CFA考试一级章节练习题精选0331-34(附详解)

1、3CFA考试一级章节练习题精选0331-34附详解）1、An analyst does research about cash conversion cycle and gathers the followinginformation about two companies from the same industry:CompanyDays of ReceivablesDays of PayablesDays of Inventories181022201727All else being equal, the cash conversion cycle of comp any 1 is m

2、ost likely:【单选题】A. less than that of comp any 2.B. equal to that of comp any 2.C. more than that of comp any 2.正确答案:B答案解析：现金周转期(cash conversion cycle) (Company 1)=应收账款回收天数(days of receivables) +存货周转天数(days of inventory)-应付账款偿还天数(days of payables)= 18+ 22 - 10 = 30。现金周转期(cash conversion cycle) ( Comp

3、any 2)= 20 + 27 - 17 = 30。2、An analyst does capital budgeting about two independent projects.ProjectNet Present Value$150$200Internal Rate of Return18%15%【单选题】If the investor's required rate of return is 12%, which p roject should most likelybe acce pted?A. P roject 1.B. P roject 2.C. P roject 1

4、 and P roject 2.正确答案:C答案解析：对于单个项目，根据 NPV和IRR会得出相同的决策。对于相互独立项目(inde pendent projects)，只要NPV >0,就可以接受该项目；但如果NPV 0的项目中选择 NPV最大的项目当IRR与NPV对作决策有冲突时，以 NPV为准，因为NPV越大，越能增加股东的权益。单选题】3、Which of the following transactions is most likely to affect a company's financial leverage ratio?A. An increase in ca

5、sh dividends paidB. Payment of a 9% stock dividendC. Completion of a previously announced 1 -for -20 reverse stock split正确答案 :A答案解析 :Cash dividends affect a company's capital structure and financial leverage ratios by reducing assets and shareholders' equity.2014 CFA Level I "Dividends

6、and Share Repurchases: Basics," by George H. Troughton and Gregory NoronhaSection 2.44、A company that sells ice cream is evaluating an expansion of its production facilities to also produce frozen yogurt. A marketing study has concluded thatproducing frozen yogurt would increase the company'

7、;s ice cream sales because of an increase in brand awareness. What impact will the cash flows from theexpected increase in ice cream sales most likely have on the NPV of the yogurt project? 【单选题】A. IncreaseB. DecreaseC. No effect正确答案 :A4答案解析 : “ Capital Budgeting,” John D. Stowe, CFA and Jacques R.

8、Gagne , CFA2010 Modular Level I, Vol. 4, p. 9Study Session 11-44-bDiscuss the basic principles of capital budgeting, including the choice of the proper cash flows.The increase in ice cream sales represents a positive externality that will increase the NPV of the project and should be included in the

9、 NPV analysis.5、 An analyst does research about liquidity.Which of the following changes willleast likely improve a company's liquidity position?单选题】A.Supplies increase credit terms.B.Bank line of credit limit decreases.C.Number of days of receivable decrease.正确答案 :B答案解析 :供应商增加了信用期限，使得企业可以更多地以赊账