CFA考试《CFA三级》历年真题精选及详细解析1107-59
CFA考试《CFA二级》历年真题精选及详细解析1107-74
CFA考试《CFA二级》历年真题精选及详细解析1107-741、Which of the notes made by Bourne regarding the valuation methods is least accurate? The note about the:【单选题】A.Market-based method.parable transactions method.C.Discounted cash flow method.正确答案:B答案解析:The comparable transactions method uses details from recent takeover transactions for comparable companies to make direct estimates of the target company\\\'s takeover value. However it is not necessary to separately estimate a takeover premium as this is already included in the multiples determined from the comparable transactions.2、Based on the relationship of Borgonovo’s stock to the SML, what is the most appropriate decision Benedetti should make regarding the Borgonovo stock?【单选题】A.Keep Borgonovo on the recommended list because it plots below the SML.B.Keep Borgonovo on the recommended list because it plotsabove the SML.C.Remove Borgonovo from the recommended list because it plots below the SML.正确答案:C答案解析:C is correct. The SML required return for Borgonovo is 2.5% + 1.2(7%) = 10.9%. With a forecasted return of 9.0%, Borgonovo lies below the SML (indicating it is overvalued) and should be removed from the bank’s recommended list.3、Based on the regression output in Exhibit 1, there is evidence of positive serial correlation in the errors in:【单选题】A.the linear trend model but not the log-linear trend model.B.both the linear trend model and the log-linear trend model.C.neither the linear trend model nor the log-linear trend model.正确答案:B答案解析:B is correct. The Durbin–Watson statistic for the linear trend model is 0.10 and, for the log-linear trend model, 0.08. Both of these values are below the critical value of 1.75. Therefore, we can reject the hypothesis of no positive serial correlation in the regression errors in both the linear trend model and the log-linear trend model.4、In accounting for the use of derivatives against the three risks that Minor has discovered, the entire gains or losses from the。
CFA考试《CFA一级》历年真题精选及详细解析1007-2
CFA考试《CFA一级》历年真题精选及详细解析1007-21、A 5-year floating-rate security was issued on January 1, 2006. The coupon rate formula was 1-year LIBOR + 300 bps with a cap of 10% and a floor of 5% and annual reset. The 1-year LIBOR rate on January 1st of each year of the security’s life is provided in the following table:During 2010, the payments owed by the issuer were based on a coupon rate closest to:【单选题】A.4.5%.B.5.0%.C.6.5%.正确答案:B答案解析:“Features of Debt Securities,” Frank J. Fabozzi, CFA 2011 Modular Level I, Vol. 5, p. 326-328Study Session 15-61-bDescribe the basic features of a bond, the various coupon rate structures, and the structure of floating-rate securities.B is correct because LIBOR + 300 bps at the reset date equals1.5% + 3.00% = 4.5%, which is below the floor of 5.00% so the coupon rate will be equal to the floor.2、An investor who has a 42% marginal tax rate is analyzing a tax-exempt bond that offers a yield of 3.74%. The taxable-equivalent yield of the bond is closest to:【单选题】A.5.31%.B.6.45%.C.8.90%.正确答案:B答案解析:“Understanding Yield Spreads,” Frank J. Fabozzi, CFA 2011 Modular Level I, Vol. 5, pp. 464-465Study Session 15-64-iCalculate the after-tax yield of a taxable security and the tax-equivalent yield of a tax-exempt security.B is correct because the tax-equivalent yield of a tax-exempt security is3、An analyst does research about real estate investment and gathered the followingannual information about a real estate investment:If the property above is valued at $3 925 000 based on the income approach, thecapitalization rate is closest to:【单选题】A.8.8%B.12.1%C.15.8%正确答案:B答案解析:在收入法之下，appraisal price = NOI/market cap rate，因而有：$3 925 000 = $475 000/market cap rate，得出market capitalization rate = 12.1%.4、Duration is most accurate as a measure of interest rate risk for a bond portfolio when the slope of the yield curve:【单选题】A.increases.B.decreases.C.stays the same.正确答案:C答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi2012 Modular Level I, Vol. 5, pp. 359–363Study Session 15-54-gDescribe yield-curve risk, and explain why duration does not account for yield-curve risk.C is correct because duration measures the change in the price of a portfolio of bonds if the yields for all maturities change by the same amount; that is, it assumes the slope of the yield curve stays the same.5、An analyst does research about tax-exempt bonds.An investor with 28% marginaltax rate purchase a tax-exempt bond yielding 3.5%.The investor\\\\'s taxequivalentyield is closest to:【单选题】A.2.52%B.4.86%C.12.50%正确答案:B答案解析:设税收等同收益率(tax-equivalent yield)为X，则X × (1 - 28% ) = 3.5%，算出X =4.86%。
历年CFA考试真题及答案解析
