CFA一级练习题精选及答案0531-14

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cfa一级考试模拟试题及答案

cfa一级考试模拟试题及答案CFA一级考试模拟试题及答案1. 以下哪项不是金融市场的基本功能？A. 资源配置B. 风险管理C. 价格发现D. 娱乐消遣答案：D2. 在CFA考试中，以下哪项不属于投资组合管理的三个主要步骤？A. 资产配置B. 证券选择C. 风险管理D. 市场预测答案：D3. 根据现代投资组合理论，以下哪项是影响投资组合预期收益的唯一因素？A. 无风险利率B. 市场风险溢价C. 投资组合的贝塔系数D. 投资组合的波动性答案：C4. 在评估固定收益证券时，以下哪项不是影响债券价格的主要因素？A. 利率水平B. 信用评级C. 债券的到期时间D. 股票市场的波动性答案：D5. 以下哪项不是有效市场假说（EMH）的三种形式之一？A. 弱式有效市场B. 半强式有效市场C. 强式有效市场D. 超级有效市场答案：D6. 在计算股票的自由现金流至企业（FCFF）时，以下哪项不应从营业利润中扣除？A. 折旧和摊销B. 营运资本的变动C. 资本支出D. 净债务的变动答案：C7. 下列关于财务报表分析的说法中，哪项是不正确的？A. 横向分析可以帮助识别趋势B. 纵向分析可以揭示财务比率的变化C. 比率分析可以用于评估公司的财务状况D. 现金流量表是评估公司盈利质量的唯一工具答案：D8. 在评估一个公司的财务健康状况时，以下哪项财务比率不是流动性比率？A. 流动比率B. 速动比率C. 利息保障倍数D. 现金比率答案：C9. 在国际投资中，以下哪项不是影响汇率变动的主要因素？A. 贸易平衡B. 利率差异C. 政治稳定性D. 黄金价格答案：D10. 在CFA考试中，以下哪项不是宏观经济分析的组成部分？A. 经济增长B. 通货膨胀C. 货币政策D. 公司治理答案：D请注意，以上提供的模拟试题及答案仅供参考，实际CFA一级考试的题目和内容可能会有所不同。

考生应以官方提供的教材和学习资料为准备考试的主要依据。

cfa一级考试真题及答案详解

cfa一级考试真题及答案详解CFA一级考试真题及答案详解1. 问题：在评估一个公司的财务状况时，以下哪项指标最能反映其偿债能力？A) 流动比率B) 速动比率C) 资产负债率D) 股东权益比率答案：C) 资产负债率解析：资产负债率是指公司总负债与总资产的比率，它反映了公司资产中有多少比例是通过借债获得的。

这个比率越高，说明公司的财务杠杆越大，偿债能力越弱。

因此，资产负债率是反映公司偿债能力的重要指标。

2. 问题：在进行股票投资分析时，以下哪项因素是影响股票价格的宏观经济因素？A) 公司盈利能力B) 利率水平C) 行业竞争状况D) 公司管理层能力答案：B) 利率水平解析：宏观经济因素包括利率水平、通货膨胀率、经济增长率等，这些因素会影响整个经济环境，进而影响股票市场。

利率水平是宏观经济因素之一，它会影响公司的融资成本和投资者的预期回报，从而对股票价格产生影响。

3. 问题：在固定收益投资中，以下哪项因素会导致债券价格上升？A) 市场利率上升B) 市场利率下降C) 债券信用评级下降D) 债券到期时间延长答案：B) 市场利率下降解析：在固定收益投资中，债券价格与市场利率呈反向关系。

当市场利率下降时，新发行的债券的票息率会低于市场上已有的债券，因此已有债券的相对吸引力增加，导致其价格上升。

4. 问题：在投资组合管理中，以下哪项策略是用于降低非系统性风险的？A) 资产配置B) 多元化投资C) 市场时机选择D) 杠杆投资答案：B) 多元化投资解析：非系统性风险是指特定于某个公司或行业的投资风险，这种风险可以通过多元化投资来降低。

通过投资于多个不同公司或行业的资产，可以减少单一资产或行业波动对整个投资组合的影响。

5. 问题：在金融衍生品中，以下哪项产品允许投资者在未来以特定价格买入或卖出资产？A) 期货合约B) 远期合约C) 期权合约D) 掉期合约答案：C) 期权合约解析：期权合约是一种金融衍生品，它赋予持有者在未来某个时间以特定价格买入或卖出资产的权利，但不是义务。

cfa一级衍生品考题

CFA一级衍生品考题回答
一、题目描述
本题考察衍生品知识，具体涉及到某种衍生品合约的基本特征和风险。

请详细描述该衍生品合约的基本要素，并分析其可能的风险。

二、题目解答
1. 基本要素：
衍生品合约名称：XX期权合约
标的资产：某种股票
合约类型：欧式期权
行权价格：XX元
期权到期日：XX年XX月XX日
期权数量：XX张
交易量：XX万股
行权比例：1:1
合约价格：XX元
2. 风险分析：
衍生品合约本身具有高风险高收益的特点，具体到这个期权合约，主要风险包括但不限于：
(1) 市场风险：期权价格受股票市场波动影响较大，如果股票价格下跌，期权价格可能大幅下跌，导致投资者亏损。

