CFA考试一级章节练习题精选0331-25(附详解)

CFA考试一级章节练习题精选0331-65(附详解)

CFA考试一级章节练习题精选0331-65附详解）1、The primary monetary policy goal of most major central banks is best characterized as:【单选题】A.containing inflation.B.stimulating economic growth.C.maintaining low interest rates.正确答案:A答案解析:“An Overview of Central Banks,” Anne Dolganos PickerMost major central banks’ primary monetary policy goal is to contain inflation.2、Which of the following measures of profit is most likely necessary for a firm to stay in business in the long run?【单选题】A.NormalB.EconomicC.Accounting正确答案:A答案解析:“Demand and Supply Analysis: The Firm,” Gary L. Arbogast and Richard V. EastinA is correct. Normal profit is the level of accounting profit needed to just cover the implicit opportunity costs ignored in accounting costs. This is all that a firm needs to earn in the long run to remain in business. Failing to earn normal profits over the long run has a debilitating impact on the firm’s ability to access capital and to function properly as a business enterprise.3、Consider two countries, A and B. Country A is a closed country with a relative abundance of labor and holds a comparative advantage in the production of textiles. Country B has a relative abundance of capital. When the textile trade is opened between the two countries, Country A will most likely experience a favorable impact on:【单选题】bor.B.capital.C.both capital and labor.正确答案:A答案解析:“International Trade and Capital Flows,” Usha Nair-Reichert and Daniel Robert WitschiCompare types of trade and capital restrictions and their economic implications.A is correct. As a country opens up to trade, the benefit accrues to the abundant factor, which is labor in Country A.4、A market structure characterized by homogeneous/standardized product differentiation is best described as:【单选题】A.monopolistic competition.B.perfect competition and oligopoly.C.monopoly.正确答案:B答案解析:Perfect competition and oligopoly are characterized by homogeneous/standardized product differentiation.Section 2.25、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考试《CFA一级》历年真题精选03(附详解)

CFA考试《CFA一级》历年真题精选03（附详解）1、A company determines that the quantity demanded of a product increases by 5% when price is reduced by 10%. The product’s price elasticity of demand is best described as:【单选题】A.elastic.B.inelastic.C.perfectly elastic.正确答案:B答案解析:“Elasticity,” Michael ParkinWhen the price elasticity of demand is between 0 and 1, the good is said to have an inelastic demand. In this case, the price elasticity of demand is calculated as 5% / 10% = 0.5.2、A local laundry and dry cleaner collects the following data on its workforce productivity. Workers always work in teams of two, and the laundry earns $3.00 of revenue for each shirt laundered.The marginal revenue product ($ per worker) for hiring the fifth and sixth workers is closest to:【单选题】A.14.B.21.C.42.正确答案:B答案解析:“Demand and Supply Analysis: The Firm,” Gary L. Arbogast and Richard V. EastinIn this problem, the marginal product of hiring the 5th and 6th workers (ΔL = 2) is 14 shirts per hour/2 workers = 7 shirts per hour/worker. With each shirt resulting in $3 of revenue, the MRP is 7 shirts per hour/worker × $3/shirt = $21 per worker.3、The following selected data are available for a firm:If the firm’s tax rate is 40%, the free cash flow to the firm (FCFF) is closest to:【单选题】A.57.9.B.74.7.C.87.7.正确答案:B答案解析:“Understanding Cash Flow Statements,” Elaine Henry, CFA, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, and Michael A Broihahn, CFA4、An analyst has gathered the following information:Based on the arbitrage-free valuation approach, a $1,000 face value bond that pays a 5 percent annual coupon and matures in 3 years has a current market value closest to:【单选题】A.$1,027.75.B.$1,028.67.C.$1,034.85.正确答案:B答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi5、A company pays its workers on the 1st and the 15th of each month. Employee wages earned from the 15th to the 30th of September are best described as a(n):【单选题】A.accrued expense.B.prepaid expense.C.unearned expense.正确答案:A答案解析:Wage expenses that have been incurred but not yet paid are an example of an accrued expense: a liability that has not yet resulted in a cash payment.Section 5.16、With respect to the portfolio management process, the execution step most likely includes:【单选题】A.developing the investment policy statement.B.portfolio monitoring.C.asset allocation.正确答案:C答案解析:Asset allocation is part of the execution step of the portfolio management process. The execution step also includes security analysis and portfolio construction.Section 47、Which of the following statements does not accurately represent the objectives of Global InvestmentPerformance Standards (GIPS)? The GIPS standards:【单选题】A.ensure consistent, accurate investment performance data in the areas of reporting, records,marketing, and presentations.B.obtain global acceptance of calculation and presentation standards in a fair, comparable formatwith full disclosure.C.promote fair competition among investment management firms in all markets by requiringcommon fee structures.正确答案:C答案解析:One of the objectives of the GIPS standards is to promote fair competition among investmentmanagement firms in all markets; this objective does not require unnecessary entry barriers orhurdles for new firms, such as common fee structures.Fundamentals of Compliance8、According to CFA Institute of Professional Conduct (the Standards) , which ofthe following is NOT a recommendation procedure for compliance with the Standardsrelating to fair dealing?【单选题】A.Limit the number of people involved.B.Maintain a list of clients and their holdings.C.Prolong the time frame between decision and dissemination.正确答案:C答案解析:当投资建议将要发布时，限制参与的人数，以及保留客户的名单和他们持股情况都是CFA协会推荐的做法。

