CFA一级典型例题 Alternative Investments 另类投资

CFA考试《CFA一级》历年真题精选06（附详解）1、For planning purposes, an individual wants to be able to spend €80,000 per year, at the end of each year, for an anticipated 25 years in retirement. In order to fund this retirement account, he will make annual deposits of €6,608 at the end of each of his working years. What is the minimum number of s uch deposits he will need to make to fund his desired retirement? Use 6% interest compounded annually for all calculations.【单选题】A.29 paymentsB.40 paymentsC.51 payments正确答案:B答案解析:“The Time Value of Money,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleI/Y = 6, PV = 0, PMT = 6,608, FV = 1,022,668; calculate N. N is 40.2、A technical analyst has detected a price chart pattern with three segments. The left segment shows a decline followed by a reversal to the starting price level. The middle segment shows a more pronounced decline than in the first segment and again a reversal to near the starting price level. The third segment is roughly a mirror image of the first segment. This chart pattern is most accurately described as:【单选题】A.a triple bottom.B.a head and shoulders.C.an inverse head and shoulders.正确答案:C答案解析:“Technical Analysis,” Barry M. Sine and Robert A. StrongC is correct. An inverse head and shoulders pattern consists of a left segment that shows a decline followed by a reversal to the starting price level, a middle segment that shows a more pronounced decline than in the first segment and again a reversal to near the starting price level, and a third segment that is roughly a mirror image of the first segment.3、Two mutually exclusive projects have the following cash flows (€) and internal rates of r eturn (IRR):Assuminga discount rate of 8% annually for both projects, the firm should most likely accept:【单选题】A.both projects.B.Project A only.C.Project B only.正确答案:B答案解析:“Capital Budgeting,” John D. Stowe, CFA, and Jacques R. Gagne, CFAB is correct because Project A hasa higher NPV and the projects are mutually exclusive, only Project A should be accepted.4、A forward rate agreement (FRA) that expires in 180 days and is based on 90-day LIBOR is quoted at 2.2%. At expiration of the FRA, 90-day LIBOR is 2.8%. For a notional principal of USD1,000,000, the payoff of this FRA is closest to:【单选题】D1,469.31.D1,489.57.D1,500.00.正确答案:B答案解析:“Forward Markets and Contracts,” Don M. Chance, CFAB is correct. 1,000,000 × (0.028 –0.022) × (1/4)/(1 + (0.028/4)) = 1,489.57.5、An alternative investments fund that employs leverage and takes long and short positions in securities is most likely a:【单选题】A.hedge fund.B.venture capital fund.C.leveraged buyout fund.正确答案:A答案解析:“Introduction to Alternative Investments,” Terri Duhon, George Spentzos, CFA, and Scott D. Stewart, CFAA is correct. Hedge funds invest in securities and may take long and short positions. They may also employ leverage.6、The execution step of the portfolio management process includes:【单选题】A.finalizing the asset allocation.B.monitoring the portfolio performance.C.preparing the investment policy statement.正确答案:A答案解析:“Portfolio Management: An Overview,” Robert M. Conroy and Alistair ByrneA is correct. Asset allocation occurs in the execution step.7、An analyst does research about financial reporting quality.An incentive for acompany's management reporting lower earnings is least likely to:【单选题】A.remain in compliance with lending covenants.B.obtain trade relief in the form of quotas or protective tariffs.C.negotiate favorable terms from creditors.正确答案:A答案解析:本题考查的是财务报告质量（financial reporting quality）中管理层操纵盈利的动机。

