CFA考试一级章节练习题精选0401-4(附详解)
cfa一级考试模拟试题及答案
cfa一级考试模拟试题及答案CFA一级考试模拟试题及答案1. 以下哪项不是金融市场的基本功能？A. 资源配置B. 风险管理C. 价格发现D. 娱乐消遣答案：D2. 在CFA考试中，以下哪项不属于投资组合管理的三个主要步骤？A. 资产配置B. 证券选择C. 风险管理D. 市场预测答案：D3. 根据现代投资组合理论，以下哪项是影响投资组合预期收益的唯一因素？A. 无风险利率B. 市场风险溢价C. 投资组合的贝塔系数D. 投资组合的波动性答案：C4. 在评估固定收益证券时，以下哪项不是影响债券价格的主要因素？A. 利率水平B. 信用评级C. 债券的到期时间D. 股票市场的波动性答案：D5. 以下哪项不是有效市场假说（EMH）的三种形式之一？A. 弱式有效市场B. 半强式有效市场C. 强式有效市场D. 超级有效市场答案：D6. 在计算股票的自由现金流至企业（FCFF）时，以下哪项不应从营业利润中扣除？A. 折旧和摊销B. 营运资本的变动C. 资本支出D. 净债务的变动答案：C7. 下列关于财务报表分析的说法中，哪项是不正确的？A. 横向分析可以帮助识别趋势B. 纵向分析可以揭示财务比率的变化C. 比率分析可以用于评估公司的财务状况D. 现金流量表是评估公司盈利质量的唯一工具答案：D8. 在评估一个公司的财务健康状况时，以下哪项财务比率不是流动性比率？A. 流动比率B. 速动比率C. 利息保障倍数D. 现金比率答案：C9. 在国际投资中，以下哪项不是影响汇率变动的主要因素？A. 贸易平衡B. 利率差异C. 政治稳定性D. 黄金价格答案：D10. 在CFA考试中，以下哪项不是宏观经济分析的组成部分？A. 经济增长B. 通货膨胀C. 货币政策D. 公司治理答案：D请注意，以上提供的模拟试题及答案仅供参考，实际CFA一级考试的题目和内容可能会有所不同。
考生应以官方提供的教材和学习资料为准备考试的主要依据。
cfa一级考试真题及答案详解
cfa一级考试真题及答案详解CFA一级考试真题及答案详解1. 问题：在评估一个公司的财务状况时，以下哪项指标最能反映其偿债能力？A) 流动比率B) 速动比率C) 资产负债率D) 股东权益比率答案：C) 资产负债率解析：资产负债率是指公司总负债与总资产的比率，它反映了公司资产中有多少比例是通过借债获得的。
这个比率越高，说明公司的财务杠杆越大，偿债能力越弱。
因此，资产负债率是反映公司偿债能力的重要指标。
2. 问题：在进行股票投资分析时，以下哪项因素是影响股票价格的宏观经济因素？A) 公司盈利能力B) 利率水平C) 行业竞争状况D) 公司管理层能力答案：B) 利率水平解析：宏观经济因素包括利率水平、通货膨胀率、经济增长率等，这些因素会影响整个经济环境，进而影响股票市场。
利率水平是宏观经济因素之一，它会影响公司的融资成本和投资者的预期回报，从而对股票价格产生影响。
3. 问题：在固定收益投资中，以下哪项因素会导致债券价格上升？A) 市场利率上升B) 市场利率下降C) 债券信用评级下降D) 债券到期时间延长答案：B) 市场利率下降解析：在固定收益投资中，债券价格与市场利率呈反向关系。
当市场利率下降时，新发行的债券的票息率会低于市场上已有的债券，因此已有债券的相对吸引力增加，导致其价格上升。
4. 问题：在投资组合管理中，以下哪项策略是用于降低非系统性风险的？A) 资产配置B) 多元化投资C) 市场时机选择D) 杠杆投资答案：B) 多元化投资解析：非系统性风险是指特定于某个公司或行业的投资风险，这种风险可以通过多元化投资来降低。
通过投资于多个不同公司或行业的资产，可以减少单一资产或行业波动对整个投资组合的影响。
5. 问题：在金融衍生品中，以下哪项产品允许投资者在未来以特定价格买入或卖出资产？A) 期货合约B) 远期合约C) 期权合约D) 掉期合约答案：C) 期权合约解析：期权合约是一种金融衍生品，它赋予持有者在未来某个时间以特定价格买入或卖出资产的权利，但不是义务。
CFA考试一级章节练习题精选0401-15(附详解)
CFA考试一级章节练习题精选0401-15（附详解）1、In competitive markets, when the efficient quantity is produced, the least likely result is to:【单选题】A.maximize total surplus.B.generate underproduction.C.minimize deadweight loss.正确答案:B答案解析:“Efficiency and Equity,” Michael ParkinWhen the efficient q uantity is produced, total surplus (the sum of consumer surplus and producer surplus) is maximized. Deadweight loss reduces total surplus and occurs when there is either underproduction or overproduction, i.e. when the quantity produced differs from the efficient quantity. When the efficient quantity is produced, underproduction does not occur.2、Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate?【单选题】A.HHI is a useful measure of potential barriers to entry.B.Low control over prices is characteristic of oligopolies.C.An HHI value of 60 indicates that a market is highly competitive.正确答案:C答案解析:“Organizing Production,” Michael ParkinHHI values below 100 indicate the market is highly competiti ve.3、Under conditions of perfect competition, in the long run companies will most likely earn:【单选题】A.positive accounting profit and negative economic profit.B.zero accounting profit and positive economic profit.C.normal profit and zero economic profit.正确答案:C答案解析:In highly competitive market situations, companies tend to earn the normal profit level over time because the ease of market entry allows for other competing companies to compete away any economic profit over the long run. When accounting profit equals normal profit, economic profit is zero.Sections 2.1.1–2.1.24、First-degree price discrimination is best described as pricing that allows producers to increase theireconomic profit while consumer surplus:【单选题】A.increases.B.decreases.C.is eliminated.正确答案:C答案解析:In first-degree price discrimination, the entire consumer surplus is captured by the producer; theconsumer surplus falls to zero.Section 6.45、Which of the following international organizations' mandate is to makes resourcesavailable to member countries with balance of payments problem?【单选题】A.World Bank.B.World Trade Organization.C.International Monetary Fund.正确答案:C答案解析:国际货币基金组织（IMF）在其会员国出现国际收支问题时，会提供必要的援助。