CFA考试一级章节练习题精选0331-50(附详解)

CFA考试一级章节练习题精选0331-50附详解）1、An analyst does research about assumption behind the Markowitz Portfolio Theory.A basic assumption behind the Markowitz Portfolio Theory is that utilitycurves for an investor:【单选题】A.demonstrate increasing marginal utility of wealth.B.are a function of expected returns and expected variance of returns only.C.are a function of expected returns on the risk-free asset and the marketportfolio.正确答案:B答案解析:根据马柯威茨投资组合理论（Markowitz Portfolio Theory），假设财富的边际效用是递减的，而不是递增的，风险加大后需要更高的收益进行补偿。

效用曲线是预期收益和方差的方程。

选项C是资本市场线（CML）。

1、With respect to the portfolio management process, asset allocation decisions are made in the:【单选题】A.planning step.B.feedback step.C.execution step.正确答案:C答案解析:“Portfolio Management: An Overview,” Robert M. Conroy, CFA and Alistair Byrne, CFA2011 Modular Level I, Vol. 4, p. 292Study Session 12-51-cDescribe the steps in the portfolio management process.C is correct. Asset allocation decisions are made in the execution step.1、Selected information about shares of two companies is provided below:of returns between Cable Incorporated and GPTA CompanyThe standard deviation of returns of the portfolio formed with these two stocks is closest to:【单选题】A.25.04%.B.26.80%.C.32.85%.正确答案:A答案解析:“Portfolio Risk and Return Part I,” Vijay Singal2012 Modular Level I, Vol. 4, pp. 355–360Study Session 12-44-e。

CFA考试一级章节练习题精选0331-20(附详解)

CFA考试一级章节练习题精选0331-20（附详解）1、A portfolio with equal parts invested in a risk-free asset and a risky portfolio will most likely lie on:【单选题】A.the efficient frontier.B.the security market line.C.a capital allocation line.正确答案:C答案解析:“Portfolio Risk and Return: Part II”, by Vijay Singal.2011 Modular Level I, Vol. 4, pp. 392-400Study Session 12-53-bExplain and interpret the capital allocation line (CAL) and the capital market line (CML).C is correct. A capital allocation line shows possible combinations of a risky portfolio and the risk-free asset.1、A key difference between a wrap account and a mutual fund is that wrap accounts:【单选题】A.have a lower required minimum investment.B.can not be tailored to the tax needs of a client.C.have assets that are owned directly by the individual.正确答案:C答案解析:“Portfolio Management: An Overview,” Robert M. Conroy, CFA, and Alistair Byrne, CFA2011 Modular Level I, Vol. 4, p. 305Study Session 12-51-dDescribe, compare, and contrast mutual funds and other forms of pooled investments.C is correct. The key difference between a wrap account and a mutual fund is that in a wrap account the assets are owned directly by the individual.1、An analyst does research about portfolio management process.Which of thefollowing statements is commonly believed to have the greatest impact on portfolioperformance?【单选题】A.Security selecting.B.Time selecting.C.Asset allocation.正确答案:C答案解析:资产配置决策被认为是决定投资组合收益最重要的因素，组合收益的高低并不在于择时及择股。

CFA考试一级章节练习题精选0331-28(附详解)

