CFA考试《CFA一级》历年真题精选03(附详解)
CFA考试一级章节练习题精选0331-65(附详解)
CFA考试一级章节练习题精选0331-65附详解）1、The primary monetary policy goal of most major central banks is best characterized as:【单选题】A.containing inflation.B.stimulating economic growth.C.maintaining low interest rates.正确答案:A答案解析:“An Overview of Central Banks,” Anne Dolganos PickerMost major central banks’ primary monetary policy goal is to contain inflation.2、Which of the following measures of profit is most likely necessary for a firm to stay in business in the long run?【单选题】A.NormalB.EconomicC.Accounting正确答案:A答案解析:“Demand and Supply Analysis: The Firm,” Gary L. Arbogast and Richard V. EastinA is correct. Normal profit is the level of accounting profit needed to just cover the implicit opportunity costs ignored in accounting costs. This is all that a firm needs to earn in the long run to remain in business. Failing to earn normal profits over the long run has a debilitating impact on the firm’s ability to access capital and to function properly as a business enterprise.3、Consider two countries, A and B. Country A is a closed country with a relative abundance of labor and holds a comparative advantage in the production of textiles. Country B has a relative abundance of capital. When the textile trade is opened between the two countries, Country A will most likely experience a favorable impact on:【单选题】bor.B.capital.C.both capital and labor.正确答案:A答案解析:“International Trade and Capital Flows,” Usha Nair-Reichert and Daniel Robert WitschiCompare types of trade and capital restrictions and their economic implications.A is correct. As a country opens up to trade, the benefit accrues to the abundant factor, which is labor in Country A.4、A market structure characterized by homogeneous/standardized product differentiation is best described as:【单选题】A.monopolistic competition.B.perfect competition and oligopoly.C.monopoly.正确答案:B答案解析:Perfect competition and oligopoly are characterized by homogeneous/standardized product differentiation.Section 2.25、Which of the following theories suggests that both aggregate demand and aggregatesupply are primarily driven by changes in technology over time?【单选题】A.Neoclassical school.B.Keynesian school.C.Austrian school.正确答案:A答案解析:新古典学派认为，总供给和总需求长期来讲主要由科学水平的变化所主导，而凯恩斯学派认为，总需求的变化是由于市场参与者预期的改变进而引起经济周期，奥地利学派认为，经济周期是由于政府对于经济的干预所引起的。
CFA考试一级章节练习题精选0331-58(附详解)
CFA考试一级章节练习题精选0331-58附详解）1、An investor fears that economic conditions will worsen and the market prices of her portfolio of investment-grade corporate bonds will decrease more than her portfolio of government bonds. The inves tor’s fear is best described as a fear of:【单选题】A.default risk.B.downgrade risk.C.credit spread risk.正确答案:C答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi, CFAC is correct because the when the market is willing to pay less for investing in risky bonds, the spreads on those bonds widens relative to default-free bonds. Thus the investor is concerned about credit spread risk.2、If the yield to maturity on an annual-pay bond is 7.75%, the bond-equivalent yield is closest to:【单选题】A.7.61%.B.7.90%.C.8.05%.正确答案:A答案解析:“Yield Measures, Spot Rates, and Forward Rates,” Frank J. Fabozzi, CFA3、An investor is least likely exposed to reinvestment risk from owning a(n):【单选题】A.callable bond.B.zero-coupon bond.C.amortizing security.正确答案:B答案解析:“Risks Associated with Investing in Bonds” Frank J. Fabozzi, CFAB is correct because there are no interim cash flows for a zero-coupon bond until the maturity.4、Which of the following terms in a bond issue most likely helps to reduce credit risk?【单选题】A.Term maturity structureB.Sinking fund arrangementC.Floating rate note正确答案:B答案解析:A sinking fund arrangement is a way to reduce credit risk by making the issuer set aside funds overtime to retire the bond issue.Section 6.3.35、An analyst does research about a callable bond.All else being equal, is a callablebond most likely to exhibit negative convexity when the prevailing market yieldfor that bond is relatively:【单选题】。
CFA考试一级章节练习题精选0331-21(附详解)
CFA考试一级章节练习题精选0331-21（附详解）1、Brendan Witt, CFA, is a sell-side analyst within a research team covering companiesin the technology sector.The team reaches a consensus to recommend sellinga mining company after long time debating.Witt does not agree with theteam's investment conclusion and believes the mining company is a potential targetof takeover.According to the Standards of Professional Conduct relating todiligence and reasonable basis, which of the following statements is most accurate?Witt must:【单选题】A.decline to be identified with the report.B.dissociate from the report because it does not reflect his opinion.C.ensure the consensus opinion has a reasonable and adequate basis and is independentand objective to keep her name on the report.正确答案:C答案解析:个人观点与集体观点不同时，也可以在报告上署名，只要确信参与写这个报告的其他人都做到了勤勉尽责和独立客观即可。
CFA考试一级章节练习题精选0329-24(附详解)
