CFA二级练习题精选及答案0531-5

CFA二级模拟试题及解析Reading 7Correlation and RegressionThe following information relates to Questions 5–10Kenneth McCoin, CFA, is a fairly tough interviewer. Last year, he handed each job applicant a sheet of paper with the information in the following table, and he then asked several questions about regression analysis. Some of McCoin’s questions, along with a sample of the answers he received to each, are given below. McCoin told the applicants that the independent variable is the ratio of net income to sales for restaurants with a market cap of more than $100 million and the dependent variable is the ratio of cash flow from operations to sales for those restaurants. Which of the choices provided is the best answer to each of McCoin’s questions?RegressionStatisticsMultiple R0.8623R-squared0.7436Standard error0.0213Observations24ANOVA df SS MSS F Significance FRegression10.0290.02900063.810 Residual220.0100.000455Total230.040CoefficientsStandardErrort-Statisticp-ValueIntercept0.0770.00711.3280Slope0.8260.1037.9880What is the value of the coefficient of determination?0.8261.0.7436.0.8623.Suppose that you deleted several of the observations that had small residual values. If you re-estimated the regression equation using this reduced sample, what would likely happen to the standard error of the estimate and the R-squared?Standard Error of the Estimate R-SquaredA Decrease DecreaseB Decrease IncreaseC Increase Decreaseis the correlation between X and Y?−0.7436.0.7436.0.8623.Where did the F-value in the ANOVA table come from?You look up the F-value in a table. The F depends on the numerator and denominator degrees of freedom.Divide the “Mean Square” for the regression by the “Mean Square” of the residuals.The F-value is equal to the reciprocal of the t-value for the slope coefficient.If the ratio of net income to sales for a restaurant is 5 percent, what is the predicted ratio of cash flow from operations to sales?0.007 + 0.103(5.0) = 0.524.0.077 −0.826(5.0) = −4.054.0.077 + 0.826(5.0) = 4.207.Is the relationship between the ratio of cash flow to operations and the ratio of net income to sales significant at the 5 percent level? No, because the R-squared is greater than 0.05.No, because the p-values of the intercept and slope are less than 0.05.Yes, because the p-values for F and t for the slope coefficient are less than 0.05.The following information relates to Questions 11–16Howard Golub, CFA, is preparing to write a research report on Stellar Energy Corp. common stock. One of the world’s largest companies, Stellar is in the business of refining and marketing oil. As part of his analysis, Golub wants to evaluate the sensitivity of the stock’s returns to various economic factors. For example, a client recently asked Golub whether the price of Stellar Energy Corporation stock has tended to rise following increases in retail energy prices. Golub believes the association between the two variables to be negative, but he does not know the strength of the association.Golub directs his assistant, Jill Batten, to study the relationships between Stellar monthly common stock returns versus the previous month’s percent change in the US Consumer Price Index for Energy (CPIENG), and Stellar monthly common stock returns versus the previous month’s percent change in the US Producer Price Index for Crude Energy Materials (PPICEM). Golub wants Batten to run both a correlation and a linear regression analysis. In response, Batten compiles the summary statistics shown in Exhibit 1 for the 248 months between January 1980 and August 2000. All of the data are in decimal form, where 0.01 indicates a 1 percent return. Batten also runs a regression analysis using Stellar monthly returns as the dependent variable and the monthly change in CPIENG as the independent variable. Exhibit 2 displays the results of this regression model.Exhibit 1.Descriptive StatisticsMonthly Return Stellar Common StockLagged Monthly ChangeCPIENG PPICEMMean0.01230.00230.0042Standard0.07170.01600.0534 DeviationCovariance,−0.00017Stellar vs. CPIENGCovariance,−0.00048Stellar vs. PPICEMCovariance,0.00044CPIENG vs. PPICEMCorrelation,−0.1452Stellar vs. CPIENGExhibit 2.Regression Analysis with CPIENGRegression StatisticsMultiple R0.1452R-squared0.0211Standard error ofthe estimate0.0710Observations248CoefficientsStandardErrort-StatisticIntercept0.01380.0046 3.0275Slope coefficient−0.64860.2818−2.3014Batten wants to determine whether the sample correlation between the Stellar and CPIENG variables (−0.1452) is statistically significant. The critical value for the test statistic at the 0.05 level of significance is approximately 1.96. Batten should conclude that the statistical relationship between Stellar and CPIENG is: significant, because the calculated test statistic has a lower absolute value than the critical value for the test statistic.significant, because the calculated test statistic has a higher absolute value than the critical value for the test statistic.not significant, because the calculated test statistic has a higher absolute value than the critical value for the test statistic.Did Batten’s regression analyze cross-sectional or time-series data, and what was the expected value of the error term from that regression?Data Type Expected Value of Error TermA Time-series0B Time-seriesεiC Cross-sectionalBased on the regression, which used data in decimal form, if the CPIENG decreases by 1.0 percent, what is the expected return on Stellar common stock during the next period?0.0073 (0.73 percent).0.0138 (1.38 percent).0.0203 (2.03 percent).Based on Batten’s regression model, the coefficient of determination indicates that:Stellar’s returns explain 2.11 percent of the variability in CPIENG.Stellar’s returns explain 14.52 percent of the variability in CPIENG.Changes in CPIENG explain 2.11 percent of the variability in Stellar’s returns.For Batten’s regression model, the standard error of the estimate shows that the standard deviation of:the residuals from the regression is 0.0710.values estimated from the regression is 0.0710.Stellar’s observed common stock returns is 0.0710.For the analysis run by Batten, which of the following is an incorrect conclusion from the regression output?The estimated intercept coefficient from Batten’s regression is statistically significant at the 0.05 level.In the month after the CPIENG declines, Stellar’s common stock is expected to exhibit a positive return.Viewed in combination, the slope and intercept coefficients from Batten’s regression are not statistically significant at the 0.05 level.习题答案The following information relates to Questions 5–10Kenneth McCoin, CFA, is a fairly tough interviewer. Last year, he handed each job applicant a sheet of paper with the information in the following table, and he then asked several questions about regression analysis. Some of McCoin’s questions, along with a sample of the answers he received to each, are given below. McCoin told the applicants that the independent variable is the ratio of net income to sales for restaurants with a market cap of more than $100 million and the dependent variable is the ratio of cash flow from operations to sales for those restaurants. Which of the choices provided is the best answer to each of McCoin’s questions?RegressionStatisticsMultiple R0.8623R-squared0.7436Standard error0.0213Observations24ANOVA df SS MSS F Significance F Regression10.0290.02900063.810Residual220.0100.000455Total230.040CoefficientsStandardErrort-Statisticp-ValueIntercept0.0770.00711.3280 Slope0.8260.1037.9880What is the value of the coefficient of determination?0.8261.0.7436.0.8623.答案：B is correct. The coefficient of determination is the same as R-squared.解析：R2=0.7436,即为coefficient of determination。