CFA考试一级章节练习题精选0401-13(附详解)
CFA考试一级章节练习题精选0401-13（附详解）1、The following equations have been developed for a company:The profit maximizing output for this firm (in units) is closest to:【单选题】A.7.B.8.C.11.正确答案:A答案解析:“The Firm and Market Structures,” Richard G. Fritz and Michele Gambera[1662201704061-image/0312.jpg]2、Assume that the central bank reduces the reserve requirement. The most likely effect will be:【单选题】A.an increase in the money multiplier.B.a decrease in the money supply.C.a decrease in new deposits.正确答案:A答案解析:Reducing the reserve requirement will increase the money supply, money multiplier, and new deposits. 2014 CFA Level ISection 2.1.2 3、Under conditions of perfect competition, in the long run companies will most likely earn:【单选题】A.positive accounting profit and negative economic profit.B.zero accounting profit and positive economic profit.C.normal profit and zero economic profit.正确答案:C答案解析:In highly competitive market situations, companies tend to earn the normal profit level over time because the ease of market entry allows for other competing companies to compete away any economic profit over the long run. When accounting profit equals normal profit, economic profit is zero.Sections 2.1.1–2.1.24、The aggregate demand and supply functions for the local market for pizza, along with some relevantdata, is provided in the following table.The number of units of excess demand for pizza is closest to:【单选题】A.2,358.B.1,471.C.2,072.正确答案:A答案解析:[1662201704111-image/398.jpg]5、If a monopolistically competitive industry becomes perfectly competitive, eachfirm's long-run average total cost per unit sold will most likely:【单选题】A.decrease.B.remain the same.C.increase.。
CFA考试一级章节练习题精选0401-22(附详解)
CFA考试一级章节练习题精选0401-22（附详解）1、A hedge fund with an initial value of $100 million has a management fee of 2% and an incentive fee of 20%. Management and incentive fees are calculated independently using end-of-period valuation. The value must reach the previous high water mark before incentive fees are paid. The table below provides end-of-period fund values over the next three years.The total amount of fees earned by the hedge fund in Year 3 is closest to:【单选题】A.$4.8 million.B.$5.5 million.C.$5.9 million.正确答案:A答案解析:The incentive fee is based on the performance relative to the previous high-water mark after fees.Section 3.32、Venture capital investments used to provide capital for companies initiating commercial manufacturing and sales are most likely to be considered a form of:【单选题】A.first-stage financing.B.mezzanine financing.C.second-stage financing.正确答案:A答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeaveyVenture capital investments provided to initiate commercial manuf acturing and sales is considered a form of first-stage financing.3、The following information is available about a hedge fund:No deposits to the fund or withdrawals from the fund occurred during the year. Management fees arecalculated using end-of-period valuation. Management fees and incentive fees are calculatedindependently. The net-of-fees return of the investor is closest to:【单选题】A.5.8%.B.7.4%.C.7.8%.正确答案:A答案解析:The soft hurdle rate is surpassed, because the return of the fund is 10%. For that reason, the full fee,based on the full performance, is due.Section3.34、An analyst does research about alternative investments.With respect to alternativeinvestments, a long time horizon and intense investor participation are mostlikely to be required for successful investing in both:【单选题】A.hedge funds and exchange traded funds.B.venture capital and distressed securities.modities and commodity derivatives.正确答案:B。
