CFA一级考试2010年样题
cfa一级考试真题及答案详解
cfa一级考试真题及答案详解CFA一级考试真题及答案详解1. 问题：在评估一个公司的财务状况时，以下哪项指标最能反映其偿债能力？A) 流动比率B) 速动比率C) 资产负债率D) 股东权益比率答案：C) 资产负债率解析：资产负债率是指公司总负债与总资产的比率，它反映了公司资产中有多少比例是通过借债获得的。
这个比率越高，说明公司的财务杠杆越大，偿债能力越弱。
因此，资产负债率是反映公司偿债能力的重要指标。
2. 问题：在进行股票投资分析时，以下哪项因素是影响股票价格的宏观经济因素？A) 公司盈利能力B) 利率水平C) 行业竞争状况D) 公司管理层能力答案：B) 利率水平解析：宏观经济因素包括利率水平、通货膨胀率、经济增长率等，这些因素会影响整个经济环境，进而影响股票市场。
利率水平是宏观经济因素之一，它会影响公司的融资成本和投资者的预期回报，从而对股票价格产生影响。
3. 问题：在固定收益投资中，以下哪项因素会导致债券价格上升？A) 市场利率上升B) 市场利率下降C) 债券信用评级下降D) 债券到期时间延长答案：B) 市场利率下降解析：在固定收益投资中，债券价格与市场利率呈反向关系。
当市场利率下降时，新发行的债券的票息率会低于市场上已有的债券，因此已有债券的相对吸引力增加，导致其价格上升。
4. 问题：在投资组合管理中，以下哪项策略是用于降低非系统性风险的？A) 资产配置B) 多元化投资C) 市场时机选择D) 杠杆投资答案：B) 多元化投资解析：非系统性风险是指特定于某个公司或行业的投资风险，这种风险可以通过多元化投资来降低。
通过投资于多个不同公司或行业的资产，可以减少单一资产或行业波动对整个投资组合的影响。
5. 问题：在金融衍生品中，以下哪项产品允许投资者在未来以特定价格买入或卖出资产？A) 期货合约B) 远期合约C) 期权合约D) 掉期合约答案：C) 期权合约解析：期权合约是一种金融衍生品，它赋予持有者在未来某个时间以特定价格买入或卖出资产的权利，但不是义务。
CFA考试一级章节练习题精选0329-60(附详解)
CFA考试一级章节练习题精选0329-60（附详解）1、The following information is available for a company:In 2010, the company most likely:【单选题】A.paid a dividend of $1,000B.paid a dividend of $5,000C.did not pay a dividend because they incurred a loss.正确答案:B答案解析:“Financial Reporting Mechanics,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Karen O’Connor Rubsam, CFA, R. Elai ne Henry, CFA, and Michael A. Broihahn, CFA2010 Modular Level 1, Vol.3, pp. 43Study Session: 7-30-b, cExplain the accounting equation in its basic and expanded forms.Explain the process of recording business transactions using an accounting system based on the accounting equations.2、An analyst does research about gross profit margin and gathers the following informationabout a company in 2012 :● Average inventory is $2 000● Ending inventory of the year is $2 500● Total revenue is $20 000● Inventory turnover ratio is 5.5● Ta x rate is 40%The gross profit margin for the company is closest to:【单选题】A.27%B.31%C.45%正确答案:C答案解析:inventory turnover ratio = cost of goods sold/ average inventorygross profit = revenue - cost of goods soldgross profit margin = gross profit/ revenue所以，边际毛利率的计算如下：（$20 000 - 5.5 × $2 000）/$20 000 = 45%。
CFA考试《CFA一级》历年真题精选及详细解析1006-53
CFA考试《CFA一级》历年真题精选及详细解析1006-531、A publicly listed company has a 12-person Board of Directors whose composition is as follows: the Chairman, who is the past president of the company and was named Chairman on his retirement date four years ago, five members of senior management including the current president, and six outside directors.Each member is elected for a two-year term and one-half of the positions stand for election every year. The three members of the Audit Committee are all outside directors and have relevant financial experience. The Remuneration Committee is composed of the Chairman and two outside directors. Which of the following actions would provide the greatest improvement in the corporate governance of this company?【单选题】A.The Chairman of the Board should be an independent director.B.All members of the Board of Directors should stand for election every year.C.The company’s Vice-President of Finance should be a member of the audit committee.正确答案:A答案解析:“The Corporate Governance of Listed Companies: A Manual for Investors,”2010 Modular Level I, Vol. 4, pp. 174-185Study Session 11-48-b, cDiscuss and critique characteristics and practices related to board and committee independence, experience, compensation, external consultants and frequency of elections and determine whether they are supportive of shareowner protection.Describe board independence and explain the importance of independent board members in corporate governance.If the chair of the board is a former chief executive of the company, it may hamper efforts to undo the mistakes made by him or her as chief executive. It is not clear if it is better to have all members elected annually (more flexibility to meet changes in the marketplace) or if it is better to have staggered board terms (better continuity of board expertise). All members of the audit committee should be independent members of the board.2、Lee Chu, a CFA candidate, develops a new quantitative security selection model exclusively through back-testing on the Chinese equity market. Chu is asked to review marketing materials that include an overview of the conceptual framework for his model, provide back-tested performance results, and list the top holdings. Chu directs the marketing group to remove the description of his model because of concerns that competitors may attempt to replicate his investment philosophy. He also instructs the marketing group to remove the list of the top holdings because it shows that the top holding represents 30% of the back-tested model. Which ofthe following actions is least likely to result in a violation of the Code and Standards? Chu\\\'s:【单选题】A.failure to disclose that the top holding represents such a large allocation in the modelB.failure to adequately describe the investment process to prospective clientse of back-tested results in communication with prospective clients正确答案:C答案解析:The use of back-tested results is not prohibited, provided it is appropriately disclosed.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard V(B)3、With respect to the Standards of Professional Conduct relating to conflicts of interests,CFA members are required to fully disclose to clients, prospective clients,and employers:【单选题】A.only all actual conflicts of interests.B.only all potential conflicts of interests.C.both all actual and potential conflicts of interests.正确答案:C答案解析:CFA协会要求会员向其雇主、客户和潜在客户披露所有潜在的或者事实上的利益冲突。
CFA考试《CFA一级》历年真题精选10(附详解)
CFA考试《CFA一级》历年真题精选10（附详解）1、Yip Wai Yin, a CFA Candidate, is an independent mutual fund sales agent. For every front-end load product she promotes, Yip receives a portion of the front-end fee as commission, at the time of sale. For every back-end load fund she sells, Yip receives a smaller commission paid at the end of the year. Yip always informs her clients she is paid a commission as an agent, but does not provide details of the compensation structure. When pitching her favored front-end load product line she tells clients 20% of her commission is always invested in the same fund as proof of her confidence in the fund she recommends. Which CFA Code of Standards with regard to Conflicts of Interest does Yip least likely violate?【单选题】A.Referral Fees.B.Disclosure of Conflicts.C.Priority of Transactions.正确答案:C答案解析:“Guidance for Standards I-VII,” CFA InstituteC is correct because Yip’s investments do not adversely affect the interest of the clients and therefore do not violate the Priority of Transactions requirement. A Candidate having the same investment positions does not always create a conflict of interest and in some instances, having an aligned investment portfolio can be beneficial to the client.2、The Global Investment Performance Standards least likely require:【单选题】A.nondiscretionary portfolios to be included in composites.posites to be defined according to similar investment objectives and/or strategies.C.non-fee-paying portfolios to be excluded in the returns of appropriate composites.正确答案:A答案解析:Composites (Standard IV – Composites) must be defined according to similar investment objectives and/or strategies. Terminated portfolios must be included in the historical returns of appropriate composites, and only fee-paying portfolios are to be included in composites. Non-discrectionary portfolios must not be included in a firm's composites. 2014 CFA Level I "Introduction to the Global Investment Performance Standards (GIPS)," CFA Institute3、Assuming no short selling, diversification benefit is most likely to occur when the correlations among the securities contained in the portfolio are:【单选题】A.equal to positive one.B.less than positive one.C.greater than positive one.正确答案:B答案解析:“Probability Concepts,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pi nto, CFA, and David E. Runkle, CFAWhen we do not reject a false null hypothesis we have a Type II error.4、A firm with a marginal tax rate of 40% has a weighted average cost of capital of 7.11%. The before-tax cost of debt is 6%, and the cost of equity is 9%. The weight of equity in the firm's capital structure is closest to:【单选题】A.79%.B.37%.C.65%.正确答案:C答案解析:WACC=weight of debt*before-tax cost of debt*(1-tax rate)+weight of equity*cost of equity.5、The following information is available about a company ($ millions):During 2009 the company most likely decreased the:【单选题】A.proportion of sales made on a cash basis.B.inventory, anticipating lower demand for its products in 2010.C.proportion of interest-bearing debt relative to trade accounts payable.