CFA一级考试答题卡

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

这个比率越高，说明公司的财务杠杆越大，偿债能力越弱。

因此，资产负债率是反映公司偿债能力的重要指标。

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

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

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

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

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

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

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

CFA考试《CFA一级》历年真题精选10（附详解）1、Yip Wai Yin, a CFA Candidate, is an independent mutual fund sales agent. For every front-end load product she promotes, Yip receives a portion of the front-end fee as commission, at the time of sale. For every back-end load fund she sells, Yip receives a smaller commission paid at the end of the year. Yip always informs her clients she is paid a commission as an agent, but does not provide details of the compensation structure. When pitching her favored front-end load product line she tells clients 20% of her commission is always invested in the same fund as proof of her confidence in the fund she recommends. Which CFA Code of Standards with regard to Conflicts of Interest does Yip least likely violate?【单选题】A.Referral Fees.B.Disclosure of Conflicts.C.Priority of Transactions.正确答案:C答案解析:“Guidance for Standards I-VII,” CFA InstituteC is correct because Yip’s investments do not adversely affect the interest of the clients and therefore do not violate the Priority of Transactions requirement. A Candidate having the same investment positions does not always create a conflict of interest and in some instances, having an aligned investment portfolio can be beneficial to the client.2、The Global Investment Performance Standards least likely require:【单选题】A.nondiscretionary portfolios to be included in composites.posites to be defined according to similar investment objectives and/or strategies.C.non-fee-paying portfolios to be excluded in the returns of appropriate composites.正确答案:A答案解析:Composites (Standard IV – Composites) must be defined according to similar investment objectives and/or strategies. Terminated portfolios must be included in the historical returns of appropriate composites, and only fee-paying portfolios are to be included in composites. Non-discrectionary portfolios must not be included in a firm's composites. 2014 CFA Level I "Introduction to the Global Investment Performance Standards (GIPS)," CFA Institute3、Assuming no short selling, diversification benefit is most likely to occur when the correlations among the securities contained in the portfolio are:【单选题】A.equal to positive one.B.less than positive one.C.greater than positive one.正确答案:B答案解析:“Probability Concepts,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAWhen we do not reject a false null hypothesis we have a Type II error.4、A firm with a marginal tax rate of 40% has a weighted average cost of capital of 7.11%. The before-tax cost of debt is 6%, and the cost of equity is 9%. The weight of equity in the firm's capital structure is closest to:【单选题】A.79%.B.37%.C.65%.正确答案:C答案解析:WACC=weight of debt*before-tax cost of debt*(1-tax rate)+weight of equity*cost of equity.5、The following information is available about a company ($ millions):During 2009 the company most likely decreased the:【单选题】A.proportion of sales made on a cash basis.B.inventory, anticipating lower demand for its products in 2010.C.proportion of interest-bearing debt relative to trade accounts payable.正确答案:A答案解析:“Understanding the Cash Flow Statement”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFASales, net income, and net margin are relatively constant for the two years. The substantial drop in cash flow from operations could be attributed to an increase in receivables and/or inventory. A decrease in the proportion of cash sales implies an increase in the proportion of credit sales, increasing accounts receivable. An increase in accounts receivable would decrease cash flow from operations.6、Providing information about the performance of a company, its financial position, and changes in financial position that is useful to a wide range of users is most accurately described as the role of:【单选题】A.financial reporting.B.the auditor’s report.C.financial statement analysis.正确答案:A答案解析:“Financial Statement Analysis: An Introduction,” Elaine Henry and Thomas R. RobinsonA is correct. The role of financial reporting is to provide information about the performance of a company, its financial position, and changes in financial position that is useful to a wide range of users in making economic decisions.7、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. Fabozzi8、A security has a beta of 1.30. If the risk-free rate of interest is 3% and the expected return of the market is 8%, based on the capital asset pricing model (CAPM), the expected return of the security is closest to:【单选题】A.9.5%.B.6.5%.C.13.4%.正确答案:A答案解析:The formula for the CAPM is expressed as:Section 4.29、Kim Stone, CFA, works at trading desk in Howard Hedge Funds.SamuelPeter, a chief investment manager for Howard has instructed Stone to sell a largeamount of one stock based on an inside information of significant legal disputes.Peter inadvertently heard the information from a company's president in anelevator.Stone is unaware that Peter got this information.Stone accepts thetrade instruction and completes the order.Has Stone most likely violated theStandards of Professional Conduct?【单选题】A.No.B.Yes, with respect to responsibilities of supervisors.C.Yes, with respect to material nonpublic information.正确答案:A答案解析:Stone并不知道该交易行为来自重大的非公开信息，他接受了交易指令并不违反任何标准，只有当他知道或者应当知道时才会违反标准。

CFA考试答题卡填写图文详解
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各位考生，2015年CFA备考已经开始，为了方便各位考生能更加系统地掌握考试大纲的重点知识，帮助大家充分备考，体验实战，网校开通了全免费的高顿题库（包括精题真题和全真模考系统），题库里附有详细的答案解析，学员可以通过多种题型加强练习，通过针对性地训练与模考，对学习过程进行全面总结。

CFA考试《CFA一级》历年真题精选及详细解析1007-21、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, CFA 2011 Modular Level I, Vol. 5, p. 326-328Study Session 15-61-bDescribe the basic features of a bond, the various coupon rate structures, and the structure of floating-rate securities.B is correct because LIBOR + 300 bps at the reset date equals1.5% + 3.00% = 4.5%, which is below the floor of 5.00% so the coupon rate will be equal to the floor.2、An investor who has a 42% marginal tax rate is analyzing a tax-exempt bond that offers a yield of 3.74%. The taxable-equivalent yield of the bond is closest to:【单选题】A.5.31%.B.6.45%.C.8.90%.正确答案:B答案解析:“Understanding Yield Spreads,” Frank J. Fabozzi, CFA 2011 Modular Level I, Vol. 5, pp. 464-465Study Session 15-64-iCalculate the after-tax yield of a taxable security and the tax-equivalent yield of a tax-exempt security.B is correct because the tax-equivalent yield of a tax-exempt security is3、An analyst does research about real estate investment and gathered the followingannual information about a real estate investment:If the property above is valued at $3 925 000 based on the income approach, thecapitalization rate is closest to:【单选题】A.8.8%B.12.1%C.15.8%正确答案:B答案解析:在收入法之下，appraisal price = NOI/market cap rate，因而有：$3 925 000 = $475 000/market cap rate，得出market capitalization rate = 12.1%.4、Duration is most accurate as a measure of interest rate risk for a bond portfolio when the slope of the yield curve:【单选题】A.increases.B.decreases.C.stays the same.正确答案:C答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi2012 Modular Level I, Vol. 5, pp. 359–363Study Session 15-54-gDescribe yield-curve risk, and explain why duration does not account for yield-curve risk.C is correct because duration measures the change in the price of a portfolio of bonds if the yields for all maturities change by the same amount; that is, it assumes the slope of the yield curve stays the same.5、An analyst does research about tax-exempt bonds.An investor with 28% marginaltax rate purchase a tax-exempt bond yielding 3.5%.The investor\\\\'s taxequivalentyield is closest to:【单选题】A.2.52%B.4.86%C.12.50%正确答案:B答案解析:设税收等同收益率(tax-equivalent yield)为X，则X × (1 - 28% ) = 3.5%，算出X =4.86%。

2023年CFA一级考试的题型主要有以下两种：
1. 多项选择题：这是CFA一级考试中最常见的题型，主要测试考生对基本概念、理论和方法的掌握程度。

考生需要从四个备选答案中选出一个或多个正确答案。

2. 短文分析题：这类题目要求考生在较短的篇幅内回答问题，主要测试考生对知识点的理解和应用能力。

短文分析题通常涉及计算、分析和解释等任务。

每场考试设有90道单项选择题目，考试共设180道单项选择题，cfa一级考试分为两场，考生必须完成两场考试才能取得成绩。

以上信息仅供参考，建议查阅CFA协会官网获取更准确的信息。

ANSWER SHEETCFA ® Mock Exam Mock No.1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 3132 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 6061 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 CANDIDATE PLEDGERead and sign this pledge when instructed to do so by the proctor/Invigilator. Your examination will not be graded unless the pledge is signed I certify, understand and agree to the following conditions:All examination materials, including my answers, are the property of CFA Institute and will not be returned to me in any form.My violation of any rule of the CFA Program will result in CFA Institute voiding my examination results and may lead to suspension or termination of my candidate in the CFA Program.Prior to this examination I have not given or received information regarding the questions of this examination.During this examination I will not use any reference materials; I will not give or receive assistance; I will use only the Texas Instruments BAII Plus, Hewlett Packard 12C or 12C Platinum calculator with memory functions cleared prior to the start of the examination; I will stop writing immediately when instructed to do so.After this examination I will not disclose ANY portion of this examination not already disclosed by CFA Institute and I will not remove ANY examination materials from the examination room in any formTEST CENTER CODE: SIGNATURE: DATE:○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D ○A ○B ○C ○D。

1. According to the CFA Institute Code of Ethics and Standards of Professional Conduct， trading on material nonpublic information is least likely to be prevented by establishing：A。

fire-walls。

B。

watch lists。

C. selective disclosure。

Answer: CCFA Institute Standards2010 Modular Level I, Vol。

1， pp. 36-42Study Session 1—2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional ConductC is correct as selective disclosure occurs when companies discriminate in making material nonpublic information public。

Corporations that disclose information on a limited basis create the potential for insider-trading violations. Standard II (A）.2. William Wong， CFA, is an equity analyst with Hayswick Securities。

Based on his fundamental analysis， Wong concludes the stock of a company he follows, Nolvec Inc。

