CFA考试一级章节练习题精选0330-20(附详解)

CFA考试《CFA一级》历年真题精选03(附详解)

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0330-33(附详解)

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0330-23(附详解)

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 Standardsrelating tocommunication with clients and prospective clients if he doesn't notify his clientsabout the changes in the:【单选题】A.B.C.正确答案:C答案解析:所列两项都属于重大的投资流程的改变，根据与客户及潜在客户沟通的专业行为标准，需要告知客户这两项变化。

CFA考试一级章节练习题精选0330-30(附详解)

CFA考试一级章节练习题精选0330-30（附详解）1、An analyst does research about expansionary fiscal policy.An increase in agovernment's spending and a decrease in a government's tax will most likelycause a decrease in:【单选题】A.private saving only.B.private investment only.C.both private saving and private investment.正确答案:B答案解析:本题考查的是挤出效应（crowding-out effect）的定义。

政府增加支出并且减少税收是一种扩张性的财政政策，会导致预算赤字的增加，而预算赤字增加会导致政府储蓄减少，从而导致市场利率上升，私人投资下降，这就是所谓的挤出效应，它不会导致私人储蓄下降。

2、Babu Dhaliwal, CFA, does research about foreign exchange market.The europer Argentine peso (EUR/ARS) spot rate is 0.178 9 and the forward rate is ata discount of 0.27%.The forward rate is closest to:【单选题】A.0.1741B.0.1784C.0.1794正确答案:B答案解析:0.1789 × (l -0.27%) =0.1784，说明阿根廷比索贬值，而欧元升值。

3、A new technology that reduces employee illness will most likely decrease:【单选题】A.demand-pull inflation.B.cost-push inflation.C.cost-pull inflation.正确答案:B答案解析:By reducing employee illness, the new technology will increase the output per hour per worker, which will decrease the unit labor cost. As the unit labor cost decreases, cost-push inflation decreases. The technology does not affect demand and accordingly should not affect demand-pull inflation.2014 CFA Level I"Understanding Business Cycles," by Michele Gambera, Milton Ezrati, and Bolong CaoSection 4.2.44、The crowding-out effect suggests that government borrowing to finance higher expenditures will most likely increase:【单选题】A.private investment.B.the real interest rate.C.the supply of loanable funds.正确答案:B答案解析:“Fiscal Policy,” Michael Parkin2010 Modular Level I, Vol. 2, pp. 443Study Session 6-26-bDiscuss the sources of investment finance and the influence of fiscal policy on capital markets, including the crowding-out effect.Government borrowing to finance budget deficits leads to a crowding-out effect which would in turn lead to an increase in the real interest rate, a decrease in the supply of loanable funds, and a decrease in private investment.5、Which of the following types of profit is most likely the level of accounting profitneeded to just cover the implicit opportunity costs ignored in accounting costs?【单选题】A.Normal profit.B.Economic profit.C.Accounting profit.正确答案:A答案解析:机会成本里面包含隐含的收益率以及企业所能获得的正常利润，经济利润为零并不代表没有利润，只是说明收入正好弥补了显性成本和隐性成本（两者相加代表机会成本），企业获得了正常利润。

CFA考试一级章节练习题精选0330-23(附详解)

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)

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0330-55(附详解)

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0330-42(附详解)

1、The financial systems that are operationally efficient are most likely characterized by:【单选题】
A.security prices that reflect fundamental values.
B.the use of resources where they are most valuable.
A.Survivorship bias
B.Limits of arbitrage
C.Cost of informatiot Efficiency and Anomalies,” Vijay Singal, CFA 2010 Modular Level I, Vol. 5, pp. 107-109 Study Session 13-55-a Explain the three limitations to achieving fully efficient markets. The three limitations for achieving full capital market efficiency are: 1) cost of information, 2) cost of trading, and 3) limits of arbitrage. Survivorship bias is not one of them. 1、Which of the following statements concerning the use of industry analysis is most accurate? Industry analysis is most useful for:【单选题】 A.portfolio performance attribution. B.evaluating market efficiency. C.sector allocations in passive equity portfolios. 正确答案:A 答案解析:Portfolio performance attribution, which addresses the sources of a portfolio’s returns, usually in relation to the portfolio’s benchmark, includes industry or sector selection. Industry classification schemes play a role in such performance attribution. 2014 CFA Level I “Introduction to Industry and Company Analysis,” by Patrick W. Dorsey, Anthony M. Fiore, and Ian Rossa O’Reilly Sections 1–2