正确答案:A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, CFASales, net income, and net margin are relatively constant for the two years. The substantial drop in cash flow from operations could be attributed to an increase in receivables and/or inventory. A decrease in the proportion of cash sales implies an increase in the proportion of credit sales, increasing accounts receivable. An increase in accounts receivable would decrease cash flow from operations.6、Providing information about the performance of a company, its financial position, and changes in financial position that is useful to a wide range of users is most accurately described as the role of:【单选题】A.financial reporting.B.the auditor’s report.C.financial statement analysis.正确答案:A答案解析:“Financial Statement Analysis: An Introduction,” Elaine Henry and Thomas R. RobinsonA is correct. The role of financial reporting is to provide information about the performance of a company, its financial position, and changes in financial position that is useful to a wide range of users in making economic decisions.7、Which of the following is closest to the value of a 10-year, 6% coupon, $100 par value bond with semi-annual payments assuming an annual discount rate of 7%?【单选题】A.$92.89B.$99.07C.$107.44正确答案:A答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi8、A security has a beta of 1.30. If the risk-free rate of interest is 3% and the expected return of the market is 8%, based on the capital asset pricing model (CAPM), the expected return of the security is closest to:【单选题】A.9.5%.B.6.5%.C.13.4%.正确答案:A答案解析:The formula for the CAPM is expressed as:Section 4.29、Kim Stone, CFA, works at trading desk in Howard Hedge Funds.SamuelPeter, a chief investment manager for Howard has instructed Stone to sell a largeamount of one stock based on an inside information of significant legal disputes.Peter inadvertently heard the information from a company's president in anelevator.Stone is unaware that Peter got this information.Stone accepts thetrade instruction and completes the order.Has Stone most likely violated theStandards of Professional Conduct?【单选题】A.No.B.Yes, with respect to responsibilities of supervisors.C.Yes, with respect to material nonpublic information.正确答案:A答案解析:Stone并不知道该交易行为来自重大的非公开信息，他接受了交易指令并不违反任何标准，只有当他知道或者应当知道时才会违反标准。
CFA考试一级章节练习题精选0329-19(附详解)
CFA考试一级章节练习题精选0329-19（附详解）1、When the supply curve of a factor is perfectly elastic the factor income is most likely:【单选题】A.entirely economic rent.B.entirely opportunity cost.C.part economic rent and part opportunity cost.正确答案:B答案解析:“Markets for Factors of Production,” Michael Parkin2010 Modular Level I, Vol. 2, p. 293Study Session 5-21-hDifferentiate between economic rent and opportunity costs.When the supply of a factor is perfectly elastic (the supply curve is horizontal), the entire factor income is opportunity cost (see Figure 14 in the reading).2、An analyst does research about characteristics of market structures.Barriers toentry of monopolistic competition are:【单选题】A.low.B.moderate.C.high.正确答案:A答案解析:垄断竞争（monopolistic competition）的市场特点如下：（1）进入壁垒低；（2）市场上有很多厂商；（3）产品有差异化；（4）企业有少量的自主定价能力。
3、In a simple economy containing only two goods – apples and shirts – the prices and quantities in the base period and the current period are:Assuming the base period consumer price index (CPI) = 100, the CPI for the current period is closest to:【单选题】A.103.57.B.107.00.C.113.75.正确答案:B答案解析:"Monitoring Jobs and the Price Level” Michael Parkin2010 Modular Level I, Vol. 2, p. 318-319Study Session 5-22-dExplain and calculate the consumer price index (CPI) and the inflation rate, describe the relation between the CPI and the inflation rate, and explain the main sources of CPI bias.The cost of the CPI basket at base period prices is: (25 × $1.00) + (5 × $20.00) = $125. The cost of the CPI basket at current period prices is: (25 × $1.25) + (5 × $20.50) = $133.75. The CPI for the period is ($133.75 / $125) × 100 = 107.4、If the quantity demand for a product increases from 9 units to 13 units when theprice decrease from $ 12 to $ 8, the price elasticity of demand is closest to:【单选题】A.0.91B.1.00C.1.10正确答案:A答案解析:{(13-9)/[(13+9)/2]}/{(8-12)/[(8+12)/2]}=0.3636/-0.4= -0.91，价格需求弹性一般为负数，此处忽略其正负号，用弹性的绝对值表示其大小。
2010英语一真题(后附答案详解)
2010英语一真题(后附答案详解)阅读理解Passage 1文章摘要：本文讨论了生育与工作的平衡问题，认为传统的观念使得女性难以在事业与家庭之间取得平衡。
作者提出了一些建议，以促进女性在职场与家庭中取得更好的平衡。
文章主要观点：1.传统观念对女性造成了困扰，不利于她们在事业与家庭之间取得平衡。
2.需要改变传统观念，鼓励女性在职场中追求成功，并提供更好的支持与资源。
3.女性在事业与家庭之间取得平衡对整个社会都有益处。
解题思路：本文主要讲述了生育与工作的平衡问题，作者观点明确，文章结构清晰，很容易找到答案。
答案详解：1.According to the author, a successful career womanis usually one who ______.因为前半部分提到了“What does it take for a woman to become successful in business? Talent, stamina, and theability to work long hours…” 后半部分又提到了“My ownresearch, on the other hand, suggests that becoming asuccessful business woman usually requires a largemeasure of luck.” 可知，作者认为一个成功的职业女性通常需要的是运气而不是实力。
答案：D. has more than a fair share of luck.2.It can be inferred from the passage that ______.根据文章最后一句可以判断出以上观点都是错误的。
答案：A. none of the traditional views on balancing work and family is correct.3.What is preventing women from striking a balancebetween family and work, according to some researchers?根据文章最后一段的描述可以得知，很多研究者认为传统的观念对女性造成了困扰，防碍了她们在事业和家庭之间取得平衡。
cfa一级考试试题
cfa一级考试试题CFA（Chartered Financial Analyst）一级考试是金融行业的国际认证考试，被广泛认可为金融领域的专业资格证书。
该考试的目的是为金融从业人员提供全面的知识和技能，以帮助他们更好地理解和应对投资和金融管理方面的挑战。
在这篇文章中，我将回答一些与CFA一级考试试题相关的问题，帮助读者更好地了解该考试的内容和要求。
1. CFA一级考试的考试形式和时间安排是怎样的？CFA一级考试是由CFA协会组织的，考试分为两个部分，每个部分包含120道多项选择题。
考试的时间为每个部分3个小时，一天考试两个部分，总共6个小时。
考试的时间安排一般是在每年的6月和12月。
考试分为上午和下午两个部分，上午考试包含Ethical and Professional Standards（道德和职业准则）、Quantitative Methods（数量方法）和Economics（经济学）三个主题，下午考试包含Financial Reporting and Analysis（财务报表与分析）、Corporate Finance（公司金融）和Equity（股权）三个主题。
2. CFA一级考试的考试内容有哪些？CFA一级考试的考试内容涵盖了金融和投资管理的各个方面。
主题包括道德和职业准则、数量方法、经济学、财务报表与分析、公司金融、股权、固定收益、衍生品、替代投资、投资组合管理和投资基金。
考试重点考察候选人对金融理论和实践的理解，以及解决实际投资问题的能力。
考试内容涵盖了计算、分析、判断和推理等多个方面。
3. CFA一级考试的备考方法和时间安排有哪些？备考CFA一级考试需要充分的时间和准备。
一般来说，备考时间至少需要6个月以上。
备考方法包括学习CFA教材、参加培训班、做习题和模拟试题、参加讨论和解析会等。
备考过程中，需要有系统性地学习和复习考试的各个主题，掌握重点知识和技能。
同时，进行题目的训练和模拟考试也是非常重要的，可以帮助考生熟悉考试的形式和要求，提高答题的效率和准确性。
cfa一级考试真题及答案详解
cfa一级考试真题及答案详解CFA一级考试真题及答案详解1. 问题：在计算投资组合的预期收益率时，以下哪种资产的预期收益率对投资组合的预期收益率影响最大？A. 资产A，占投资组合的10%B. 资产B，占投资组合的20%C. 资产C，占投资组合的30%D. 资产D，占投资组合的40%答案：D解析：投资组合的预期收益率是通过加权平均各个资产的预期收益率来计算的。
权重越大的资产对投资组合的预期收益率影响越大。
因此，资产D作为权重最大的资产，其预期收益率对投资组合的预期收益率影响最大。
2. 问题：以下哪种金融工具最适合用于对冲利率风险？A. 股票B. 债券C. 利率互换D. 货币期权答案：C解析：利率互换是一种利率衍生品，允许两方交换利率支付流。
这种金融工具可以用来对冲利率风险，因为它允许投资者锁定未来的利率水平，从而减少利率变动对投资组合价值的影响。
3. 问题：在进行财务分析时，以下哪种比率最能反映公司的流动性状况？A. 流动比率B. 速动比率C. 资产负债率D. 权益乘数答案：A解析：流动比率是衡量公司短期偿债能力的指标，它通过比较公司的流动资产和流动负债来计算。
一个较高的流动比率表明公司有足够的流动资产来覆盖其短期负债，因此最能反映公司的流动性状况。
4. 问题：在计算经济增加值（EVA）时，以下哪个因素不是必要的？A. 公司的税后营业利润B. 公司的资本成本C. 公司的总资产D. 公司的权益乘数答案：D解析：经济增加值（EVA）是通过从公司的税后营业利润中减去资本成本来计算的。
资本成本反映了公司资本的机会成本，而权益乘数并不是计算EVA所必需的。
EVA的计算公式为：EVA = NOPAT - (WACC * 资本投入)。
结束语：通过以上对CFA一级考试真题的分析，可以看出，理解各个金融概念和工具的基本原理对于通过考试至关重要。
希望这些真题及答案详解能够帮助考生更好地准备考试，提高通过率。
CFA考试《CFA一级》历年真题精选及答案1122-32
CFA考试《CFA一级》历年真题精选及答案1122-321、A 5-year floating-rate security was issued on January 1, 2006. The coupon rate formula was 1-year LIBOR + 300 bps with a cap of 10% and a floor of 5% and annual reset. The 1-year LIBOR rate on January 1st of each year of the security’s life is provided in the following table:During 2010, the payments owed by the issuer were based on a coupon rate closest to:【单选题】A.4.5%.B.5.0%.C.6.5%.正确答案:B答案解析:“Features of Debt Securities,” Frank J. Fabozzi, CFA 2011 Modular Level I, Vol. 5, p. 326-328Study Session 15-61-bDescribe the basic features of a bond, the various coupon rate structures, and the structure of floating-rate securities.B is correct because LIBOR + 300 bps at the reset date equals1.5% + 3.00% = 4.5%, which is below the floor of 5.00% so the coupon rate will be equal to the floor.2、An investor who has a 42% marginal tax rate is analyzing a tax-exempt bond that offers a yield of 3.74%. The taxable-equivalent yield of the bond is closest to:【单选题】A.5.31%.B.6.45%.C.8.90%.正确答案:B答案解析:“Understanding Yield Spreads,” Frank J. Fabozzi, CFA 2011 Modular Level I, Vol. 5, pp. 464-465Study Session 15-64-iCalculate the after-tax yield of a taxable security and the tax-equivalent yield of a tax-exempt security.B is correct because the tax-equivalent yield of a tax-exemptsecurity is3、An analyst does research about real estate investment and gathered the followingannual information about a real estate investment:If the property above is valued at $3 925 000 based on the income approach, thecapitalization rate is closest to:【单选题】A.8.8%B.12.1%C.15.8%正确答案:B答案解析:在收入法之下，appraisal price = NOI/market cap rate，因而有：$3 925 000 = $475 000/market cap rate，得出market capitalization rate = 12.1%.4、Duration is most accurate as a measure of interest rate riskfor a bond portfolio when the slope of the yield curve:【单选题】A.increases.B.decreases.C.stays the same.正确答案:C答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi2012 Modular Level I, Vol. 5, pp. 359–363Study Session 15-54-gDescribe yield-curve risk, and explain why duration does not account for yield-curve risk.C is correct because duration measures the change in the price of a portfolio of bonds if the yields for all maturities change by the same amount; that is, it assumes the slope of the yield curve stays the same.5、An analyst does research about tax-exempt bonds.An investor with 28% marginaltax rate purchase a tax-exempt bond yielding 3.5%.The investor\\\\\'s taxequivalentyield is closest to:【单选题】A.2.52%B.4.86%C.12.50%正确答案:B答案解析:设税收等同收益率(tax-equivalent yield)为X，则X × (1 - 28% ) = 3.5%，算出X =4.86%。