READING 211. Providing information about the performance and financial position of companies so that users can make economic decisions best describes the role of:A. auditing.B. financial reporting.C. financial statement analysis.2. A company’s current financial position would best be evaluated using the:A. balance sheet.B. income statement.C. statement of cash flows.3. A company’s profitability for a period would best be evaluated using the:A. balance sheet.B. income statement.C. statement of cash flows.policies, methods, and estimates used in preparing financial statements are most likely found in the:A. auditor’s report.B. management commentary.C. notes to the financial statements.5. Information about management and director compensation would least likely be found in the:A. auditor’s report.B. proxy statement.C. notes to the financial statements.6. Information about a company’s objectives, strategies, and significant risks would most likely be found in the:A. auditor’s report.B. management commentary.C. notes to the financial statements.7. What type of audit opinion is preferred when analyzing financial statementsA. Qualified.B. Adverse.C. Unqualified.8. Ratios are an input into which step in the financial statement analysis frameworkA. Process data.B. Collect input data.C. Analyze/interpret the processed data.READING221. Which of the following items would most likely be classified as an operating activityA. Issuance of debt.B. Acquisition of a competitor.C. Sale of automobiles by an automobile dealer.2. Which of the following items would most likely be classified as a financing activityA. Issuance of debt.B. Payment of income taxes.C. Investments in the stock of a supplier.3. Which of the following elements represents an economic resourceA. Asset.B. Liability.C. Owners’ equity.4. Which of the following elements represents a residual claimA. Asset.B. Liability.C. Owners’ equity.5. An analyst has projected that a company will have ass ets of €2,000 at year-end and liabilities of€1,200. The analyst’s projection of total owners’ equity should be closest to:A. €800.B. €2,000.C. €3,200.6. An analyst has collected the following information regarding a company in advance of its yearend earnings announcement (in millions): Estimated net income $ 200Beginning retained earnings $ 1,400Estimated distributions to owners $ 100The analyst’s estimate of ending retained earnings (in millions) should be closest to:A. $1,300.B. $1,500.C. $1,700.7. An analyst has compiled the following information regarding Rubsam, at year-end € 1,000Contributed capital at year-end € 500Beginning retained earnings € 600Revenue during the year € 5,000Expenses during the year € 4,300There have been no distributions to owners. The analyst’s most likely estimate of total assets at year-end should be closest to:A. €2,100.B. €2,300.C. €2,800.8. A group of individuals formed a new company with an investment of $500,000. The most likelyeffect of this tra nsaction on the company’s accounting equation at the time of the formation is anincrease in cash and:A. an increase in revenue.B. an increase in liabilities.C. an increase in contributed capital.9. HVG, LLC paid $12,000 of cash to a real estate company upon signinga lease on 31 December 2005. The payment represents a $4,000 security deposit and $4,000 of rent for each of January 2006 and February 2006. Assuming that the correct accounting is to reflect both January and February rent as prepaid, the mo st likely effect on HVG’s accou nting equation in December 2005 is:A. no net change in assets.B. a decrease in assets of $8,000.C. a decrease in assets of $12,000.10. TRR Enterprises sold products to customers on 30 June 2006 for a total price of €10,000. The terms of the sale are that payment is due in 30 days. The cost of the products was €8,000. The most likely net change in TRR’s total assets on 30 June 2006 related to this transaction is:A. €0.B. €2,000.C. €10,000.11. On 30 April 2006, Pinto Products received a cash payment of $30,000 as a deposit on production of a custom machine to be delivered in August 2006. This transaction would most likely result in which of the following on 30 April 2006A. No effect on liabilities.B. A decrease in assets of $30,000.C. An increase in liabilities of $30,000.12. Squires & Johnson, Ltd., recorded €250,000 of depreciatio n expense in December 2005. The most likely effect on the company’s accounting equation is:A. no effect on assets.B. a decrease in assets of €250,000.C. an increase in liabilities of €250,000.13. An analyst who is interested in assessing a company’s financial position is most likely to focus on which financial statementA. Balance sheet.B. Income statement.C. Statement of cash flows.14. The statement of cash flows presents the flows into which three groups of business activitiesA. Operating, Nonoperating, and Financing.B. Operating, Investing, and Financing.C. Operating, Nonoperating, and Investing.15. Which of the following statements about cash received prior to the recognition of revenue in the financial statements is most accurate The cash is recorded as:A. deferred revenue, an asset.B. accrued revenue, a liability.C. deferred revenue, a liability.16. When, at the end of an accounting period, a revenue has been recognized in the financial statements but no billing has occurred and no cash has been received, the accrual is to:A. unbilled (accrued) revenue, an asset.B. deferred revenue, an asset.C. unbilled (accrued) revenue, a liability.17. When, at the end of an accounting period, cash has been paid with respect to an expense, the business should then record:A. an accrued expense, an asset.B. a prepaid expense, an asset.C. an accrued expense, a liability.18. When, at the end of an accounting period, cash has not been paid with respect to an expense that has been incurred, the business should then record:A. an accrued expense, an asset.B. a prepaid expense, an asset.C. an accrued expense, a liability.19. The collection of all business transactions sorted by account in an accounting system is referred to as:A. a trial balance.B. a general ledger.C. a general journal.20. If a company reported fictitious revenue, it could try to cover up its fraud by:A. decreasing assets.B. increasing liabilities.C. creating a fictitious asset.READING 231. Which of the following is most likely not an objective of financial statementsA. To provide information about the performance of an entity.B. To provide information about the financial position of an entity.C. To provide information about the users of an entity’s financial statements.2. International financial reporting standards are currently developed by which entityA. The IFRS Foundation.B. The International Accounting Standards Board.C. The International Organization of Securities Commissions.3. US generally accepted accounting principles are currently developed by which entityA. The Securities and Exchange Commission.B. The Financial Accounting Standards Board.C. The Public Company Accounting Oversight Board.4. Which of the following statements about desirable attributes of accounting standards boards is most accurate Accounting standards boards should:A. concede to political pressures.B. be guided by a well articulated framework.C. be adequately funded by companies to which the standards apply.5. A core objective of the International Organization of Securities Commissions is to:A. eliminate systematic risk.B. protect users of financial statements.C. ensure that markets are fair, efficient, and transparent.6. According to the Conceptual Framework for Financial Reporting (2010),which of the following is not an enhancing qualitative characteristic of information in financial statementsA. Accuracy.B. Timeliness.C. Comparability.7. Which of the following is not a constraint on the financial statements according to the Conceptual Framework (2010)A. Understandability.B. Benefit versus cost.C. Balancing of qualitative characteristics.8. The assumption that an entity will continue to operate for the foreseeable future is called:A. accrual basis.B. comparability.C. going concern.9. The assumption that the effects of transactions and other events are recognized when they occur, not when the cash flows occur, is called:A. relevance.B. accrual basis.C. going concern.10. Neutrality of information in the financial statements most closely contributes to which qualitative characteristicA. Relevance.B. Understandability.C. Faithful representation.11. Valuing assets at the amount of cash or equivalents paid or the fair value of the consideration given to acquire them at the time of acquisition most closely describes which measurement of financial statement elementsA. Current cost.B. Historical cost.C. Realizable value.12. The valuation technique under which assets are recorded at the amount that would be received in an orderly disposal is:A. current cost.B. present value.C. realizable value.13. Which of the following is not a required financial statement according to IAS No. 1A. Statement of financial position.B. Statement of changes in income.C. Statement of comprehensive income.14. Which of the following elements of financial statements is most closely related to measurement of performanceA. Assets.B. Expenses.C. Liabilities.15. Which of the following elements of financial statements is most closely related to measurement of financial positionA. Equity.B. Income.C. Expenses.16. Which of the following is not a characteristic of a coherent financial reporting frameworkA. Timeliness.B. Consistency.C. Transparency.17. Which of the following is not a recognized approach to standard-settingA. A rules-based approach.B. An asset/liability approach.C. A principles-based approach.18. Which of the following disclosures regarding new accounting standards provides the most meaningful information to an analystA. The impact of adoption is discussed.B. The standard will have no material impact.C. Management is still evaluating the impact.READING 241. Expenses on the income statement may be grouped by:A. nature, but not by function.B. function, but not by nature.C. either function or nature.2. An example of an expense classification by function is:A. tax expense.B. interest expense.C. cost of goods sold.3. Denali Limited, a manufacturing company, had the following income statement information:Revenue $4,000,000Cost of goods sold $3,000,000Other operating expenses $500,000Interest expense $100,000Tax expense $120,000Denali’s gross profit is equal toA. $280,000.B. $500,000.C. $1,000,000.4. Under IFRS, income includes increases in economic benefits from:A. increases in liabilities not related to owners’ contributions.B. enhancements of assets not related to owners’ contributions.C. increases in owners’ equity related to owners’ contributions.5. Fairplay had the following information related to the sale of itsproducts during 2009, which was its first year of business:Revenue $1,000,000Returns of goods sold $100,000Cash collected $800,000Cost of goods sold $700,000Under the accrual basis of accounting, how much net revenue would be reported on Fairplay’s 2009 income statementA. $200,000.B. $900,000.C. $1,000,000.6. If the outcome of a long-term contract can be measured reliably, the preferredaccounting method under both IFRS and US GAAP is:A. the cost recovery method.B. the completed contract method.C. the percentage-of-completion method.7. At the beginning of 2009, Florida Road Construction entered into a contract tobuild a road for the government. Construction will take four years. The followinginformation as of 31 December 2009 is available for the contract:Total revenue according to contract $10,000,000Total expected cost $8,000,000Cost incurred during 2009 $1,200,000Assume that the company estimates percentage complete based on costs incurred as a percentage of total estimated costs. Under the completed contract method, how much revenue will be reported in 2009A. None.B. $300,000.C. $1,500,000.8. During 2009, Argo Company sold 10 acres of prime commercial zoned land to a builder for $5,000,000. The builder gave Argo a $1,000,000 down payment and will pay the remaining balance of $4,000,000 to Argo in 2010. Argo purchased the land in 2002 for $2,000,000. Using the installment method, how much profit will Argo report for 2009A. $600,000.B. $1,000,000.C. $3,000,000.9. Using the same information as in Question 8, how much profit will Argo report for 2009 using the cost recovery methodA. None.B. $600,000.C. $1,000,000.10. Under IFRS, revenue from barter transactions should be measured basedon the fair value of revenue from:A. similar barter transactions with unrelated parties.B. similar non-barter transactions with related parties.C. similar non-barter transactions with unrelated parties.11. Apex Consignment sells items over the internet for individuals on a consignment basis. Apex receives the items from the owner, lists them for sale on the internet, and receives a 25 percent commission for any items sold. Apex collects the full amount from the buyer and pays the net amount after commission to the owner.Unsold items are returned to the owner after 90 days. During 2009, Apex had the following information:Total sales price of items sold during 2009 on consignment was €2,000,000.Total commissions retained by Apex during 2009 for these items was €500,000.How much revenue should Apex report on its 2009 income statementA. €500,000.B. €2,000,000.C. €1,500,000.12. During 2009, Accent Toys Plc., which began business in October of that year, purchased 10,000 units of a toy at a cost of ₤10 per unit in October. The toy sold well in October. In anticipation of heavy December sales, Accent purchased 5,000 additional units in November at a cost of ₤11 per unit. During 2009, Accent sold 12,000 units at a price of ₤15 per unit. Under the first in, first out (FIFO) method, what is Accent’s cost of goods sold for 2009A. ₤120,000.B. ₤122,000.C. ₤124,000.13. Using the same information as in Question 12, what would Accent’s cost of goods sold be under the weighted average cost methodA. ₤120,000.B. ₤122,000.C. ₤124,000.14. Which inventory method is least likely to be used under IFRSA. First in, first out (FIFO).B. Last in, first out (LIFO).C. Weighted average.15. At the beginning of 2009, Glass Manufacturing purchased a new machine for its assembly line at a cost of $600,000. The machine has an estimated useful life of 10 years and estimated residual value of $50,000. Under the straight-line method, how much depreciation would Glass take in 2010 for financial reporting purposesA. $55,000.B. $60,000.C. $65,000.16. Using the same information as in Question 15, how much depreciation would Glass take in 2009 for financial reporting purposes under the double-declining balance methodA. $60,000.B. $110,000.C. $120,000.17. Which combination of depreciation methods and useful lives is most conservative in the year a depreciable asset is acquiredA. Straight-line depreciation with a short useful life.B. Declining balance depreciation with a long useful life.C. Declining balance depreciation with a short useful life.18. Under IFRS, a loss from the destruction of property in a fire would most likely be classified as:A. continuing operations.B. discontinued operations.C. other comprehensive income.19. For 2009, Flamingo Products had net income of $1,000,000. At 1 January 2009, there were 1,000,000 shares outstanding. On 1 July 2009, the company issued 100,000 new shares for $20 per share. The company paid $200,000 in dividends to common shareholders. What is Flamingo’s basic earnings per share for 2009A. $.B. $.C. $.20. Cell Services Inc. (CSI) had 1,000,000 average shares outstanding during all of 2009. During 2009, CSI also had 10,000 options outstanding with exercise prices of $10 each. The average stock price of CSI during 2009 was $15. For purposes of computing diluted earnings per share, how many shares would be used in the denominatorA. 1,003,333.B. 1,006,667.C. 1,010,000.READING 251. Resources controlled by a company as a result of past events are:A. equity.B. assetsC. liabilities.2. Equity equals:A. Assets – Liabilities.B. Liabilities – Assets.C. Assets + Liabilities.3. Distinguishing between current and non-current items on the balance sheet and presenting a subtotal for current assets and liabilities is referred to as:A. a classified balance sheet.B. an unclassified balance sheet.C. a liquidity-based balance sheet.4. All of the following are current assets except:A. cash.B. goodwill.C. inventories.5. Debt due within one year is considered:A. current.B. preferred.C. convertible.6. Money received from customers for products to be delivered in the future is recorded as:A. revenue and an asset.B. an asset and a liability.C. revenue and a liability.7. The carrying value of inventories reflects:A. their historical cost.B. their current value.C. the lower of historical cost or net realizable value.8. When a company pays its rent in advance, its balance sheet will reflecta reduction in:A. assets and liabilities.B. assets and shareholders’ equity.C. one category of assets and an increase in another.9. Accrued expenses (accrued liabilities) are:A. expenses that have been paid.B. created when another liability is reduced.C. expenses that have been reported on the income statement but not yet paid.10. The initial measurement of goodwill is most likely affected by:A. an acquisition’s purchase price.B. the acquired company’s book value.C. the fair value of the acquirer’s assets and liabilities.11. Defining total asset turnover as revenue divided by average total assets, all else equal, impairment write-downs of long-lived assets owned by a company will most likely result in an increase for that company in:A. the debt-to-equity ratio but not the total asset turnover.B. the total asset turnover but not the debt-to-equity ratio.C. both the debt-to-equity ratio and the total asset turnover.12. For financial assets classified as trading securities, how are unrealized gains and losses reflected in shareholders’ equityA. They are not recognized.B. They flow through income into retained earnings.C. They are a component of accumulated other comprehensive income.13. For financial assets classified as available for sale, how are unrealized gains and losses reflected in shareholders’ equityA. They are not recognized.B. They flow through retained earnings.C. They are a component of accumulated other comprehensive income.14. For financial assets classified as held to maturity, how are unrealized gains and losses reflected in shareholders’ equityA. They are not recognized.B. They flow through retained earnings.C. They are a component of accumulated other comprehensive income.15. The non-controlling (minority) interest in consolidated subsidiaries is presented on the balance sheet:A. as a long-term liability.B. separately, but as a part of shar eholders’ equityC. as a mezzanine item between liabilities and shareholders’ equity.16. The item “retained earnings” is a component of:A. assets.B. liabilities.C. shareholders’ equity.17. When a company buys shares of its own stock to be held in treasury, it records a reduction in:A. both assets and liabilities.B. both assets and shareholders’ equity.C. assets and an increase in shareholders’ equity.18. Which of the following would an analyst most likely be able to determine from a common-size ana lysis of a company’s balance sheet over several periodsA. An increase or decrease in sales.B. An increase or decrease in financial leverage.C. A more efficient or less efficient use of assets.19. An investor concerned whether a company can meet its near-term obligations is most likely to calculate the:A. current ratio.B. return on total capital.C. financial leverage ratio.20. The most stringent test of a company’s liquidity is its:A. cash ratio.B. quick ratio.C. current ratio.21. An investor worried about a company’s long-term solvency would most likely examine its:A. current ratio.B. return on equity.C. debt-to-equity ratio.22. Using the information presented in Exhibit 4, the quick ratio for SAP Group at 31 December 2009 is closest to:A. .C. .23. Using the information presented in Exhibit 12, the financial leverage ratio for SAP Group at 31 ecember 2009 is closest to:A. .B. .C. .READING 261. The three major classifications of activities in a cash flow statement are:A. inflows, outflows, and net flows.B. operating, investing, and financing.C. revenues, expenses, and net income.2. The sale of a building for cash would be classified as what type of activity on the ash flow statementA. Operating.B. Investing.C. Financing.3. Which of the following is an example of a financing activity on theflow statement under US GAAPA. Payment of interest.B. Receipt of dividends.C. Payment of dividends.4. A conversion of a face value $1 million convertible bond for $1 million ofcommon stock would most likely be:A. reported as a $1 million investing cash inflow and outflow.B. reported as a $1 million financing cash outflow and inflow.C. reported as supplementary information to the cash flow statement.5. Interest paid is classified as an operating cash flow under:A. US GAAP but may be classified as either operating or investing cash flows under IFRS.B. IFRS but may be classified as either operating or investing cash flows under US GAAP.C. US GAAP but may be classified as either operating or financing cash flows under IFRS.6. Cash flows from taxes on income must be separately disclosed under:A. IFRS only.B. US GAAP only.C. both IFRS and US GAAP.7. Which of the following components of the cash flow statement may be prepared under the indirect method under both IFRS and US GAAPA. Operating.B. Investing.C. Financing.8. Which of the following is most likely to appear in the operating section of acash flow statement under the indirect methodA. Net income.B. Cash paid to suppliers.C. Cash received from customers.9. Red Road Company, a consulting company, reported total revenues of $100 million, total expenses of $80 million, and net income of $20 million in themost recent year. If accounts receivable increased by $10 million, how muchcash did the company receive from customersA. $90 million.B. $100 million.C. $110 million.10. Green Glory Corp., a garden supply wholesaler, reported cost of goods soldfor the year of $80 million. Total assets increased by $55 million, includingan increase of $5 million in inventory. Total liabilities increased by $45million, including an increase of $2 million in accounts payable. The cash paid by the company to its suppliers is most likely closest to:A. $73 million.B. $77 million.C. $83 million.11. Purple Fleur ., a retailer of floral products, reported cost of goods soldfor the year of $75 million. Total assets increased by $55 million, but inventory declined by $6 million. Total liabilities increased by $45 million,and accounts payable increased by $2 million. The cash paid by the company to its suppliers is most likely closest to:A.$67 million.B. $79 million.C. $83 million.12. White Flag, a women’s clothing manufacturer, reported salaries expense of$20 million. The beginning balance of salaries payable was $3 million, andthe ending balance of salaries payable was $1 million. How much cash did the company pay in salariesA. $18 million.B. $21 million.C. $22 million.13. An analyst gathered the following information from a company’s 2010 financial statements (in $ millions):Year ended 31 December 2009 2010Net salesCost of goods soldAccounts receivableInventoryAccounts payableBased only on the information above, the company’s 2010 statement of cash flows in the direct format would include amounts (in $ millions) for cash received from customers and cash paid to suppliers, respectively, that areclosest to:cash received from customers cash paid to suppliersABC14. Golden Cumulus Corp., a commodities trading company, reported interestexpense of $19 million and taxes of $6 million. Interest payable increased by $3 million, and taxes payable decreased by $4 million over the period. How much cash did the company pay for interest and taxesA. $22 million for interest and $10 million for taxes.B. $16 million for interest and $2 million for taxes.C. $16 million for interest and $10 million for taxes.15. An analyst gathered the following information from a company’s 2010 financial statements (in $ millions):Balances as of Year Ended 31 December 2009 2010Retained earnings 120 145Accounts receivable 38 43Inventory 45 48Accounts payable 36 29In 2010, the company declared and paid cash dividends of $10 million and recorded depreciation expense in the amount of $25 million. The company considers dividends paid a financing activity. The company’s 2010 cash flowfrom operations (in $ millions) was closest toA. 25.B. 45.C. 75.16. Silverago Incorporated, an international metals company, reported a loss onthe sale of equipment of $2 million in 2010. In addition, the company’s income statement shows depreciation expense of $8 million and the cash flow statement shows capital expenditure of $10 million, all of which was for the purchase of new equipment. Using the following information from the comparative balance sheets, how much cash did the company receive from the equipment saleBalance Sheet Item 12/31/2009 12/31/2010 ChangeEquipment $100million$105million$5millionAccumulated depreciation—equipment$40million$46million$6millionA. $1 million.B. $2 million.C. $3 million.17. Jaderong Plinkett Stores reported net income of $25 million. The companyhas no outstanding debt. Using the following information from the comparative balance sheets (in millions), what should the company report inthe financing section of the statement of cash flows in 2010Balance Sheet Item 12/31/2009 12/31/2010 ChangeCommon stock $100 $102 $2Additional paid-in capital commonstock$100 $140 $40Retained earnings $100 $115 $15Total stockholders’ equity $300 $357 $57A. Issuance of common stock of $42 million; dividends paid of $10 million.B. Issuance of common stock of $38 million; dividends paid of $10 million.C. Issuance of common stock of $42 million; dividends paid of $40 million.18. Based on the following information for Star Inc., what are the total netadjustments that the company would make to net income in order to derive operating cash flowYear EndedIncome Statement Item 12/31/2010Net income $20 millionDepreciation $2 millionBalance Sheet Item 12/31/2009 12/31/2010 ChangeAccounts receivable $25 million $22 million ($3 million)Inventory $10 million $14 million $4 millionAccounts payable $8 million $13 million $5 millionA. Add $2 million.B. Add $6 million.C. Subtract $6 million.19. The first step in cash flow statement analysis should be to:A. evaluate consistency of cash flows.B. determine operating cash flow drivers.C. identify the major sources and uses of cash.20. Which of the following would be valid conclusions from an analysis of thecash flow statement for Telefónica Group presente d in Exhibit 3A. The primary use of cash is financing activities.B. The primary source of cash is operating activities.C. Telefónica classifies interest received as an operating activity.。