CFA二级模拟试题及解析Reading 7Correlation and RegressionThe following information relates to Questions 5–10Kenneth McCoin, CFA, is a fairly tough interviewer. Last year, he handed each job applicant a sheet of paper with the information in the following table, and he then asked several questions about regression analysis. Some of McCoin’s questions, along with a sample of the answers he received to each, are given below. McCoin told the applicants that the independent variable is the ratio of net income to sales for restaurants with a market cap of more than $100 million and the dependent variable is the ratio of cash flow from operations to sales for those restaurants. Which of the choices provided is the best answer to each of McCoin’s questions?RegressionStatisticsMultiple R0.8623R-squared0.7436Standard error0.0213Observations24ANOVA df SS MSS F Significance FRegression10.0290.02900063.810 Residual220.0100.000455Total230.040CoefficientsStandardErrort-Statisticp-ValueIntercept0.0770.00711.3280Slope0.8260.1037.9880What is the value of the coefficient of determination?0.8261.0.7436.0.8623.Suppose that you deleted several of the observations that had small residual values. If you re-estimated the regression equation using this reduced sample, what would likely happen to the standard error of the estimate and the R-squared?Standard Error of the Estimate R-SquaredA Decrease DecreaseB Decrease IncreaseC Increase Decreaseis the correlation between X and Y?−0.7436.0.7436.0.8623.Where did the F-value in the ANOVA table come from?You look up the F-value in a table. The F depends on the numerator and denominator degrees of freedom.Divide the “Mean Square” for the regression by the “Mean Square” of the residuals.The F-value is equal to the reciprocal of the t-value for the slope coefficient.If the ratio of net income to sales for a restaurant is 5 percent, what is the predicted ratio of cash flow from operations to sales?0.007 + 0.103(5.0) = 0.524.0.077 −0.826(5.0) = −4.054.0.077 + 0.826(5.0) = 4.207.Is the relationship between the ratio of cash flow to operations and the ratio of net income to sales significant at the 5 percent level? No, because the R-squared is greater than 0.05.。

1、区分国内生产和国外生产一般以“常住居民”为标准，常住居民是指( )。

A.居住在本国的公民B.暂居外国的本国公民C.长期居住在本国但未加入本国国籍的居民D.暂居在本国的外国居民2、收入总量调控政策可以通过( )来实施。

A.财政机制B.货币机制C.行政机制D.法律调整3、在我国当前证券市场中，( )并存，其风险类型各不相同，风险度也有较明显的高低之分。

A.坐庄式的价值挖掘型投资理念B.价值增加型投资理念C.价值培养型投资理念D.价值发现型投资理念4、( )是上市公司建立健全公司法人治理机制的关键。

A.规范的股权结构B.建立有效的股东大会制度C.董事会权力的合理界定与D.完善的独立董事制度5、14元;复利：106、价值发现型投资理念所依靠的工具不是市场分析和证券基本面的研究，而是大量的市场资金，其投资理念确立的主要成本是研究费用。

( )7、完全垄断市场结构的特点是( )。

A.市场被独家企业所控制，其他企业不可以或不可能进入该行业B.产品没有或缺少相近的替代品C.垄断者能够根据市场的供需情况制定理想的价格和产量，在高价少销和低价多销之间进行选择，以获取最大的利润D.垄断者在制定产品的价格与生产数量方面的自由性是有限度的，要受到反垄断法和政府管制的约束8、建立有效的股东大会制度是上市公司建立健全公司法人治理机制的关键。

( )9、市场占有率是指一个公司的产品销售量占该类产品整个市场销售总量的比例。

( )10、证券分析师仅包括基于企业调研进行单个证券分析评价的分析师。

( )11、一国的国际储备除了外汇储备外，还包括该国在( )的储备头寸。

A.世界银行B.美国联邦储备银行C.国际货币基金组织D.瑞士银行12、传统证券组合管理方法对证券组合进行分类所依据的标准是( )。

A.证券组合的期望收益率B.证券组合的风险C.证券组合的投资目标D.证券组合的分散化程度13、一般来说，可以将技术分析方法分为如下常用类别( )。

cfa二级考试2019年答案1. 问题：在CFA二级考试中，关于投资组合管理的哪一项是正确的？A. 投资组合管理只关注资产的回报B. 投资组合管理包括资产配置、选择和交易C. 投资组合管理不考虑风险因素D. 投资组合管理是单一资产的决策过程答案：B2. 问题：在2019年CFA二级考试中，关于固定收益证券的以下哪个陈述是错误的？A. 固定收益证券的收益率与市场利率呈反向变动B. 债券的久期是衡量债券价格对利率变动敏感度的指标C. 信用利差是衡量债券信用风险的指标D. 债券的到期收益率总是高于其票面利率答案：D3. 问题：在2019年CFA二级考试中，关于衍生品的以下哪个陈述是正确的？A. 衍生品总是用于投机目的B. 衍生品可以用于对冲风险C. 衍生品市场只涉及金融工具D. 衍生品交易不需要保证金答案：B4. 问题：在2019年CFA二级考试中，关于行为金融学的以下哪个陈述是错误的？A. 行为金融学研究投资者的非理性行为B. 行为金融学认为所有投资者都是理性的C. 行为金融学可以帮助解释市场异常现象D. 行为金融学考虑了心理学因素对投资决策的影响答案：B5. 问题：在2019年CFA二级考试中，关于国际投资的以下哪个陈述是正确的？A. 国际投资总是涉及货币风险B. 国际投资不涉及政治风险C. 国际投资只涉及发达国家市场D. 国际投资总是能获得更高的回报答案：A6. 问题：在2019年CFA二级考试中，关于公司金融的以下哪个陈述是错误的？A. 公司金融涉及公司的资本结构决策B. 公司金融不包括公司的投资决策C. 公司金融考虑了公司的运营决策D. 公司金融包括公司的股利政策答案：B7. 问题：在2019年CFA二级考试中，关于经济学的以下哪个陈述是正确的？A. 经济学只研究宏观经济问题B. 经济学包括微观经济和宏观经济两个领域C. 经济学不涉及市场结构和价格机制D. 经济学只关注价格和产出的决定答案：B8. 问题：在2019年CFA二级考试中，关于伦理和职业标准的以下哪个陈述是错误的？A. CFA协会的伦理和职业标准旨在提高投资行业的专业水平B. CFA协会的伦理和职业标准只适用于CFA持证人C. CFA协会的伦理和职业标准包括对投资者的公平对待D. CFA协会的伦理和职业标准要求披露潜在的利益冲突答案：B结束语：以上是2019年CFA二级考试的一些典型问题及答案，希望能够帮助考生更好地准备考试。

CFA二级练习题精选及答案0531-5CFA二级练习题精选及答案0531-51、Under the option analogy of the structural model, owninga company's debt is economically equivalent to owning a riskless bond and simultaneously:【单选题】A.buying an American put option on the assets of the company.B.selling a European put option on the assets of the company.C.buying a European put option on the assets of the company.正确答案:B答案解析:Under the structural model's debt option analogy, owning a company's debt is economically equivalent to owning a riskless bond that pays K dollars at time T, plus simultaneously selling a European put option on the assets of the company with maturity T and strike price K.2、Based on the given Z-spreads for Bonds 1, 2, and 3, which bond has the greatest credit and liquidity risk?【单选题】A.Bond 1B.Bond 2C.Bond 3正确答案:C答案解析:C is correct. Although swap spreads provide a convenient way to measure risk, a more accurate measure of credit and liquidity risk is called the zero-spread (Z-spread). It is the constant spread that, added to the implied spot yield curve, makes the discounted cash flows of a bond equal to its current market price. Bonds 1, 2, and 3 are otherwise similar but have Z-spreads of 0.55%, 1.52%, and 1.76%, respectively. Bond 3 has thehighest Z-spread, implying that this bond has the greatest credit and liquidity risk.3、Is Madison correct in describing key differences in equilibrium and arbitrage-free models as they relate to the number of parameters and model accuracy?【单选题】A.Yes.B.No, she is incorrect about which type of model requires fewer parameter estimates.C.No, she is incorrect about which type of model is more precise at modeling market yield curves.正确答案:A答案解析:A is correct. Consistent with Madison’s statement, equilibrium term structure models require fewer parameters to be estimated relative to arbitrage-free models, and arbitrage-free models allow for time-varying parameters.Consequently, arbitrage-free models can model the market yield curve more precisely than equilibrium models.4、Tyo’s assistant should calculate a forward rate closest to:【单选题】A.9.07%.B.9.58%.C.9.97%.正确答案:A答案解析:A is correct. From the forward rate model, f(3,2), is found as follows:[1 + r(5)]5 = [1 + r(3)]3[1 + f(3,2)]2Using the three-year and five-year spot rates, we find(1 + 0.107)5 = (1 + 0.118)3[1 + f(3,2)]2, so5、Based on Exhibit 1, the best action that an investor shouldtake to profit from the arbitrage opportunity is to:【单选题】A.buy on Frankfurt, sell on Eurex.B.buy on NYSE Euronext, sell on Eurex.C.buy on Frankfurt, sell on NYSE Euronext.正确答案:A答案解析:A is correct. This is the same bond being sold at three different prices so an arbitrage opportunity exists by buying the bond from the exchange where it is priced lowest and immediately selling it on the exchange that has the highest price. Accordingly, an investor would maximize profit from the arbitrage opportunity by buying the bond on the Frankfurt exchange (whi ch has the lowe st price of €103.7565) and selling it on the Eurex exchange (which has the highest price of €103.7956) to generate a risk-free profit of €0.0391 (as mentioned, ignoring transaction costs) per €100 par.B is incorrect because buying on NYSE Euronext and selling on Eurex would result in an €0.0141 profit per €100 par (€103.7956 –€103.7815 = €0.0141), which is not the maximum arbitrage profit available. A greater profit would be realized if the bond were purchased in Frankfurt and sold on Eurex.C is incorrect because buying on Frankfurt and selling on NYSE Euronext would result in an €0.0250 profit per €100 par (€103.7815 –€103.7565 = €0.0250). A greater profit would be realized if the bond were purchased in Frankfurt and sold on Eurex.。

