CFA考试一级章节练习题精选0401-20(附详解)

CFA考试一级章节练习题精选0401-15(附详解)

CFA考试一级章节练习题精选0401-15（附详解）1、In competitive markets, when the efficient quantity is produced, the least likely result is to:【单选题】A.maximize total surplus.B.generate underproduction.C.minimize deadweight loss.正确答案:B答案解析:“Efficiency and Equity,” Michael ParkinWhen the efficient q uantity is produced, total surplus (the sum of consumer surplus and producer surplus) is maximized. Deadweight loss reduces total surplus and occurs when there is either underproduction or overproduction, i.e. when the quantity produced differs from the efficient quantity. When the efficient quantity is produced, underproduction does not occur.2、Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate?【单选题】A.HHI is a useful measure of potential barriers to entry.B.Low control over prices is characteristic of oligopolies.C.An HHI value of 60 indicates that a market is highly competitive.正确答案:C答案解析:“Organizing Production,” Michael ParkinHHI values below 100 indicate the market is highly competiti ve.3、Under conditions of perfect competition, in the long run companies will most likely earn:【单选题】A.positive accounting profit and negative economic profit.B.zero accounting profit and positive economic profit.C.normal profit and zero economic profit.正确答案:C答案解析:In highly competitive market situations, companies tend to earn the normal profit level over time because the ease of market entry allows for other competing companies to compete away any economic profit over the long run. When accounting profit equals normal profit, economic profit is zero.Sections 2.1.1–2.1.24、First-degree price discrimination is best described as pricing that allows producers to increase theireconomic profit while consumer surplus:【单选题】A.increases.B.decreases.C.is eliminated.正确答案:C答案解析:In first-degree price discrimination, the entire consumer surplus is captured by the producer; theconsumer surplus falls to zero.Section 6.45、Which of the following international organizations' mandate is to makes resourcesavailable to member countries with balance of payments problem?【单选题】A.World Bank.B.World Trade Organization.C.International Monetary Fund.正确答案:C答案解析:国际货币基金组织（IMF）在其会员国出现国际收支问题时，会提供必要的援助。

CFA考试一级章节练习题精选0401-18(附详解)

CFA考试一级章节练习题精选0401-18（附详解）1、The following information is available about a hedge fund:Assume management fees are calculated using end-of-period valuation. The investor's net return given this fee structure is closest to:【单选题】A.9.68%.B.10.88%.C.9.79%.正确答案:C答案解析:Management fee: 1% of $112 million = $1.12 million.Section 3.32、The real estate index most likely to suffer from sample selection bias is a(n):【单选题】A.REIT index.B.appraisal index.C.repeat sales index.正确答案:C答案解析:Only properties that sell in each period and are included in the index and vary over time which may not be representative of the whole market.Section 5.33、If the level of broad inflation indices is largely determined by commodity prices, the average real yield on direct commodity investments is most likely:【单选题】A.greater than zero.B.equal to zero.C.less than zero.正确答案:B答案解析:As the price increases of commodities are mirrored in higher price indices, the nominal return is equal to inflation and thus the real return is zero.Section 6.34、Adding alternative investments to a portfolio of traditional investments will most likely result in a new combined portfolio with returns and standard deviation that are, respectively:【单选题】A.[1668201704061-image/0446.jpg]B.[1668201704061-image/0447.jpg]C.[1668201704061-image/0448.jpg]。

CFA考试《CFA一级》历年真题精选01(附详解)

