CFA考试一级章节练习题精选0331-12(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0331-24（附详解）
CFA考试一级章节练习题精选0331-24（附详解）CFA考试一级章节练习题精选0331-24（附详解）1、Benefits of compliance with the CFA Institute Global Investment Performance Standards (GIPS?) least likely include:【单选题】A.strengthening of internal controls.B.participation in competitive bidding.C.elimination of in-depth due diligence for investors.正确答案:C答案解析:“Introduction to the Global Investment Performance Standards (GIPS?),” CFA Institute2011 Modular Level I, Vol. 1, pp. 172–173Study Session 1-3-aExplain why the GIPS standards were created, what parties the GIPS standards apply to, and who is served by the standards.C is correct because compliance with the GIPS standards does not eliminate the need for in-depth due diligence on the part of the investor.1、Bill Gates, CFA, is a securities analyst covering transportation industry in alocal broker.According to the Code of Ethics and Standards of ProfessionalConduct, which of the following recommended procedures to prevent violationsof the Standards of Professional Conduct relating to priority of transactionsis NOT accurate?【单选题】A.Prohibit personal trading in the broker's recommended stock list.B.Fully disclose to investors the broker's policies regarding personal investing.C.Restrict investment personnel to participate on private placements.正确答案:A答案解析:为了避免违反优先交易权(priority of transactions)的行为标准，充分地向投资者披露公司关于个人投资的政策，限制会员参与股票的首次公开发行（initial public offering)和非公开发行（private placement），主管可为投资人员建立报告流程，包括个人持股及利益所有人(beneficial ownership)的披露、交易的确认以及提前申报的流程，这些都是CFA协会所推荐的做法。
CFA考试一级章节练习题精选0331-13(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。
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。
CFA考试一级章节练习题精选0331-12(附详解)
CFA考试一级章节练习题精选0331-12（附详解）1、An analyst compares different real estate valuation methods.A factor common tothe sales comparison approach and the income approach is that both approachesrequire :【单选题】A.identification of benchmark properties.B.knowledge of investor's marginal tax rate.C.calculation of the property's net operating income.正确答案:A答案解析:销售比较法（sales comparison approach）不需要计算房地产项目的经营性净收入（NOI），所以也不需要知道投资者的边际税率（marginal tax rate）。
但销售比较法和收入法都需要定义一个标的资产，销售比较法需要寻找基准的房地产用来得到其销售价格，并用以计算该房地产的价格；收入法需要寻找基准的房地产用来得到市场的资本化率（marketcapitalization rate)，并用来折现该房地产的经营性净收入，得到房地产的价格。
1、Which of the following is most likely a private equity strategy?【单选题】A.Merger arbitrageB.Quantitative directionalC.Venture capital正确答案:C答案解析:Venture capital is a private equity strategy in which private equity companies invest and get activelyinvolved in the management of portfolio companies.CFA Level I"Introduction to Alternative Investments," Terri Duhon, George Spentzos, and Scott D. StewartSection 4.2.21、An analyst does research about hedge funds.The returns from hedge funds thatcontain infrequently traded assets most likely exhibit a downward bias with respectto correlations with:【单选题】A.both conventional equity returns and conventional fixed income returns.B.conventional equity returns but not with conventional fixed income returns.C.conventional fixed income returns but not with conventional equity returns.正确答案:A答案解析:由于对冲基金对业绩披露的要求并不严格，而对冲基金持有交易并不活跃的资产，此时无法得到该资产真实的市场价格，往往需要通过估计得到，而估计会使得资产价格有平滑的趋势，并不能真实反映出最新最真实的市场价格，因此所得出的对冲基金收益率与传统的股票和固定收益产品收益率的相关性降低。
CFA考试一级章节练习题精选0331-55(附详解)
CFA考试一级章节练习题精选0331-55附详解）1、Assume that a monopoly is charging a price higher than the price that would exist in pure competition. If the monopoly decides to increase the price even more, the deadweight loss to society will most likely:【单选题】A.increase.B.decrease.C.remain the same.正确答案:A答案解析:“Monopoly,” Michael ParkinAs depicted in Figure 6 on page 200 of the readings, a higher monopoly price will increase the monopoly’s profit and also increase the deadweight loss.2、If a government increases its spending on domestically produced goods by an amount that is financed by the same increase in taxes, the aggregate demand will most likely:【单选题】A.increase.B.decrease.C.remain unchanged.