(2) 流动性风险：由于该期权合约的交易量较小，如果市场出现波动，可能会面临流动性不足的问题。

(3) 违约风险：标的资产公司可能出现违约情况，导致期权无法行权，投资者损失。

(4) 利率风险：如果市场利率发生变化，可能会影响期权价格，甚至导致期权失效。

为了降低上述风险，投资者可以考虑采取以下措施：
(1) 充分了解市场情况，选择合适的标的资产和期权类型。

(2) 关注市场动态，及时调整投资策略。

(3) 合理配置资产，分散风险。

(4) 寻求专业建议，降低投资风险。

三、总结：
衍生品合约作为一种高风险高收益的投资工具，需要投资者具备较高的专业知识和风险意识。

通过充分了解衍生品合约的基本要素和风险，投资者可以更好地应对市场变化，实现投资目标。

(完整版)CFA一级模考试题及答案.doc

ANSWERS FOR MOCK EXAM 1 (MORNING SESSION)1. D.Although Terence has passed Level III, he has not yet received his charter andcannot use the CFA designation. The description provided in the cover letterproperly describes his situation.2. C.Amy must take both actions-notifying her immediate supervisor and delivering acopy of the Code and Standards.3. D.4. C.Members may undertake an independent practice that could result in compensationor other benefit in competition with their employer provided they obtain writtenconsent from both their employer and the party for whom they undertakeindependent practice.5. C.To maintain his objectivity, Keith should pay his own hotel bill. Because the itineraryrequired charter flights due to a lack of commercial transportation, A& K Limited can appropriately provide them.6. C. Under ERISA, fiduciaries must act solely in the interest of, and for the exclusivepurpose of benefiting, the plan participants and beneficiaries.7. B. Daniel must give priority to transactions for clients and employers over transactionsfor his children.8. A.To avoid violating the standards, members cannot trade until the member's clients andemployers have had an adequate opportunity to act on the recommendation.9. C.The requirements of Standard IV (B.5) are not intended to prevent Lambert fromcooperating with an investigation by AIMR's Professional Conduct Program.10. B.Vivian should disclose to her clients and prospects her husband's holdings in DoubleLimited because this matter could be expected to impair her ability to makeunbiased and objective recommendations.11. B.12. B.Accruals accounting is required.13. C.Standard I(B) Fundamental Responsibilities. Prohibition against participating orassisting in illegal and ethical violations. If Roberts suspects someone isplanning or engaging in illegal activities, he should: (1) determine the legalityof the activities, (2) disassociate himself from the illegal or unethical activity, and(3) urge his firm to attempt to persuade the perpetrator to stop. The AIMRStandards of Professional Conduct do not require that Roberts report suchactivities to the authorities, but the law might.14. C.Standard III(C) Disclosure of Conflicts to Employer. Gloria should disclose to heremployer all matters that could reasonably be expected to interfere with herability to make unbiased and objective recommendations. Her service as atrustee of the Well Limited Foundation for Heart Research is most likely to beconsidered a conflict of interest with her responsibility to her employer.15. C.Standard III (E) Responsibilities of Supervisors. Paul may delegate supervisory duties,but such delegation does not relieve him of his supervisory responsibility.16. A.Standard IV (B.3) Fair Dealing. Johnson violated the standard on fair dealingbecause he did not deal fairly and objectively with all clients and prospectswhen disseminating investment recommendations. Instead, he showedfavoritism to his best clients. In disseminating investment recommendations,Johnson should consider making the information available to clients based ontheir interest and suitability. A change of recommendation from buy to sell or sellto buy is generally material.17. D.Standard IV(B.5) Preservation of Confidentiality. Choice B is false because thisAnswers for Mock Exam 1 (Morning Session) (Rev. 1) 1standard prohibits members from executing settlement agreements that preventmembers from providing information in an investigation by AIMR's ProfessionalConduct Program (PCP). Choice C is false because a person cannot withholdinformation during PCP investigations. Choice A is false because if a memberreceives information due to his or her special relationship with the clientindicating illegal behavior on the past of the client, the member may not have anobligation to inform the appropriate authorities.18. A.Standard IV(B.6) Prohibition against Misrepresentation. Members are not permitted tomake any assurances or guarantees about any investment, except tocommunicate accurate information. The statement that investment grade bondshave less default risk than junk bonds is an accurate statement.19. e BGN node: n = 10; i = 12 PMT = 1,000, compute FV = 19.654.5820. B.The present value of a perpetuity is PV = A/r = 500/0.1 = $5,000.21. B.i = 6/12 = 0.5; n = 10x12 = 120; PV = 40,000 Compute PMT22. A.23. A.A binomial random variable has an expected value or mean equal to np andvariance equal to np(1-p).Mean = 12(0.5) = 6; variance (12)(0.5)(1-0.5) = 324. D.25. B.Rbt-1 = In St+1 /St = (1+RL1-1) = In (40/25) = 0.47. Thus, 47% is thecontinuously computed return for the one-year holding period.26. B.Choice A describes cross-sectional data.Choice B describes time-series data.27. D.The dependent variable, Y, is equal to the intercept, b0, plus a slope coefficient, b1,times the independent, X, plus an error term, ε.28. C.I N FV Compute PV10 1 100 90.9110 2 150 123.9710 3 200 150.2610 4 250 170.75Total 535.8929. B.Step 1: Solve for the PV of the 5 payments of 3,000 to be received in years 3through 7.n = 5; i = 10; PMT = 3,000; compute PV =11,372.3611,372.36 falls one year before the first payment, or in year 2.Step 2: Find the present value of 11,372.36 that is two years in the future. n= 2; i = 10; FV =11,372.36; compute PV =9,398.64 or 9,399(rounded).30. D.From weakest to strongest, the ordering of measurements scales is nominal, ordinal,interval, and ratio.31. B.An interval is a set of return values within which an observation not falls.32. C.Step 1. Calculate the mean monthly return = 2% + (- 4%) + 1% + 5% = 4%M = 1%Step 2.Calculate the population standard deviation:([(2% - 1%) 2 + (-4% -1%) 2 +(1% - 1%) 2 +(5% -1%)2 ]N)1/ 2=3.24%Step 3. Calculate the sample standard deviation: ([(2% - 1%)2 + (-4% -1%) 2+ (1% - 1%) 2+ (5% - l%) 2 ])/n - 1) 1/ 2 = 3. 74%33. B.According to Chebyshev's inequality, the proportion of the observations within 2,which is k, standard deviations of the mean is at least 1 -(l/k) 2 = 1-(1/2 2) =0.75 or 75%.34. A.The probability is 30/200 = 0.15.35. ing the addition rule for probabilities, P (analyst or positive) =P(analyst) +Answers for Mock Exam 1 (Morning Session) (Rev. 1) 2P(positive) - P(analyst and positive)P (A or positive) = 130/200 + 140/200 - (100/130) = 0.58 or 58%36. B.Savings increases to hold interest rates constant. This means aggregate demandchanges little.37. C.The empirical evidence on the relationship between budget deficits and interest ratesis mixed.Few studies show a significant positive short-term link between budgetdeficits and real interest rates.38. B.Expansion = 1 / reserve requirement = 1/0.25 = 4(4)(150) = 60039. C.People realize this leads to inflation in the long run, so they reduce their moneyholdings. Output rises because the increase is unexpected.40. C.In purely competitive markets, there are a large number of dependent firms.41. D.42. D.43. C.44. C.45. D.Choice A: Accrual accounting does not require the receipt of cash for assurance ofpayment to exist.Choice C and D: These relate only to the condition of completion of theearnings process.46. D.47.ADemand for currency decreases when real interest rates decrease because ofdecreased capital flows.48.CForeign exchange quotations can be expressed on a direct basis -the home currencyprice of another currency — or an indirect basis-- the foreign currency price ofthe home currency.49.C F/S= (1 + r D )/(l + r F) where rates are listed as DC/FCF = (1.3/1.25)(0.4) = 0.41650. C.Direct method:Net income 1000Depreciation 70Goodwill 30Change in accounts receivable 25Change in inventory (35)Change in accounts payable 30Change in wages payable 15Operating cash flows 113551. B. Purchase equipment (200)Sell truck 25Investing cash flows (175)52. D. Sale of common stock 100Issuance of bonds 20Financing cash flows 12053. D.A common size balance sheet expresses all balance sheet accounts as apercentage of total assets.54. C. Original shares of common stock = 1,000,000(12) = 12,000,000Stock dividend = 200,000(12) = 2,400,000New shares of common stock = 200,000(3) = 600,000Total shares of common stock = 15,000,000/12= 1,250,000 Stock dividends are assumed to have been outstanding since the beginningof the year.55. D.Inventory turnover, defined as COGS/Average inventory, if often meaningless forLIFO companies due to the mismatching of costs. The numerator representscurrent costs, whereas the denominator reports outdated historical costs. Thus,the turnover ratio under LIFO will, when prices decrease, trend lower becauseof small COGS and larger inventory. Net profit margin, defined as EA T/Sales,is higher during periods of decreasing profits for LIFO companies. LIFO leadsto a smaller COGS, which reduces EAT, without affecting sales.56. A.In this situation, LIFO results in lower cost of goods sold because it uses the morerecent and lower costs than LIFO. LIFO results in lower cash flows becausethe cash on income taxes is a percentage(the marginal tax rate) of thedifference in inventory values. Thus, with LIFO:Sales-COGS(smaller)EBT (larger)-Taxes (larger) Because taxes paid out are a cash outflow.EAT (larger) If taxes are larger, then cash flow ill be smaller.57. D.COGSFIFO = COGSLIFO - (Ending LIFO Reserve - Beginning LIFO Reserve)COGSFIFO = $250,000 - ($8,000-$5,000) = $247,00058. pared to expensing, capitalizing results in higher profitability in early yearsand lower profitability in later years.59. C.60. D.The present value of the minimum lease payments equals or exceeds 90 percent ofthe value of the fair value of the leased property.61. B.Capital lease affects on the income statement:Step1: Calculate the depreciation charge: ($3,500,000-$450,000)/10 = $305,000Step2: Calculate the interest expense: $3,500,000(0.15) = $525,000Total expense: $305,000+$525,000 = $830,00062. A.63. C.64. A.65. B.66. D.67. B.Dealer-markets are price-driven markets.68. D.69. C.70. C.P/E = Dividend payout ratio/(k-g)Dividend payout ratio = 1 - retention ratio = 1-0.2 = 0.8P/E = 0.8(0.15-0.08) =5.671. B.k = D1/P0+g = $4/$25+0.09 = 0.2572. A.Step1: Calculate the ending index value = ($100)(5) = $500Step2: Calculate the expected return.E(R1) = [Dividends + (Ending value - Beginning value)]/(Beginning value)=[40+(500-490)]/$490 = 0.1 or 10%73. D.The critical factors determining the franchise P/E are the difference between theexpected return on the new opportunities (R) and the current cost of capital (k)and the size of these growth opportunities relative to the firm's current size.74. A.75. C.76. D The completed contract method less net income in the periods beforeconstruction is completed, but not at the end of the contract, than using thepercentage-of-completion method. This is because the completed contractmethod recognizes revenue and expense only when the contract has beencompleted.77. A. Net income 1,000Adjustment for non-cash andnon-operating itemsDepreciation 100Deferred taxes (increase) 40Profit from sale ofequipment (10)Adjustment for workingcapital items:Accounts receivable (decrease) (120)Inventory (increase) (40)Accounts payable (increase) (20)Wages payable (decrease) (10)Cash flow from operations 94078. D79.A When inventory and accounts receivable increase, this is a use of cash (cashoutflow); when assets decrease, this is a source (cash inflow). When accountspayable increase, this is a source of cash (cash inflow); when liabilities decrease,this is a use (cash outflow).80.BCash conversion cycle = receivables days + inventory processing days -payables payment period.Receivables days = 365/receivabies turnover = 365/30 = 12.17 days.Inventory processing days = 365/inventory turnover = 365/15 = 24.33 days.Payables payment period = 365/payabIes turnover = 365/20 = 18.25days.Cash collection cycle = 12.17 + 24.33 –18.25 = 18.25 days.81.BChoice A: Buying fixed assets on credit does not affect current assets butincreases current liabilities. Therefore, the current ratio falls.Choice B: Buying inventory on account increases both inventory and accountspayable. Because the current ratio started off below I, the ratio will increase.Choice C: Selling marketable securities for cash does not affect the amount ofcurrent assets and leaves the current ratio unaffected,Choice D : Paying off accounts payable from cash lowers current assetsand current liabilities by the same amount. Because the current ratio startedoff below 1, the ratio will fall.82.D ROE = Profit margin x Total asset turnover x financial leverageROE = (0.3)(2.1)(0.5)= 0.315 or 31.5%83.AROE = [(S/A)(EBIT/S) - (I/A)](A/EQ)(I - t)ROE = [(2.5)(0.2) - (0.08)](1.2)(0.6) = 0.30 or 30%84. A85.B EPS = ($180,000 - $4,000) / 50,000 = $3.52 per share86. B87. D88.CThese relationships are reversed in the latter years of the asset's life if the firm'scapital expenditures decline.89. D90. C.91. C.92. D.93. D.Absolute yield spread = Yield on Bond A - Yield on Bond B = 10%-7% = 3%94. B.Relative yield spread = (Yield on Bond A - Yield on Bond B)/(Yield on BondB)=(10%-7%)/7% = 0.43 = 43%95. B.Yield ratio = (Yield on Bond A)/(Yield on Bond B) = 6%/7% = 1.4396. B.Current yield = (Annual dollar coupon interest)/(Price of the bond) = 8/130 =0.0625 or 6.25%97. A.When the stock's price (S) - the strike price (X) is positive, a call option isin-the-money. 25-X = 8 so X = 17.98. A.99. A.The writer of put loss = $60-premiun$5 = $55 Thewriter of call gets a maximum gain of $8100. A.101. C.102. D.103. A.104. D.105. B.106. D.107. C.108. A.Securities that fall on the SML are properly valued.109. A.110. A.If a stock's beta were equal to 1, an investor would be expected to get the marketrate of return from buying the stock. E(R) = 5%+1(10%-5%) = 10% 111. D112. D113. C114.BPerfect positive correlation (r = + 1) of the returns of two assets offers no risk reduction, whereas perfect negative correlation (r = -1) offers the greatestrisk reduction.115.BPortfolio A does not lie on the efficient frontier because it has a lower return than Portfolio B but has greater risk. Portfolio D does not lie on the efficient frontier because it has higher risk than Portfolio C but has the same return. 116. C.117.DChoice A: Unsystematic risk is diversifiable risk.Choice B: Systematic risk is undiversifiable risk.Choice C: Total risk= Systematic risk+ Unsystematic risk.118. C119.DCAPM specifies the factor (market risk) but APT does not.120. A。