CFA考试《CFA一级》历年真题精选01（附详解）1、Ian O’Sullivan, CFA, is the owner and sole employee of two companies, a public relations firm and a financial research firm. The public relations firm entered into a contract with Mallory Enterprises to provide public relations services, with O’Sullivan receiving 40,000 shares of Mallory stock in payment for his services. Over the next 10 days, the public relations firm issued several press releases that discussed Mallory’s excellent growth prospects. O’Sullivan, through his financial research firm, also published a research report recommending Mallory stock as a “buy.”According to the CFA Institute Standards of Professional Conduct, O’Sullivan is most likely required to disclose his ownership of Mallory stock in the:【单选题】A.press releases only.B.research report only.C.both the press release and the research report.正确答案:C答案解析:“Guidance for Standards I-VII”, CFA InstituteC is correct because members should disclose all matters that reasonably could be expected to impair the member’s objectivity. Standard I (B), Standard VI (A).2、Other factors held constant, the reduction of a company’s average accounts payables due to suppliers offering less trade credit will most likely:【单选题】A.reduce the operating cycle.B.increase the operating cycle.C.not affect the operating cycle.正确答案:C答案解析:"Financial Analysis Techniques," Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFAPayables are not part of the operating cycle calculation. Operating cash cycle includes inventory and accounts receivable.3、In a sales-driven pro forma analysis, net income grows from $1.2 million to $1.26 million. Assuming a dividend payout ratio of 40%, the increase in retained earnings is closest to (in $ millions):【单选题】A.0.720.B.0.756.C.1.260.正确答案:B答案解析:“Financial Statement Analysis,”Pamela Peterson Drake4、The slope of the security market line (SML) represents the portion of an asset’s expected return attributable to:【单选题】A.total risk.B.market risk.C.diversifiable risk.正确答案:B答案解析:“Portfolio Risk and Return Part II,”Vijay SingalB is correct. The slope of the SML is the market risk premium, E(Rm) –Rf. It represents the return of the market less the return of a risk-free asset. Thus, the slope represents the portion of expected return that reflects compensation for market or systematic risk.5、Jenny Hein, CFA, is a research analyst covering a mining industry.Hein hasprepared a research report on one mining company based on research from a varietyof sources and other analysts.Hein combines these materials to form her ownopinion and completes the report without acknowledge her sources in her report.Then Hein distributes the report to her clients.Has Jenny most likely violated theStandards of Professional Conduct?【单选题】A.No.B.Yes, by failing to cite the work of others in her report.C.Yes, by failing to have reasonable basis for her opinion.正确答案:B答案解析:因为Hein在研究报告中引用了别人的研究成果，对此必须注明出处，题目中并没有说她没有合理的证据，把其他分析师的研究加入其自己的研究报告，只要指明出处并不违反专业行为标准。

CFA考试一级章节练习题精选0401-6(附详解)

CFA考试一级章节练习题精选0401-6（附详解）1、Consider the following information regarding consumer price index (CPI) numbers for this year and last year.The inflation rate (in %) for the period is closest to:【单选题】A.2.35.B.2.38.C.2.41.正确答案:C答案解析:"Monitoring Jobs and the Price Level” Michael ParkinThe inflation rate is calculated as: ((CPI this year – CPI last year) / CPI last year) × 100. In this question, the inflation rate is ((267.54 – 261.25) / 261.25) × 100 = 2.407656.2、A college student’s monthly demand for pizza is given by the equation:The student’s current monthly food budget is $500, the price of a pizza is $5 and the price of cola is $1.25/bottle. If the student’s monthly food budget were to increase to $700, the slope of her demand curve for pizza would be closest to:【单选题】A.–2.42.B.–1.43.C.–0.70.正确答案:B答案解析:“Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. Arbogast, CFA3、An analyst does research about demand for labor.All else remaining the same, afirm's demand curve for labor will least likely shift in response to a changein the:【单选题】A.wage rate of labor.B.price of the firm's output.。

CFA考试一级章节练习题精选0401-13(附详解)

CFA考试一级章节练习题精选0401-13（附详解）1、The following equations have been developed for a company:The profit maximizing output for this firm (in units) is closest to:【单选题】A.7.B.8.C.11.正确答案:A答案解析:“The Firm and Market Structures,” Richard G. Fritz and Michele Gambera[1662201704061-image/0312.jpg]2、Assume that the central bank reduces the reserve requirement. The most likely effect will be:【单选题】A.an increase in the money multiplier.B.a decrease in the money supply.C.a decrease in new deposits.正确答案:A答案解析:Reducing the reserve requirement will increase the money supply, money multiplier, and new deposits. 2014 CFA Level ISection 2.1.2 3、Under conditions of perfect competition, in the long run companies will most likely earn:【单选题】A.positive accounting profit and negative economic profit.B.zero accounting profit and positive economic profit.C.normal profit and zero economic profit.正确答案:C答案解析:In highly competitive market situations, companies tend to earn the normal profit level over time because the ease of market entry allows for other competing companies to compete away any economic profit over the long run. When accounting profit equals normal profit, economic profit is zero.Sections 2.1.1–2.1.24、The aggregate demand and supply functions for the local market for pizza, along with some relevantdata, is provided in the following table.The number of units of excess demand for pizza is closest to:【单选题】A.2,358.B.1,471.C.2,072.正确答案:A答案解析:[1662201704111-image/398.jpg]5、If a monopolistically competitive industry becomes perfectly competitive, eachfirm's long-run average total cost per unit sold will most likely:【单选题】A.decrease.B.remain the same.C.increase.。

CFA考试一级章节练习题精选0401-22(附详解)

