CFA考试一级章节练习题精选0329-31(附详解)
CFA考试一级章节练习题精选0329-35(附详解)
CFA考试一级章节练习题精选0329-35（附详解）1、An investor examines the following rate quotes for the Brazilian real and the Australian dollar:If the investor shorts BRL500,000 he will achieve a risk-free arbitrage profit (in BRL) closest to:【单选题】A.–6,327.B.1,344.C.6,405.正确答案:B答案解析:“Currency Exchange Rates,” William A. Barker, CFA, Paul D. McNelis, and Jerry Nickelsburg2013 Modular Level I, Vol. 2, Reading 21, Section 3.3Study Session 6–21–f, gExplain the arbitrage relationship between spot rates, forward rates and interest rates.Calculate and interpret a forward rate consistent with a spot rate and the interest rate in each currency.B is correct. If the right side of the following equation is greater than the left, an arbitrage opportunity exists.= Spot rate: number of units of foreign currency (price currency) per one unit of domestic currency=Forward rate: number of units of foreign currency (price currency) per one unit of domestic currency= Domestic interest rate= Foreign interest rateThe arbitrage profit is the right side of the equation minus the left side.Left side of equation: BRL500,000 × (1 + 0.041) = BRL520,500.Right Side:Arbitrage profit = BRL521,844 (right side above) – BRL520,500 (left side above) = 1,344.2、The Nash equilibrium for a duopoly faced with a “Prisoners’ Dilemma” set of choices is most likely to result in:【单选题】A.both firms earn economic profits.B.neither firm earns an economic profit.C.one of the firms earns an economic profit but the other firm does not.正确答案:B答案解析:“Monopolistic Competition and Oligopoly,” Michael Parkin2010 Modular Level I, Vol. 2, pp. 245-247Study Session 5-20-eDescribe the oligopoly games including the Prisoners’ Dilemma.The Nash equilibrium for the duopoly is that both firms cheat on their collusive agreement. Prices and quantities produced are the same as those in perfect competition; neither firm earns an economic profit.3、Assume that at current production and consumption levels, a product exhibits price elasticity of demand equal to 1.20 and elasticity of supply equal to 1.45. The true economic consequences of taxes imposed on the seller of such a product are most likely borne:【单选题】A.by the seller.B.by the buyer.C.partly by the buyer and partly by the seller.正确答案:C答案解析:“Elasticity,” Michael Parkin2011 Modular Level I, Vol. 2, pp. 27-28“Markets in Action,” Michael Parkin2011 Modular Level I, Vol. 2, pp. 80-84Study Session 4-13-a; 4-15-cCalculate and interpret the elasticities of demand (price elasticity, cross elasticity, and income elasticity) and the elasticity of supply and discuss the factorsthat influence each measure.Explain the impact of taxes on supply, demand, and market equilibrium, and describe tax incidence and its relation to demand and supply elasticity.As the good exhibits neither perfectly elastic nor perfectly inelastic demand or supply (see pp. 27-28), the incidence of taxation will be shared by buyers and sellers regardless of whether the tax is placed on buyers or on sellers.4、Which of the following statements about a central bank's actions would mostlikely cause an immediate increase of the banking system's excess reserves?【单选题】A.Decreasing the policy rate.B.Selling securities in the open market.C.Decreasing the required reserve ratio.正确答案:C答案解析:降低法定存款准备金率会导致商业银行吸收存款后有更多的资金可以用于放贷，从而增加了银行系统的可贷资金余额，这种影响也最为直接。
CFA考试一级章节练习题精选0329-60(附详解)
CFA考试一级章节练习题精选0329-60（附详解）1、The following information is available for a company:In 2010, the company most likely:【单选题】A.paid a dividend of $1,000B.paid a dividend of $5,000C.did not pay a dividend because they incurred a loss.正确答案:B答案解析:“Financial Reporting Mechanics,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Karen O’Connor Rubsam, CFA, R. Elai ne Henry, CFA, and Michael A. Broihahn, CFA2010 Modular Level 1, Vol.3, pp. 43Study Session: 7-30-b, cExplain the accounting equation in its basic and expanded forms.Explain the process of recording business transactions using an accounting system based on the accounting equations.2、An analyst does research about gross profit margin and gathers the following informationabout a company in 2012 :● Average inventory is $2 000● Ending inventory of the year is $2 500● Total revenue is $20 000● Inventory turnover ratio is 5.5● Ta x rate is 40%The gross profit margin for the company is closest to:【单选题】A.27%B.31%C.45%正确答案:C答案解析:inventory turnover ratio = cost of goods sold/ average inventorygross profit = revenue - cost of goods soldgross profit margin = gross profit/ revenue所以，边际毛利率的计算如下：（$20 000 - 5.5 × $2 000）/$20 000 = 45%。