CFA考试一级章节练习题精选0329-24（附详解）1、An analyst does research about inventory and gathers the following informationabout a company's inventory:·Cost of the inventory is $ 6 350 000·Estimated selling price is $ 6 430 000·Estimated cost of completion is $ 110 000·Estimated costs to selling is $ 43 000Based on this information, the inventory is most likely reported on the balancesheet at:【单选题】A.$ 6 277 000B.$ 6 350 000C.$ 6 387 000正确答案:A答案解析:net realizable value = estimated selling price - estimated selling cost = $6 430 000 - $ 110 000 -$ 43 000= $ 6 277 000 < $ 6 350 000。
根据lower of cost or NRV (net realizable value)孰低原则，由于net realizable value 小于cost，因此以net realizable value 记账。
2、Which of the following is least likely a condition present in a “fraud triangle”?【单选题】A.Constraining debt covenants.B.Adding independent members to the Board of Directors.C.Management’s belief that a decline in performance is due to temporary economic conditions.正确答案:B答案解析:“Financial Reporting Quality: Red Flags and Accounting Warning Signs,” Thomas R. Robinson, CFA and Paul Munter2010 Modular Level I, Vol. 3, p. 574“The Corporate Governance of Listed Companies: A Manual for Investors,”2010 Modular Level I, Vol.4, pp. 171–176Study Session: 10-40-c, 11-48-cDescribe the “fraud triangle”.Describe board independence and explain the importance of independent board members in corporate governance.The “fraud triangle” requires incentives (e.g., debt covenants), opportunities, and management’s ability to rationalize (tem porary economic conditions). Adding independent members to the Board of Directors should improve corporate governance and hence decrease the opportunity for fraud.3、Under IFRS, which of the following is most likely one of the fundamental principles underlying the preparation of financial statements?【单选题】A.ReliabilityB.ConsistencyC.Understandability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, Elaine Henry, CFA, and Michael A. Broihahn, CFA2011 Modular Level 1, Vol.3, pp.107-108, 112-113。
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0330-11(附详解)
CFA考试一级章节练习题精选0330-11（附详解）1、Michael Allen, CFA, works for an investment management company and managesportfolios for a variety of retail and institutional clients for his firm, includinghis wealthy uncle, all of whom pay a management fee for his wrenceBrown, an analyst at a brokerage firm has recommended Allen a high yield hedgefund based on its historical performance.Allen purchases a large block of thishedge fund and allocates proportionately to all client portfolios, including hisuncle's portfolio.Has Allen most likely violated the Standards of ProfessionalConduct?【单选题】A.No.B.Yes, relating to suitability.C.Yes, relating to fair dealing.正确答案:B答案解析:因为Allen的叔叔也是他的客户，所以Allen需要公平地对待所有客户，包括他的叔叔。
题目中，按比例（proportionately）分配并没有违反公平对待的行为标准。
但是，不根据客户的投资目标和限制而盲目给所有的客户进行购买，违反了合适性原则。
2、Gardner Knight, CFA, is a product development specialist at an investment bank. Knight is responsible for creating and marketing collateralized debt obligations (CDOs) consisting of residential mortgage bonds. In the marketing brochure for his most recent CDO, Knight provided a list of the mortgage bonds that the CDO was created from. The brochure also states “an independent third party, the collateral manager, had sole authori ty over the selection of all mortgage bonds used as collateral in the CDO.” However, Knight met with the collateral manager and helped her select the bonds for the CDO. Knigh t is least likely to be in violation of which of the following CFA Institute Standards of Professional Conduct?【单选题】A.SuitabilityB.Conflicts of InterestC.Client Communication正确答案:A答案解析:CFA Institute Standards2012 Modular Level I, Vol. 1, pp. 78, 116–117, 123–125Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.A is correct because there is no indication the investment is unsuitable for investors and in violation of Standard III (C) Suitability.3、Sherry Buckner, CFA manages equity accounts for government entities whose portfolios are conservative and risk averse. Since the objective of her clients is to maximize returns with the lowest possible risk, Buckner considers adding to their holdings a new, thinly-traded, leveraged derivative product which she believes has the potential for high returns. To make her investment decision, Buckner relies upon comprehensive research from an investment bank that has a solid reputation for top quality research. After her review of that research, Buckner positions her accounts so that each has a 10% allocation to the derivative product. Did Buckner most likely violate any CFA Institute Standards of Professional Conduct by purchasing the derivative for her clients?【单选题】A.No.B.Yes, related to Suitability.C.Yes, related to Loyalty, Prudence and Care.