CFA备考之CFA一级习题精选

1、CFA备考之CFA 级习题精选I. Monique Gretta, CFA is a research analyst at East WestInvestment Bank. Gretta has several long -standing relationships with mutual funds and institutional investors. Gretta often p rovides these clients with draft copies of her research before disseminating the information to all o

2、f the bank 'lients. This practice has helped Gretta avoid several errors in her reports and she believes it is beneficial to the rest of her client base.Regarding her research, Gretta least likely violated the CFAInstitute Code of Ethics and Standards of Professional Conduct because:A. Her repor

3、t is a draft.B. Of her conflicts of interestC. This p ractice benefits clients.2. Investment analysts often use earnings per share (EPS)forecasts. One test of forecasting quality is the zero -mean test, which states that optimal forecasts should have a mean forecasting error of 0. (Forecasting error

4、 = Predicted value of variable ? Actual value of variable.)Performance in Forecasting Quarterly Earnings per ShareNumber of ForecastsMedn Forecast Error (Predicted Actual)Stzanddrd Deviations ofForecast Errors1010+050.1To test whether the mean forecasting error is 0, thet-statistic calculated is mos

5、t likely:A. 5.000B. 5.025C. 0.5003. An increase in the nominal money supply would shiftthe:A. IS curve and the LM curve.B. IS curve and the aggregate demand curve.C. LM curve and the aggregate demand curve.4. Using the following information, what is the firm's cashflow from op erations?Net incom

6、e5120Decreaie irn accounts raceivabk$20Depredation$25Increds&in inTpnTory$10Increase in accounts payable幻Decrease inpayable55Increase in deferred tax liabilities$15Profit from the safe of landi2A.$158B.$170C.$1745. Freytag Comp any currently has assets on its balancesheet that are financed with

7、60% equity and 40% debt. The comp any can issue debt at the yield of 8% when the value of the debt doesn ' t exceed 1 million. If larger amounts of debt are issued by the comp any, the yield of the debt will be 9%.Calculate the break p oints for the comp any.A. 1 millionB. 1.67 millionC. 2.5 mil

8、lion6. Which of the following is not included in behaviorfinance?A. Risk aversionB. Loss aversionC. Overconfidence7. Using the "Four Cs of Credit Analysis" framework,which of the following is the least likely factor to be considered under the category of "capacity"?A. Industry fu

9、ndamentalsB. History of fraud or malfeasanceC. Level of competition8. Which of the following best describes how futurescontract payoffs differ from forward contract payoffs?A. Forward contract payoffs are larger.B. They are equal, ignoring the time value of money.C. Futures contract payoffs are larg

10、er if the underlying is acommodity.9. The following information is available about a hedgefund:initial fund assets$100 millionFund aiiati at the end of the period (before fees)$110 millionManagement tee base-d on assets undr managementIncentive fee based cn th亡 returnSoft hurdle rateS耗No deposits to

11、 the fund or withdrawals from the fundoccurred during the year. Management fees are calculated using end-of-period valuation. Management fees and incentive fees are calculated independently. The net -of-fees return of the investor is closest to:A. 7.8%.B. 7.4%.C. 5.8%.10. Which of the following perf

12、ormance measures isconsistent with the CAPM?A. M squared.B. Sharpe ratio.C. Jensen's alpha.1. Solution: B.Even though the analyst is not treating all clients in an9equitable manner, there is no indication she has breached anyconflicts of interest.(No sp ecial interest relationshi p of conflicts.

13、2. Solution: B.X-处The Vtest is based ors/J . *'0.0 5 - 0For this Test we liave ' = o i qJg='血 4938 qt 5.025 »3. Solution: C.The LM curve rep resents combinations of income and theinterest rate at which the demand for real money balancesequals the supply. For a given price level, an

14、increase in thenominal money supply is also an increase in the real moneysupply. To increase the demand for real money balances, eitherthe interest must decline or income must increase. Therefore,at each level of the interest rate, income (= exp enditure) mustincrease a rightward shift of the LM cur

15、ve. Since the IS curveis downward sloping (higher income requires a lower interestrate), a rightward shift in the LM curve means that the IS andLM curves will intersect at a higher levelof aggregateexp enditure/income. This imp lies a higher levelof aggregateexpenditure at each price level arightwar

16、dshift of theAggregate Demand curve.4. Solution: B.Net income profits from sale of land + depreciation +decrease in receivables increase in inventories + increase inaccounts payable decrease in wages payable + increase2 + 25 + 20in deferred tax liabilities = 120+ 15 = $170. Note that the profit on t

17、he sale of land should be subtracted from net income to avoid double counting the gain in net income and investing activities.5. Solution: C.When the value of the debt exceeds 1 million, the yield ofthe bonds issued changed. So the break point for the company occurs when 40% of the whole capital exc

18、eeds 1 million. Break point = 1million/40% = 2.5million.6. Solution: A.Risk aversion belongs to traditional finance. Behavioralfinance examines investor behavior, its effect on financial markets, how cognitive biases may result in anomalies, and whether investors are rational.7. Solution: B.Any hist

19、ory of fraud or malfeasance is a major warning flagto credit analysis under the category of "character."8. Solution: B.Forward payoffs occur all at expiration, whereas futurespayoffs occur on a day-to -day basis but would equal forward payoffs ignoring interest. Payoffs could differ, so fo