CFA一级十套题和答案
2009 Level I Mock Exam: Morning SessionThe morning session of the 2009 Level I Chartered Financial Analyst® Mock Examination has 120 questions. To best simulate the exam day experience, candidates are advised to allocate an average of 1.5 minutes per question for a total of 180 minutes (3 hours) for this session of the exam.Questions Topic Minutes1-18 Ethical and Professional Standards 2719-32 Quantitative Methods 2133-44 Economics 1845-68 Financial Statement Analysis 3669-78 Corporate Finance 1579-90 Equity Investments 1891-96 Derivative Investments 997-108 Fixed Income Investments 18109-114 Alternative Investments 9115-120 Portfolio Management 9Total: 180By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legalQuestions 1 through 18 relate to Ethical and Professional Standards.1.Which of the following is a key characteristic of the Global InvestmentPerformance Standards (GIPS)? The GIPS standards:A.rely on the integrity of input data.B.consist of required provisions for firms to follow to achieve best practice.C.must be applied with the goal of achieving excellence in performancepresentation.2.According to the Standards of Practice Handbook, a member who is aninvestment manager is least likely to breach his duty to clients by:A.disclosing confidential client information to the CFA Institute ProfessionalConduct Program.ing client brokerage to purchase goods or services that are used in theinvestment decision-making process.C.consistently supporting management’s recommendations by voting withmanagement on proxies related to non-routine governance issues.3.Carla Scott, CFA, is a portfolio manager for a company that manages investmentaccounts for wealthy individuals. Scott has no beneficial interest in any of thefee-paying accounts she manages, including her uncle’s account. When shares in initial public offerings (IPOs) become available, Scott first allocates shares to all her other clients for whom the investment is appropriate; only if shares are stillavailable does she purchase shares in her uncle’s account, if the issue isappropriate for him. Scott provides each of her clients with full disclosure of her allocation procedures and has received each client’s verbal consent to herallocation procedures. According to the Standards of Practice Handbook, doesScott’s method of allocating oversubscribed IPOs violate any CFA InstituteStandards of Professional Conduct?A.No.B.Yes, because she has breached her duty to her uncle.C.Yes, because she has not precleared and reported her Uncle’s transactions.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal4.Kim Li, CFA, is a portfolio manager for an investment advisory firm. Lidelegates some of her supervisory duties to Janet Marshall, CFA, after educating Marshall on methods to prevent and detect violations of the firm’s complianceprocedures. Despite these efforts, Li discovers that an employee reporting toMarshall may have violated the procedures. According to the Standards ofPractice Handbook, Li’s least likely initial course of action must be to:A.suspend the employee.B.increase supervision of Marshall.C.initiate an investigation to determine the extent of the wrongdoing.5.The Standards of Practice Handbook is least likely to require a member todisclose which of the following to clients and prospective clients?A.Underwriting relationships.B.Service on a publicly-traded company’s board of directors.C.Obligation to abide by CFA Institute Code of Ethics and Standards ofProfessional Conduct.6. A CFA charterholder is the Fund Manager for a non-profit organization. During apresentation regarding the restructuring of their investment portfolio’s assetallocation, the Head of the Finance Committee questions the manager. As part of his response, the manager states, “I am a CFA charterholder, I know what I’mtalking about, you should do what I say”. According to the Standards of Practice Handbook, has the charterholder violated any of the CFA Institute Standards ofProfessional Conduct?A.No.B.Yes, Responsibilities as a CFA Institute Member.C.Yes, Communication with Clients and Prospective Clients.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal7. A CFA candidate was responsible for developing presentations regarding NewVision Asset Managers’ investment process and historical investmentperformance. When the candidate moved to another firm, he brought with him the presentation he developed for New Vision, changed the name of the company and presented it to a client of his new employer. The client asked the candidate if hehad New Vision’s permission to use their presentation. The candidate responded, “I created the presentation in my last month working there. It was, after myresignation, so it’s mine to use. Besides the investment performance is what Iachieved for my clients at New Vision.” According to the Standards of PracticeHandbook, the CFA candidate is least likely to have violated the CFA InstituteStandards of Professional Conduct that relate to:A.Loyalty.B.Misrepresentation.munication with Clients and Prospective Clients.8.As the Managing Director of a commercial bank, a CFA charterholder sat in on aboard meeting of a publicly listed company that the bank had lent a large sum ofmoney. The purpose of the board meeting was to renegotiate the terms of thecommercial loan due to the pending restructuring of the company. The next dayall of the Managing Director’s shares of the publicly listed company are sold onthe stock exchange, the sell order having been given two days prior to themeeting. According to the Standards of Practice Handbook, the CFAcharterholder was least likely in violation of which CFA Institute Standards ofProfessional Conduct?A.Disclosure of Conflicts.B.Priority of Transactions.C.Material Nonpublic Information.9.In order to comply with the GIPS Standards, a firm must initially show GIPS-compliant history for a minimum of:A.five years, or since inception if the firm has been in existence for less than fiveyears.B.two years, or since inception if the firm has been in existence for less than twoyears.C.three years, or since inception if the firm has been in existence for less thanthree years.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal10.Buta Singh, CFA, has a large extended family and manages the portfolios ofseveral family members. Singh does not charge the family members amanagement fee, but receives a small percentage of each portfolio’s profits.Singh accepts a position as portfolio manager for Bhotmange Investments tomanage high net worth accounts. Because the family portfolios are not customary or normal client relationships, Singh does not inform his new employer of his side activity. Singh is least likely to have violated which CFA Institute Standard ofProfessional Conduct?A.Loyalty.B.Preservation of Confidentiality.C.Additional Compensation Agreements.11.A CFA Candidate purchased copyrighted CFA exam preparatory study guidefrom a publisher. Two weeks prior to the exam, the Candidate lost the studyguide so he photocopied a copy that his friend had purchased. According to theStandards of Practice Handbook, did the CFA Candidate most likely violate theCFA Institute Standards of Professional Conduct?A.Yes.B.No, because he had purchased his own copy.C.No, because both had purchased their own copies.12.Crandall Temasek, CFA, filed for personal bankruptcy two years ago afterincurring large medical expenses. He was hired recently as a portfolio manager.According to the CFA Institute Standards, must Temasek disclose his bankruptcy filing to his new employer?A.No.B.Yes, because he has a duty of loyalty to his employer.C.Yes, because bankruptcy represents a potential conflict of interest.