CFA考试一级章节练习题精选0331-28（附详解）1、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. Eastin2013 Modular Level I, Vol. 2, Reading 15, Section 3.1.3 and 3.1.4, Exhibits 18 and 26Study Session 4–15–d, eCalculate and interpret total, average, marginal, fixed, and variable costs.Determine and describe breakeven and shutdown points of production.C 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.1、An analyst does research about price elasticity of demand and determines thatwhen the price of a product increases from $15 to $17, the quantitydemandeddecreases 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。

CFA考试一级章节练习题精选0331-55(附详解)

CFA考试一级章节练习题精选0331-55附详解）1、Assume that a monopoly is charging a price higher than the price that would exist in pure competition. If the monopoly decides to increase the price even more, the deadweight loss to society will most likely:【单选题】A.increase.B.decrease.C.remain the same.正确答案:A答案解析:“Monopoly,” Michael ParkinAs depicted in Figure 6 on page 200 of the readings, a higher monopoly price will increase the monopoly’s profit and also increase the deadweight loss.2、If a government increases its spending on domestically produced goods by an amount that is financed by the same increase in taxes, the aggregate demand will most likely:【单选题】A.increase.B.decrease.C.remain unchanged.正确答案:A答案解析:“Monetary and Fiscal Policy,” Andrew Clare and Stephen ThomasDetermine whether a fiscal policy is expansionary or contractio nary.A is correct. Aggregate demand rises when the government increases spending by the same amount as it raises taxes because the marginal propensity to spend out of disposable income is less than 1, and hence for every dollar less in disposable income, spending only falls by c (where c is the marginal propensity to consume in dollars). Aggregate spending will fall less than the tax rise by a factor c. This additional output will, in turn, lead to further increases in income and output through the multiplier effect.3、A firm in the market environment characterized by monopolistic competition will most likely:【单选题】A.continue to experience economic profit in the long run.B.have a well-defined supply function reflecting its marginal and average costs.C.have many competitors, each of which follows its own product differentiation strategy.正确答案:C答案解析:“The Firm and Market Structures,” Richard G. Fritz and Michele Gambera, CFAC is correct. As the name implies, monopolistic competition is a hybrid market. The most distinctive factor in monopolistic competition is product differentiation. Although the market is made up of many firms that compose the product group, each producer attempts to distinguishits product from that of the others, and product differentiation is accomplished in a variety of ways.4、If the prices of substitute resources decrease, the demand for a given resource will most likely:【单选题】A.increase.B.decrease.C.remain unchanged.正确答案:B答案解析:A decrease in the price of a substitute resource would encourage producers to use the substitute resource thus reducing demand for the resource in question.Section 4.15、Long-run aggregate supply is least likely to be affected by changes in the:【单选题】A.the stock of physic capital.B.the supply of natural resources.C.the wage rate of labor.正确答案:C答案解析:长期总供给主要受到劳动力的供给和质量、自然资源的供给、实物资本的储存和技术等的影响。

CFA考试一级章节练习题精选0331-35(附详解)

CFA考试一级章节练习题精选0331-35附详解）1、An asset management firm generated the following annual returns in their US large-cap equityportfolio:The 2012 return needed to achieve a trailing five-year geometric mean annualized return of 5% whencalculated at the end of 2012 is closest to:【单选题】A.27.6%.B.17.9%.C.35.2%.正确答案:C答案解析:Holding period total return (cumulative) factor calculation through 2011:(1-0.348) × (1+0.322) × (1+0.111) × (1-0.014)=0.652 × 1.322 × 1.111 × 0.986=0.9442.Compound total return (cumulative) factor at 5% per year of 5% for five years:=1.2763.Return needed in 2012 to achieve a compound annualized return of 5%:1.2763/0.9442=1.3517=35.2%.Check: 0.944 × 1.352==1.050=5% annualized.CFA Level I"Portfolio Risk and Return: Part I," Vijay SingalSection 2.1.32、A portfolio contains equal weights of two securities having the same standard deviation. If thecorrelation between the returns of the two securities was to decrease, the portfolio risk would mostlikely:【单选题】A.remain the same.B.increase.C.decrease.正确答案:C答案解析:The formula for the return standard deviation (risk) of a two asset portfolio isThe formula for portfolio risk shows that portfolio risk decreases as the correlation decreases.CFA Level I"Portfolio Risk and Return: Part 1," Vijay SingalSection 4.1.33、An analyst does research about security market line (SML).With respect tothe security market line, if an investor's estimated return is below the SML, asecurity is most likely:【单选题】A.overvalued.B.correctly valued.C.undervalued.正确答案:A答案解析:如果预期回报低于由资本市场定价理论（CAPM）决定的必要回报，那么该证券会在SML线下面，表明该证券价格被高估了。

