CFA考试一级章节练习题精选0330-9(附详解)

CFA考试一级章节练习题精选0330-46（附详解）1、An analyst does research about equity indices.The beginning value for an indexis 2029 and the ending value is 2132.If the income for the period is 35 points,the price return of the index is closest to:【单选题】A.4.8%B.5.1%C.6.8%正确答案:B答案解析:（2 132 - 2 029）/2 029 = 5.1%。

题目中要求的是，指数的价格回报而不是总回报，所以不需要考虑该阶段的收入。

2、An analyst gathers the following information about a company:The analyst expects the information above to accurately reflect the future. If the company wants to achieve a growth rate of 15% without changing its capital structure or issuing new equity, the company’s maximum dividend payout ratio (in %) is closest to:【单选题】A.25.B.40.C.60.正确答案:B答案解析:“Financial Analysis Techniques,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFA2010 Modular Level I, Vol. 3, pp. 342-347“An Introduction to Security Valuation,” Frank K. Reilly, CFA and Keith C. Brown, CFA2010 Modular Level I, Vol. 5, pp. 158-159Study Session 8-35-e, f; 14-56-gDemonstrate how ratios are related and how to evaluate a company using a combination of different ratios.Demonstrate the application of and interpret changes in the component parts of the DuPont analysis (the decomposition of return on equity).Describe a process for developing estimated inputs to be used in the DDM, including the required rate of return and expected growth rate of dividends.ROE = ROA x Financial leverage; Retention ratio = growth rate / ROE;Payout ratio = 1 – Retention ratioROE = (10.0%)(2.5) = 25%; Retention ratio = 0.15/0.25 = 0.60;Payout ratio = 1 – 0.60 = 40.0%3、The behavioral bias in which investors tend to avoid realizing losses but rather seek to realize gainsis best described as:【单选题】。

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0330-39（附详解）1、A country implements policies that are expected to increase taxes by €100 million, increase government spending by €50 mill ion, and reduce investments and private sector savings by €25 million each. As a result, the country’s current account balance will most likely:【单选题】A.increase by €50 million.B.decrease by €50 million.C.increase by €100 million.正确答案:A答案解析:“International Trade and Capital Flows,” Usha Nair-Reichert, PhD and Daniel Robert Witschi, PhD, CFA2013 Modular Level 1, Vol. 2, Reading 20, Section 4.4, formula (7)Study Session 6-20-g, hDescribe the balance of payments accounts including their components.Explain how decisions by consumers, firms, and governments affect the balance of payments.A is correct.CA = Current account balanceI = InvestmentsT = TaxesG = Government spendingR = TransfersΔCA = –25 – (–25) + (100 – 50 – 0) = 50.1、If a central bank reduces the money supply, this move will most likely lead to a:【单选题】A.rise in nominal interest rates and a decline in aggregate price level.B.decline in nominal interest rates and a rise in aggregate price level.C.rise in nominal interest rates and a rise in aggregate price level.正确答案:A答案解析:A reduction in the money supply (leftward shift) leads to an increase in nominal rates. Furthermore, on the basis of the quantity theory of money, a reduced money supply makes money more valuable (thus a higher interest rate), which reduces aggregate price levels.2014 CFA Level I"Monetary and Fiscal Policy," by Andrew Clare and Stephen ThomasSections 2.1.61、An analyst does research about demand for labor.All else remaining the same, afirm's demand curve for labor will least likely shift in response to a changein the:【单选题】A.wage rate of labor.B.price of the firm's output.。

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0330-48（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0330-11（附详解）1、Michael Allen, CFA, works for an investment management company and managesportfolios for a variety of retail and institutional clients for his firm, includinghis wealthy uncle, all of whom pay a management fee for his wrenceBrown, an analyst at a brokerage firm has recommended Allen a high yield hedgefund based on its historical performance.Allen purchases a large block of thishedge fund and allocates proportionately to all client portfolios, including hisuncle's portfolio.Has Allen most likely violated the Standards of ProfessionalConduct?【单选题】A.No.B.Yes, relating to suitability.C.Yes, relating to fair dealing.正确答案:B答案解析:因为Allen的叔叔也是他的客户，所以Allen需要公平地对待所有客户，包括他的叔叔。