CFA一级每日一练（含详细解析）821、Fundamental Asset Managers claims compliance with the CFA Institute Global Investment Performance Standards and manages both discretionary and non-discretionary accounts. When constructing a single composite for Fundamental, Juma Dzuya includes all discretionary, fee-paying accounts with both value and growth strategies. Does the composite constructed by Dzuya most likely meet GIPS criteria?【单选题】A.YesB.No, because of non-similar investment strategiesC.No, because non-discretionary accounts are not included正确答案:B答案解析:“Introduction to the Global Investment Performance Standards,” CFA Institute2012 Modular Level I, Vol. 1, p. 173Study Session 1-3-bExplain the construction and purpose of composites in performance reporting.B is correct because a composite must include all actual, fee-paying, discretionary portfolios managed in accordance with the same investment mandate, objective, or strategy (Standards IV Composites).By including both value and growth portfolios, the composite is made up of portfolios with different investment mandates or strategies.2、Jiro Sato, CFA, deputy treasurer for May College, manages the Student Scholarship Trust. Sato issued a request for proposal (RFP) for domestic equity managers. Pamela Peters, CFA, a good friend of Sato, introduces him to representatives from Capital Investments, which submitted a proposal. Sato selected Capital as a manager based on the firm's excellent performance record. Shortly after the selection, Peters, who had outstanding performance as an equity manager with another firm, accepted a lucrative job with Capital. Which of the CFA charterholders violated the CFA Institute Standards of Professional Conduct?【单选题】A.NeitherB.PetersC.Both正确答案:A答案解析:Members should use reasonable care and judgment to maintain independence and objectivity, as stated in Standard I (B). There is no indication of inappropriate behaviorin the selection of the equity manager or in the acceptance of employment with that manager; both decisions were based on the excellent performance records of the manager and the member, respectively.Standard I(B)3、High-water marks are typically used when calculating the incentive fee on hedge funds. They are most likely used by clients to:【单选题】A.avoid prime brokerage fees.B.claw back the management fees.C.prevent paying twice for the same performance.正确答案:C答案解析:“Introduction to Alternative Investments”, Terri Duhon, George Spentzos, CFA, and Scott D. Stewart, CFAC is correct because high-water marks prevent clients from paying twice for the same performance. When a hedge fund’s value drops, the manager will not receive an incentive fee until the value of the fund returns back to its previous level.4、An analyst does research about hypothesis testing.Which of the following teststatistics is most appropriate test statistics for two means based on samples that webelieve are dependent?【单选题】A.T-test.B.F-test.C.Chi-square test.正确答案:A答案解析:两个非独立总体的均值检验也叫做配对检验，用的是t分布检验。

CFA考试《CFA一级》历年真题精选09（附详解）1、The dollar discount on a U.S. Treasury bill with 91 days until maturity is $2,100. The face value of the bill is $100,000. The bank discount yield of the bill is closest to:【单选题】A.8.31%.B.8.40%.C.8.58%.正确答案:A答案解析:“Discounted Cash Flow Applications,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2011 Modular Level I, Vol. 1, p. 327Study Session 2-6-eCalculate and interpret the bank discount yield, holding period yield, effective annual yield, and money market yield for a U.S. Treasury bill.Solve for bank discount yield using:2、On 1 January 2011 the market rate of interest on a company’s bonds is 5% and it issues a bond with the following characteristics:If the company uses IFRS, its interest expense (in millions) in 2011 is closest to:【单选题】A.€1.846.B.€2.307.C.€2.386.正确答案:B答案解析:“Non-Current (Long-Term) Liabilities,” Elizabeth A Gordon and Elaine HenryInterest expense = Liability value × Market rate at issuance: 0.05 × €46.140 = €2.307.3、A research report produced by a dealer includes the following exchange rates:The most accurate calculation of the expected appreciation (%) of the Canadian dollar (CAD) relative to the British pound (GBP) is:【单选题】A.2.99%B.0.7%.C.-2.04%正确答案:A答案解析:Section 3.24、An office building with net operating income of $75,000 recently sold for $937,500. Financial data for a comparable building that is currently on the market for sale is presented in the table below.The estimated value for the building being sold using the income approach is closest to?【单选题】A.$2,825,000.B.$2,975,000.C.$3,228,500.正确答案:A答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeaveyA is correct because to arrive at the estimated value of the property, subtract operating expenses from gross income (300,000 – (4% x300,000 or 12,000) – 27,000 – 14,000 – 21,000 = 226,000). Then divide the net operating income by the cap rate which is derived from the recent transaction (226,000/(75,000/937,500) = 226,000/.08 = 2,825,000). Note that neither depreciation nor financing costs are deducted as operating expenses.5、Which of the following statements is least likely an advantage of investing in hedge funds through a fund of funds? Funds of funds provide:【单选题】A.an increase in expected return through diversification.B.expertise in selecting funds and conducting due diligence.C.access to successful funds that may otherwise be closed to new investors.正确答案:A答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeaveyA is correct because diversification results in risk reduction, not return enhancement. Further, the fees charged by the fund of funds manager will likely reduce returns relative to direct hedge fund investment.6、For periods beginning on or after 1 January 2011, the Global Investment PerformanceStandards (GAPS?)require that total firm assets be defined as the aggregatefair value of all:【单选题】A.discretionary assets in fee-paying portfolios managed by the firm.B.discretionary and non-discretionary assets in fee-paying portfolios managedby the firm.C.discretionary and non-discretionary assets in fee-paying and non-fee-payingportfolios managed by the firm.正确答案:C答案解析:公司总资产包括公司管理的其自由决断和非自由决断资产，这些自由决断和非自由决断资产包含在真实付费和非真实付费的组合中。