CFA考试一级章节练习题精选0330-24(附详解)

CFA考试一级章节练习题精选0330-24（附详解）1、An analyst does research about various risks of investing in bonds.Investors inU.S.Treasury Inflation-Protected Securities are most likely to be exposed to:【单选题】A.credit risk.B.reinvestment rate risk.C.purchasing power risk.正确答案:B答案解析:美国政府的通货膨胀保护证券信用极好，所以没有违约风险。

同时，由于通货膨胀保护证券的本金会随着通货膨胀率调整，所以大幅度减少了购买力风险。

但通货膨胀保护证券所拿到的利息会面临再投资风险。

1、Duration is most accurate as a measure of interest rate risk for a bond portfolio when the slope ofthe yield curve:【单选题】A.stays the same.B.increases.C.decreases.正确答案:A答案解析:Duration measures the change in the price of a portfolio of bonds if the yields for all maturities changeby the same amount; that is, it assumes theslope of the yield curve stays the same.CFA Level 1"Understanding Fixed-Income Risk and Return," James F. Adams and Donald J. SmithSection 31、All else being equal, in a rising interest rate environment, the price of a floating-ratesecurity will most likely decline if:【单选题】A.there is no cap.B.the margin required by investors declines.C.the coupon is reset every six months rather than monthly.正确答案:C答案解析:如果没有利率顶（CAP）就会降低利率风险，利率上升，息票率也随之上升，价格不会下跌。

CFA考试一级章节练习题精选0331-40(附详解)

CFA考试一级章节练习题精选0331-40附详解）1、Etienne Gagne, CFA, is an independent research analyst covering some unknownsmall companies and its shares are traded over-the-counter.Gagne is hired towrite research report about these small companies who pay him for her service.Gagne issues research reports on these small companies to retail and institutionalclients who also pay him for his research report.Gagne doesn' t disclose thesesmall companies' payment to her research clients.Has Gagne most likely violatedthe Standards of Professional Conduct?【单选题】A.No.B.Yes, relating to referral fees.C.Yes, relating to conflicts of interests.正确答案:C答案解析:Gagne撰写针对小公司的独立研究报告并卖给其零售和机构客户，但在他的报告中没有披露这些小公司会给他报酬的事项，这个事项属于利益冲突的事项，如果没有告知客户的话，就违反了利益冲突的披露的有关规定。

2、Lynn Moody is an investment officer at the Lester Trust Company (LTC).If acurrent or former client of LTC has not permitted the disclosure of confidentialinformation and disclosure of clients’ confidential information does not conflictwith local law, which of the following statements is most accurate?According tothe Professional Conduct Standards, a member will breach his duties bydisclosing confidential client information that relates to:【单选题】A.an individual client who ended the client relationship with LTC ten years ago.B.illegal activities on the part of an individual who is a current client of LTC.rmation requested by the CFA Institute Professional Conduct Programduring the course of an investigation into that member's conduct by designedofficer.正确答案:A答案解析:在任何情况下都要保守过去、当前、潜在客户的秘密，除非属于以下的4个例外情况：法律上要求公开，客户允许公开，包含非法行为及接受CFA协会调查。

CFA考试一级章节练习题精选0331-54(附详解)

CFA考试一级章节练习题精选0331-54附详解）1、Consider a 5-year option-free bond that is priced at a discount to par value. Assuming the discount rate does not change, one year from now the value of the bond will most likely:【单选题】A.increase.B.decrease.C.stay the same.正确答案:A答案解析:“Introduction to the Valuation of Debt Securities”, Frank J. Fabozzi, CFAequal to par at maturity.2、An analyst does research about asemiannual-pay callable bond.The bond witha face value of $ 1 000 and a coupon rate of 5% is callable in 4 years at 1020.If the bond matures in 7 years and is currently priced as $ 980, the yield toworst is closest to:【单选题】A.3.01%B.5.35%C.6.02%正确答案:B答案解析:先计算持有到期收益率（yield to maturity，简称YTM）：N = 14, PV=980, PMT=1 000 ×5%/2=25, FV = 1 000, CPT I/Y =2.6731，YTM =2.6731% ×2 = 5.3463%。