历年CFA考试真题及答案解析1、The nominal (quoted) annual interest rate on an automobile loan is 10%. The effective annual rate of the loan is 10.47%. The frequency of compounding periods per year for the loan is closest to:【单选题】A.weekly.B.monthly.C.quarterly.正确答案:B答案解析:“The Time Value of Money,” Richard A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2013 Modular Level I, Vol. 1, Reading 5, Section 3.3Study Session 2–5–c, dCalculate and interpret the effective annual rate, given the stated annual interest rate and the frequency of compounding. Solve time value of money problems for different frequencies of compounding:B is correct. Use the formula for effective annual rate:Iteratively substitute the possible frequency of compounding until the EAR is 10.47%.Thus, the correct answer is monthly compounding.2、Which of the following is a constraint as defined in the International Financial Reporting Standards (IFRS) Framework for the Preparation and Presentation of Financial Statements?【单选题】A.NeutralityB.TimelinessC.Going concern正确答案:B答案解析:“Financial Reporting Standards,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Karen O’Connor Rubsam, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFATimeliness is a constraint in the IFRS Framework. Neutrality is a factor that contributes to reliability and going concern is an assumption of the Framework.3、Which method of calculating the firm’s cost of equity is most likely to incorporate the long-run return relationship between the firm's stock and the market portfolio?【单选题】A.Dividend discount modelB.Capital asset pricing modelC.Bond-yield-plus risk-premium正确答案:B答案解析:“Cost of Capital” Yves Courtois, CFA, Gene C. Lai, and Pamela Peterson Drake, CFAThe capital asset pricing model uses the firm’s equity beta, which is computed from a market model regression of the company's stock returns against market returns.4、For a 90-day U.S. Treasury bill selling at a discount, which of the following methods most likely results in the highest yield?【单选题】A.Money market yieldB.Discount-basis yieldC.Bond equivalent yield正确答案:C答案解析:“Working Capital Management,” Edgar Norton, Jr., Kenneth L. Parkinson, and Pamela Peterson Drake5、An investor gathers the following data.To estimate the stock's justified forward P/E, the investor prefers to use the compounded annual earnings growth and the average of the payout ratios over the relevant period (i.e., 2008–2011). If the investor uses 11.5% as her required rate of return, the stock's justified forward P/E is closest to:【单选题】A.10.B.12.C.21.正确答案:C答案解析:“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak and Stephen E.Wilcox6、A bond portfolio manager is considering three Bonds – A, B, and C – for his portfolio. Bond A allows the issuer to call the bond before stated maturity, Bond B allows the investor to put the bond back to the issuer before stated maturity, and Bond C contains no embedded options. The bonds are otherwise identical. The manager tells his assistant, “Bond A and Bond B should have larger nominal yield spreads to a U.S. Treasury than Bond C to compensate for their embedded options.”Is the manager most likely correct?【单选题】A.Yes.B.No, Bond A’s nominal yield spread should be less than Bond C’s.C.No, Bond B’s nominal yield spread should be less than Bond C’s.正确答案:C答案解析:“Understanding Yield Spreads,” Frank J. Fabozzi, CFAC is correct because Bond B’s embedded put option benefits the investor and the yield spread willtherefore be less than the yield spread of Bond C, which does not contain this benefit.7、Which of the following characteristics is best described that the information in financialstatements can influence user's economic decisions or affect user's evaluationof past events or forecasts of future events in accordance with the IFRSframework's definitions and recognition criteria?【单选题】A.Relevance.parability.C.Faithful representation.正确答案:A答案解析:根据IFRS的条款，财务报表的两个基本特性使得这些财务信息有用，这两个特性包括相关性（relevance）和公允陈述（faithful representation）。
CFA考试《CFA二级》历年真题精选及详细解析1107-33
1、Based on Exhibit 2, forecasted interest expense will reflect changes in Chrome’s debt level under the forecast assumptions used by:【单选题】
A.62.7%.
B.67.0%.
C.69.1%.
正确答案:C
答案解析:C is correct. The calculation of Archway’s gross profit margin for 2015, which reflects the industry-wide 8% inflation on cost of goods sold (COGS), is calculated as follows:
A.Candidate A.
B.Candidate B.
C.Candidate C.
正确答案:A
答案解析:A is correct. In forecasting financing costs such as interest expense, the debt/equity structure of a company is a key determinant. Accordingly, a method that recognizes the relationship between the income statement account (interest expense) and the balance sheet account (debt) would be a preferable method for forecasting interest expense when compared with methods that forecast based solely on the income statement account. By using the effective interest rate (interest expense divided by average gross debt), Candidate A is taking the debt/equity structure into account whereas Candidate B (who forecasts 2013 interest expense to be thesame as 2012 interest expense) and Candidate C (who forecasts 2013 interest expense to be the same as the 2010–2012 average interest expense) are not taking the balance sheet into consideration.
CFA考试《CFA一级》历年真题精选及详细解析1107-5
A.dividends.
B.long-term leases.
C.general and administrative costs.