2024cfa 二级题库审计风险评估审计风险是审计师在审计结论中发出不恰当意见的风险，从而对财务报表使用者的依赖性造成损害。

审计风险评估是审计过程的重要组成部分，它为审计师提供了一种确定审计重点和分配资源的方法。

固有风险评估固有风险评估涉及对财务报表中固有错误发生的可能性进行评估。

审计师考虑与行业、实体规模和复杂性相关的因素，以及财务报表中固有错误的可能性。

例如，当涉及复杂交易、频繁的管理层变动或财务困难时，固有风险通常较高。

审计师会进行行业分析、风险评估程序和分析性程序来评估固有风险。

控制风险评估控制风险评估涉及对控制措施有效性的评估，这些措施旨在防止或发现和纠正财务报表中的错误。

审计师考虑控制环境、风险评估、控制活动、信息和沟通、以及内部和外部监督。

例如，当内部控制薄弱或存在控制缺陷时，控制风险通常较高。

审计师会执行控制测试程序来评估控制风险。

查错风险评估查错风险评估涉及对审计程序是否能发现财务报表中的重要错误进行评估。

审计师考虑审计方法、取样风险和计划的范围。

例如，当审计程序非常有限或取样风险较高时，查错风险通常较高。

审计师会设计和执行实质性程序来评估查错风险。

审计风险与审计程序审计风险评估的结果用于确定适当的审计程序。

审计师会增加或减少审计程序的范围和性质，以应对较高的审计风险。

例如，如果固有风险或控制风险较高，审计师可能会执行额外的分析性程序或扩大取样规模。

如果查错风险较高，审计师可能会修改审计计划以包括额外的程序。

持续评估审计风险评估是一个持续的过程，可能会随着审计的进展而改变。

审计师会通过对获得的额外证据和信息进行评估来更新审计风险评估。

例如，如果审计师发现重大的控制缺陷，他们可能会提高控制风险评估，并相应地调整审计程序。

结论审计风险评估对于确保审计结论的可靠性至关重要。

通过仔细评估固有风险、控制风险和查错风险，审计师可以确定适当的审计程序并降低发出不恰当意见的风险。

CFA二级课后题2024随着金融市场的不断发展，CFA（Chartered Financial Analyst）资格证书的价值日益凸显，成为越来越多金融从业者和机构的追求。

CFA考试分为三个级别，涵盖了投资组合、财务报表分析、估值等多个领域的知识和技能。

本文将针对2024年CFA二级课后题进行分析和解答，帮助考生更好地备战CFA考试。

一、估值理论1. 企业价值估算在进行企业价值估算时，需要考虑公司的未来盈利能力、成长潜力、市场风险等因素。

主要的估值方法包括比较公司估值法、折现现金流量法和权益残值法。

2. 股票估值股票估值是考察投资者对公司未来盈利的预期，主要的估值方法包括市盈率法、股利折现模型和自由现金流量估值法。

二、固定收益1. 市场利率市场利率对固定收益证券的价格有着重要的影响。

假设市场利率上升，债券价格会下降，反之亦然。

2. 利率风险管理债券组合的利率风险管理至关重要，可以通过套期保值和利率互换等方法来降低利率风险。

三、风险管理1. 风险测度风险测度是评估投资组合风险的重要工具，主要包括标准差、协方差和价值atr-risk等方法。

2. 风险管理策略风险管理策略包括对冲、多元化和风险控制等方法，有助于降低投资组合的波动性和损失。

四、衍生品1. 期货合约期货合约是一种标准化的金融工具，包括商品期货和金融期货，能够用于对冲和投机。

2. 期权合约期权合约分为认购期权和认沽期权，可以通过标的资产的价格涨跌来获利，是一种灵活的金融工具。

五、投资组合管理1. 资产配置资产配置是指在不同资产类别之间进行分配，以达到投资组合的最佳风险收益平衡。

2. 绩效评估投资组合的绩效评估是评估投资经理的能力和投资策略的有效性，主要包括夏普比率、特雷诺比率和信息比率等指标。

六、伦理和专业标准1. CFA准则CFA准则包括道德准则、专业准则和继续教育准则，要求CFA持有人遵守职业道德和专业标准进行工作。

2. 道德决策框架道德决策框架主要包括辨别、分析、决策和行动四个步骤，帮助CFA持有人正确处理道德问题和纠纷。

2020年CFA考试练习题精选2(含解析)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 manufacturing 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.Section 3.34、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答案解析:3个选项中只有风险投资（venture capital）和处于困境中的证券（distressed securities）要求投资者要有长期投资期限，并且投资者紧密参与所投资的对象。

