CFA考试一级章节练习题精选0331-6(附详解)

CFA考试一级章节练习题精选0331-13（附详解）、A U.S. pulp brokerage firm which prepares its financial statements according to U.S. GAAP anduses a periodic inventory system had the following transactions during the year:The cost of sales (in ‘000s) is closest to:【单选题】A.$3,850 using FIFO.B.$4,080 using LIFO.C.$5,890 using weighted average.正确答案:A答案解析:"Inventories,” Michael A. Broihahn, CFA2011 Modular Level I, Vol.3, pp.382-386Study Session: 9-36-c, eCalculate cost of sales and ending inventory using different inventory valuation methods and explain the impact of the inventory valuation method choice on gross profit.Compare and contrast cost of sales, ending inventory, and gross profit using different inventory valuation methods.FIFO cost of sales is $3,850 as per the table.1、An analyst does research about the difference between International FinancialReporting Standards (IFRS) and U.S.generally accepted accounting principles(GAAP).With respect to the classification of interests received on the statementof cash flows, U.S.GAAP is:【单选题】A.less flexible than IFRS.B.equally flexible as IFRS.C.more flexible than IFRS.正确答案:A答案解析:IFRS中允许股利分红记在运营现金流或者融资现金流中，而GAAP只允许其分类为融资现金流。

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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, CFA 2013 Modular Level I, Vol. 3, Section 4.3 Study Session: 8–27-i Calculate and interpret free cash flow to the firm, free cash flow to equity, and performance and coverage cash flow ratios. B is correct. n analyst does research on the reclassification of non-current assets.A companyreclassifies a non-current asset from held-for-use to held-for-sale.At thattime, the asset's carrying value is greater than its fair value less costs to sell,and the company most likely recognizes:【单选题】 A.a gain. B.a loss. C.neither a loss nor a gain. 正确答案:B 答案解析:当管理层停止使用一项长期资产而改为出售时，该长期资产将被重新分类，即从“持有为使用”改为“持有为出售”；如果该长期资产在重新分 类时的账面价值超过去除销售成本后的公允价值，则这部分减值需要确认，即将该长期资产减值到去除销售成本后的公允价值。

CFA考试一级章节练习题精选0331-29（附详解）1、A company’s $100 par perpetual preferred stock has a dividend rate of 7 percent and a required rate of return of 11 percent. The company’s earnings are expected to grow at a constant rate of 3 percent per year. If the market price per share for the preferred stock is $75, the preferred stock is most appropriately described as being:【单选题】A.overvalued by $11.36.B.undervalued by $15.13.C.undervalued by $36.36.正确答案:A答案解析:“An Introduction to Security Valuation,” Frank K. Reilly, CFA and Keith C. Brown, CFA2010 Modular Level I, Vol. 5, pp. 134-135Study Session 14-56-cCalculate and interpret the value of both a preferred stock and a common stock using the dividend discount model (DDM).Value of perpetual preferred stock = Dividend / Investor’s required rate of return$7/ 0.11 = $63.64. The stock is overvalued by $75.00 – 63.64 = $11.36.1、Which of the following multiples is most useful when comparing companies with significant differences in capital structure?【单选题】A.EV/EBITDAB.Price-to-book ratioC.Price-to-cash flow ratio正确答案:A答案解析:“Overview of Equity Securities,” Ryan C. Fuhrmann, CFA and Asjeet S. Lamba, CFA2013 Modular Level I, Vol. 5, Reading 49, Section 7.1“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak, CFA and Stephen E. Wilcox, CFA2013 Modular Level I, Vol. 5, Reading 51, Sections 5.2 - 5.4Study Session 14-49-g, 14-51-h, iDistinguish between the market value and book value of equity securities.Calculate and interpret the following multiples: price to earnings, price to an estimate of operating cash flow, price to sales, and price to book value.Explain the use of enterprise value multiples in equity valuation and demonstrate the use of enterprise value multiples to estimate equity value.A is correct. The EV/EBITDA approach is most useful when comparing companies with significant differences in capital structure. EBITDA is computed prior to payment to any of the company’s financial stakeholders and is not impacted by the amount of debt leverage.1、If a portfolio manager wants to sell a stock at a price above current marketprice, the best type of order to use is a:【单选题】A.limit order.B.market order.C.stop sell order.正确答案:A答案解析:希望以一个高于当前市场成交价的价格卖出股票，应该挂出限价卖出订单。