正确答案:B
答案解析:“Measures of Leverage,” Pamela Peterson Drake, Raj Aggarwal, Cynthia Harrington, and Adam Kobor2012 Modular Level I, Vol. 4, p. 103Study Session 11-38-aDefine and explain leverage, business risk, sales risk, operating risk, and financial risk, and classify a risk, given a description.B is correct. As stated on p. 103, “By taking on fixed obligations, such as debt and long-term leases, the company increases its financial risk.”
A.Regular cycle auction (multiple price).
B.An ad hoc auction system.
C.A tap system.
正确答案:B
答案解析:在市场适合的情况下，选择发行债券属于特别的拍卖系统。
2、On a cash flow statement prepared using the indirect method, which of the following would most likely increase the cash from investing activities?【单选题】
CFA考试试题汇编(含答案)[完整版]
![CFA考试试题汇编(含答案)[完整版]](https://img.taocdn.com/s3/m/810a2b03941ea76e59fa04eb.png)
CFA考试试题汇编(含答案)[完整版]1. Which of the following statements about the CFA Institute's Professional Conduct Program (PCP) is least accurate?A. Possible sanctions include condemnation by a member's peers or suspension of a candidate's participation in the CFA Program.B. If the Designated Officer determines that a sanction against a member is warranted, the member must either accept the sanction or lose the right to use the CFA designation.C. Members who cooperate with a PCP inquiry by providing confidential client information to PCP staff are not in violation of Standard III(E) Preservation of Confidentiality.【答案】B2. Robert Miguel, CFA, is a portfolio manager for a large investment advisory firm. In appreciation of his impressive portfolio returns last quarter, one of his clients, Kevin Goodman, has invited Miguel and his wife to be his guests at his luxury suite for a major league baseball playoff game. Miguel, a baseball fan, accepts the invitation and attends the game. The next day at work, Miguel doesn't mention to his supervisor that he attended the game as a guest of the client. According to the Standard concerning independence and objectivity and the Standard on knowledge of the law, Miguel's actions are in violation of."A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A3. Ann Smith, CFA, calls Bill Jones, CFA, and tells him that her research shows that Biokem Company is underpriced and that earnings per share will exceed $3.00 this year. Jones had never heard of Biokem before her call but knows that Smith is widely considered to be the best analyst in her sector. Smith's research has been released publicly, and Smith tells Jones he's "welcome to it." After their conversation, Jones arranges a conference call with his firm's portfolio managers and announces that Biokem is underpriced and will likely earn over $3.00 per share this year. During the call with the portfolio managers, Jones does not reference his conversation with Smith. According to the Standards that concern misrepresentation and diligence and reasonable basis, Jones violated:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A4. Doug Watson, CFA, serves in a sales position at Sommerset Brokerage, a registered investment adviser. As part of his employment,he is expected to entertain clients. Frequently at these client outings, Watson drinks excessively. On one occasion, after dropping off a client, Watson was cited by local police for misdemeanor public intoxication. According to the Standard on knowledge of the law and the Standard on misconduct, Watson is in violation of:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】B5. Kevin Richards is a performance analyst for Reliable Advisors, a retail investment advisory and consulting firm. Richards, who is a Level I CFA candidate, was hired-as part of the firm's efforts to attract CFA candidates into critical areas of the firm, such as performance measurement and attribution. Richards' supervisor instructs him to reference the firm's compliance with GIPS in marketing materials to attract more clients. For Richards' reference to the firm's GIPS compliance to be accurate, Reliable is least likely required to:A. apply GIPS compliance firm wide and not only to the specific asset classes mentioned in the marketing materials.B. claim compliance with GIPS only if it has a compliant performance history of five years or more.C. include all discretionary fee-paying accounts in composites basedon their investment objectives and/or strategies.【答案】B6. Peter Taylor, a CFA charterholder and a food industry analyst for a large investment firm, has been invited by Sweet Pineapple Co. to visit the firm's processing plants in Hawaii. The Standard concerning independence and objectivity recommends that Taylor:A. use and pay for commercial transportation, if available.B. obtain written permission from his employer before he accepts this invitation.C. decline this invitation if he issues recommendations on the firm's securities.【答案】A7. Ruth Brett, a Level I CFA candidate, is a research analyst for a large investment firm. Due to a demanding work schedule with long hours, Brett was unable to attend any sort of exam preparation class, and has only been able to study sporadically. Feeling nervous and unprepared the night before the exam, Brett writes a few key notes on the bottom of her shoe. At the exam, Brett sees the large number of proctors present and decides not to risk getting caught and does not look at her shoe. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, Brett is:A. not in violation of any Standard or the Code of Ethics because shedid not use the notes.B. in violation of the Code of Ethics for bringing the notes into the examination room but is not in violation of any Standard because she did not use the notes.C. in violation of both the Code of Ethics and the Standard governing conduct as Members and Candidates in the CFA Program for taking the notes into the examination room.