（完整版）CFA一级模考试题及答案.doc

（完整版）CFA一级模考试题及答案.docANSWERS FOR MOCK EXAM 1 (MORNING SESSION)1. D.Although Terence has passed Level III, he has not yet received his charter andcannot use the CFA designation. The description provided in the cover letterproperly describes his situation.2. C.Amy must take both actions-notifying her immediate supervisor and delivering acopy of the Code and Standards.3. D.4. C.Members may undertake an independent practice that could result in compensationor other benefit in competition with their employer provided they obtain writtenconsent from both their employer and the party for whom they undertakeindependent practice.5. C.To maintain his objectivity, Keith should pay his own hotel bill. Because the itineraryrequired charter flights due to a lack of commercial transportation, A& K Limited can appropriately provide them.6. C. Under ERISA, fiduciaries must act solely in the interest of, and for the exclusivepurpose of benefiting, the plan participants and beneficiaries.7. B. Daniel must give priority to transactions for clients and employers over transactionsfor his children.8. A.To avoid violating the standards, members cannot trade until the member's clients andemployers have had an adequate opportunity to act on the recommendation.9. C.The requirements of Standard IV (B.5) are not intended to prevent Lambert fromcooperating with an investigation by AIMR's Professional Conduct Program.10. B.Vivian should disclose to her clients and prospects her husband's holdings in DoubleLimited because this matter could be expected to impair her ability to makeunbiased and objective recommendations.11. B.12. B.Accruals accounting is required.13. C.Standard I(B) Fundamental Responsibilities. Prohibition against participating orassisting in illegal and ethical violations. If Roberts suspects someone isplanning or engaging in illegal activities, he should: (1) determine the legalityof the activities, (2) disassociate himself from the illegal or unethical activity, and(3) urge his firm to attempt to persuade the perpetrator to stop. The AIMRStandards of Professional Conduct do not require that Roberts report suchactivities to the authorities, but the law might.14. C.Standard III(C) Disclosure of Conflicts to Employer. Gloria should disclose to heremployer all matters that could reasonably be expected to interfere with herability to make unbiased and objective recommendations. Her service as atrustee of the Well Limited Foundation for Heart Research is most likely to beconsidered a conflict of interest with her responsibility to her employer.15. C.Standard III (E) Responsibilities of Supervisors. Paul may delegate supervisory duties,but such delegation does not relieve him of his supervisory responsibility.16. A.Standard IV (B.3) Fair Dealing. Johnson violated the standard on fair dealingbecause he did not deal fairly and objectively with all clients and prospectswhen disseminating investment recommendations. Instead, he showedfavoritism to his best clients. In disseminating investment recommendations,Johnson should consider making the information available to clients based ontheir interest and suitability. A change of recommendation from buy to sell or sellto buy is generally material.17. D.Standard IV(B.5) Preservation of Confidentiality. ChoiceB is false because thisAnswers for Mock Exam 1 (Morning Session) (Rev. 1) 1standard prohibits members from executing settlement agreements that preventmembers from providing information in an investigation by AIMR's ProfessionalConduct Program (PCP). Choice C is false because a person cannot withholdinformation during PCP investigations. Choice A is false because if a memberreceives information due to his or her special relationship with the clientindicating illegal behavior on the past of the client, the member may not have anobligation to inform the appropriate authorities.18. A.Standard IV(B.6) Prohibition against Misrepresentation. Members are not permitted tomake any assurances or guarantees about any investment, except tocommunicate accurate information. The statement that investment grade bondshave less default risk than junk bonds is an accurate statement.19. /doc/196717446.html,e BGN node: n = 10; i = 12 PMT = 1,000, compute FV = 19.654.5820. B.The present value of a perpetuity is PV = A/r = 500/0.1 = $5,000.21. B.i = 6/12 = 0.5; n = 10x12 = 120; PV = 40,000 Compute PMT22. A.23. A.A binomial random variable has an expected value or mean equal to np andvariance equal to np(1-p).Mean = 12(0.5) = 6; variance (12)(0.5)(1-0.5) = 324. D.25. B.Rbt-1 = In St+1 /St = (1+RL1-1) = In (40/25) = 0.47. Thus, 47% is thecontinuously computed return for the one-year holding period.26. B.Choice A describes cross-sectional data.Choice B describes time-series data.27. D.The dependent variable, Y, is equal to the intercept, b0, plus a slope coefficient, b1,times the independent, X, plus an error term, ε.28. C.I N FV Compute PV10 1 100 90.9110 2 150 123.9710 3 200 150.2610 4 250 170.75Total 535.8929. B.Step 1: Solve for the PV of the 5 payments of 3,000 to be received in years 3through 7.n = 5; i = 10; PMT = 3,000; compute PV =11,372.3611,372.36 falls one year before the first payment, or in year 2.Step 2: Find the present value of 11,372.36 that is two years in the future. n= 2; i = 10; FV =11,372.36; compute PV =9,398.64 or 9,399(rounded).30. D.From weakest to strongest, the ordering of measurements scales is nominal, ordinal,interval, and ratio.31. B.An interval is a set of return values within which an observation not falls.32. C.Step 1. Calculate the mean monthly return = 2% + (- 4%) + 1% + 5% = 4%M = 1%Step 2.Calculate the population standard deviation:([(2% - 1%) 2 + (-4% -1%) 2 +(1% - 1%) 2 +(5% -1%)2 ]N)1/ 2=3.24%Step 3. Calculate the sample standard deviation: ([(2% - 1%)2 + (-4% -1%) 2+ (1% - 1%) 2+ (5% - l%) 2 ])/n - 1) 1/ 2 = 3. 74%33. B.According to Chebyshev's inequality, the proportion of the observations within 2,which is k, standard deviations of the mean is at least 1 -(l/k) 2 = 1-(1/2 2) =0.75 or 75%.34. A.The probability is 30/200 = 0.15.35. /doc/196717446.html,ing the addition rule for probabilities, P (analyst or positive) =P(analyst) + Answers for Mock Exam 1 (Morning Session) (Rev. 1) 2P(positive) - P(analyst and positive)P (A or positive) = 130/200 + 140/200 - (100/130) = 0.58 or 58%36. B.Savings increases to hold interest rates constant. This means aggregate demandchanges little.37. C.The empirical evidence on the relationship between budget deficits and interest ratesis mixed.Few studies show a significant positive short-term link between budgetdeficits and real interest rates.38. B.Expansion = 1 / reserve requirement = 1/0.25 = 4(4)(150) = 60039. C.People realize this leads to inflation in the long run, so they reduce their moneyholdings. Output rises because the increase is unexpected.40. C.In purely competitive markets, there are a large number of dependent firms.41. D.42. D.43. C.44. C.45. D.Choice A: Accrual accounting does not require the receipt of cash for assurance ofpayment to exist.Choice C and D: These relate only to the condition of completion of theearnings process.46. D.47.ADemand for currency decreases when real interest rates decrease because ofdecreased capital flows.48.CForeign exchange quotations can be expressed on a direct basis -the home currencyprice of another currency — or an indirect basis-- the foreign currency price ofthe home currency.49.C F/S= (1 + r D )/(l + r F) where rates are listed as DC/FCF = (1.3/1.25)(0.4) = 0.41650. C.Direct method:Net income 1000Depreciation 70Goodwill 30Change in accounts receivable 25Change in inventory (35)Change in accounts payable 30Change in wages payable 15Operating cash flows 113551. B. Purchase equipment (200)Sell truck 25Investing cash flows (175)52. D. Sale of common stock 100Issuance of bonds 20Financing cash flows 12053. D.A common size balance sheet expresses all balance sheet accounts as apercentage of total assets.54. C. Original shares of common stock = 1,000,000(12) = 12,000,000Stock dividend = 200,000(12) = 2,400,000New shares of common stock = 200,000(3) = 600,000Total shares of common stock = 15,000,000/12= 1,250,000 Stock dividends are assumed to have been outstanding since the beginningof the year.55. D.Inventory turnover, defined as COGS/Average inventory, if often meaningless forLIFO companies due to the mismatching of costs. The numerator representscurrent costs, whereas the denominator reports outdatedhistorical costs. Thus,the turnover ratio under LIFO will, when prices decrease, trend lower becauseof small COGS and larger inventory. Net profit margin, defined as EA T/Sales,is higher during periods of decreasing profits for LIFO companies. LIFO leadsto a smaller COGS, which reduces EAT, without affecting sales.56. A.In this situation, LIFO results in lower cost of goods sold because it uses the morerecent and lower costs than LIFO. LIFO results in lower cash flows becausethe cash on income taxes is a percentage(the marginal tax rate) of thedifference in inventory values. Thus, with LIFO:Sales-COGS(smaller)EBT (larger)-Taxes (larger) Because taxes paid out are a cash outflow.EAT (larger) If taxes are larger, then cash flow ill be smaller.57. D.COGSFIFO = COGSLIFO - (Ending LIFO Reserve - Beginning LIFO Reserve)COGSFIFO = $250,000 - ($8,000-$5,000) = $247,00058. /doc/196717446.html,pared to expensing, capitalizing results in higher profitability in early years and lower profitability in later years.59. C.60. D.The present value of the minimum lease payments equals or exceeds 90 percent ofthe value of the fair value of the leased property.61. B.Capital lease affects on the income statement:Step1: Calculate the depreciation charge: ($3,500,000-$450,000)/10 = $305,000Step2: Calculate the interest expense: $3,500,000(0.15) = $525,000Total expense: $305,000+$525,000 = $830,00062. A.63. C.64. A.65. B.66. D.67. B.Dealer-markets are price-driven markets.68. D.69. C.70. C.P/E = Dividend payout ratio/(k-g)Dividend payout ratio = 1 - retention ratio = 1-0.2 = 0.8P/E = 0.8(0.15-0.08) =5.671. B.k = D1/P0+g = $4/$25+0.09 = 0.2572. A.Step1: Calculate the ending index value = ($100)(5) = $500Step2: Calculate the expected return.E(R1) = [Dividends + (Ending value - Beginning value)]/(Beginning value)=[40+(500-490)]/$490 = 0.1 or 10%73. D.The critical factors determining the franchise P/E are the difference between theexpected return on the new opportunities (R) and the current cost of capital (k)and the size of these growth opportunities relative to the firm's current size.74. A.75. C.76. D The completed contract method less net income in the periods beforeconstruction is completed, but not at the end of the contract, than using thepercentage-of-completion method. This is because the completed contractmethod recognizes revenue and expense only when the contract has beencompleted.77. A. Net income 1,000Adjustment for non-cash andnon-operating itemsDepreciation 100Deferred taxes (increase) 40Profit from sale ofequipment (10)Adjustment for workingcapital items:Accounts receivable (decrease) (120)Inventory (increase) (40)Accounts payable (increase) (20)Wages payable (decrease) (10)Cash flow from operations 94078. D79.A When inventory and accounts receivable increase, this is a use of cash (cashoutflow); when assets decrease, this is a source (cash inflow). When accountspayable increase, this is a source of cash (cash inflow); when liabilities decrease,this is a use (cash outflow).80.BCash conversion cycle = receivables days + inventory processing days -payables payment period.Receivables days = 365/receivabies turnover = 365/30 = 12.17 days.Inventory processing days = 365/inventory turnover = 365/15 = 24.33 days.Payables payment period = 365/payabIes turnover = 365/20 = 18.25days.Cash collection cycle = 12.17 + 24.33 –18.25 = 18.25 days.81.BChoice A: Buying fixed assets on credit does not affect current assets butincreases current liabilities. Therefore, the current ratio falls.Choice B: Buying inventory on account increases both inventory and accountspayable. Because the current ratio started off below I, the ratio will increase.Choice C: Selling marketable securities for cash does not affect the amount ofcurrent assets and leaves the current ratio unaffected,Choice D : Paying off accounts payable from cash lowers current assetsand current liabilities by the same amount. Because the current ratio startedoff below 1, the ratio will fall.82.D ROE = Profit margin x Total asset turnover x financial leverageROE = (0.3)(2.1)(0.5)= 0.315 or 31.5%83.AROE = [(S/A)(EBIT/S) - (I/A)](A/EQ)(I - t)ROE = [(2.5)(0.2) - (0.08)](1.2)(0.6) = 0.30 or 30%84. A85.B EPS = ($180,000 - $4,000) / 50,000 = $3.52 per share86. B87. D88.CThese relationships are reversed in the latter years of the asset's life if the firm'scapital expenditures decline.89. D90. C.91. C.92. D.93. D.Absolute yield spread = Yield on Bond A - Yield on Bond B = 10%-7% = 3%94. B.Relative yield spread = (Yield on Bond A - Yield on BondB)/(Yield on BondB)=(10%-7%)/7% = 0.43 = 43%95. B.Yield ratio = (Yield on Bond A)/(Yield on Bond B) = 6%/7% = 1.4396. B.Current yield = (Annual dollar coupon interest)/(Price of the bond) = 8/130 =0.0625 or 6.25%97. A.When the stock's price (S) - the strike price (X) is positive, a call option isin-the-money. 25-X = 8 so X = 17.98. A.99. A.The writer of put loss = $60-premiun$5 = $55 Thewriter of call gets a maximum gain of $8100. A.101. C.102. D.103. A.104. D.105. B.106. D.107. C.108. A.Securities that fall on the SML are properly valued.109. A.110. A.If a stock's beta were equal to 1, an investor would be expected to get the marketrate of return from buying the stock. E(R) = 5%+1(10%-5%) = 10% 111. D112. D113. C114.BPerfect positive correlation (r = + 1) of the returns of two assets offers no risk reduction, whereas perfect negative correlation (r = -1) offers the greatestrisk reduction.115.BPortfolio A does not lie on the efficient frontier because it has a lower return than Portfolio B but has greater risk. Portfolio D does not lie on the efficient frontier because it has higher risk than Portfolio C but has the same return. 116. C.117.DChoice A: Unsystematic risk is diversifiable risk.Choice B: Systematic risk is undiversifiable risk.Choice C: Total risk= Systematic risk+ Unsystematic risk.118. C119.DCAPM specifies the factor (market risk) but APT doesnot.120. A。