正确答案:A答案解析:“Monetary and Fiscal Policy,” Andrew Clare and Stephen ThomasDetermine whether a fiscal policy is expansionary or contractio nary.A is correct. Aggregate demand rises when the government increases spending by the same amount as it raises taxes because the marginal propensity to spend out of disposable income is less than 1, and hence for every dollar less in disposable income, spending only falls by c (where c is the marginal propensity to consume in dollars). Aggregate spending will fall less than the tax rise by a factor c. This additional output will, in turn, lead to further increases in income and output through the multiplier effect.3、A firm in the market environment characterized by monopolistic competition will most likely:【单选题】A.continue to experience economic profit in the long run.B.have a well-defined supply function reflecting its marginal and average costs.C.have many competitors, each of which follows its own product differentiation strategy.正确答案:C答案解析:“The Firm and Market Structures,” Richard G. Fritz and Michele Gambera, CFAC is correct. As the name implies, monopolistic competition is a hybrid market. The most distinctive factor in monopolistic competition is product differentiation. Although the market is made up of many firms that compose the product group, each producer attempts to distinguishits product from that of the others, and product differentiation is accomplished in a variety of ways.4、If the prices of substitute resources decrease, the demand for a given resource will most likely:【单选题】A.increase.B.decrease.C.remain unchanged.正确答案:B答案解析:A decrease in the price of a substitute resource would encourage producers to use the substitute resource thus reducing demand for the resource in question.Section 4.15、Long-run aggregate supply is least likely to be affected by changes in the:【单选题】A.the stock of physic capital.B.the supply of natural resources.C.the wage rate of labor.正确答案:C答案解析:长期总供给主要受到劳动力的供给和质量、自然资源的供给、实物资本的储存和技术等的影响。
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CFA考试一级章节练习题精选0331-12（附详解）
1、An analyst compares different real estate valuation methods.A factor common tothe sales comparison approach and the income approach is that both approachesrequire :【单选题】
A.identification of benchmark properties.
B.knowledge of investor's marginal tax rate.
C.calculation of the property's net operating income.
正确答案:A
答案解析:销售比较法（sales comparison approach）不需要计算房地产项目的经营性净收入（NOI），所以也不需要知道投资者的边际税率（marginal tax rate）。
但销售比较法和收入法都需要定义一个标的资产，销售比较法需要寻找基准的房地产用来得到其销售价格，并用以计算该房地产的价格；收入法需要寻找基准的房地产用来得到市场的资本化率（marketcapitalization rate)，并用来折现该房地产的经营性净收入，得到房地产的价格。
1、Which of the following is most likely a private equity strategy?【单选题】
A.Merger arbitrage
B.Quantitative directional
C.Venture capital
正确答案:C
答案解析:Venture capital is a private equity strategy in which private equity companies invest and get activelyinvolved in the management of portfolio companies.
CFA Level I
"Introduction to Alternative Investments," Terri Duhon, George Spentzos, and Scott D. Stewart
Section 4.2.2
1、An analyst does research about hedge funds.The returns from hedge funds thatcontain infrequently traded assets most likely exhibit a downward bias with respectto correlations with:【单选题】
A.both conventional equity returns and conventional fixed income returns.
B.conventional equity returns but not with conventional fixed income returns.
C.conventional fixed income returns but not with conventional equity returns.
正确答案:A
答案解析:由于对冲基金对业绩披露的要求并不严格，而对冲基金持有交易并不活跃的资产，此时无法得到该资产真实的市场价格，往往需要通过估计得到，而估计会使得资产价格有平滑的趋势，并不能真实反映出最新最真实的市场价格，因此所得出的对冲基金收益率与传统的股票和固定收益产品收益率的相关性降低。
1、An analyst does research about interest rate risk of fixed income securities andgathers the following information about three option-free bonds selling at par:
The bond with the lowest interest rate risk is:【单选题】
A.Bond 1.
B.Bond 2.
C.Bond 3.
正确答案:B
答案解析:息票率(Coupon Rate)越低，利率风险越大，因为大部分比例的现金流在未来造成价格变动的可能性增加。
期限（Maturity)越长，利率风险越大，因为未来面临的不确定性增加。
由于利率变动，折现值也会比较波动。
1、When investing in commodities through a collateralized commodity futures position, the return associated with rolling forward the maturity of a futures contract is referred to as the:【单选题】
A.collateral yield.
B.spot price return.
C.convenience yield.
正确答案:C
答案解析:“Investing in Commodities,” Ronald G. Layard-Liesching
2010 Modular Level I, Vol. 6, pp. 268-269
Study Session 18-74-b
Describe the sources of return and risk for a commodity investment and the effect on a portfolio of adding an allocation to commodities.
C is correct because the roll or convenience yield is the return from rolling forward the maturity of the derivatives position. The roll yield can be either negative or positive.。