CFA考试《CFA一级》历年真题和解析答案0302-931、An analyst does research about trade restriction.A primary reason for a countryto adopt restrictions on international trade is that restrictions typically:【单选题】A.improve short-run economic efficiency.B.benefit consumers at the expense of producers.C.provide concentrated benefits to a small group of people.正确答案:C答案解析:限制国际贸易并不能促进短期的经济有效性，而是有利于生产厂商，并且会牺牲消费者的利益。

但是，限制国际贸易为一小部分人提供了利益，如本地的生产厂商受到国外产品的竞争会减少，从而能够获得更多的利润。

2、An analyst does research about deferred tax asset and liability and gathers thefollowing information about a company:Assuming there are no other differences between accounting and tax profit, thecompany most likely records:【单选题】A.A deferred tax asset of $ 315.B.A deferred tax liability of $ 315.C.A deferred tax liability of $ 585.正确答案:B答案解析:财务报表与税单上的折旧差异造成了递延所得税负债(DTL)，DTL在数值上等于折旧之差再乘以税率。

CFA考试一级章节练习题精选0329-27（附详解）1、Which of the following share repurchase methods most likely result in the lowestcost to the company?【单选题】A.Buy in the open marketB.Buy a fixed number of shares at a fixed price.C.Repurchased by direct negotiation.正确答案:A答案解析:股份回购是指公司回购自己公司的普通股，回购的方式有如下3种：● 在公开市场购买。