CFA考试试题汇编(含答案)[完整版]1. Which of the following statements about the CFA Institute's Professional Conduct Program (PCP) is least accurate?A. Possible sanctions include condemnation by a member's peers or suspension of a candidate's participation in the CFA Program.B. If the Designated Officer determines that a sanction against a member is warranted, the member must either accept the sanction or lose the right to use the CFA designation.C. Members who cooperate with a PCP inquiry by providing confidential client information to PCP staff are not in violation of Standard III(E) Preservation of Confidentiality.【答案】B2. Robert Miguel, CFA, is a portfolio manager for a large investment advisory firm. In appreciation of his impressive portfolio returns last quarter, one of his clients, Kevin Goodman, has invited Miguel and his wife to be his guests at his luxury suite for a major league baseball playoff game. Miguel, a baseball fan, accepts the invitation and attends the game. The next day at work, Miguel doesn't mention to his supervisor that he attended the game as a guest of the client. According to the Standard concerning independence and objectivity and the Standard on knowledge of the law, Miguel's actions are in violation of."A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A3. Ann Smith, CFA, calls Bill Jones, CFA, and tells him that her research shows that Biokem Company is underpriced and that earnings per share will exceed $3.00 this year. Jones had never heard of Biokem before her call but knows that Smith is widely considered to be the best analyst in her sector. Smith's research has been released publicly, and Smith tells Jones he's "welcome to it." After their conversation, Jones arranges a conference call with his firm's portfolio managers and announces that Biokem is underpriced and will likely earn over $3.00 per share this year. During the call with the portfolio managers, Jones does not reference his conversation with Smith. According to the Standards that concern misrepresentation and diligence and reasonable basis, Jones violated:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A4. Doug Watson, CFA, serves in a sales position at Sommerset Brokerage, a registered investment adviser. As part of his employment,he is expected to entertain clients. Frequently at these client outings, Watson drinks excessively. On one occasion, after dropping off a client, Watson was cited by local police for misdemeanor public intoxication. According to the Standard on knowledge of the law and the Standard on misconduct, Watson is in violation of:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】B5. Kevin Richards is a performance analyst for Reliable Advisors, a retail investment advisory and consulting firm. Richards, who is a Level I CFA candidate, was hired-as part of the firm's efforts to attract CFA candidates into critical areas of the firm, such as performance measurement and attribution. Richards' supervisor instructs him to reference the firm's compliance with GIPS in marketing materials to attract more clients. For Richards' reference to the firm's GIPS compliance to be accurate, Reliable is least likely required to:A. apply GIPS compliance firm wide and not only to the specific asset classes mentioned in the marketing materials.B. claim compliance with GIPS only if it has a compliant performance history of five years or more.C. include all discretionary fee-paying accounts in composites basedon their investment objectives and/or strategies.【答案】B6. Peter Taylor, a CFA charterholder and a food industry analyst for a large investment firm, has been invited by Sweet Pineapple Co. to visit the firm's processing plants in Hawaii. The Standard concerning independence and objectivity recommends that Taylor:A. use and pay for commercial transportation, if available.B. obtain written permission from his employer before he accepts this invitation.C. decline this invitation if he issues recommendations on the firm's securities.【答案】A7. Ruth Brett, a Level I CFA candidate, is a research analyst for a large investment firm. Due to a demanding work schedule with long hours, Brett was unable to attend any sort of exam preparation class, and has only been able to study sporadically. Feeling nervous and unprepared the night before the exam, Brett writes a few key notes on the bottom of her shoe. At the exam, Brett sees the large number of proctors present and decides not to risk getting caught and does not look at her shoe. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, Brett is:A. not in violation of any Standard or the Code of Ethics because shedid not use the notes.B. in violation of the Code of Ethics for bringing the notes into the examination room but is not in violation of any Standard because she did not use the notes.C. in violation of both the Code of Ethics and the Standard governing conduct as Members and Candidates in the CFA Program for taking the notes into the examination room.【答案】C8. Which of the following is least likely included in the CFA Code of Ethics? Members of CFA Institute must:A. place their clients' interests before their employer's interests.B. strive to maintain and improve the competence of others in the profession.C. use reasonable care and exercise independent professional judgment.【答案】A9. In formulating her report on GammaCorp's common stock, Barb Kramer, CFA, did a complex series of statistical tests on the company's past sales and earnings. Based on this statistical study, Kramer stated in her report that, "GammaCorp's earnings growth for the next five years will average 15% per year." Her conclusion was based in part on a regression analysis with a high level of statistical significance. Has Kramerviolated the Standard on communication with clients and prospective clients?A. Yes, because she didn't give complete details of the statistical model used.B. Yes, because she failed to indicate that 15% growth is an estimate.C. No, because her projections are within the generally accepted bounds of statistical accuracy.【答案】B10. Alpha Advisors Inc. is an investment management firm with a client base that ranges from individuals to large foundations. Which of the following firm policies is least appropriate if Alpha adopts the Code and Standards? Alpha:A. monitors the personal trading activity of firm personnel and requires them to pre-clear personal trades.B. regularly calls larger accounts first after changes in investment recommendations have been faxed to all clients.C. excludes client accounts of family members of employees from participating in IPOs.【答案】C11. Dudley Thompson is a bond salesman for a small broker/dealer in London. His firm is the lead underwriter on a new junk bond issue forthe Ibex Corporation. In order to stimulate sales of the new issue, Thompson calls all of his accounts over ￡1,000,000, many of which belong to elderly clients with low risk tolerances, and tells them that the Ibex issue is a fantastic opportunity for high returns that is not to be missed. Thompson also posts overly optimistic projections for Ibex's performance on several Internet "chat rooms" in order to increase the price of the bond issue and enhance his clients' returns on the investment. According to the Standards concerning market manipulation and suitability, Watson is in violation of:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A12. Rob Elliott, a CFA candidate, is an analyst with a large asset management firm. His personal portfolio includes a large amount of common stock of TECH Inc., a semiconductor company which his firm does not currently follow. The director of the research department has just asked Elliott to analyze TECH and write a report about its investment potential, which will be distributed to clients and prospective clients. Based on the CFA Institute Standards of Professional Conduct, the most appropriate course of action for Elliot to take would be to:A. sell his shares of TECH before completing the report.B. decline to write the report.C. disclose the ownership of the stock to his employer and in the report if he writes it.【答案】C13. Antonio Mendoza, CFA, is an investment manager in private practice under the name Mendoza Investments. Mendoza solicits new business by making brief presentations describing his investment performance record. At each presentation, he makes available a 1-page information sheet that outlines his performance history for the past ten years. His telephone number is on the sheet for prospective clients who wish to contact him for additional supporting information. At the bottom of the sheet the following is stated: "Mendoza Investments has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS?).'' Mendoza's information sheet:A. does not comply with GIPS.B. violates the Standard that concerns performance presentation.C. complies with both GIPS and the Standard that concerns performance presentation.【答案】C14. Anne Franklin, CFA, is an analyst who covers technology stocks for Medallion Investments. Franklin frequently meets with company management and makes site visits to company facilities. Cynthia Lucas,chief technology officer for Level Tech, tells several analysts, including Franklin, during a conference call that overseas shipments of the company's important new product are going to be delayed due to manufacturing defects, which she expects are correctable. This information has not been released in any other format. Medallion manages discretionary accounts for Lucas and Franklin. Subsequent to her meeting, Franklin sends a note to Medallion's investment personnel telling them to "sell the stock in all client accounts," as the shipment information is significant and contrary to recent earnings guidance from the company. Franklin's use of the information received from Lucas:A. violates the Code and Standards, as Franklin received material nonpublic information that should not have been acted upon.B. violates the Code and Standards, since she directed the sale in all client accounts instead of acting in the best interests of her own clients.C. does not violate the Code and Standards, as Franklin was adhering to her fiduciary duty to Medallion's clients by sharing the information and recommending a "Sell."【答案】A15. R.J. Young is meeting with a new client for the first time. At this meeting, he will be gathering information about the client in order to assess the client's investment objectives and constraints. As he does for all of his clients, Young will then prepare a written investment policystatement (IPS). According to the recommended procedures for complying with the Standard on suitability, which of the following statements regarding an IPS is least accurate?A. An IPS should describe the roles and responsibilities of the adviser and client.B. A member or candidate is not responsible for financial information withheld by the client.C. A client's IPS must be updated at least quarterly to reflect any changes in their investment profile.