cfa一级考试题库答案

cfa一级考试题库答案
1. 以下哪项是CFA一级考试中关于财务报表分析的主要内容？
A. 理解财务报表的结构和内容
B. 识别和分析财务报表中的异常情况
C. 预测未来财务报表的趋势
D. 所有以上选项
正确答案：D. 所有以上选项
2. 在CFA一级考试中，关于投资组合管理的哪项说法是正确的？
A. 投资组合管理只关注资产配置
B. 投资组合管理包括资产配置、选择证券和风险管理
C. 投资组合管理与市场时机无关
D. 投资组合管理只涉及股票投资
正确答案：B. 投资组合管理包括资产配置、选择证券和风险管理
3. 在CFA一级考试中，关于固定收益证券的以下哪项说法是错误的？
A. 固定收益证券的利息支付是固定的
B. 固定收益证券的价格与市场利率呈负相关
C. 固定收益证券的风险高于股票
D. 固定收益证券的到期收益率是固定的
正确答案：C. 固定收益证券的风险高于股票
4. 在CFA一级考试中，关于衍生品的以下哪项说法是正确的？
A. 衍生品的价值完全独立于标的资产
B. 衍生品可以用来对冲风险
C. 衍生品只能用于投机
D. 衍生品不能用于投资组合管理
正确答案：B. 衍生品可以用来对冲风险
5. 在CFA一级考试中，关于经济学的以下哪项说法是错误的？
A. 经济学研究资源的分配和利用
B. 宏观经济学关注整体经济的运行
C. 微观经济学研究个体经济单位的行为
D. 经济学只关注市场均衡状态
正确答案：D. 经济学只关注市场均衡状态
结束语：以上是CFA一级考试题库中的一些典型题目及其答案，希望能够帮助考生更好地准备考试。

CFA考试《CFA一级》历年真题精选14(附详解)

CFA考试《CFA一级》历年真题精选14（附详解）1、Demand for a good is most likely to be more elastic when:【单选题】A.the good is a necessity.B.a lesser proportion of income is spent on the good.C.the adjustment to a price change takes a longer time.正确答案:C答案解析:“Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. ArbogastC is correct. The longer the time that has elapsed since a price change, the more elastic demand is. For example, if gas prices rise, consumers cannot quickly change their mode of transportation but will likely do so in the longer run.2、Which of the following statements describes the most appropriate treatment of cash flows in capital budgeting?【单选题】A.A project is evaluated using its incremental cash flows on an after-tax basis.B.Interest costs are included in the project's cash flows to reflect financing costs.C.Sunk costs and externalities should not be included in the cash flow estimates.正确答案:A答案解析:All of the incremental cash flows arising from a project should be analyzed on an after-tax basis.Section 33、A company entered into a three-year construction project with a total contract price of $5.3 million and an expected total cost of $4.4 million. The following table provides cash flow information relating to the contract:If the company uses the percentage-of-completion method, the amount of revenue (in $) recognized in Year 2 will be closest to:【单选题】A.2,800,000.B.3,372,727.C.3,616,636.正确答案:C答案解析:“Understanding The Income Statement”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFAThe revenue reported is equal to the percentage of the contract that is completed in that period, where percentage completion is based on costs. In Year 2, the percent completed is $3,000,000/$4,400,000 = 68.2%, resulting in 68.2% x 5,300,000 = 3,616,636 revenue being recognized.4、A company issued $2,000,000 of bonds with a 20 year maturity at 96. Seven years later, the company called the bonds at 103 when the unamortized discount was $39,000. The company would most likely report a loss of:【单选题】A.$60,000.B.$99,000.C.$138,000.正确答案:B答案解析:“Non-Current (Long-term) Liabilities,” Elizabeth A. Gordon and Elaine Henry, CFA5、Which of the following is least likely to appear in a company’s proxy statement?【单选题】pensation arrangements for management and directorsB.Significant events and contingencies that may affect future operationsC.Potential conflicts of interest between management, directors, and shareholders正确答案:B答案解析:“Financial Statement Analysis: An Introduction,” Elaine Henry and Thomas R. RobinsonB is correct. Significant events, conditions, trends, and contingencies that may affect future operations are contained in the Management’s Discussion and Analysis. Compensation agreements for directors and management and their potential conflicts of interest are required in the proxy statement.6、All else equal, the difference between the nominal spread and the Z-spread for a non-Treasurysecurity will most likely be larger when the:【单选题】A.yield curve is flat.B.yield curve is steep.C.security has a bullet maturity rather than an amortizing structure.正确答案:B答案解析:“Yield Measures, Spot Rates, and Forward Rates”, Frank J. Fabozzi, CFAB is correct because the main factor causing any difference between the nominal spread and theZ-spread is the shape of the Treasury spot rate curve. The steeper the spot rate curve, thegreater the difference.7、Using the following information and assuming coupons are paid annually, the G-spread of the Steel Co. bondis closest to:【单选题】A.100 bps.B.36 bps.C.94 bps.正确答案:B答案解析:The yield for Steel Co. bond is calculated as: Section 5.18、James Simone, CFA, the chief financial officer of a publicly listed company, seeks to improve thequality of his company's communication with institutional fund managers. He holds an investorbriefing with this group the evening before the company earnings are announced. The company'squarterly earnings are broadcast in a press release the next day before the market opens. Theearnings information in the investor briefing isidentical to that in the press release. Did Simone mostlikely violate the CFA Institute Standards of Professional Conduct?【单选题】A.YesB.No, because the company releases information while the market is closedC.No, because investor briefing and press release information are identical正确答案:A答案解析:Simone violated Standard II(A)-Material Nonpublic Information by giving institutional fund managersaccess to material nonpublic information prior to public dissemination (i.e., the press release). Byreleasing earnings results to a select group of institutional fund managers prior to a public pressrelease, Simone allows the institutional fund managers a time advantage over other investors notinvited to the investor briefing.Standard II(A)-Material Nonpublic Information9、Because of significant changes in the marketplace, the demand for a company's product has fallenand is not expected to recover to previous levels. The following information is related to the patentunder which the product is produced:Which of the following statements is most accurate? The patent is impaired under:【单选题】A.IFRS only.B.both IFRS and US GAAP. GAAP only.正确答案:A答案解析:Under IFRS (International Financial Reporting Standards), first determine the recoverable amount,which is the higher ofSections 5.1, 5.210、An analyst doesresearch about security market indices.Which of the followingstatements is least accurate to explain that a fixed-income market index is moredifficult to create and compute than a stock market index?【单选题】A.The universe of fixed-income securities is changing constantly.B.Fixed-income markets are predominantly dealer markets.C.The number of fixed-income securities is much less than the number ofequity securities.正确答案:C答案解析:固定收益指数比股票指数更加难以编制，其中一个原因是债券的种类总处在不断变化中，如是否到期限、是否转换，等等。