CFA 1级2023三色笔记：打造高效学习技巧在CFA 1级考试备考过程中，一份高质量的笔记是至关重要的。

在这篇文章中，我将共享我对CFA 1级2023三色笔记的理解和个人观点，帮助你更好地理解这一学习方法并提高学习效率。

一、三色笔记的概念三色笔记是一种高效的学习方法，它通过使用不同颜色的笔记录重要知识点、关键概念和需要重点记忆的内容，帮助学生更好地理解和记忆。

在CFA 1级考试备考中，采用三色笔记可以帮助考生整理复杂的知识点，提高复习效率。

二、三色笔记的制作方法1. 黑色笔：用于记录主要内容和关键知识点，例如定义、公式和重要概念。

黑色笔记录的内容应该是整篇笔记的核心，重点突出。

2. 红色笔：用于标记重点和难点部分，帮助考生在复习时更快地找到需要重点记忆的内容。

标记的内容可以是重要公式、易错知识点等。

3. 蓝色笔：用于记录个人理解、补充说明和重要提示。

蓝色笔的内容可以是对某个知识点的个人理解、与其他知识点的联系等。

三、三色笔记的优势1. 帮助记忆：通过不同颜色的标记，可以帮助大脑更好地记忆和理解知识点，提高复习效果。

2. 突出重点：通过红色标记，可以帮助考生更快地找到重点和难点内容，有针对性地进行复习和强化记忆。

3. 个性化学习：通过蓝色笔的使用，可以帮助考生记录个人理解和补充说明，使笔记更贴近个人学习情况。

四、个人观点和理解在我个人的学习过程中，我发现三色笔记是一种非常有效的学习方法。

通过不同颜色的标记，我可以更清晰地把握重点和难点内容，也更好地理解和记忆知识点。

在CFA 1级考试备考中，三色笔记帮助我更好地整理复杂的知识，提高了复习效率，也增强了自信心。

总结回顾CFA 1级2023三色笔记是一种非常有效的学习方法，它通过不同颜色的标记帮助考生更好地理解和记忆知识点，提高复习效率。

在制作笔记时，考生可以根据自己的学习情况灵活运用三种颜色的笔，使笔记更加个性化。

通过三色笔记的使用，考生可以更有效地备考，取得更好的成绩。

cfa一级题目数量
CFA一级考试是CFA认证体系中的第一步，其题目数量也是考生们比较关心的问题之一。

CFA一级考试总共包含两个部分，每个部分的题目数量是相同的。

根据CFA官方给出的信息，CFA一级考试每个部分都包含120道选择题，因此总题数为240道。

这些题目主要测试考生对投资评估、管理、财务报告分析、公司金融等基础知识点的掌握情况。

虽然题目数量较多，但考生只要能熟练掌握相关知识点，结合考试技巧进行答题，便有可能取得优异的成绩。

此外，CFA一级考试的题目难度也是相对较高的。

这是因为CFA认证体系是一个国际性的金融投资领域认证体系，其考试标准也是相当高的。

考生需要具备扎实的金融、会计等基础知识，还需要具备一定的英语阅读和写作能力。

为了顺利通过CFA一级考试，考生需要做好充分的准备。

这包括认真阅读官方教材、参加培训课程、进行模拟试题的练习等。

同时，考生还需要保持良好的心态和信心，相信自己能够通过考试。

总之，CFA一级考试的题目数量虽然较多，但只要考生能够熟练掌握相关知识点和考试技巧，便有可能取得优异的成绩。

同时，考生还需要做好充分的准备，保持良好的心态
和信心。

最终祝愿所有参加CFA一级考试的考生都能够取得满意的成绩。

如需了解更多CFA考试信息，可以登录CFA官方网站进行查询。

2009 Level I Mock Exam: Morning SessionThe morning session of the 2009 Level I Chartered Financial Analyst® Mock Examination has 120 questions. To best simulate the exam day experience, candidates are advised to allocate an average of 1.5 minutes per question for a total of 180 minutes (3 hours) for this session of the exam.Questions Topic Minutes1-18 Ethical and Professional Standards 2719-32 Quantitative Methods 2133-44 Economics 1845-68 Financial Statement Analysis 3669-78 Corporate Finance 1579-90 Equity Investments 1891-96 Derivative Investments 997-108 Fixed Income Investments 18109-114 Alternative Investments 9115-120 Portfolio Management 9Total: 180By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legalQuestions 1 through 18 relate to Ethical and Professional Standards.1.Which of the following is a key characteristic of the Global InvestmentPerformance Standards (GIPS)? The GIPS standards:A.rely on the integrity of input data.B.consist of required provisions for firms to follow to achieve best practice.C.must be applied with the goal of achieving excellence in performancepresentation.2.According to the Standards of Practice Handbook, a member who is aninvestment manager is least likely to breach his duty to clients by:A.disclosing confidential client information to the CFA Institute ProfessionalConduct Program.ing client brokerage to purchase goods or services that are used in theinvestment decision-making process.C.consistently supporting management’s recommendations by voting withmanagement on proxies related to non-routine governance issues.3.Carla Scott, CFA, is a portfolio manager for a company that manages investmentaccounts for wealthy individuals. Scott has no beneficial interest in any of thefee-paying accounts she manages, including her uncle’s account. When shares in initial public offerings (IPOs) become available, Scott first allocates shares to all her other clients for whom the investment is appropriate; only if shares are stillavailable does she purchase shares in her uncle’s account, if the issue isappropriate for him. Scott provides each of her clients with full disclosure of her allocation procedures and has received each client’s verbal consent to herallocation procedures. According to the Standards of Practice Handbook, doesScott’s method of allocating oversubscribed IPOs violate any CFA InstituteStandards of Professional Conduct?A.No.B.Yes, because she has breached her duty to her uncle.C.Yes, because she has not precleared and reported her Uncle’s transactions.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal4.Kim Li, CFA, is a portfolio manager for an investment advisory firm. Lidelegates some of her supervisory duties to Janet Marshall, CFA, after educating Marshall on methods to prevent and detect violations of the firm’s complianceprocedures. Despite these efforts, Li discovers that an employee reporting toMarshall may have violated the procedures. According to the Standards ofPractice Handbook, Li’s least likely initial course of action must be to:A.suspend the employee.B.increase supervision of Marshall.C.initiate an investigation to determine the extent of the wrongdoing.5.The Standards of Practice Handbook is least likely to require a member todisclose which of the following to clients and prospective clients?A.Underwriting relationships.B.Service on a publicly-traded company’s board of directors.C.Obligation to abide by CFA Institute Code of Ethics and Standards ofProfessional Conduct.6. A CFA charterholder is the Fund Manager for a non-profit organization. During apresentation regarding the restructuring of their investment portfolio’s assetallocation, the Head of the Finance Committee questions the manager. As part of his response, the manager states, “I am a CFA charterholder, I know what I’mtalking about, you should do what I say”. According to the Standards of Practice Handbook, has the charterholder violated any of the CFA Institute Standards ofProfessional Conduct?A.No.B.Yes, Responsibilities as a CFA Institute Member.C.Yes, Communication with Clients and Prospective Clients.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal7. A CFA candidate was responsible for developing presentations regarding NewVision Asset Managers’ investment process and historical investmentperformance. When the candidate moved to another firm, he brought with him the presentation he developed for New Vision, changed the name of the company and presented it to a client of his new employer. The client asked the candidate if hehad New Vision’s permission to use their presentation. The candidate responded, “I created the presentation in my last month working there. It was, after myresignation, so it’s mine to use. Besides the investment performance is what Iachieved for my clients at New Vision.” According to the Standards of PracticeHandbook, the CFA candidate is least likely to have violated the CFA InstituteStandards of Professional Conduct that relate to:A.Loyalty.B.Misrepresentation.munication with Clients and Prospective Clients.8.As the Managing Director of a commercial bank, a CFA charterholder sat in on aboard meeting of a publicly listed company that the bank had lent a large sum ofmoney. The purpose of the board meeting was to renegotiate the terms of thecommercial loan due to the pending restructuring of the company. The next dayall of the Managing Director’s shares of the publicly listed company are sold onthe stock exchange, the sell order having been given two days prior to themeeting. According to the Standards of Practice Handbook, the CFAcharterholder was least likely in violation of which CFA Institute Standards ofProfessional Conduct?A.Disclosure of Conflicts.B.Priority of Transactions.C.Material Nonpublic Information.9.In order to comply with the GIPS Standards, a firm must initially show GIPS-compliant history for a minimum of:A.five years, or since inception if the firm has been in existence for less than fiveyears.B.two years, or since inception if the firm has been in existence for less than twoyears.C.three years, or since inception if the firm has been in existence for less thanthree years.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal10.Buta Singh, CFA, has a large extended family and manages the portfolios ofseveral family members. Singh does not charge the family members amanagement fee, but receives a small percentage of each portfolio’s profits.Singh accepts a position as portfolio manager for Bhotmange Investments tomanage high net worth accounts. Because the family portfolios are not customary or normal client relationships, Singh does not inform his new employer of his side activity. Singh is least likely to have violated which CFA Institute Standard ofProfessional Conduct?A.Loyalty.B.Preservation of Confidentiality.C.Additional Compensation Agreements.11.A CFA Candidate purchased copyrighted CFA exam preparatory study guidefrom a publisher. Two weeks prior to the exam, the Candidate lost the studyguide so he photocopied a copy that his friend had purchased. According to theStandards of Practice Handbook, did the CFA Candidate most likely violate theCFA Institute Standards of Professional Conduct?A.Yes.B.No, because he had purchased his own copy.C.No, because both had purchased their own copies.12.Crandall Temasek, CFA, filed for personal bankruptcy two years ago afterincurring large medical expenses. He was hired recently as a portfolio manager.According to the CFA Institute Standards, must Temasek disclose his bankruptcy filing to his new employer?A.No.B.Yes, because he has a duty of loyalty to his employer.C.Yes, because bankruptcy represents a potential conflict of interest.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal13.Sallie Lewis, CFA, is a research analyst covering the mining industry. Alongwith other analysts, Lewis visits the primary mine of Gold Rush Mines (GR).During the visit, a major piece of equipment fails and Lewis overhears anunidentified employee state that production will be stalled for six months. Lewis immediately files a sell recommendation on GR without any additional research.Has Lewis violated any CFA Institute Standards?A.No.B.Yes, with respect to diligence and reasonable basis.C.Yes, with respect to material nonpublic information.14.Clive Bowers, CFA, is a portfolio manager at Burlington Advisors (BA). Bowersmanages two mutual funds along with a number of individual accounts. All of the portfolios, including the mutual funds, have similar return objectives, risktolerances, and tax constraints. When Bowers allocates shares from block tradeshe fills the mutual fund orders first and then allocates the remaining shares to the individual accounts based on their portfolio size. When allocating shares fromblock trades, does Bowers violate any CFA Institute Standards?A.No.B.Yes, with respect to fair dealing.C.Yes, with respect to priority of transaction.15.Narupa Rhasta, CFA, is manager of the fast-growing individual account divisionof a bank and treats all clients equally. When the bank’s research departmentissues a buy or sell recommendation on a security, she ensures that therecommended action is implemented in all accounts. Do Rhasta’s investmentactions violate any CFA Institute Standards?A.No.B.Yes, with respect to suitability.C.Yes, with respect to diligence and a reasonable basis.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal16.Jimmy Lee, CFA, is an investment banker in a country with strict confidentialitylaws. He is working on an acquisition for Panda Mining Co. (PMC). Whileperforming due diligence, Lee notices that PMC has a number of questionableoffshore partnerships. He investigates the legality of the partnerships and findsevidence of illegal activity. According to the Standards of Professional Conduct, Lee’s best course of action would be to:A.alert CFA Institute.B.consult outside counsel.C.notify regulatory authorities.17.Rene Whatcom, CFA, is an independent contractor who writes research reportsfor several investment publications. Whatcom refuses to sign contracts withexclusivity clauses. Whatcom sometimes revises work he submits to onepublication and sends slightly altered versions of the report to additionalpublications. Does Whatcom violate any CFA Institute Standards?A.No.B.Yes, with respect to loyalty.C.Yes, with respect to disclosure of conflicts.18.Angus Draper, CFA, is a senior portfolio manager and member of the investmentcommittee at Tillahook Investments. Draper serves as a board member forseveral non-profit organizations. These commitments require eight workdays per month of Draper’s time. Because he does not receive any form of compensationfor these activities, Draper does not tell anyone at work about his board activities.Does Draper violate any CFA Institute Standards?A.No.B.Yes, with respect to conflict of interest.C.Yes, with respect to responsibilities of supervisors.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legalQuestions 19 through 32 relate to Quantitative Methods19.The yield to maturity on otherwise identical option-free bonds issued by the U.S.Treasury and a large industrial corporation is 6 percent and 8 percent,respectively. If annual inflation is expected to remain steady at 2.5 percent overthe life of the bonds, the most likely explanation for the difference in yields is apremium due to:A.maturity.B.inflation.C.default risk.20.A 24 year old is using the following information to plan her retirement:She assumes her consumption expenditures will increase with the rate of inflation,3 percent, until she retires. Upon retiring she will have end-of-year expendituresequal to her consumption expenditure at age 68. The minimum amount that shemust accumulate by age 68 in order to fund her retirement is closest to:A.$928,000.B.$1,176,000.C.$1,552,000.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal21.A project has the following expected cash flows:Time Cash Flow ($)0 (125,000)1 100,0002 200,000If the risk-free interest rate is 4 percent, expected inflation is 3 percent, the market risk premium is 8 percent and the Beta for the project is 1, the investment’s netpresent value (NPV) is closest to:A.$113,000.B.$124,000.C.$139,000.22.An analyst gathers the following information about a common stock investment:The holding period return on the common stock investment is closest to:A.12.5%.B.20.8%.C.41.7%.23.A 270-day U.S. Treasury bill with a face value of $100,000 sells for $96,500when issued. Assuming an investor holds the bill to maturity, the investor’smoney market yield is closest to:A.3.63%.B. 4.84%.C. 4.93%.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal24.An analyst gathered the following annual return information about a portfoliosince its inception on 1 January 2003:The portfolio’s mean absolute deviation for the five-year period is closest to:A.3.76%.B. 6.83%.C.7.68%.25.An analyst gathered the following information about a common stock portfolio:If the risk-free rate of return is 4.25 percent, then the coefficient of variation isclosest to:A.0.52.B. 1.36.C. 1.53.26.If an analyst estimates the probability of an event for which there is no historicalrecord, this probability is best described as:A.a priori.B.empirical.C.subjective.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal27.Which of the following statements best describes the relationship betweencorrelation and covariance? The correlation between two random variables istheir covariance standardized by the product of the variables’:A.variances.B.standard deviations.C.coefficients of variation.28.Which of the following best describes the discrete uniform distribution? Thediscrete uniform distribution:A.has a finite number of specified outcomes.B.is based on the Bernoulli random variable.C.has an infinite number of unspecified outcomes.29.According to the central limit theorem, a sampling distribution of the samplemean will be approximately normal only if the:A.sample size is large.B.underlying distribution is normally distributed.C.variance of the underlying distribution is known.30.Which of the following is least likely to be a desirable property of an estimator?A.EfficiencyB.ReliabilityC.ConsistencyBy accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal31.An analyst gathers the following information about the price-earnings (P/E) ratiosfor the common stocks held in a portfolio:The relative frequency for Interval II is closest to:A.47.27%.B.52.00%.C.65.45%.32.Rent is $700.00 monthly and is due on the first day of every month. If the statedannual interest rate is 6 percent, the present value of a full year’s rent payments isclosest to:A.$8,133.B.$8,173.C.$8,833.Questions 33 through 44 relate to Economics33.Demand for guest rooms in a resort hotel increases from 100 to 150 rooms per nightwhen the nightly room rate increases from $150 to $200. The elasticity of supply of guest rooms in the resort hotel is closest to:A.0.72.B. 1.40.C. 1.50.34.A recessionary gap is more likely to be observed when:A.real GDP is above potential GDP.B.real GDP is below potential GDP.C.employment is above full-employment equilibrium.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal35.Which of the following statements is most accurate in regard to the tax division betweenbuyers and sellers of products with perfectly elastic demand?A.Sellers pay the entire tax.B.Buyers bear the entire tax burden.C.Buyers and sellers share the tax burden.36.A company compiles the following information:The company’s economic profit is closest to:A.$90,000.B.$110,000.C.$130,000.37.In the short run, an increase in output at low levels of production will most likely cause:A.an increase in the marginal cost due to the rising total fixed cost.B.an increase in the marginal cost due to the law of diminishing returns.C. a decrease in the marginal cost due to economies from greater specialization.38.In regulating a natural monopoly, the most commonly adopted compromise pricing ruleby a regulator is the:A.total cost pricing rule.B.average cost pricing rule.C.marginal cost pricing rule.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided tocurrently-registered CFA candidates. Candidates may view and print the exam for personal exampreparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal39.Which of the following statements provides the best description of Nash equilibrium oftwo firms in the game of prisoners’ dilemma?A.One firm complies and the other cheats.B.Both firms cheat and each firm makes zero economic profit.C.Both firms comply and each firm makes a positive economic profit.40.The best characterization of the natural resources market is that:A.supply of a nonrenewable natural resource is perfectly inelastic and firms areprice takers.B.price is determined by market demand in a renewable resources market and bysupply in a nonrenewable resource market.C.supply of a renewable natural resource is perfectly elastic and the price isequal to the present value of the next period's expected price.41.Based on supply-side effects, an increase in income tax will most likely:A.shift the demand curve for labor.B.decrease the full-employment quantity of labor.C.increase potential Gross Domestic Product (GDP).42.A change in the natural rate of unemployment will most likely shift:A.the short-run but not the long-run Phillips curves.B.both the short-run and the long-run Phillips curves.C.neither the short-run nor the long-run Phillips curves.43.Which of the following goals of monetary policy is best described to be the keygoal?A.Price stability.B.Full employment.C.Moderating long-term interest rates.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exampreparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal44.The least likely reason why a firm in perfect competition is a price taker isbecause:A.buyers are well informed about prices of other firms.B.it can set its products’ price at or above the market price.C.it produces a very small portion of the total output of a particular good. Questions 45 through 68 relate to Financial Statement Analysis45.An analyst finds information about significant uncertainties affecting a company’sliquidity, capital resources and results of operations in the:A.notes to the financial statements.B.balance sheet and income statement.C.management discussion and analysis.46.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.Which of the following is least likely to be classified as a financial statementelement?A.Asset.B.Revenue. income.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal47.An analyst prepares common-size balance sheets for two companies operating inthe same industry. The analyst notes that both companies had the sameproportion of current liabilities, long-term liabilities, and shareholders’ equity and the following ratios:The most reasonable conclusion is that, compared with Company 2, Company 1had a:A.higher percentage of assets associated with inventory.B.higher percentage of assets associated with accounts receivable.C.lower percentage of assets associated with marketable securities.48.If a company has a current ratio of 2.0, repaying $150,000 in short-termborrowing will most likely decrease:A.the current ratio, but not the cash flow from operations.B.the cash flow from operations, but not the current ratio.C.neither the current ratio nor the cash flow from operations.49.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.At the end of the year, a company sold equipment for $30,000 cash. Thecompany paid $110,000 for the equipment several years ago and had recordedaccumulated depreciation of $70,000 at the time of its sale. All else equal, theequipment sale will result in the company’s cash flow from:A.investing activities increasing by $30,000.B.investing activities decreasing by $10,000.C.operating activities being $10,000 less than net income.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal50.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.A company reports earnings before taxes of $800,000 for the year. The tablebelow indicates selected items which were included in earnings before taxes andtheir associated tax status.The company’s tax rate is 35 percent. The company’s current income taxespayable (in $) is closest to:A.206,500.B.276,500.C.360,500.51.An analyst gathers the following annual information ($ millions) about a companythat pays no dividends and has no debt:The company’s annual free cash flow to equity ($ millions) is closest to:A.53.1.B.58.4.C.61.6.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal52.Which of the following statements best describes the level of accuracy providedby a standard audit report with respect to errors? The audited financial statements are:A.fully assured to be free of material errors.B.reasonable assured to be free of all errors.C.reasonable assured to be free of material errors.53.Making any necessary adjustments to the financial statements to facilitatecomparison with respect to accounting choices is done in which step of thefinancial statement analysis framework?A.Collect data.B.Process data.C.Analyze/interpret the processed data.54.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.For the most recent year a manufacturing company reports the following items on their income statement:Interest expense $62,500Loss on disposal of fixed assets $50,000Realized gain on sale of available-for-sale securities $17,750Which of the items is classified as an operating item in the company’s incomestatement?A.Interest expense.B.Loss on disposal of fixed assets.C.Realized gain on sale of available-for-sale securities.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legalotherwise noted.The following information is available from the accounting records of a company as at 31 December 2008 (all figures in $ thousands):The working capital for the company (in $ thousands) is closest to:A.64.B.72.C.176.56.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.During late December 2008 Company A acquires a small competitor, CompanyB. During the evaluation of the acquisition it is determined that the customer listsof Company B have a fair value of $50,000. Company A has spent $15,000during the year updating and maintaining its own customer lists. What will be the value of the customer list intangible asset on Company A’s 31 December 2008consolidated financial statements?A.$15,000.B.$50,000.C.$65,000.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal。