董事会授权在一定时间内在公开市场上回购一定数量的股票。

公司可灵活选择买入的时机，相对使回购的成本最低。

● 公司以高于市场价进行要约收购买入一定数量的股票。

● 直接协议回购。

公司直接向持有大量股票的股东以高于市场价的价格买回股票。

通常这种回购是为了避免持有大量股票的股东在市场上抛售而造成股票下挫，或者是向敌意收购方买回股票。

2、An analyst estimates that an initial investment of ￡500,000 in a venture capital project will pay ￡6 million at the end of five years if the project succeeds and that the probability the project survives to the end of the fifth year is 25 percent. The required rate of return for the project is 19 percent. The expected net present value of the venture capital investment is closest to:【单选题】A.￡128,000.B.￡1,125,000.C.￡2,014,000.正确答案:A答案解析:”Alternative Investments,” Bruno Solnik and Dennis McLeavey2010 Modular Level I, Vol. 6, pp. 216-218Study Session 18-73-hCalculate the net present value (NPV) of a venture capital project, given the project’s possible payoff and conditional failure probabilities.The probability that the venture will pay 6 million at the end of five years is 25%. The probability of failure is 75%. The expected NPV if the project succeeds is 2,014,296 using FV = 6,000,000, I = 19%, n = 5 for a present value of 2,514,296 – 500,000 = 2,014,296.The NPV of the project is 0.25(2,014,296) + 0.75(–500,000) = ￡128,574. The investment has a positive NPV and should be accepted.3、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 5.24、An initial investment of $1 million in a venture capital project is expected to pay $10 million at the end of 5 years if it is successful. The probabilities of failure for the project are provided in the table below:If the cost of capital for the project is 18%, the project’s expected NPV is closest to:【单选题】A.-$731,200.B.$174,950.C.$906,150.正确答案:B答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey2011 Modular Level I, Vol. 6, pp. 216-218Study Session 18-74-hCalculate the net present value (NPV) of a venture capital project, given the project’s possible payoff and conditional failu re probabilities.B is correct because you calculate the probability of success as (1-.30) ×(1-.25) ×(1-.20) ×(1-.20)× (1-.20)=.2688. Then calculate the NPV from success906,150 Subtracting the NPV of failure, -1,000*(1-.2688 or .7312) = -731,200. The difference between the NPVs is the expected NPV of the project, 906,150-731,200=174,950.5、A project has the following cash flows (￡):Assuming a discount rate of 11% annually, the discounted payback period (in years) is closest to:【单选题】A.3.4.B.3.9.C.4.0.正确答案:B答案解析:“Capital Budgeting,” John D. Stowe, CFA and Jacq ues R. Gagne, CFA2013 Modular Level I, Vol.4, Reading 36, Section 4.4.Study Session 11-36-dCalculate and interpret the results using each of the following methods to evaluate a single capital project: net present value (NPV), internal rate of return (IRR), payback period, discounted payback period, and profitability index (PI).B is correct. The discounted cash flows and their cumulative sum are:After three years, $821.02 of the $1,525 investment is recovered, leaving $703.98 left to recover in the fourth year. Proportionately, only 0.88 (= $703.98/$800.36) of the cash flow in the fourth year is necessary to recover all of the investment. This makes the discounted payback equal to 3.9 years (rounded up from 3.88).。