CFA考试一级章节练习题精选0329-48(附详解)
CFA考试一级章节练习题精选0329-48（附详解）1、The following tables present excerpts from financial statements for two merchandising companies following the format found in each of their annual reports.Which of the companies most likely prepares its financial statements in accordance with U.S. GAAP?【单选题】A.Both companiesB.Only Company AC.Only Company B正确答案:C答案解析:Company A prepares its financial statements under IFRS whereas company B uses U.S. GAAP. IFRS does not specify the order of presentation of current and noncurrent assets. Under U.S. GAAP, current assets are presented before long-term assets and current liabilities before long-term ones.2014 CFA Level 1"Understanding Balance Sheets," by Elaine Henry and Thomas R. RobinsonSection 2.12、Given the following information about a company:What is the most appropriate conclusion an analyst can make about the solvency of the company? Solvency has:【单选题】A.improved because the debt-to-equity ratio decreased.B.deteriorated because the debt-to-equity ratio increased.C.improved because the fixed charge coverage ratio increased.正确答案:A答案解析:“Financial Analysis Techniques,” Elaine Henry, Thomas R. Robinson, and Jan Hendrik van Greuning2012 Modular Level I, Vol. 3, pp. 364–366“Non-Current (Long-Term) Liabilities,” Elizabeth A. Gordon and Elaine Henry2012 Modular Level I, Vol. 3, pp. 574–575Study Session: 8-28-b, 9-32-lClassify, calculate, and interpret activity, liquidity, solvency, profitability, and valuation ratios.Calculate and interpret leverage and coverage ratios.A is correct. The debt–equity ratio decreased, thereby improving solvency; the fixed charge ratio remained the same.3、The following information for the current year is available for a company that prepares its financial statements in accordance with U.S. GAAP.The company’s operating profit (in $000s) is closest to:【单选题】A.1,850.B.2,050.C.2,300.正确答案:B答案解析:“Understanding Income Statements,” Elaine Henry, CFA, a nd Thomas R. Robinson, CFA 2013 Modular Level I, Vol.3, Reading 25, Section 4.2.3, Example 10, 5.3, 5.5Study Session 8–25–fDistinguish between the operating and non-operating components of the income statement.B is correct.4、An analyst is reviewing the property, plant, and equipment disclosure related to a company'swarehouse. The company uses the International Financial Reporting Standards (IFRS) revaluationmodel. The analyst would least likely be able to determine:【单选题】A.the carrying amount under the cost model.B.the original date of acquisition.C.how the fair value was obtained.正确答案:B答案解析:IFRS does not require disclosure of the original date of acquisition.CFA Level I"Long-Lived Assets," Elaine Henry and Elizabeth A. GordonSection 75、A company operating in a highly fragmented and competitive industry reported an increase in ROE over the prior year. Which of the following reasons forthe increase in ROE is least likely to be sustainable? The company:【单选题】A.increased the prices of its product significantly.B.decided to make greater use of long-term borrowing capacity.C.implemented a new IT system allowing it to reduce working capital levels as a percentage of assets.