CFA考试一级章节练习题精选0330-25(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考试一级章节练习题精选0330-20（附详解）1、A hedge fund that implements trades based on a top-down analysis of expected movements ineconomic variables most likely uses a(n):【单选题】A.macro strategy.B.event-driven strategy.C.relative value strategy.正确答案:A答案解析:Macro strategies emphasize a top-down approach, and trades are made based on expectedmovements of economic variables.CFA Level I"Introduction to Alternative Investments," Terri Duhon, George Spentzos, and Scott D. StewartSection 3.12、An analyst doesresearch about closely-held companies.With respect to valuationof closely-held companies, the most appropriate base for estimating a discountfor lack of liquidity is the:【单选题】A.market price of a similar but actively publicly traded company.B.Estimate of the value of equity with all control rights.C.mean value of the company's transaction prices recently.正确答案:A答案解析:私人持股公司是非上市公司，对其估值应考虑到因流动性缺失而引发的价值下调，其基准可以选择类似的但积极公开交易的公司股票的市场价格，并考虑其缺少流动性而适当向下调整。

CFA考试一级章节练习题精选0331-25（附详解）1、The real estate index most likely to suffer from sample selection bias is a(n):【单选题】A.REIT index.B.repeat sales index.C.appraisal index.正确答案:B答案解析:Only properties that sell in each period and are included in the index and vary over time which maynot be representative of the whole market. CFA Level I"Introduction to Alternative Investments," by Terri Duhon, George Spentzos, and Scott D. StewartSection 5.31、Which of the following hedge fund strategies is most likely categorized as an event-driven strategy?【单选题】A.Quantitative DirectionalB.Fixed-Income Convertible ArbitrageC.Merger Arbitrage正确答案:C答案解析:Merger arbitrage is an event-driven strategy that involves buying the stock of the company being acquired and selling the stock of the acquiring company when the merger and acquisition (M&A) transaction is announced.2014 CFA Level I"Introduction to Alternative Investments," by Terri Duhon, George Spentzos, and Scott D. StewartSection 3.11、A 2-year, zero-coupon U.S.Treasury note is least likely to have:【单选题】A.inflation risk.B.currency risk.C.volatility risk.正确答案:C答案解析:2年期的美国零息国债仍然有购买力风险。

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0330-26（附详解）1、The tenor of a swap is best described as the:【单选题】A.size of the contract.B.original time to maturity. amount owed by one party to the other.正确答案:B答案解析:“Swap Markets and Contracts,” Don M. Chance, CFA2013 Modular Level I, Vol. 6, Reading 64, Section 1.1Study Session 17-64-aDescribe the characteristics of swap contracts and explain how swaps are terminated.B is correct. The original time to maturity is referred to as the tenor of the swap.2、When the underlying stock price is $95, an investor pays $2 for a call option with an exercise price of $95. If the stock price moves to $96, the intrinsic value of the call option would be closest to:【单选题】A.-$1.B.$0.C.$1.正确答案:C答案解析:“Option Markets and Contracts”, Don M. Chance2010 Modular Level I, Vol. 6, pp. 98-101Study Session 17-70-gDefine intrinsic value and time value and explain their relationship.The intrinsic value of a call option is the stock price less the strike price if that difference is positive, and zero otherwise. The stock trading at $96 can be purchased for $95, so the intrinsic value is $1.3、An investor does research about option and purchases a call option with the followingterms:If the price of the underlying is $ 306.94 at expiration, the option payoff to thisinvestor is closest to:【单选题】A.$0B.$13C.$3 265正确答案:A答案解析:所针对的股票到期价格低于行权价，看涨期权没有任何价值。

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0330-28（附详解）1、Margie Germainne, CFA, is a risk management consultant who has been asked by a smallinvestment bank to recommend policies to prevent bank employees from front running client orders.These clients generally invest in one or more of the bank's large cap equity unit trusts. To ensurecompliance with the CFA Institute Standards of Professional Conduct, Germainne should least likelyrecommend which of the following? Employees should be restricted from trading:【单选题】A.equity-related securities.B.without prior permission.C.during established time periods.正确答案:A答案解析:Although Standard VI(B)-Priority of Transactions is designed to prevent any potential conflict ofinterest or the appearance of a conflict of interest with respect to personal transactions, it does notban employees from trading securities. A ban on all equity-related securities could be excessivelyrestrictive to employees and unnecessary if appropriate personal transaction policies and proceduresare in place.CFA Level I"Guidance for Standards I-VII"Standard VI(B)-Priority of Transactions2、Margie Germainne, CFA, is a risk management consultant who has been asked by a small investment bank to recommend policies to prevent bank employees from front running client orders. These clients generally invest in one or more of the bank’s large cap equity unit trusts. To ensure compliance withthe CFA Institute Standards of Professional Conduct, Germainne should least likely recommend which of the following? Employees should be restricted from trading:【单选题】A.equity related securities.B.without prior permission.C.during established time periods.正确答案:A答案解析:“Guidance for Standards I–VII,” CFA Institute2012 Modular Level I, Vol. 1, pp. 54, 131–134Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.A is correct because while Standard VI (B) Priority of Transactions is designed to prevent any potential conflict of interest or the appearance of a conflict of interest with respect to personal transactions, it does not ban employees from trading securities. A ban on all equity related securities could be excessively restrictive to employees and unnecessary if appropriate personal transaction policies and procedures are in place.3、According to the Professional Conduct Standards relating to loyalty, prudenceand care, an accurate list of requirements to members and candidates with respectto a member's duties to clients would NOT include:【单选题】A.acting with reasonable care and excise prudent judgment.plying with the Global Investment Performance Standards (GAPS?).C.acting for the benefit of their clients.正确答案:B答案解析:遵守GAPS?是自愿的，并不要求会员或考生一定要遵守，另外两个选项是关于对客户忠诚、谨慎投资和合理注意的相关条款中所规定的。

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。

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。