【答案】C16. For years John Berger, a CFA charterholder and CEO of a company, relied upon a set of reasonable procedures for preventing violations of the Code and Standards of Professional Conduct in the firm. To not be liable for a violation of the Standards, Berger must:A. do nothing more than have the set of procedures in place as stated.B. periodically review the procedures.C. both periodically review the procedures and ensure the procedures are monitored and enforced.【答案】C17. According to the Standards of Practice Handbook, in order to fulfill the basic provision and procedure of the suitability standards,should a client’s written investment polity statement (IPS): Take performance measurement Be reviewed at least annually?benchmarks into consideration?A. Yes YesB. Yes NoC. No Yes【答案】A18. An analyst meets with a new client. During the meeting, the analyst sees that the new client’s portfolio is heavily invested in one over-the-counter stock. The analyst has been following the stock and thinks it will perform well in the long run. The analyst arranges through a brokerage firm to simultaneously sell a large number of shares of the stock via a series of cross trades from the new client’s portfolio to various existing clients. He arranges the trades to be executed at a price that approximates the current market price. This action is:A. not in violation of the Standards.B. a violation of Standard III(A), Loyalty, Prudence, and Care.C. a violation of Standard III(B), Fair Dealing.【答案】A19. An analyst gathered the following information about the monthly returns over the same time period from two diversifiedinvestment portfolios:The analyst stated that Portfolio X is negatively skewed and Portfolio Y is positively skewed. Is the analyst correct with respect to: Portfolio X?Portfolio Y?A. No NoB. No YesC. Yes No【答案】A20. A pension fund expects to pay obligations of $5, 000, 000 4 years from today. The fund will fund this obligation by making 5 annual, equal deposits into an account earning 3%, with the first deposit occurring today, and the last occurring at the time the obligation is due. What size must each annual deposit be?A. $904,874.B. $941,773.C. $1,125,662.【答案】B21. An investor plans to retire eight years from today. To maintain her standard of living through retirement, she needs to have $2.5 million accumulated when she retires. Her portfolio is currently valued at $1.2million and is expected to earn 7.0 percent annually. The minimum annual amount she must save at the beginning of each of the next eight years to achieve a retirement accumulation of $2.5 million is closest to:A. $0B. $31,875C. $39,914【答案】C22. An analyst asked an junior associate to evaluate the performance of group of mutual funds over the last 10 years. The associate calculated the following performance statistics:The analyst suspects that the associate has made some errors in calculating the performance statistics. Based only on the expected mathematical relationships between the two measures of return and between the two measures of dispersion calculated by the associate, did the associate most likely make errors in calculating the statistics associated with:Mutual Fund A?Mutual Fund B?A. No YesB. Yes NoC. Yes Yes【答案】C23. When using stock return data, a geometric mean return calculation is most likely preferred over a geometric mean calculation because:A. return data can be negative.B. return data can be less than one.C. the geometric mean return is closer in value to the arithmetic mean.【答案】A24. An analyst is investigating the distribution of the SMG stock’s return over time. He calculated the mode of 12 percent, the mean of 11 percent, and the median of 11.5 percent. The distribution can best be described as:A. positively skewed, with a long tail on the left side.B. negatively skewed, with a long tail on the left side.C. positively skewed, with a long tail en the right side.【答案】B25. An analyst collects the following set of past stock returns: -2.3%, -5.1%, 7.6%, 8.2%, 9.1%, and 9.8%. Which of the following measures of return is most likely the highest?A. Median returnB. Geometric mean returnC. Arithmetic mean return【答案】A26. An investor is considering investing in one of the three following portfolios:If the investor's minimum acceptable return is 5%, the optimal portfolio using Roy's safety-first criterion is:A. Portfolio X.B. Portfolio Y.C. Portfolio Z.【答案】C27. An analyst is testing the hypothesis that the variance of monthly returns for Index L equals the variance of monthly returns for Index M based on samples of 50 monthly observations. The sample variance of Index L returns is 0.085, whereas the sample variance of Index M returns is 0.084. Assuming the samples are independent and the returns are normally distributed, which of the following represents the most appropriate test statistic?A.B.C.【答案】A28. If the probability of event J multiplied by the probability of event K is not equal to the joint probability of events J and K, then events J and K are most likely:A. dependent events.B. independent events.C. mutually exclusive events.【答案】A29. Alan Barnes, CFA, is interested in the expected quarterly return on FTSE 100 stock index. He has data for the last five years and calculates the average return on the index over the last 20 quarters. This average return:A. is different from the statistic he is trying to estimate by the amount of the sampling error.B. overstates the return because he should divide by the square root of 20 when using a mean value.C. overstates the expected return because he should have used the geometric mean and not the simple average.【答案】A30. Which of the following statements regarding the significance level of a hypothesis test is most accurate?A. Given a significance level of 5%, a test will reject a true null hypothesis 5% of the time.B. If the significance level of a test is 5%, it will yield the correct decision about the null hypothesis 95% of the time.C. If the significance level of a test is 95%, it will yield the correct decision about the null hypothesis 95% of the time.【答案】A31. An analysis determined that approximately 99 percent of the observations of daily sales for a company were within the interval from $250,000 to $580,000 and that daily sales for the company were normally distributed. The mean daily sales and standard deviation of daily sales, respectively, for the company were closest to:Mean daily sales Standard deviation of daily salesA. $415,000$41,667B. $415,000$55,000C. $355,115$41,667【答案】B32. The joint probability of returns, for securities A and B, are as follows:The covariance of returns of A and B is:A. 6%B. 12%C. 24%【答案】A33. Does the quantity theory of money assume that in the long run:Potential GDP is influenced the price level is influencedby the quantity of money?by the quantity of money?A. No NoB. No YesC. Yes No【答案】B34. Which of the following condition is least likely to be the obstacle to the efficient allocation of productive resources:A. Price controlsB. Taxes and trade restrictionsC. Perfect competition【答案】C35. Which of the following condition is least likely to be the reason that a black market is generally inefficient:A. Unenforceable contractB. Increased prices required by suppliers due to the risk of prosecutionC. Intensive control by the government【答案】C36. Which of the following describes the difference between perfect competition and monopolistic competition? Firms in monopolistic competition:A. Provide differentiated products.B. Decide on the output where marginal revenue equals marginal cost.C. Are free to enter and exit the market.【答案】A37. Generally speaking, when the Herfindahl-Hirschman Index (HHI) is calculated by summing the squared percentage market shares, how many largest firms’data is used in a industry, supposing there are a large number of firms in the industry:A. 4B. 10C. 50【答案】C38. If accurately calculated, will the amount of accounting profit fora firm generally:Be below that firm’s economic consider both that firm’s profit for the same time Defied?explicit and implicit costs?A. No NoB. No YesC. Yes No【答案】A39. The demand for a given resource will most likely decrease if the prices of its substitute resources and complementary resources, respectively:Prices of substitute resources Price of complementary resourcesA. Increase IncreaseB. Increase DecreaseC. Decrease Increase【答案】C40. With respect to the different views about short-term fluctuations in the economy, what is the primary driver of aggregate demand according to the:Keynesian view?Classical view?A. Future expectations Technological changeB. Future expectations The supply of moneyC. Current price level Technological change【答案】A41. At low wage rates, will an increase in the wage rate most likely result in:The substitution effect?An increase in the supply of labor?A. Yes YesB. Yes NoC. No Yes【答案】A42. An analyst does research about technologically efficient and economically efficient. A method of production is economically efficient when:A. it uses the most up-to-date technology.B. the cost of human capital is as low as possible.C. the cost of producing a given output is as low as possible.【答案】C43. Given the following possibilities, which one results in an increase in total consumer expenditures?A. demand is elastic and price rises.B. demand is inelastic and price falls.C. demand is inelastic and price rises.【答案】C44. Suppose that rubber is the primary input in the production of golf balls. If the price of rubber increases while all else remains constant, then in the short-run:A. The marginal and average variable cost curves shift upward, but not the average total or average fixed cost curves.B. The average total and average variable cost curves shift upward, but the marginal and average fixed cost curves will shift downward.C. The marginal, average variable, and average total cost curves will shift upward, but the average fixed cost curve will not shift.【答案】C45. In which of the following situations when recording inventory ata value greater than its historical cost is permitted?A. The value is a reversal of a pervious write-down.B. The inventory consists of agricultural products.C. Financial statements are prepared using U.S.GAAP.【答案】B31. For an asset with a price of 1000, which of the following price targets is least likely based on Fibonacci ratio?A. 618.B. 1294.C. 1618.【答案】B32. A portfolio of non-dividend-paying common stocks earned a geometric mean return of 5 percent between 1 January 2002 and 31 December 2008. The arithmetic mean return for the same period was 6 percent. If the market value of the portfolio at the beginning of 2002 was $100,000, the market value of the portfolio at the end of 2008 was closest to:A. $137,000B. $140,710C. $141,030【答案】B33. Which of the following is not true regarding to zero economic profit?A. The net present value of cash flows when discounted at the firms cost of capital will equal to zero.B. The firm is just profitable enough to make a normal return.C. The return for the firm is insufficient for the risk taken.【答案】C34. An analyst does research on price discrimination’s impact. Compared to using a single price in a market characterized by monopolistic competition, using price discrimination when two customergroups have different demand elasticities is least likely to result in:A. new productive ventures.B. an increase in total output.C. lower prices for both groups.【答案】C资料来源：文得学习网，更多考试资料题库视频，上文得学习网查找。