CFA考试一级章节练习题精选0401-16(附详解)
CFA考试一级章节练习题精选0401-16（附详解）1、The following data apply to a country in its domestic currency units:Using the expenditures approach, the country’s gross dom estic product (GDP) is closest to:【单选题】A.1,448,650.B.1,451,500.C.1,466,490.正确答案:A答案解析:“Aggregate Output, Prices, and Economic Growth,” Paul R. Kutasovic, CFA and Richard G. Fritz[1662201704061-image/0394.jpg]2、Three firms operate under perfect competition, producing 900 units of the same product but using different production technol ogies. Each company’s cost structure is indicated below:Which of the following statements is most accurate? If the unit selling price is:【单选题】A.$6.00, all firms should exit the market in the long run.B.$3.50, firm X should continue to operate in the short run, but firms Y and Z should shut down production.C.$4.50, all firms should continue to operate in the short run, but exit the market in the long run if these conditions are expected to persist.正确答案:B答案解析:“Demand and Supply Analysis: The Firm,” Gary L. Arbogast, CFA and Richard V. Eastin[1662201704061-image/0495.jpg]3、The most likely initial (short-run) effect of demand-pull inflation is an increase in:【单选题】A.employee wages.B.finished good prices.modity prices.正确答案:C答案解析:The effect of demand-pull inflation is an increase in the aggregate demand, which, in turn, leads to an increase (initially) in commodity prices.Sections 4.2.4–4.2.4.24、The price of a good falls from $15 to $13. Given this decline in price, the quantity demanded of thegood rises from 100 units to 120 units. The arc price elasticity of demand for the good is closest to:【单选题】A.1.3.B.1.5.C.10.0.正确答案:A答案解析:Arc price elasticity of demand is calculated as: %ΔQ/%ΔP=([1662201704111-image/421.jpg]) / ([1662201704111-image/422.jpg]).In this case, (20/110)/(2/14)=1.27 rounded to 1.3.Section 4.15、Which of the following obstacles to efficiency least likely leads to overproduction?【单选题】A.External costs.。
CFA考试一级章节练习题精选0401-4(附详解)
CFA考试一级章节练习题精选0401-4（附详解）1、The option-free bonds of Argus Corporation have a duration of eight years. When interest rates rise by 100 bps, the bond's price declines by 7.9%. When interest rates fall by 100 bps, however, the price rises by 8.2%. The asymmetrical price change is most likely caused by the:【单选题】A.maturity effect.B.coupon effect.C.convexity effect.正确答案:C答案解析:It is bond convexity that explains the asymmetrical price change. A fall in interest rates will result in a higher percentage rise in the bond's price compared with the percentage fall in the bond's price when interest rates rise by the same amount.Section 2.32、Which of the following is closest to the value of a 10-year, 6% coupon, $100 par value bond with semi-annual payments assuming an annual discount rate of 7%?【单选题】A.$92.89B.$99.07C.$107.44正确答案:A答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi3、If three bonds are otherwise identical, the one exhibiting the highest level of positive convexity is most likely the one that is:【单选题】A.putable.B.callable.C.option-free.正确答案:A答案解析:“Introduction to the Measurement of Interest Rate Risk,” Frank J. Fa bozziA is correct because when interest rates rise, a putable bond is more likely to be put back to the issuer by the investor, limiting the loss of value and giving the bond more positive convexity than an option-free bond. In contrast, a callable bond is likely to be called from the investor when interest rates fall, limiting the gain in value and giving the bond negative convexity.4、A portfolio manager holds the following three bonds, which are option free and have the indicateddurations.The portfolio's duration is closest to:【单选题】。