CFA考试一级章节练习题精选0401-22（附详解）1、A hedge fund with an initial value of $100 million has a management fee of 2% and an incentive fee of 20%. Management and incentive fees are calculated independently using end-of-period valuation. The value must reach the previous high water mark before incentive fees are paid. The table below provides end-of-period fund values over the next three years.The total amount of fees earned by the hedge fund in Year 3 is closest to:【单选题】A.$4.8 million.B.$5.5 million.C.$5.9 million.正确答案:A答案解析:The incentive fee is based on the performance relative to the previous high-water mark after fees.Section 3.32、Venture capital investments used to provide capital for companies initiating commercial manufacturing and sales are most likely to be considered a form of:【单选题】A.first-stage financing.B.mezzanine financing.C.second-stage financing.正确答案:A答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeaveyVenture capital investments provided to initiate commercial manuf acturing and sales is considered a form of first-stage financing.3、The following information is available about a hedge fund:No deposits to the fund or withdrawals from the fund occurred during the year. Management fees arecalculated using end-of-period valuation. Management fees and incentive fees are calculatedindependently. The net-of-fees return of the investor is closest to:【单选题】A.5.8%.B.7.4%.C.7.8%.正确答案:A答案解析:The soft hurdle rate is surpassed, because the return of the fund is 10%. For that reason, the full fee,based on the full performance, is due.Section3.34、An analyst does research about alternative investments.With respect to alternativeinvestments, a long time horizon and intense investor participation are mostlikely to be required for successful investing in both:【单选题】A.hedge funds and exchange traded funds.B.venture capital and distressed securities.modities and commodity derivatives.正确答案:B。

CFA考试一级章节练习题精选0401-16(附详解)

CFA考试一级章节练习题精选0401-16（附详解）1、The following data apply to a country in its domestic currency units:Using the expenditures approach, the country’s gross dom estic product (GDP) is closest to:【单选题】A.1,448,650.B.1,451,500.C.1,466,490.正确答案:A答案解析:“Aggregate Output, Prices, and Economic Growth,” Paul R. Kutasovic, CFA and Richard G. Fritz[1662201704061-image/0394.jpg]2、Three firms operate under perfect competition, producing 900 units of the same product but using different production technol ogies. Each company’s cost structure is indicated below:Which of the following statements is most accurate? If the unit selling price is:【单选题】A.$6.00, all firms should exit the market in the long run.B.$3.50, firm X should continue to operate in the short run, but firms Y and Z should shut down production.C.$4.50, all firms should continue to operate in the short run, but exit the market in the long run if these conditions are expected to persist.正确答案:B答案解析:“Demand and Supply Analysis: The Firm,” Gary L. Arbogast, CFA and Richard V. Eastin[1662201704061-image/0495.jpg]3、The most likely initial (short-run) effect of demand-pull inflation is an increase in:【单选题】A.employee wages.B.finished good prices.modity prices.正确答案:C答案解析:The effect of demand-pull inflation is an increase in the aggregate demand, which, in turn, leads to an increase (initially) in commodity prices.Sections 4.2.4–4.2.4.24、The price of a good falls from $15 to $13. Given this decline in price, the quantity demanded of thegood rises from 100 units to 120 units. The arc price elasticity of demand for the good is closest to:【单选题】A.1.3.B.1.5.C.10.0.正确答案:A答案解析:Arc price elasticity of demand is calculated as: %ΔQ/%ΔP=([1662201704111-image/421.jpg]) / ([1662201704111-image/422.jpg]).In this case, (20/110)/(2/14)=1.27 rounded to 1.3.Section 4.15、Which of the following obstacles to efficiency least likely leads to overproduction?【单选题】A.External costs.。

CFA考试《CFA一级》历年真题精选04(附详解)

