，人们往往将金融期权与金融期货结合起来，通过一定的组合或搭配来实现某一特定目标5.由于货币贬值给投资者带来实际收益水平下降的风险属于( )。
A.利率风险B.经济周期波动风险C.购买力风险D.违约风险6.下列关于企业年金的表述，错误的是( )。
A.企业年金不得购买投资性保险产品B.企业年金不得用于信用交易，不得用于向他人贷款，但可用于短期债券回购C.企业年金的受托人可以指定专业投资机构运用企业年金进行证券投资D.企业年金是一种养老保险基金7.关于封闭式基金和开放式基金的交易价格是否包含手续费，下列说法正确的是( )。
A.两者均包含B.两者都包含C.前者不包含，后者包含D.前者包含，后者不包含8.金融期货的主要交易制度不包括( )。
A.逐日盯市制度B.分散交易制度C.限仓制度D.每日价格波动限制及断路器原则9.只能采用现金轧差方式结算的金融期权是( )。
A.股票期权B.股票指数期权C.利率期权D.货币期权10.外国公司的股票在美国上市通常采用( )形式。
A.股票B.存托凭证C.认股权证D.股票期权11.若持有现货多头的交易者担心将来现货下跌，于是在期货市场卖出期货合约，这种交易方式称为( )。
cfa 3级上午题
cfa 3级上午题【中英文版】英文文档：The CFA Level 3 morning session exam is the final stage of the Chartered Financial Analyst (CFA) program.It is a comprehensive assessment that tests the candidates" ability to apply the knowledge and skills acquired throughout the program in a practical and ethical manner.The exam is designed to evaluate the candidates" proficiency in various areas of finance, including equity, fixed income, alternative investments, and portfolio management.The morning session of the CFA Level 3 exam consists of five essay-style questions, each lasting 25 minutes.These questions cover a wide range of topics and require the candidates to demonstrate their understanding of complex financial concepts, as well as their ability to analyze and evaluate investment opportunities.The questions may involve case studies, ethical dilemmas, or real-world scenarios, requiring the candidates to apply their knowledge in a practical context.To succeed in the CFA Level 3 morning session exam, candidates need to have a strong understanding of the core concepts and principles of finance, as well as the ability to apply these concepts in a variety of situations.They should also be able to communicate their ideas clearly and effectively, both in writing and verbally.The CFA Level 3 morning session exam is a challenging and demanding assessment, but for those who are prepared and dedicated, it represents an opportunity to demonstrate their expertise and earn the prestigious CFA designation.中文文档：CFA三级上午题是特许金融分析师（CFA）项目最后的阶段。
cfa模拟试题
cfa模拟试题CFA模拟试题1. 以下关于现代投资组合理论的描述中，哪一项是错误的？A. 现代投资组合理论是由哈里·马科维茨于1952年提出的。
B. 该理论认为通过分散化投资可以降低非系统性风险。
C. 所有投资者都偏好高风险高回报的投资。
D. 投资者可以通过选择不同资产的组合来优化投资组合的风险和回报。
2. 在评估一个公司的财务状况时，以下哪个财务比率是最重要的？A. 流动比率B. 速动比率C. 资产负债率D. 股东权益回报率3. 以下哪个因素最可能导致市场利率上升？A. 中央银行降低利率B. 经济增长放缓C. 通货膨胀预期上升D. 股市表现强劲4. 以下关于有效市场假说（EMH）的描述中，哪一项是正确的？A. 有效市场假说认为所有信息都已经反映在股票价格中。
B. 有效市场假说认为投资者总是能够预测市场走势。
C. 有效市场假说认为市场总是完全有效的。
D. 有效市场假说认为投资者总是理性的。
5. 在固定收益投资中，以下哪个因素对债券价格的影响最大？A. 发行人的信用评级B. 市场利率的变化C. 债券的到期时间D. 债券的票面利率6. 以下哪个选项是关于股票估值的？A. 股票的内在价值等于其账面价值。
B. 股票的内在价值可以通过比较分析来确定。
C. 股票的内在价值是其未来现金流的现值。
D. 股票的内在价值是其市场价格的两倍。
7. 在进行跨国投资时，以下哪个风险是投资者需要考虑的？A. 利率风险B. 信用风险C. 汇率风险D. 流动性风险8. 以下哪个财务报表提供了公司在一定时期内经营活动、投资活动和筹资活动的现金流入和流出的信息？A. 资产负债表B. 利润表C. 现金流量表D. 所有者权益变动表9. 以下哪个选项是关于期权的？A. 期权赋予持有者在特定时间内以特定价格购买或出售标的资产的权利，但不是义务。
B. 期权的内在价值是期权的市场价格与其执行价格之间的差额。
