CFA考试一级章节练习题精选0331-26(附详解)
CFA考试一级章节练习题精选0331-65(附详解)
CFA考试一级章节练习题精选0331-65附详解）1、The primary monetary policy goal of most major central banks is best characterized as:【单选题】A.containing inflation.B.stimulating economic growth.C.maintaining low interest rates.正确答案:A答案解析:“An Overview of Central Banks,” Anne Dolganos PickerMost major central banks’ primary monetary policy goal is to contain inflation.2、Which of the following measures of profit is most likely necessary for a firm to stay in business in the long run?【单选题】A.NormalB.EconomicC.Accounting正确答案:A答案解析:“Demand and Supply Analysis: The Firm,” Gary L. Arbogast and Richard V. EastinA is correct. Normal profit is the level of accounting profit needed to just cover the implicit opportunity costs ignored in accounting costs. This is all that a firm needs to earn in the long run to remain in business. Failing to earn normal profits over the long run has a debilitating impact on the firm’s ability to access capital and to function properly as a business enterprise.3、Consider two countries, A and B. Country A is a closed country with a relative abundance of labor and holds a comparative advantage in the production of textiles. Country B has a relative abundance of capital. When the textile trade is opened between the two countries, Country A will most likely experience a favorable impact on:【单选题】bor.B.capital.C.both capital and labor.正确答案:A答案解析:“International Trade and Capital Flows,” Usha Nair-Reichert and Daniel Robert WitschiCompare types of trade and capital restrictions and their economic implications.A is correct. As a country opens up to trade, the benefit accrues to the abundant factor, which is labor in Country A.4、A market structure characterized by homogeneous/standardized product differentiation is best described as:【单选题】A.monopolistic competition.B.perfect competition and oligopoly.C.monopoly.正确答案:B答案解析:Perfect competition and oligopoly are characterized by homogeneous/standardized product differentiation.Section 2.25、Which of the following theories suggests that both aggregate demand and aggregatesupply are primarily driven by changes in technology over time?【单选题】A.Neoclassical school.B.Keynesian school.C.Austrian school.正确答案:A答案解析:新古典学派认为，总供给和总需求长期来讲主要由科学水平的变化所主导，而凯恩斯学派认为，总需求的变化是由于市场参与者预期的改变进而引起经济周期，奥地利学派认为，经济周期是由于政府对于经济的干预所引起的。
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0331-25(附详解)
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0330-27(附详解)
CFA考试一级章节练习题精选0330-27（附详解）1、All else being equal, in a rising interest rate environment, the price of a floating-ratesecurity will most likely decline if:【单选题】A.there is no cap.B.the margin required by investors declines.C.the coupon is reset every six months rather than monthly.正确答案:C答案解析:如果没有利率顶（CAP）就会降低利率风险，利率上升，息票率也随之上升，价格不会下跌。
如果投资者要求的收益差（margin）减少，会提高浮动利率债券的价格，而不是降低。
息票每6个月设定一次而不是每个月设定一次，在利率上升的情况下，浮动利率证券无法反映最新的市场利率，会造成其价格下跌。
1、Given the data in the table below, the price of a 3% coupon corporate bond maturing in 2 years is closest to:【单选题】A.$97.19.B.$98.12.C.$100.04.正确答案:A答案解析:“Yield Measures, Spot Rates, and Forward Rates,” Frank J. Fabozzi, CFA2010 Modular Level I, Vol. 5, pp. 468473Study Session 16-65-eDescribe the methodology for computing the theoretical Treasury spot rate curve and compute the value of a bond using spot rates.A is correct because the cash flows should be discounted using the appropriate spot rate plus spread :1、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 persuasion。
CFA考试一级章节练习题精选0330-26(附详解)
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0331-50(附详解)
CFA考试一级章节练习题精选0331-50附详解）1、An analyst does research about assumption behind the Markowitz Portfolio Theory.A basic assumption behind the Markowitz Portfolio Theory is that utilitycurves for an investor:【单选题】A.demonstrate increasing marginal utility of wealth.B.are a function of expected returns and expected variance of returns only.C.are a function of expected returns on the risk-free asset and the marketportfolio.正确答案:B答案解析:根据马柯威茨投资组合理论（Markowitz Portfolio Theory），假设财富的边际效用是递减的，而不是递增的，风险加大后需要更高的收益进行补偿。
效用曲线是预期收益和方差的方程。
选项C是资本市场线（CML）。
1、With respect to the portfolio management process, asset allocation decisions are made in the:【单选题】A.planning step.B.feedback step.C.execution step.正确答案:C答案解析:“Portfolio Management: An Overview,” Robert M. Conroy, CFA and Alistair Byrne, CFA2011 Modular Level I, Vol. 4, p. 292Study Session 12-51-cDescribe the steps in the portfolio management process.C is correct. Asset allocation decisions are made in the execution step.1、Selected information about shares of two companies is provided below:of returns between Cable Incorporated and GPTA CompanyThe standard deviation of returns of the portfolio formed with these two stocks is closest to:【单选题】A.25.04%.B.26.80%.C.32.85%.正确答案:A答案解析:“Portfolio Risk and Return Part I,” Vijay Singal2012 Modular Level I, Vol. 4, pp. 355–360Study Session 12-44-e。
CFA考试一级章节练习题精选0331-60(附详解)