2023年CFA一级考试真题与解析

2023年CFA一级考试真题与解析2023年CFA一级考试已经圆满结束，本文将为大家带来这次考试的真题与解析，帮助考生更好地了解考试内容和备考要点。

第一部分：道德与职业准则第一题：伦理与个人行为题目：小林是一位注册投资顾问，他的新客户Mr. Smith希望通过投资来增加自己的财富。

小林了解到Mr. Smith退休计划的绝大部分资金已经投资在一个过度集中的地方，并且其他重要的因素也没有得到考虑。

这种情况下，小林应该如何处理？解析：根据CFA协会的道德与职业准则，投资顾问有责任了解客户的财务情况和投资目标，并提供客观、全面的建议。

在这种情况下，小林应该提醒客户他所面临的风险，并提出分散投资、考虑其他因素的建议，以保护客户的财务利益。

第二题：外部投资者关系题目：公司XYZ近期在一家领先的社交媒体平台上展开一项新产品的在线推广活动。

按照与CFA协会的协议，公司XYZ应如何披露这个推广活动？解析：根据CFA协会的投资者关系准则，公司在展开新产品的推广活动时，需要向投资者提供及时、准确的信息。

公司XYZ应在适当的时候披露这个推广活动，提供项目的重要信息以及潜在的风险和影响，以便投资者做出明智的决策。

第二部分：投资工具第三题：权益估值模型题目：一个分析师使用股利贴现模型（Dividend Discount Model，DDM）来估算一家公司的股票价格。

该公司估计未来一年的股息为2美元，预计增长率为5%，使用12%的折现率。

根据这些数据，该公司的股票价格为多少？解析：根据股利贴现模型，股票价格等于未来股息现值的总和。

在这个例子中，未来一年的股息为2美元，增长率为5%，折现率为12%。

根据计算，未来股息的现值为2/(0.12-0.05)=33.33美元。

因此，该公司的股票价格为33.33美元。

第四题：债券估值题目：一家公司发行了一笔面值为1000美元、票面利率为6%、到期日为5年的债券。

目前市场利率为8%。

根据这些信息，该债券的市场价格是多少？解析：债券的市场价格等于未来现金流的现值之和。

cfa一级考试试题

cfa一级考试试题CFA（Chartered Financial Analyst）一级考试是金融行业的国际认证考试，被广泛认可为金融领域的专业资格证书。

该考试的目的是为金融从业人员提供全面的知识和技能，以帮助他们更好地理解和应对投资和金融管理方面的挑战。

在这篇文章中，我将回答一些与CFA一级考试试题相关的问题，帮助读者更好地了解该考试的内容和要求。

1. CFA一级考试的考试形式和时间安排是怎样的？CFA一级考试是由CFA协会组织的，考试分为两个部分，每个部分包含120道多项选择题。

考试的时间为每个部分3个小时，一天考试两个部分，总共6个小时。

考试的时间安排一般是在每年的6月和12月。

考试分为上午和下午两个部分，上午考试包含Ethical and Professional Standards（道德和职业准则）、Quantitative Methods（数量方法）和Economics（经济学）三个主题，下午考试包含Financial Reporting and Analysis（财务报表与分析）、Corporate Finance（公司金融）和Equity（股权）三个主题。

2. CFA一级考试的考试内容有哪些？CFA一级考试的考试内容涵盖了金融和投资管理的各个方面。

主题包括道德和职业准则、数量方法、经济学、财务报表与分析、公司金融、股权、固定收益、衍生品、替代投资、投资组合管理和投资基金。

考试重点考察候选人对金融理论和实践的理解，以及解决实际投资问题的能力。

考试内容涵盖了计算、分析、判断和推理等多个方面。

3. CFA一级考试的备考方法和时间安排有哪些？备考CFA一级考试需要充分的时间和准备。

一般来说，备考时间至少需要6个月以上。

备考方法包括学习CFA教材、参加培训班、做习题和模拟试题、参加讨论和解析会等。

备考过程中，需要有系统性地学习和复习考试的各个主题，掌握重点知识和技能。

同时，进行题目的训练和模拟考试也是非常重要的，可以帮助考生熟悉考试的形式和要求，提高答题的效率和准确性。

cfa一级考试真题及答案详解

cfa一级考试真题及答案详解CFA一级考试真题及答案详解1. 问题：在计算投资组合的预期收益率时，以下哪种资产的预期收益率对投资组合的预期收益率影响最大？A. 资产A，占投资组合的10%B. 资产B，占投资组合的20%C. 资产C，占投资组合的30%D. 资产D，占投资组合的40%答案：D解析：投资组合的预期收益率是通过加权平均各个资产的预期收益率来计算的。

权重越大的资产对投资组合的预期收益率影响越大。

因此，资产D作为权重最大的资产，其预期收益率对投资组合的预期收益率影响最大。

2. 问题：以下哪种金融工具最适合用于对冲利率风险？A. 股票B. 债券C. 利率互换D. 货币期权答案：C解析：利率互换是一种利率衍生品，允许两方交换利率支付流。

这种金融工具可以用来对冲利率风险，因为它允许投资者锁定未来的利率水平，从而减少利率变动对投资组合价值的影响。

3. 问题：在进行财务分析时，以下哪种比率最能反映公司的流动性状况？A. 流动比率B. 速动比率C. 资产负债率D. 权益乘数答案：A解析：流动比率是衡量公司短期偿债能力的指标，它通过比较公司的流动资产和流动负债来计算。

一个较高的流动比率表明公司有足够的流动资产来覆盖其短期负债，因此最能反映公司的流动性状况。

4. 问题：在计算经济增加值（EVA）时，以下哪个因素不是必要的？A. 公司的税后营业利润B. 公司的资本成本C. 公司的总资产D. 公司的权益乘数答案：D解析：经济增加值（EVA）是通过从公司的税后营业利润中减去资本成本来计算的。

资本成本反映了公司资本的机会成本，而权益乘数并不是计算EVA所必需的。

EVA的计算公式为：EVA = NOPAT - (WACC * 资本投入)。

结束语：通过以上对CFA一级考试真题的分析，可以看出，理解各个金融概念和工具的基本原理对于通过考试至关重要。

希望这些真题及答案详解能够帮助考生更好地准备考试，提高通过率。

cfa一级考试模拟试题及答案

cfa一级考试模拟试题及答案1. 以下哪项不是CFA一级考试中伦理与职业标准科目的主要内容？A. 专业行为准则B. 全球投资绩效标准C. 投资组合管理D. 职业行为标准答案：C2. 在CFA一级考试中，关于货币的时间价值，以下哪个公式是不正确的？A. 未来价值（FV）= 现值（PV）× (1 + r)^nB. 现值（PV）= 未来价值（FV）/ (1 + r)^nC. 未来价值（FV）= 现值（PV）× (1 - r)^nD. 现值（PV）= 未来价值（FV) × (1 - r)^n答案：C3. CFA一级考试中，关于投资组合理论，以下哪项是正确的？A. 投资组合的风险随着组合中资产数量的增加而增加B. 投资组合的风险随着组合中资产数量的增加而减少C. 投资组合的风险与组合中资产数量无关D. 投资组合的风险总是高于组合中任一资产的风险答案：B4. 在CFA一级考试中，关于固定收益证券，以下哪项说法是错误的？A. 债券的收益率与价格呈反比关系B. 长期债券对利率变化的敏感性高于短期债券C. 债券的票息率越高，其价格对利率变化的敏感性越高D. 债券的到期时间越长，其价格对利率变化的敏感性越高答案：C5. CFA一级考试中，关于衍生品，以下哪项是正确的？A. 期权的时间价值随着到期时间的增加而减少B. 期权的内在价值等于执行价格与标的资产价格之差C. 期权的执行价格与标的资产价格之差称为期权的时间价值D. 期权的时间价值随着到期时间的减少而增加答案：D结束语：以上是CFA一级考试的部分模拟试题及答案，希望对您的备考有所帮助。