最后计算最差收益率(yield to worst，简称WTW)，这是上述两者中较小的，所以WTW =5.3463%。

CFA考试一级章节练习题精选0331-24(附详解)

CFA考试一级章节练习题精选0331-24（附详解）1、Benefits of compliance with the CFA Institute Global Investment Performance Standards (GIPS?) least likely include:【单选题】A.strengthening of internal controls.B.participation in competitive bidding.C.elimination of in-depth due diligence for investors.正确答案:C答案解析:“Introduction to the Global Investment Performance Standards (GIPS?),” CFA Institute2011 Modular Level I, Vol. 1, pp. 172–173Study Session 1-3-aExplain why the GIPS standards were created, what parties the GIPS standards apply to, and who is served by the standards.C is correct because compliance with the GIPS standards does not eliminate the need for in-depth due diligence on the part of the investor.1、Bill Gates, CFA, is a securities analyst covering transportation industry in alocal broker.According to the Code of Ethics and Standards of ProfessionalConduct, which of the following recommended procedures to prevent violationsof the Standards of Professional Conduct relating to priority of transactionsis NOT accurate?【单选题】A.Prohibit personal trading in the broker's recommended stock list.B.Fully disclose to investors the broker's policies regarding personal investing.C.Restrict investment personnel to participate on private placements.正确答案:A答案解析:为了避免违反优先交易权(priority of transactions)的行为标准，充分地向投资者披露公司关于个人投资的政策，限制会员参与股票的首次公开发行（initial public offering)和非公开发行（private placement），主管可为投资人员建立报告流程，包括个人持股及利益所有人(beneficial ownership)的披露、交易的确认以及提前申报的流程，这些都是CFA协会所推荐的做法。

CFA考试一级章节练习题精选0331-23(附详解)

CFA考试一级章节练习题精选0331-23（附详解）1、A U.S. pulp brokerage firm which prepares its financial statements according to U.S. GAAP anduses a periodic inventory system had the following transactions during the year:The cost of sales (in ‘000s) is closest to:【单选题】A.$3,850 using FIFO.B.$4,080 using LIFO.C.$5,890 using weighted average.正确答案:A答案解析:"Inventories,” Michael A. Broihahn, CFA2011 Modular Level I, Vol.3, pp.382-386Study Session: 9-36-c, eCalculate cost of sales and ending inventory using different inventory valuation methods and explain the impact of the inventory valuation method choice on gross profit.Compare and contrast cost of sales, ending inventory, and gross profit using different inventory valuation methods.FIFO cost of sales is $3,850 as per the table.1、An analyst does research about the difference between International FinancialReporting Standards (IFRS) and U.S.generally accepted accounting principles(GAAP).With respect to the classification of interests received on the statementof cash flows, U.S.GAAP is:【单选题】A.less flexible than IFRS.B.equally flexible as IFRS.C.more flexible than IFRS.正确答案:A答案解析:IFRS中允许股利分红记在运营现金流或者融资现金流中，而GAAP只允许其分类为融资现金流。

CFA考试一级章节练习题精选0331-32(附详解)

CFA考试一级章节练习题精选0331-32（附详解）1、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 both decrease. 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.1、A company took the following actions related to $5 million of 10-year bonds with a coupon rate of 8% payable semi-annually on 30 June and 31 December:A.Issued on 1 January 2006, when the market rate of interest was 6%.B.Bought back in an open market transaction on 1 January 2012, when the market rate of interest was 8%.Which of the following statements best describes the effect of the bond repurchase on the financial statements for 2012? If the company uses the indirect method of calculating the cash from operations, there will be a:【单选题】A.$346,511 gain on the income statement.B.$743,873 gain on the income statement.C.$350,984 decrease in the cash from operations.正确答案:C答案解析:“Understanding Cash Flow Statements,” Elaine Henry, CFA, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, and Michael A. Broihahn, CFA 2013 Modular Level I, Vol. 3, Reading 27, Sections 2.1, 3.2.4, (Exhibit 9)“Non-Current (Long-Term) Liabilities,” Elizabeth A. Gordon and Elaine Henry, CFA2013 Modular Level 1, Vol.3, Reading 32, Sections 2.2, 2.4“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi, CFA2013 Modular Level 1, Vol.5, Reading 56, Section 2.3.3。