CFA考试历年真题精选15（附详解）1、Preeta Singh, a CFA Candidate, is an asset manager employed by a fund management company managing very large segregated pension funds. In her spare time outside of working hours, Singh likes to provide management-consulting services to small companies to help grow their businesses, focusing on strategic planning. Singh is paid for the consulting services and has also provided her employer information about these outside activities. Does Singh most likely violate the CFA Code of Ethics with regard to Duties to Employers?【单选题】A.No.B.Yes, with regard to loyalty.C.Yes, with regard to additional compensation arrangements.正确答案:A答案解析:“Guidance for Standards I-VII,” CFA InstituteA is correct because Singh does not violate any Standard relating to Duties to Employers. She conducts unrelated non-competitive services to clients outside of business hours and thus does not deprive her employer of the advantage of her skills and abilities, nor is there any indication she divulges confidential information or otherwise causes harm to her employer. She has informed her employers about her outside activities.2、Chan Liu, CFA, is the new research manager at the Pacific MicroCap Fund. Liu observed the following activities after she published a research report on a thinly traded micro cap stock that included a “buy” recommendation:Liu notes the stock’s price increased more than 50% within a period of two days and was then sold for Pacific’s account. Which of the following steps is most appropriate for Liu to take to avoid violating the CFA Institute Code of Ethics and Standards of Professional Conduct?【单选题】A.Report the observed activities to her employer.B.Remove her name from the micro cap stock research report.C.Publicly refute the false information posted on Internet forums.正确答案:A答案解析:CFA Institute StandardsA is correct because certain staff at Liu’s employer appear to be engaged in front running, a violation of Standard VI (B) Priority of Transactions, and market manipulation, a violation of Standard II (B) Market Manipulation. If Liu observes these violations without taking steps to notify her employer, she will be in violation of Standard I (A) Knowledge of the Law. Liu should know that the conduct observed is likely a violation of applicable laws, rules, and regulations and is a violation of the CFA Institute Code and Standards. Her first step, therefore, should be to attempt to stop the behavior by bringing it to the attention of the employer through a supervisor or the firm’s compliance department. Inaction may be construed as participation or assistance in the illegal or unethical conduct.3、The option-free bonds of Argus Corporation have a duration of eight years. When interest rates rise by 100 bps, the bond's price declines by 7.9%. When interest rates fall by 100 bps, however, the price rises by 8.2%. The asymmetrical price change is most likely caused by the:【单选题】A.maturity effect.B.coupon effect.C.convexity effect.正确答案:C答案解析:It is bond convexity that explains the asymmetrical price change. A fall in interest rates will result in a higher percentage rise in the bond's price compared with the percentage fall in the bond's price when interest rates rise by the same amount.Section 2.34、Which of the following least likely describes an advantage of investing in hedge funds through a fund of funds? A fund of funds may provide investors with:【单选题】A.lower fees due to economies of scale.B.access to funds that are closed to new investors.C.access to managers with expertise in finding reliable and good-quality hedge funds.正确答案:A答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeaveyA is correct because the fees on funds of funds are usually higher. The fund of funds manager charges a fee, and there is a fee charged by each hedge fund.5、The fair market value of a tangible noncurrent asset exceeds historical cost.Under International Financial Reporting Standards (IFRS), this asset is leastlikely carried on the balance sheet at:【单选题】A.fair value.B.historical cost less any accumulated depreciation.C.fair value less any accumulated depreciation.正确答案:A答案解析:成本模型(cost model)：carrying value = historical cost -accumulated depreciation。

