CFA考试一级章节练习题精选0331-11(附详解)

CFA考试《CFA一级》历年真题精选11（附详解）1、The slope of the security market line (SML) represents the portion of an asset’s expected return attributable to:【单选题】A.total risk.B.market risk.C.diversifiable risk.正确答案:B答案解析:“Portfolio Risk and Return Part II,” Vijay Singal2012 Modular Level I, Vol. 4, pp. 422–423Study Session 12-45-fExplain the capital asset pricing model (CAPM), including the required assumptions, and the security market line (SML).B is correct. The slope of the SML is the market risk premium, E(Rm) – Rf. It represents the return of the market less the return of a risk-free asset. Thus, the slope represents the portion of expected return that reflects compensation for market or systematic risk.2、Heidi Halvorson, CFA, is the chief investment officer for Tukwila Investors, an asset management firm specializing in fixed-income investments. Tukwila is in danger of losing one of its largest clients, Quinault Jewelers, which accounts for nearly one-third of its revenues. Quinault recently told Halverson that Tukwila would be fired unless the performance of Quinault’s portfolio improves significantly. Shortly after this conversation, Halvorson purchases two corporate bonds she believes are suitable for any of her clients based upon third-party research from a reliable and diligent source. Immediately after the purchase, one bond increases significantly in price while the other bond declines significantly. At the end of the day, Halvorson allocates the profitable bond trade to Quinault and the other bond to two of her largest institutional accounts. Halvorson most likely violated the CFA Institute Standards of Professional in regard to:【单选题】A.client suitability.B.trade allocations.C.third-party research.正确答案:B答案解析:“Guidance for Standards I-VII”, CFA Institute2013 Modular Level I, Vol. 1, Reading 2, Standard III (B) Fair Dealing, Guidance, Standard III (C) Suitability, Guidance, Standard V (A) Diligence and Reasonable Basis, GuidanceStudy Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.B is correct because the investment officer failed to deal fairly for her clients by allocating profitable trades to a favored client at the expense of others, a violation of Standard III (B) Fair Dealing. The standard requiresmembers and candidates to treat all clients fairly when taking investment action. Tukwila should have a systematic approach to allocating trades, such as pro rata, before or at the time of trade execution or as soon as possible after trades are executed.3、An analyst does research about net present value and gathers the followinginformation about three capital budgeting projects (in $ thousands):Which projects has the highest internal rate of return?【单选题】A.Project 1.B.Project 2.C.Project 3.正确答案:B答案解析:Project 1 IRR = 17.24%。

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0331-50附详解）1、An analyst does research about assumption behind the Markowitz Portfolio Theory.A basic assumption behind the Markowitz Portfolio Theory is that utilitycurves for an investor:【单选题】A.demonstrate increasing marginal utility of wealth.B.are a function of expected returns and expected variance of returns only.C.are a function of expected returns on the risk-free asset and the marketportfolio.正确答案:B答案解析:根据马柯威茨投资组合理论（Markowitz Portfolio Theory），假设财富的边际效用是递减的，而不是递增的，风险加大后需要更高的收益进行补偿。

效用曲线是预期收益和方差的方程。

选项C是资本市场线（CML）。

1、With respect to the portfolio management process, asset allocation decisions are made in the:【单选题】A.planning step.B.feedback step.C.execution step.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. 292Study Session 12-51-cDescribe the steps in the portfolio management process.C is correct. Asset allocation decisions are made in the execution step.1、Selected information about shares of two companies is provided below:of returns between Cable Incorporated and GPTA CompanyThe standard deviation of returns of the portfolio formed with these two stocks is closest to:【单选题】A.25.04%.B.26.80%.C.32.85%.正确答案:A答案解析:“Portfolio Risk and Return Part I,” Vijay Singal2012 Modular Level I, Vol. 4, pp. 355–360Study Session 12-44-e。

CFA考试一级章节练习题精选0331-60附详解）1、Zet Bank has entered into a contract with Louly Corporation in which Zet agrees to buy a 2.5% U.S. Treasury bond maturing in 10 years and promises to sell it back next month at an agreed-on price. From Zet Bank's perspective, this contract is best described as a:【单选题】A.collateralized loan.B.repo.C.reverse repo.正确答案:C答案解析:A reverse repo (repurchase agreement) is collateralized cash lending by purchasing an underlying security now and selling it back in the future.Section 7.32、Consider a $100 par value bond with a 7% coupon paid annually and 5 years to maturity. At a discount rate of 6.5%, the value of the bond today is $102.08. One day later, the discount rate rises to 7.5%. Assuming the discount rate remains at 7.5% over the remaining life of the bond, what is most likely to occur to the price of the bond between today and maturity?【单选题】A.Increases then decreasesB.Decreases then increasesC.Decreases then remains unchanged正确答案:B答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. FabozziB is correct because if the discount rate rises to 7.5% from 6.5%, the price of a bond decreases. At a discount rate of 7.5%, the bond sells at a discount to face value. As a discount bond approaches maturity, it will increase in price over time until it reaches par at maturity.3、Using the U.S. Treasury forward rates provided below, the value of a 2?-year, $100 par value Treasury bond with a 5% coupon rate is closest to:【单选题】A.$101.52.B.$104.87.C.$106.83.。