CFA一级考生必看--每日一练(五)

cfa一级考试题库答案1. 以下哪项是有效市场假说（Efficient Market Hypothesis, EMH）的核心观点？A. 市场价格总是正确的。

B. 市场价格反映了所有可用信息。

C. 投资者总是理性的。

D. 市场参与者总是能够发现并利用所有的投资机会。

答案：B2. 在CFA一级考试中，关于固定收益证券的以下哪个说法是不正确的？A. 固定收益证券的利息支付是固定的。

B. 固定收益证券的价格与市场利率呈负相关。

C. 固定收益证券的信用风险可以通过信用评级来衡量。

D. 固定收益证券的到期收益率总是高于票面利率。

答案：D3. 以下哪个指标用于衡量股票的波动性？A. 价格收益比（Price-to-Earnings Ratio）B. 贝塔系数（Beta Coefficient）C. 夏普比率（Sharpe Ratio）D. 标准差（Standard Deviation）答案：D4. 在投资组合管理中，以下哪个概念描述了投资组合中资产之间的相关性？A. 资产配置（Asset Allocation）B. 市场时机（Market Timing）C. 多元化（Diversification）D. 相关系数（Correlation Coefficient）答案：D5. 以下哪个财务比率用于评估公司的偿债能力？A. 流动比率（Current Ratio）B. 毛利率（Gross Margin Ratio）C. 资产周转率（Asset Turnover Ratio）D. 权益回报率（Return on Equity）答案：A6. 在CFA一级考试中，关于宏观经济分析的以下哪个说法是正确的？A. 宏观经济分析主要关注公司层面的财务状况。

B. 宏观经济分析只考虑长期经济趋势。

C. 宏观经济分析包括对经济增长、通货膨胀和利率等因素的研究。

D. 宏观经济分析与投资决策无关。

答案：C7. 在评估一个投资项目时，以下哪个现金流是最重要的？A. 初始投资B. 营运现金流C. 终值现金流D. 所有上述现金流答案：D8. 在CFA一级考试中，以下哪个财务报表分析工具用于评估公司的盈利能力？A. 杜邦分析（DuPont Analysis）B. 比率分析（Ratio Analysis）C. 现金流量表（Cash Flow Statement）D. 资产负债表（Balance Sheet）答案：B9. 在投资决策中，以下哪个因素是风险厌恶型投资者最关注的？A. 预期回报B. 投资成本C. 风险水平D. 流动性答案：C10. 在CFA一级考试中，以下哪个金融工具用于对冲利率风险？A. 期货合约（Futures Contract）B. 期权合约（Options Contract）C. 掉期合约（Swap Contract）D. 所有上述金融工具答案：D。

CFA一级每日一练(含详细解析)05CFA一级每日一练（含详细解析）051、An analyst does research about tradingsessions.Which of the following statementsis most accurate to describe the characteristics of a call market?【单选题】A.Dealers who provide securities liquidity engage in proprietary trading.B.Gathering all trades to the same place at the same time makes it easier forbuyers to find sellers and vice versa.C.A willing buyer and seller can trade at anytime the market is open.正确答案:B答案解析:集合竞价市场(call market)主要是撮合买卖订单来决定单一价格，该价格往往在一些小的市场或者一些大的市场决定开盘价格时使用。

连续交易市场（continuous trading market)在开盘中的任何时间，交易都能够被执行。

2、A 180-day U.S. Treasury bill has a holding period yield (HPY) of 2.375%. The bank discount yield (in %) is closest to :【单选题】A.4.640.B.4.750.C.4.875.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, CFA2010 Modular Level I, Vol. 1, pp. 253-257Study Session 2-6-d, eCalculate and interpret the bank discount yield, holding period yield, effective annual yield, and money market yield for a U.S. treasury billConvert among holding period yields, money market yields, effective annual yields, and bond equivalent yields.3、The aggregate demand and supply functions for the local market for pizza, along with some relevantdata, is provided in the following table.1。

CFA一级每日一练（含详细解析）1051、A company's balance sheet shows the following values (€):The company’s cash ratio is closest to:【单选题】A.0.46.B.0.97.C.0.37.正确答案:A答案解析:The cash ratio isSection 4.3.12、A company is long an interest rate swap with a current market value of $125,000. The company wants to terminate this swap before the expiration date. From a credit risk perspective, which is the least attractive way to terminate the swap?【单选题】A.Sell the swap to a third party.B.Short an offsetting swap with a third party.C.Agree to terminate the swap and receive its market value from the counterparty.正确答案:B答案解析:“Swap Markets and Contracts,” Don M. ChanceBoth the initial and the offsetting swap remain in effect, exposing the company to potential default risk with two different counterparties.3、Alex Burl is an investment advisor at Helpful Investments, a local investment advisoryfirm.Helpful Investments requires its employees to invest in the samestocks which Helpful Investments recommends to its clients.Helpful Investmentsalso has established strict procedures determining when trades can be executed inits employees' own portfolios to avoid any conflict of interests with its clients.This procedure is most likely in place to help Burl avoid violations of the Standardsof Professional Conduct relating to:【单选题】A.only material non-public information.B.only priority of transactions.C.both independence and material non-public information.正确答案:B1。

