CFA考试一级章节练习题精选0330-20(附详解)

CFA考试《CFA一级》历年真题精选03（附详解）1、A company determines that the quantity demanded of a product increases by 5% when price is reduced by 10%. The product’s price elasticity of demand is best described as:【单选题】A.elastic.B.inelastic.C.perfectly elastic.正确答案:B答案解析:“Elasticity,” Michael ParkinWhen the price elasticity of demand is between 0 and 1, the good is said to have an inelastic demand. In this case, the price elasticity of demand is calculated as 5% / 10% = 0.5.2、A local laundry and dry cleaner collects the following data on its workforce productivity. Workers always work in teams of two, and the laundry earns $3.00 of revenue for each shirt laundered.The marginal revenue product ($ per worker) for hiring the fifth and sixth workers is closest to:【单选题】A.14.B.21.C.42.正确答案:B答案解析:“Demand and Supply Analysis: The Firm,” Gary L. Arbogast and Richard V. EastinIn this problem, the marginal product of hiring the 5th and 6th workers (ΔL = 2) is 14 shirts per hour/2 workers = 7 shirts per hour/worker. With each shirt resulting in $3 of revenue, the MRP is 7 shirts per hour/worker × $3/shirt = $21 per worker.3、The following selected data are available for a firm:If the firm’s tax rate is 40%, the free cash flow to the firm (FCFF) is closest to:【单选题】A.57.9.B.74.7.C.87.7.正确答案:B答案解析:“Understanding Cash Flow Statements,” Elaine Henry, CFA, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, and Michael A Broihahn, CFA4、An analyst has gathered the following information:Based on the arbitrage-free valuation approach, a $1,000 face value bond that pays a 5 percent annual coupon and matures in 3 years has a current market value closest to:【单选题】A.$1,027.75.B.$1,028.67.C.$1,034.85.正确答案:B答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi5、A company pays its workers on the 1st and the 15th of each month. Employee wages earned from the 15th to the 30th of September are best described as a(n):【单选题】A.accrued expense.B.prepaid expense.C.unearned expense.正确答案:A答案解析:Wage expenses that have been incurred but not yet paid are an example of an accrued expense: a liability that has not yet resulted in a cash payment.Section 5.16、With respect to the portfolio management process, the execution step most likely includes:【单选题】A.developing the investment policy statement.B.portfolio monitoring.C.asset allocation.正确答案:C答案解析:Asset allocation is part of the execution step of the portfolio management process. The execution step also includes security analysis and portfolio construction.Section 47、Which of the following statements does not accurately represent the objectives of Global InvestmentPerformance Standards (GIPS)? The GIPS standards:【单选题】A.ensure consistent, accurate investment performance data in the areas of reporting, records,marketing, and presentations.B.obtain global acceptance of calculation and presentation standards in a fair, comparable formatwith full disclosure.C.promote fair competition among investment management firms in all markets by requiringcommon fee structures.正确答案:C答案解析:One of the objectives of the GIPS standards is to promote fair competition among investmentmanagement firms in all markets; this objective does not require unnecessary entry barriers orhurdles for new firms, such as common fee structures.Fundamentals of Compliance8、According to CFA Institute of Professional Conduct (the Standards) , which ofthe following is NOT a recommendation procedure for compliance with the Standardsrelating to fair dealing?【单选题】A.Limit the number of people involved.B.Maintain a list of clients and their holdings.C.Prolong the time frame between decision and dissemination.正确答案:C答案解析:当投资建议将要发布时，限制参与的人数，以及保留客户的名单和他们持股情况都是CFA协会推荐的做法。

CFA考试一级章节练习题精选0330-33（附详解）1、Compared to classifying a lease as a financing lease, if a lessee reports the lease as an operating lease it will most likely result in a:【单选题】A.lower return on assets.B.higher debt-to-equity ratio.C.lower cash from operations.正确答案:C答案解析:“Non-Current (Long-ter m) Liabilities,” Elizabeth A. Gordon and Elaine Henry, CFA2011 Modular Level 1, Vol.3, p. 521-522, 537Study Session: 9-39-g, h, lDistinguish between a finance lease and an operating lease from the perspectives of the lessor and the lessee.Determine the initial recognition and measurement and subsequent measurement of finance leases.Calculate and interpret leverage and coverage ratios.The cash from operations is lower if the lease is classified as an operating lease, because the full lease payment is shown as an operating cash outflow. If it were classified as a financing lease, only the portion of the lease payment relating to interest expense reduces the operating cash flow and the portion of the lease payment that reduces the lease liability is class ified as a financing cash flow. Therefore, the lessee’s cash from operations tends to be lower under operating leases.1、The following information (U.S. $ millions) for two companies operating in the same industry during the same time period is available:If both companies achieve a return on equity of 15% for the period, which of the following statements is most likely correct? Compared to Company B, Company A has a:【单选题】A.higher net profit margin.B.higher total asset turnover.C.lower financial leverage multiplier.正确答案:A答案解析:“Financial Analysis Techniques”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFA Modular 2010 Level I, Vol. 3 pp.342-344“Financial Statement Analysis”, Pamela P. Peterson, CFA2010 Modular Level I, Vol. 4, pp.142-146Study Session 8-35-d, f, 11-47Calculate, classify, and interpret activity, liquidity, solvency, profitability, and valuation ratios。

