CFA考试一级章节练习题精选0329-57(附详解)

CFA考试一级章节练习题精选0329-57（附详解）
1、An analyst gathers the following information ($ millions) about the performance of a portfolio:
The portfolio’s annual time-weighted rate of return (%) is closest to:【单选题】
A.8.
B.27.
C.32.
正确答案:C
答案解析:“Discounted Cash Flow Applications,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2010 Modular Level I, Vol. 1, pp. 247-253
Study Session 2-6-c
Calculate, interpret, and distinguish between the money-weighted and time-weighted rates of return of a portfolio and appraise the performance of portfolios based on these measures.
The time-weighted rate of return is calculated by computing the quarterly holding period returns and linking those returns into an annual return. In this case, the quarterly holding periods are 2.4/2.2 = 1.0909, 2.6/2.8 = 0.9286, 3.2/2.4 = 1.3333, and 4.1/4.2 = 0.9762. The time-weighted return is thus (1.0909 × 0.9286 × 1.3333 × 0.9762) - 1 = 1.3185 – 1 = 0.3185 or 31.85%.
2、An investor purchases a bond for $989.00.After 180 days the investor receives aninterest payment of $25.10 and sells the bond for $1036.40.The investor's
effectiveannual yield is closest to:【单选题】
A.14.66%
B.15.20%
C.15.42%
正确答案:C
答案解析:由题意可知，- 1 = 15.42%。

3、An analyst determines that approximately 99 percent of the observations of daily sales for a company are within the interval from $230,000 to $480,000 and that daily sales for the company are normally distributed. The standard deviation of daily sales (in $) for the company is closest to:【单选题】
A.41,667.
B.62,500.
C.83,333.
正确答案:A
答案解析:“Common Probability Distributions,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2010 Modular Level I, Vol. 1, page 441
Study Session 3-9-j
Determine the probability that a normally distributed random variable lies inside a given confidence interval.
Given that sales are normally distributed, the mean is centered in the interval.
Mean = ($230,000 + 480,000) / 2 = $355,000. 99 percent of observations under a normal distribution will be plus/minus three standard deviations. Thus,
($355,000 - $230,000)/3.0 = $41,667. It is also the case that ($480,000 - $355,000)/3.0 = $41,667.
4、Lee Pickett, CFA, a well-known and respected analyst, follows the computerindustry and does research about types of measurement scales.Pickett categorizesa group of stocks into quartiles based on historical rate of returns.Pickett'sapproach is most consistent with which type of the following measurement scales?【单选题】
A.Nominal.
B.Ratio.
C.Ordinal.
正确答案:C
答案解析:Pickett按股票的历史回报率高低将股票分为4个区间，有大小的顺序，符合顺序度量(Ordinal scale）的定义。

名义度量（Nominal scale）不考虑先后顺序。

比例度量（Ratioscale）既要考虑顺序，还要考虑区间，还需要有真实零点，要求最为严格。

5、A trust management company offers a trust account with a stated annual rate ofreturn of 6% in the first year and 8% in the second year.If returns are compoundedquarterly with the initial account value of 100 000 at the beginning ofthe first year, the account's value at the end of second year is closest to:【单选题】
A.$114 480
B.$114 885
C.$171 759
正确答案:B
答案解析:第一年里：PV = -100 000，N = 4，I/Y = 6/4 = 1.5，PMT = 0，CPT FV = 106 136（$），第二年里：PV = -106 136，N = 4，I/Y = 8/4 = 2，PMT = 0，
CPT FV = 114 885（$）。