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal13.Sallie Lewis, CFA, is a research analyst covering the mining industry. Alongwith other analysts, Lewis visits the primary mine of Gold Rush Mines (GR).During the visit, a major piece of equipment fails and Lewis overhears anunidentified employee state that production will be stalled for six months. Lewis immediately files a sell recommendation on GR without any additional research.Has Lewis violated any CFA Institute Standards?A.No.B.Yes, with respect to diligence and reasonable basis.C.Yes, with respect to material nonpublic information.14.Clive Bowers, CFA, is a portfolio manager at Burlington Advisors (BA). Bowersmanages two mutual funds along with a number of individual accounts. All of the portfolios, including the mutual funds, have similar return objectives, risktolerances, and tax constraints. When Bowers allocates shares from block tradeshe fills the mutual fund orders first and then allocates the remaining shares to the individual accounts based on their portfolio size. When allocating shares fromblock trades, does Bowers violate any CFA Institute Standards?A.No.B.Yes, with respect to fair dealing.C.Yes, with respect to priority of transaction.15.Narupa Rhasta, CFA, is manager of the fast-growing individual account divisionof a bank and treats all clients equally. When the bank’s research departmentissues a buy or sell recommendation on a security, she ensures that therecommended action is implemented in all accounts. Do Rhasta’s investmentactions violate any CFA Institute Standards?A.No.B.Yes, with respect to suitability.C.Yes, with respect to diligence and a reasonable basis.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal16.Jimmy Lee, CFA, is an investment banker in a country with strict confidentialitylaws. He is working on an acquisition for Panda Mining Co. (PMC). Whileperforming due diligence, Lee notices that PMC has a number of questionableoffshore partnerships. He investigates the legality of the partnerships and findsevidence of illegal activity. According to the Standards of Professional Conduct, Lee’s best course of action would be to:A.alert CFA Institute.B.consult outside counsel.C.notify regulatory authorities.17.Rene Whatcom, CFA, is an independent contractor who writes research reportsfor several investment publications. Whatcom refuses to sign contracts withexclusivity clauses. Whatcom sometimes revises work he submits to onepublication and sends slightly altered versions of the report to additionalpublications. Does Whatcom violate any CFA Institute Standards?A.No.B.Yes, with respect to loyalty.C.Yes, with respect to disclosure of conflicts.18.Angus Draper, CFA, is a senior portfolio manager and member of the investmentcommittee at Tillahook Investments. Draper serves as a board member forseveral non-profit organizations. These commitments require eight workdays per month of Draper’s time. Because he does not receive any form of compensationfor these activities, Draper does not tell anyone at work about his board activities.Does Draper violate any CFA Institute Standards?A.No.B.Yes, with respect to conflict of interest.C.Yes, with respect to responsibilities of supervisors.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legalQuestions 19 through 32 relate to Quantitative Methods19.The yield to maturity on otherwise identical option-free bonds issued by the U.S.Treasury and a large industrial corporation is 6 percent and 8 percent,respectively. If annual inflation is expected to remain steady at 2.5 percent overthe life of the bonds, the most likely explanation for the difference in yields is apremium due to:A.maturity.B.inflation.C.default risk.20.A 24 year old is using the following information to plan her retirement:She assumes her consumption expenditures will increase with the rate of inflation,3 percent, until she retires. Upon retiring she will have end-of-year expendituresequal to her consumption expenditure at age 68. The minimum amount that shemust accumulate by age 68 in order to fund her retirement is closest to:A.$928,000.B.$1,176,000.C.$1,552,000.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal21.A project has the following expected cash flows:Time Cash Flow ($)0 (125,000)1 100,0002 200,000If the risk-free interest rate is 4 percent, expected inflation is 3 percent, the market risk premium is 8 percent and the Beta for the project is 1, the investment’s netpresent value (NPV) is closest to:A.$113,000.B.$124,000.C.$139,000.22.An analyst gathers the following information about a common stock investment:The holding period return on the common stock investment is closest to:A.12.5%.B.20.8%.C.41.7%.23.A 270-day U.S. Treasury bill with a face value of $100,000 sells for $96,500when issued. Assuming an investor holds the bill to maturity, the investor’smoney market yield is closest to:A.3.63%.B. 4.84%.C. 4.93%.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal24.An analyst gathered the following annual return information about a portfoliosince its inception on 1 January 2003:The portfolio’s mean absolute deviation for the five-year period is closest to:A.3.76%.B. 6.83%.C.7.68%.25.An analyst gathered the following information about a common stock portfolio:If the risk-free rate of return is 4.25 percent, then the coefficient of variation isclosest to:A.0.52.B. 1.36.C. 1.53.26.If an analyst estimates the probability of an event for which there is no historicalrecord, this probability is best described as:A.a priori.B.empirical.C.subjective.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal27.Which of the following statements best describes the relationship betweencorrelation and covariance? The correlation between two random variables istheir covariance standardized by the product of the variables’:A.variances.B.standard deviations.C.coefficients of variation.28.Which of the following best describes the discrete uniform distribution? Thediscrete uniform distribution:A.has a finite number of specified outcomes.B.is based on the Bernoulli random variable.C.has an infinite number of unspecified outcomes.29.According to the central limit theorem, a sampling distribution of the samplemean will be approximately normal only if the:A.sample size is large.B.underlying distribution is normally distributed.C.variance of the underlying distribution is known.30.Which of the following is least likely to be a desirable property of an estimator?A.EfficiencyB.ReliabilityC.ConsistencyBy accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal31.An analyst gathers the following information about the price-earnings (P/E) ratiosfor the common stocks held in a portfolio:The relative frequency for Interval II is closest to:A.47.27%.B.52.00%.C.65.45%.32.Rent is $700.00 monthly and is due on the first day of every month. If the statedannual interest rate is 6 percent, the present value of a full year’s rent payments isclosest to:A.$8,133.B.$8,173.C.$8,833.Questions 33 through 44 relate to Economics33.Demand for guest rooms in a resort hotel increases from 100 to 150 rooms per nightwhen the nightly room rate increases from $150 to $200. The elasticity of supply of guest rooms in the resort hotel is closest to:A.0.72.B. 1.40.C. 1.50.34.A recessionary gap is more likely to be observed when:A.real GDP is above potential GDP.B.real GDP is below potential GDP.C.employment is above full-employment equilibrium.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal35.Which of the following statements is most accurate in regard to the tax division betweenbuyers and sellers of products with perfectly elastic demand?A.Sellers pay the entire tax.B.Buyers bear the entire tax burden.C.Buyers and sellers share the tax burden.36.A company compiles the following information:The company’s economic profit is closest to:A.$90,000.B.$110,000.C.$130,000.37.In the short run, an increase in output at low levels of production will most likely cause:A.an increase in the marginal cost due to the rising total fixed cost.B.an increase in the marginal cost due to the law of diminishing returns.C. a decrease in the marginal cost due to economies from greater specialization.38.In regulating a natural monopoly, the most commonly adopted compromise pricing ruleby a regulator is the:A.total cost pricing rule.B.average cost pricing rule.C.marginal cost pricing rule.