请继续努力学习，祝您在考试中取得优异成绩。

cfa一级考试答案

cfa一级考试答案1. 以下哪项是CFA一级考试中关于财务报表分析的主要考察内容？A. 理解财务报表的结构和内容B. 分析财务报表中的数据以评估公司的财务状况C. 预测公司未来的财务表现D. 以上所有正确答案：D2. 在CFA一级考试中，关于投资组合管理的考察重点是什么？A. 投资组合的构建和优化B. 投资组合的风险和回报分析C. 投资组合的监控和调整D. 以上所有正确答案：D3. CFA一级考试中，关于伦理和专业标准的部分主要考察哪些内容？A. CFA协会的伦理准则B. 专业行为标准C. 职业责任和道德决策D. 以上所有正确答案：D4. 在CFA一级考试中，关于定量分析的考察内容主要包括哪些方面？A. 数据的统计分析B. 概率论和随机变量C. 投资组合的优化技术D. 以上所有正确答案：D5. CFA一级考试中，关于经济学的考察重点包括哪些？A. 宏观经济学原理B. 微观经济学原理C. 经济指标的分析和预测D. 以上所有正确答案：D6. 在CFA一级考试中，关于固定收益的考察内容主要涉及哪些方面？A. 债券的定价和估值B. 利率风险管理C. 信用分析和评级D. 以上所有正确答案：D7. CFA一级考试中，关于股权投资的考察重点是什么？A. 股票的估值方法B. 市场效率和行为金融学C. 股票投资策略D. 以上所有正确答案：D8. 在CFA一级考试中，关于衍生品的考察内容主要包括哪些方面？A. 期货和期权的基本概念B. 衍生品的定价和估值C. 衍生品的风险管理D. 以上所有正确答案：D9. CFA一级考试中，关于另类投资的考察重点包括哪些？A. 另类投资的种类和特点B. 另类投资的风险和回报特性C. 另类投资的策略和应用D. 以上所有正确答案：D10. 在CFA一级考试中，关于公司金融的考察内容主要涉及哪些方面？A. 资本预算和投资决策B. 资本结构和股利政策C. 公司治理和伦理D. 以上所有正确答案：D。

CFA一年级例题

C F A一年级例题Company Document number：WTUT-WT88Y-W8BBGB-BWYTT-19998CFA一级例题（一）答案1、A stated objective of the CFA Institute's Global Investment Performance Standards (GIPS) is to:A. encourage individual investment companies to develop the Code of Ethics internally.B. foster superior investment performance and return among CFA Institute members.C. promote the notion of self-regulation.D. support the standards developed internationally by top-performing investment companies.(key: C, the objectives of GIPS are most commonly tested topics in the examination)2、Jack, CFA, is head of the equities research department for ABC Asset Management. Jack sent a memo to all equity analysts stating that, in the future, their involvement in ABC's investment banking transactions as well as the number and quality of their research report would be rewarded in ABC's annual performance evaluation of each analyst. The memo asked the analysts to provide detailed information regarding their participation in the origination, execution, and follow-up for each transaction. According to the CFA Institute Standards of Practice Handbook, Jack:A. did not violate any AIMR Standards.B. violated only CFA Institute's Standard relating to misrepresentation.C. violated only CFA Institute's Standard relating to responsibilities of supervisors.D. violated CFA Institute's Standards relating to both misrepresentation and disclosure of compensation arrangements.(key:C,why The key is that the staff conduct the investment banking and research, which are in conflict in nature, therefore the supervisors should be responsible for the existence of the conflict of interest)3、Under the Prudent Man Rule, trustees need nm set the proper balance of proprieties between:A. principal protection and current income.B. the interest of trustees and the interests of beneficiaries.C. expected income and probable safety of capital.D. the interest of current beneficiaries and the interest of the remainderman and secondary beneficiaries.(Key: B, the fiduciary should balance the interest between the beneficiaries, and there is no duty to the sponsor under any circumstances)4、The CFA Institute Standards of Practice Handbook is least likely to require a member or member's firm to disclose which of the following to clients and prospective clients？A. Market-making activities.B. Underwriting relationships.C. Service as directors of a company's board.D. Obligation to abide by CFA Institute's Code of Ethics and Standards of Professional Conduct.(Key: D, Generally speaking, MCC should disclose the conflict of interest to clients and prospects, including underwriting position, corporate finance relationship, directorship, and financial and other pressure)5、7. According to the CFA Institute Standards of Practice handbook, insider trading is the least likely to be prevented by establishing:A. fire walls.B. watch list.C. restricted list.D: selective disclosure.(Key: D)。

直播cfa一级考试答案

直播cfa一级考试答案1. 直播CFA一级考试答案中，以下哪项是关于投资组合管理的基本原则？A. 资产配置B. 风险管理C. 投资组合构建D. 所有以上选项答案：D2. 在CFA一级考试直播中，对于固定收益证券，以下哪个因素是影响债券价格的主要因素？A. 利率变动B. 信用风险C. 流动性需求D. 以上所有因素答案：D3. 在直播的CFA一级考试答案中，关于股票估值，以下哪项是正确的？A. 市盈率（P/E）是衡量股票价格是否合理的唯一指标。

B. 市净率（P/B）是衡量股票价格是否合理的唯一指标。

C. 股票估值应综合考虑多种指标。

D. 股票估值只考虑公司的财务状况。

答案：C4. 在直播CFA一级考试答案中，关于市场效率，以下哪项描述是正确的？A. 弱式有效市场假说认为所有公开信息都已反映在股票价格中。

B. 半强式有效市场假说认为所有公开和非公开信息都已反映在股票价格中。

C. 强式有效市场假说认为所有信息，包括内幕信息，都已反映在股票价格中。

D. 以上所有描述都正确。

答案：A5. 在直播的CFA一级考试答案中，以下哪项是关于衍生品的基本概念？A. 衍生品是一种金融工具，其价值来源于其他基础资产。

B. 衍生品是一种实物商品，其价值来源于其他基础资产。

C. 衍生品是一种货币，其价值来源于其他基础资产。

D. 衍生品是一种服务，其价值来源于其他基础资产。

答案：A6. 在直播CFA一级考试答案中，关于行为金融学，以下哪项是正确的？A. 行为金融学认为所有投资者都是理性的。

B. 行为金融学认为投资者的行为总是非理性的。

C. 行为金融学研究投资者的非理性行为如何影响金融市场。

D. 行为金融学与金融市场无关。

答案：C7. 在直播的CFA一级考试答案中，以下哪项是关于国际投资的基本概念？A. 国际投资只涉及股票市场。

B. 国际投资只涉及债券市场。

C. 国际投资涉及跨国的股票、债券和其他金融资产。

D. 国际投资只涉及实物资产。

CFA一级例题

CFA一级例题（一）答案1、A stated objective of the CFA Institute's Global Investment Performance Standards (GIPS) is to:A. encourage individual investment companies to develop the Code of Ethics internally.B. foster superior investment performance and return among CFA Institute members.C. promote the notion of self-regulation.D. support the standards developed internationally by top-performing investment companies.(key: C, the objectives of GIPS are most commonly tested topics in the examination)2、Jack, CFA, is head of the equities research department for ABC Asset Management. Jack sent a memo to all equity analysts stating that, in the future, their involvement in ABC's investment banking transactions as well as the number and quality of their research report would be rewarded in ABC's annual performance evaluation of each analyst. The memo asked the analysts to provide detailed information regarding their participation in the origination, execution, and follow-up for each transaction. According to the CFA Institute Standards of Practice Handbook, Jack:A. did not violate any AIMR Standards.B. violated only CFA Institute's Standard relating to misrepresentation.C. violated only CFA Institute's Standard relating to responsibilities of supervisors.D. violated CFA Institute's Standards relating to both misrepresentation and disclosure of compensation arrangements.(key:C,why? The key is that the staff conduct the investment banking and research, which are in conflict in nature, therefore the supervisors should be responsible for the existence of the conflict of interest)3、Under the Prudent Man Rule, trustees need nm set the proper balance of proprieties between:A. principal protection and current income.B. the interest of trustees and the interests of beneficiaries.C. expected income and probable safety of capital.D. the interest of current beneficiaries and the interest of the remainderman and secondary beneficiaries.(Key: B, the fiduciary should balance the interest between the beneficiaries, and there is no duty to the sponsor under any circumstances)4、The CFA Institute Standards of Practice Handbook is least likely to require a member or member's firm to disclose which of the following to clients and prospective clients?A. Market-making activities.B. Underwriting relationships.C. Service as directors of a company's board.D. Obligation to abide by CFA Institute's Code of Ethics and Standards of Professional Conduct.(Key: D, Generally speaking, MCC should disclose the conflict of interest to clients and prospects, including underwriting position, corporate finance relationship, directorship, and financial and other pressure)5、7. According to the CFA Institute Standards of Practice handbook, insider trading is the least likely to be prevented by establishing:A. fire walls.B. watch list.C. restricted list.D: selective disclosure.(Key: D)。

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考试题及答案

cfa考试题及答案1. 以下哪项是CFA考试中经常考察的财务分析指标？A. 市盈率（P/E Ratio）B. 市净率（P/B Ratio）C. 股息率（Dividend Yield）D. 所有上述选项答案：D. 所有上述选项2. 在CFA考试中，下列哪个选项不是有效市场假说（Efficient Market Hypothesis, EMH）的类型？A. 弱式有效市场B. 半强式有效市场C. 强式有效市场D. 完全有效市场答案：D. 完全有效市场3. CFA考试中，关于投资组合理论，以下哪个说法是不正确的？A. 投资组合可以降低非系统性风险B. 投资组合的预期收益是其组成资产预期收益的加权平均C. 投资组合的总风险是其组成资产风险的总和D. 投资组合的最优权重取决于投资者的风险偏好答案：C. 投资组合的总风险是其组成资产风险的总和4. 在CFA考试中，以下哪个财务报表分析方法不涉及比较分析？A. 水平分析B. 垂直分析C. 比率分析D. 趋势分析答案：B. 垂直分析5. CFA考试中，关于宏观经济学，以下哪个因素不是影响货币供给的因素？A. 基础货币B. 货币乘数C. 利率D. 银行准备金答案：C. 利率6. 在CFA考试中，下列哪个不是固定收益证券的特点？A. 利息收入稳定B. 价格波动性较低C. 与经济周期相关性高D. 到期还本付息答案：C. 与经济周期相关性高7. CFA考试中，关于衍生品，以下哪个说法是错误的？A. 期货合约允许投资者在未来的特定日期以特定价格买卖资产B. 期权合约赋予持有者在未来的特定日期以特定价格买卖资产的权利C. 掉期合约涉及两个方在特定日期交换现金流D. 衍生品总是用于投机目的答案：D. 衍生品总是用于投机目的8. 在CFA考试中，以下哪个不是企业价值评估中常用的方法？A. 折现现金流（DCF）分析B. 市盈率（P/E）比较C. 经济增加值（EVA）分析D. 资产负债表比较答案：D. 资产负债表比较9. CFA考试中，关于行为金融学，以下哪个不是常见的认知偏差？A. 过度自信B. 代表性启发C. 风险规避D. 锚定效应答案：C. 风险规避10. 在CFA考试中，以下哪个不是国际投资中的风险类型？A. 汇率风险B. 利率风险C. 政治风险D. 系统性风险答案：D. 系统性风险。