CFA考试一级章节练习题精选0330-23（附详解）1、Millicent Plain has just finished taking Level II of the CFA examination. Upon leaving the examination site, she meets with four Level III candidates who also just sat for their exams. Curious about their examination experience, Plain asks the candidates how difficult the Level III exam was and how they did on it. The candidates say the essay portion of the examination wasmuch harder than they had expected and they were not able to complete all questions as a result. The candidates go on to tell Plain about broad topic areas that were tested and complain about specific formulas they had memorized what did not appear on the exam. The Level III candidates least likely violated the CFA Institute Standards of Professional Conduct by discussing:【单选题】A.specific formulas.B.broad topic areas.C.the examination essays.正确答案:C答案解析:“Guidance for Standards I–VII,” CFA Institute2013 Modular Level I, Vol. 1, Reading 2, Standard VII (A) Confidential Program InformationStudy Session 1–2–bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.C is correct because discussing the level of difficulty of the essay portion of the examination did not violate Standard VII (A) Conduct as Members and Candidates in the CFA Program. Standard VII (A) and the Candidate Pledge were violated by candidates revealing broad topical areas and formulas tested ornot tested on the exam.1、Lee Chu, a CFA candidate, develops a new quantitative security selection model exclusively through back-testing on the Chinese equity market. Chu is asked to review marketing materials that include an overview of the conceptual framework for his model, provide back-tested performance results, and list the top holdings. Chu directs the marketing group to remove the description of his model because of concerns that competitors may attempt to replicate his investment philosophy. He also instructs the marketing group to remove the list of the top holdings because it shows that the top holding represents 30% of the back-tested model. Which of the following actions is least likely to result in a violation of the Code and Standards? Chu's:【单选题】A.failure to disclose that the top holding represents such a large allocation in the modelB.failure to adequately describe the investment process to prospective clientse of back-tested results in communication with prospective clients正确答案:C答案解析:The use of back-tested results is not prohibited, provided it is appropriately disclosed.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard V(B)1、Tom Stafford, CFA, is a part of team within Appleton Investment Management(AIM) responsible for managing a pool of assets for Open Air Bank.AIM isrecognized as a specialist in identifying investment opportunities in small-capitalizationstocks.The firm's assets have grown rapidly in recent years, and to enhanceliquidity, senior management recently made the decision to lift the maximumpermissible market-cap ceiling from $ 500 million to $ 2 billion.At thesame time, management changed the group responsible for selecting stocks to beadded to the firm's "approved" list from individual portfolio managers to a committeeconsisting of the firm's chief investment officer and four senior portfoliomanagers.Has Stafford violated the Professional Conduct Standardsrelating tocommunication with clients and prospective clients if he doesn't notify his clientsabout the changes in the:【单选题】A.B.C.正确答案:C答案解析:所列两项都属于重大的投资流程的改变，根据与客户及潜在客户沟通的专业行为标准，需要告知客户这两项变化。

CFA考试一级章节练习题精选0330-30（附详解）1、An analyst does research about expansionary fiscal policy.An increase in agovernment's spending and a decrease in a government's tax will most likelycause a decrease in:【单选题】A.private saving only.B.private investment only.C.both private saving and private investment.正确答案:B答案解析:本题考查的是挤出效应（crowding-out effect）的定义。

政府增加支出并且减少税收是一种扩张性的财政政策，会导致预算赤字的增加，而预算赤字增加会导致政府储蓄减少，从而导致市场利率上升，私人投资下降，这就是所谓的挤出效应，它不会导致私人储蓄下降。

2、Babu Dhaliwal, CFA, does research about foreign exchange market.The europer Argentine peso (EUR/ARS) spot rate is 0.178 9 and the forward rate is ata discount of 0.27%.The forward rate is closest to:【单选题】A.0.1741B.0.1784C.0.1794正确答案:B答案解析:0.1789 × (l -0.27%) =0.1784，说明阿根廷比索贬值，而欧元升值。

3、A new technology that reduces employee illness will most likely decrease:【单选题】A.demand-pull inflation.B.cost-push inflation.C.cost-pull inflation.正确答案:B答案解析:By reducing employee illness, the new technology will increase the output per hour per worker, which will decrease the unit labor cost. As the unit labor cost decreases, cost-push inflation decreases. The technology does not affect demand and accordingly should not affect demand-pull inflation.2014 CFA Level I"Understanding Business Cycles," by Michele Gambera, Milton Ezrati, and Bolong CaoSection 4.2.44、The crowding-out effect suggests that government borrowing to finance higher expenditures will most likely increase:【单选题】A.private investment.B.the real interest rate.C.the supply of loanable funds.正确答案:B答案解析:“Fiscal Policy,” Michael Parkin2010 Modular Level I, Vol. 2, pp. 443Study Session 6-26-bDiscuss the sources of investment finance and the influence of fiscal policy on capital markets, including the crowding-out effect.Government borrowing to finance budget deficits leads to a crowding-out effect which would in turn lead to an increase in the real interest rate, a decrease in the supply of loanable funds, and a decrease in private investment.5、Which of the following types of profit is most likely the level of accounting profitneeded to just cover the implicit opportunity costs ignored in accounting costs?【单选题】A.Normal profit.B.Economic profit.C.Accounting profit.正确答案:A答案解析:机会成本里面包含隐含的收益率以及企业所能获得的正常利润，经济利润为零并不代表没有利润，只是说明收入正好弥补了显性成本和隐性成本（两者相加代表机会成本），企业获得了正常利润。