CFA考试《CFA一级》历年真题精选04（附详解）1、Which of the following is most likely a sign of a good corporate governance structure?【单选题】A.Independent board members comprise a minority proportion on the company’s board.B.The separation of the chief executive position from the chair position on the company’s board.C.Independent board members are allowed to meet shareholders only in the presence of the entire board.正确答案:B答案解析:“The Corporate Governance of Listed Companies: A Manual for Investors”The CEO and board chair should be separated to prevent too much executive power.2、Which statement best describes option price sensitivities? The value of a:【单选题】A.call option increases as interest rates rise.B.put option increases as volatility decreases.C.put option decreases as interest rates decline.正确答案:A答案解析:“Derivative Markets and Instruments,” Don M. ChanceA is correct. Call options increase in value as interest rates rise.3、The most likely impact of adding commodities to a portfolio of equities and bonds is to:【单选题】A.increase riskB.enhance return.C.reduce exposure to inflation.正确答案:C答案解析:“Investing in Commodities,” Ronald G. Layard-LieschingC is correct. Over the long term, commodity prices are closely related to inflation and, therefore, including commodities in a portfolio of equities and bonds will reduce its exposure to inflation.4、Amanda Janney, CFA, is employed as a fixed-income portfolio manager for CollinsAsset Management Inc.(CAM) , a large international capital managementfirm.Janney signed a non-compete agreement with CAM when she joined CAM.The agreement strictly restricts Janney from contacting CAM's clients for fiveyears after leaving CAM.Janney leaves CAM and immediately sets up anothercompeting firm herself where Janney uses the knowledge and experience shelearns at CAM.In her first week at her new firm, Janney uses public internetsearching to find some of her former clients and recommends her new firm tothem.Janney has most likely violated the Standards of Professional Conduct by:【单选题】A.violating his non-compete agreement signed with CAM.ing public internet searching to find some of her former clients at her newfirm.ing the knowledge and experience she learns at CAM.正确答案:A答案解析:因为签署过同业竞争协议就应该加以遵守，即在离开原来公司后5年内不联系原有雇主的客户，而Janney离开后的第一个星期就利用公开的互联网搜索寻找以前的客户并拉拢这些客户，显然违反了对于雇主忠诚的原则。

CFA考试一级章节练习题精选0401-4(附详解)

CFA考试一级章节练习题精选0401-4（附详解）1、The option-free bonds of Argus Corporation have a duration of eight years. When interest rates rise by 100 bps, the bond's price declines by 7.9%. When interest rates fall by 100 bps, however, the price rises by 8.2%. The asymmetrical price change is most likely caused by the:【单选题】A.maturity effect.B.coupon effect.C.convexity effect.正确答案:C答案解析:It is bond convexity that explains the asymmetrical price change. A fall in interest rates will result in a higher percentage rise in the bond's price compared with the percentage fall in the bond's price when interest rates rise by the same amount.Section 2.32、Which of the following is closest to the value of a 10-year, 6% coupon, $100 par value bond with semi-annual payments assuming an annual discount rate of 7%?【单选题】A.$92.89B.$99.07C.$107.44正确答案:A答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi3、If three bonds are otherwise identical, the one exhibiting the highest level of positive convexity is most likely the one that is:【单选题】A.putable.B.callable.C.option-free.正确答案:A答案解析:“Introduction to the Measurement of Interest Rate Risk,” Frank J. Fa bozziA is correct because when interest rates rise, a putable bond is more likely to be put back to the issuer by the investor, limiting the loss of value and giving the bond more positive convexity than an option-free bond. In contrast, a callable bond is likely to be called from the investor when interest rates fall, limiting the gain in value and giving the bond negative convexity.4、A portfolio manager holds the following three bonds, which are option free and have the indicateddurations.The portfolio's duration is closest to:【单选题】。

CFA考试一级章节练习题精选0401-2(附详解)

CFA考试一级章节练习题精选0401-2（附详解）1、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 contractionary.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.2、If the minimum efficient scale of a single producer is small relative to the demand for an undifferentiated good, the market structure of the producer is bestdescribed as being:【单选题】A.an oligopoly.B.perfect competition.C.monopolistic competition.正确答案:B答案解析:“The Firm and Market Structures,” Richard G. Fritz and Michele GamberaB is correct. Perfect competition involves the sale of a homogeneous product by many sellers; monopolistic competition may also involve many sellers, but its product involves differentiation.3、A college student’s monthly demand for pizza is given by the equation:The student’s current monthly food budget is $500, the price of a pizza is $5 and the price of cola is $1.25/bottle. If the student’s monthly food budget were to increase to $700, the slope of her demand curve for pizza would be closest to:【单选题】A.–2.42.B.–1.43.C.–0.70.正确答案:B答案解析:“Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. Arbogast, CFA。

CFA考试一级章节练习题精选0401-14(附详解)