cfa二级金程百题CFA（Chartered Financial Analyst）二级考试是金融行业从业者晋升的重要资格认证之一。

金程百题是一套备受考生青睐的备考资料，其中包含了一百道经典试题，覆盖了CFA二级考试的各个知识点。

本文将对金程百题进行综合分析与解答，帮助考生深入了解题型特点与解题技巧。

第一部分：定量分析在金程百题中，定量分析是一个占比较大的模块。

此部分主要考察考生对金融数学和统计学的理解和运用能力。

题目形式多样，涵盖了各种计算题和解析题。

考生在备考过程中，除了熟练掌握公式和计算技巧外，还需注重理论与实践的结合。

以第一题为例，考题要求计算二项式风险价值（Binomial Value at Risk，BVaR）。

解题思路是根据给定的数据，利用二项式模型计算出投资组合的价值，并进行风险度量。

在计算过程中，需要使用二项式模型的公式和投资组合的收益率数据。

第二部分：金融市场和产品金融市场和产品模块是CFA二级考试的重点内容之一。

此部分考察考生对金融市场结构、金融工具和投资组合的理论基础和实践应用能力。

题目涉及股票市场、债券市场、外汇市场等多个方面，要求考生掌握不同市场和金融工具的特点和运作规则。

以第二十五题为例，考题要求分析一个利率衍生工具的风险敞口。

在解答过程中，考生需要了解该工具的具体特点和计算方式，并结合市场情况进行风险敞口的分析。

此类题目考察了考生对不同金融工具的理解和应用能力，需要综合考虑市场和产品的特点，分析风险因素并提出合理的风险管理策略。

第三部分：财务报表分析财务报表分析模块是CFA二级考试的又一重点内容。

此部分考察考生对财务报表的理解和分析能力。

题目要求考生根据给定的财务报表，进行财务分析和评估公司的财务状况和业绩。

考生需要掌握财务报表分析的方法和技巧，并能准确理解财务指标的意义和应用。

以第五十题为例，考题要求计算公司的盈利能力指标并进行分析。

考生需要根据给定的财务报表中的数据，计算利润率、净利率等指标，并分析公司的盈利情况。

CFA 2024年二级原版书课后题一、公司金融和财务报告分析1.1 企业金融报告的意义企业金融报告是企业向外界公开披露的财务信息，包括企业的资产负债状况、经营成果、现金流量以及股东权益等信息。

通过对企业金融报告的分析，可以帮助投资者了解企业的财务状况，评估企业的经营风险和盈利能力，为投资决策提供重要的参考依据。

1.2 企业金融报告分析的方法企业金融报告分析主要采用财务比率分析、财务趋势分析、现金流量分析、股票市场指标分析等方法。

其中，财务比率分析是最常用的方法之一，通过计算企业的财务比率，包括盈利能力、偿债能力、运营能力、收益能力等指标，来评估企业的财务状况。

1.3 财务报表分析的注意事项在进行财务报表分析时，需要注意一些问题，包括财务信息的准确性和真实性、企业的会计政策和会计估计的合理性、行业和竞争对手的情况、宏观经济环境等因素对企业财务状况的影响。

二、固定收益投资2.1 固定收益投资的特点固定收益投资是指投资者通过购物债券、债务工具等金融资产获得固定的利息收入。

与股票投资相比，固定收益投资具有收益稳定、风险较低的特点，适合风险偏好较低的投资者。

2.2 债券投资的评价指标在进行固定收益投资时，债券的评价指标是十分重要的。

包括债券的到期收益率、债券的久期和凸性、信用评级等指标，可以帮助投资者评估债券的风险和回报。

2.3 固定收益投资组合的管理固定收益投资组合的管理包括资产配置、收益再投资、久期匹配等内容，通过对固定收益投资组合的管理，可以实现风险的分散和收益的最大化。

三、权益投资3.1 权益投资的特点权益投资是指投资者通过购物股票等金融资产获得股息收入和资本收益。

权益投资具有较高的收益潜力，但也伴随着较高的风险。

3.2 股票投资的评价指标在进行权益投资时，股票的评价指标包括市盈率、市净率、股息率、股票的盈利增长率等指标，可以帮助投资者评估股票的估值和风险。

3.3 权益投资组合的管理权益投资组合的管理包括资产配置、股票选择、风险控制等内容，通过对权益投资组合的管理，可以实现风险的分散和收益的最大化。

下面的数据可用于第14至16题：H&A公司为多经理管理的W养老基金管理着3000万美元的股票资产组合。

W 养老基金的财务副主管杰森·琼斯〔Jason Jones〕注意到H&A在W养老基金的六个股票经理人中持续保持着最优的记录。

在过去的5年中有4年H&A公司管理的资产组合的表现明显优于标准普尔500指数，唯一业绩不佳的一年带来的损失也是为微缺乏道的。

H&A公司是一个“倒行逆施〞的管理者。

该公司尽量防止在对市场的时机预测上做任何努力，它把精力主要放在对个股的选择上，而不是对行业好坏的评估上。

六位管理者之间没有明显一致的管理模式。

除了H&A之外，其余的五位经理共计管理着由150种以上的个股组成的2.5亿美元的资产。

琼斯相信H&A可以在股票选择上表现出出众的能力，但是受投资的高度分散化的限制，达不到高额的收益率。

这几年来，H&A公司的资产组合一般包含40―50种股票，每种股票占基金的2%―3%。

H&A公司之所以在大多数年份里表现还不错的原因在于它每年可以找到10到20种获得高额收益率的股票。

基于以上情况，琼斯向W养老基金委员会提出以下方案：让我们把H&A公司管理的资产组合限制在20种股票以内。

H&A会对其真正感兴趣的股票投入加倍的精力，而取消其他股票的投资。

如果没有这个新的限制，他们认为H&A公司就会像以前那样自由的管理资产组合。

基金委员会的大多数成员都同意琼斯的观点，他们认为H&A公司确实表现出了在股票选择上的卓越能力。

但是该建议与以前的实际操作相背离，几个委员对此提出了质疑。

请根据上述情况答复以下问题。

14．a. 20种股票的限制会增加还是减少资产组合的风险？请说明理由。

b. H&A公司有没有方法使股票数由40种减少到20种，而同时又不会对风险造成很大的影响，请说明理由。

选择资产组合期望收益〔%〕标准差〔%〕a W 15 36b X 12 15c Z 5 7d Y 9 21 18．下面对资产组合分散化的说法哪些是正确的？a.适当的分散化可以减少或消除系统风险。

特许金融分析师(CFA)测试题与答案1.以下理解或做法符合金融理财定义的是( )。

A.赵先生认为金融理财是有钱人考虑的事情，自己收入微薄不需要金融理财服务B.贺先生认为金融理财的目的是为了追求每个生命周期收入均大于支出C.理财师小王每遇客户就推荐所在机构新推出的理财产品D.理财师小张分析所在机构新推出的理财产品很符合客户吴先生的需求，于是向吴先生推荐该产品正确答案：D2.根据FPSBChina的规定，完成AFP或CFP资格认证后，每( )必须再认证一次。

A.2年B.3年C.4年D.5年正确答案：A3.根据FPSBChina对金融理财的定义，下列说法错误的是( )。

A.金融理财不是产品推销，是一种综合金融服务B.金融理财强调由专业理财人员为客户提供综合财务规划C.金融理财强调由专业理财人员通过规范的操作流程，帮助客户实现人生各阶段的目标D.金融理财的目标是帮助客户迅速致富正确答案：D解析：根据FPSBChina对金融理财的定义，金融理财的目标是追求一生财务资源收支的平衡、追求支出的合理控制、财务风险的控制及进行财富管理。