cfa一级考试真题及答案详解
cfa一级考试真题及答案详解CFA一级考试真题及答案详解1. 问题：在计算投资组合的预期收益率时，以下哪种资产的预期收益率对投资组合的预期收益率影响最大？A. 资产A，占投资组合的10%B. 资产B，占投资组合的20%C. 资产C，占投资组合的30%D. 资产D，占投资组合的40%答案：D解析：投资组合的预期收益率是通过加权平均各个资产的预期收益率来计算的。
权重越大的资产对投资组合的预期收益率影响越大。
因此，资产D作为权重最大的资产，其预期收益率对投资组合的预期收益率影响最大。
2. 问题：以下哪种金融工具最适合用于对冲利率风险？A. 股票B. 债券C. 利率互换D. 货币期权答案：C解析：利率互换是一种利率衍生品，允许两方交换利率支付流。
这种金融工具可以用来对冲利率风险，因为它允许投资者锁定未来的利率水平，从而减少利率变动对投资组合价值的影响。
3. 问题：在进行财务分析时，以下哪种比率最能反映公司的流动性状况？A. 流动比率B. 速动比率C. 资产负债率D. 权益乘数答案：A解析：流动比率是衡量公司短期偿债能力的指标，它通过比较公司的流动资产和流动负债来计算。
一个较高的流动比率表明公司有足够的流动资产来覆盖其短期负债，因此最能反映公司的流动性状况。
4. 问题：在计算经济增加值（EVA）时，以下哪个因素不是必要的？A. 公司的税后营业利润B. 公司的资本成本C. 公司的总资产D. 公司的权益乘数答案：D解析：经济增加值（EVA）是通过从公司的税后营业利润中减去资本成本来计算的。
资本成本反映了公司资本的机会成本，而权益乘数并不是计算EVA所必需的。
EVA的计算公式为：EVA = NOPAT - (WACC * 资本投入)。
结束语：通过以上对CFA一级考试真题的分析，可以看出，理解各个金融概念和工具的基本原理对于通过考试至关重要。
希望这些真题及答案详解能够帮助考生更好地准备考试，提高通过率。
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CFA考试一级章节练习题精选0401-4（附详解）
1、The option-free bonds of Argus Corporation have a duration of eight years. When interest rates rise by 100 bps, the bond's price declines by 7.9%. When interest rates fall by 100 bps, however, the price rises by 8.2%. The asymmetrical price change is most likely caused by the:【单选题】
A.maturity effect.
B.coupon effect.
C.convexity effect.
正确答案:C
答案解析:It is bond convexity that explains the asymmetrical price change. A fall in interest rates will result in a higher percentage rise in the bond's price compared with the percentage fall in the bond's price when interest rates rise by the same amount.Section 2.3
2、Which of the following is closest to the value of a 10-year, 6% coupon, $100 par value bond with semi-annual payments assuming an annual discount rate of 7%?【单选题】
A.$92.89
B.$99.07
C.$107.44
正确答案:A
答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi
3、If three bonds are otherwise identical, the one exhibiting the highest level of positive convexity is most likely the one that is:【单选题】
A.putable.
B.callable.
C.option-free.
正确答案:A
答案解析:“Introduction to the Measurement of Interest Rate Risk,” Frank J. FabozziA is correct because when interest rates rise, a putable bond is more likely to be put back to the issuer by the investor, limiting the loss of value and giving the bond more positive convexity than an option-free bond. In contrast, a callable bond is likely to be called from the investor when interest rates fall, limiting the gain in value and giving the bond negative convexity.
4、A portfolio manager holds the following three bonds, which are option free and have the indicateddurations.The portfolio's duration is closest to:【单选题】
A.4.75.
B.5.20.
C.5.33.
正确答案:A
答案解析:The portfolio's duration is a weighted average of the durations of the individual holdings, computedas: (12/24) × (3.0)+(6/24) × (7.0)+(6/24) × (6.0)=4.75.Section 3.4
5、An analyst does research about duration and gathers the following informationabout two option-free bonds in a portfolio:The duration of the portfolio is closest to:【单选题】
A.4.33
B.4.40
C.4.55
正确答案:C
答案解析:5 × $110 000/$200 000 + 4 × $90 000/$200 000 = 4.55。