CFA考试一级章节练习题精选0330-26(附详解)

1、CFA考试一级章节练习题精选 0330-26 （附详解）1、The tenor of a swap is best described as the: 【单选题】A. size of the contract.B. original time to maturity.C. net amount owed by one party to the other.” Don M. Chance, CFA正确答案 :B答案解析 : “ Swap Markets and Contracts, 2013 Modular Level I, Vol. 6, Reading 64, Section 1.1Stud

2、y Session 17-64-aDescribe the characteristics of swap contracts and explain how swaps are terminated.B is correct. The original time to maturity is referred to as the tenor of the swap.2、When the underlying stock price is $95, an investor pays $2 for a call option with an exercise price of $95. If t

3、he stock price moves to $96, the intrinsic value of the call option would be closest to: 【单选题】A. -$1.B. $0.C. $1.” ,Don M. Chance正确答案:C 答案解析：“ Option Markets and Contracts 2010 Modular Level I, Vol. 6, pp. 98 -101Study Session 17-70-gDefine intrinsic value and time value and exp lain their relations

4、hi p.The intrinsic value of a call op tion is the stock p rice less the strike p rice if that difference is p ositive, and zero otherwise. The stock trading at $96 can be pu rchased for $95, so the intrinsic value is $1.3、An investor does research about option and purchases a call option with the fo

5、llowingterms:Strike price!$ 320Multiplier1250【单选题】If the p rice of the underlying is $ 306.94 at exp iration, the op tion p ayoff to thisinvestor is closest to:A. $0B. $13C. $3 265正确答案:A 答案解析:所针对的股票到期价格低于行权价，看涨期权没有任何价值。34、An investor who holds a long position in a futures contract will most likely r

6、eceive a margin call if the ending balance in his margin account falls below the:单选题】A. variation margin.B. initial margin requirement.C. maintenance margin requirement.正确答案 :C答案解析 :A margin call is due whenever the ending balance in the margin account falls below the maintenance margin requirement.

7、2014 CFA Level I "Futures Markets and Contracts," by Don M. ChanceSection 35、An analyst does research about forward products.Which of the following statementsis the most effective way to terminate a forward contract prior to expiration? 【单选题】A. One party of the forward contract closes the position with a local exchange.B. One party of the forward contract closes the position with the same counterparty.C. One party of the forward contract closes the position with the other counterpartywit