CFA考试一级章节练习题精选0331-60附详解）1、Zet Bank has entered into a contract with Louly Corporation in which Zet agrees to buy a 2.5% U.S. Treasury bond maturing in 10 years and promises to sell it back next month at an agreed-on price. From Zet Bank's perspective, this contract is best described as a:【单选题】A.collateralized loan.B.repo.C.reverse repo.正确答案:C答案解析:A reverse repo (repurchase agreement) is collateralized cash lending by purchasing an underlying security now and selling it back in the future.Section 7.32、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.3、Using the U.S. Treasury forward rates provided below, the value of a 2?-year, $100 par value Treasury bond with a 5% coupon rate is closest to:【单选题】A.$101.52.B.$104.87.C.$106.83.。
CFA考试一级章节练习题精选0331-20(附详解)
CFA考试一级章节练习题精选0331-20（附详解）1、A portfolio with equal parts invested in a risk-free asset and a risky portfolio will most likely lie on:【单选题】A.the efficient frontier.B.the security market line.C.a capital allocation line.正确答案:C答案解析:“Portfolio Risk and Return: Part II”, by Vijay Singal.2011 Modular Level I, Vol. 4, pp. 392-400Study Session 12-53-bExplain and interpret the capital allocation line (CAL) and the capital market line (CML).C is correct. A capital allocation line shows possible combinations of a risky portfolio and the risk-free asset.1、A key difference between a wrap account and a mutual fund is that wrap accounts:【单选题】A.have a lower required minimum investment.B.can not be tailored to the tax needs of a client.C.have assets that are owned directly by the individual.正确答案:C答案解析:“Portfolio Management: An Overview,” Robert M. Conroy, CFA, and Alistair Byrne, CFA2011 Modular Level I, Vol. 4, p. 305Study Session 12-51-dDescribe, compare, and contrast mutual funds and other forms of pooled investments.C is correct. The key difference between a wrap account and a mutual fund is that in a wrap account the assets are owned directly by the individual.1、An analyst does research about portfolio management process.Which of thefollowing statements is commonly believed to have the greatest impact on portfolioperformance?【单选题】A.Security selecting.B.Time selecting.C.Asset allocation.正确答案:C答案解析:资产配置决策被认为是决定投资组合收益最重要的因素，组合收益的高低并不在于择时及择股。
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CFA考试一级章节练习题精选0331-26（附详解）
1、Credit spreads are most likely to narrow during:【单选题】
A.economic contractions.
B.economic expansions.
C.a period of flight to quality.
正确答案:B
答案解析:Credit spreads narrow during economic expansions and widen during economic contractions. Duringan economic expansion, corporate revenues and cash flows rise, making it easier for corporations toservice their debt, and investors purchase corporates instead of Treasuries, thus causing spreads tonarrow. CFA Level I
"Fundamentals of Credit Analysis," Christopher L. Gootkind
Section 6
1、An investor purchases a 3-month put option on a stock with an exercise price of $35. The risk free rate is 4.50%. At expiration, the stock price is $33.50. The option’s payoff is closest to:【单选题】
A.$0.
B.$1.48.
C.$1.50.
正确答案:C
答案解析:“Option Markets and Contracts”, Don M. Chance
2010 Modular Level I, Vol. 6, pp. 98-101
Study Session 17-70-f
Compute and interpret option payoffs, and explain how interest rate option payoffs differ from the payoffs of other types of options.
The put option is worth the greater of $0 or (exercise price – spot price at expiration). Since the exercise price is greater than the spot price at expiration, the put is worth (35-33.50) = $1.50.
1、A 1 x 3 forward rate agreement on Eurodollar time deposits most likely expires in:【单选题】
A.three months and is based on 30-day LIBOR.
B.one month and is based on 90-day LIBOR.
C.one month and is based on 60-day LIBOR.
正确答案:C
答案解析:The first number refers to the expiration date (in months), and the second number refers to the interest payment date (in months) on the underlying Eurodollar time deposit.
2014 CFA Level I
"Forward Markets and Contracts," by Don M. Chance
Section 3.2.2
1、An analyst does research about an equity swap.An asset manager enters into aswap with a dealer.At the end of each quarter during the life of the swap, thedealer agrees to make a fixed-rate payment of $2 million, and the asset manageragrees to make an equity payment that is based on the return on a stock index forthat quarter.The swap agreement allows netting of payments.The value of thestock index is 278 at initiation of the swap and 259 at the end of the first quarter.The payment due from the dealer to the asset manager at the end of the first quarteris most likely :【单选题】
A.equal to $2million.
B.more than $2million.
C.less than $2million because the payments are netted.
正确答案:B
答案解析:因为股票下跌，资产管理人会从交易对手方那里收到固定收益$2million以及股票下跌的补偿，因为指数在这个季度下跌了，所以资产管理人得到的金额要大于$2million。
1、An analyst does research about derivative markets.Which of the following statementsis most likely among criticisms of derivative markets?【单选题】
A.Derivativesprovide price information.
B.Derivativesreduce transaction costs.
C.Derivatives areoverly complex.
正确答案:C
答案解析:批评者认为，衍生品风险太大，尤其是投资者对构成衍生品的复杂工具所知有限时；而衍生品可提供价格信息、减少交易成本和有助于风险管理都是其优点。