CFA一级每日一练（含详细解析）941、An analyst gathers the following information ($ millions) about the performance of a portfolio:The portfolio’s annual time-weighted rate of return (%) is closest to:【单选题】A.8.B.27.C.32.正确答案:C答案解析:“Discounted Cash Flow Applications,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAThe time-weighted rate of return is calculated by computing the quarterly holding period returns and linking those returns into an annual return. In this case, the quarterly holding periods are 2.4/2.2 = 1.0909, 2.6/2.8 = 0.9286, 3.2/2.4 = 1.3333, and 4.1/4.2 = 0.9762. The time-weighted return is thus (1.0909 × 0.9286 × 1.3333 × 0.9762) - 1 = 1.3185 – 1 = 0.3185 or 31.85%.2、A twenty-year $1,000 fixed rate non-callable bond with 8% annual coupons currently sells for $1,105.94. Assuming a 30% marginal tax rate and an additional risk premium for equity relative to debt of 5%, the cost of equity using the bond-yield-plus-risk-premium approach is closest to:【单选题】A.9.9%.B.12.0%.C.13.0%.正确答案:B答案解析:“Cost of Capital,” Yves Courtois, CFA, Gene Lai, and Pamela Peterson Drake, CFAThe bond-yield-plus-risk-premium approach is calculated by adding a risk premium to the cost of debt (i.e. the yield-to-maturity for the debt) making the cost of equity 12.00% (= 7% +5%).1。

CFA一级每日一练（含详细解析）1051、A company's balance sheet shows the following values (€):The company’s cash ratio is closest to:【单选题】A.0.46.B.0.97.C.0.37.正确答案:A答案解析:The cash ratio isSection 4.3.12、A company is long an interest rate swap with a current market value of $125,000. The company wants to terminate this swap before the expiration date. From a credit risk perspective, which is the least attractive way to terminate the swap?【单选题】A.Sell the swap to a third party.B.Short an offsetting swap with a third party.C.Agree to terminate the swap and receive its market value from the counterparty.正确答案:B答案解析:“Swap Markets and Contracts,” Don M. ChanceBoth the initial and the offsetting swap remain in effect, exposing the company to potential default risk with two different counterparties.3、Alex Burl is an investment advisor at Helpful Investments, a local investment advisoryfirm.Helpful Investments requires its employees to invest in the samestocks which Helpful Investments recommends to its clients.Helpful Investmentsalso has established strict procedures determining when trades can be executed inits employees' own portfolios to avoid any1。

CFA一级每日一练（含详细解析）1001、At the beginning of the year, a company had total shareholders’ equity consisting of ￥200,000 in common share capital and ￥50,000 in retained earnings.The total shareholders’equity at the end of the year is closest to:【单选题】A.￥276,000.B.￥279,000.C.￥282,000.正确答案:A答案解析:“Understanding Balance Sheets,” Elaine Henry and Thomas R. Robinson[1663201704061-image/0232.jpg]2、Which of the following is least likely a benefit of the direct method for reporting cash flow from operating activities? Compared with the indirect method, the direct method provides:【单选题】A.supplementary data under U.S. GAAPB.details on the specific sources of operating receipts and payments.C.insight on differences between net income and operating cash flows.正确答案:C答案解析:“Understanding Cash Flow Statements,” Elaine Henry, Thomas R. Robinson, Jan Hendrik van Greuning, and Michael A. BroihahnC is correct. Providing insight on the differences between net income and cash flow is a benefit of the indirect method. The indirect method starts with net income and integrates a series of adjustments to calculate cash flow from operations.1。