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。

CFA考试一级章节练习题精选0331-31(附详解)

CFA考试一级章节练习题精选0331-31（附详解）1、Timothy Holt, CFA, is a portfolio manager for the Toro Aggressive GrowthFund, a large mutual fund with an aggressive-growth mandate in Fechtman Investments.While having lunch with his colleagues, Holt overheards the managerof Fechtman Investments' trading desk discussing a large sell order for shares ofSamuel Corporation that will take the rest of this week to process.Samuel Corporationstocks take a dominant position in the Toro Aggressive Growth Fund.Toprotect his clients' interests, Holt immediately heads to his office and sells all theSamuel Corporation stocks held in his fund.Has Holt most likely violated theStandards of Professional Conduct?【单选题】A.No.B.Yes, relating only to material nonpublic information.C.Yes, relating both to material nonpublic information and priority of transactions.正确答案:B答案解析:在听到公司交易部门要出售大量的某只股票时，基金经理马上将基金中的该股票卖出，明显违反了重大的非公开信息即内幕消息披露条款，但并没有违反优先交易权的条款，因为其本人或其受益人并没有进行任何交易。

CFA考试一级章节练习题精选0331-49(附详解)

CFA考试一级章节练习题精选0331-49附详解）1、Diana Fairbanks, CFA, is married to an auditor who is employed at a large accounting firm. Whenher husband mentions that a computer firm he audits will receive a qualified opinion, she thinksnothing of it. Later that week, when she reviews a new client account, she notices there aresubstantial holdings of this computer firm. When she does a thorough internet search for news onthe company, she does not find anything about its most recent audit or any other adverseinformation. Which of the following actions concerning the computer stock should Fairbanks mostlikely take to avoid violating the CFA Institute Standards of Professional Conduct?【单选题】plete a thorough and diligent analysis of the company and then sell the stock.B.Sell the stock immediately because she has a reasonable basis for taking this investment action.C.Take no investment action.正确答案:C答案解析:The information concerning the qualified opinion is material. It is also nonpublic because it has notbeen released and is not available online, so the mosaic theory would not hold up in this case. As aresult, she would be in violation of Standard II(A)-Material Nonpublic Information if she tookinvestment action based on this information. She should also make reasonable efforts to achievepublic dissemination of the information.CFA Level I"Guidance for Standards I-VII"Standard II(A) Material Nonpublic Information1、With respect to the Standards relating to preservation of confidentiality, which ofthe following statements is least accurate? Members and candidates must keepinformation about all former current, and prospective clients confidential unless:【单选题】A.the information concerns illegal activities on the part of the clients.B.disclosure is required by firms' policies.C.the clients permit disclosure of the information.正确答案:B答案解析:本题考查的是客户的私密信息是否可以公开。

CFA考试一级章节练习题精选0331-49(附详解)

CFA考试一级章节练习题精选0331-49附详解）1、Diana Fairbanks, CFA, is married to an auditor who is employed at a large accounting firm. Whenher husband mentions that a computer firm he audits will receive a qualified opinion, she thinksnothing of it. Later that week, when she reviews a new client account, she notices there aresubstantial holdings of this computer firm. When she does a thorough internet search for news onthe company, she does not find anything about its most recent audit or any other adverseinformation. Which of the following actions concerning the computer stock should Fairbanks mostlikely take to avoid violating the CFA Institute Standards of Professional Conduct?【单选题】plete a thorough and diligent analysis of the company and then sell the stock.B.Sell the stock immediately because she has a reasonable basis for taking this investment action.C.Take no investment action.正确答案:C答案解析:The information concerning the qualified opinion is material. It is also nonpublic because it has notbeen released and is not available online, so the mosaic theory would not hold up in this case. As aresult, she would be in violation of Standard II(A)-Material Nonpublic Information if she tookinvestment action based on this information. She should also make reasonable efforts to achievepublic dissemination of the information.CFA Level I"Guidance for Standards I-VII"Standard II(A) Material Nonpublic Information1、With respect to the Standards relating to preservation of confidentiality, which ofthe following statements is least accurate? Members and candidates must keepinformation about all former current, and prospective clients confidential unless:【单选题】A.the information concerns illegal activities on the part of the clients.B.disclosure is required by firms' policies.C.the clients permit disclosure of the information.正确答案:B答案解析:本题考查的是客户的私密信息是否可以公开。