CFA备考之CFA一级习题精选及解析

CFA备考之CFA一级习题精选及解析Case1. Bryan Barrett, CFA, provides investment advice on gold and other hard assets to several large institutions. To broaden his business and meet increased interest in these assets from retail customers, Barrett advertises his services in publications that serve a general audience. As the client base for the institutions that Barrett serves is large, he is comfortable stating in the ads that thousands of his clients have benefited from his advice. Does Barrett’s advertisement violate any CFA Institute Standards of Professional Conduct?A. No.B. Yes, related to Misrepresentation.C. Yes, related to Communication with Clients.2. An analyst finds that the probability of stock A outperform the market is 60%. What is the odds for of the stock Aunderperform the market?A. 2/3B. 1/3C. 3/23. A profit maximum is least likely to occur when:A. average total cost is minimized.B. marginal revenue equals marginal cost.C. the difference between total revenue and total cost is maximized.4. Under the IASB Conceptual Framework, one of the qualitative characteristics of useful financial information is that different knowledgeable users would agree that the information is a faithful representation of the economic events that it is intended to represent. This characteristic is best described as:A. Verifiability.B. Comparability.C. Understandability.5. An analyst gathered the following Information about the capital structure and before-tax component costs for a company. The company’s marginal tax rate is 40%.The company’s weighted average cost of capital (WACC) is closest to:A. 8.55%.B. 9.95%.C. 10.00%.6. Which of the following statements is most accurate with respect to rebalancing and reconstitution of security market indices?A. Equal weighted indices require frequent rebalancing.B. Turnover within an index results from a reconstitution but not from rebalancing.C. A price-weighted index requires rebalancing more than a market capitalization weighted index.7. A mechanism by which an issuer may be able to offer additional bonds to the general public without preparing a new and separate offering circular best describes:A. The grey marketB. A shelf registrationC. A private placement8. Consider a put option on Deter, Inc., with an exercise price of $45. The current stock price of Deter is $52. What is the intrinsic value of the put option, and is the put option at-the-money or out-of-the-money?9. Which of the following investments most likely provides an investor with indirect, equity exposure to real estate?A. Real estate investment trusts.B. Real estate limited partnerships.C. Commercial mortgage backed securities.10. An analyst gathered the following information about a portfolio comprised of two assets:If the correlation of returns for the two assets equals 0.75, then the expected return and expected standard deviation of the portfolio are closest to:1. Solution: B.As Barrett’s client base is made up of a small number of lar ge institutions, stating in the advertisement that his customer base is a larger number is a misrepresentation and a violation of Standard I (C). In addition, since the advertisement focuses only on the benefits and does not mention the potential risks of these investments, it is also potentially misleading to clients.2. Solution: A.The probability of underperform = 1–60% = 40%The odds for of underperform = 40%/60% = 2/33. Solution: A.The quantity at which average total cost is minimized does not necessarily correspond to a profit maximum.4. Solution: A.Under the International Accounting Standards Board’s Conceptual Framework, verifiability is the qualitative characteristic that means that different knowledgeable and independent users would agree that the information presented faithfully represents the economic events that it is intended to represent.5. Solution: B.As the target capital weights are not given, you can use market value weights to compute the WACC. The market value weights for debt, preferred stock and equity are 0.2667, 0.0667, and 0.6667 respectively.WACC=Wd * rd (1 -t) + Wp * rp + Wce * rce= 0.2667 * 8% (1 - 0.4) + 0.0667 * 10% + 0.6667 * 12% = 9.95%6. Solution: A.After an equal weighted index is constructed and the prices of constituent securities change, the index is no longer equally weighted. Therefore, maintaining equal weights requires frequent adjustments (rebalancing) to the index.7. Solution: B.A shelf registration allows certain authorized issuers to offer additional bonds to the general public without having to prepare a new and separate offering circular. The issuer can offer multiple bond issuances under the same master prospectus, and only has to prepare a short document when additional bonds are issued. A is incorrect because the grey market is a forward market for bonds about to be issued. C is incorrect because a private placement is a non-underwritten, unregistered offering of bonds that are not sold to the general public but directly to an investor or a small group of investors.8. Solution: B.The option has an intrinsic value of $0, because the stock price is above the exercise price. Put value is MAX (0, X-S). Equivalently, the option is out-of-the-money.9. Solution: A.Real estate investment trusts (REITS) provide investors with indirect, equity real estate exposure. Real estate investment partnerships are a form of direct real estate equity investment. Commercial mortgage backed securities (CMBS) provides investors with indirect, debt investment opportunities in real estate.。

cfa一级考题

cfa一级考题题目：CFA一级考题CFA（Chartered Financial Analyst）一级考试是一项全球统一的金融从业资格认证考试，其通过率也因此一直备受关注。