CFA考试一级章节练习题精选0401-14（附详解）1、The tools used by the U.S. Federal Reserve system (the Fed) to implement monetary policy most likely include:【单选题】A.transfer payments.B.open market operations.C.raising or lowering income taxes.正确答案:B答案解析:“Money, the Price Level, and Inflation,” Michael ParkinThe Fed uses three main policy tools to achieve its objectives: requi red reserve ratios, discount rate, and open market operations.2、Which of the following is least likely to be a valid function/characteristic of money? Money:【单选题】A.acts as a unit of account.B.provides a means of payment.C.requires a double coincidence of wants.正确答案:C答案解析:“Money, the Price Level, and Inflation,” Michael ParkinThe functions of money include being a means of pa yment, acting as a medium of exchange,acting as a unit of account, and acting as a store of value. It does not require a double coincidence of wants, as barter does.3、Capital provided for companies beginning operation but before commercial manufacturing and sales have occurred best describes which stage in venture capital investing?【单选题】A.Seed-stageB.Early-stageter-stage正确答案:B答案解析:“Alternative Investments”, Global Investments, Sixth Edition, by Bruno Solnik and Dennis McLeavey, CFAB is correct. E arly-stage financing is capital provided for companies moving into operation and before commercial manufacturing and sales have occurred.4、Which of the following statements is most accurate in describing total surpluswith respect to a product or service?【单选题】A.Price minus marginal cost, summed over the quantity bought.B.Marginal benefit minus price, summed over the quantity bought.C.Marginal benefit minus marginal cost, summed over the quantity bought.正确答案:C答案解析:总剩余（total surplus）是消费者剩余（consumer surplus）加上生产者剩余（producer surplus），即将边际收益减去边际成本，在所有购买量上的加总。

CFA考试一级章节练习题精选0401-5(附详解)

CFA考试一级章节练习题精选0401-5（附详解）1、Assuming its trading partner does not retaliate, which of the following conditions must hold in order for a large country to increase its national welfare by imposing a tariff?【单选题】A.It must have a comparative advantage in the production of the imported good.B.The deadweight loss must be smaller than the benefit of its improving terms of trade.C.It must auction the import licenses for a fee to offset the decline in the consumer surplus.正确答案:B答案解析:“International Trade and Capital Flows,” Usha Nair-Reichert and Daniel Robert WitschiB is correct. The large country is able to cause the foreign exporter to reduce price in order to retain market share. In the large country, domestic producers gain from higher volume and the government gains from collecting the tariff. The sum of these two gains must exceed the deadweight loss to domestic consumers to achieve a national welfare gain. The change in terms of trade causes income redistribution from the foreign exporter to the domestic producer.2、A power generation company is a monopoly that has very high barriers to entry. The quantity demand for its product is= 800 – 0.25 × P (where P is price). The slope of the marginal revenue curve is closest to:【单选题】A.–8.00.B.–0.25.C.–4.00.正确答案:A答案解析:Solve for P from the quantity demanded:Section 6.33、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 4.14、The European one-year risk-free rate is 1.98%, and the U.S.one-year risk-freerate is 1.08%.If the U.S.dollar per euro (USD/euro) spot rate is 1.2511, theone-year forward points for the USD/ euro forward rate are closest to:【单选题】A.-94.0B.-110.4。

CFA考试一级章节练习题精选0401-18(附详解)

CFA考试一级章节练习题精选0401-18（附详解）1、The following information is available about a hedge fund:Assume management fees are calculated using end-of-period valuation. The investor's net return given this fee structure is closest to:【单选题】A.9.68%.B.10.88%.C.9.79%.正确答案:C答案解析:Management fee: 1% of $112 million = $1.12 million.Section 3.32、The real estate index most likely to suffer from sample selection bias is a(n):【单选题】A.REIT index.B.appraisal index.C.repeat sales index.正确答案:C答案解析:Only properties that sell in each period and are included in the index and vary over time which may not be representative of the whole market.Section5.33、If the level of broad inflation indices is largely determined by commodity prices, the average real yield on direct commodity investments is most likely:【单选题】A.greater than zero.B.equal to zero.C.less than zero.正确答案:B答案解析:As the price increases of commodities are mirrored in higher price indices, the nominal return is equal to inflation and thus the real return is zero.Section 6.34、Adding alternative investments to a portfolio of traditional investments will most likely result in a new combined portfolio with returns and standard deviation that are, respectively:【单选题】A.[1668201704061-image/0446.jpg]B.[1668201704061-image/0447.jpg]C.[1668201704061-image/0448.jpg]正确答案:B答案解析:“Introduction to Alternative Investments”, Terri Duhon, George Spentzos, CFA, and Scott D. Stewart, CFAB is correct because the risk/return profile of the overall portfolio will potentially improve. The overall risk will most likely drop, and the overall return will most likely rise.5、An analyst does research about commodity markets.Which of the followingstatements about investing in commodities is least accurate?【单选题】。

CFA考试一级章节练习题精选0401-3(附详解)