CFA考试一级章节练习题精选0330-23（附详解）1、Millicent Plain has just finished taking Level II of the CFA examination. Upon leaving the examination site, she meets with four Level III candidates who also just sat for their exams. Curious about their examination experience, Plain asks the candidates how difficult the Level III exam was and how they did on it. The candidates say the essay portion of the examination wasmuch harder than they had expected and they were not able to complete all questions as a result. The candidates go on to tell Plain about broad topic areas that were tested and complain about specific formulas they had memorized what did not appear on the exam. The Level III candidates least likely violated the CFA Institute Standards of Professional Conduct by discussing:【单选题】A.specific formulas.B.broad topic areas.C.the examination essays.正确答案:C答案解析:“Guidance for Standards I–VII,” CFA Institute2013 Modular Level I, Vol. 1, Reading 2, Standard VII (A) Confidential Program InformationStudy Session 1–2–bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.C is correct because discussing the level of difficulty of the essay portion of the examination did not violate Standard VII (A) Conduct as Members and Candidates in the CFA Program. Standard VII (A) and the Candidate Pledge were violated by candidates revealing broad topical areas and formulas tested ornot tested on the exam.1、Lee Chu, a CFA candidate, develops a new quantitative security selection model exclusively through back-testing on the Chinese equity market. Chu is asked to review marketing materials that include an overview of the conceptual framework for his model, provide back-tested performance results, and list the top holdings. Chu directs the marketing group to remove the description of his model because of concerns that competitors may attempt to replicate his investment philosophy. He also instructs the marketing group to remove the list of the top holdings because it shows that the top holding represents 30% of the back-tested model. Which of the following actions is least likely to result in a violation of the Code and Standards? Chu's:【单选题】A.failure to disclose that the top holding represents such a large allocation in the modelB.failure to adequately describe the investment process to prospective clientse of back-tested results in communication with prospective clients正确答案:C答案解析:The use of back-tested results is not prohibited, provided it is appropriately disclosed.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard V(B)1、Tom Stafford, CFA, is a part of team within Appleton Investment Management(AIM) responsible for managing a pool of assets for Open Air Bank.AIM isrecognized as a specialist in identifying investment opportunities in small-capitalizationstocks.The firm's assets have grown rapidly in recent years, and to enhanceliquidity, senior management recently made the decision to lift the maximumpermissible market-cap ceiling from $ 500 million to $ 2 billion.At thesame time, management changed the group responsible for selecting stocks to beadded to the firm's "approved" list from individual portfolio managers to a committeeconsisting of the firm's chief investment officer and four senior portfoliomanagers.Has Stafford violated the Professional Conduct Standards。

CFA考试一级章节练习题精选0330-48（附详解）1、With respect to capital project, if the discount rate decrease, which of the followingabout the internal rate of return (IRR) and net present value (NPV) aremost accurate?【单选题】A.Both IRR and NPV increase.B.IRR remains unchanged and NPV increases.C.Both IRR and NPV remain unchanged.正确答案:B答案解析:IRR的定义是，使得NPV = 0时的折现率，计算时与项目的必要回报率无关。

而项目的必要回报率下降，会导致项目的净现值上升。

1、An analyst gathers the following information about two mutually exclusive projectsof a company:If the cost of capital used is 10% , the most appropriate decision for the companyis to accept:【单选题】A.Project 1 only.B.Project 2 only.C.both Project 1 and Project 2.正确答案:A答案解析:对于独立项目（independent project），如果NPV > 0，就可以接受该项目；如果NPV 0的项目中选择NPV最大的项目。

当IRR与NPV对作决策有冲突时，以NPV为准。

1、A trader buys 500 shares of a stock on margin at $36 a share using an initial leverage ratio of 1,66.The maintenance margin requirement for the position is 30%. The stock price at which the margincall will occur is closest to:【单选题】A.$25.20.B.$30.86.C.$20.57.正确答案:C答案解析:Initial equity (%) in the margin transaction=1/Leverage ratio=1/1.66=0.60;Initial equity per share at the time of purchase=$36 × 0.60=$21.60;Price (P) at which margin call occurs:Equity per share/Price per share=Maintenance margin (%)=($21.60+P-$36)/P=0.30;0.7P=$14.40;P=$20.57.CFA Level I"Market Organization and Structure," Larry HarrisSection 5.21、An analyst does research about the cost of capital and gathers the followinginformation about a company:● Current share price is $60● Current annual dividend per share is $1.50● Stable retention ratio is 40%● Historical return on equity is 12%Using the dividend discount model approach, the cost of equity is closest to:【单选题】A.7.30%B.7.42%C.9.88%正确答案:B答案解析:使用股利贴现模型（Dividend Discount Model）的计算公式：g = （return on equity）x（retention ratio），由此得：g = 12% × 0.4 = 4.8%，所以= $1.5 × （1 + 4.8%）/$60 + 4.8% = 7.42%.1、A firm is uncertain about both the number of units the market will demand and the price it will receive for them. This type of risk is best described as:【单选题】A.sales risk.B.business risk.C.operating risk.正确答案:A答案解析:“Measures of Leverage,” Pamela Peterson Drake, CFA, Raj Aggarwal, CFA, Cynthia Harrington, CFA, and Adam Kobor, CFA 2013 Modular Level I, Vol. 4, Reading 38, Section 3.1, 3.2Study Session 11-38-aDefine and explain leverage, business risk, sales risk, operating risk, and financial risk, and classify a risk, given a description.A is correct. Sales risk is associated with uncertainty with respect to total revenue, which in turn, depends on price and units sold.。