以下是CFA一级考题相关知识点的简要说明：1. 市场价值概念市场价值指股票、债券等金融资产在市场上的交易价格，是市场的反应结果。

市场价值的上涨或下跌是市场对所持有资产预期变化的结果。

在投资者进行投资决策时要考虑市场价值的影响。

2. 财务比率财务比率反映公司财务状况和经营状况的数据指标。

包括财务杠杆比率、流动比率、速动比率、毛利率、净利率等。

投资者可以通过财务比率的分析来评估公司的盈利能力、偿债能力和经营状况等。

3. 股票市场股票市场是指股票买卖的场所，也是股票价格的形成地。

股票交易的方式有证券交易所、场外交易等。

股票市场的变化反映了投资者对于公司未来的盈利预期。

4. 财务报表分析财务报表分析是通过对企业的财务报表数据进行整理、分析和比较以了解企业财务状况和经营状况的一种方法。

分析报表包括资产负债表、利润表、现金流量表等。

通过分析财务报表可以更好地理解企业的经营情况和投资价值。

5. 市场有效性市场有效性是指市场上的价格通过信息传递机制来反映信息，即市场上的价格总是包括了所有可用信息。

市场有效性分为弱有效市场、半强有效市场和强有效市场三种。

了解市场有效性可以帮助投资者更好地进行投资决策。

CFA一级考题相关知识点的学习和理解不仅对通过考试有重要的作用，而且对日后的投资工作也有很大帮助。

需要投资从业人员在日常工作中不断学习和巩固知识，提升自己的综合素质，以满足市场上投资需求的不断变化。

(完整版)CFA一级模考试题及答案

ANSWERS FOR MOCK EXAM 1 (MORNING SESSION)1. D. Although Terence has passed Level III, he has not yet received his charter andcannot use the CFA designation. The description provided in the cover letterproperly describes his situation.2. C. Amy must take both actions-notifying her immediate supervisor and deliveringa copy of the Code and Standards.3. D.4. C. Members may undertake an independent practice that could result incompensation or other benefit in competition with their employer provided theyobtain written consent from both their employer and the party for whom theyundertake independent practice.5. C. To maintain his objectivity, Keith should pay his own hotel bill. Because theitinerary required charter flights due to a lack of commercial transportation, A& K Limited can appropriately provide them.6. C. Under ERISA, fiduciaries must act solely in the interest of, and for theexclusive purpose of benefiting, the plan participants and beneficiaries.7. B. Daniel must give priority to transactions for clients and employers overtransactions for his children.8. A. To avoid violating the standards, members cannot trade until the member'sclients and employers have had an adequate opportunity to act on therecommendation.9. C. The requirements of Standard IV (B.5) are not intended to prevent Lambertfrom cooperating with an investigation by AIMR's Professional ConductProgram.10. B. Vivian should disclose to her clients and prospects her husband's holdings inDouble Limited because this matter could be expected to impair her ability tomake unbiased and objective recommendations.11. B.12. B. Accruals accounting is required.13. C. S tandard I(B) Fundamental Responsibilities. Prohibition against participating orassisting in illegal and ethical violations. If Roberts suspects someone isplanning or engaging in illegal activities, he should: (1) determine the legalityof the activities, (2) disassociate himself from the illegal or unethical activity,and (3) urge his firm to attempt to persuade the perpetrator to stop. The AIMRStandards of Professional Conduct do not require that Roberts report suchactivities to the authorities, but the law might.14. C. Standard III(C) Disclosure of Conflicts to Employer. Gloria should disclose toher employer all matters that could reasonably be expected to interfere with herability to make unbiased and objective recommendations. Her service as atrustee of the Well Limited Foundation for Heart Research is most likely to beconsidered a conflict of interest with her responsibility to her employer.15. C. Standard III (E) Responsibilities of Supervisors. Paul may delegate supervisoryduties, but such delegation does not relieve him of his supervisoryresponsibility.16. A. Standard IV (B.3) Fair Dealing. Johnson violated the standard on fair dealingbecause he did not deal fairly and objectively with all clients and prospectswhen disseminating investment recommendations. Instead, he showedfavoritism to his best clients. In disseminating investment recommendations,Johnson should consider making the information available to clients based ontheir interest and suitability. A change of recommendation from buy to sell orsell to buy is generally material.17. D. Standard IV(B.5) Preservation of Confidentiality. Choice B is false because thisstandard prohibits members from executing settlement agreements that preventmembers from providing information in an investigation by AIMR'sProfessional Conduct Program (PCP). Choice C is false because a personcannot withhold information during PCP investigations. Choice A is falsebecause if a member receives information due to his or her special relationshipwith the client indicating illegal behavior on the past of the client, the membermay not have an obligation to inform the appropriate authorities.18. A. Standard IV(B.6) Prohibition against Misrepresentation. Members are notpermitted to make any assurances or guarantees about any investment, except tocommunicate accurate information. The statement that investment grade bondshave less default risk than junk bonds is an accurate statement.19. C. Use BGN node: n = 10; i = 12 PMT = 1,000, compute FV = 19.654.5820. B. The present value of a perpetuity is PV = A/r = 500/0.1 = $5,000.21. B. i = 6/12 = 0.5; n = 10x12 = 120; PV = 40,000 Compute PMT22. A.23. A. A binomial random variable has an expected value or mean equal to np andvariance equal to np(1-p).Mean = 12(0.5) = 6; variance (12)(0.5)(1-0.5) = 324. D.25. B. Rbt-1 = In St+1 /St = (1+RL1-1) = In (40/25) = 0.47. Thus, 47% is thecontinuously computed return for the one-year holding period.26. B. Choice A describes cross-sectional data.Choice B describes time-series data.27. D. The dependent variable, Y, is equal to the intercept, b0, plus a slope coefficient,P(positive) - P(analyst and positive)P (A or positive) = 130/200 + 140/200 - (100/130) = 0.58 or 58%36. B. Savings increases to hold interest rates constant. This means aggregate demandchanges little.37. C. The empirical evidence on the relationship between budget deficits and interestrates is mixed.Few studies show a significant positive short-term link between budget deficitsand real interest rates.38. B. Expansion = 1 / reserve requirement = 1/0.25 = 4(4)(150) = 60039. C. People realize this leads to inflation in the long run, so they reduce their moneyholdings. Output rises because the increase is unexpected.40. C. In purely competitive markets, there are a large number of dependent firms.41. D.42. D.43. C.44. C.45. D. Choice A: Accrual accounting does not require the receipt of cash for assuranceof payment to exist.Choice C and D: These relate only to the condition of completion of theearnings process.46. D.47. A Demand for currency decreases when real interest rates decrease because ofdecreased capital flows.48. C Foreign exchange quotations can be expressed on a direct basis - the homecurrency price of another currency—or an indirect basis-- the foreign currencyprice of the home currency.49. C F/S= (1 + r D)/(l + r F) where rates are listed as DC/FCF = (1.3/1.25)(0.4) = 0.41650. C. Direct method:Net income 1000Depreciation 70Goodwill 30Change in accounts receivable 25Change in inventory (35)Change in accounts payable 30Change in wages payable 15Operating cash flows 113551. B. Purchase equipment (200)Sell truck 25Investing cash flows (175)52. D. Sale of common stock 100Issuance of bonds 20Financing cash flows 12053. D. A common size balance sheet expresses all balance sheet accounts as apercentage of total assets.54. C. Original shares of common stock = 1,000,000(12) = 12,000,000Stock dividend = 200,000(12) = 2,400,000New shares of common stock = 200,000(3) = 600,000Total shares of common stock = 15,000,000/12= 1,250,000 Stock dividends are assumed to have been outstanding since the beginning ofthe year.55. D. Inventory turnover, defined as COGS/Average inventory, if often meaninglessfor LIFO companies due to the mismatching of costs. The numerator representscurrent costs, whereas the denominator reports outdated historical costs. Thus,the turnover ratio under LIFO will, when prices decrease, trend lower becauseof small COGS and larger inventory. Net profit margin, defined as EA T/Sales,is higher during periods of decreasing profits for LIFO companies. LIFO leadsto a smaller COGS, which reduces EAT, without affecting sales.56. A. In this situation, LIFO results in lower cost of goods sold because it uses themore recent and lower costs than LIFO. LIFO results in lower cash flowsbecause the cash on income taxes is a percentage(the marginal tax rate) of thedifference in inventory values. Thus, with LIFO:Sales-COGS (smaller)EBT (larger)-Taxes (larger) Because taxes paid out are a cash outflow.EAT (larger) If taxes are larger, then cash flow ill be smaller.57. D. COGSFIFO = COGSLIFO - (Ending LIFO Reserve - Beginning LIFO Reserve)COGSFIFO = $250,000 - ($8,000-$5,000) = $247,00058. D. Compared to expensing, capitalizing results in higher profitability in earlyyears and lower profitability in later years.59. C.60. D. The present value of the minimum lease payments equals or exceeds 90 percentof the value of the fair value of the leased property.61. B. Capital lease affects on the income statement:Step1: Calculate the depreciation charge: ($3,500,000-$450,000)/10 = $305,000Step2: Calculate the interest expense: $3,500,000(0.15) = $525,000Total expense: $305,000+$525,000 = $830,00062. A.63. C.64. A.65. B.66. D.67. B. Dealer-markets are price-driven markets.68. D.69. C.70. C. P/E = Dividend payout ratio/(k-g)Dividend payout ratio = 1 - retention ratio = 1-0.2 = 0.8P/E = 0.8(0.15-0.08) =5.671. B. k = D1/P0+g = $4/$25+0.09 = 0.2572. A. Step1: Calculate the ending index value = ($100)(5) = $500Step2: Calculate the expected return.E(R1) = [Dividends + (Ending value - Beginning value)]/(Beginning value)= [40+(500-490)]/$490 = 0.1 or 10%73. D. The critical factors determining the franchise P/E are the difference between theexpected return on the new opportunities (R) and the current cost of capital (k)and the size of these growth opportunities relative to the firm's current size.74. A.75. C.76. D The completed contract method less net income in the periods beforeconstruction is completed, but not at the end of the contract, than using thepercentage-of-completion method. This is because the completed contractmethod recognizes revenue and expense only when the contract has beencompleted.77. A. N et income 1,000Adjustment for non-cash andnon-operating itemsDepreciation 100Deferred taxes (increase) 40Profit from sale ofequipment (10)Adjustment for workingcapital items:Accounts receivable (decrease) (120)Inventory (increase) (40)Accounts payable (increase) (20)Wages payable (decrease) (10)Cash flow from operations 94078. D79. A When inventory and accounts receivable increase, this is a use of cash (cashoutflow); when assets decrease, this is a source (cash inflow). When accountspayable increase, this is a source of cash (cash inflow); when liabilitiesdecrease, this is a use (cash outflow).80. B Cash conversion cycle = receivables days + inventory processing days -payables payment period.Receivables days = 365/receivabies turnover = 365/30 = 12.17 days.Inventory processing days = 365/inventory turnover = 365/15 = 24.33 days.Payables payment period = 365/payabIes turnover = 365/20 = 18.25days.Cash collection cycle = 12.17 + 24.33 – 18.25 = 18.25 days.81. B Choice A: Buying fixed assets on credit does not affect current assets butincreases current liabilities. Therefore, the current ratio falls.Choice B: Buying inventory on account increases both inventory and accountspayable. Because the current ratio started off below I, the ratio will increase.Choice C: Selling marketable securities for cash does not affect the amount ofcurrent assets and leaves the current ratio unaffected,Choice D: Paying off accounts payable from cash lowers current assets andcurrent liabilities by the same amount. Because the current ratio started offbelow 1, the ratio will fall.82. D ROE = Profit margin x Total asset turnover x financial leverageROE = (0.3)(2.1)(0.5)= 0.315 or 31.5%83. A ROE = [(S/A)(EBIT/S) - (I/A)](A/EQ)(I - t)ROE = [(2.5)(0.2) - (0.08)](1.2)(0.6) = 0.30 or 30%84. A85. B EPS = ($180,000 - $4,000) / 50,000 = $3.52 per share86. B87. D88. C These relationships are reversed in the latter years of the asset's life if the firm'scapital expenditures decline.89. D90. C.91. C.92. D.93. D. Absolute yield spread = Yield on Bond A - Yield on Bond B = 10%-7% = 3%94. B. Relative yield spread = (Yield on Bond A - Yield on Bond B)/(Yield on BondB)= (10%-7%)/7% = 0.43 = 43%95. B. Yield ratio = (Yield on Bond A)/(Yield on Bond B) = 6%/7% = 1.4396. B. Current yield = (Annual dollar coupon interest)/(Price of the bond) = 8/130 =0.0625 or 6.25%97. A. When the stock's price (S) - the strike price (X) is positive, a call option isin-the-money. 25-X = 8 so X = 17.98. A.99. A. The writer of put loss = $60-premiun$5 = $55The writer of call gets a maximum gain of $8100. A.101. C.102. D.103. A.104. D.105. B.106. D.107. C.108. A. Securities that fall on the SML are properly valued.109. A.110. A. If a stock's beta were equal to 1, an investor would be expected to get the market rate of return from buying the stock. E(R) = 5%+1(10%-5%) = 10% 111. D112. D113. C114. B Perfect positive correlation (r = + 1) of the returns of two assets offers no risk reduction, whereas perfect negative correlation (r = -1) offers the greatest riskreduction.115. B Portfolio A does not lie on the efficient frontier because it has a lower return than Portfolio B but has greater risk. Portfolio D does not lie on the efficientfrontier because it has higher risk than Portfolio C but has the same return. 116. C.117. D Choice A: Unsystematic risk is diversifiable risk.Choice B: Systematic risk is undiversifiable risk.Choice C: Total risk= Systematic risk+ Unsystematic risk.118. C119. D CAPM specifies the factor (market risk) but APT does not.120. A。