【答案】C8. Which of the following is least likely included in the CFA Code of Ethics? Members of CFA Institute must:A. place their clients' interests before their employer's interests.B. strive to maintain and improve the competence of others in the profession.C. use reasonable care and exercise independent professional judgment.【答案】A9. In formulating her report on GammaCorp's common stock, Barb Kramer, CFA, did a complex series of statistical tests on the company's past sales and earnings. Based on this statistical study, Kramer stated in her report that, "GammaCorp's earnings growth for the next five years will average 15% per year." Her conclusion was based in part on a regression analysis with a high level of statistical significance. Has Kramerviolated the Standard on communication with clients and prospective clients?A. Yes, because she didn't give complete details of the statistical model used.B. Yes, because she failed to indicate that 15% growth is an estimate.C. No, because her projections are within the generally accepted bounds of statistical accuracy.【答案】B10. Alpha Advisors Inc. is an investment management firm with a client base that ranges from individuals to large foundations. Which of the following firm policies is least appropriate if Alpha adopts the Code and Standards? Alpha:A. monitors the personal trading activity of firm personnel and requires them to pre-clear personal trades.B. regularly calls larger accounts first after changes in investment recommendations have been faxed to all clients.C. excludes client accounts of family members of employees from participating in IPOs.【答案】C11. Dudley Thompson is a bond salesman for a small broker/dealer in London. His firm is the lead underwriter on a new junk bond issue forthe Ibex Corporation. In order to stimulate sales of the new issue, Thompson calls all of his accounts over ￡1,000,000, many of which belong to elderly clients with low risk tolerances, and tells them that the Ibex issue is a fantastic opportunity for high returns that is not to be missed. Thompson also posts overly optimistic projections for Ibex's performance on several Internet "chat rooms" in order to increase the price of the bond issue and enhance his clients' returns on the investment. According to the Standards concerning market manipulation and suitability, Watson is in violation of:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A12. Rob Elliott, a CFA candidate, is an analyst with a large asset management firm. His personal portfolio includes a large amount of common stock of TECH Inc., a semiconductor company which his firm does not currently follow. The director of the research department has just asked Elliott to analyze TECH and write a report about its investment potential, which will be distributed to clients and prospective clients. Based on the CFA Institute Standards of Professional Conduct, the most appropriate course of action for Elliot to take would be to:A. sell his shares of TECH before completing the report.B. decline to write the report.C. disclose the ownership of the stock to his employer and in the report if he writes it.【答案】C13. Antonio Mendoza, CFA, is an investment manager in private practice under the name Mendoza Investments. Mendoza solicits new business by making brief presentations describing his investment performance record. At each presentation, he makes available a 1-page information sheet that outlines his performance history for the past ten years. His telephone number is on the sheet for prospective clients who wish to contact him for additional supporting information. At the bottom of the sheet the following is stated: "Mendoza Investments has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS?).'' Mendoza's information sheet:A. does not comply with GIPS.B. violates the Standard that concerns performance presentation.C. complies with both GIPS and the Standard that concerns performance presentation.【答案】C14. Anne Franklin, CFA, is an analyst who covers technology stocks for Medallion Investments. Franklin frequently meets with company management and makes site visits to company facilities. Cynthia Lucas,chief technology officer for Level Tech, tells several analysts, including Franklin, during a conference call that overseas shipments of the company's important new product are going to be delayed due to manufacturing defects, which she expects are correctable. This information has not been released in any other format. Medallion manages discretionary accounts for Lucas and Franklin. Subsequent to her meeting, Franklin sends a note to Medallion's investment personnel telling them to "sell the stock in all client accounts," as the shipment information is significant and contrary to recent earnings guidance from the company. Franklin's use of the information received from Lucas:A. violates the Code and Standards, as Franklin received material nonpublic information that should not have been acted upon.B. violates the Code and Standards, since she directed the sale in all client accounts instead of acting in the best interests of her own clients.C. does not violate the Code and Standards, as Franklin was adhering to her fiduciary duty to Medallion's clients by sharing the information and recommending a "Sell."【答案】A15. R.J. Young is meeting with a new client for the first time. At this meeting, he will be gathering information about the client in order to assess the client's investment objectives and constraints. As he does for all of his clients, Young will then prepare a written investment policystatement (IPS). According to the recommended procedures for complying with the Standard on suitability, which of the following statements regarding an IPS is least accurate?A. An IPS should describe the roles and responsibilities of the adviser and client.B. A member or candidate is not responsible for financial information withheld by the client.C. A client's IPS must be updated at least quarterly to reflect any changes in their investment profile.