ANSWERS FOR MOCK EXAM 1 (MORNING SESSION)1. D.Although Terence has passed Level HI, he has not yet received his charter andcannot use the CFA designation. The description provided in the cover letter properlydescribes his situation.2. C.Amy must take both actions-notifying her immedia te supervisor and delivering acopy of the Code and Standards.3. D.4・ C・Members may undertake an independent practice that could result in compensation orother benefit in competition with their employer provided they obtain writtenconsent from both their employer and the party for whom they undertakeindependent practice.5.C・To maintain his objectivity, Keith should pay his own hotel bill・ Because the itineraryrequired charter flights due to a lack of commercial transportation, A& K Limited can appropriately provide them・6. C. Under ERIS A, fiduciaries must act solely in the interest of, and for the exclusive purpose ofbenefiting, the plan participants and beneficiaries.7. B. Daniel must give priority to transactions for clients and employers over transactions for hischildren.8. A.To avoid violating the standards, members cannot trade until the members clients andemployers have had an adequate opportunity to act on the recommendation.9. C.The requirements of Standard IV (B.5) are not intended to prevent Lambert fromcooperating with an investigation by AIMR's Professional Conduct Program.10. B.Vivian should disclose to her clients and prospects her husband's holdings in DoubleLimited because this matter could be expected to impair her ability to makeunbiased and objective recommendations.11. B.12.B・Accruals accounting is required.13. C.Standard 1(B) Fundamental Responsibilities. Prohibition against participating oras sis ting in illegal and ethical violations. If Roberts suspects someone is planning orengaging in illegal activities, he should: (1) determine the legality of the activities, (2)disassociate himself from the illegal or unethical activity, and (3) urge his firm toattempt to persuade the perpetrator to stop. The AIMR Standards of ProfessionalConduct do not require that Roberts report such activities to the authorities, but thelaw might.14・ C.Standard IH(C) Disclosure of Conflicts to Employer. Gloria should disclose to her employer all matters that could reasonably be expected to interfere with her ability to makeunbiased and objective recommendations. Her service as a tru s te e of the WellLimited Foundation for Heart Research is most likely to be considered a conflict ofinterest with her responsibility to her employer.15. C.Standard III (E) Responsibilities of Supervisors ・ Paul may delegate supervisory duties,but such delegation does not re lie ve him of his supervisory res pons ibilit y.16. A.Standard IV (B.3) Fair Dealing. Johnson violated the standard on fair dealingbecause he did not deal fokly and objectively with all clients and prospects whendisseminating investment recommendations. Instead, he showed favoritism to hisbest clients. In disseminating investment recommendations, Johnson should considermaking the information available to clients based on their interest and suitability. Achange of recommendation from buy to sell or sell to buy is genera lly mate rial.17. D.Standard IV(B.5) Preservation of Confidentiality. Choice B is false because this standard prohibits members from executing settlement agreements that prevent members from providing information in an investigation by AIMR's ProfessionalConduct Program (PCP). Choice C is false because a person cannot withholdinformation during PCP investigations. Choice A is false because if a memberreceives information due to his or her special relationship with the client indicating illegal behavior on the past of the client, the member may not have anobligation to inform the appropriate authorities.18. A.Standard IV(B.6) Prohibition against Mis re pre s e nta tion. Members are not permitted tomake any assurances or guarantees about any investment, except to communicateaccurate information. The statement that investment grade bonds have less defaultrisk than junk bonds is an accurate statement.19. e BGNnode: n = 10;i= 12 PMT= 1,000, compute FV = 19.654.5820・ B.The present value of a perpetuity is PV = A/r = 500/0.1 = $5,000.21. B.i= 6/12 = 0.5; n = 10x12 = 120; PV = 40,000 Compute PMT22. A.23. A.A binomial random variable has an expected value or mean equal to np andvariance equal to np(l-p).Mean = 12(0.5) = 6; variance (12)(0.5)(l-0.5) = 324. D.25. B.Rbt-1 = In St+1 /St = (1+RLl-l) = In (40/25) = 0.47. Thus, 47% is thecontinuously computed return for the one-year holding period・26. B.Choice A describes cross-sectional data.Choice B describes time-series data.27. D.The dependent variable, Y, is equal to the intercept, bO, plus a slope coefficient, bl,times the independent, X, plus an error term, 8.28. C.29. B.Step 1: Solve for the PV of the 5 payments of 3,000 to be received in years 3through 7.n = 5; i = 10; PMT = 3,000; compute PV =1 1,372.3611,372.36 foils one year before the first payment, or in year 2・ Step 2: Find thepresent value of 11,372.36 that is two years in the future, n =2; i= 10; FV =1 1,372.36;compute PV =9,398.64 or 9,399(rounded).30. D.From weakest to strongest, the ordering of measurements scales is nominal, ordinal,interval, and ratio.31. B.An interval is a set of return values within which an observation not falls.32. C.Step 1. Calculate the mean monthly return = 2% + (- 4%) + 1 % + 5% = 4%M = 1%Step 2.Calculate the population standard deviation:([(2% - 1%) + (-4% -1%) +(1% ・ 1 %) 2 + (5% -l%)2 ]N)l/2=3.24%Step 3. Calculate the sample standard deviation: ([(2% ・ 1%)，+ (-4% -1 %) 2 + (1% -l%)2+ (5%・ 1%) 2 ])/n ・ 1) 1/2 = 3.74%33. B.According to Chebyshev's inequality, the proportion of the observations within 2,2 2which is k, standard deviations of the mean is at least 1 -(1/k) = 1 -(1 /2 )=0.75 or 75%・34. A.The probabUity is 30/200 = 0.15.35. ing the addition rule for probabilities, P (analyst or positive) =P(analyst) +P(positive) - P(analyst and positive)P (A or positive) = 130/200 + 140/200 ・(100/130) = 0.58 or 58%36. B.Savings increases to hold interest rates constant. This means aggregate demandchanges little.37. C.The empirical evidence on the relationship between budget deficits and interest ratesis mixed・Few studies show a significant positive short-term link between budget deficits andreal interest rates.38. B.Expansion = 1 / reserve requirement = 1/0.25 = 4(4)(150) = 60039. C.People realize this leads to inflation in the long run, so they reduce their moneyholdings. Output rises because the increase is unexpected.40・ C.In purely competitive markets, there are a large number of dependent firms ・41. D.42. D.43. C.44. C.45. D.Choice A: Accrual accounting does not requke the receipt of cash for assurance ofpayment to exist.Choice C and D: These re la te only to the condition of completion of the earningsprocess.46. D.47.ADemand for currency decreases when real interest rates decrease because ofdecreased capital flows.48.CForeign exchange quotations can be expressed on a direct basis -the home currencyprice of another currency — or an indkect basis — the foreign currency price of thehome currency.49.CF/S= (1 + ro )/(1 + r F) where rates are listed as DC/FCF = (13/1.25)(0.4) = 0.41650. C.Dkect method:Net income 1000Depreciation 70Goodwill 30Change in accounts receivable 25Change in inventory (35)Change in accounts payable 30Change in wages payable 15Operating cash flows 113551. B. Purchase equipment (200)Sell truck 2^_Investing cash flows imi52. D. Sale of common stock 100Issuance of bonds 20Financing cash flows 12a53. D.A common size balance sheet expresses all balance sheet accounts as apercentage of total assets.54. C. Original shares of common stock = 1,000,000(12) = 12,000,000Stock dividend = 200,000(12) = 2,400,000New shares of common stock 二200.000(3) = 600,000Total shares of common stock = 15,000,000/12=1,250,000 Stock dividends are assumed to have been outstanding since the beginning of the year.55. D.Inventory turnover, defined as COGS/Average inventory, if often meaningless forLIFO companies due to the mismatching of costs. The numerator representscurrent costs, whereas the denominator reports outdated historical costs. Thus, the turnover ratio under LIFO will, when prices decrease, trend lower because of small COGS and larger inventor y ・ Net profit margin, defined as EA T/Sales, is higher during periods of decreasing profits for LIFO companies. LDFO leads to a smaller COGS, which reduces EAT, without affecting sales.A. In this situation, LIFO resuIts in lower cost of goods sold because it uses the morerecent and lower costs than LIFO. LIFO results in lower cash flows because the cash on income taxes is a percentage(the marginal tax rate) of the difference in inventory values. Thus, with LIFO: Sales-COGS (smaller) EBT (larger) -Taxes (lar£er) Because taxes paid out are a cash outflow. EAT (larger) If taxes are larger, then cash flow ill be smaller.D.COGSFDFO = COGSLIFO ・(Ending LIFO Reserve - Beginning LIFO Reserve) COGSFIFO =$250,000 ・($8,000-$5,000) = $247,000pared to expensing, capitalizing results in higher profitability in early years and lowerprofitability in later years.c.D.The present value of the minimum lease payments equals or exceeds 90 percent of thevalue of the fair value of the leased property.B. Capital lease affects on the income statement:Step 1: Calculate the depreciation charge: ($3,500,000-$450,000)/10 = $305,000 Step2: Calculate the interest expense: $3,500,000(0.15) = $525,000 Total expense: $305,000+$525,000 = $830,000A. C. A.B. D.B ・ Deale r-markets are price-driven markets. D. C.C. P/E = Dividend payout ratio/(k-g)Dividend payout ratio = 1 - re tention ratio = 1-0.2 = 0.8 P/E = 0.8(0.15-0.08) =5.6B. k = Dl/P0+g = $4/$25+0.09 = 0.25A.Stepl: Calculate the ending index value = ($100)(5) = $500Step2: Calculate the expected return.E(R1) = [Dividends + (Ending value - Beginning value)]/(Beginning value) =[40+(500-490)]/$490 = 0.1 or 10%D. The critical factors determining the franchise P/E are the diffe re nee between theexpected return on the new opportunities (R) and the current cost of capital (k) and the size of these growth opportunities re la tive to the firm's current size.A. C. DThe completed contract method less net income in the periods beforeconstruction is completed, but not at the end of the contract, than using thepercentage-of-completion method. This is because the completed contract method56.57. 58. 59. 60. 61.62. 63. 64. 65. 66. 67. 68. 69. 70.71. 72.73.74. 75. 76.recognizes revenue and expense only when the contract has been comple ted.A. Net income 1,000Adjustment for non-cash and non-operating itemsDepreciation 100Deferred taxes (increase) 40Profit from sale ofequipment (10)Adjustment for workingcapital items:Accounts receivable (decrease) (120)Inventory (increase) (40)Accounts payable (increase) (20)Wages payable (decrease) (10)Cash flow from operations 94078. D79.AWhen inventory and accounts receivable increase, this is a use ofcash (cashoutflow); when assets decrease, this is a source (cash inflow). When accounts payableincrease, this is a source of cash (cash inflow); when liabilities decrease, this is a use(cash outflow).80.BCash con vers ion cycle = receivables days + inventory processing days -payables payment period.Receivables days = 365/receivabies turnover = 365/30 = 12.17 days. Inventoryprocessing days = 365/inventory turnover = 365/15 = 24.33 days. Payables paymentperiod = 365/payabIes turnover = 365/20 = 18.25days. Cash collection cycle = 12.17+ 24.33 -18.25 = 18.25 days.81.BChoice A: Buying fixed assets on credit does not affect current assets butincreases current liabilities. Therefore, the current ratio falls.Choice B: Buying inventory on account increases both inventory and accountspayable. Because the current ratio started off below I, the ratio will increase. Choice C:Selling marketable securities for cash does not affect the amount of current assetsand leaves the current ratio unaffected,Choice D : Paying off accounts payable fi^om cash lowers current assets and currentliabilities by the same amount. Because the current ratio started off below 1, the ratiowill fa 11.82.DROE = Profit margin x Total asset turnover x financial leverageROE = (0.3)(2.1)(0.5)= 0.315 or 31.5%83.AROE = [(S/A)(EBIT/S)・("A)](A/EQ)(I ・ t)ROE = [(2・5)(0・2)・(0.08)](1.2)(0.6) = 0.30 or 30%84. A85.BEPS = ($180,000 ・ $4,000)/ 50,000 = $3.52 per share86. B87. D88. C These re lationships are re versed in the la tte r y e a rs of the assefs life if the firm'scapital expenditures decline.89. D90. C.91. C.92. D.93. D.Absolute yield spread = Yield on Bond A ・ Yield on Bond B = 10%-7% = 3%94. B.Relative yield spread = (Yield on Bond A ・ Yield on Bond B)/(YieId on BondB)=(10%-7%)/7% = 0.43 = 43%95. B.Yield ratio = (Yield on Bond A)/(Yield on Bond B) = 6%/7% = 1.4396. B.Current yield = (Annual dollar coupon interest)/(Price of the bond) = 8/130 =0.0625 or 6.25%97. A.When the stock's price (S) - the strike price (X) is positive, a call option isin-the-money. 25-X = 8 so X = 17.98. A.99. A. The write r of put loss = $60-premiun$5 = $55 Thewriter of call gets a maximum gain of $8100. A.101. C.102. D.103. A.104. D.105. B.106. D.107. C.108. A.Securities that fall on the SML are properly valued.109. A.110. A.If a stock's beta were equal to 1, an investor would be expected to get the marketrate of return from buying the stock. E(R) = 5%+l(10%-5%) = 10% 111. D112. D113. C114.BP erfect positive corre lation (r = + 1) of the returns of two assets offers no riskreduction, whereas perfect negative correlation (r = -1) offers the greatest riskreduction.115.BPortfolio A does not lie on the efficient frontier because it has a lower return than Portfolio B but has greater risk・ Portfolio D does not lie on the efficient frontier because ithas higher risk than Portfolio C but has the same return. 116. C.117.DChoice A: Unsystematic risk is diversifiable risk.Choice B: Systematic risk is undiversifiable risk. Choice C: Totalrisk= Systematic risk+Unsystematic risk.118. C119.DCAPM specifies the foctor (market risk) but APT does not.120. A。

