CFA考试历年真题精选15(附详解)

CFA考试历年真题精选15（附详解）
1、Norman Bosno,,CFA acts as an outside portfolio manager to a Sovereign Wealth Fund. Raphel Palmeti, a Fund Official, approaches Bosno to interest him in investing in Starlite Construction Company. He tells Bosno if he approves a two million dollars investment in Starlite by the Fund Bosno will receive a “bonus” that will make him wealthy. Palmeti also adds if Bosnoviak decides not to invest, he will lose the Fund account. After doing a quick and simple analysis, Bosno determines the investment is too risky for the Fund. If Bosno agrees to make the investment what Standard is least likely to be violated?【单选题】
A.Loyalty, Prudence and Care
B.Diligence and Reasonable Basis.
C.Additional Compensation Arrangements.
正确答案:B
答案解析:“Guidance for Standards I-VII”, CFA InstituteDespite Bosno undertaking a quick and simple analysis to determine the investment would be too risky for the Sovereign Wealth Fund doesn’t necessarily mean he was not diligent and did not have a reasonable basis for making that determination.
2、Noor Mawar, CFA, manages a trust fund with the beneficiary being an orphaned 18-year-old student. The investment policy dictates that trust assets are expected to provide the student with a stable low risk source of income until she reaches the age of 30 years. Based on information from an internet blog, the student asks Mawar to invest in a new business venture she expects will provide high returns over the next 5 years. Mawar ignores the request, instead securing conservative investments to provide sufficient income. Did Mawar most likely violate the CFA Institute Code of Ethics and Standards of Professional Conduct?【单选题】
A.Yes
B.No, because the client’s objectives were met
C.No, because the investment time frame does not match the investment horizon
正确答案:B
答案解析:“Guidance for Standards I–VII,” CFA Institute2012 Modular Level I, Vol. 1, pp. 78–80Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.B is correct because the client is the trust/trustees, not the beneficiary. Mawar followed Standard III (C) Suitability by managing the trust assets in a way that would likely result in a stable source of income while keeping the risk profile low, thereby complying with the investment objectives of the trust.
3、A company incurs the followings costs related to its inventory during the year:The amount charged to inventory cost (in millions) is closest to:【单选题】
A.￥175,000.
B.￥177,000.
C.￥185,000.
正确答案:A
答案解析:“Inventories,” Michael A. Broihahn, CFA[1663201704061-image/0114.jpg]
4、At the beginning of the year, a company had total shareholders’ equity consisting of ￥200,000 in common share capital and ￥50,000 in retained earnings.The total shareholders’ equity at the end of the year is closest
to:【单选题】
A.￥276,000.
B.￥279,000.
C.￥282,000.
正确答案:A
答案解析:“Understanding Balance Sheets,” Elaine Henry and Thomas R. Robinson[1663201704061-image/0232.jpg]
5、A dealer quotes a forward rate agreement (FRA) expiring in 30 days, for which the underlying is 90-day LIBOR, at 4.5%. An investor shorts the contract and the dealer goes long for a notional principal of $15 million. At the expiration of the FRA the rate on 90-day LIBOR is 4.0%. The investor is most likely to:【单选题】
A.pay the dealer $6,229.
B.pay the dealer $18,564.
C.receive from the dealer $18,564.
正确答案:C
答案解析:“Forward Markets and Contracts”, Don M. Chance, CFA[1666201704061-image/0134.jpg]
6、In generating an estimate of a population parameter, a larger sample size is most likely to improvethe estimator's:【单选题】
A.consistency.
B.efficiency.
C.unbiasedness.
正确答案:A
答案解析:A consistent estimator is one for which the probability of estimates close to the value of the populationparameter increases as the sample size increases. Unbiasedness and efficiency are properties of anestimator's sampling distribution that hold for any size sample.Section 4.1
7、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。

8、An analyst does research about depreciation and gathers the following informationabout a company's property, plant, and equipment (PP&E):Based on this information, the remaining useful life of the company's PP&E isclosest to:【单选题】
A.4 years
B.5 years
C.9 years
正确答案:B
答案解析:剩余的有效使用年限等于PP&E的净值除以年折旧额：$60 000 / $ 12 000 = 5（年）。

9、An analyst does research about financial statement framework.Ratios and graphsare most likely the output of which of the following phases of the financial statementanalysis framework?【单选题】
A.Process data.
B.Analyze/interpret the processed data.
C.Collect input data.
正确答案:A
答案解析:财务报表分析的步骤如下：（6）继续跟踪。

10、An analyst does research about asset-backed securities.Which of the followingstatements is most accurate?
A corporation that raises funds through use of anasset-backed security:【单选题】
A.creates a special purpose vehicle that is a subsidiary of the corporation.
B.no longer owns the assets that serve as collateral for the asset-backed security.
es credit enhancement in the reduction in funding cost compared withthe cost of enhancement.
正确答案:C
答案解析:特殊目的机构（SPV）不是公司的附属机构，而是作为担保的独立机构，与公司无关，公司破产并不会影响该机构，所以创设一个SPV能够提高短期融资的信用评级；资产支持证券（ABS）的抵押品仍然属于公司，如果不是创立一个SPV的话；公司会使用信用提升来降低融资成本，与此同时要权衡信用提升的成本。