【答案】C16. For years John Berger, a CFA charterholder and CEO of a company, relied upon a set of reasonable procedures for preventing violations of the Code and Standards of Professional Conduct in the firm. To not be liable for a violation of the Standards, Berger must:A. do nothing more than have the set of procedures in place as stated.B. periodically review the procedures.C. both periodically review the procedures and ensure the procedures are monitored and enforced.【答案】C17. According to the Standards of Practice Handbook, in order to fulfill the basic provision and procedure of the suitability standards,should a client’s written investment polity statement (IPS): Take performance measurement Be reviewed at least annually?benchmarks into consideration?A. Yes YesB. Yes NoC. No Yes【答案】A18. An analyst meets with a new client. During the meeting, the analyst sees that the new client’s portfolio is heavily invested in one over-the-counter stock. The analyst has been following the stock and thinks it will perform well in the long run. The analyst arranges through a brokerage firm to simultaneously sell a large number of shares of the stock via a series of cross trades from the new client’s portfolio to various existing clients. He arranges the trades to be executed at a price that approximates the current market price. This action is:A. not in violation of the Standards.B. a violation of Standard III(A), Loyalty, Prudence, and Care.C. a violation of Standard III(B), Fair Dealing.【答案】A19. An analyst gathered the following information about the monthly returns over the same time period from two diversifiedinvestment portfolios:The analyst stated that Portfolio X is negatively skewed and Portfolio Y is positively skewed. Is the analyst correct with respect to: Portfolio X?Portfolio Y?A. No NoB. No YesC. Yes No【答案】A20. A pension fund expects to pay obligations of $5, 000, 000 4 years from today. The fund will fund this obligation by making 5 annual, equal deposits into an account earning 3%, with the first deposit occurring today, and the last occurring at the time the obligation is due. What size must each annual deposit be?A. $904,874.B. $941,773.C. $1,125,662.【答案】B21. An investor plans to retire eight years from today. To maintain her standard of living through retirement, she needs to have $2.5 million accumulated when she retires. Her portfolio is currently valued at $1.2million and is expected to earn 7.0 percent annually. The minimum annual amount she must save at the beginning of each of the next eight years to achieve a retirement accumulation of $2.5 million is closest to:A. $0B. $31,875C. $39,914【答案】C22. An analyst asked an junior associate to evaluate the performance of group of mutual funds over the last 10 years. The associate calculated the following performance statistics:The analyst suspects that the associate has made some errors in calculating the performance statistics. Based only on the expected mathematical relationships between the two measures of return and between the two measures of dispersion calculated by the associate, did the associate most likely make errors in calculating the statistics associated with:Mutual Fund A?Mutual Fund B?A. No YesB. Yes NoC. Yes Yes【答案】C23. When using stock return data, a geometric mean return calculation is most likely preferred over a geometric mean calculation because:A. return data can be negative.B. return data can be less than one.C. the geometric mean return is closer in value to the arithmetic mean.【答案】A24. An analyst is investigating the distribution of the SMG stock’s return over time. He calculated the mode of 12 percent, the mean of 11 percent, and the median of 11.5 percent. The distribution can best be described as:A. positively skewed, with a long tail on the left side.B. negatively skewed, with a long tail on the left side.C. positively skewed, with a long tail en the right side.【答案】B25. An analyst collects the following set of past stock returns: -2.3%, -5.1%, 7.6%, 8.2%, 9.1%, and 9.8%. Which of the following measures of return is most likely the highest?A. Median returnB. Geometric mean returnC. Arithmetic mean return【答案】A26. An investor is considering investing in one of the three following portfolios:If the investor's minimum acceptable return is 5%, the optimal portfolio using Roy's safety-first criterion is:A. Portfolio X.B. Portfolio Y.C. Portfolio Z.【答案】C27. An analyst is testing the hypothesis that the variance of monthly returns for Index L equals the variance of monthly returns for Index M based on samples of 50 monthly observations. The sample variance of Index L returns is 0.085, whereas the sample variance of Index M returns is 0.084. Assuming the samples are independent and the returns are normally distributed, which of the following represents the most appropriate test statistic?A.B.C.【答案】A28. If the probability of event J multiplied by the probability of event K is not equal to the joint probability of events J and K, then events J and K are most likely:A. dependent events.B. independent events.C. mutually exclusive events.【答案】A29. Alan Barnes, CFA, is interested in the expected quarterly return on FTSE 100 stock index. He has data for the last five years and calculates the average return on the index over the last 20 quarters. This average return:A. is different from the statistic he is trying to estimate by the amount of the sampling error.B. overstates the return because he should divide by the square root of 20 when using a mean value.C. overstates the expected return because he should have used the geometric mean and not the simple average.【答案】A30. Which of the following statements regarding the significance level of a hypothesis test is most accurate?A. Given a significance level of 5%, a test will reject a true null hypothesis 5% of the time.B. If the significance level of a test is 5%, it will yield the correct decision about the null hypothesis 95% of the time.C. If the significance level of a test is 95%, it will yield the correct decision about the null hypothesis 95% of the time.