正确答案:A答案解析:“Understanding Income Statements,” Elaine Henry, CFA and Thomas R. Robinson, CFA2013 Modular Level I, Vol. 3, Reading 25, Section 5.3“Financial Analysis Techniques,” Elaine Henry, CFA, Thomas R. Robinson, CFA, and Jan Hendrik van Greuning, CFA2013 Modular Level I, Vol.4, Reading 28, Section 4.6.2“Introduction to Industry and Company Analysis,” Patrick W. Dorsey, CFA, Anthony M. Fiore, CFA and Ian Rossa O’Reilly, CFA2013 Modular Level I, Vol.5, Reading 50, Section 5.1.2Study Sessions: 8-25-e, 8-28-d, 14-50-gDescribe the financial reporting treatment and analysis of non-recurring items (including discontinued operations, extraordinary items, and unusual or infrequent items) and changes in accounting standards.Demonstrate the application of Dupont analysis of return on equity, and calculate and interpret the effects of changes in its components.Explain the effects of barriers to entry, industry concentration, industry capacity, and market share stability on pricing power and return on capital.A is correct.An increase in price is not sustainable in a fragmented and competitive industry. Fragmented industries tend to be highly price competitive because of the need to increase market share and to undercut prices in an attempt to steal share.。
CFA考试一级章节练习题精选0329-3(附详解)
CFA考试一级章节练习题精选0329-3（附详解）1、An analyst does research about deferred tax liability.If a previously recordeddeferred tax liability is not expected to reverse, which of the following is themost appropriate adjustment?【单选题】A.Decreasing financial leverage ratio.B.Increasing current ratio.C.Decreasing asset turnover ratio.正确答案:A答案解析:如果递延所得税负债在将来不会回转，分析师应该将递延所得税负债调整到权益中去，这样资产不变，权益增加，负债减少，会使得财务杠杆（即资产/权益）降低，但不会改变流动比率（current ratio）和总资产周转率（asset turnover ratio）。
2、Which of the following least accurately expresses the basic accounting equation?【单选题】A.Revenue - Expense = Net income.B.Assets = Liabilities + Owner's equity.C.Liabilities + Contributed capital + Beginning retained earnings = Assets.正确答案:C答案解析:选项A和B分别代表了利润表和资产负债表的基本等式。
选项C中应该是Liabilities +Contributed capital + Ending retained earnings = Assets，所以选项C是错的。
CFA考试一级章节练习题精选0329-40(附详解)
CFA考试一级章节练习题精选0329-40（附详解）1、The Semi-strong form efficient market hypothesis assumes the security pricesfully reflect information about:【单选题】A.industry trends.B.trading volumes.C.private information.正确答案:A答案解析:弱式有效市场（Weak-form efficient market）的价格充分反映了历史交易信息，包括价格和成交量。
半弱式有效市场（Semi-strong form efficient market）的价格充分反映了所有公开信息。
强式有效市场（Strong-form market efficient market）的价格充分反映了公开和内幕信息。
2、The issue of differences in accounting conservatism between companies is best addressed when companies are compared using which of the following ratios?【单选题】A.Price-to-earningsB.Price-to-cash flowC.Price-to-book value正确答案:B答案解析:“Introduction to Price Multiples,” John D. Stowe, CFA, Thomas R. Robinson, CFA, Jerald E. Pinto, CFA, and Dennis W. McLeavey, CFA2010 Modular Level I, Vol. 5, pp. 215-217Study Session 14-59-aDiscuss the rationales for, and the possible drawbacks to, the use of price-to-earnings (P/E), price-to-book value (P/BV), price-to-sales (P/S), and price-to-cash flow (P/CF) in equity valuation.Using price-to-cash flow rather than price-to-earnings addresses the issue of differences in accounting conservatism between companies (differences in quality of earnings).3、The weak-form market efficiency most accurately assumes that current security prices:【单选题】A.adjust rapidly to the release of all public information.B.fully reflect all past market information, including transactions by exchange specialists.C.fully reflect all information from public and private sources.正确答案:B答案解析:In the weak-form efficient market hypothesis, security prices fully reflect all past market data including transactions by exchange specialists.2014 CFA Level I“Market Efficiency,” W. Sean Cleary, Howard J. Atkinson, and Pamela Peters on DrakeSection 34、An analyst does research about equity valuation and gathers the followinginformation about a company and the economy.The current share price is$45, the price-to-earnings ratio is 15, the nominal risk-free rate is 3.1%,the risk premium is 7% , and the expected retention ratio is 40%.The best estimateof the company's dividend growth rate is:【单选题】A.6.1%B.7.4%C.14.1%正确答案:A答案解析:P/E = payout ratio/(k - g)，其中payout ratio = 1 - retention ratio = 1 -0.4=0.6，k = nominalrisk-free rate + risk premium = 3.1% + 7% = 10.1%，各数值代入有：15 = 0.6/(10.1% - g），得出g =6.1%。
CFA考试一级章节练习题精选0329-27(附详解)