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided tocurrently-registered CFA candidates. Candidates may view and print the exam for personal exampreparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal39.Which of the following statements provides the best description of Nash equilibrium oftwo firms in the game of prisoners’ dilemma?A.One firm complies and the other cheats.B.Both firms cheat and each firm makes zero economic profit.C.Both firms comply and each firm makes a positive economic profit.40.The best characterization of the natural resources market is that:A.supply of a nonrenewable natural resource is perfectly inelastic and firms areprice takers.B.price is determined by market demand in a renewable resources market and bysupply in a nonrenewable resource market.C.supply of a renewable natural resource is perfectly elastic and the price isequal to the present value of the next period's expected price.41.Based on supply-side effects, an increase in income tax will most likely:A.shift the demand curve for labor.B.decrease the full-employment quantity of labor.C.increase potential Gross Domestic Product (GDP).42.A change in the natural rate of unemployment will most likely shift:A.the short-run but not the long-run Phillips curves.B.both the short-run and the long-run Phillips curves.C.neither the short-run nor the long-run Phillips curves.43.Which of the following goals of monetary policy is best described to be the keygoal?A.Price stability.B.Full employment.C.Moderating long-term interest rates.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exampreparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal44.The least likely reason why a firm in perfect competition is a price taker isbecause:A.buyers are well informed about prices of other firms.B.it can set its products’ price at or above the market price.C.it produces a very small portion of the total output of a particular good. Questions 45 through 68 relate to Financial Statement Analysis45.An analyst finds information about significant uncertainties affecting a company’sliquidity, capital resources and results of operations in the:A.notes to the financial statements.B.balance sheet and income statement.C.management discussion and analysis.46.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.Which of the following is least likely to be classified as a financial statementelement?A.Asset.B.Revenue. income.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal47.An analyst prepares common-size balance sheets for two companies operating inthe same industry. The analyst notes that both companies had the sameproportion of current liabilities, long-term liabilities, and shareholders’ equity and the following ratios:The most reasonable conclusion is that, compared with Company 2, Company 1had a:A.higher percentage of assets associated with inventory.B.higher percentage of assets associated with accounts receivable.C.lower percentage of assets associated with marketable securities.48.If a company has a current ratio of 2.0, repaying $150,000 in short-termborrowing will most likely decrease:A.the current ratio, but not the cash flow from operations.B.the cash flow from operations, but not the current ratio.C.neither the current ratio nor the cash flow from operations.49.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.At the end of the year, a company sold equipment for $30,000 cash. Thecompany paid $110,000 for the equipment several years ago and had recordedaccumulated depreciation of $70,000 at the time of its sale. All else equal, theequipment sale will result in the company’s cash flow from:A.investing activities increasing by $30,000.B.investing activities decreasing by $10,000.C.operating activities being $10,000 less than net income.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal50.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.A company reports earnings before taxes of $800,000 for the year. The tablebelow indicates selected items which were included in earnings before taxes andtheir associated tax status.The company’s tax rate is 35 percent. The company’s current income taxespayable (in $) is closest to:A.206,500.B.276,500.C.360,500.51.An analyst gathers the following annual information ($ millions) about a companythat pays no dividends and has no debt:The company’s annual free cash flow to equity ($ millions) is closest to:A.53.1.B.58.4.C.61.6.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal52.Which of the following statements best describes the level of accuracy providedby a standard audit report with respect to errors? The audited financial statements are:A.fully assured to be free of material errors.B.reasonable assured to be free of all errors.C.reasonable assured to be free of material errors.53.Making any necessary adjustments to the financial statements to facilitatecomparison with respect to accounting choices is done in which step of thefinancial statement analysis framework?A.Collect data.B.Process data.C.Analyze/interpret the processed data.54.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.For the most recent year a manufacturing company reports the following items on their income statement:Interest expense $62,500Loss on disposal of fixed assets $50,000Realized gain on sale of available-for-sale securities $17,750Which of the items is classified as an operating item in the company’s incomestatement?A.Interest expense.B.Loss on disposal of fixed assets.C.Realized gain on sale of available-for-sale securities.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legalotherwise noted.The following information is available from the accounting records of a company as at 31 December 2008 (all figures in $ thousands):The working capital for the company (in $ thousands) is closest to:A.64.B.72.C.176.56.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.During late December 2008 Company A acquires a small competitor, CompanyB. During the evaluation of the acquisition it is determined that the customer listsof Company B have a fair value of $50,000. Company A has spent $15,000during the year updating and maintaining its own customer lists. What will be the value of the customer list intangible asset on Company A’s 31 December 2008consolidated financial statements?A.$15,000.B.$50,000.C.$65,000.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal。
CFA考试《CFA一级》历年真题精选及答案1122-33
CFA考试《CFA一级》历年真题精选及答案1122-331、An analyst does research about the reported revenue of a company and gathers thefollowing information about a product:Assume that the company bears no inventory risk for the product and uses net reportingof revenue, reported revenue of the product is closest to:【单选题】A.$50B.$90C.$100正确答案:C答案解析:net reported revenue = revenue - cost of goods sold = $140 - $40 = $100。
2、The following annual financial data are available for a company:Interest expense for the year is closest to:【单选题】A.71.6.B.97.4.C.109.2.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, CFA2013 Modular Level I, Vol. 3, Section 3.2.1.5Study Session: 8-27-fDescribe the steps in the preparation of direct and indirect cash flow statements, including how cash flows can be computed using the income statement and balance sheet data.B is correct. Interest expense is equal to ending interest payable plus cash paid for interest less beginning interest payable. The calculation is as follows:3、A review of a company’s inventory records for the year indicates that the following costs were incurred:Fixed production overhead: $500,000Direct material and direct labor: 300,000Storage costs incurred during production: 25,000Abnormal waste costs: 30,000If the company operated at full capacity during the year, the total capitalized inventory cost is closest to:【单选题】A.$800,000.B.$825,000.C.$855,000.