CFA考试一级章节练习题精选0401-3（附详解）1、When interest rates fall, the price of a callable bond will:【单选题】A.fall less than an option-free bond.B.rise less than an option-free bond.C.rise more than an option-free bond.正确答案:B答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi, CFAB is correct because when interest rates fall, the price of the embedded call option increases. Since, price of a callable bond = price of option-free bond – price of embedded call option, the price of the callable bond will not increase as much as an option-free bond since the price of the call option is increasing. As interest rates fall, the bond is more likely to be called, limiting the upside price increase potential.2、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、The type of residential mortgage least likely to contain a "balloon" payment is a(n):【单选题】A.fully amortizing mortgage.B.interest-only mortgage.C.partially amortizing mortgage.正确答案:A答案解析:A fully amortizing mortgage is least likely to contain a balloon payment because the sum of all thescheduled principal repayments during the mortgage's life is such that when the last mortgagepayment is made the loan is paid in full.Section 4.34、An analyst is doing research about the change of bond value to the passage oftime and gathered the following information about an option-free bond.Thebond has 6 percent coupon and an annual discount rate of 5 percent, pays interestsemiannually, matures in five years, and is valued at $ 1 043.76.Oneyear later, the annual discount rate for that bond is 4.5 percent.At this time,the change in value for this bond that is attributable only to change of interestrate is closest to:【单选题】A.- $ 18.50B.$ 7.91C.$ 18.50正确答案:C答案解析:N = 8, I/Y = 5, PMT = $1 000 × 6%/2 = $30, FV = $1 000，求出PV = $1035.85，当利率改变时，N = 8，I/Y = 4.5，PMT = $1 000 × 6%/2 = $30，FV = $1 000，求出PV =$1 054.35，因此利率从5%变化为4.5%时，价格上升了$1 054.35 - $1035.85 =$18.50。

CFA考试一级章节练习题精选0401-12(附详解)

CFA考试一级章节练习题精选0401-12（附详解）1、If the yield to maturity on an annual-pay bond is 7.75%, the bond-equivalent yield is closest to:【单选题】A.7.61%.B.7.90%.C.8.05%.正确答案:A答案解析:“Yield Measures, Spot Rates, and Forward Rates,” Frank J. Fabozzi, CFA[1667201704061-image/0444.jpg]2、An analyst does research about survivorship bias and its impact to measurementratios.Hedge fund data bases and indexes that suffer from survivorship bias becauseof a failure to comply with performance presentation standards are mostlikely to overstate :【单选题】A.Sharpe ratios.B.standard deviation of returns.C.correlations with returns from common stocks.正确答案:A答案解析:对冲基金有生存偏差，统计的历史业绩中只包含那些生存下来的基金的业绩，而那些由于业绩不佳而被清盘的基金的业绩不包括在内，这就高估了对冲基金的平均收益率，低估了对冲基金收益率的标准差，所以导致高估了夏普比率。

同时，由于对冲基金的业绩看上去很稳定，但并不能反映市场的情况，这就低估了与普通股收益率之间的相关系数。

3、An analyst does research about price value of a basis point (PVBP).With respectto a coupon bond, the duration is 8.61, and the current price of the bondis $ 101.35.The price value of a basis point (PVBP) of the bond is closest to:【单选题】A.$ 0.0861B.$ 0.0873C.$ 0.1014正确答案:B答案解析:8.61 × 0.0001 × $ 101.35 = $ 0.08734、Which of the following measures of interest rate risk is most appropriate forbonds with prepayment option?【单选题】A.Effective duration.B.Modified duration.C.Macaulay duration.正确答案:A答案解析:对于有内含权或者提前偿付权的债券而言，由于现金流是不确定的，故应该用有效久期测量利率风险，而不能用修正久期或麦考利久期。

CFA考试一级章节练习题精选0401-7(附详解)

