CFA考试一级章节练习题精选0331-12(附详解)
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0331-24（附详解）
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0331-13(附详解)
CFA考试一级章节练习题精选0331-13（附详解）、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0331-50(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0331-60(附详解)
CFA考试一级章节练习题精选0331-60附详解）1、Zet Bank has entered into a contract with Louly Corporation in which Zet agrees to buy a 2.5% U.S. Treasury bond maturing in 10 years and promises to sell it back next month at an agreed-on price. From Zet Bank's perspective, this contract is best described as a:【单选题】A.collateralized loan.B.repo.C.reverse repo.正确答案:C答案解析:A reverse repo (repurchase agreement) is collateralized cash lending by purchasing an underlying security now and selling it back in the future.Section 7.32、Consider a $100 par value bond with a 7% coupon paid annually and 5 years to maturity. At a discount rate of 6.5%, the value of the bond today is $102.08. One day later, the discount rate rises to 7.5%. Assuming the discount rate remains at 7.5% over the remaining life of the bond, what is most likely to occur to the price of the bond between today and maturity?【单选题】A.Increases then decreasesB.Decreases then increasesC.Decreases then remains unchanged正确答案:B答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. FabozziB is correct because if the discount rate rises to 7.5% from 6.5%, the price of a bond decreases. At a discount rate of 7.5%, the bond sells at a discount to face value. As a discount bond approaches maturity, it will increase in price over time until it reaches par at maturity.3、Using the U.S. Treasury forward rates provided below, the value of a 2?-year, $100 par value Treasury bond with a 5% coupon rate is closest to:【单选题】A.$101.52.B.$104.87.C.$106.83.。
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0331-12(附详解)
CFA考试一级章节练习题精选0331-12（附详解）1、An analyst compares different real estate valuation methods.A factor common tothe sales comparison approach and the income approach is that both approachesrequire :【单选题】A.identification of benchmark properties.B.knowledge of investor's marginal tax rate.C.calculation of the property's net operating income.正确答案:A答案解析:销售比较法（sales comparison approach）不需要计算房地产项目的经营性净收入（NOI），所以也不需要知道投资者的边际税率（marginal tax rate）。
但销售比较法和收入法都需要定义一个标的资产，销售比较法需要寻找基准的房地产用来得到其销售价格，并用以计算该房地产的价格；收入法需要寻找基准的房地产用来得到市场的资本化率（marketcapitalization rate)，并用来折现该房地产的经营性净收入，得到房地产的价格。
1、Which of the following is most likely a private equity strategy?【单选题】A.Merger arbitrageB.Quantitative directionalC.Venture capital正确答案:C答案解析:Venture capital is a private equity strategy in which private equity companies invest and get activelyinvolved in the management of portfolio companies.CFA Level I"Introduction to Alternative Investments," Terri Duhon, George Spentzos, and Scott D. StewartSection 4.2.21、An analyst does research about hedge funds.The returns from hedge funds thatcontain infrequently traded assets most likely exhibit a downward bias with respectto correlations with:【单选题】A.both conventional equity returns and conventional fixed income returns.B.conventional equity returns but not with conventional fixed income returns.C.conventional fixed income returns but not with conventional equity returns.正确答案:A答案解析:由于对冲基金对业绩披露的要求并不严格，而对冲基金持有交易并不活跃的资产，此时无法得到该资产真实的市场价格，往往需要通过估计得到，而估计会使得资产价格有平滑的趋势，并不能真实反映出最新最真实的市场价格，因此所得出的对冲基金收益率与传统的股票和固定收益产品收益率的相关性降低。
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《CFA一级》历年真题精选12(附详解)
CFA考试《CFA一级》历年真题精选12（附详解）1、Kim Klausner, CFA, monitors several hundred employees as head of compliance for a large investment advisory firm. Klausner has always ensured that his company’s compliance program met or exceeded those of its competitors. Klausner, who is going on a long vacation, has delegated his supervisory responsibilities to Sue Chang. Klausner informs Chang that her responsibilities include detecting and preventing violations of any capital market rules and regulations, and the CFA Institute Code and Standards. Klausner least likely violated the CFA Institute Standards of Professional Conduct by failing to instruct Chang to also consider:【单选题】A.firm policies.B.legal restrictions.C.industry standards.正确答案:C答案解析:“Guidance for Standards I–VII”, CFA InstituteC is correct because the requirement under Standard IV(C) Responsibilities of Supervisors does not include any reference to industry standards. Standard IV(C) requires supervisors to instruct those subordinate to whom supervision is delegated about detection methods to prevent violations of laws, rules, regulations, firm policies and the CFA Institute Code and Standards.2、An increase in which of the following items is most likely to result in a wider confidence interval for the population mean?