CFA一级模考题1 .A former hedge fund manager, Jackman, has decided to launch a new private wealth management firm. From his prior experiences, he believes the new firm needs to achieve US$1 million in assets under management in the first year. Jackman offers a $10,000 incentive to any adviser who joins his firm with the minimum of $200,000 in committed investments. Jackman places notice of the opening on several industry web portals and career search sites. Which of the following is correct according to the Code and Standards?A A member or candidate is eligible for the new position and incentive if he or she can arrange for enough current clients to switch to the new firm and if the member or candidate discloses the incentive fee.B A member or candidate may not accept employment with the new firm because Jackman's incentive offer violates the Code and Standards.C A member or candidate is not eligible for the new position unless he or she is currently unemployed because soliciting the clients of the member's or candidate's current employer is prohibited.2 . Carter works for Invest Today, a local asset management firm. A broker that provides Carter with proprietary research through client brokerage arrangements is offering a new trading service. The broker is offering Iow-fee. execution-only trades to complement its traditional full-service, execution-and-research trades. To entice Carter and other asset managers to send additionalbusiness its way, the broker will apply the commissions paid on the new service toward satisfying the brokerage commitment of the prior full-service arrangements. Carter has always been satisfied with the execution provided on the full-service trades. and the new low-Fee trades are comparable to the fees of other brokers currently used for the accounts that prohibit soft dollar arrangements.A Carter can trade for his accounts that prohibit soft dollar arrangements under the new low-fee trading scheme.B Carter cannot use the new trading scheme because the commissions are prohibited by the soft dollar restrictions of the accounts.C Carter should trade only through the new low-fee scheme and should increase his trading volume to meet his required commission commitment.3 . Rule has worked as a portfolio manager for a large investment management firm for the past 10 years. Rule earned his CFA charter last year and has decided to open his own investment management firm. After leaving his current employer, Rule creates some marketing mater ial for his new firm. He states in the material,”In earning the CFA charter, a highly regarded credential in the investment management industry. I further enhanced the portfolio management skills learned during my professional career. While completing the examination process in three consecutive years, I consistently received the highest possible scores on the topics of Ethics, Alternative Investments, and Portfolio Management." Has Rule violated Standard VII(B)-Reference to CFA Institute, the CFA Designation, and the CFA Program in his marketing material?A Rule violated Standard VII(B) in stating that he compIeted the exams in three consecutive years.B Rule violated Standard VII(B) in stating that he received the highest scores in the topics of Ethics, Alternative Investments. and Portfolio ManagementC Rule did not violate Standard VII(B).4 . Stafford is a portfolio manager for a specialized real estate mutual fund. Her firm clearly describes in the fund's prospectus its soft dollar policies. Stafford decides that entering the CFA Program will enhance her investment decision-making skill and decides to use the fund's soft dollar account to pay t:he registration and exam fees for the CFA Program. Which of the following statements is most likely correct?A Stafford did not violate the Code and Standards because the prospectus informed investors of the fund's soft dollar policies.B Stafford violated the Code and Standards because improving her investment skills is not a reasonable use of the soft dollar account.C Stafford violated the Code and Standards because the CFA Program does not meet the definition of research allowed to be purchased with brokerage commissions.5 . Long has been asked to be the keynote speaker at an upcoming investment conference. The event is being hosted by one of the third-party investment managers currently used by his pension fund. The manager offers to cover all conference and travel costs for Long and make the conference registrations free for three additional members of his investment management team. To ensure that the conference obtains the best speakers, the host firm has arranged for an exclusive golf outing for the day following the conference on a local championship-caliber course. Which of the following is least likely to violate Standard I(B)?A Long may accept only the offer to have his conference-related expenses paid by the host firm.B Long may accept the offer to have his conference-related expenses paid and may attend the exclusive golf outing at the expense of the hosting firm.C Long may accept the entire package of incentives offered to speak at this conference.1. C is correct. Standard Ⅳ(A) - Loyalty discusses activities permissible to members and candidates when they are leaving their current employer; soliciting clients is strictly prohibited. Thus, answer A is inconsistent with the Code and Standards even with the required disclosure. Answer B is incorrect because the offer does not directly violate the Code and Standards. There may be out-of-work members and candidates who can arrange the necessary commitments without violating the Code and Standards.2 . A is correct. The question relates to Standard Ⅲ(A)-Loyalty, Prudence, and Care. Carter believes the broker offers effective execution at a fee that is comparable with those of other brokers, so he is free to use the broker for all accounts.Answer B is incorrect because the accounts that prohibit soft dollar arrangements do not want to fund the purchase of research by Carter. The new trading scheme does not incur additional commissions from clients, so it would not go against the prohibitions. Answer C is incorrect because Carter should not incur unnecessary or excessive "churning" of the portfolios (excessive trading) for the purpose of meeting the brokerage commitments of soft dollar arrangements3 B is correct. According to Standard Ⅶ( B)-Reference to CFA Institute. The CFA Designation, and the C FA Program, CFA Program candidates do not receive their actual scores on the exam. Topic and subtopic results are grouped into three broad categories, and the exam is graded only as "pass" or "fail” Although a candidate may have achieved a topical score of "above 70 percent”she or he cannot factually state that she or he received the highest possible score because that information is not reported.Thus. answer C is incorrect. Answer A is incorrect as long as the member or candidate actually completed the exams consecutively. Standard Ⅶ(B) does not prohibit the communication of factual information about completing the C FA Program in three consecutive years.4. C is correct. According to Standard Ⅲ(A)-Loyalty, Prudence, and Care, the CFA Program would be considereda personal or firm expense and should not be paid for with the fund's brokerage commissions. Soft dollar accounts should be used only to purchase research services that directly assist the investment manager in the investment decision-making process, not to assist the management of the firm or to further education. Thus, answer A is incorrect. AnswerB is incorrect because the reasonableness of how the money is used is not an issue; the issue is that educational expense is not research.5. A is correct. Standard Ⅰ(B)-Independence and Objectivity emphasizes the need for members and candidates to maintain their independence and objectivity. Best practices dictate that firms adopt a strict policy not to accept compensation for travel arrangements. At times, however, accepting paid travel would not compromise one's independence and objectivity. Answers B and C are incorrect because the added benefits-free conference admission for additional staff members and an exclusive golf retreat for the speaker-could be viewed as inducements related to the firm's working arrangements and not solely related to the speaking engagement. Should Long wish to bring other team members or participate in the golf outing, he or his firm should be responsible for the associated fees.。