CFA一级练习题精选及答案0516-5【题1】Two-dimensional demand and supply curves are drawn under which of the following assumptions?A. Own price is held constantB. All variables but quantity are held constantC. All variables but own price and quantity are held constant【题2】The monthly demand curve for playing tennis at a particular club is given by the following equation:P Tennis Match= 9 – 0.20 × Q Tennis MatchThe club currently charges members $4 to play a match, but is considering a new flat rate monthly membership fee for unlimited play. The most fee that the club will able to charge for this membership is closest to:A.$40.00B.$62.50C.$162.50【题3】Over a given period, the price of a commodity falls by 5.0% and the quantity demanded rises by 7.5%. The price elasticity of demand for the commodity is best described as:A.ElasticB.InelasticC.Perfectly elastic【题4】Which of the following government interventions in market forces is most likely to cause underproduction?A.SubsidiesB.Price floorsC.Production quotas【题5】If a consumer's marginal rate of substitution of good X for good Y (MRSxy) is equal to 2, then the:A.Consumer is willing to give up 2 units of X for 1 unit of YB.Slope of a line tangent to the indifference curve at that point is 2C.Slope of a line tangent to the indifference curve at that point is -2【题6】Suppose a woman marries her butler. After they are married, her husband continues to wait on her as before, and she continues to support him as before (but as a husband rather than as an employee). How does the marriage affect GDP? How should it affect GDP?A.increase GDPB.decrease GDPC.Stay constant【题7】Suppose the CPI basket contains only two goods and services: oranges and haircuts.In the base period, consumers bought 15 oranges at $2 each and 5 haircuts at $10 each. In the current period, consumers buy 15 oranges at $1.75 each and 5 haircuts at $12 each. The CPI for the current period is closest to:A.107.81B.114.58C.117.97【题8】Assume the U.S. Federal Reserve system (the Fed) has decided to lower interest rates in the economy. To carry out this policy, the Fed will most likely:A.Sell securitiesB.Buy securitiesC.Increase required reserve ratios【题9】Generational accounting indicates the United States, as well as other developed nations, faces severe generational imbalances regarding government programs such as Social Security. Which of the following is most likely a possible outcome?A.Reduction in income taxesB.Increase in government discretionary spendingC.Creation of new money to pay government obligations【题10】Given the following information:The U.S. interest rate is 6%.Which of the following statements is FALSE?A.Capital will flow into Great BritainB.If you start by borrowing $1,000, your arbitrage profits will be $128C.If you start by borrowing 1,000 GBP, your arbitrage profits will be 116 GBP。

CFA一级每日一练（含详细解析）511、An analyst does research about option moneyness.An investor paid $5 for a putoption that was in-the-money $3.If the price of the underlying was $59 at thetime the investor purchased the put option, the exercise price of that put optionwas closest to :【单选题】A.$51B.$56C.$62正确答案:C答案解析:因为是看跌期权，只有当前价格低于行权价格，该看跌期权才是价内的，并且与期权成本无关。

题目中，期权当前价格是$59，只有当行权价为$62时，该看跌期权才是价内$3。

2、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, underproduction1。

CFA一级练习题精选及答案0531-151、All else being equal, a decrease in volatility of the underlying is most likely toresult in a(n):【单选题】A.increase in call price and a decrease in put price.B.decrease in call price and a decrease in put price.C.increase in call price and a increase in put price.正确答案:B答案解析:所针对的标的资产波动性增加会同时增加看涨期权和看跌期权的价值，此时标的资产的价格高于看涨期权行权价或者低于看跌期权行权价的可能性都增加，而所针对的标的资产的波动性若降低，则结论正好相反。

2、An analyst does research about commodity.For an investor with a long-termtime horizon, the return from rolling forward the maturity of the derivative positionis most likely described as :【单选题】A.convenience yield.B.price return.C.collateral yield.正确答案:A答案解析:展期收益（roll yield）也被称为便利收益（convenience yield），是由于商品期货合约到期后进行展期所获得的收益，当市场价格处于下降过程中时，多头投资者的展期收益为正；而当市场价格处于上升过程中时，多头投资者的展期收益为负。

3、An analyst does research about options.A series of interest rate call options expiringon different dates but having the same exercise rate is best characterized as【单选题】A.zero-cost collar.B.interest rate cap.C.interest rate floor.正确答案:B答案解析:一系列有相同执行价和不同到期日的利率看跌期权构成的是利率底（interest ratefloor)，而一系列利率看涨期权可被看作利率顶（interest rate cap）。

CFA一级每日一练（含详细解析）051、An analyst does research about tradingsessions.Which of the following statementsis most accurate to describe the characteristics of a call market?【单选题】A.Dealers who provide securities liquidity engage in proprietary trading.B.Gathering all trades to the same place at the same time makes it easier forbuyers to find sellers and vice versa.C.A willing buyer and seller can trade at anytime the market is open.正确答案:B答案解析:集合竞价市场(call market)主要是撮合买卖订单来决定单一价格，该价格往往在一些小的市场或者一些大的市场决定开盘价格时使用。

连续交易市场（continuous trading market)在开盘中的任何时间，交易都能够被执行。

2、A 180-day U.S. Treasury bill has a holding period yield (HPY) of 2.375%. The bank discount yield (in %) is closest to :【单选题】A.4.640.B.4.750.C.4.875.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, CFA2010 Modular Level I, Vol. 1, pp. 253-257Study Session 2-6-d, eCalculate and interpret the bank discount yield, holding period yield, effective annual yield, and money market yield for a U.S. treasury billConvert among holding period yields, money market yields, effective annual yields, and bond equivalent yields.3、The aggregate demand and supply functions for the local market for pizza, along with some relevantdata, is provided in the following table.1。