【单选题】A.Sample sizeB.Reliability factorC.Degrees of freedom正确答案:B答案解析:“Sampling and Estimation,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAAn increase in the reliability factor (the degree of confidence) increases the width of the confidence interval. Increasing the sample size and increasing the degrees of freedom both shrink the confidence interval.3、An analyst collects data relating to five commonly used measures of use of debt (leverage) and interest coverage for a randomly chosen sample of 300 firms. The data comes from those firms’ fiscal year 2011 annual reports. This data is best characterized as:【单选题】A.time-series data.B.longitudinal data.C.cross-sectional data.正确答案:C答案解析:“Sampling and Estimation,” Richard A. Defusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleStudy Session 3-10-dDistinguish between time-series and cross-sectional data.C is correct. Data on some characteristics of companies at a single point in time are cross-sectional data.4、Consumer surplus is best described as:【单选题】A.always less than or equal to zero.B.always greater than or equal to zero.C.at times positive and at other times negative.正确答案:B答案解析:“Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. ArbogastB is correct. Consumer surplus arises when one pays less for a good than the maximum price that she or he was willing to pay for it. Consumer surplus is the value (or marginal benefit) of a good minus the price paid for it, summed over the quantity bought. Because no consumer will (willingly) pay a price greater than the marginal value or benefit, consumer surplus is always positive.5、An investor buys stock on margin and holds the position for exactly one year.Assuming that the interest on the loan and the dividend are both paid at the end of the year, the price at which the investor sold the stock is closest to:【单选题】A.$23.05.B.$23.38.C.$23.98.正确答案:B答案解析:“Market Organization and Structure,” Larry Harris6、A bond is selling for 98.2. It is estimated that the price will fall to 96.6 if yields rise 30 bps and that the price will rise to 100.1 if yields fall 30 bps. Based on these estimates, the duration of the bond is closest to:【单选题】A.1.78.B.5.94.C.11.88.正确答案:B答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi, CFA7、The table below provides information about a portfolio of three bonds.Based on this information, the duration of the portfolio is closest to:【单选题】A.9.35.B.9.48.C.9.74.正确答案:A答案解析:“Introduction to the Measurement of Interest Rate Risk,” Frank J. Fabozzi8、Vida Knauss, CFA, manages the portfolios of a number of high-net-worth individuals.Which of the following most likely violates the Standards of ProfessionalConduct relating to suitability when:【单选题】A.Knauss evaluates the investment in the context of the individual characteristicsof the investment alone.B.Knauss evaluates whether the investment is suitable for the client's investmentpolicy statement.C.Knauss evaluates the investment in the context of the client's total portfolioof investments.正确答案:A答案解析:评估投资是否适合应该以投资组合的范围来评估，同时应该评估投资是否符合客户的需要和目的，这些都是反映适合性的。
CFA考试一级章节练习题精选0331-10(附详解)
CFA考试一级章节练习题精选0331-10（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0331-40(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0330-31(附详解)
CFA考试一级章节练习题精选0330-31（附详解）1、An analyst does research about currency swap and stated that, in the typical currencyswap, principal amounts are exchanged at both the beginning and end ofthe swap and interest payments are netted during the life of the swap.The analystis most accurate with respect to :【单选题】A.B.C.正确答案:B答案解析:货币互换是两种不同的货币之间的相互交换，通常本金在期初期末要进行交换，期间的利息支付不可以相互抵消。
2、Based on put-call parity for European options, a synthetic put is most likely equivalent to a:【单选题】A.long call, short underlying asset, long bond.B.long call, long underlying asset, short bond.C.short call, long underlying asset, short bond.正确答案:A答案解析:Derivative Markets and Instruments,” Don M. Chance2011 Modular Level I, Vol. 6, pp 110-113Study Session 17-71-mExplain put-call parity for European options, and relate put-call parity to arbitrage and to the construction of synthetic options.A is correct. A Synthetic Put is equivalent to a Long Call + Short Underlying + Long Bond.3、Two parties agree to a forward contract on a non-dividend paying stock at a price of $103.00. At contract expiration the stock trades at $105.00. In a cash-settled forward contract, the:【单选题】A.short pays the long $2.00.B.short pays the long $103.00.C.long pays the short $105.00.正确答案:A答案解析:“Forward Markets and Contracts”, Don M. Chance, CFA2011 Modular Level I, Vol. 6, p. 32Study Session 17-69-aExplain delivery/settlement and default risk for both long and short positions in a forward contract.A is correct because a cash-settled forward permits the long and short to pay the net cash value of the position on the delivery date. The long is due to receive a stock from the short with a market value of $105.00. Through the forward contract, the long agreed to purchase the stock at $103.00. Therefore, the short must pay the net cash value of $2.00 to the long.4、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, CFA2013 Modular Level I, Vol. 6, Reading 62, Section 6.2Study Session 17-62-fDescribe the characteristics of the following types of futures contracts: Treasury bill, Eurodollar, Treasury bond, stock index, and currency.C 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 1.5、An American call has a strike price of $60 and expires in 1.5 years.The currentprice of the underlying is $58.5 and the risk-free rate is 3.5%.The minimumvalue of this call is:【单选题】A.$0B.$0.53C.$1.52正确答案:C答案解析:。