CFA考试一级章节练习题精选0330-55（附详解）1、Teresa Staal, CFA is an investment officer in a bank trust department. She manages money for celebrities and public figures, including an influential local politician. She receives a request from the politician’s political party headquarters to disclose his stock holdings. The req uest indicates local law requires the disclosure. What steps should Staal most likely take to ensure she does not violate any CFA Institute Standards of Professional Conduct?【单选题】A.Provide the information and inform her client.B.Send the requested documents and inform her supervisor.C.Check with her firm's compliance department to determine her legal responsibilities.正确答案:C答案解析:"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 88-89Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.C is correct. In order to avoid violating Standard III (E) Staal should determine if applicable securities regulations require disclosing the records before she provides the confidential information concerning her client's investments.1、Several years ago, Leo Peek, CFA, co-founded an investment club. The club is fully invested but has not actively traded its account for at least a year and does not plan to resume active trading of the account. Peek's employer requires an annual disclosure of employee stock ownership. Peek discloses all of his personal trading accounts but does not disclose his holdings in the investment club. Peek's actions are least likely to be a violation of which of the CFAInstitute Standards of Professional Conduct?【单选题】A.MisrepresentationB.Transaction priorityC.Conflicts of interest正确答案:B答案解析:There is no indication that the investment club is trading ahead of clients. See Standard VI(B). 2014 CFA Level I "Guidance for Standards I-VII," CFA Institute Standard I(C), Standard VI(A), Standard VI(B)1、While at a bar in the financial district after work, Ellen Miffitt, CFA overhears several employees of a competitor discuss how they will manipulate down the price of a thinly traded micro cap stock's price over the next few days. Miffitt's clients have large positions of this stock so when she arrives at work the next day she immediately sells all of these holdings. Because she has determined that the micro cap stock was suitable for all of her accounts at its previously higher price, Miffitt buys back her client's original exposure at the end of the week at the new, lower price. Which CFA Institute Standards of Professional Conduct did Miffitt least likely violate?【单选题】A.Market ManipulationB.Preservation of ConfidentialityC.Material Non Public Information正确答案:B答案解析:"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 49-52, 59-60, 88。

CFA考试一级章节练习题精选0331-20（附详解）1、A portfolio with equal parts invested in a risk-free asset and a risky portfolio will most likely lie on:【单选题】A.the efficient frontier.B.the security market line.C.a capital allocation line.正确答案:C答案解析:“Portfolio Risk and Return: Part II”, by Vijay Singal.2011 Modular Level I, Vol. 4, pp. 392-400Study Session 12-53-bExplain and interpret the capital allocation line (CAL) and the capital market line (CML).C is correct. A capital allocation line shows possible combinations of a risky portfolio and the risk-free asset.1、A key difference between a wrap account and a mutual fund is that wrap accounts:【单选题】A.have a lower required minimum investment.B.can not be tailored to the tax needs of a client.C.have assets that are owned directly by the individual.正确答案:C答案解析:“Portfolio Management: An Overview,” Robert M. Conroy, CFA, and Alistair Byrne, CFA2011 Modular Level I, Vol. 4, p. 305Study Session 12-51-dDescribe, compare, and contrast mutual funds and other forms of pooled investments.C is correct. The key difference between a wrap account and a mutual fund is that in a wrap account the assets are owned directly by the individual.1、An analyst does research about portfolio management process.Which of thefollowing statements is commonly believed to have the greatest impact on portfolioperformance?【单选题】A.Security selecting.B.Time selecting.C.Asset allocation.正确答案:C答案解析:资产配置决策被认为是决定投资组合收益最重要的因素，组合收益的高低并不在于择时及择股。

CFA考试一级章节练习题精选0330-32（附详解）1、An analyst does research about correlation and gathers the following informationabout two stocks:If the portfolio's standard deviation is 4.4%, the correlation between the two securitiesis closest to :【单选题】A.0.39B.0.88C.1.00正确答案:C答案解析:根据公式2、The most recent returns of a fund are as follow:The mean absolute deviation of returns for the fund is closest to:【单选题】A.9.53%.B.11.91%.C.13.69%.正确答案:A答案解析:“Statistical Concepts and Market Returns,” Richard A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA 2013 Modular Level I, Vol. 1, Reading 7, Section 7.2 (Example 10)Study Session 2–7–gCalculate and interpret (1) a range and a mean absolute deviation and (2) the variance and standard deviation of a population and of a sample.A is correct. The mean absolute deviation (MAD) for a sample is calculated as follow:3、A subset of a population is best described as a:【单选题】A.sample.B.statistic.C.conditional distribution.正确答案:A答案解析:“Statistical Concepts and Market Returns,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle2012 Modular Level I, Vol. 1, p. 343Study Session 2-7-a, bDistinguish between descriptive statistics and inferential statistics, between a population and a sample, and among the types of measurement scales. Define a parameter, a sample statistic, and a frequency distribution.A is correct. A sample is a subset of a population.4、If the stated annual interest rate is 9% and the frequency of compounding is daily, the effective annual rate is closest to:【单选题】A.9.00%.B.9.42%C.9.88%.正确答案:B答案解析:“Time Value of Money,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2011 Modular Level I, Vol. 1, pp. 266-267Study Session 2-5-cCalculate and interpret the effective annual rate, given the stated annual interest rate and the frequency of compounding.Solve for effective annual rate using:5、With respect to technical analysis, a triple-top pattern most likely suggests a:【单选题】A.support line.B.resistance line.C.continuation pattern.正确答案:B答案解析:三重顶是一种反转形态，顶会作为压力线。