【答案】A31. An analysis determined that approximately 99 percent of the observations of daily sales for a company were within the interval from $250,000 to $580,000 and that daily sales for the company were normally distributed. The mean daily sales and standard deviation of daily sales, respectively, for the company were closest to:Mean daily sales Standard deviation of daily salesA. $415,000$41,667B. $415,000$55,000C. $355,115$41,667【答案】B32. The joint probability of returns, for securities A and B, are as follows:The covariance of returns of A and B is:A. 6%B. 12%C. 24%【答案】A33. Does the quantity theory of money assume that in the long run:Potential GDP is influenced the price level is influencedby the quantity of money?by the quantity of money?A. No NoB. No YesC. Yes No【答案】B34. Which of the following condition is least likely to be the obstacle to the efficient allocation of productive resources:A. Price controlsB. Taxes and trade restrictionsC. Perfect competition【答案】C35. Which of the following condition is least likely to be the reason that a black market is generally inefficient:A. Unenforceable contractB. Increased prices required by suppliers due to the risk of prosecutionC. Intensive control by the government【答案】C36. Which of the following describes the difference between perfect competition and monopolistic competition? Firms in monopolistic competition:A. Provide differentiated products.B. Decide on the output where marginal revenue equals marginal cost.C. Are free to enter and exit the market.【答案】A37. Generally speaking, when the Herfindahl-Hirschman Index (HHI) is calculated by summing the squared percentage market shares, how many largest firms’data is used in a industry, supposing there are a large number of firms in the industry:A. 4B. 10C. 50【答案】C38. If accurately calculated, will the amount of accounting profit fora firm generally:Be below that firm’s economic consider both that firm’s profit for the same time Defied?explicit and implicit costs?A. No NoB. No YesC. Yes No【答案】A39. The demand for a given resource will most likely decrease if the prices of its substitute resources and complementary resources, respectively:Prices of substitute resources Price of complementary resourcesA. Increase IncreaseB. Increase DecreaseC. Decrease Increase【答案】C40. With respect to the different views about short-term fluctuations in the economy, what is the primary driver of aggregate demand according to the:Keynesian view?Classical view?A. Future expectations Technological changeB. Future expectations The supply of moneyC. Current price level Technological change【答案】A41. At low wage rates, will an increase in the wage rate most likely result in:The substitution effect?An increase in the supply of labor?A. Yes YesB. Yes NoC. No Yes【答案】A42. An analyst does research about technologically efficient and economically efficient. A method of production is economically efficient when:A. it uses the most up-to-date technology.B. the cost of human capital is as low as possible.C. the cost of producing a given output is as low as possible.【答案】C43. Given the following possibilities, which one results in an increase in total consumer expenditures?A. demand is elastic and price rises.B. demand is inelastic and price falls.C. demand is inelastic and price rises.【答案】C44. Suppose that rubber is the primary input in the production of golf balls. If the price of rubber increases while all else remains constant, then in the short-run:A. The marginal and average variable cost curves shift upward, but not the average total or average fixed cost curves.B. The average total and average variable cost curves shift upward, but the marginal and average fixed cost curves will shift downward.C. The marginal, average variable, and average total cost curves will shift upward, but the average fixed cost curve will not shift.【答案】C45. In which of the following situations when recording inventory ata value greater than its historical cost is permitted?A. The value is a reversal of a pervious write-down.B. The inventory consists of agricultural products.C. Financial statements are prepared using U.S.GAAP.【答案】B31. For an asset with a price of 1000, which of the following price targets is least likely based on Fibonacci ratio?A. 618.B. 1294.C. 1618.【答案】B32. A portfolio of non-dividend-paying common stocks earned a geometric mean return of 5 percent between 1 January 2002 and 31 December 2008. The arithmetic mean return for the same period was 6 percent. If the market value of the portfolio at the beginning of 2002 was $100,000, the market value of the portfolio at the end of 2008 was closest to:A. $137,000B. $140,710C. $141,030【答案】B33. Which of the following is not true regarding to zero economic profit?A. The net present value of cash flows when discounted at the firms cost of capital will equal to zero.B. The firm is just profitable enough to make a normal return.C. The return for the firm is insufficient for the risk taken.【答案】C34. An analyst does research on price discrimination’s impact. Compared to using a single price in a market characterized by monopolistic competition, using price discrimination when two customergroups have different demand elasticities is least likely to result in:A. new productive ventures.B. an increase in total output.C. lower prices for both groups.【答案】C资料来源：文得学习网，更多考试资料题库视频，上文得学习网查找。
CFA考试《CFA三级》历年真题精选及详细解析1007-26