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0331-1(附详解)
CFA考试一级章节练习题精选0331-1（附详解）1、Which of the following is NOT a recommended procedure for compliance withthe Standards of Professional Conduct relating to misrepresentation? The firm:【单选题】A.specifically designates which employees are authorized to speak on behalfof the firm.B.discontinues using the work completed by a former member or candidate.C.provides a written list of the firm's available services and a description ofthe firm's qualification.正确答案:B答案解析:公司特别指定哪个员工可以代表公司发言，提供书面形式的公司可服务类型以及对公司资质进行描述，都是为了遵守禁止虚假陈述（misrepresentation）所推荐的做法。
公司可以继续使用过去员工的研究成果。
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0330-12(附详解)
CFA考试一级章节练习题精选0330-12（附详解）1、The following selected information is from a company’s most recent financial statements:The 2009 cash conversion cycle, in days, is closest to:【单选题】A.23.B.26.C.28.正确答案:A答案解析:“Financial Analysis Techniques”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFA 2010 Modular Level I, Vol. 3, pp. 329-330“Working Capital Management,” Edgar A. Norton, Jr., CFA, Kenneth L. Parkinson, and Pamela P. Peterson, CFA2010 Modular Level I, Vol. 4 pp.89-93Study Session 8-35-d, 11-46-cCalculate, classify and interpret activity, liquidity, solvency, profitability, and valuation ratios.Evaluate overall working capital effectiveness of a company, using the operating and cash conversion cycles, and compare its effectiveness with other peer companies.2、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：（1）陈述分析目标；（2）收集数据（例如财务报表、行业报告等）；（3）处理数据（形成通用报表、比率和图表等）；（4）分析并阐述所处理的数据；（5）制定决策，沟通结果并形成推荐意见；（6）继续跟踪。
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CFA考试一级章节练习题精选0331-12（附详解）
1、An analyst compares different real estate valuation methods.A factor common tothe sales comparison approach and the income approach is that both approachesrequire :【单选题】
A.identification of benchmark properties.
B.knowledge of investor's marginal tax rate.
C.calculation of the property's net operating income.
正确答案:A
答案解析:销售比较法（sales comparison approach）不需要计算房地产项目的经营性净收入（NOI），所以也不需要知道投资者的边际税率（marginal tax rate）。
但销售比较法和收入法都需要定义一个标的资产，销售比较法需要寻找基准的房地产用来得到其销售价格，并用以计算该房地产的价格；收入法需要寻找基准的房地产用来得到市场的资本化率（marketcapitalization rate)，并用来折现该房地产的经营性净收入，得到房地产的价格。
1、Which of the following is most likely a private equity strategy?【单选题】
A.Merger arbitrage
B.Quantitative directional
C.Venture capital
正确答案:C
答案解析:Venture capital is a private equity strategy in which private equity companies invest and get activelyinvolved in the management of portfolio companies.
CFA Level I
"Introduction to Alternative Investments," Terri Duhon, George Spentzos, and Scott D. Stewart
Section 4.2.2
1、An analyst does research about hedge funds.The returns from hedge funds thatcontain infrequently traded assets most likely exhibit a downward bias with respectto correlations with:【单选题】
A.both conventional equity returns and conventional fixed income returns.
B.conventional equity returns but not with conventional fixed income returns.
C.conventional fixed income returns but not with conventional equity returns.
正确答案:A
答案解析:由于对冲基金对业绩披露的要求并不严格，而对冲基金持有交易并不活跃的资产，此时无法得到该资产真实的市场价格，往往需要通过估计得到，而估计会使得资产价格有平滑的趋势，并不能真实反映出最新最真实的市场价格，因此所得出的对冲基金收益率与传统的股票和固定收益产品收益率的相关性降低。
1、An analyst does research about interest rate risk of fixed income securities andgathers the following information about three option-free bonds selling at par:
The bond with the lowest interest rate risk is:【单选题】
A.Bond 1.
B.Bond 2.
C.Bond 3.
正确答案:B
答案解析:息票率(Coupon Rate)越低，利率风险越大，因为大部分比例的现金流在未来造成价格变动的可能性增加。
期限（Maturity)越长，利率风险越大，因为未来面临的不确定性增加。
由于利率变动，折现值也会比较波动。
1、When investing in commodities through a collateralized commodity futures position, the return associated with rolling forward the maturity of a futures contract is referred to as the:【单选题】
A.collateral yield.
B.spot price return.
C.convenience yield.
正确答案:C
答案解析:“Investing in Commodities,” Ronald G. Layard-Liesching
2010 Modular Level I, Vol. 6, pp. 268-269
Study Session 18-74-b
Describe the sources of return and risk for a commodity investment and the effect on a portfolio of adding an allocation to commodities.
C is correct because the roll or convenience yield is the return from rolling forward the maturity of the derivatives position. The roll yield can be either negative or positive.。