Questions 1~18 Relate to Ethics (2)Questions 19~32 Relate to Quantitative analysis (7)Questions 33~44 Relate to Economics (13)Questions 45~68 Relate to Financial Statement Analysis (17)Questions 69~76 Relate to Corporate finance (28)Questions 77 ~88 Relate to Equity investment (31)Questions 89~94 Relate to Derivatives (35)Questions 95~106 Relate to Fixed-income Analysis (37)Questions 107~110 Relate to Alternative Investments (41)Questions 111 ~120 Relate to Portfolio Management (43)Questions 1~18 Relate to Ethics1.Correct answer: C.Under Standard III(B)-Fair Dealing, members and candidates should disclose to clients and prospective clients how they select accounts to participate in and how they determine the amount of securities each account will buy or sell. Trade allocation procedures must be fair and equitable, and disclosure of inequitable allocation methods does not relieve the member or candidate of this obligation. All discretionary accounts should be treated in the same manner. Treating newer accounts differently would be considered inequitable regardless of whether this policy is disclosed.CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard III(B)2.Correct answer: B.Members should disclose all matters that reasonably could be expected to impair the member's objectivity as outlined in Standard I(B), and Standard VI(A).CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard I(B), Standard VI(A)3.Correct answer: C.Although departing employees may not take employer property when departing, as the guidance for Standard IV(A) – Loyalty outlines, the model Piedmont presented to his new employer was not Branch's property. It was created by Piedmont prior to his employment with Branch. The model was not created for Branch in the course of his employment, even though it was adopted by Branch.CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard IV(A)4.Correct answer: C.Prior to undertaking analysis with regard to expected returns, an adviser must determine the suitability of an investment class, including whether it fits within the client's risk tolerance and whether it is an allowable asset class as per the client's investment policy statement. Only after these factors have been determined should she proceed, if appropriate, to analyze expected returns to determine a particular investment recommendation.CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard III(C)5.Correct answer: A.Standard VI (A) requires disclosure of conflicts but does not prohibit members from making recommendations as long at the potential conflicts are appropriately disclosed.CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard IV(A)6.Correct answer: A.Photocopying copyrighted material, regardless of the year of publication, is a violation of Standard I(A) because copyrighted materials are protected by law. Candidates and members must comply with all applicable laws, rules, and regulations and must not knowingly participate or assist in a violation of laws.CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard I(A)7.Correct answer: C.Composites (Standard IV –Composites) must be defined according to similar investment objectives and/or strategies. Terminated portfolios must be included in the historical returns of appropriate composites, and only fee-paying portfolios are to be included in composites.Non-discrectionary portfolios must not be included in a firm's composites.CFA Level I"Introduction to the Global Investment Performance Standards (GIPS)," CFA Institute8.Correct answer: B.Firms must provide investors with a comprehensive view of their performance in terms of risk and returns, not just returns.CFA Level I―The GIPS Standards,‖ CFA InstituteSection: Overview9.Correct answer: C.Under Standard I(B), members and candidates must protect their independence and objectivity. Agreeing to provide objective research coverage of a company does not constitute a violation of this standard, provided the analyst writing the report is free to come up with his own independent conclusion. Smith can agree to provide research coverage but cannot commit Granite's research department to providing a favorable recommendation.CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard I(B)10.Correct answer: C.A composite must include all actual fee-paying, discretionary portfolios managed in accordance with the same investment mandate, objective, or strategy (Standard IV–Composites). By including both the value and growth portfolios, the composite is made up of portfolios with different investment mandates or strategies.CFA Level I"Introduction to the Global Investment Performance Standards (GIPS)"CompositesHistorically, the GIPS standards focused primarily on returns. In the spirit of fair representation and full disclosure, and in order to provide investors with a more comprehensive view of a firm's performance, the current GIPS standards includes new provisions related to risk.CFA Level I"The GIPS Standards," CFA InstituteSection: Overview12.Correct answer: A.Making full and fair disclosure of all matters that could reasonably be expected to impair one's independence and objectivity or interfere with respective duties to one's clients is required by Standard VI(A)–Disclosure of Conflicts.CFA Level I"Guidance for Standards I–VII"Standard VI(A)–Disclosure of Conflicts13.Correct answer: B.Prior-clearance processes guard against potential and actual conflicts of interest; members are required to abide by their employer's compliance procedures (Standard VI (B)).CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard V(A), Standard VI(B)14.Correct answer: B.Jones has used the mosaic theory to combine nonmaterial, nonpublic information with material public information.CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard II(A) Material Nonpublic InformationPunishing abuse in the financial markets is not one of the six components of the Code of Ethics. CFA Level I―Code of Ethics,‖ CFA InstituteSection: The Code of Ethics16.Correct answer: C.After a firm presents a minimum of five years of GIPS-compliant performance, the firm must present an additional year of performance each year, building up to a minimum of 10 years of GIPS-compliant performance.CFA Level I"The GIPS Standards," CFA InstituteSection: Historical Performance Record17.Correct answer: B.Lan's actions do not violate Standard IV (A) – Duties to Employers. Lan does not use company time to make arrangements for his new venture, nor does he misappropriate any information (financial models or client contacts) from his former employer. All of Lan's actions are permissible under Standard IV (A).CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard IV(A)18.Correct answer: A.Members and candidates are required to disclose any compensation arrangement to their employers that involves performing tasks or services that their employers can charge for. Disclosure is required even if the activities occur during non-work hours.CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard IV(A) Loyalty to EmployerQuestions 19~32 Relate to Quantitative analysis19.Correct answer: A.The EBIT-to-interest ratio is equal to 2.0 when the EBIT is $40 million. Given that the values between $36 million and $48 million are equally likely, the probability of the ratio being equal to or less than 2.0 is 33.3% (= [$40 million –$36 million]/[$48 million –$36 million]). Consequently, the probability of the ratio being greater than 2.0 is 66.7% (i.e., 1 – Probability of the ratio being equal to or less than 2.0).CFA Level I"Common Probability Distributions," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 3.120.Correct answer: B.First the outcome of interest, –0.40, is standardized for the given normal distribution:Z = (X –µ)/σ = (–0.40 – 5.00)/2 = –2.70.Then use the table to find the probability of a Z value being 2.70 standard deviations below the mean (i.e., when z ≤ 0). The value is 1 –P(Z ≤ +2.70). In this problem, t he solution is: 1 – 0.9965 = 0.0035 = 0.35%.CFA Level I"Common Probability Distributions," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 3.221.Correct answer: B.Because the screens are independent, the probability of passing all four simultaneously is the product of their respective probabilities:P(ABCD) = P(A) P(B) P(C) P(D),whereP(A) = 0.65 and is the probability of passing Valuation Screen 1,P(B) = 0.45 andis the probability of passing Valuation Screen 2,P(C) = 0.40 andis the probability of passing Valuation Screen 3,P(D) = 0.30 and is the probability of passing Valuation Screen 4.P(ABCD) = 0.65 × 0.45 × 0.40 × 0.30 = 0.0351.Given 1,200 potential investments, approximately 1,200 × 0.0351 = 42.12 ~ 42 will pass the screens.CFA Level I"Probability Concepts," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 2"Financial Statement Analysis: Applications," Thomas R. Robinson, Jan Hendrik van Greuning, Elaine Henry, and Michael A. BroihahnSection 522. Correct answer: B.Odds are calculated as P(Z)/[1 – P(Z)]. In this problem, 0.14/0.86 = 0.16279 ~ 0.163.CFA Level I"Probability Concepts," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 223. Correct answer: B.Across two periods, there are four possibilities: an up move followed by an up move ($121.00 end value), an up move followed by a down move ($101.20 end value), a down move followed by an up move ($101.20 end value), and a down move followed by a down move ($84.64 end value). The probability of an up move followed by a down move is 0.40 × 0.60 = 0.24. The probability of a down move followed by an up move is 0.60 ×0.40, which also = 0.24. Both of these sequences result in an end value of $101.20. Therefore, the probability of an end value of $101.20 is 48%. Alternatively, the following formula could be used:()()()()()1 1x!x)!(n n!1x X p X p Equation p p p p x n x n x x n x ----=-⎪⎪⎭⎫ ⎝⎛===Wheren = 2 (number of periods)x = 1 (number of up moves: ud and du)p = 0.40 (probability of an up move)()()()48.060.040.026.040.0!1!122!0.4010.40121p 11121=⨯⨯=⨯⨯-=-⎪⎪⎭⎫ ⎝⎛=-CFA Level I―Common Probability Distributions,‖ Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 2.224. Correct answer: C.pf p S R R p -=n S as defined is returns, historical on based , portfolio a for ration Sharp The Where p R is the mean return to the portfolio, f R is the mean return to a risk-free asset, and p S is the standard deviation of return on the portfolio. In this instance, p 4%)/S -(20%=2, Solving for ()%82/%4%20S :S p p =-=.CFA Level I"Statistical Concepts and Market Returns," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 7.825. Correct answer: C.A Type I error is the mistake of rejecting the null hypothesis when it is, in fact, true.CFA Level I"Hypothesis Testing," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 226. Correct answer: A.Using a financial calculator: N = 60; the discount rate, I/Y = (6.5%/12) = 0.54166667; PMT = €1,200; Future value = €0; Mode = Begin; Calculate present value (PV): PV = €61,662.62.Alternatively: Treat the stream as an ordinary annuity of 59 periods and add the current value of €1,200 to the derived answer. Using a financial calculator: N = 59; the discount rate, I/Y = (6.5%/12) = 0.54166667; PMT = €1,200; Future value = €0; Mode = End; Calculate PV: PV = €60,462.62; Total PV = €1,200 + €60,462.62 = €61,662.62.CFA Level I"The Time Value of Money," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 6.127. Correct answer: B.A positive "hoped for" condition means that the null will be rejected (and the alternative accepted) only if the evidence indicates that the population parameter is greater than θ0. Thus, H0: θ ≤ θ0 versus Ha: θ > θ0 is the corre ct statement of the null and alternative hypotheses, respectively. CFA Level I"Hypothesis Testing," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 228. Correct answer: B.The covariance between Fund A and B, given the standard deviation of returns and the correlation between the two funds, is calculated as :()()()()00728.0%13%780.0,R R ,R R Cov B A B A =⨯⨯==B A R R σσρ,Where()A R σ and ()B R σ are the standard deviations of returns of Funds A and B, respectively,()B A R ,R ρ is the correlation between the returns of Fund A and B.Then the portfolio standard deviation of returns is calculated as follows:()()()()[]5.0B A 2222R ,R Cov 2B A B B A A portfolio W W R W R W R ++=σσσWhere A W and B W are the weights of Funds A and B in the portfolio()[]8.35%00728.00.300.7020.130.300.070.70R σ0.52222portfolio =⨯⨯⨯++=Alternatively , correlation is used directly in the formula for portfolio standard deviation:()()()()()()[]5.02222,2B A B A B A B B A A portfolio R R R R W W R W R W R σσρσσσ++=()[]8.35%0.130.070.800.300.7020.130.300.070.70R σ0.52222portfolio =⨯⨯⨯⨯⨯++=CFA Level I"Probability Concepts," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle Section 329. Correct answer: A.Given that X and Y are independent, their joint probability is equal to the product of their individual probabilities. In this case: P(XY) = P(X)P(Y) = 0.2 × 0.5 = 0.1. CFA Level I"Probability Concepts," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle Section 230. Correct answer: B.With a sample size of 10, there are 9 degrees of freedom. The confidence interval concept is based on a two-tailed approach. For a 95% confidence interval, 2.5% of the distribution will be in each tail. Thus, the correct t-statistic to use is 2.262. The confidence interval is calculated as:n S t /X 025.0±Where X is the sample mean, s is the sample standard deviation, and n is the sample size. In thiscase: 6.25 ± 2.262 × 12/√10 = 6.25± 8.58369 or –2.33 to 14.83.CFA Level I―Sampling and Estimation,‖ Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 4.231.Correct answer: B.This scenario provides an example of a discrete random variable. The paired outcomes for the dice are indicated in the following table. The outcome of the dice summing to six is the most likely to occur of the three choices because it can occur in five different ways, whereas the summation to five and nine can occur in only four different ways.CFA Level I"Common Probability Distributions," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 232.Correct answer: A.The two defining properties of a probability are as follows:1. The probability of any Event E is a number between zero and one.2. The sum of the probabilities of any set of mutually exclusive and exhaustive events equals one. CFA Level I"Probability Concepts," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 2Questions 33~44 Relate to Economics33.Correct answer: B.The loss in consumer surplus because of higher prices is represented by area E+F+G+H. This exceeds the gains from producer surplus (E) and government revenues on imports (G). Hence the net welfare effect to the country is a deadweight loss of [E+F+G+H] – [E] – [G] = F+H.CFA Level 1―Demand and Supply Analysis: Introduction,‖ Richard V. Eastin and Gary L. Arbogast, CFA Sections 3.9, 3.10, 3.13―International Trade and Capital Flows,‖ Usha Nair-Reichert, PhD, and Daniel RobertWitschi, PhD, CFASection 3.134.Correct answer: C.An increase in capacity utilization will cause an increase in aggregate demand through higher investment and will increase GDP (economic expansion).CFA Level I"Aggregate Output, Prices, and Economic Growth," Paul R. Kutasovic and Richard G. Fritz Section 3.3.135.Correct answer: C.The Fisher effect states that the nominal interest rate is the sum of the real rate of interest and the expected rate of inflation over a given time horizon. An increase in expected inflation will result in a higher nominal rate.CFA Level I―Monetary and Fiscal Policy,‖ Andrew Clare and Stephen ThomasSection 2.1.736.Correct answer: C.The sum-of-value-added method involves summing the value added (or income created) at each step in the production and distribution process."Aggregate Output, Prices, and Economic Growth," Paul R. Kutasovic and Richard G. Fritz Section 2.137.Correct answer: C.aggregateincreaseunlesswe know the magnitude of the changes becausean increase in AD will increase the price level,theIf AD increases more than AS, theprice level will increase. If AS increases morethan AD, as depicted in the graph to the right,CFA Level I"Aggregate Output, Prices, and Economic Growth," Paul R. Kutasovic and Richard G. Fritz Section 3.4.538.Correct answer: B.Veblen goods violate the fundamental axioms of demand theory, whereas Giffen goods do not. CFA Level I"Demand and Supply Analysis: Consumer Demand," Richard V. Eastin and Gary L. Arbogast Sections 6.4, 6.539.Correct answer: A.A boom in the stock market increases the value of financial assets and household wealth. An increase in household wealth increases consumer spending and shifts the aggregate demand curveCFA Level I"Aggregate Output, Prices, and Economic Growth," Paul R. Kutasovic and Richard G. Fritz Section 3.3.140.Correct answer: B.CFA Level I"Demand and Supply Analysis: Introduction," Richard V. Eastin and Gary L. ArbogastSection 3.241.Correct answer: C.If demand is elastic, a 1% reduction in price increases the quantity sold by more than 1%.CFA Level I"Demand and Supply Analysis: Introduction," Richard V. Eastin and Gary L. ArbogastSection 4.142.Correct answer: C.A recessionary gap arises when equilibrium GDP is below potential GDP. Decreased confidencelowers aggregate demand, which, in turn, leads to economic contractions. As demand declines, companies reduce their workforce and the unemployment rate rises.CFA Level I"Aggregate Output, Prices, and Economic Growth," Paul R. Kutasovic and Richard G. Fritz Section 3.4.243.Correct answer: A.Consumer surplus arises when a consumer pays less for a good than the maximum price that she or he was willing to pay for it. Consumer surplus is the value (or marginal benefit) of a good minus the price paid for it, summed over the quantity bought. Because no consumer will (willingly) pay a price greater than the marginal value or benefit, consumer surplus is always positive.CFA Level I"Demand and Supply Analysis: Introduction," Richard V. Eastin and Gary L. ArbogastSection 3.944.Correct answer: A.A Giffen good is an inferior good. All inferior goods have a negative income effect (less is purchased as income rises). Although the substitution effect is always positive for all goods, for a Giffen good, the income effect is so strong and so negative that it overpowers the substitution effect. The result is that as its price declines, less of it is purchased; this relationship results in a positively sloped individual demand curve. Therefore, it is least likely that the substitution effect is negative.CFA Level I"Demand and Supply Analysis: Consumer Demand," Richard V. Eastin and Gary L. Arbogast Sections 6.3, 6.4Questions 45~68 Relate to Financial Statement Analysis45.Correct answer: A.Common size statements offer a convenient way to compare companies of different magnitudes. Company X reports better (higher) gross margin performance. Company Y reports better (higher) operating margin performance.CFA Level I"Understanding Income Statements," Elaine Henry and Thomas R. RobinsonSection 7.146.Correct answer: A.U.S. GAAP requires that long term contracts whose outcomes can be reliably measured should be accounted for using the percentage-of-completion method, based on the stage of completion. Under the original assumptions, the company would have recognized $15 million of revenue.Now that the company is unclear on the appropriate design and thus the cost, the outcome cannot be reliably measured. The completed contract method is used. Under this approach, no revenue ($ 0) is recognized until the contract is substantially complete. The difference in reported revenue under the two methods is: $15 million - $0 = $15 million.CFA Level I"Understanding Income Statements," Elaine Henry and Thomas R. RobinsonSection 3.2.147.Correct answer: B.Whether the company sells or leases the asset, inventory will be reduced. For sales, the company would report an accounts receivable classified as a current asset (assuming sales terms are not in question). If the leases qualify as finance leases, then the company will report a lease receivable, which is primarily long term. Therefore, compared with selling units outright, the company's current assets are lower under leasing and its liquidity position will decrease.CFA Level I"Long-Lived Assets," Elaine Henry and Elizabeth A. GordonSection 9.2.2"Non-Current (Long-Term) Liabilities," Elizabeth A. Gordon and Elaine HenrySection 3.2.248.Correct answer: B.The general journal records transactions in the order in which they occur (chronological order) and is thus sorted by date.CFA Level I"Financial Reporting Mechanics," Thomas R. Robinson, Jan Hendrik van Greuning, Karen O'Connor Rubsam, Elaine Henry, and Michael A. BroihahnSection 6.149.Correct answer: A.The costs to include in inventories are all costs of purchase, costs of conversion, and other costs incurred in bringing the inventories to their present location and condition. It does not include abnormal waste costs or storage of finished product.CFA Level I―Inventories,‖ Michael A. BroihahnSection 250.Correct answer: C.If the leases were capitalized, both total assets and liabilities would increase by the present value of the lease payments, as shown in the following table.CFA Level I"Long-Lived Assets," Elaine Henry and Elizabeth A. Gordon"Non-Current (Long-Term) Liabilities," Elizabeth A. Gordon and Elaine HenrySection 3.2.151.Correct answer: C.The IFRS Conceptual Framework specifies a number of general features underlying the preparation of financial statements, including materiality and accrual basis. Matching is not one of those general features; it is a general principle of expense recognition.CFA Level I"Financial Reporting Standards," Elaine Henry, Jan Hendrik van Greuning, and Thomas R. RobinsonSections 5.5, 5.5.2"Understanding Income Statements," Elaine Henry and Thomas R. RobinsonSection 4.152.Correct answer: A.For a publicly traded firm in the United States, the auditor must express an opinion as to whether the company's internal control system is in accordance with the Public Accounting Oversight Board, under the Sarbanes–Oxley Act. The opinion is given either in a final paragraph in the auditor's report or as a separate opinion.CFA Level I"Financial Statement Analysis: An Introduction," Elaine Henry and Thomas R. Robinson Section 3.1.753.Correct answer: B.The two fundamental qualitative characteristics that make financial information useful are relevance and faithful representation. Materiality relates to the level of detail of the information needed to achieve relevance.CFA Level I"Financial Reporting Standards," Elaine Henry, Jan Hendrik van Greuning, and Thomas R.Section 5.254.Correct answer: C.CFA Level I"Understanding Income Statements," Elaine Henry and Thomas R. RobinsonSection 855.Correct answer: B.Because both the preferred shares and the bonds are dilutive, they should both be converted to calculate the diluted EPS. Diluted EPS is the lowest possible value.CFA Level I―Understanding Income Statements,‖ Elaine Henry and Thomas R. RobinsonSections 6.2, 6.356.Correct answer: A.An effective framework should enhance the transparency of the underlying economics through the financial statements; transparency arises through full disclosure and fair presentation.CFA Level I"Financial Reporting Standards," Elaine Henry, Jan Hendrik van Greuning and Thomas R. RobinsonSection 6.157.Correct answer: B.The periodic and perpetual systems result in the same inventory and cost of goods sold values (and thus gross profit margin) using both FIFO and specific identification valuation methods but not always under LIFO.CFA Level I―Inventories,‖ Michael A. BroihahnSection 3.658.Correct answer: C.A liquidity-based presentation can be used when it provides information that is reliable and more relevant. Entities that typically choose this format include banks.CFA Level I"Understanding Balance Sheets," Elaine Henry and Thomas R. RobinsonSection 2.2, 2.359.Correct answer: B.Relevance and faithful representation are the two fundamental qualitative characteristics that make financial information useful, according to the IASB Conceptual Framework.CFA Level I"Financial Reporting Standards," Elaine Henry, Jan Hendrik van Greuning, and Thomas R. RobinsonSection 5.260.Correct answer: A.Intangible assets with indefinite lives need to be tested for impairment at least annually. Property, plant, and equipment (including land) and intangibles with finite lives are only tested if there has been a significant change or other indication of impairment.CFA Level I―Understanding Balance Sheets,‖ Elaine Henry and Thomas R. RobinsonSections 4.1, 4.3―Long-Lived Assets,‖ Elaine Henry and Elizabeth A. GordonSections 5.1, 5.2, 5.361.Correct answer: C.In periods of rising prices, FIFO results in a higher inventory value and a lower cost of goods sold and thus a higher net income. The higher net income increases return on sales. The higher reported net income also increases retained earnings and thus results in a lower debt-to-equity ratio, not a higher one. The combination of higher inventory and lower cost of goods sold (CGS) decreases inventory turnover (CGS/Inventory).CFA Level I―Inventories,‖ Michael A. BroihahnSections 3.2, 3.3, 3.5, 3.7。