CFA考试《CFA三级》历年真题精选及详细解析1007-261、Ward is scheduled to visit the corporate headquarters of Evans Industries. Ward expects to use the information he obtains there to complete his research report on Evans stock. Ward learns that Evans plans to pay all of Ward’s expenses for the trip, including costs of meals, hotel room, and air transportation. Which of the following actions would be the best course for Ward to take under the Code and Standards?【单选题】A.Accept the expense-paid trip and write an objective report.B.Pay for all travel expenses, including costs of meals and incidental items.C.Accept the expense-paid trip but disclose the value of the services accepted in the report.正确答案:B答案解析:The correct answer is B. The best course of action under Standard I(B)—Independence and Objectivity is to avoid a conflict of interest whenever possible. Therefore, for Ward topay for all his expenses is the correct answer. Answer C details a course of action in which the conflict would be disclosed, but the solution is not as appropriate as avoiding the conflict of interest. Answer A would not be the best course because it would not remove the appearance of a conflict of interest; even though the report would not be affected by the reimbursement of expenses, it could appear to be.2、Are the three compliance procedures reviewed by Campanelli consistent with both the required and recommended standards of the CFA Institute Asset Manager Code of Professional Conduct?【单选题】A.No, the procedures regarding record retention are inconsistent.B.No, the procedures regarding portfolio review are inconsistent.C.No, the procedures regarding investigation of complaints are inconsistent.正确答案:C答案解析:C is correct. According to the recommendations of Section D(2) of the Asset Manager Code,where possible, the CCO should be independent from the investment and operations personnel and should report directly to the CEO orthe board of directors.3、The strategy that is most likely to benefit from the environment described by Monts in Statement 3 is to:【单选题】A.rotate from consumer non-cyclical to consumer cyclical sectors.B.increase exposure to the crossover sector.C.shift the portfolio’s positions to shorter duration corporate bonds.正确答案:C答案解析:Curve-adjustment trades take place when the portfolio manager expects credit spreads will widen (either overall or in a particular sector). The specific strategy is to shift the portfolio’s exposure to shorten spread duration by selling longer maturity corporate bonds and buying shorter maturity bonds, which lowers the contribution to spread duration.4、Sigma can most likely reduce credit risk in its OTC derivatives positions by changing which of the following practices?【单选题】tingB.Frequency of marking to marketC.Limiting counterparty exposure正确答案:B答案解析:Sigma typically enters two-year contracts and doesnot mark to market until expiration of the contract. Increasing the frequency of the marking to market will decrease credit risk. When a contract is marked to market, the party for whom the contract has a positive value receives payment from the counterparty, thus eliminating credit risk. Consequently, more frequent marking to market decreases credit risk.5、Based on Exhibit 1, Kiest’s liabilities would be classified as:【单选题】A.Type I.B.Type II.C.Type III.正确答案:A答案解析:A is correct. Type I liabilities have cash outlays with known amounts and timing. The dates and amounts of Kiest’s liabilities are known; therefore, they would be classified as TypeI liabilities.6、If Motelli’s current investment account of €250,000 is invested in an asset which is expected to earn annual interest of 6.5 percent and no capital gains, what is his expected after tax accumulation in 15 years?【单选题】A.€578,664.B.€586,547.C.€642,960.正确答案:B答案解析:B is correct. The after tax wealth accumulation for annually taxable income isFVIFi = [1 + r(1 – ti)]nFV = €250,000 × FVIFi = €250,000 × [1 + 0.065(1 – 0.10)]15= €586,5477、Based on Exhibit 1, which of the portfolios will best immunize SD&R’s single liability?【单选题】A.Portfolio 1B.Portfolio 2C.Portfolio 3正确答案:B答案解析:B is correct. In the case of a single liability, immunization is achieved by matching the bond portfolio’s Macaulay duration with the horizon date. DFC has a single liability of $500 million due in nine years.Portfolio 2 has a Macaulay duration of 8.9, which is closer to 9 than that of either Portfolio 1 or 3.Therefore, Portfolio 2 will best immunize the portfolio against the liability.8、Ng’s response to Kepler’s question about the most efficient portfolio management strategy should be:【单选题】A.full replication.B.active management.C.an enhanced indexing strategy.正确答案:C答案解析:C is correct. Under an enhanced indexing strategy, the index is replicated with fewer than the full set of index constituents but still matches the original index’s primary risk factors. This strategy replicates the index performance under different market scenarios more efficiently than the full replication of a pure indexing approach.9、Considering Zubov’s statements to the investment committee regarding Hoven University’s endowment, he is least likely correct with respect to:【单选题】A.liquidity need.B.total return objective.C.risk tolerance.正确答案:C答案解析:The endowment’s risk tolerance is low to moderate, not high, because the endowment’s contribution represents 25% of the university’s operating budget. Thus, a modest drop in the endowment’s value may have a significant impact on university operations. Another factor supporting a lower risk tolerance is the use of a simple spending rule. The absence of a smoothing rule means the endowment has less tolerance for short-termportfolio risk. Although a return objective of 7%–7.5% may ostensibly be used to support a higher risk tolerance, the risk of a short-term drawdown poses a much larger risk and thus, on balance, a low to moderate risk tolerance is more appropriate for the endowment.10、Are Pearson\\\\\\\\'s statements regarding the disadvantages of the historical method for estimating VaR most likely correct?【单选题】A.No, the second statement is not a disadvantage.B.No, the first statement is not a disadvantage.C.Yes.正确答案:B答案解析:The nonparametric feature of the historical method is an advantage, not a disadvantage. The historical method requires minimal probability-distribution assumptions compared with other methods.。