CFA考试《CFA一级》历年真题精选25(附详解)

CFA考试《CFA一级》历年真题精选25（附详解）1、Wang Dazong, CFA, is a sole proprietor investment advisor. Dazong believes in putting his money at risk along with his clients and trades the same securities as his clients. In order to ensure fair treatment of all accounts, he rotates trade allocations so that each account has an equal likelihood of receiving a fill on their orders. This allocation procedure also applies to Dazong's own account. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, the allocation procedure used by Dazong:【单选题】plies with the Standards.B.requires revision to ensure client trades take precedence.C.should be disclosed and written approval received from clients.正确答案:B答案解析:"Guidance for Standards I-VII,” CFA InstituteB is correct because Standard VI (B) requires client transactions to be given precedence over transactions made on behalf of the members or candidate's firm or personal transactions. Because the advisor trades alongside his clients and allocates trades on a rotating basis, there are times when the advisor’s trades will receive priority over his clients in violation of the Code and Standards. A member or candidate having the same investment positions or being co-invested with clients does not always create a conflict. Some clients in certain investment situations require members or candidates to have aligned interests. Personal investment positions or transactions of members or candidates or their firms should never, however, adversely affect client investments.2、If a government increases its spending on domestically produced goods by an amount that is financed by the same increase in taxes, the aggregate demand will most likely:【单选题】A.increase.B.decrease.C.remain unchanged.正确答案:A答案解析:“Monetary and Fiscal Policy,” Andrew Clare and Stephen ThomasDetermine whether a fiscal policy is expansionary or contractionary.A is correct. Aggregate demand rises when the government increases spending by the same amount as it raises taxes because the marginal propensity to spend out of disposable income is less than 1, and hence for every dollar less in disposable income, spending only falls by c (where c is the marginal propensity to consume in dollars). Aggregate spending will fall less than the tax rise by a factor c. This additional output will, in turn, lead to further increases in income and output through the multiplier effect. 3、The following information for the current year is available for a company that prepares its financial statements in accordance with U.S. GAAP.The company’s operating profit (in $000s) is closest to:【单选题】A.1,850.B.2,050.C.2,300.正确答案:B答案解析:“Understanding Income Statements,” Elaine Henry, CFA, and Thomas R. Robinson, CFA4、Which statement best describes option price sensitivities? The value of a:【单选题】A.call option increases as interest rates rise.B.put option increases as volatility decreases.C.put option decreases as interest rates decline.正确答案:A答案解析:“Derivative Markets and Instruments,” Don M. ChanceA is correct. Call options increase in va lue as interest rates rise.5、Holding all other factors constant, an increase in expected yield volatility will cause the price of a:【单选题】A.putable bond to increase.B.callable bond to increase.C.putable bond to decrease.正确答案:A答案解析:“Risks Associated with Investing in Bonds,” Frank J. FabozziIncreasing yield volatility increases the value of both put options and call options, which increases the value of a putable bond (which is long the put option) but decreases the value of a callable bond (which is short the call option.)6、Molly Burnett, CFA, is a portfolio manager for a fund that only invests in environmentally friendlycompanies.A multinational utility company recently acquired one of the fund's best-performinginvestments, a wind power company. The wind power company's shareholders received utilitycompany shares as part of the merger agreement. The utility has one of the worst environmentalrecords 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 theremaining two dividends are paid for the year then sells the shares. Burnett most likely violated theCFA Institute Standard of Professional Conduct concerning:【单选题】A.Disclosure of Conflicts.B.Suitability.C.Independence and Objectivity.正确答案:B答案解析:The utility is not a suitable investment for a fund that only invests in companies with goodenvironmental records. Continuing to hold this investment, therefore, was a violation of StandardIII(C)-Suitability.Standard I(B)-Independence and Objectivity, Standard III(C)-Suitability, Standard VI(A)-Disclosureof Conflicts7、Johannes Meir, CFA, is a compliance officer for Family Estate Planning, LLC, a private wealthconsulting firm. Many of his colleagues have family members who have started their own retailbusinesses. Some of Meir's colleagues have been asked by relatives to serve as non-executivedirectors or advisers to their companies. Meir should most likely recommend which of the followingpolicies to ensure compliance with the CFA Institute Standards of Professional Conduct?【单选题】A.Require employees to declare all income sources annuallyB.Require employees to declare all outside business interestsC.Prohibit employees from becoming directors or advisers正确答案:B。