CFA考试《CFA一级》历年真题精选12（附详解）1、Kim Klausner, CFA, monitors several hundred employees as head of compliance for a large investment advisory firm. Klausner has always ensured that his company’s compliance program met or exceeded those of its competitors. Klausner, who is going on a long vacation, has delegated his supervisory responsibilities to Sue Chang. Klausner informs Chang that her responsibilities include detecting and preventing violations of any capital market rules and regulations, and the CFA Institute Code and Standards. Klausner least likely violated the CFA Institute Standards of Professional Conduct by failing to instruct Chang to also consider:【单选题】A.firm policies.B.legal restrictions.C.industry standards.正确答案:C答案解析:“Guidance for Standards I–VII”, CFA InstituteC is correct because the requirement under Standard IV(C) Responsibilities of Supervisors does not include any reference to industry standards. Standard IV(C) requires supervisors to instruct those subordinate to whom supervision is delegated about detection methods to prevent violations of laws, rules, regulations, firm policies and the CFA Institute Code and Standards.2、An increase in which of the following items is most likely to result in a wider confidence interval for the population mean?【单选题】A.Sample sizeB.Reliability factorC.Degrees of freedom正确答案:B答案解析:“Sampling and Estimation,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAAn increase in the reliability factor (the degree of confidence) increases the width of the confidence interval. Increasing the sample size and increasing the degrees of freedom both shrink the confidence interval.3、An analyst collects data relating to five commonly used measures of use of debt (leverage) and interest coverage for a randomly chosen sample of 300 firms. The data comes from those firms’ fiscal year 2011 annual reports. This data is best characterized as:【单选题】A.time-series data.B.longitudinal data.C.cross-sectional data.正确答案:C答案解析:“Sampling and Estimation,” Richard A. Defusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleStudy Session 3-10-dDistinguish between time-series and cross-sectional data.C is correct. Data on some characteristics of companies at a single point in time are cross-sectional data.4、Consumer surplus is best described as:【单选题】A.always less than or equal to zero.B.always greater than or equal to zero.C.at times positive and at other times negative.正确答案:B答案解析:“Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. ArbogastB is correct. Consumer surplus arises when one pays less for a good than the maximum price that she or he was willing to pay for it. Consumer surplus is the value (or marginal benefit) of a good minus the price paid for it, summed over the quantity bought. Because no consumer will (willingly) pay a price greater than the marginal value or benefit, consumer surplus is always positive.5、An investor buys stock on margin and holds the position for exactly one year.Assuming that the interest on the loan and the dividend are both paid at the end of the year, the price at which the investor sold the stock is closest to:【单选题】A.$23.05.B.$23.38.C.$23.98.正确答案:B答案解析:“Market Organization and Structure,” Larry Harris6、A bond is selling for 98.2. It is estimated that the price will fall to 96.6 if yields rise 30 bps and that the price will rise to 100.1 if yields fall 30 bps. Based on these estimates, the duration of the bond is closest to:【单选题】A.1.78.B.5.94.C.11.88.正确答案:B答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi, CFA7、The table below provides information about a portfolio of three bonds.Based on this information, the duration of the portfolio is closest to:【单选题】A.9.35.B.9.48.C.9.74.正确答案:A答案解析:“Introduction to the Measurement of Interest Rate Risk,” Frank J. Fabozzi8、Vida Knauss, CFA, manages the portfolios of a number of high-net-worth individuals.Which of the following most likely violates the Standards of ProfessionalConduct relating to suitability when:【单选题】A.Knauss evaluates the investment in the context of the individual characteristicsof the investment alone.B.Knauss evaluates whether the investment is suitable for the client's investmentpolicy statement.C.Knauss evaluates the investment in the context of the client's total portfolioof investments.正确答案:A答案解析:评估投资是否适合应该以投资组合的范围来评估，同时应该评估投资是否符合客户的需要和目的，这些都是反映适合性的。