CFA考试一级章节练习题精选0329-27（附详解）1、Which of the following share repurchase methods most likely result in the lowestcost to the company?【单选题】A.Buy in the open marketB.Buy a fixed number of shares at a fixed price.C.Repurchased by direct negotiation.正确答案:A答案解析:股份回购是指公司回购自己公司的普通股，回购的方式有如下3种：● 在公开市场购买。
董事会授权在一定时间内在公开市场上回购一定数量的股票。
公司可灵活选择买入的时机，相对使回购的成本最低。
● 公司以高于市场价进行要约收购买入一定数量的股票。
● 直接协议回购。
公司直接向持有大量股票的股东以高于市场价的价格买回股票。
通常这种回购是为了避免持有大量股票的股东在市场上抛售而造成股票下挫，或者是向敌意收购方买回股票。
2、An analyst estimates that an initial investment of ￡500,000 in a venture capital project will pay ￡6 million at the end of five years if the project succeeds and that the probability the project survives to the end of the fifth year is 25 percent. The required rate of return for the project is 19 percent. The expected net present value of the venture capital investment is closest to:【单选题】A.￡128,000.B.￡1,125,000.C.￡2,014,000.正确答案:A答案解析:”Alternative Investments,” Bruno Solnik and Dennis McLeavey2010 Modular Level I, Vol. 6, pp. 216-218Study Session 18-73-hCalculate the net present value (NPV) of a venture capital project, given the project’s possible payoff and conditional failure probabilities.The probability that the venture will pay 6 million at the end of five years is 25%. The probability of failure is 75%. The expected NPV if the project succeeds is 2,014,296 using FV = 6,000,000, I = 19%, n = 5 for a present value of 2,514,296 – 500,000 = 2,014,296.The NPV of the project is 0.25(2,014,296) + 0.75(–500,000) = ￡128,574. The investment has a positive NPV and should be accepted.3、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 5.24、An initial investment of $1 million in a venture capital project is expected to pay $10 million at the end of 5 years if it is successful. The probabilities of failure for the project are provided in the table below:If the cost of capital for the project is 18%, the project’s expected NPV is closest to:【单选题】A.-$731,200.B.$174,950.C.$906,150.正确答案:B答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey2011 Modular Level I, Vol. 6, pp. 216-218Study Session 18-74-hCalculate the net present value (NPV) of a venture capital project, given the project’s possible payoff and conditional failu re probabilities.B is correct because you calculate the probability of success as (1-.30) ×(1-.25) ×(1-.20) ×(1-.20)× (1-.20)=.2688. Then calculate the NPV from success906,150 Subtracting the NPV of failure, -1,000*(1-.2688 or .7312) = -731,200. The difference between the NPVs is the expected NPV of the project, 906,150-731,200=174,950.5、A project has the following cash flows (￡):Assuming a discount rate of 11% annually, the discounted payback period (in years) is closest to:【单选题】A.3.4.B.3.9.C.4.0.正确答案:B答案解析:“Capital Budgeting,” John D. Stowe, CFA and Jacq ues R. Gagne, CFA2013 Modular Level I, Vol.4, Reading 36, Section 4.4.Study Session 11-36-dCalculate and interpret the results using each of the following methods to evaluate a single capital project: net present value (NPV), internal rate of return (IRR), payback period, discounted payback period, and profitability index (PI).B is correct. The discounted cash flows and their cumulative sum are:After three years, $821.02 of the $1,525 investment is recovered, leaving $703.98 left to recover in the fourth year. Proportionately, only 0.88 (= $703.98/$800.36) of the cash flow in the fourth year is necessary to recover all of the investment. This makes the discounted payback equal to 3.9 years (rounded up from 3.88).。
CFA考试一级章节练习题精选0329-26(附详解)