帮助客户迅速致富不是金融理财的目标，因此D是错误的。

4.根据《金融理财师资格认证办法》，2010年12月31日，下列情形符合AFP资格认证工作经验时间要求的是( )。

A.张某1997年大专毕业，在律师事务所为客户做离婚和遗产筹划，2001年初开始一直从事行政管理工作B.王某2008年本科毕业，一直在银行从事文秘工作C.李某2009年硕士研究生毕业，一直在保险公司从事客户寿险的规划工作D.赵某2010年博士研究生毕业，一直在证券公司从事人力资源管理工作正确答案：C解析：根据《金融理财师资格认证办法》，AFP资格认证对于工作经验的要求包括：必须在金融理财相关行业从事金融理财的相关工作，研究生需相关工作经验1年，本科2年，大专3年，工作经验的有效期为最近10年。

A中张某虽然从事理财的相关工作，也达到了大专3年的标准，但是其1997～2000年的工作经验已经超出了认定的有效期;B、D中的王某和赵某虽然在金融机构工作，但从事的均不是与金融理财相关的工作。

CFA二级权益原版书课后题讲解第一章介绍在C FA二级考试中，权益（Eq ui ty）是一个重要的考试内容。

本文将通过讲解CF A二级权益原版书的课后题，帮助读者更好地理解和应用权益的相关知识。

第二章基本概念2.1什么是权益？权益是一种资产，代表了一个个人或公司在企业或投资组合中对资产拥有的剩余权益。

权益可以包括股票、优先股、账户余额等。

2.2权益的分类权益可以按照不同的方式进行分类，常见的分类包括普通股、优先股、优先股等。

不同的权益分类具有不同的权益和风险特征。

第三章课后题讲解3.1题目1题目描述：公司A的普通股每股价格为10美元，每股分红为1美元。

公司A的市值为1亿美元，每年的股票回购额度为500万美元。

请计算公司A的股息率和股票回购率。

解答：股息率是指每股分红与股票价格之比。

根据题目，每股分红为1美元，每股价格为10美元，因此股息率为1/10=10%。

股票回购率是指每年股票回购额度与市值之比。

根据题目，股票回购额度为500万美元，公司A的市值为1亿美元，因此股票回购率为500万/1亿=5%。

3.2题目2题目描述：公司B的优先股每股价格为50美元，每股的年息为5美元。

公司B的债务为5000万美元，请计算公司B的优先股息率和债务利率。

解答：优先股息率是指每股年息与优先股价格之比。

根据题目，每股年息为5美元，每股价格为50美元，因此优先股息率为5/50=10%。

债务利率是指债务利息与债务金额之比。

根据题目，债务利息为5000万美元，债务金额为5000万美元，因此债务利率为5000万/5000万=100%。

第四章总结通过对C FA二级权益原版书课后题的讲解，我们可以更好地理解和应用权益的相关知识。

掌握权益的分类和计算方法，有助于我们在投资和财务领域中做出准确的决策。

希望本文对读者能够有所帮助，祝大家在C FA考试中取得好成绩！*以上内容为C FA二级权益原版书课后题讲解，希望对大家有所帮助。

*。

选择题关于有效市场假说，以下哪个描述是正确的？A. 在有效市场中，投资者可以通过分析信息来获得超额收益。

B. 有效市场假说认为市场总是错误的，因此投资者应忽视市场信息。

C. 有效市场假说认为市场价格反映了所有可用信息，因此无法通过分析获得超额收益。

（正确答案）D. 有效市场仅适用于股票市场，不适用于债券市场。

在评估公司的资本结构时，以下哪个因素不是考虑的重点？A. 公司的债务与股权比例。

B. 公司的盈利能力。

C. 公司的行业特点。

（正确答案）D. 公司的现金流稳定性。

以下哪个是衡量公司运营效率常用的财务指标？A. 市盈率B. 存货周转率（正确答案）C. 资本充足率D. 杠杆比率在进行股票估值时，以下哪个模型是基于公司未来现金流的贴现值？A. 市盈率模型B. 市净率模型C. 贴现现金流模型（正确答案）D. 相对估值模型关于固定收益证券，以下哪个描述是错误的？A. 固定收益证券的收益率与市场利率变动呈反向关系。

B. 固定收益证券的信用风险通常低于股票。

C. 固定收益证券的价格波动通常小于股票。

（正确答案）D. 固定收益证券的到期收益率考虑了利息再投资的风险。

在投资组合管理中，以下哪个策略旨在通过分散投资来降低风险？A. 市场时机选择策略B. 资产配置策略（正确答案）C. 股票选择策略D. 集中投资策略以下哪个不是衡量投资组合风险的常用指标？A. 标准差B. β系数C. 夏普比率D. 跟踪误差（正确答案）关于期权定价，以下哪个模型是最常用的？A. 费雪方程式B. 黑-斯科尔斯模型（正确答案）C. 有效市场假说D. 卡普兰-米尔斯模型在进行宏观经济分析时，以下哪个指标不是常用的先行指标？A. 制造业订单B. 失业率（正确答案）C. 建筑许可D. 消费者预期指数。

CFA二级练习题精选及答案0531-19CFA二级练习题精选及答案0531-191、Pereira should forecast that the ROE for Globales is likely to decline: 【单选题】A. more slowly than that of the industry competitor.B. at the same rate as the industry competitor.C. more rapidly than that of the industry competitor.正确答案:A答案解析:A is correct. Based on the principle of mean reversion, the high ROE for both firms should revert towards the mean. Globales has a higher cash flow component to its return than the peer firm, however, so its high return on common equity should persist longer than that ofthe peer firm. The peer firm has a higher accruals component, so it is likely to revert more quickly.2、How many of Yeung's constraints would be accurately regarded as a constraint in an investment policy statement? 【单选题】A. One.B. Two.C. Three.正确答案:B答案解析:What Yeung has identified as Constraint 1 is properly classified as a return objective and not a constraint. Investment constraints are factors that restrict investment choices. Constraint 2 is unexampled of time horizon constraint. Constraint 3 is an example ofliquidity constraint.3、Based on Exhibit 4, Singh and Ho should conclude thatunder Scenario 2, shares of Bern are:【单选题】A. undervalued.B. fairly valued.C. overvalued.正确答案:A答案解析:A is correct.The total market value of the firm is the sum of the debt, preferred stock, and common stock market values: 15,400 +4,000 + 18,100 = 37,500 million.WACC = [wd xrd(1 —tax rate)] + (wp x rp) + (we x re).= [(15,400/37,500)(0.060)(1 - 0.269] + (4,000/37,500)(0.055) + (18,100/37,500)(0.11).= 7.70%.Under the assumption that Bern has a low growth rate because it did not receive regulatory approval for its new drugs, the value of Bern can be analyzed using a two-stagevaluationmodel.Year01234g1.50%1.50%1.50%0.75%FCFFn (? millions)3,2263,274.393,323.513,373.363,398.66Present Value Factor0.9285290.8621670.800547Present Value (?millions)3,040.372,865.422,700.53The terminal value at the end of Year 3 is TV3 = FCFF4/(WACC - g4).TV3 = 3,398.66/(0.0770 - 0.0075) = ?48,921.38 million.The total valueof operating assets = (3,040.37 + 2,865.42 + 2,700.53) + 48,921.38/(1 + 0.0770)3.= 8,606.32 + 39,163.88= ?47,770.20 million.4、What is the value of the coefficient of determination? 【单选题】A. 0.8261.B. 0.7436.C. 0.8623.正确答案:B答案解析:B is correct. The coefficient of determination is the same as R-squared.5、A benefit of performing Task 1 is that it: 【单选题】A. enables the model to price bonds with embedded options.B. identifies benchmark bonds that have been mispriced by the market.C. allows investors to realize arbitrage profits through stripping and reconstitution.正确答案:A答案解析:A is correct. Calibrating a binomial interest rate tree to match a specific term structure is important because we can use the。