C. 期权的时间价值随着到期日的临近而增加。
特许金融分析CFA考试三
特许金融分析CFA考试三1、单选在以下选项中，分析师可以找到有关对厂商的流动性、资本来源和营业结果产生明显不确定影响的信息的是（）A、财务报表脚注B、资产负债表和损益表C、管理者（江南博哥）讨论与分析正确答案：C2、单选某厂商发行了3000美元的债券，息票率为15%。
目前，这些债券的到期收益率（YTM）为12%。
如果厂商的税率为30%，则该厂商的税后债务成本是多少（）A、3.6%B、8.4%C、10.5%正确答案：B3、单选已知三年期即期利率为8.7%，二年期即期利率为9.2%，则2年后的一年期远期利率是多少（）A、5.8%B、7.2%C、7.7%正确答案：C4、单选在以下选项中，不正确的是哪一项（）A、如果证券位于证券市场线（SML）的上方，则其价格被低估B、投资者预期其承担的系统风险获得补偿C、对于投资者而言，落在证券市场线（SML）上的证券不具有内在投资价值正确答案：C5、单选在期货市场上，清算所最不可能从事以下哪项活动（）A、决定各项合约的交易B、制定初始保证金和维持保证金的金额C、担任各笔交易的对手方正确答案：A6、单选如果股票的期初价格为10美元，年末价格为14美元，则其基于连续复利的年回报率等于（）A、19.6%B、28.7%C、33.6%正确答案：C7、问答题特许金融分析师CFA考试主要考些什么内容？正确答案：CFA考试项目涉及范围很广，水平越高，范围就越广，题目参考解析：试题答案CFA考试项目涉及范围很广，水平越高，范围就越广，题目也越难。
为便于考生复习和准备，每年AIMR都会出一些CFA考试复习资料，针对不同考试水平给出不同的阅读材料，内容全部以原著形式或论文摘录形式出现。
根据对1992年CFA考生阅读材料的统计，水平Ⅰ（即最低层次）的阅读材料有15种，水平Ⅱ有15种，水平Ⅲ有19种，其中之大并不亚于攻读MBA或Ph.D所需的阅读材料。
考试内容主要包括：①伦理和职业标准；②财务会计；③数量技术；④经济学；⑤固定收益证券分析；⑥权益证券分析；⑦组织合管理。
cfa三级练习题书
CFA三级练习题书一、伦理与职业标准A. 在未获得客户同意的情况下，向第三方透露客户信息B. 在投资分析报告中明确披露潜在的利益冲突C. 接受客户赠送的礼物，价值不超过500元人民币A. 定期审查员工交易记录B. 对员工进行合规培训C. 允许员工私下交流投资策略二、定量方法1. 假设某股票的预期收益率为20%，标准差为15%，无风险收益率为5%，市场组合的预期收益率为12%，标准差为10%，根据资本资产定价模型（CAPM），该股票的预期收益率应为多少？A. 夏普比率B. 信息比率C. 索提诺比率三、经济学A. 国内生产总值（GDP）增长B. 通货膨胀率上升C. 利率上升A. 国内经济增长放缓B. 国际投资者对本国资产需求增加C. 国内利率下降四、财务报表分析A. 净资产收益率B. 总资产周转率C. 流动比率A. 销售商品、提供劳务收到的现金B. 支付给职工以及为职工支付的现金C. 取得投资收益收到的现金五、企业财务A. 利率上升B. 利率下降C. 公司盈利能力提高A. 公司认为股票被低估B. 公司需要筹集资金C. 公司盈利能力下降六、股票投资A. 价值投资B. 成长投资C. 质量投资A. 行业前景B. 公司盈利能力C. 市场情绪七、固定收益投资A. 国债B. 企业债C. 可转换债券A. 久期B. 利率C. 信用评级八、衍生品投资A. 期权B. 期货C. 掉期A. 股票价格上涨至110元B. 股票价格下跌至80元C. 股票价格维持在100元九、另类投资A. 股票B. 债券C. 私募股权A. 地段B. 房型C. 装修风格十、投资组合管理A. 买入并持有策略B. 动态资产配置策略C. 风险平价策略A. 实现最高收益B. 分散风险C. 降低交易成本十一、市场伦理A. 主动披露潜在的利益冲突B. 避免参与可能导致利益冲突的交易C. 在未告知客户的情况下，从交易中获利A. 在投资分析中故意隐瞒重要信息B. 遵守公司规定的职业道德准则C. 积极参与社区公益活动十二、股权投资分析A. 每股收益B. 股息率C. 应收账款周转率A. 行业整体盈利能力提高B. 公司净资产减少C. 市场利率上升十三、固定收益证券分析A. 短期国债B. 长期企业债C. 浮动利率债券A. 信用评级B. 久期C. 利息保障倍数十四、衍生品市场A. 期货合约B. 期权合约C. 掉期合约A. 预期标的资产价格将上涨B. 预期标的资产价格将下跌C. 预期标的资产价格将保持不变十五、投资组合风险管理A. 期权B. 保险C. 对冲基金A. 确定风险承受能力B. 选择风险对冲工具C. 监控投资组合表现十六、经济学与投资策略A. 失业率B. 通货膨胀率C. 国内生产总值（GDP）增长率A. 成长型投资B. 价值型投资C. 投机性投资十七、财务报表分析与估值A. 行业周期性B. 公司盈利波动性C. 财务报表数据的不准确性A. 流动比率B. 速动比率C. 负债比率十八、企业融资与资本结构A. 融资成本B. 财务杠杆C. 股东权益A. 发行股票B. 发行债券C. 银行贷款答案一、伦理与职业标准1. A2. C二、定量方法1. 17.5%2. B三、经济学1. C2. B四、财务报表分析1. A2. C五、企业财务1. A2. A六、股票投资1. B2. A七、固定收益投资1. C2. A八、衍生品投资1. B2. A九、另类投资1. C2. A十、投资组合管理1. C2. B十一、市场伦理1. C2. A十二、股权投资分析1. C2. A十三、固定收益证券分析1. B2. A十四、衍生品市场1. A2. B十五、投资组合风险管理1. A2. A十六、经济学与投资策略1. C2. B十七、财务报表分析与估值1. B2. C十八、企业融资与资本结构1. A2. A。
CFA考试一级章节练习题精选0331-53(附详解)