正确答案:B答案解析:"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 78-81Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.B is correct as Buckner is in violation of Standard III (C) since she did not consider issues such as the limited liquidity or any potential leverage of this new product when she invested a substantial percentage of her client's portfolios in these instruments.4、Amanda Covington, CFA, works for McJan Investment Management. McJan employees must receive prior clearance of their personal investments in accordance with McJan's compliance procedures. To obtain prior clearance, McJan employees must provide a written request identifying the security, the quantity of the security to be purchased, and the name of the broker through which the transaction will be made. Precleared transactions are approved only for that trading day. As indicated below, Covington received prior clearance.Two days after she received prior clearance, the price of Stock B decreased, so Covington decided to purchase 250 shares of Stock B only. In her decision to purchase 250 shares of Stock B only, did Covington violate any CFA Institute Standards of Professional Conduct?【单选题】A.NoB.Yes, relating to diligence and reasonable basisC.Yes, relating to her employer's compliance procedures正确答案:C答案解析:Prior-clearance processes guard against potential and actual conflicts of interest; members are required to abide by their employer's compliance procedures (Standard VI (B)).2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard V(A), Standard VI(B)5、Helen Hawke, CFA, a verifier of the GAPS? standards.With respect to theGlobal Investment Performance Standards (the GAPS? Standards), which of thefollowing statements is least accurate? The GAPS? Standards:【单选题】A.are ethical standards for investment performance presentation to ensure fairrepresentation and full disclosure of investment performance.B.will ensure full disclosure and fair representation if minimum requirementsof the GAPS? standards are adhered.C.rely on the integrity of input data.正确答案:B答案解析:只遵守GAPS?标准的最低要求并不能保证公允地陈述和充分地披露业绩，公司应该同时遵守推荐的做法来更好地计算和陈述业绩，所以B错。
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0331-46(附详解)
CFA考试一级章节练习题精选0331-46附详解）1、All else being equal, the floor on a floating-rate security is most likely to benefitthe :【单选题】A.issuer if interest rates fall.B.bondholder if interest rates fall.C.bondholder if interest rates rise.正确答案:B答案解析:对于浮动利率证券的利率底，意味着当利率下跌低于利率底时，该浮动利率证券还是以利率底来支付利息，锁定了债券持有人获得利息回报的最低下限，对于债券持有人是有利的。
1、An index provider has created a new investable index that tracks the hedge fund industry. Any fund that follows a long/short equity strategy can enter the index. The index provider places new constituents in the index at the end of each year and incorporates the new funds’ track record in the database. Which of the following is least likely a bias that might distort the historical performance of the index?【单选题】A.Backfilling.B.Self-selection.C.Tracking error.正确答案:C答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey2011 Modular Level I, Vol. 6, pp. 227-229Study Session 18-74-lDiscuss the performance of hedge funds, the biases present in hedge fund performance measurement, and explain the effect of survivorship bias on the reported return and risk measures for a hedge fund database.C is correct because this is not a bias that is associated with distorting the performance of a hedge fund index. Tracking error is a risk more commonly associated with mutual funds and ETFs when their investments deviate significantly from those in the index it is benchmarked against. Many hedge funds pursue absolute returns and may deviate materially from indices.1、High Plains Capital is a hedge fund with a portfolio valued at $475,000,000 at the beginning of the year. One year later, the value of assets under management is $541,500,000. The hedge fund charges a 1.5% management fee based on the end-of-year portfolio value, and a 10% incentive fee. If the incentive fee and management fee are calculated independently, the effective return for a hedge fund investor is closest to:【单选题】A.10.89%.B.11.06%.C.12.29%.正确答案:A答案解析:“Introduction to Alternative Investments,” Terri Duhon, George Spentzos, CFA, and Scott D. Stewart, CFA2013 Modular Level I, Vol. 6, Reading 66, Section 3.3.1Study Session 18-66-fDescribe, calculate, and interpret management and incentive fees and net-of-fees returns to hedge funds.A is correct. The management fee = $541,500,000 × 0.015 = $8,122,500The incentive fee = ($541,500,000 - $475,000,000) × 0.10 = $6,650,000Total fees = $14,772,500Return = ($541,500,000 - $475,000,000 - $14,772,500)/$475,000,000 = 0.1089 or 10.89%.1、U.S. farmers have become concerned that the future supply of wheat production will exceed demand. Any hedging activity to sell forward would most likely protect against which market condition?