cfa 一级考试

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CFAL1一级公式汇总

CFA一级考试包含许多公式和概念，这些公式和概念涉及财务报表分析、投资组合管理、估值模型、公司财务等方面。以下是一级考试中常见的一些公式的汇总：

1.资本预算公式：

净现值(Net Present Value, NPV) = 初始投资 + 现金流量的现值

2.资本预算指标：

报酬率(Return on Investment, ROI) = (净利润/投资额) × 100%

财务杠杆(Financial Leverage) = 总资产/股东权益

盈利杠杆(Earnings Leverage) = 净利润/营业利润

财务杠杆乘以盈利杠杆(Financial Leverage × Earnings Leverage)

= 杠杆系数(Leverage Factor)

3.财务报表分析公式：

流动比率(Current Ratio) = 流动资产/流动负债

速动比率(Quick Ratio) = (流动资产 - 存货)/流动负债

现金比率(Cash Ratio) = 现金/流动负债

利息保障倍数(Interest Coverage Ratio) = 息税前利润/利息开支

股东权益比率(Equity Ratio) = 股东权益/总资产

股东权益报酬率(Return on Equity, ROE) = 净利润/股东权益 4.会计公式：

利润总额=营业收入-营业成本-营业税金-利润分享给优先股东-利润分享给普通股东

净利润=利润总额-所得税

总资产=股东权益+负债

股东权益=资产-负债

5.宏观经济指标公式：

国内生产总值(Gross Domestic Product, GDP) = 消费者支出 + 投资 + 净出口

通货膨胀率(Inflation Rate) = (物价指数现值 - 物价指数上期值)/物价指数上期值 ×100%

6.估值模型公式：

股票估值=(股票股利/折现率)+终值折现

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CFA考试《CFA一级》历年真题精选21（附详解）

1、The nominal (quoted) annual interest rate on an automobile loan is 10%. The effective annual rate of the

loan is 10.47%. The frequency of compounding periods per year for the loan is closest to:【单选题】

A.weekly.

B.monthly.

C.quarterly.

正确答案:B

答案解析:“The Time Value of Money,” Richard A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA,

and David E. Runkle, CFA2013 Modular Level I, Vol. 1, Reading 5, Section 3.3Study Session 2–5–c, dCalculate

and interpret the effective annual rate, given the stated annual interest rate and the frequency of

compounding. Solve time value of money problems for different frequencies of compounding:B is correct. Use

the formula for effective annual rate:Iteratively substitute the possible frequency of compounding until the

EAR is 10.47%.Thus, the correct answer is monthly compounding.

CFA一级模考题 1 . If the price elasticity of demand is -1.5 and the price of the product increases 2%, the quantity demanded will:

A)decrease approximately 1.5%.

B)decrease approximately 3%.

C)decrease approximately 0.75%.

The correct answer was B

If the price elasticity of demand is -1.5, and you increase the price of the product 2%, the quantity demanded will decrease approximately 3%. When the price elasticity is negative, it means that price and demand move in opposite directions. Given a price decrease, demand will increase and vice versa. The absolute value, 1.5, indicates that demand will move one-and-a-half times as much as price.

2 . When a regulatory agency requires a monopolist to use average cost pricing, the intent is to produce the quantity where the:

A)marginal revenue curve intersects the marginal cost curve.