CFA考试历年真题精选3（附详解）
CFA考试历年真题精选3（附详解）CFA考试历年真题精选3（附详解）1、A company that wants to determine its cost of equity gathers the following information：【单选题】A.13.1%.B.12.6%.C.7.5%.正确答案:A答案解析:CAPM: Cost of equity = Risk free rate + Beta × Market risk premium = 3.5% + 1.6 × (6.0%) = 13.1%.Section 3.3.12、A trader determines that a stock price formed a pattern with a horizontal trendline that connects the high prices and a trendline with positive slope that connects the low prices. Given the pattern formed by the stock price, the trader will most likely:【单选题】A.purchase the stock because the pattern indicates a bullish signal.B.avoid trading the stock because the pattern indicates a sideways trend.C.sell the stock because the pattern indicates a bearish signal.正确答案:A答案解析:2014 CFA Level I“Technical Analysis,” by Barry M. Sine and Robert A. StrongSection 3.3.2.13、A company, which prepares its financial statements according to IFRS, owns several investment properties on which it earns rental income. It values the properties using the fair value model based on prevailing rental markets. After two years of increases the market softened in 2012 and values decreased. A summary of the properties’ valuations is as fo llows:Which of thefollowing best describes the impact of the revaluation on the 2012 financial statements?【单选题】A.€6.5 million charge to net incomeB.€6.5 million charge to revaluation surplusC.€4.5 million charge to revaluation surplus and €2.0 million charge to net income正确答案:A答案解析:"Long-Lived Assets,” Elaine Henry, CFA and Elizabeth A. GordonA is correct. For investment properties, when using the fair value model of revaluing assets, all increases and decreases affect net income.4、Under IFRS, the costs incurred in the issuance of bonds are most likely:【单选题】A.expensed when incurred.B.included in the measurement of the bond liability.C.deferred as an asset and amortized on a straight-line basis.正确答案:B答案解析:Under IFRS, debt issuance costs are included in the measurement of the bond liability.Section 2.1 5、Prices of a futures contract for five consecutive trading-days are provided in the table below. The initial margin requirement is set at $6.00 per contract and the maintenance margin is $3.60 per contract.On day 0, a trader enters into a short position for 15 contracts. The ending balance for the margin account on day 5 is closest to:【单选题】A.$15.B.$60.C.$210.正确答案:B答案解析:“Futures Markets and Contracts”, Don M. Chance,CFAOn day 0, the trader must deposit an initial margin of $90 (= $6 × 15). Subsequent gains and losses on the short position are reflected in the ending margin balance for the day. The ending balance on day 4 is $45, which is below the maintenance margin of $54 (= $3.60 × 15). On any day in which the amount of money in the margin account at the end of the day falls below the maintenance margin requirement, the trader must deposit sufficient funds to bring the balance back up to the initial margin requirement. Therefore, the trader must deposit $45 on day 5 to bring the margin balance up to $90. After reflecting a loss of $30, the ending balance on day 5 is $60.6、David Donnigan enrolled to take the Level II CFA examination in the current year, but he did not takethe exam. Donnigan advised his employer that he passed Level II. Subsequently, he registered totake the Level II exam the next year. Which CFA Institute Standards of Professional Conduct didDonnigan least likely violate? The standard related to:【单选题】A.referencing candidacy in the CFA Program.B.duty to employer.C.professional misconduct.正确答案:A答案解析:Because he registered to take the exam in the next year, Donnigan still qualifies to state he is acandidate in the CFA Program. He would not, however, be authorized to reference that he is a LevelIII candidate and, if asked, would need to specifiy that he is a Level II candidate.Standard I(D), Standard IV(A)7、An investor purchases a bond for $989.00.After 180 days the investor receives aninterest payment of $25.10 and sells the bond for $1036.40.The investor's effectiveannual yield is closestto:【单选题】A.14.66%B.15.20%C.15.42%正确答案:C答案解析:由题意可知，- 1 = 15.42%。
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CFA考试《CFA三级》历年真题精选及详细
解析1107-59
1、Ward is scheduled to visit the corporate headquarters of Evans Industries. Ward expects to use the information he obtains there to complete his research report on Evans stock. Ward learns that Evans plans to pay all of Ward’s expenses for the trip, including costs of meals, hotel room, and air transportation. Which of the following actions would be the best course for Ward to take under the Code and Standards?【单选题】
A.Accept the expense-paid trip and write an objective report.
B.Pay for all travel expenses, including costs of meals and incidental items.
C.Accept the expense-paid trip but disclose the value of the services accepted in the report.
正确答案:B
答案解析:The correct answer is B. The best course of action under Standard I(B)—Independence and Objectivity is to avoid a conflict of interest whenever possible. Therefore, for Ward to pay for all his expenses is the correct answer. Answer C details a course of action in which the conflict would be disclosed, but the solution is not as appropriate as avoiding the conflict of interest. Answer A would not be the best course because it would not remove the appearance of a conflict of interest; even though the report would not be affected by the reimbursement of expenses, it could appear to be.
2、Are the three compliance procedures reviewed by Campanelli consistent with both the required and recommended standards of the CFA Institute Asset Manager Code of Professional Conduct?【单选题】
A.No, the procedures regarding record retention are inconsistent.
B.No, the procedures regarding portfolio review are inconsistent.。