CFA考试一级章节练习题精选0329-26（附详解）1、A company’s $100 par value perpetual preferred stock has a dividend rate of 7% and a required rate of return of 11%. The company’s earnings are expected to grow at a constant rate of 3% per year. If the market price per share for the preferred stock is $75, the preferred stock is most appropriately described as being:【单选题】A.overvalued by $11.36.B.undervalued by $15.13.C.undervalued by $36.36.正确答案:A答案解析:Value of perpetual preferred stockThe stock is overvalued by $75.00 – 63.64 = $11.36.2014 CFA Level I“Equity Valuation: Concepts and Basic Tools,” by John J. Nagorniak and Stephen E. WilcoxSection 4.12、A company’s selected data are as follows:Assuming that the company experiences volatile year-end book values of equity, its ROE for the year 2012 is closest to:【单选题】A.14.91%.B.17.15%.C.13.19%.正确答案:A答案解析:The company experiences volatile year-end book values of equity, the average book value is appropriate.ROE = Net income/Average book valueAverage book value = (11,550,000 + 15,015,000)/2 = $13,282,500ROE = $1,980,300/$13,282,500 = 14.91%2014 CFA Level I"Financial Analysis Techniques,” by Elaine Henry, Thomas R. Robinson, and Jan Hendrik v an GreuningSection 4.6.2“Overview of Equity Securities,” by Ryan C. Fuhrmann and Asjeet S. LambaSection 7.13、An analyst does research about tradingsessions.Which of the following statementsis most accurate to describe the characteristics of a call market?【单选题】A.Dealers who provide securities liquidity engage in proprietary trading.B.Gathering all trades to the same place at the same time makes it easier forbuyers to find sellers and vice versa.C.A willing buyer and seller can trade at anytime the market is open.正确答案:B答案解析:集合竞价市场(call market)主要是撮合买卖订单来决定单一价格，该价格往往在一些小的市场或者一些大的市场决定开盘价格时使用。
CFA考试一级章节练习题精选0329-28(附详解)
CFA考试一级章节练习题精选0329-27（附详解）1、An Australian firm purchased a patent for USD20,000 and machinery for USD21,500 from a U.S. firm when the exchange rates were as follows:The impact of these transactions on the capital account of Australia (in AUD) is closest to:【单选题】A.19,225.B.20,667.C.20,806.正确答案:A答案解析:“International Trade and Capital Flows,” Usha Nair-Reichert, PhD and Daniel Robert Witschi, PhD, CFA2013 Modular Level 1, Vol. 2, Reading 20, Section 4.2“Currency Exchange Rates,” William A. Barker, CFA, Paul D. McNelis, and Jerry Nickelsburg2013 Modular Level I, Vol. 2, Reading 21, Section 3.2Study Session 6-20-g, 6-21-dDescribe the balance of payments accounts including their components.Calculate and interpret currency cross rates.A is correct. The purchase of machinery is an import and affects the current account, not the capital account, so it is ignored. The purchase of a non-produced, non-financial asset (such as a patent) affects the capital account.The impact on the capital account in AUD is:USD20,000 × (1/1.29) × 1.24 = 19,225AUD.2、Which of the following statements about a central bank's actions would mostlikely cause an immediate increase of the banking system's excess reserves?【单选题】A.Decreasing the policy rate.B.Selling securities in the open market.C.Decreasing the required reserve ratio.正确答案:C答案解析:降低法定存款准备金率会导致商业银行吸收存款后有更多的资金可以用于放贷，从而增加了银行系统的可贷资金余额，这种影响也最为直接。
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CFA考试一级章节练习题精选0329-31（附详解）
1、Using the U.S. Treasury spot rates provided below, the arbitrage-free value of a 2-year Treasury, $100 par value bond with a 6% coupon rate is closest to:
【单选题】
A.$99.75.
B.$105.65.
C.$107.03.
正确答案:B
答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi
2012 Modular Level I, Vol. 5, pp. 504–506
Study Session 16-57-f
Explain and demonstrate the use of the arbitrage-free valuation approach, and describe how a dealer can generate an arbitrage profit if a bond is mispriced.
B is correct because the value of the bond is
2、The yield of a U.S. bond issue quoted on a bond-equivalent basis is 6.8 percent. The yield-to-maturity on an annual-pay basis is closest to:【单选题】
A.6.69%.
B.6.92%
C.14.06%.
正确答案:B
答案解析:“Yield Measures, Spot Rates, and Forward Rates”, Frank J. Fabozzi, CFA
2010 Modular Level I, Vol. 5, pp. 457
Study Session 16-65-d
Compute and interpret the bond equivalent yield of an annual-pay bond, and the annual-pay yield of a semiannual-pay bond.
B is correct because the yield on an annual-pay basis is calculated as:
The yield on an annual-pay basis is always greater than the yield on a bond-equivalent basis because of compounding.
3、Which of these embedded options most likely benefits the investor?【单选题】
A.The floor in a floating-rate security
B.An accelerated sinking fund provision。