正确答案:B答案解析:“Inventories,” Michael A. Broihahn, CFA2011 Modular Level I, Vol. 3, pp. 379-380Study Session 9-36-aDistinguish between costs included in inventories and costs recognized as expenses in the period in which they are incurred.The total capitalized costs include fixed production costs, thedirect conversion costs of material and labor, storage costs required as part of production but not abnormal waste costs. $500,000 + 300,000 + 25,000 = $825,0004、The following table shows the volatility of a series of funds that belong to the same peer group, ranked in ascending order:The value of the first quintile is closest to:【单选题】A.10.70%.B.10.84%.C.11.09%正确答案:A答案解析:“Statistical Concepts and Market Returns,” Richard A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2013 Modular Level I, Vol. 1, Reading 7, Section 6.1Study Session 2–7–fCalculate and interpret quartiles, quintiles, deciles, and percentiles.A is correct. First, find the position of the first quintile with the following formula:wherey is the percentage point at which we are dividing the distribution. In our case we have y = 20, which corresponds to thepercentile (first quintile);n is the number of observations (funds) in the peer group. In our case we have n = 13;Therefore, the location of the first quintile is between the volatility of Fund 2 and Fund 3 (because they are ranked in ascending order).Then, use linear interpolation to find the approximate value of the first quintile:where5、Duration is most accurate as a measure of interest rate risk for a bond portfolio when the slope of the yield curve:【单选题】A.increases.B.decreases.C.stays the same.正确答案:C答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi2012 Modular Level I, Vol. 5, pp. 359–363Study Session 15-54-gDescribe yield-curve risk, and explain why duration does not account for yield-curve risk.C is correct because duration measures the change in the price of a portfolio of bonds if the yields for all maturities change by the same amount; that is, it assumes the slope of the yield curve stays the same.6、Umi Grabbo, CFA, is a highly regarded portfolio manager for Atlantic Advisors (AA), a mid-sized mutual fund firm investing in domestic securities. She has watched the hedge fund boom and on numerous occasions suggested her firm create such a fund. Senior management has refused to commit resources to the area. Attracted by potential higher fees associated with hedge funds, Grabbo and several other employees organize a hedge fund to invest in international securities. Grabbo is careful to work on the fund development only on her own time. Because AA management thinks hedge funds are a fad, she does not inform her supervisor about the hedge fund creation. According to the Standards of Practice Handbook, Grabbo should most likely address which of the Standards immediately?【单选题】A.Disclosure of Conflicts.B.Priority of Transactions.C.Additional Compensation Arrangements.正确答案:A答案解析:“Guidance for Standards I-VII”, CFA Institute2010 Modular Level I, Vol. 1, pp. 75, 89-92, 94-98Study Sessions 1-2-aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code andStandards to situations involving issues of professional integrity. According to Standard VI (A) Disclosure of Conflicts, Grabbo should disclose to her employer the fact she is developing a hedge fund that could possibly interfere with her responsibilities at AA. In setting up a new fund, Grabbo was not acting for the benefit of her employer. She should have informed AA that she wanted to organize a hedge fund and come to some mutual agreement on how this would occur.7、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.8、Partial information on three baskets containing goods A andB is given in the table below. Themarginal rate of substitution of B for A,at Basket 2 is also provided.A consumer’s indifference curves are strictly convex and he claims that he is indifferent between Baskets 2 and 3. If he is also indifferent between Baskets 1 and 3, the number of units of A in basket 1 is most likely:【单选题】A.equal to 60.B.less than 60.C.greater than 60.正确答案:C答案解析:“Demand and Supply Analysis: Consumer Demand,” Richard V. Eastin and Gary L. Arbogast, CFA2013 Modular Level I, Vol. 2, Reading 14, Section 3.3, Example 2 Study Session 4–14–a, bDescribe consumer choice theory and utility theory.Describe the use of indifference curves, opportunity sets, and budget constraints in decision making.C is correct. Because the consumer is indifferent between all three baskets, they must all fall on the same indifference curve. Theat Basket 2 is 4, meaning that the slope of theindifference curve at that point is –4, henceSolve for A = 70: greater than60.9、Matthew Murphy, CFA, is an analyst at Divisadero Securities & Co..If Murphylives and works in a country where applicable laws differ from the requirement ofthe Code of Ethics and Standards of Professional Conduct,:【单选题】A.Murphy must comply to the applicable local law of the country.B.Murphy must comply to the Code of Ethics and Standards of ProfessionalConduct.C.Murphy must comply to the stricter of the applicable local law of the countryor the Code of Ethics and Standards of Professional Conduct.正确答案:C答案解析:在所适用的法律与伦理道德标准之间，CFA会员应该遵守更加严格的法律条例。
cfa一级考试真题及答案解析
cfa一级考试真题及答案解析CFA一级考试真题及答案解析1. 问题：某投资者持有一个投资组合，其中包含股票A和股票B，股票A的预期收益率为10%，股票B的预期收益率为15%，股票A在投资组合中的权重为60%，股票B的权重为40%。
请问该投资组合的预期收益率是多少？解析：投资组合的预期收益率可以通过加权平均的方式来计算。
具体计算公式为：投资组合预期收益率 = (股票A的预期收益率 * 股票A的权重) + (股票B的预期收益率 * 股票B的权重)。
将题目中给出的数据代入公式，得到投资组合的预期收益率 = (10% * 60%) + (15% * 40%) = 6% + 6% = 12%。
答案：投资组合的预期收益率为12%。
2. 问题：某公司在年初发行了面值为1000元，期限为5年，年利率为5%的债券。
如果市场利率为6%，请问该债券的当前市场价格是多少？解析：债券的市场价格可以通过现值公式来计算，即市场价格 = 债券面值 / (1 + 市场利率)^债券期限。
将题目中给出的数据代入公式，得到债券的市场价格 = 1000 / (1 + 6%)^5 ≈ 735.47元。
答案：该债券的当前市场价格约为735.47元。
3. 问题：某投资者购买了一份看涨期权，执行价格为100元，期权费为5元，到期日时标的资产的市场价格为120元。
请问该投资者的净收益是多少？解析：看涨期权的净收益可以通过以下公式计算：净收益 = (标的资产的市场价格 - 执行价格 - 期权费)。
将题目中给出的数据代入公式，得到净收益 = (120 - 100 - 5) = 15元。
答案：该投资者的净收益为15元。
4. 问题：某公司上一年的营业收入为500万元，营业成本为300万元，销售和管理费用为100万元，财务费用为20万元，投资收益为30万元。
请问该公司上一年的净利润是多少？解析：净利润的计算公式为：净利润 = 营业收入 - 营业成本 - 销售和管理费用 - 财务费用 + 投资收益。
2010年-CFA-一级-Mock试题
2010年-CFA-一级-Mock试题1. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, trading on material nonpublic information is least likely to be prevented by establishing:A. fire-walls.B. watch lists.C. selective disclosure.Answer: CCFA Institute Standards2010 Modular Level I, Vol. 1, pp. 36-42Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional ConductC is correct as selective disclosure occurs when companies discriminate in making material nonpublic information public. Corporations that disclose information on a limited basis create the potential for insider-trading violations. Standard II (A).2. William Wong, CFA, is an equity analyst with Hayswick Securities. Based on his fundamental analysis, Wong concludes the stock of a company hefollows, Nolvec Inc., is substantially undervalued and will experience a large price increase. He delays revising his recommendation on the stock from “hold” to “buy” to allow his brother to buy shares at a lower price. Wong is least likely to have violated the CFA Institute Standards of Professional Conduct related to:A. duty to clients.B. reasonable basis.C. priority of transactions.Answer: B“Guidance for Standards I-VII”, CFA Institute 2010 Modular Level I, Vol. 1, pp. 48-50, 80-81, 94-95Study 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 there is nothing to suggest that Wong does not have a reasonable basis for his conclusion related to Nolvec. Standard V (A).3. During an onsite company visit, Marsha Ward, CFA,accidentally overheard the Chief Executive Officer (CEO) of Stargazer, Inc. discussing the company’s tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct, Ward most likely can not use the information because:A. it relates to a tender offer.B. it was overheard and might be considered unreliable.C. she does not have a reasonable and adequate basis for taking investment action.Answer: A“Guidance for Standards I-VII”, CFA Institute 2009 Modular Level I, Vol. 1, pp. 36-42Study 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.A is correct because trading on the information is restricted as it relates to a tender offer; it is clearly material, nonpublic information. StandardII (A).4. Ian O’Sullivan, CFA, is the owner and sole employee of two companies, a public relations firm and a financial research firm. The public relations firm entered into a contract with Mallory Enterprises to provide public relations services, with O’Sullivan receiving 40,000 shares of Mallory stock in payment for his services. Over the next 10 days, the public relations firm issued several press releases that discussed Mallory’s excellent growth prospects. O’Sullivan, through his financial research firm, also published a research report recommending Mallory stock as a “buy.” According to the CFA Institute Standards of Professional Conduct, O’Sullivan is most likely required to disclose his