CFA考试一级章节练习题精选0330-25（附详解）1、Which type of bond is most likely to be preferred by investors in a falling interest rate environment?【单选题】A.A floating-rate note with no cap or floorB.A capped floating-rate noteC.A floored floating-rate note正确答案:C答案解析:A floored floating-rate note prevents the coupon rate from falling below the specified minimum rate. In a falling interest rate environment, this feature will benefit investors because it guarantees that the coupon rate will not fall below the specified minimum rate.2014 CFA Level I"Fixed-Income Securities: Defining Elements," by Moorad Choudhry and Stephen E. WilcoxSection 4.21、Consider two bonds that are identical except for their coupon rates. The bond that will have the highest interest rate risk most likely has the:【单选题】A.lowest coupon rate.B.highest coupon rate.C.coupon rate closest to its market yield.正确答案:A答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi2012 Modular Level I, Vol. 5, p. 354Study Session 15-54-cExplain how a bond maturity, coupon, embedded options, and yield level affect its interest rate risk.A is correct because a lower coupon rate means that more of the bond’s value comes from repayment of face value, which occurs at the end of the bond’s life.1、The following table provides information about a portfolio of three bonds.Based on this information, the duration of the portfolio is closest to:【单选题】A.9.74.B.9.48.C.9.35.正确答案:C答案解析:The market values of the bonds (Price × Par amount) are $17,479,376, $4,018,928, and $6,771,416,respectively, for a portfolio value of $28,269,720. Therefore, the duration of the portfolio isCFA Level I"Understanding Fixed-Income Risk and Return," James F. Adams and Donald J. SmithSection 3.41、An analyst does research about the various types of debt issued by corporations.A debt vehicle created to facilitate commercial trade transaction is mostlikely a(n):【单选题】A.issued bond.B.medium-term note.C.bankers acceptance.正确答案:C答案解析:保险过的债券(issued bond)是一种特殊的地方政府债券，该债券除了由发行人的收入担保外，还由商业保险公司通过保险条款承保。

CFA考试一级章节练习题精选0330-24（附详解）1、An analyst does research about various risks of investing in bonds.Investors inU.S.Treasury Inflation-Protected Securities are most likely to be exposed to:【单选题】A.credit risk.B.reinvestment rate risk.C.purchasing power risk.正确答案:B答案解析:美国政府的通货膨胀保护证券信用极好，所以没有违约风险。

同时，由于通货膨胀保护证券的本金会随着通货膨胀率调整，所以大幅度减少了购买力风险。

但通货膨胀保护证券所拿到的利息会面临再投资风险。

1、Duration is most accurate as a measure of interest rate risk for a bond portfolio when the slope ofthe yield curve:【单选题】A.stays the same.B.increases.C.decreases.正确答案:A答案解析:Duration measures the change in the price of a portfolio of bonds if the yields for all maturities changeby the same amount; that is, it assumes theslope of the yield curve stays the same.CFA Level 1"Understanding Fixed-Income Risk and Return," James F. Adams and Donald J. SmithSection 31、All else being equal, in a rising interest rate environment, the price of a floating-ratesecurity will most likely decline if:【单选题】A.there is no cap.B.the margin required by investors declines.C.the coupon is reset every six months rather than monthly.正确答案:C答案解析:如果没有利率顶（CAP）就会降低利率风险，利率上升，息票率也随之上升，价格不会下跌。

CFA考试一级章节练习题精选0330-54（附详解）1、An analyst compares different real estate valuation methods.A factor common tothe sales comparison approach and the income approach is that both approachesrequire :【单选题】A.identification of benchmark properties.B.knowledge of investor's marginal tax rate.C.calculation of the property's net operating income.正确答案:A答案解析:销售比较法（sales comparison approach）不需要计算房地产项目的经营性净收入（NOI），所以也不需要知道投资者的边际税率（marginal tax rate）。

但销售比较法和收入法都需要定义一个标的资产，销售比较法需要寻找基准的房地产用来得到其销售价格，并用以计算该房地产的价格；收入法需要寻找基准的房地产用来得到市场的资本化率（marketcapitalization rate)，并用来折现该房地产的经营性净收入，得到房地产的价格。