C F A L e v e l1经典模拟试题1200道【一份十分经典的专业资料，打灯笼都找不到的好资料】8Schweser Printable Tests - Level 1 - EXAM 1 Morning - 180Schweser Printable Tests - Level 1 - EXAM 1 Morning - 180SScchhwweesseerrPPrriinnttaabblleeTTeessttss--LLeevveell11-- EEXXAAMM11MMoorrnniinngg--118800minutes - Level 1 - EXAM 1 Morningminutes - Level 1 - EXAM 1 Morningmmiinnuutteess--LLeevveell11--EEXXAAMM11MMoorrnniinnggYoucanprint thispagebygoing tofile- printinyourinternetbrowserEthics - 18 Questions - 27 minutesEthics - 18 Questions - 27 minutesEEtthhiiccss--1188uueessttiioonnss--2277mmiinnuutteessQuestion1 - 23379Based on AIMRs Standards of Professional Conduct which of the following statements are aviolation of Standard IV B6 Prohibition against MisrepresentationA young trainee bond trader tells a prospective client that she can assist the clientin all the clients investment needs equity fixed income and derivatives and basedAon her years of experience as an analyst in the business that an investment lookslikeit has lots of potentialB Allof theseAn investment manager recommends to a prospective client an investment inC mortgage IO strips because they are guaranteed by an agency of the federalgovernmentA broker says XYZ stock is 100 guaranteed to double in value over the next sixDmonthsQuestion2 - 28161According to AIMRs Standards of Professional Conduct Standard I B FundamentalResponsibilities members shall not knowingly participate or assist in legal and ethicalviolations An analystmust report all legal violations to the proper regulatory commission and is heldA responsible for participating in illegal acts when the law is evident to anyoneknowing the lawis held responsible for violations by others when the analyst is unaware of the factsBgiving rise to the violationis held responsible for participating in illegal acts when the law is evident to anyoneC knowing the law and can participate in a violation by having knowledge of theviolation and taking no action to stop it or disassociate from itis held responsible for participating in illegal acts when the law is evident to anyoneD knowing the law and is held responsible for violations by others when the analyst isunaware of the facts giving rise to the violationQuestion3 - 28162Which of the following is a violation based on AIMRs Standards of Professional ConductA portfolio manager accepts free trades from XYZ for her personal account forAdirecting the portfolios trades to XYZ She does not inform her manager sincethere is no cashinvolvedAfter informing his manager a portfolio manager accepts money for giving a brokerBinformation relating toa clients financial standingA portfolio manager is offered a free vacation to increase performance At the endC of the year performance is up and the manager accepts the vacation after informinghis manager of the factA portfolio manager is unexpectedly offered a vacation at year-end from a clientD who was pleased with their portfolios performance The manager accepts thevacation after informing her manager of the factQuestion4 - 28165Based on AIMRs Standards of Professional Conduct which of the following statements are aviolation of Standard IV B6 Prohibition against MisrepresentationA young trainee bond trader tells a prospective client that she can assist the clientin all the clients investment needs equity fixed income and derivatives and basedAon her years of experience as an analyst in the business that an investment lookslikeit has lots of potentialAn investment manager recommends to a prospective client an investment inB mortgage IO strips because they are guaranteed by an agency of the federalgovernmentA broker says XYZ stock is 100 guaranteed to double in value over the next sixCmonthsD Allof theseQuestion5 - 28167NOTNOTWhich one of the following is NNOOTT consistent with AIMRs Performance PresentationStandardsA Cash and cash equivalents must be included in composite returnsAll actual fee paying discretionary portfolios should be included in at least oneBcompositeInvestment performance is the record of the manager not the firm all changes inC personnel should be accounted for by adjusting the composites performancehistoryPresentation of performance may be either gross or net of investment managementDfees as long as the method and the fee schedule are disclosedQuestion6 - 28168Under the Employee Retirement Income Security Act ERISA a person is a fiduciary if he orshehas discretionary authority in the administration ofthe pension plan rendersAinvestment advice for a fee with respect to a pension plans assets exercises anydiscretionary authority with the management of the pension plan or its assetsB has an executive position in the firm sponsoring the pension planhas an executive position in the firm sponsoring the pension plan has discretionaryCauthority in the administration of the pension planexercises any discretionary authority with the management of the pension plan orDits assetsQuestion7 - 29219There are four components of the AIMRCode of Ethics All of the following are part of theEXCEPTEXCEPTCode of Ethics EEXXCCEEPPTTPracticeand encourage others to practicein a professional and ethical manner thatAwill reflect credit on members and their professionStrive to maintain and improve the competence of regulatory bodies such as theBSecurities and Exchange Commission SECC Strive to maintain and improve the competence of others in the professionD Use reasonable care and exercise independent professional judgmentQuestion8 - 29220AIMRbelievesthat a imum level of professional responsibility and conduct dictates thatA members be aware of and comply with laws rules and regulations governing theirconductcompanies should set standards based on the ethics of upper management andBthe board of directorsthat firms should comply with all domestic laws and regulations and that these lawsC also govern behavior in foreign markets regardless of foreign laws andrequirementsthat a minimum level of professional responsibility and conduct dictates thatD members be aware of and comply with laws rules and regulations governing theirconductQuestion9 - 29221TRUETRUEWhich of the following statements about the AIMRCode and Standards is TTRRUUEE The Codeand Standardsrequire that members report legal violations to the appropriate governmental orAregulatory organizationdo not require that members report legal violations to the appropriate governmentalBor regulatory organizationexpect members to resign from their jobs to disassociate themselves from clientsCengaging in illegal activitiesD expect members to persuade the perpetrator to cease illegal activitiesQuestion10- 29222EXCEPTEXCEPTAllof the following are appropriate uses of the CFA designation EEXXCCEEPPTTA Jeremy Salyers CFAB Joanne Silbourne is a CFAcharterholderI as a CFA charterholder expect to outperform the market because CFAC charterholders have on average outperformed the SP in 95 percent of the last 50yearsI have earned the CFA designation by passing three exams having sufficient workDexperience and becoming a member of AIMRQuestion11- 29223NOTNOTWhich of the following would NNOOTT violate AIMR 畳 s rules regarding personal integrity andbehaviorA driving under the influence DUI conviction that results in the loss of onesAdrivers license for six monthsB Stealing a car and going to prison for 18 monthsA misdemeanor conviction that results from lying about your income on your taxCreturnD Cheating on an MBA preliminary exam and being expelled from the UniversityQuestion12- 29224When must an analyst give credit to the firm 抯own research staff for research analysisA When sending printed materials toclientsB When discussing research with a clientC In a professional witness situationD In inter-office communicationsQuestion13- 29225NOTNOTAn AIMR member is NNOOTT required to notify her supervisor in writing of the AIMR Code andStandards under which of the following circumstancesThe employer has indicated a willingness to adopt AIMRs Code and StandardsAand the supervisor is an AIMR memberThe employer has a high ethical standard much of which is reflected in writing inBthe firms Mission StatementC The supervisor is an AIMR memberThe employer has publicly acknowledged in writing that they have adopted theDAIMR Code and StandardsQuestion14- 29226When an AIMRmember who is presently employed by a firm undertakes any independentEXCEPTEXCEPTpractice he must do all of the following EEXXCCEEPPTTA secure written permission from the employerremand a percentage to be determined by the employee and employer of theBincome earned back to the employerC secure written permission from the outside firmdisclosethe identity of their employer to clients and prospective clients and the factDthat they are performing independently of the employerQuestion15- 29227FALSEFALSEWhich of the following statements regarding employeeemployerrelationships is FFAALLSSEEA A written contract may or may not exist between employer and employeeThe employer has the power to control and direct the details of how work is to beBperformedThere must be monetary compensation for an employeremployee relationship toCexistD An employee is someone in the service of anotherQuestion16- 29228Withrespect toStandard III E Responsibilities of Supervisors compliance supervisors andEXCEPTEXCEPTcompliance officers should do all of the following EEXXCCEEPPTTA disseminate the compliance proceduresincorporate a professional conduct evaluation into the employees performanceBreviewhold hearings with representatives from the firm to decide whether violations haveCoccurred and the level of severity of the violationsD review employee actions to ensure compliance and identify violatorsQuestion17- 29229Brett Germaine is an AIMRmember who manages client portfolios He has the power to buyand sellsecurities on behalf of his clients His mother is a client and Brett manages her trustWithrespect tohis mother 抯 account he musttreat her account with a bit more care and concern giving her advance notice ofAinformation like recommendation changestreat her account with less care and concern than his other accounts soas to avoidBthe appearance of favoritism and comply with the Code and Standardsnot takehis mothers account because it is a violation of the Code and Standards toCmanage a family members account or trusttreat her account like any other firm account and should not give her accountDspecial treatment or disadvantageQuestion18- 29230In a tough decision to leave Greenberg and Associates Jillian Cross CFA decides to seekemployment with a competing firm She decides that her current management team isessential to her ability to do her job and plans to convince the others to come with her whenshe leaves She also plans to take her client list with her because she has tostart somewherein building a book of business Jillian isA out of compliance only in taking the client listB out of compliance only in trying to get her employees tocome with herout of compliance with Standard III B Duty to Employer on bothC counts-attempting to take her management team with her and misappropriating theclient listD in complianceQuantitative Analysis - 18 Questions - 27 minutesQuantitative Analysis - 18 Questions - 27 minutesuuaannttiittaattiivveeAAnnaallyyssiiss--1188uueessttiioonnss-- 2277mmiinnuutteessQuestion19- 18868There are 35 observations arrayed in a stem and leaf display What is the mode and median ofthis data5 01135666896 002222355678897 00223456678A62 and 65B60 and 63C65 and 62D 625 and 625Question20- 18871Use the following data to evaluate an investment portfolio that holds one share of each of threefirms A B and C that do not pay dividendsBeginningEndingStocksYearPriceYearPriceA 1020B 5060C 100 110What is the average rate return of the portfolioA 625B 1225C 1875D 4333Question21- 18872FALSEFALSEWhich of the following statements is FFAALLSSEEA The interquartile range contains half the data points in the data setThe interquartile range is set at half the distance between the largest and smallestBnumber in the data setIf the median is on the left side of the interquartile range the data is skewed to theCleftDownside outliers are those observations below the first quartile less 15 times theDinterquartile rangeQuestion22- 18873Use the following data tocalculate the standard deviation about the expected return50 chance of a 12 return30 chance of a 10 return20 chance of a 15 returnBull A25 B30 C17 D33Question23- 18874Based on the following data what is ABC Cos projected growth rateBear NormalBear Normal BullBBeeaarr NNoorrmmaall BBuullllProbability 30 40 30ROE 10 15 30b 60 4030A50B70C75D69Question24- 29390Justin Banks just won the lottery and is trying to decide between the annual cash flow paymentoption or the lump sum option Justin can earn 8 at the bank and the annual cashflow optionbeginningtodaybeginningtodayis 100000year bbeeggiinnnniinnggttooddaayy for 15 years What is the annual cash flow option worth toJustin todayA 85594787B 150000000C 108000000D 92442370Question25- 29391Given the following sample data find the standard deviation of the returns to stockA and stockBStockAStockBYear 1 1620Year 2 20 24Year 3 12 10A Std Dev A 33 Std DevB 59B Std Dev A 40 Std Dev B 72C Std Dev A 57 Std Dev B 102D Std Dev A 63 Std Dev B 112Question26- 29394An investor is considering two investments Stock A has a mean annual return of 16 percentand a standard deviation of 14 percent Stock B has a mean annual return of 20 percent and astandard deviation of 30 percent Calculate the coefficient ofvariation CV of each stockTRUETRUEWhich of the following statements is TTRRUUEEA StockA CV 0875 has more dispersion relative to the mean than stock BB StockA CV 0875 has less dispersion relative to the mean than stock BC StockA CV 114 has more dispersion relative to the mean than stock BD StockA CV 114 has less dispersion relative to the mean than stock BQuestion27- 29395The probability of a boom economy is 40 percent The probability of Yacht Co having a 50percent return given a boom economy is 80 percent Find the joint probability of a boomeconomy and a 50 percent return for Yacht CoA 020B 032C 040D 050Question28- 29397Janet Jacobs intends to start saving for retirement today in an IRA If she invests 3000yeareach year starting at the end of year 1 how much will she accumulated after 40 years if sheexpects to earn 12 percent over the periodA 230127426B 257742717C 27915291D 12000000Question29- 29398Johnson Inc manages a growth portfolio of equity securities that has amean monthly return of145 and a standard deviation of 108 The SP 500 has a mean monthly return of 12and a standard deviation of 68 The mean monthly return on T-bills is 030 CalculateSharpe 抯 reward-to-variability ratio for the growth portfolio and for the SP 500 Whichof theTRUETRUEfollowing statements is TTRRUUEEBased on a reward-to-variability ratio the growth portfolio is preferable to the SPA500B The growth portfolio has more excess return per unit of risk than the SP 500C An investor would always prefer the SP 500 to the growth portfolioBased on a reward-to-variability ratio the SP 500 is preferable to the growthDportfolioQuestion30- 29399Sarah Parker is buying a new 25000 car Her trade-in is worth 5000 soshe needs toborrow 20000 The loan will be paid in 48 monthly installments and the annual interest rateon the loan is 75 If the first payment is due at the end of the first month what is Sarah 抯monthly car paymentA 48057B 48358C 41667D 42763Question31- 18557TRUETRUEWhich of the following statements are TTRRUUEEI The mean of a sample of five numbers 5 2 4 5 4 is ∑X n-1 5II The standard error of the sample means of the numbers above is s n-1 752III The variance of a sample of five numbers 5 2 4 5 4 is ∑ X - X n-1 15IV The sampling error is the difference between a sample statistic and its correspondingpopulation parameterA III and IV onlyB III onlyC I II and III onlyD I II III and IVQuestion32- 28156An analyst conducts a two-tailed z-test to determine if small cap returns are significantlydifferent from 10 percent The sample sizewas 200 The computed z- statistic is 23 Using a 5TRUETRUEpercent confidence level which statement is TTRRUUEEA You cannot determine what to do with the information givenB A sample size of 200 indicates that the null should be acceptedAccept the null hypothesis and reject the alternative hypothesis That is small capCreturns are not significantly different from 10Reject the null hypothesis and accept the alternative hypothesis That is small capDreturns are significantly different from 10Question33- 28158TRUETRUEWhich of the following statements are TTRRUUEEI A two-tailed test on a large sample with a significance level of 01 has confidenceintervals of 196 s nII A hypothesized mean of 3 a sample mean of 6 and a standard error of the samplingmeans of 2 give a sample Z-statistic of 15III A Type I error is rejecting the null hypothesis when it was true and a Type II error isaccepting the alternative hypothesis when it is falseIV When the sample Z-statistic is greater than the critical Z- statistic in a two-tailed testyou should reject the null hypothesis and accept the alternative hypothesisA I and III onlyB II and IV onlyC II III and IV onlyD I II III and IVQuestion34- 29392EXCEPTEXCEPTAllof the following are properties of the student 抯 t-distribution EEXXCCEEPPTT itA is symmetricalB has "fatter tails" than a normal distributionC is defined by a single parameter the degrees of freedom dfD is a normal distributionQuestion35- 29393The mean return of Bartlett Co is 3 percent and the standard deviation is 6 percent based on20 monthly returns What is the standard error of the sampleA 200B 067C 050D 134Question36- 29396FALSEFALSEWhich of the following statements is FFAALLSSEE regarding hypothesis testingA An analyst can perform a one-tailed or a two-tailed testB A type I error is acceptance of a hypothesis that is actually falseC A type II error is the acceptance of a hypothesis that is actually falseD The significance level is the risk of making a type I errorEconomics - 14 Questions - 21 minutesEconomics - 14 Questions - 21 minutesEEccoonnoommiiccss--1144uueessttiioonnss--2211mmiinnuutteessQuestion37- 28109Under rational expectations a shift to a more expansionary economic policy wouldA fail to reduce the unemployment rate in either the short or long termB reduce the short run unemployment rate but not the long term rateC reduce the long and short term unemployment rateD reduce the long run unemployment rate but not the short term rateQuestion38- 29047TRUETRUEWhich of the following statements about the basic functions of money is TTRRUUEEWhen money is defined as a medium of exchange it means that money enablesAvalue to be stored and transportedB Moneys value is directly related to the level of pricesPaper money allows consumers to defer consumption encourages division ofClabor and is the best store of valueD Moneys function as a unit of account allows individuals to account for debtsQuestion39- 29283You are expecting an additional payment of 2000 of income this year You intend to save500 of the 2000 According to the multiplier effect total spending will increase by a totalamount ofA 1500B 4000C 6000D 2500Question40- 29284Changes in the budget deficit due to government actions are calledA mandatory fiscal policyB Keynesian policyC monetary policyD discretionary fiscal policyQuestion41- 29286FALSEFALSEWhich of the following statements is FFAALLSSEE regarding the process by which fiscal policyaffects aggregate demand and aggregate supply The results of restrictive fiscal policy areA lower prices and reduced outputB impossible to predict with respect toprices and outputC a shift downward and to the right in the aggregate demandcurveD higher prices and higher outputQuestion42- 29287Which of the following statements regarding budget deficits inflation and interest rates isFALSEFALSEFFAALLSSEEThe crowding out model implies budget deficits will decrease the demand forAloanable funds and put downward pressure on the real rate of interestThe crowding out model implies budget deficits will increase demand for loanableBfunds and put upward pressure on the real rate of interestC Empirical studies show a weak relationship between deficits and real interest ratesThe new classical model implies that higher expected future taxes will stimulateD additional savings and thereby permit the government to expand borrowing at anunchanged interest rateQuestion43- 29288Bank required reserves are theimum reserves required by law earn interest and may not be loaned toA。