CFA考试《CFA一级》历年真题精选32(附详解)

CFA考试《CFA一级》历年真题精选32（附详解）1、Hezi Cohen, a CFA candidate, is a heavy user of social networking sites on the Internet. His favorite site only allows a limited number of characters for each entry so he has learned to abbreviate everything, including CFA trademarks. Cohen also enjoys professional networking sites and contributes regularly to blogs that discuss the broad topical areas covered within the CFA Exam Program. In addition, he posts to these blogs pieces he has written in his area of expertise: retirement planning. By claiming to be an expert on retirement planning, he believes his stature within the investment community increases and he can gain more clients. Which Internet activity can Cohen most likely continue to be in compliance with the CFA Standards of Professional Conduct?【单选题】e of abbreviations.B.Claiming retirement planning expertise.C.Blogging about broad topical areas within the CFA Exam Program.正确答案:B答案解析:“Guidance for Standards I-VII,” CFA InstituteB is correct because the CFA Standards do not prevent a person from claiming to be an expert in their area of specialty as long it is not a misrepresentation and/or an exaggeration of their skill and expertise.2、The diagram to the right shows the domestic demand and supply curves for a country that imports a commodity, where PW is its world price and PT is its domestic price after the imposition of a tariff.【单选题】A.E.B.G.C.F+H.正确答案:C答案解析:“Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. Arbogast, CFAC is correct. The loss in consumer surplus because of higher prices is represented by area E+F+G+H. This exceeds the gains from producer surplus (E) and government revenues on imports (G). Hence, the net welfare effect to thecountry is a deadweight loss of [e + f + g + h] – [E] – [G] = F+H.3、The following data are available for a company and its industry:Which of the following statements about the company is most appropriate? The company:【单选题】A.operates in the manufacturing industry.B.has made significant acquisitions in the past.C.has higher financial leverage than the industry.正确答案:B答案解析:“Understanding Balance Sheets,” Elaine Henry and Thomas R. RobinsonB is correct. Goodwill makes up 40% of total assets; therefore, the company has made significant acquisitions at some point because goodwill is only recognized during acquisitions. Leverage is below the industry average for both the debt-to-equity ratio of 40% [(20.1 + 1.6) ÷ 54] versus the industry average of 50% and long-term debt-to-equity ratio of 37% [20.1 ÷ 54] versus the industry average of 40%. The low PP&E and inventory levels also indicate the company is not likely a manufacturer.4、An analyst gathered the following information about a company that expects to fund its capital budget without issuing any additional shares of common stock:If no significant size or timing differences exist among the projects and the projects all have the same risk as the company, which project has an internal rate of return that exceeds 10 percent?【单选题】A.All three projectsB.The warehouse project onlyC.The warehouse project and the equipment project正确答案:B答案解析:“Capital Budgeting,” John D. Stowe, CFA and Jacques R. Gagné, CFAThe WACC of the company is calculated as 0.5(6%) + 0.1(10%) + 0.4(15%) = 10%. To have a positive NPV, a project must have an IRR greater than the WACC used to calculate the NPV. Only the warehouse project has a NPV greater than $0 (at the company’s WACC of 10%), therefore only the warehouse project has an IRR that exceeds 10%.5、A forward rate agreement (FRA) that expires in 180 days and is based on 90-day LIBOR is quoted at 2.2%. At expiration of the FRA, 90-day LIBOR is 2.8%. For a notional principal of USD1,000,000, the payoff of this FRA is closest to:【单选题】D1,469.31.D1,489.57.D1,500.00.正确答案:B答案解析:“Forward Markets and Contracts,” Don M. Chance, CFAB is correct. 1,000,000 × (0.028 –0.022) × (1/4)/(1 + (0.028/4)) = 1,489.57.6、Jiro Sato, CFA, deputy treasurer for May College, manages the Student Scholarship Trust. Satoissued a request for proposal (RFP) for domestic equity managers. Pamela Peters, CFA, a goodfriend of Sato, introduces him to representatives from Capital Investments, which submitted aproposal. Sato selected Capital as a manager based on the firm's excellent performance record.Shortly after the selection, Peters, who had outstanding performance as an equity manager withanother firm, accepted a lucrative job with Capital. Which of the CFA charterholders violated theCFA Institute Standards of Professional Conduct?【单选题】A.BothB.NeitherC.Peters正确答案:B。