ownership of Mallory stock in the:A. press releases only.B. research report only.C. both the press release and the research report.Answer: C“Guidance for Standards I-VII”, CFA Institute2009 Modular Level I, Vol. 1, pp. 21-26, 89-91 Study 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.C is correct because members should disclose all matters that reasonably could be expected to impair the member’s objectivity. Standard I (B), Standard VI (A)5. Jefferson Piedmont, CFA, a portfolio manager for Park Investments, plans to manage the portfolios of several family members in exchange for a percentage of each portfolio’s profits. As his family members have extensive portfolios requiring substantial attention, they have requested that Piedmont provide the services outside his employment with Park. Piedmont notifies his employer in writing of his prospective outside employment. Two weeks later, Piedmont begins managing the family members’ portfolios. By managing these portfolios, did Piedmont violate any CFA Institute Standards of Professional Conduct?A. Conflicts of InterestB. Additional Compensation.C. Both Additional Compensation and Conflicts of Interest.Answer: C“Guidance for Standards I-VII”, CFA Institute 2009 Modular Level I, Vol. 1, p. 75, 89-91Study 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.C is correct because members should disclose all potential conflicts of interest, the substantial time involved in managing family accounts, and when engaging in independent practice for compensation should not render services until receiving written consent from all parties. Standard IV (B), Standard VI (A).6. The eight major provisions of the Global Investment Performance Standards (GIPS) include all of the following except:A. Input Data, Calculation Methodology, and Real Estate.B. Fundamentals of Compliance, Composite Construction, and Disclosures.C. Calculation Methodology, Composite Construction, and Alternative AssetsAnswer: CCFA Institute Standards2010 Modular Level I, Vol. 1, pp. 141-142Study Session 1-4-dCharacterize the eight major sections of the GIPS standards.C is correct because Alternative Assets is not among the eight major provisions or sections of the Global Investment Performance Standards which include: Fundamentals of Compliance, Input Data, Calculation Methodology, Composite Construction, Disclosures, Presentation and Reporting, Real Estate, and Private Equity. Standard II, Provisions of The Global Investment Performance Standards.7. Hui Chen, CFA, develops marketing materials for an investment fund he founded three years ago. The materials show the 3-, 2- and 1-year returns for thefund. He includes a footnote that states in small print “Past performance does not guarantee future r eturns.” He also includes a separate sheet showing the most recent semi-annual and quarterly returns, which notes they have been neither audited nor verified. Has Chen most likely violated any CFA Institute Standards of Professional Conduct? Answer: A“Gu idance for Standards I-VII”, CFA Institute 2009 Modular Level I, Vol. 1, pp. 64-65 “Guidance for Standards I-VII”, CFA Institute 2009 Modular Level I, Vol. 1, pp. 64-65Study Sessions 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.A is correct because the Standards require members to make reasonable efforts to make sure performance information is fair, accurate, and complete. The Standards do not require compliance with Global Investment Performance Standards (GIPS), auditing, or verification requirements. Standard III (D) A. No.B. Yes, because he included un-audited and unverified results.C. Yes, because he did not adhere to the global investment performance standards.8. Charlie Mancini, CFA, is the Managing Director for Business Development at SV Financial, (SVF), a large U.S. based mutual fund organization. Mancini has been under pressure recently to increase revenues. In order to secure business from a large hedge fund manager based in Asia, Mancini recently approved flexible terms for the fund’s client agreement. To allow for time zone differences, the agreement permits the hedge fund to trade in all of SVF’s mutual funds six hours after the close of U.S. markets. Did Mancini violate any CFA Institute Standards of Professional Conduct?A. No.B. Yes, with regard to Fair Dealing.C. Yes, with regard to Fair Dealing and Material Nonpublic Information.Answer: C“Guidance for Standards I-VII”, CFA Institute 2010 Modular Level I, Vol. 1, pp. 45, 53-55Study Sessions 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.C is correct because clients should be treated fairly and impartially. Standard III (B). In addition, the flexible trading terms allow the hedge fund manager to enrich themselves and is a violation of Standard II A, concerning trading on material nonpublic information. This is also a conflict of interest, Standard VI (A), Disclosure of Conflicts.9. Ron Dunder, CFA, is the CIO for Bling Trust (BT), an investment advisor. Dunder recently assigned one of his portfolio managers, Doug Chetch, to manage several accounts that primarily invest in thinly traded micro-cap stocks. Dunder soon notices that Chetch places many stock trades for these accounts on the last day of the month, towards the market’s close. Dunder finds this trading activity unusual and speaks to Chetch who explains that the trading activity was completed at the client’s request.Dunder does not investigate further. Six months later regulatory authorities sanction BT for manipulating micro-cap stock prices at month end in order to boost account values. Did Dunder violate any CFA Institute Standards of Professional Conduct?A. No.B. Yes, because he failed to reasonably supervise Chetch.C. Yes, because he did not report his findings to regulatory authorities.Answer: C“Guidance for Standards I-VII”, CFA Institute 2010 Modular Level I, Vol. 1, pp. 76-78Study Sessions 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 the CFA Institute Standard on Responsibilities of Supervisors, Standard IV (C), requires members/candidates to take steps to detect and prevent violations of laws, rules and regulations. Dunder failed in his supervisory rolewhen he accepted Chetch’s explanation of the unusual trading activity. Dunder should have reviewed the client’s goals and objectives, and records, to see if they in fact requested month-end trading. Regardless of the explanation provided by Chetch Dunder should have investigated further.。
CFA一级经典习题和解析答案0104-60
CFA一级经典习题和解析答案0104-601、A publicly listed company has a 12-person Board of Directors whose composition is as follows: the Chairman, who is the past president of the company and was named Chairman on his retirement date four years ago, five members of senior management including the current president, and six outside directors.Each member is elected for a two-year term and one-half of the positions stand for election every year. The three members of the Audit Committee are all outside directors and have relevant financial experience. The Remuneration Committee is composed of the Chairman and two outside directors. Which of the following actions would provide the greatest improvement in the corporate governance of this company?【单选题】A.The Chairman of the Board should be an independent director.B.All members of the Board of Directors should stand for election every year.C.The company’s Vice-President of Finance should be a member of the audit committee.正确答案:A答案解析:“The Corporate Governance of Listed Companies: A Manual for Investors,”2010 Modular Level I, Vol. 4, pp. 174-185Study Session 11-48-b, cDiscuss and critique characteristics and practices related to board and committee independence, experience, compensation, external consultants and frequency of elections and determine whether they are supportive of shareowner protection.Describe board independence and explain the importance ofindependent board members in corporate governance.If the chair of the board is a former chief executive of the company, it may hamper efforts to undo the mistakes made by him or her as chief executive. It is not clear if it is better to have all members elected annually (more flexibility to meet changes in the marketplace) or if it is better to have staggered board terms (better continuity of board expertise). All members of the audit committee should be independent members of the board.2、Lee Chu, a CFA candidate, develops a new quantitative security selection model exclusively through back-testing on the Chinese equity market. Chu is asked to review marketing materials that include an overview of the conceptual framework for his model, provide back-tested performance results, and list the top holdings. Chu directs the marketing group to remove the description of his model because of concerns that competitors may attempt to replicate his investment philosophy. He also instructs the marketing group to remove the list of the top holdings because it shows that the top holding represents 30% of the back-tested model. Which of the following actions is least likely to result in a violation of theCode and Standards? Chu\\\\\'s:【单选题】A.failure to disclose that the top holding represents such a large allocation in the modelB.failure to adequately describe the investment process to prospective clientse of back-tested results in communication with prospective clients正确答案:C答案解析:The use of back-tested results is not prohibited, provided it is appropriately disclosed.