2、The real estate valuation approach that uses a perpetuity discount type model is the:【单选题】A.cost approach.B.income approach.C.sales comparison approach.正确答案:B答案解析:“Alternative Investments”, Global Investments, Sixth Edition, by Bruno Solnik and Dennis McLeavey, CFA2011 Modular Level I, Volume 6, p. 205Study Session 18-74-eDescribe the various approaches to the valuation of real estate.B is correct. The income approach to real estate valuation values a property using a perpetuity discount type of model.3、Which of the following is least likely an aggregation vehicle for real estate ownership?【单选题】A.Leveraged equity rightsB.Real estate investment trusts (REITs)C.Real estate limited partnerships (RELPs)正确答案:A答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey2012 Modular Level I, Vol. 6, pp. 201–202Study Session 18-66-eDescribe the forms of real estate investment, and explain their characteristics as an investable asset class.A is correct because leveraged equity rights is not an aggregation vehicle. Leveraged equity does not give investors collective access to real estate investments.4、Adding alternative investments to a portfolio of traditional investments will most likely result in a new combined portfolio with returns and standard deviation that are, respectively:【单选题】A.B.C.正确答案:B答案解析:“Introduction to Alternative Investments”, Terri Duhon, George Spentzos, CFA, and Scott D. Stewart, CFA 2013 Modular Level I, Vol. 6, Reading 66, Section 2.3Study Session 18-66-cDescribe potential benefits of alternative investments in the context of portfolio management.B is correct because the risk/return profile of the overall portfolio will potentially improve. The overall risk will most likely drop, and the overall return will most likely rise.5、An analyst does research about interest rate risk of fixed income securities andgathers the following information about three option-free bonds selling at par:The bond with the lowest interest rate risk is:【单选题】A.Bond 1.B.Bond 2.C.Bond 3.正确答案:B答案解析:息票率(Coupon Rate)越低，利率风险越大，因为大部分比例的现金流在未来造成价格变动的可能性增加。

CFA考试一级章节练习题精选0330-60（附详解）1、An analyst does research about accrual accounting.The accrued expense accountis most likely recorded:【单选题】A.as an asset on the balance sheet.B.on the income statement.C.as a liability on the balance sheet.正确答案:C答案解析:权责发生制（accruals）共包括以下4种情况：（1）预收账款（unearnedrevenue）——负债类账户已经收到现金，但是没有确认销售收入，因为销售的过程还没有完成。

（2）待摊费用（prepaid expense）——资产类账户现金已经支付，但费用不能马上全部确认，而是应该在一定期限内分摊。

（3）应计收入（accruedrevenue）——资产类账户企业已经提供产品或服务，但现金还没有收到。

（4）应计费用（accruedexpense）——负债类账户企业当期应支付，但尚未支付的费用。

2、The following information is available about a manufacturing company:If the company is using International Financial Reporting Standards (IFRS), instead of U.S. GAAP, its cost of goods sold ($ millions) is most likely:【单选题】A.the same.B.0.3 lower.C.0.3 higher.正确答案:A答案解析:“Inventories,” Michael A. Broihahn2012 Modular Level I, Vol. 3, pp. 416–418Study Session: 9-29-fDescribe the measurement of inventory at the lower of cost and net realisable value.A is correct. Under IFRS, the inventory would be written down to its net realizable value ($4.1 million), whereas under U.S. GAAP, market is defined as current replacement cost and hence would be written down to its current replacement cost ($3.8 million). The smaller write down under IFRS will reduce the amount charged to the cost of goods sold, as compared with U.S. GAAP, and result in a lower cost of goods sold of $0.3 million.3、A company is buying back its stocks to offset the dilution of earnings from its stock option program. Which of the following statements best describes the effect on the financial statements of the amount spent to buy back the stocks? The amount spent reduces:【单选题】 income.B.cash from operating activities.C.cash from financing activities.正确答案:C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, CFA2020 Modular Level I, Vol. 3, pp. 251-252“Accounting Shenanigans on the Cash Flow Statement,” Marc A. Siegel2010 Modular Level I, Vol. 3, p. 595-598Study Session 8-34-a, 10-41Compare and contrast cash flows from operating, investing and financing activities and classify cash flow items as relating to one of these three categories, given a description of the items.The candidate should be able to analyze and discuss the following ways to manipulate thecash flow statement: ·stretching out payables, ·financing of payables, ·securitization of receivables, and ·using stock buybacks to offset dilution of earnings The amount spent to buy back stocks to offset dilution is classified as a financing activity on the cash flow statement and therefore cash from financing decreases.4、The following common-size income statement data and tax rates are available on a company.The profitability ratio that had the largest absolute increase in value in the current year is the:【单选题】A.operating profit margin. profit margin.C.gross profit margin.正确答案:C答案解析:The gross profit margin increased the most in the current year:CFA Level I"Understanding Income Statements," Elaine Henry and Thomas R. RobinsonSections 5.5, 7.2"Financial Analysis Techniques," Elaine Henry, Thomas R. Robinson, and Jan Hendrik van GreuningSection 4.55、The financial statement that would be most helpful to an analyst in understanding the changes that have occurred in a company’s retained earnings over a year is the statement of:【单选题】A.changes in equity.B.financial position.prehensive income.正确答案:A答案解析:“Financial Statement Analysis: An Introduction,” Elaine Henry and Thomas R. Robinson2012 Modular Level I, Vol. 3, pp. 21–22Study Session 7-22-bDescribe the roles of the key financial statements (statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows) in evaluating a company’s performance and position.A is correct. The statement of changes in equity reports the changes in the components of shareholders’ equity over the year, which would include the retained earnings account.。

