CFA考试一级章节练习题精选0329-56(附详解)

CFA考试一级章节练习题精选0329-56（附详解）
1、A descriptive measure of a population characteristic is best described as a:【单选题】
A.parameter.
B.frequency distribution.
C.sample statistic.
正确答案:A
答案解析:Any descriptive measure of a population characteristic is called a parameter.
CFA Level I
"Statistical Concepts and Market Returns," Richard A. DeFusco, Dennis W. McLeavey, Jerald E.Pinto, and David E. Runkle
Section 2.2
2、An investor purchases one share of stock for $85. Exactly one year later, the company pays a dividend of $2.00 per share. This is followed by two more annual dividends of $2.25 and $2.75 in successive years. Upon receiving the third dividend, the investor sells the share for $100. The money-weighted rate of return on this investment is closest to:【单选题】
A.7.97%.
B.8.15%.
C.8.63%.
正确答案:B
答案解析:“Discounted Cash Flow Applications,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
2012 Modular Level I, Vol. 1, pp. 320–321
Study Session 2-6-d
Calculate, interpret, and distinguish between the money-weighted and time-weighted rates of return of a portfolio, and evaluate the performance of portfolios based on these measures.
B is correct. The money-weighted rate of return is the internal rate of return (IRR) of the cash flows associated with the investment. Use the cash flow (CF) function of a financial calculator and enterCalculate the IRR. The answer is 8.15%.
3、An investor currently has a portfolio valued at $700,000. The investor’s objective is long-term growth, but she will need $30,000 by the end of the year to pay her son’s college tuition and another $10,000 by year-end for her annual vacation. The investor is considering three alternative portfolios:
Using Roy’s safety-first criterion, which of the alternative port folios most likely minimizes the probability that the investor’s portfolio will have a value lower than $700,000 at year-end?【单选题】
A.Portfolio 2
B.Portfolio 3
C.Portfolio 1
正确答案:B
答案解析:The investor requires a minimum return of ($30,000 + $10,000)/$700,000, or 5.71%. Roy’s safety-first model uses the excess portfolio’s expected return over the minimum return and divides that excess by the standard deviation for that portfolio:。