【单选题】A.ContangoB.Full carryC.Backwardation正确答案:C答案解析:“Investing in Commodities”, Ronald G. Layard-Liesching2013 Modular Level I, Vol. 6, Reading 67, Section 1Study Session 18-67-aExplain the relationship between spot prices and expected future prices in terms of contango and backwardation.C is correct because when a commodity market is in backwardation, the futures price is below the spot price because market participants believe the spot price will be lower in the future. When futures prices are above spot prices, the market is said to be in contango.1、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 McLeavey2010 Modular Level I, Vol. 6, p. 214Study Session 18-73-gExplain the stages in venture capital investing, venture capital investment characteristics, and challenges to venture capital valuation and performance measurementVenture capital investments provided to initiate commercial manufacturing and sales is considered a form of first-stage financing.。
CFA考试一级章节练习题精选0330-28(附详解)
CFA考试一级章节练习题精选0330-28（附详解）1、Margie Germainne, CFA, is a risk management consultant who has been asked by a smallinvestment bank to recommend policies to prevent bank employees from front running client orders.These clients generally invest in one or more of the bank's large cap equity unit trusts. To ensurecompliance with the CFA Institute Standards of Professional Conduct, Germainne should least likelyrecommend which of the following? Employees should be restricted from trading:【单选题】A.equity-related securities.B.without prior permission.C.during established time periods.正确答案:A答案解析:Although Standard VI(B)-Priority of Transactions is designed to prevent any potential conflict ofinterest or the appearance of a conflict of interest with respect to personal transactions, it does notban employees from trading securities. A ban on all equity-related securities could be excessivelyrestrictive to employees and unnecessary if appropriate personal transaction policies and proceduresare in place.CFA Level I"Guidance for Standards I-VII"Standard VI(B)-Priority of Transactions2、Margie Germainne, CFA, is a risk management consultant who has been asked by a small investment bank to recommend policies to prevent bank employees from front running client orders. These clients generally invest in one or more of the bank’s large cap equity unit trusts. To ensure compliance withthe CFA Institute Standards of Professional Conduct, Germainne should least likely recommend which of the following? Employees should be restricted from trading:【单选题】A.equity related securities.B.without prior permission.C.during established time periods.正确答案:A答案解析:“Guidance for Standards I–VII,” CFA Institute2012 Modular Level I, Vol. 1, pp. 54, 131–134Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.A is correct because while Standard VI (B) Priority of Transactions is designed to prevent any potential conflict of interest or the appearance of a conflict of interest with respect to personal transactions, it does not ban employees from trading securities. A ban on all equity related securities could be excessively restrictive to employees and unnecessary if appropriate personal transaction policies and procedures are in place.3、According to the Professional Conduct Standards relating to loyalty, prudenceand care, an accurate list of requirements to members and candidates with respectto a member's duties to clients would NOT include:【单选题】A.acting with reasonable care and excise prudent judgment.plying with the Global Investment Performance Standards (GAPS?).C.acting for the benefit of their clients.正确答案:B答案解析:遵守GAPS?是自愿的，并不要求会员或考生一定要遵守，另外两个选项是关于对客户忠诚、谨慎投资和合理注意的相关条款中所规定的。
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。
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1 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, CFA
4、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】 2
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. Fabozzi
5、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 5.1 6、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 4 7、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 Compliance 8、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3
荐的做法。同时，CFA协会推荐缩短决策制定和信息发布的时间，来避免违反公平对待的规定。 9、An analyst gathers the following information from a company's balance sheet(in millions):Based on the information, the company's liquidity ratios at the end of 2011have:【单选题】 A.decreased since the end of 2010. B.remained the same since the end of 2010. C.increased since the end of 2010. 正确答案:B 答案解析:流动比率（liquidity ratio）(2010) = 120/ 220 = 0.5455，流动比率(2011) = 132 / 242 =0.5455。其他流动性指标包括速动比率及现金比率。由于现金及一般等价物、应收账款、流动资产及流动负债都按10%的比例增加，所以这些比率也都保持一致。 10、An analyst does research about price-to-earnings ratio and gathers the followinginformation about a company:The trailing price-to-earnings ratio for this stock is closest to:【单选题】 A.11.5 B.13.6 C.15.5 正确答案:B 答案解析:trailing price-to-earnings ratio是将现在价格除以过去12月的每股收益 = 75/5.50 =13.6。