CFA考试一级章节练习题精选0331-19 （附详解）1、An analyst does research about duration.Which of the following measure is thelowest for a currently callable bond? 【单选题】A. Macaulay duration.B. Effective duration.C. Modified duration.正确答案:B答案解析: 可赎回债券( callable bond )和可回售债券( putable bond )比不含权债券对于利率的敏感性更低，因此，用有效久期来衡量可赎回债券比用麦考林久期和修正久期来衡量的数值更小。

有内嵌式权利的债券，都要用有效久期衡量。

1、A 10-year bond is issued on January 1, 2010. Its contract requires that its coupon rate change over time as shown in the following table:This security is best described as an example of a: 【单选题】A. step-up note.B. floating-rate bond.C. deferred coupon bond.正确答案:AFrank J. Fabozzi, CFA 答案解析：“ Features of Debt Securities, 2011 Modular Level I, Vol. 5, p. 326Study Session 15-61-bDescribe the basic features of a bond, the various coupon rate structures, and the structure of floating-rate securities.A is correct because a step-up note has contractually mandated changes in its coupon rate.1、One advantage of the full valuation approach to measuring interest rate risk relative to the duration/convexity approach is that the full valuation approach: 【单选题】A. increases measurement accuracy.B. is easier to model than scenario analysis.C. requires the yield curve to change in a parallel fashion.正确答案:A答案解析: “ Introduction to the Measurement of Interest Rate Risk ” , Frank J. Fabozzi, CFA 2013 Modular Level I, Vol. 5, Reading 58, Section 2Study Session 16-58-aDistinguish between the full valuation approach (the scenario analysis approach) and theduration/convexity approach for measuring interest rate risk, and explain the advantage of usingthe full valuation approach.A is correct because the full valuation approach allows modeling of the response to both paralleland non-parallel yield curve changes and will reflect cash flows that change when interest rateschange, whereas the duration/convexity approach assumes parallel yield curve changes andfixed cash flows.1、The bonds of Whakatane and Co. are priced for settlement on 15 July 2014 and have the following features.On the basis of this information, the difference between the full and flat prices is closest to: 【单选题】A. 1.333.B. 2.667.C. 0.917.正确答案:A答案解析:The difference between the full and flat prices is the accrued interest, which is computed as follows. Based on the Actual/Actual day convention, the number of days between the coupon periods is 183 days. Also, using the Actual/Actual day count convention, the number of days between 15 May2014 and 15 July 2014 is 16 days remaining in May + 30 days in June + 15 days in July = 61 days. Accrued interest (per $100 par value) = (61/183)(8.00/2) = 1.333. 2014 CFA Level I"Introduction to Fixed-Income Valuation," by James F. Adams and Donald J. Smith Section 3.11、Which of the following is least likely a tool used by the U.S. Federal Reserve Bank to directly influence the level of interest rates? 【单选题】A. Verbal persuasionB. Open market operationsC. Setting the rate on 30-year bonds正确答案:C答案解析: “ Understanding Yield Spreads, ” Frank J. Fabozzi2012 Modular Level I, Vol. 5, pp. 448 - 449Study Session 15-56-aIdentify the interest rate policy tools available to a central bank.C is correct because the U.S. Federal Reserve Bank (Fed) uses policy tools to directly influence short-term interest rates. It only indirectly influences long-term interest rates. The market, not the Fed, sets rates on 30-year bonds.。