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

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

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

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

答案：投资组合的预期收益率为12%。

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

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

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

答案：该债券的当前市场价格约为735.47元。

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

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

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

答案：该投资者的净收益为15元。

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

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

CFA考试一级章节练习题精选0330-2（附详解）1、The following information is available for a company:In 2010, the company most likely:【单选题】A.paid a dividend of $1,000B.paid a dividend of $5,000C.did not pay a dividend because they incurred a loss.正确答案:B答案解析:“Financial Reporting Mechanics,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Karen O’Connor Rubsam, CFA, R. Elai ne Henry, CFA, and Michael A. Broihahn, CFA2010 Modular Level 1, Vol.3, pp. 43Study Session: 7-30-b, cExplain the accounting equation in its basic and expanded forms.Explain the process of recording business transactions using an accounting system based on the accounting equations.2、An analyst does research about gross profit margin and gathers the following informationabout a company in 2012 :● Average inventory is $2 000● Ending inventory of the year is $2 500● Total revenue is $20 000● Inventory turnover ratio is 5.5● Tax rate is 40%The gross profit margin for the company is closest to:【单选题】A.27%B.31%C.45%正确答案:C答案解析:inventory turnover ratio = cost of goods sold/ average inventorygross profit = revenue - cost of goods soldgross profit margin = gross profit/ revenue所以，边际毛利率的计算如下：（$20 000 - 5.5 × $2 000）/$20 000 = 45%。

CFA考试一级章节练习题精选0330-22（附详解）1、A central bank fines a commercial bank it supervises for not following statutory regulations regarding nonperforming loan provisions on three large loans as a result of the bank's loan provisioning policy. Louis Marie Buffet, CFA, sits on the board of directors of the commercial bank as a non-executive director, representing minority shareholders. He also chairs the bank's internal audit committee that determines the loan provisioning policy of the bank. Mercy Gatabaki, CFA, is the bank's external auditor and follows international auditing standards whereby she tests the loan portfolio by randomly selecting loans to check for compliance in all aspects of central bank regulations. Which charterholder is most likely in violation of the Code and Standards?【单选题】A.GatabakiB.BuffetC.Both正确答案:B答案解析:Buffet sat on the audit committee that determined the bank's provisioning policies that were contrary to the statutory regulations of the central bank. As a result, he most likely violated Standard I–Professionalism by not abiding by regulations of a regulatory body. Gatabaki did not violate Standard I -Professionalism because it is not apparent she knowingly facilitated the incorrect provisioning policy.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard I(A)1、Francesca Ndenda, CFA, and Grace Rutabingwa work in the same department for New AgeManagers, with Rutabingwa reporting to Ndenda. Ndenda learnsthat Rutabingwa received a Noticeof Enquiry from the Professional Conduct Program at CFA Institute regarding a potential cheatingviolation when she sat for the CFA exam in June. As Rutabingwa's supervisor, Ndenda is afraid thatRutabingwa's behavior will be seen as a violation of the Code and Standards. Does Ndenda mostlikely have cause for concern?【单选题】A.No, not until Rutabingwa is found guilty of cheatingB.YesC.No, because her responsibilities do not apply正确答案:C答案解析:A supervisor's responsibilities relate to detecting and preventing violations by anyone subject to theirsupervision or authority regarding activities they supervise. Ndenda had no way of detecting and/orpreventing Rutabingwa from cheating during the CFA exam, if in fact that is what she did, because itwas an event she did not attend.CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard IV(C)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 Institute2013 Modular Level I, Vol. 1, Reading 2, Standard IV (C) Responsibilities of SupervisorsStudy Session 1–2–bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.C 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.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:【单选题】A.fire-walls.B.watch lists.C.selective disclosure.正确答案:C答案解析:CFA 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).1、Lawrence Hall, CFA, and Nancy Bishop, CFA, began a joint research report on Stamper Corporation. Bishop visited Stamper’s corporate headquarters for several days and met with all company officers. Prior to the completion of the report, Bishop was reassigned to another project. Hall utilized his and Bishop’s research to write the report but did not include Bishop’s name on the report, because she did not agree with Hall’s conclusion included in the final report. According to the CFA Institute Standards of Practice Handbook, did Hall violate any CFA Institute Standards of Professional Conduct?【单选题】A.No.B.Yes, with respect to misrepresentation.C.Yes, with respect to diligence and reasonable basis.正确答案:A答案解析:“Guidance for Standards I-VII”, CFA Institute2010 Modular Level I, Vol. 1, pp. 29-31, 80-82Study Session 1-2-aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.Members are in compliance with CFA Institute’s Standard V (A) Diligence and Reasonable Basis, if they rely on the research of another party who exercised diligence and thoroughness. Because Bishop’s opinion did not agree with the final report, disassociating her from the report is one way to handle this difference between the analysts.。