2023年CFA考试复习题集及参考答案第一章：量化方法题目1：某公司的资产价值在过去一年中发生了波动。

下列哪项指标最适合用于衡量该公司的资产波动程度？A. 平均绝对偏差（MAD）B. 方差C. 标准差D. 回归系数参考答案：C. 标准差解析：标准差是衡量一组数据的离散程度的常用指标，它可以有效衡量公司资产价值的波动程度。

题目2：假设市场上有两支资产，资产A与资产B。

根据下列数据，计算两支资产的协方差：资产A的回报率：-0.02、0.05、0.03、0.06、0.01资产B的回报率：0.03、0.08、0.02、0.07、0.01参考答案：0.000286解析：首先计算资产A和资产B的平均回报率，分别为0.026和0.042。

然后按照协方差的计算公式分别计算资产A和资产B的离差乘积的平均值，并将结果相加，最后得到协方差为0.000286。

第二章：财务报表分析题目1：下列哪个指标用于评估公司的偿债能力？A. 负债率B. 总资产周转率C. 现金流量比率D. 销售毛利率参考答案：A. 负债率解析：负债率是衡量公司债务占总资产的比例，是评估公司偿债能力的重要指标。

题目2：某公司的净利润为50,000美元，总资产为200,000美元，资产负债率为75%。

根据这些数据，计算该公司的净资产收益率（ROE）。

A. 10%B. 15%C. 20%D. 25%参考答案：B. 15%解析：净资产收益率（ROE）等于净利润除以净资产，再乘以100%。

根据题目中的数据，计算可得净资产收益率为15%。

第三章：投资组合管理题目1：根据资本市场线理论，投资者最佳组合的特点是什么？A. 高风险、高回报B. 低风险、低回报C. 高风险、低回报D. 低风险、高回报参考答案：D. 低风险、高回报解析：根据资本市场线理论，投资者最佳组合是在给定风险水平下能够实现最高可能回报的投资组合。

题目2：根据马可维茨资产组合理论，投资组合的优化是指什么？A. 最大化回报B. 最小化风险C. 最大化夏普比率D. 最小化方差参考答案：C. 最大化夏普比率解析：马可维茨资产组合理论中，优化的目标是最大化夏普比率，夏普比率是投资组合的风险调整回报率。

CFA备考之CFA二级习题精选及解析CFA备考之CFA二级习题精选及解析CaseRhine Claus Petersen, a pension fund equity analyst, is preparing an analysis of Rhine AG for the upcoming quarterly fund meeting. Rhine is a Germany-based manufacturer that operates three distinct divisions: children’s products (infant car seats, strollers, cribs, etc.), recreational products (bicycles, bicycle trailers, etc.), and home furnishings (contemporary furniture). All three divisions sell through retail outlets around the world.The company has been pursuing an aggressive growth strategy, achieved through both foreign acquisitions and organic growth. Petersen is interested in determining how well Rhine is allocating its resources between the three divisions and the effects of the foreign acquisitions on overall performance. Exhibit 1 summarizes selected divisional and corporate data for 2013 and 2012.Petersen’s preferred method to determine which division is becoming less significant over time is to review the relationship between capital expenditures and total assets by operating division. He plans to base his conclusion on the assumption that 2013’s investme nt behavior is representative of future investment patterns.Petersen knows t hat revenues in the children’s products division have suffered because of declining birth rates in Europe and North America, but he believes that if Rhine can maintain the operating margin for this division then overall company profitability should not be affected.Corinna Berg, another analyst with the fund, reminds Petersen that during 2013, the U.S. dollar weakened against theeuro by 4% and that 50% of the sales in the recreational products division are sold in the United States.Petersen recalls that some of the recent global expansion was aimed at establishing operations in Ireland because its statutory corporate tax rate is lower than the German rate of 29.8%. If Petersen assumes that other tax credits were the same in 2013 as 2012, he can analyze cha nges in Rh ine’s effective tax rate to determine whether the geographic mix of the company’s profits has changed in 2013.Petersen finally examines the company’s liquidity ratios, which are shown in Exhibit 2. Even though the company’s current and quick ratio have improved, his interpretation of the changes in the company’s cash conversion cycle is that the company’s liquidity position has deteriorated.Worried that the balance sheet–based and cash flow–based accruals ratios (not shown) raise some concerns about the possible use of accruals to manage earnings, Petersen asks Berg for advice on what further type of analysis he should do as a follow-up on this issue.1. Using Petersen's preferred method and 2013 divisional data, the best conclusion Peterson can make about which division will potentially become less significant in the future is that it。

CFA考试试题汇编(含答案)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点拨：:“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.2、Which of the following is a constraint as defined inthe International Financial Reporting Standards (IFRS) Framework for the Preparation and Presentation of Financial Statements?【单选题】A.NeutralityB.TimelinessC.Going concern正确答案:B点拨：:“Financial Reporting Standards,”Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Karen O’Connor Rubsam, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFATimeliness is a constraint in the IFRS Framework. Neutrality is a factor that contributes to reliability and going concern is an assumption of the Framework.3、Which method of calculating the firm’s cost of equity is most likely to incorporate the long-run return relationship between the firm's stock and the market portfolio?【单选题】A.Dividend discount modelB.Capital asset pricing modelC.Bond-yield-plus risk-premium正确答案:B点拨：:“Cost of Capital”Yves Courtois, CFA, Gene C. Lai, and Pamela Peterson Drake, CFAThe capital asset pricing model uses the firm’s equity beta, which is computed from a market model regression of the company's stock returns against market returns.4、For a 90-day U.S. Treasury bill selling at a discount, which of the following methods most likely results in the highest yield?【单选题】A.Money market yieldB.Discount-basis yieldC.Bond equivalent yield正确答案:C点拨：:“Working Capital Management,”Edgar Norton, Jr., Kenneth L. Parkinson, and Pamela Peterson Drake5、An investor gathers the following data.To estimate the stock's justified forward P/E, the investor prefers touse the compounded annual earnings growth and the average of the payout ratios over the relevant period (i.e., 2008–2011). If the investor uses 11.5% as her required rate of return, the stock's justified forward P/E is closest to:【单选题】A.10.B.12.C.21.正确答案:C点拨：:“Equity Valuation: Concepts and Basic Tools,”John J. Nagorniak and Stephen E.Wilcox6、A bond portfolio manager is considering three Bonds –A, B, and C –for his portfolio. Bond A allows the issuer to call the bond before stated maturity, Bond B allows the investor to put the bond back to the issuer before stated maturity, and Bond C contains no embedded options. The bonds are otherwise identical. The manager tells his assistant, “Bond A and Bond B should have larger nominal yield spreads to a U.S. Treasury than Bond C to compensate for their embedded options.”Is the manager most likely correct?【单选题】A.Yes.B.No, Bond A’s nominal yield spread should be less than Bond C’s.C.No, Bond B’s nominal yield spread should be less than Bond C’s.正确答案:C点拨：:“Understanding Yield Spreads,”Frank J. Fabozzi, CFAC is correct because Bond B’s embedded put option benefits the investor and the yield spread will therefore be less than the yield spread of Bond C, which does not contain this benefit.7、Which of the following characteristics is best described that the information in financialstatements can influence user's economic decisions or affect user's evaluationof past events or forecasts of future events in accordance with the IFRSframework's definitions and recognition criteria?【单选题】A.Relevance./doc/3228fe0b18e8b8f67c 1cfad6195f312b3069ebdf.htmlparability.C.Faithful representation.正确答案:A点拨：:根据IFRS的条款，财务报表的两个基本特性使得这些财务信息有用，这两个特性包括相关性（relevance）和公允陈述（faithful representation）。