题目中，按比例（proportionately）分配并没有违反公平对待的行为标准。

但是，不根据客户的投资目标和限制而盲目给所有的客户进行购买，违反了合适性原则。

2、Gardner Knight, CFA, is a product development specialist at an investment bank. Knight is responsible for creating and marketing collateralized debt obligations (CDOs) consisting of residential mortgage bonds. In the marketing brochure for his most recent CDO, Knight provided a list of the mortgage bonds that the CDO was created from. The brochure also states “an independent third party, the collateral manager, had sole authori ty over the selection of all mortgage bonds used as collateral in the CDO.” However, Knight met with the collateral manager and helped her select the bonds for the CDO. Knigh t is least likely to be in violation of which of the following CFA Institute Standards of Professional Conduct?【单选题】A.SuitabilityB.Conflicts of InterestC.Client Communication正确答案:A答案解析:CFA Institute Standards2012 Modular Level I, Vol. 1, pp. 78, 116–117, 123–125Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.A is correct because there is no indication the investment is unsuitable for investors and in violation of Standard III (C) Suitability.3、Sherry Buckner, CFA manages equity accounts for government entities whose portfolios are conservative and risk averse. Since the objective of her clients is to maximize returns with the lowest possible risk, Buckner considers adding to their holdings a new, thinly-traded, leveraged derivative product which she believes has the potential for high returns. To make her investment decision, Buckner relies upon comprehensive research from an investment bank that has a solid reputation for top quality research. After her review of that research, Buckner positions her accounts so that each has a 10% allocation to the derivative product. Did Buckner most likely violate any CFA Institute Standards of Professional Conduct by purchasing the derivative for her clients?【单选题】A.No.B.Yes, related to Suitability.C.Yes, related to Loyalty, Prudence and Care.正确答案:B答案解析:"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 78-81Study 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 Buckner is in violation of Standard III (C) since she did not consider issues such as the limited liquidity or any potential leverage of this new product when she invested a substantial percentage of her client's portfolios in these instruments.4、Amanda Covington, CFA, works for McJan Investment Management. McJan employees must receive prior clearance of their personal investments in accordance with McJan's compliance procedures. To obtain prior clearance, McJan employees must provide a written request identifying the security, the quantity of the security to be purchased, and the name of the broker through which the transaction will be made. Precleared transactions are approved only for that trading day. As indicated below, Covington received prior clearance.Two days after she received prior clearance, the price of Stock B decreased, so Covington decided to purchase 250 shares of Stock B only. In her decision to purchase 250 shares of Stock B only, did Covington violate any CFA Institute Standards of Professional Conduct?【单选题】A.NoB.Yes, relating to diligence and reasonable basisC.Yes, relating to her employer's compliance procedures正确答案:C答案解析: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)).2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard V(A), Standard VI(B)5、Helen Hawke, CFA, a verifier of the GAPS? standards.With respect to theGlobal Investment Performance Standards (the GAPS? Standards), which of thefollowing statements is least accurate? The GAPS? Standards:【单选题】A.are ethical standards for investment performance presentation to ensure fairrepresentation and full disclosure of investment performance.B.will ensure full disclosure and fair representation if minimum requirementsof the GAPS? standards are adhered.C.rely on the integrity of input data.正确答案:B答案解析:只遵守GAPS?标准的最低要求并不能保证公允地陈述和充分地披露业绩，公司应该同时遵守推荐的做法来更好地计算和陈述业绩，所以B错。

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0330-58（附详解）1、An analyst does research about spot and forward rate.The 4-year spot rate is 9.45%, and the 3-year spot rate is 9.85%.What is the 1-year forward rate 3years from today?【单选题】A.8.3%B.8.7%C.9.4%正确答案:A答案解析:1、An investor purchases ABC stock at $71 per share and executes a protective put strategy. The putoption used in the strategy has a strike price of $66, expires in two months, and is purchased for$1.45. At expiration, the protective put strategy breaks even when the price of ABC is closest to:【单选题】A.$64.55.B.$67.45.C.$72.45.正确答案:C答案解析:To break even, the underlying stock must be at least as high as the amount expended up front toestablish the position. To establish the protective put, the investor would have spent $71+$1.45=$72.45.CFA Level I"Risk Management Applications of Option Strategies," Don M. ChanceSection 2.2.21、An analyst does research about moneyness of an option.An investor owns aput option with the following terms:If the underlying is currently priced at $ 75.21, the moneyness of the optionfor this investor is closest to:【单选题】A.- $ 0.73B.$ 0C.$ 6.55正确答案:C答案解析:期权的价值(moneyness)要看其行权价和当前价格，以及该期权是看涨还是看跌，不考虑期权本身的价格。

CFA考试一级章节练习题精选0330-31（附详解）1、An analyst does research about currency swap and stated that, in the typical currencyswap, principal amounts are exchanged at both the beginning and end ofthe swap and interest payments are netted during the life of the swap.The analystis most accurate with respect to :【单选题】A.B.C.正确答案:B答案解析:货币互换是两种不同的货币之间的相互交换，通常本金在期初期末要进行交换，期间的利息支付不可以相互抵消。

2、Based on put-call parity for European options, a synthetic put is most likely equivalent to a:【单选题】A.long call, short underlying asset, long bond.B.long call, long underlying asset, short bond.C.short call, long underlying asset, short bond.正确答案:A答案解析:Derivative Markets and Instruments,” Don M. Chance2011 Modular Level I, Vol. 6, pp 110-113Study Session 17-71-mExplain put-call parity for European options, and relate put-call parity to arbitrage and to the construction of synthetic options.A is correct. A Synthetic Put is equivalent to a Long Call + Short Underlying + Long Bond.3、Two parties agree to a forward contract on a non-dividend paying stock at a price of $103.00. At contract expiration the stock trades at $105.00. In a cash-settled forward contract, the:【单选题】。