CFA考试一级章节练习题精选0401-7（附详解）1、The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period.The security is most likely a(n):【单选题】A.step-up note.B.inverse floater.C.deferred coupon bond.正确答案:B答案解析:“Features of Debt Securities,” Frank J. FabozziB is correct because the security’s coupon rate moves in the opposite direction (inversely) with the risk free rate. (Specifically: Coupon rate = 12.00% – 2 × Risk free rate.)2、An investor whose marginal tax rate is 33.5% is analyzing a tax-exempt bond offering a yield of 5.20%. The taxable-equivalent yield of the bond is closest to:【单选题】A.3.90%.B.6.94%.C.7.82%.正确答案:C答案解析:“Understanding Yield Spreads,” Frank J. Fabozzi= 5.20%/(1 – 0.335) = 7.82%.3、One reason why the duration of a portfolio of bonds does not properly reflect that portfolio’s yield curve risk is the duration measure:【单选题】A.assumes all yields change by the same amount.B.assumes all the bonds have the same discount rate.C.ignores differences in coupon rates across the bonds.正确答案:A答案解析:“Risks Associated with Investing in Bonds”, Frank J. Fabozzi, CFAA is correct because duration assumes all interest rates across the yield curve change by the same amount and therefore each bond’s yield changes by the same amount.4、Duration is most accurate as a measure of interest rate risk for a bond portfolio when the slope ofthe yield curve:【单选题】A.stays the same.B.increases.C.decreases.正确答案:A答案解析:Duration measures the change in the price of a portfolio of bonds if the yields for all maturities changeby the same amount; that is, it assumes theslope of the yield curve stays the same.Section 35、An analyst does research about a floating-rate security.All else being equal, thecap on a floating-rate security is most likely to benefit the:【单选题】A.issuer if interest rates fall.B.issuer if interest rates rise.C.bondholder if interest rates rise.正确答案:B答案解析:浮动利率的利率顶对于债券的发行人有利，它限制了票面利率上涨的最高幅度，锁定了发行人的利息支出。

CFA考试一级章节练习题精选0401-10(附详解)

CFA考试一级章节练习题精选0401-10（附详解）1、Which of the following statements is least accurate regarding the factors that affect the interest rate risk characteristics of an option-free bond?【单选题】A.The higher the yield, the greater the bond's price sensitivity to changes in interest rates.B.The lower the coupon rate, the greater the bond's price sensitivity to changes in interest rates.C.The longer the bond's maturity, the greater the bond's price sensitivity to changes in interest rates.正确答案:A答案解析:Option-free bonds have positive convexity. The higher the yield to maturity, the lower the duration (and thus the lower the interest rate risk).Section 3.32、DMT Corp. issued a five-year floating-rate note (FRN) that pays a quarterly coupon of three-month LIBOR plus 125 bps. The FRN is priced at 96 per 100 of par value. Assuming a 30/360 day-count convention, evenly spaced periods, and constant three-month LIBOR of 5%, the discount margin for the FRN is closest to:【单选题】A.221 bps.B.180 bps.C.400 bps.正确答案:A答案解析:The interest payment each period per 100 of par value is:Section 3.43、A 5-year floating-rate security was issued on January 1, 2006. The coupon rate formula was 1-year LIBOR + 300 bps with a cap of 10% and a floor of 5% and annual reset. The 1-year LIBOR rate on January 1st of each year of the security’s life is provided in the following table:During 2010, the payments owed by the issuer were based on a coupon rate closest to:【单选题】A.4.5%.B.5.0%.C.6.5%.正确答案:B答案解析:“Features of Debt Securities,” Frank J. Fabozzi, CFAB is correct because LI BOR + 300 bps at the reset date equals 1.5% + 3.00% = 4.5%, which is below the floor of 5.00% so the coupon rate will be equal to the floor.4、A bond with a par value of $100 matures in 10 years with a coupon of 4.5%, paid semiannually; is priced to yield 5.83%; and has a modified duration of 7.81. If the yield of the bond declines by 0.25%, the approximate percentage price change for the bond is closest to:【单选题】A.0.98%.B.1.95%.C.3.91%.正确答案:B答案解析:“Introduction to the Measurement of Interest Rate Risk,” Frank J. Fabozzi, CFAB is correct. Approximate percentage price change = –(7.81 × (–0.0025))= 0.01953 or 1.95%.5、A portfolio manager holds the following three bonds, which are option free and have the indicateddurations.The portfolio's duration is closest to:【单选题】A.4.75.B.5.20.C.5.33.正确答案:A答案解析:The portfolio's duration is a weighted average of the durations of the individual holdings, computedas: (12/24) × (3.0)+(6/24) × (7.0)+(6/24) × (6.0)=4.75.Section 3.4。

CFA考试一级章节练习题精选0401-12(附详解)

CFA考试一级章节练习题精选0401-12（附详解）1、If the yield to maturity on an annual-pay bond is 7.75%, the bond-equivalent yield is closest to:【单选题】A.7.61%.B.7.90%.C.8.05%.正确答案:A答案解析:“Yield Measures, Spot Rates, and Forward Rates,” Frank J. Fabozzi, CFA[1667201704061-image/0444.jpg]2、An analyst does research about survivorship bias and its impact to measurementratios.Hedge fund data bases and indexes that suffer from survivorship bias becauseof a failure to comply with performance presentation standards are mostlikely to overstate :【单选题】A.Sharpe ratios.B.standard deviation of returns.C.correlations with returns from common stocks.正确答案:A答案解析:对冲基金有生存偏差，统计的历史业绩中只包含那些生存下来的基金的业绩，而那些由于业绩不佳而被清盘的基金的业绩不包括在内，这就高估了对冲基金的平均收益率，低估了对冲基金收益率的标准差，所以导致高估了夏普比率。