CFA考试《CFA一级》历年真题精选23（附详解）1、The following information is from a company’s investment portfolio:If the investment is reclassified as Available-for-sale as of 31 December 2010, the balance sheet carrying value of the company’s investment portfolio would most likely:【单选题】A.remain the same.B.decrease by $10,000.C.decrease by $12,000.正确答案:B答案解析:"Understanding The Balance Sheet,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFAHeld-for-trading and available-for-sale securities are carried at market value, whereas held-to-maturity securities are carried at amortized cost. If the investment is reclassified as available-for-sale in 2010, the carrying amount should be adjusted to its market value, which is $10,000. Compared with the amortized cost of $20,000, it’s a decrease of $10,000.2、Which of the following statements best describes a feature of an options contract? In an options contract:【单选题】A.both the long and the short can default.B.only the long can default.C.only the short can default.正确答案:C答案解析:Only the short can default. This scenario occurs when the long exercises the option and the short fails to fulfill its obligation under the contract.Section 4.2.13、According to the Capital Asset Pricing Model (CAPM) if investors borrow at a rate that exceeds the risk-free lending rate the resulting borrowing portfolios will:【单选题】A.plot on a flatter line.B.plot on a steeper line.C.no longer plot on a straight line.正确答案:A答案解析:“An Introduction to Asset Pricing Models,” Frank K. Reilly and Keith C. BrownA is correct. If investors borrow at a rate that exceeds the lending rate, the resulting borrowing portfolios will not be as profitable as the case where borrowing and lending is carried out at the same risk-free rate. The result is that borrowing portfolios will plot on a line with a flatter slope compared to borrowing portfolios constructed from borrowing at the risk-free lending rate.4、The point of tangency between the capital allocation line (CAL) and the efficient frontier of risky assets most likely identifies the:【单选题】A.optimal risky portfolio.B.optimal investor portfolio.C.global minimum-variance portfolio.正确答案:A答案解析:“Portfolio Risk and Return Part I”, Vijay Singal, CFAA is correct. The optimal risky portfolio lies at the point of tangency between the capital allocation line and the efficient frontier of risk assets.5、Which of the following is least accurate to describe the assumption of technicalanalysis?【单选题】A.Markets are efficient and rational.B.Markets are influenced by irrational and rational investors.C.Trends and patterns tend to repeat themselves and therefore predictable.正确答案:A答案解析:市场是由理性和非理性的行为共同导致的趋势和形态，是重复的，因此是可以预测的，这些都是技术分析的假设；而市场是有效的和理性的，是基本分析的假设。

cfa一级考试真题及答案解析CFA一级考试真题及答案解析1. 问题：某投资者持有一个投资组合，其中包含股票A和股票B，股票A的预期收益率为10%，股票B的预期收益率为15%，股票A在投资组合中的权重为60%，股票B的权重为40%。

请问该投资组合的预期收益率是多少？解析：投资组合的预期收益率可以通过加权平均的方式来计算。

具体计算公式为：投资组合预期收益率 = (股票A的预期收益率 * 股票A的权重) + (股票B的预期收益率 * 股票B的权重)。

将题目中给出的数据代入公式，得到投资组合的预期收益率 = (10% * 60%) + (15% * 40%) = 6% + 6% = 12%。

答案：投资组合的预期收益率为12%。

2. 问题：某公司在年初发行了面值为1000元，期限为5年，年利率为5%的债券。

如果市场利率为6%，请问该债券的当前市场价格是多少？解析：债券的市场价格可以通过现值公式来计算，即市场价格 = 债券面值 / (1 + 市场利率)^债券期限。

将题目中给出的数据代入公式，得到债券的市场价格 = 1000 / (1 + 6%)^5 ≈ 735.47元。

答案：该债券的当前市场价格约为735.47元。

3. 问题：某投资者购买了一份看涨期权，执行价格为100元，期权费为5元，到期日时标的资产的市场价格为120元。

请问该投资者的净收益是多少？解析：看涨期权的净收益可以通过以下公式计算：净收益 = (标的资产的市场价格 - 执行价格 - 期权费)。

将题目中给出的数据代入公式，得到净收益 = (120 - 100 - 5) = 15元。

答案：该投资者的净收益为15元。

4. 问题：某公司上一年的营业收入为500万元，营业成本为300万元，销售和管理费用为100万元，财务费用为20万元，投资收益为30万元。

请问该公司上一年的净利润是多少？解析：净利润的计算公式为：净利润 = 营业收入 - 营业成本 - 销售和管理费用 - 财务费用 + 投资收益。

今年12月3日的CFA一级考试步步逼近，融仕国际教育CFA小编我整理了学员的考试实战经验，与大家分享下，希望能对广大CFA考生有所受益。

1.关于考试入场CFA 1级全部是选择题，上下午各120道，各考3个小时，为早上9点到12点，下午2点到5点。

但是，早上8点半和下午1点半就关闭考场大门，即禁止入场。

随后半小时考生在考场内聆听考场规则。

如果没能在关闭考场大门之前进入考场，就只能等到考试正式开始，也就是9点整或者下午2点整之后再进入了。

考虑到很多人都是第一次参加考试，而且早上入场时间也比较短，有条件的话最好前一天去找一下考试场地和自己所在的section的具体方位（虽然考试当天考场指示牌非常多），免得因为找路而使自己变得紧张，这很影响考试心情的。

12点上午场考试结束，收试卷基本上要5到10分钟，再加上考场人多，出考场都是分批出来的，要是碰巧在最后一批出来，基本上就已经12点30分了。

下午1点就可以开始进入考场了，所以说其实午休时间很短。

有些考生在午休时间还在抓紧时间看知识点，硬是拖到1点半才进入考场。

我觉得没有必要，还是吃完午饭尽快进入考场，考场内洗手间、饮水机都是可以使用的，而且那个时候考场内的洗手间也基本上不会排队。

2.关于上洗手间如果说考生进入考场后发现洗手间排队非常长（尤其是女厕所），我的建议是先在座位上等待考试开始（如果不是很急的话）。

因为在发试卷的时候是要求每位考生不得离开自己座位，很有可能，你在洗手间门口排队排了二十分钟还没进去就要发试卷了。

等发完试卷、考试开始指令发出后，再举手示意考官去洗手间，那个时候洗手间根本没有人，你尽快上个洗手间出来其实是不会浪费很多考试时间的。

或者你也可以在考场外面的洗手间解决完再进入考场，就是洗手间的位置比较难找。

3.关于随身物品考场门口有专门的存放包的地方，但不是那种电子存放柜，是没有门没有锁敞开着的柜子，虽说存放柜有安保人员看管，难免有拿错包的可能，我的建议是考试当天不要带太多贵重物品。

CFA一级考试历年真题精选及答案0519-10考点：对Incremental Cash Flow的理解精选问答1：When a company is doing capital budgeting, an appropriate estimate of the incremental cash flows from a project is least likely to include:A. ExternalitiesB. Interest costsC. Opportunity costs答案：B is correct.Costs to finance the project are taken into account when the cash flows are discounted at the appropriate cost of capital;including interest costs in the cash flows would result in double-counting the cost of debt.解题思路：考点是在对Incremental Cash Flow的理解。

Incremental Cash Flows是指：某项投资决策带来的增量现金流。

即：如果不做这个决策，现金流是A，做了该决策之后现金流是B，那么B-A就是这个决策的增量现金流（Incremental Cash Flows）。

比如，期初投资5百万修高速路，向过路车辆收费每年会带来Cash 100万，这100万是在计算增量现金流（Incremental CF）时需要考虑的。

当然投资还需要考虑机会成本，因为这5million投资了高速路，就不能投资其他项目，因此会有Opportunity costs，这部分影响也要考虑在增量现金流里。

第三个在增量现金流里面需要考虑的是外溢效应（Externalities），比如修了高速之后，过路车辆的加油收入是100万，推动经济发展的收入是100万等等。

金程cfa一级选拔考试答案金程CFA一级选拔考试答案1. 以下哪项不是CFA考试一级中伦理与职业标准（Ethics）部分的主要内容？A. 专业行为准则B. 全球投资绩效标准C. 投资组合管理D. 职业行为标准答案：C2. 在CFA一级考试中，关于投资工具（Investment Tools）部分，以下哪项不是固定收益证券的主要特征？A. 定期支付利息B. 到期还本付息C. 通常具有较低的收益率D. 通常具有较高的风险答案：D3. 在CFA一级考试中，关于经济学（Economics）部分，以下哪项不是宏观经济分析的关键要素？A. 国内生产总值（GDP）B. 通货膨胀率C. 失业率D. 公司盈利增长率答案：D4. 在CFA一级考试中，关于财务报表分析（Financial Reporting and Analysis）部分，以下哪项不是财务报表分析的主要目的？A. 评估公司的盈利能力B. 评估公司的流动性C. 评估公司的偿债能力D. 预测公司的股价走势答案：D5. 在CFA一级考试中，关于公司金融（Corporate Finance）部分，以下哪项不是资本预算决策的主要方法？A. 净现值（NPV）B. 内部收益率（IRR）C. 回收期（Payback Period）D. 股票价格分析答案：D6. 在CFA一级考试中，关于投资组合管理（Portfolio Management）部分，以下哪项不是投资组合构建的基本步骤？A. 确定投资目标B. 选择投资工具C. 计算投资组合的预期收益D. 预测市场趋势答案：D7. 在CFA一级考试中，关于衍生品（Derivatives）部分，以下哪项不是期货合约的主要特点？A. 标准化合约B. 杠杆效应C. 有限的损失风险D. 每日结算制度答案：C8. 在CFA一级考试中，关于另类投资（Alternative Investments）部分，以下哪项不是对冲基金的主要策略？A. 长短仓策略B. 事件驱动策略C. 市场中性策略D. 固定收益策略答案：D9. 在CFA一级考试中，关于数量分析（Quantitative Methods）部分，以下哪项不是描述统计分析的主要工具？A. 均值B. 中位数C. 众数D. 回归分析答案：D10. 在CFA一级考试中，关于伦理与职业标准（Ethics）部分，以下哪项不是CFA协会对会员的期望？A. 遵守专业行为准则B. 维护投资者利益C. 避免利益冲突D. 追求个人最大利益答案：D。