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard V(B)3、With respect to the Standards of Professional Conduct relating to conflicts of interests,CFA members are required to fully disclose to clients, prospective clients,and employers:【单选题】A.only all actual conflicts of interests.B.only all potential conflicts of interests.C.both all actual and potential conflicts of interests.正确答案:C答案解析:CFA协会要求会员向其雇主、客户和潜在客户披露所有潜在的或者事实上的利益冲突。
CFA考试一级章节练习题精选0331-38(附详解)
CFA考试一级章节练习题精选0331-38附详解）1、The convergence of global accounting standards has advanced to a degree that the Securities &Exchange Commission in the United States now mandates that foreign private issuers who useIFRS may report under:【单选题】A.U.S. GAAP or under IFRS with a reconciliation to U.S. GAAP.B.U.S. GAAP or under IFRS.C.U.S. GAAP with voluntary supplemental reporting under IFRS.正确答案:B答案解析:Historically, the Securities & Exchange Commission required reconciliation for foreign private issuersthat did not prepare financial statements in accordance with U.S. GAAP. However the reconciliationrequirement was eliminated as of 2008 for companies that prepared their financial statements underIFRS.CFA Level I"Financial Reporting Standards," Elaine Henry, Jan Hendrik van Greuning and Thomas R. RobinsonSections 4, 71、An analyst does research about depreciation expense for a company.The companypurchases equipment for $ 1 200 000 with an estimated useful life of 6years andno estimated residual ing the double-declining balance method, the depreciationexpense for year 3 is closest to:【单选题】A.$ 177 778B.$ 200 000C.$ 266 667正确答案:A答案解析:本题考査的是双倍余额递减法（double-declining balance method）的基本用法。
CFA考试一级章节练习题精选0330-5（附详解）
CFA考试一级章节练习题精选0330-5（附详解）CFA考试一级章节练习题精选0330-5（附详解）1、An investor examines the following rate quotes for the Brazilian real and the Australian dollar:If the investor shorts BRL500,000 he will achieve a risk-free arbitrage profit (in BRL) closest to:【单选题】A.–6,327.B.1,344.C.6,405.正确答案:B答案解析:“Currency Exchange Rates,” William A. Barker, CFA, Paul D. McNelis, and Jerry Nickelsburg2013 Modular Level I, Vol. 2, Reading 21, Section 3.3Study Session 6–21–f, gExplain the arbitrage relationship between spot rates, forward rates and interest rates.Calculate and interpret a forward rate consistent with a spot rate and the interest rate in each currency.B is correct. If the right side of the following equation is greater than the left, an arbitrage opportunity exists.= Spot rate: number of units of foreign currency (price currency) per one unit of domestic currency=Forward rate: number of units of foreign currency (price currency) per one unit of domestic currency= Domestic interest rate= Foreign interest rateThe arbitrage profit is the right side of the equation minus the left side.Left side of equation: BRL500,000 × (1 + 0.041) = BRL520,500.Right Side:Arbitrage profit = BRL521,844 (right side above) –BRL520,500 (left side above) = 1,344.2、The Nash equilibrium for a duopoly faced with a “Prisoners’ Dilemma” set of choices is most l ikely to result in:【单选题】A.both firms earn economic profits.B.neither firm earns an economic profit.C.one of the firms earns an economic profit but the other firm does not.正确答案:B答案解析:“Monopolistic Competition and Oligopoly,” Michael Parkin2010 Modular Level I, Vol. 2, pp. 245-247Study Session 5-20-eDescribe the oligopoly games including the Pr isoners’ Dilemma.The Nash equilibrium for the duopoly is that both firms cheat on their collusive agreement. Prices and quantities produced are the same as those in perfect competition; neither firm earns an economic profit.3、Assume that at current production and consumption levels, a product exhibits price elasticity of demand equal to 1.20 and elasticity of supply equal to 1.45. The true economic consequences of taxes imposed on the seller of such a productare most likely borne:【单选题】A.by the seller.B.by the buyer.C.partly by the buyer and partly by the seller.正确答案:C答案解析:“Elasticity,” Michael Parkin2011 Modular Level I, Vol. 2, pp. 27-28“Markets in Action,” Michael Parkin2011 Modular Level I, Vol. 2, pp. 80-84Study Session 4-13-a; 4-15-cCalculate and interpret the elasticities of demand (price elasticity, cross elasticity, and income elasticity) and the elasticity of supply and discuss the factorsthat influence each measure.Explain the impact of taxes on supply, demand, and market equilibrium, and describe tax incidence and its relation to demand and supply elasticity.As the good exhibits neither perfectly elastic nor perfectly inelastic demand or supply (see pp. 27-28), the incidence of taxation will be shared by buyers and sellers regardless of whether the tax is placed on buyers or on sellers.4、Which of the following statements about a central bank's actions would mostlikely cause an immediate increase of the banking system's excess reserves?【单选题】A.Decreasing the policy rate.B.Selling securities in the open market.C.Decreasing the required reserve ratio.正确答案:C答案解析:降低法定存款准备金率会导致商业银行吸收存款后有更多的资金可以用于放贷，从而增加了银行系统的可贷资金余额，这种影响也最为直接。
CFA考试《CFA一级》历年真题精选及详细解析1006-52
CFA考试《CFA一级》历年真题精选及详细解析1006-52CFA考试《CFA一级》历年真题精选及详细解析1006-521、A commodity market is in contango when futures prices are:【单选题】A.lower than the spot price.B.higher than the spot price.C.the same as the spot price.正确答案:B答案解析:“Investing in Commodities”, Global Perspectives on Investment Management: Learning from the Leaders, edited by Rodney N. Sullivan, CFA2011 Modular Level I, Volume 6, pp. 262Study Session 18-75-aExplain the relationship between spot prices and expected future prices in terms of contango and backwardation.B is correct. When a commodity market is in contango, futures prices are higher than the spot price because market participants believe the spot price will be higher in the future.2、When analyzing the value of a single normally distributed populations variance,the most appropriate test is a(n) :【单选题】A.chi-squared test.B.paired comparison test.C.F-test.正确答案:A答案解析:检验单个总体方差是否等于某个数值用开方检验。
CFA考试《CFA一级》历年真题精选及答案1122-21
CFA考试《CFA一级》历年真题精选及答案1122-21CFA考试《CFA一级》历年真题精选及答案1122-211、Which of the following statements is most accurate about the responsibilities of an auditor for a publicly traded firm in the United States? The auditor:【单选题】A.assures the reader that the financial statements are free from error, fraud, or illegal acts.B.must express an opinion about the effectiveness of the company’s internal control systems.C.must state that he prepared the financial statements according to generally accepted accounting principles.正确答案:B答案解析:“Financial Statement Analysis: An Introduction,” Elaine Henry and Thomas R. Robinson2012 Modular Level I, Vol. 3, pp. 28–31Study Session 7-22-dDescribe the objective of audits of financial statements, the types of audit reports, and the importance of effective internal controls.B is correct. For a publicly traded firm in the United States, theauditor must express an opinion as to whether the company’s internal c ontrol system is in accordance with the Public Company Accounting Oversight Board, under the Sarbanes–Oxley Act. This is done either as a final paragraph in the auditor’s report or as a separate opinion.2、A fund manager compiles the following data on two companies:Based on the information provided, the most accurate conclusion is that Company A’s stock is more attractive relative to that of Company B’s because of its:【单选题】A.smaller P/E ratio.B.greater financial leverage.C.higher dividend growth rate.正确答案:A答案解析:“Financial Analysis Techniques,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn2011 Modular Level I, Vol. 3, pp. 342-343。