CFA考试一级章节练习题精选0331-53附详解）1、As a monetary policy tool, quantitative easing (QE) will most likely help revive an ailing economy in which of the following environments?【单选题】A.Liquidity trapB.Deflationary trapC.Declining bank reserves and economic activity正确答案:C答案解析:“Monetary and Fiscal Policy,” Andrew Clare, PhD and Stephen Thomas, PhDC is correct. Quantitative easing (QE) is an “unconventional” approach to monetary policy and is operationally similar to open market purchase operations but conducted on a much larger scale. The additional reserves created by central banks in a policy of quantitative easing can be used to buy any asset. The idea was that this additional reserve would kick-start lending, causing broad money growth to expand, which would eventually lead to an increase in real economic activity.2、A firm in a perfectly competitive environment has its total costs equal to total revenue and marginal costs greater than marginal revenue. Given this, which of the following strategies is most appropriate? The firm should:【单选题】A.shut down in the short run and exit in the long run.B.increase its level of production to enter profit territory.C.decrease its level of production to enter profit territory.正确答案:C答案解析:“Demand and Supply Analysis: The Firm,” Gary L. Arbogast, CFA and Richard V. EastinC is correct. A firm in a perfectly competitive environment with total costs equal to total revenue and marginal costs greater than marginal revenue is operating at the upper breakeven point. Therefore, it should decrease the level of production to enter profit territory.3、An expansionary fiscal policy is least likely to include an increase in:【单选题】A.budget deficit.B.tax rates.ernment expenditures.正确答案:B答案解析:An expansionary fiscal policy means that the government increases its purchases of goods and services and/or cuts tax rates to increase aggregate demand. Furthermore, an increase in the budget deficit would be associated with an expansionary fiscal policy.Sections 3.1.1–3.1.24、An analyst does research about price elasticity of demand and determines thatwhen the price of a product increases from $15 to $17, the quantity demandeddecreases from 51 units to 45 units.The product's price elasticity of demand isbest described as:【单选题】A.inelastic.B.unit elastic.C.elastic.正确答案:B答案解析:本题考查的是需求价格弹性（price elasticity of demand）的基本公式。
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1.If an analyst estimates the intrinsic value for a security that is differentfrom its market value, the analyst should most likely take an investmentposition based on this difference if:
A)themodel used is not highly sensitive to its input values.
B)manyanalysts independently evaluate the security.
C)thesecurity lacks a liquid market and trades infrequently.
正确答案：A
解析：Ingeneral, an analyst can be more confident about an estimate of intrinsic valueif the model used is not highly sensitive to changes in its inputs. If a largenumber of analysts follow a security, its market value is more likely to be areliable estimate of its intrinsic value. A security that does not tradefrequently or in a liquid market may remain mispriced for an extended time, andthu
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