CFA考试《CFA一级》历年真题精选08(附详解)

CFA考试《CFA一级》历年真题精选08（附
详解）
1、The following sample of 10 items is selected from a population. The population variance is unknown.The standard error of the sample mean is closest to:【单选题】
A.3.4.
B.3.6.
C.10.8.
正确答案:A
答案解析:“Sampling and Estimation,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle2012 Modular Level I, Vol. 1, p. 557Study Session 3-10-fCalculate and interpret the standard error of the sample mean.A is correct. When the population variance is unknown, the standard error of the sample mean is calculated aswhere s is the sample standard deviation and n is the size of the sample.The sample standard deviation isIn this problem,The standard error of the sample mean is, therefore,
2、A company prepares its financial statements in accordance with U.S. GAAP (generally accepted accounting principles). It expected to be the sole supplier for a state-wide school milk program and had production facilities valued at $28.4 million. Recently several other companies were also granted milk-supply contracts throughout the state and the company now estimates that it will only be able to generate cash flows of $3 million per year for the next 7 years with its facilities. The firm has a cost of capital of 10%.The impairment loss (in $-millions) on the production faciliti es will most likely be reported in the company’s financial statements as a:【单选题】
A.13.8 reduction in operating cash flows. .
B.13.8 impairment loss in the income statement
C.7.4 reduction in the balance sheet carrying amount.
正确答案:B
答案解析:“Long-Lived Assets,” R. Elaine Henry, CFA and Elizabeth A. GordonImpairment Loss: Carrying Value –Fair Value: 28.4 - 14.6 = 13.8 to be reported on the income statement
3、Business risk most likely incorporates operating risk and:【单选题】
A.sales risk.
B.financial risk.
C.interest rate risk.
正确答案:A
答案解析:“Measures of Leverage,” Pamela Peterson Drake, CFA, Raj Aggarwal, CFA, Cynthia Harrington, CFA, and Adam Kobor, CFABusiness risk is sales risk and operating risk combined.
4、Which of the following statements is the most appropriate treatment of floatation costs for capital budgeting purposes? Floatation costs should be:【单选题】
A.expensed in the current period.
B.incorporated into the estimated cost of capital.
C.deducted as on e of the project’s initial-period cash flows.
正确答案:C
答案解析:“Cost of Capital,” Yves Courtois, CFA, Gene C. Lai, and Pamela Peterson Drake, CFAC is correct. Floatation costs are an additional cost of the project and should be incorporated as an adjustment to the initial-period cash flows in the valuation computation.
5、Consider a U.S. Treasury bond futures contract where the hypothetical deliverable bond has a coupon of 3.0%. At expiration of the futures contract, the short chooses to deliver a bond with a coupon of 3.8%. The conversion factor of this bond is most likely:【单选题】
A.equal to 1.
B.less than 1.
C.greater than 1.
正确答案:C
答案解析:“Futures Markets and Contracts,” Don M. Chance, CFAC is correct. If the short delivers a bond with a coupon greater than the coupon of the hypothetical deliverable bond, the conversion factor is greater than 1.
6、Two amortizing bonds have the same maturity date and same yield to maturity. The reinvestment risk for an investor holding the bonds to maturity is greatest for the bond that is:【单选题】
A.a zero-coupon bond.
B.a coupon bond selling at a discount to par.
C.a coupon bond selling at a premium to par value.
正确答案:C
答案解析:“Risks Associated with Investing in Bonds,” Frank J. FabozziBecause they have the same yield to maturity, we know that the bond selling for a premium has the higher coupon rate. Reinvestment risk refers to the risk that interest rates will decline causing the future income expected from reinvesting coupon payments to decline. The more coupon interest being paid, the greater the reinvestment risk.
7、An investment strategy that seeks to grow portfolio value over time through capital gains and reinvestment of current income is most likely appropriate if the investment objective is:【单选题】
A.total return.
B.current income.
C.capital preservation.
正确答案:A
答案解析:“The Asset Allocation Decision”, Frank K. Reilly and Keith C. BrownA is correct. A total return objective is consistent with an investment strategy that seeks to grow portfolio value over time through capital gains and reinvestment of portfolio income.
8、Evelyn Mastakis, CFA, manages a portfolio with $ 2 000 000 for a high-net-worthclient.The client needs to withdraw $ 100 000 for a charity in one yearwithout invading principal.Mastakis gathers the following information aboutthree possible allocations of assets.According to Roy's safety-first criterion, which of the following allocationsMastakis should choose?【单选题】
A.Allocation 1.
B.Allocation 2.
C.Allocation 3.
正确答案:C
答案解析:基准收益率（threshold level return）=100 000/2 000 000 = 5%，根据Roy 的安全第一法则，可得：
因此，选择指标最大的方案3。

9、Which of the following are most likely handled prospectively, with the changeaffecting the financial statements for the period of change and future period?【单选题】
A.Changes in accounting policies.
B.Changes in accounting estimates.
C.Correction of an error for a prior period.
正确答案:B
答案解析:A.Changes in accounting principles不能仅仅调整当前的报表，在当前的报表中需要重新报告犯错误的那个期间的修
10、An analyst does research about bond yield and gathers the following informationabout the call structure for a 7 percent coupon bond that pays interest semiannuallyand matures in ten years:If the bond is correctly priced at $ 102.75, the bond's yield to first call isclosest to:【单选题】
A.3.34%
B.6.35%
C.6.68%
正确答案:C
答案解析:用计算器计算，N = 10，PV= - $ 102.75，PMT = $ 100 × 7%/2 =3.5，FV = $ 102，求得I/Y=3.34%，第一次行看涨权的收益率为：3.34% ×2=6.68%。