CFA一级每日一练(含详细解析)92

1、CFA 级每日一练（含详细解析）9241、A company is deciding to repurchase 5 million shares of stock that has a current price of $49.50. Below is the forecasted information of shares available for purchase. Which of thefollowingrepurchasemethodswillmostlikelyresultintheaveragerepurchasedcostbeing$49.80?PriceNumber of

2、 Shares Available for Purchase (in millions)$50.009.00$49905.00$49.803.00$49.701.00$49.600.50$49500.50【单选题】A. Dutch aucti onB. O pen market repu rchaseC. Fixed-p rice ten der offer正确答案:A 答案解析:A Dutch auction uncovers the minimum price at which the company can buy back the desired number of shares wi

3、th the company paying that price to all qualifying bids. Here the qualify ing bids are from $49.50 to $49.80 to satisfy the required 5 millio n share requireme nt. Un der a Dutch auct ion, 5 millio n shares can be pu rchased for $49.80 because at that单选题】price point, sufficient volume is available i

4、n the shares.Section 4.1 2、Which of the following statements about the Global Investment PerformanceStandards ( GAPS?) is NOT accurate? The GAPS? standards require that acomposite:A. is selected according to pre-established criteria.B. is an aggregation of one or more portfolios managed according to

5、 a similarinvestment mandate, objective or strategy.C. include a statement referring to the performance of a single, existing clientportfolio as being "calculated in accordance with the Global InvestmentPerformance Standards".正确答案 :C答案解析：因为遵守GAPS?已经遵守其所规定的计算方法，所以无须说明是根据GAPS?来计算的” GAPS?要求组合

6、群的构建是根据之前所设定好的标准，题目中选项B是对组合群的定义。单选题】3、An analyst does research about inventory methods.A company with no initialinventory on hand made the following purchases of inventory in 2011:At the end of 2011, the company had 5 000 units of inventory on hand.Undera periodic inventory system, ending inventory

7、using the weighted average costmethod is closest to:A. $ 43 000 less than using the FIFO method.B. $ 32 000 more than using the FIFO method.C. $ 43 000 more than using the FIFO method.正确答案 :A答案解析 :average price of one unit = (7 000X$ 76 + 10 100X$ 80 + 8 000X$ 91)/(7 000 + 10 100+ 8 000) = $ 82.4。 i

8、nventory ( weighted average cost ) - inventory ( FIFO ) = $ 412单选题】000 - $ 455 000= - $ 43 000 4、An analyst does researchabout lease.When compared to a leasor, which of thefollowing is most appropriate adjustment to the balance sheet of a leasee?A. increasing assets and liabilities by the sum of fut

9、ure lease payments.B. increasing assets and liabilities by the present value of future leased payments.C. decreasing assets and liabilities by the present value of future leased payments.正确答案 :B答案解析 :对于经营性租赁( operating lease )：资产负债表没有变化，直接产生租赁费用。对于资本性租赁( capital lease )：在租期一开始，在资产负债表上的长期资产和负债中分别加上未来

10、租金的现值。【单选题】5、The following table shows data for the stock of JKU and a market index.Based on the capital asset pricing model (CAPM), JKU is most likely:A. overvalued.B. fairly valued.C. un dervalued.正确答案:C答案解析:JKU = PJKUM X OjKu/Sm =0.75 X 0.2/0.15=1.0 and E(RjKU)=rfr+jKLfX (Rm - RFR)=0.05+1X0.12-0.05)=0.12.The required rate of return of JKU is 12%, and the exp