同时，由于对冲基金的业绩看上去很稳定，但并不能反映市场的情况，这就低估了与普通股收益率之间的相关系数。

3、An analyst does research about price value of a basis point (PVBP).With respectto a coupon bond, the duration is 8.61, and the current price of the bondis $ 101.35.The price value of a basis point (PVBP) of the bond is closest to:【单选题】A.$ 0.0861B.$ 0.0873C.$ 0.1014正确答案:B答案解析:8.61 × 0.0001 × $ 101.35 = $ 0.08734、Which of the following measures of interest rate risk is most appropriate forbonds with prepayment option?【单选题】A.Effective duration.B.Modified duration.C.Macaulay duration.正确答案:A答案解析:对于有内含权或者提前偿付权的债券而言，由于现金流是不确定的，故应该用有效久期测量利率风险，而不能用修正久期或麦考利久期。

CFA考试一级章节练习题精选0401-1(附详解)

CFA考试一级章节练习题精选0401-1（附详解）1、The bonds of Whakatane and Co. are priced for settlement on 15 July 2014 and have the following features.On the basis of this information, the difference between the full and flat prices is closest to:【单选题】A.1.333.B.2.667.C.0.917.正确答案:A答案解析:The difference between the full and flat prices is the accrued interest, which is computed as follows. Based on the Actual/Actual day convention, the number of days between the coupon periods is 183 days. Also, using the Actual/Actual day count convention, the number of days between 15 May 2014 and 15 July 2014 is 16 days remaining in May + 30 days in June + 15 days in July = 61 days. Accrued interest (per $100 par value) = (61/183)(8.00/2) = 1.333.Section 3.12、Which embedded option is most beneficial to a bond issuer?【单选题】A.A conversion privilege.B.A floor on a floating rate bond.C.An accelerated sinking fund provision.正确答案:C答案解析:“Features of Debt Securities,” Frank J. Fabozzi, CFAAn accelerated sinking fund provision giv es the issuer an option to retire more than the sinking fund requirement. The other embedded options benefit bondholders.3、If the price of a U.S. Treasury security is higher than its arbitrage-free value, a dealer can generate an arbitrage profit by:【单选题】A.shorting the U.S. Treasury security and calling it from the issuer.B.shorting the U.S. Treasury security and reconstituting it from strips.C.buying the U.S. Treasury security, stripping it and selling the strips.正确答案:B答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi, CFAB is correct because strips can be purchased to create a synthetic U.S. Treasu ry security to cover the short at a price lower than the price at which the U.S. Treasury security was shorted, generating a profit.4、A "junk" bond is most likely a:【单选题】A.bond with credit rating above BBB–.B.high-yield bond.C.supranational bond.正确答案:B答案解析:High-yield bonds are bonds with credit ratings below investment-grade levels, also known as speculative or junk bonds.Section 2.15、The type of residential mortgage least likely to contain a "balloon" payment is a(n):【单选题】A.fully amortizing mortgage.。

CFA考试一级章节练习题精选0401-11(附详解)

CFA考试一级章节练习题精选0401-11（附详解）1、Consider the following information regarding consumer price index (CPI) numbers for this year and last year.The inflation rate (in %) for the period is closest to:【单选题】A.2.35.B.2.38.C.2.41.正确答案:C答案解析:"Monitoring Jobs and the Price Level” Michael ParkinThe inflation rate is calculated as: ((CPI this year – CPI last year) / CPI last year) × 100. In this question, the inflation rate is ((267.54 – 261.25) / 261.25) × 100 = 2.407656.2、A college student’s monthly demand for pizza is given by the equation:The student’s current monthly food budget is $500, the price of a pizza is $5 and the price of cola is $1.25/bottle. If the student’s monthly food budget were to increase to $700, the slope of her demand curve for pizza would be closest to:【单选题】A.–2.42.B.–1.43.C.–0.70.正确答案:B答案解析:“Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. Arbogast, CFA3、An analyst does research about demand for labor.All else remaining the same, afirm's demand curve for labor will least likely shift in response to a changein the:【单选题】A.wage rate of labor.B.price of the firm's output.。