CFA考试《CFA一级》历年真题精选13(附详解)

CFA考试《CFA一级》历年真题精选13（附详解）1、When Abdullah Younis, CFA, was hired as a portfolio manager at an asset management firm two years ago, he was told he could allocate his work hours as he saw fit. At that time, Younis served on the board of three non-public golf equipment companies and managed a pooled investment fund for several members of his immediate family. Younis was not compensated for his boardservice or for managing the pooled fund. Younis’ investment returns attract interest from friends and co-workers who persuade him to include their assets in his investment pool. Younis recently retired from all board responsibilities and now spends more than 80% of his time managing the investment pool for which he charges non-family members a management fee. Younis has never told his employer about any of these activities. To comply with the CFA Institute Standards of Professional Conduct with regards to his business activities over the past two years, Younis would least likely be required to disclose which of the following to his employer?【单选题】A.Board activitiesB.Family investment pool managementC.Non-family member management fees正确答案:A答案解析:“Guidance for Standards I–VII,” CFA InstituteA is correct because golf equipment is a business independent of the financial services industry such that any board obligations would not likely be considered a conflict of interest requiring disclosure according to Standard IV (B) Additional Compensation Arrangements. Standard IV (B) requires members and candidates to obtain permission from their employer before accepting compensation or other benefits from third parties for the services that might create a conflict with their employer’s interests. Managing investments for family and non-family members could likely create a conflict of interest for Younis’ employer and should be disclosed to his employer.2、Which of the following statements is the most accurate description concerning the internal rate of return (IRR) method? IRR:【单选题】A.assumes that all cash flows from a project will be reinvested at the computed IRR.B.is the preferred method for evaluating mutually exclusive projects.C.is sensitive to changes in the firm's weighted average cost of capital.正确答案:A答案解析:All of the incremental cash flows arising from a project should be analyzed on an after-tax basis. 2014 CFA Level I "Capital Budgeting," by John D. Stowe and Jacques R. Gagné Section 33、An analyst determines that 60% of all U.S. pension funds hold hedge funds. In evaluating this probability, a random sample of 10 U.S. pension funds is taken. Using the binomial probability function, the probability that exactly 6 of the 10 firms in the sample hold hedge funds is closest to:【单选题】A.11.2%.B.25.1%.C.60.0%.正确答案:B答案解析:The number of trials is 10 (n), the number of successes is 6 (x), and the probability of success is 0.60(p). Using the following formula: and the values given,2014 CFA Level I“Common Probability Distributions,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 2.24、The following information is from a company’s investment portfolio:If the investment is reclassified as Available-for-sale as of 31 December 2010, the balance sheet carrying value of the company’s investment portfolio would most likely:【单选题】A.remain the same.B.decrease by $10,000.C.decrease by $12,000.正确答案:B答案解析:"Understanding The Balance Sheet,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFAHeld-for-trading and available-for-sale securities are carried at market value, whereas held-to-maturity securities are carried at amortized cost. If the investment is reclassified as available-for-sale in 2010, the carrying amount should be adjusted to its market value, which is $10,000. Compared with the amortized cost of $20,000, it’s a decrease of $10,000.5、Which of the following is most likely considered an example of matrix pricing?【单选题】A.Debt-rating approach onlyB.Yield-to-maturity approach onlyC.Both the yield-to-maturity and the debt-rating approaches正确答案:A答案解析:“Cost of Capital,” Yves Courtois, Gene C. Lai, and Pamela Peterson DrakeA is correct. The debt-rating approach is an example of matrix pricing. The yield-to-maturity approach is not an example of matrix pricing. 6、Consider a $100 par value bond with a 7% coupon paid annually and 5 years to maturity. At a discount rate of 6.5%, the value of the bond today is $102.08. One day later, the discount rate rises to 7.5%. Assuming the discount rate remains at 7.5% over the remaining life of the bond, what is most likely to occur to the price of the bond between today and maturity?【单选题】A.Increases then decreasesB.Decreases then increasesC.Decreases then remains unchanged正确答案:B答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. FabozziB is correct because if the discount rate rises to 7.5% from 6.5%, the price of a bond decreases. At a discount rate of 7.5%, the bond sells at a discount to face value. As a discount bond approaches maturity, it will increase in price over time until it reaches par at maturity.7、An analyst is evaluating an investment in an apartment complex based on the following annual data:Based on the income approach, the value of the investment is closest to:【单选题】A.$1,141,667.B.$3,641,667.C.$6,242,857.正确答案:B答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeaveyThe property is appraised based on cash flows and is independent of the financing decision. Thus, the market capitalization rate is used rather than the lending rate. Depreciation is also not deducted because it is implicitly assumed that repairs and。