CFA考试一级章节练习题精选0330-55（附详解）1、Teresa Staal, CFA is an investment officer in a bank trust department. She manages money for celebrities and public figures, including an influential local politician. She receives a request from the politician’s political party headquarters to disclose his stock holdings. The req uest indicates local law requires the disclosure. What steps should Staal most likely take to ensure she does not violate any CFA Institute Standards of Professional Conduct?【单选题】A.Provide the information and inform her client.B.Send the requested documents and inform her supervisor.C.Check with her firm's compliance department to determine her legal responsibilities.正确答案:C答案解析:"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 88-89Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.C is correct. In order to avoid violating Standard III (E) Staal should determine if applicable securities regulations require disclosing the records before she provides the confidential information concerning her client's investments.1、Several years ago, Leo Peek, CFA, co-founded an investment club. The club is fully invested but has not actively traded its account for at least a year and does not plan to resume active trading of the account. Peek's employer requires an annual disclosure of employee stock ownership. Peek discloses all of his personal trading accounts but does not disclose his holdings in the investment club. Peek's actions are least likely to be a violation of which of the CFAInstitute Standards of Professional Conduct?【单选题】A.MisrepresentationB.Transaction priorityC.Conflicts of interest正确答案:B答案解析:There is no indication that the investment club is trading ahead of clients. See Standard VI(B). 2014 CFA Level I "Guidance for Standards I-VII," CFA Institute Standard I(C), Standard VI(A), Standard VI(B)1、While at a bar in the financial district after work, Ellen Miffitt, CFA overhears several employees of a competitor discuss how they will manipulate down the price of a thinly traded micro cap stock's price over the next few days. Miffitt's clients have large positions of this stock so when she arrives at work the next day she immediately sells all of these holdings. Because she has determined that the micro cap stock was suitable for all of her accounts at its previously higher price, Miffitt buys back her client's original exposure at the end of the week at the new, lower price. Which CFA Institute Standards of Professional Conduct did Miffitt least likely violate?【单选题】A.Market ManipulationB.Preservation of ConfidentialityC.Material Non Public Information正确答案:B答案解析:"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 49-52, 59-60, 88Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.B is correct as Miffitt has not violated the confidentiality Standard which involves information about former, current, and prospective clients.1、David Donnigan enrolled to take the Level II CFA examination in the current year, but he did not takethe exam. Donnigan advised his employer that he passed Level II. Subsequently, he registered totake the Level II exam the next year. Which CFA Institute Standards of Professional Conduct didDonnigan least likely violate? The standard related to:【单选题】A.referencing candidacy in the CFA Program.B.duty to employer.C.professional misconduct.正确答案:A答案解析:Because he registered to take the exam in the next year, Donnigan still qualifies to state he is acandidate in the CFA Program. He would not, however, be authorized to reference that he is a LevelIII candidate and, if asked, would need to specifiy that he is a Level II candidate.CFA Level I"Guidance for Standards l-VII," CFA InstituteStandard I(D), Standard IV(A)1、Carolina Ochoa, CFA, is the chief financial officer at Pantagonia Computing. Ochoa is currently the subject of an inquiry by Pantagonia’s corporate investigations department. The inquiry is the result of an anonymous complaint accusing Ochoa of falsifying travel expenses for senior management related to a government contract. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, it is most appropriate for Ochoa to disclose the allegations:【单选题】A.on her Professional Conduct Statement.B.to CFA Institute when the investigation concludes.C.to CFA Institute if the allegations are proven correct.正确答案:A答案解析:CFA Institute Standards2012 Modular Level I, Vol. 1, p. 8Study Session 1-1-cExplain the ethical responsibilities required by the Code and Standards, including the multiple sub-sections of each standard.A is correct because members and candidates must self-disclose on the annual Professional Conduct Statement all matters that question their professional conduct, such as involvement in civil litigation or criminal investigations or being the subject of a written complaint.。

CFA考试一级章节练习题精选0330-52（附详解）1、In an economy, consumption is 70% of pre-tax income and the average tax rate is 25% of total income. If planned government expenditures are expected to increase by $1.25 billion, the increase in total incomes and spending ($ in billions) is closest to:【单选题】A.$1.3.B.$2.6.C.$4.2.正确答案:C答案解析:“Monetary and Fiscal Policy,” Andrew Clare, PhD and Stephen Thomas, PhD2013 Modular Level I, Vol. 2, Reading 19, Section 3.2.2Study Session 5-19-o, qDescribe the tools of fiscal policy including their advantages and disadvantages.Explain the implementation of fiscal policy and the difficulties of implementation.1、In competitive markets, when the efficient quantity is produced, the least likely result is to:【单选题】A.maximize total surplus.B.generate underproduction.C.minimize deadweight loss.正确答案:B答案解析:“Efficiency and Equity,” Michael Parkin2011 Modular Level I, Vol. 2, pp. 45-46, 48-49Study Session 4-14-a, d, eExplain the various means of markets to allocate resources, describe marginal benefit and marginal cost, and demonstrate why the efficient quantity occurs when marginal benefit equals marginal cost.Discuss the relationship between consumer surplus, producer surplus, and equilibrium.Explain 1) how efficient markets ensure optimal resource utilization and 2) the obstacles to efficiency and the resulting underproduction or overproduction, including the concept of deadweight loss.When the efficient quantity is produced, total surplus (the sum of consumer surplus and producer surplus) is maximized. Deadweight loss reduces total surplus and occurs when there is either underproduction or overproduction, i.e. when the quantity produced differs from the efficient quantity. When the efficient quantity is produced, underproduction does not occur.1、Assume that an economy is composed of two products, X and Y, with the following details:Assuming 2012 is the base year for measuring GDP and the GDP deflator for the economy in 2013 is 102.4, the unit price of Y in 2012 is closest to:【单选题】A.10.8.B.11.2.C.11.5.正确答案:B答案解析:2014 CFA Level I"Aggregate Output, Prices, and Economic Growth," by Paul R. Kutasovic and Richard G. FritzSection 2.1.21、An analyst does research about aggregate demand.Aggregate demand of a countrywill least likely increase following with:【单选题】A.increase in consumer expectations of future income.B.increase in capacity utilization.C.appreciation in the domestic currency.正确答案:C答案解析:本题考查的是使总需求（aggregate demand）向右平移的因素。