CFA考试一级章节练习题精选0329-18(附详解)

1、CFA考试一级章节练习题精选 0329-18 （附详解）1、Given two mutually exclusive projects with normal cash flows, the points at which the net present value profiles intersect the horizontal axis are most likely to be the: 【单选题】A. crossover rate for the projects.B. internal rates of return of the projects.C. the company &

2、#39;s weighted average cost of capital (WACC).正确答案 :B答案解析 : “ Capital Budgeting,” John D. Stowe, CFA and Jacques R Gagne , CFA82010 Modular Level I, Vol. 4, pp. 17 -23Study Session 11-44-e-exclusive projects, and describe theExplain the NPV profile, compare and contrast the NPV and IRR methods when

3、evaluating independent and mutually problems associated with each of the evaluation methods.For a project with normal cash flows, the NPV profile intersects the horizontal axis at the point where the discount rate is equal to the IRR. The crossover rate is the discount rate at which the NPVs of the

4、projects are equal. While it is possible that the crossover rate is equal to each projectThe IRR for both projects being the firm's WACC will only arise when both projects have a NPV=0.2、 When considering two mutually exclusive capital budgeting projects with conflicting rankings, the most appro

5、priate conclusion is to choose the project with the: 【单选题】A.higher net present value (NPV).B.shorter payback.C.higher internal rate of return (IRR).正确答案 :A答案解析 :The project with the higher NPV should be undertaken because it measures the increase in wealth as a result of taking the project. For mutu

6、allyexclusive projects, IRR may give incorrect decisions as a result of scale and/or cash flow timing effects. Payback is not aneconomically sound method forevaluation of capital projects.2014 CFA Level IDiscounted Cash Flow Applications,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto,

7、and David E. RunkleSection 2.3Capital Budgeting,” by John D. Stowe and Jacques R. GagnSection 43、 The following information is available for a firm:Revenue£800,000Variable cost400,000Fixed cost200,000Operating income200,000Interest60,000Net income140.000IThe firm's degree of total leverage

8、(DTL) is closest to:【单选题】A. 1.43.B. 2.86.C. 2.00.正确答案:B 答案解析:DTL=Revenue-Variable cost/Net income= £ 800,000-£ 400,000/ £ 140,000=2.86.CFA Level I "Measures of Leverage, P amela P eterson Drake, Raj Aggarwal, Cynthia Harrington, and AdamKoborSection 3.54、 The market price of a co

9、mpany's stock is $5 per share with 50 million shares outstanding. Thecompany decides to use its cash reserves to undertake a $10million share buyback. Just p rior to thebuyback, the comp any rep orts total assets of $650 million and total liabilities of $450 million. Theco mp any's bookvalue

10、 per share after the share buyback is closest to:【单选题】A.$3.96.C.$3.80.正确答案:ANo. of shares purchased Remaining no. of shares after share buybackBook value of company after buyback;$10 million 一 $5 per share =50 million-2 millionTotal assets less cash used minus total liabilities:$3.96 pwBVPS afteruyb

11、ackCFA Level I"Dividends and Share Repurchases: Basics," George H. Troughton, and Gregory NoronhaSection 4.2.25、 Which action is most likely considered a secondary source of liquidity? 【单选题】A.Increasing the availability of bank lines of creditB.Increasing the efficiency of cash flow manage

12、mentC.Renegotiating current debt contracts to lower interest payments正确答案 :C答案解析 : “ Working Capital Management,” Edgar A. Norton, Jr., CFA, Kenneth L. Parkinson, and Pamela Peterson Drake, CFA2013 Modular Level I, Vol. 4, Reading 40, Sections 2.1.1, 2.1.2.Study Session 11-40-aDescribe primary and secondary sources of liquidity and factor