CFA考试《CFA一级》历年真题精选31（附详解）1、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., is substantially undervalued and will experience a large price increase. He delay s revising his recommendation on the stock from “hold” to “buy” to allow his brother to buy shares at a lower price. Wong is least likely to have violated the CFA Institute Standards of Professional Conduct related to:【单选题】A.duty to clients.B.reasonable basis.C.priority of transactions.正确答案:B答案解析:“Guidance for Standards I-VII”, CFA InstituteB is correct because there is nothing to suggest that Wong does not have a reasonable basis for his conclusion related to Nolvec. Standard V (A).2、For an investment portfolio, the coefficient of variation of the returns on the portfolio is best described as measuring:【单选题】A.risk per unit of mean return.B.mean return per unit of risk.C.mean excess return per unit of risk.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, CFAThe coefficient of variation is defined as the standard deviation of the portfolio (a measure of risk) divided by the mean return on the portfolio (i.e., risk per unit of mean return). 3、Regarding a company’s production function, both labor costs and capital costs are best described as:【单选题】A.fixed in the long run.B.variable in the long run.C.variable in the short run.正确答案:B答案解析:“Output and Costs,” Michael ParkinIn the short run, a company can vary the quantity of labor but the quantity of capital is fixed. In the long run, a firm can vary both the quantity of labor and the quantity of capital.4、【单选题】A.E.B.G.C.F+H.正确答案:C答案解析: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 tothe country is a deadweight loss of[e+f+g+h] –[E] –[G] =Section 3+.15、If the yield to maturity on an annual-pay bond is 7.75%, the bond-equivalent yield is closest to:【单选题】A.7.61%.B.7.90%.C.8.05%.正确答案:A答案解析:“Yield Measures, Spot Rates, and Forward Rates,” Frank J. Fabozzi, CFA6、For a hedge fund investor, a benefit of investing in a fund of funds is least likely the:【单选题】A.multilayered fee structure.B.higher level of due diligence expertise.C.ability to negotiate better redemption terms.正确答案:A答案解析:“Introduction to Alternative Investments”, Terri Duhon, George Spentzos, CFA, and Scott D. Stewart, CFAA is correct because funds of funds typically have a multilayered fee structure that may dilute the returns to the investor.7、The following sample of 10 items is selected from a population. The population variance is unknown.The standard error of the sample mean is closest to:【单选题】A.10.84.B.3.43.C.3.60.正确答案:B答案解析:When the population variance is unknown, the standard error of the sample mean is calculated as:The standard error of the sample mean is therefore CFA Level I"Sampling and Estimation," Richard A.DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E.RunkleSection 3.18、The following 10 observations are a sample drawn from an approximately normal population:The sample standard deviation is closest to:【单选题】A.13.18.B.12.50.C.11.92.正确答案:A答案解析:The sample variance is:The sample standard deviation is the (positive) square root of the sample variance.CFA Level I"Statistical Concepts and Market Returns," Richard A. DeFusco, Dennis W. McLeavey, JeraldE.Pinto, and David E. RunkleSection 7.49、An analyst does research about difference between forward market and pared with contracts in the forward market, contracts in the futuresmarket are least likely to be appropriately described as transactions that are:【单选题】A.public.B.customized according to the counterparts' requests.C.based on an agreement to buy or sell an underlying asset at a future date at aprice agreed on today.正确答案:B答案解析:期货市场是公开交易标准化的远期合约的，它与远期市场一样，都是约定在未来的某个时点按约定的价格买卖一项资产，但是期货市场是不能像远期市场那样，根据交易对手的要求来进行定制化。