CFA考试《CFA一级》历年真题精选14

1、CFA考试CFA一级历年真题精选14（附详解）1、Demandforagoodismostlikelytobemoreelasticwhen:【单选题】thegoodisanecessity.A. alesserproportionofincomeisspentonthegood.B. theadjustmenttoapricechangetakesalongertime.正确答案:C答案解析：“DemandandSupplyAnalysis:Introduction,RichardV.EastinandGaryL.ArbogastCiscorrect.Thelongerthetimethat

2、haselapsedsinceapricechange,themoreelasticdemandis.Forexample,ifgaspricesrise,consumerscannotquicklychangetheirmodeoftransportationbutwilllikelydosointhelongerrun.2、Whichofthefollowingstatementsdescribesthemostappropriatetreatmentofcashflowsincapitalbudgeting?【单选题】Aprojectisevaluatedusingitsincremen

3、talcashflowsonanafter-taxbasis.A. Interestcostsareincludedintheprojectscashflowstoreflectfinancingcosts.A. Sunkcostsandexternalitiesshouldnotbeincludedinthecashflowestimates.正确答案:A答案侣军析:Alloftheincrementalcashflowsarisingfromaprojectshouldbeanalyzedonanafter-taxbasis.Section33、Acompanyenteredintoath

4、ree-yearconstructionprojectwithatotalcontractpriceof$5.3millionandanexpectedtotalcostof$4.4million.Thefollowingtableprovidescashflowinformationrelatingtothecontract:Ifthecompanyusesthepercentage-of-completionmethod,theamountofrevenue(in$)recognizedinYear2willbeclosestto:【单选题】2,800,000.B. 3,372,727.C

5、. 3,616,636.正确答案:C答案解析:“UnderstandingTheIncomeStatement”,ThomasR.Robinson,CFA,JanHendrikvanGreuning,CFA,R.ElaineHenry,CFA,andMichaelA.Broihahn,CFATherevenuereportedisequaltothepercentageofthecontractthatiscompletedinthatperiod,wherepercentagecompletionisbasedoncosts.InYear2,thepercentcompletedis$3,0

6、00,000/$4,400,000=68.2%,resultingin68.2%x5,300,000=3,616,636revenuebeingrecognized.4、Acompanyissued$2,000,000ofbondswitha20yearmaturityat96.Sevenyearslater,thecompanycalledthebondsat103whentheunamortizeddiscountwas$39,000.Thecompanywouldmostlikelyreportalossof:【单选题】$60,000.A. $99,000.B. $138,000.正确答

7、案:B答案解析：“NdDiurrent(Long-term)Liabilities,ElizabethA.GordonandElaineHenry,CFA5、Whichofthefollowingisleastlikelytoappearinacompanysproxystatement?po?ojjLGq&ijjhioiJidd000C9LiAiuggujonu;LGLGqraerooo2000000-23000yeq&ujbpou匚$5oeolooo$3000x000KJO3JOOCompensationarrangementsformanagementanddirectorsSignif

8、icanteventsandcontingenciesthatmayaffectfutureoperationsPotentialconflictsofinterestbetweenmanagement,directors,andshareholders正确答案:B答案侣昆析:“FinancialStatementAnalysis:AnIntroduction,ElaineHenryandThomasR.RobinsonBiscorrecSignificantevents,conditions,trends,andcontingenciesthatmayaffectfutureoperatio

9、nsarecontainedintheManagementsDiscussionandAnalysis.Compensationagreementsfordirectorsandmanagementandtheirpotentialconflictsofinterestarerequiredintheproxystatement.6、Allelseequal,thedifferencebetweenthenominalspreadandtheZ-spreadforanon-Treasurysecuritywillmostlikelybelargerwhenthe:【单选题】yieldcurve

10、isflat.A. yieldcurveissteep.B. securityhasabulletmaturityratherthananamortizingstructure.正确答案:B答案解析:“YieldMeasures,SpotRates,andForwardRates”,FrankJ.Fabozzi,CFABiscorrectbecausethemafactorcausinganydifferencebetweenthenominalspreadandtheZ-spreadistheshapeoftheTreasuryspotratecurve.Thesteeperthespotr

11、atecurve,thegreaterthedifference.7、Usingthefollowinginformationandassumingcouponsarepaidannually,theG-spreadoftheSteelCo.bondisclosestto:BondIt/laturityCouponPriceSteelCo.2Years5.00%10170Treasurybond2Years4.00%10050【单选题】100bps.A. 36bps.B. 94bps.正确答案:B5S+血Cl+，)(1+r)25S+血Cl+，)(1+r)25S+血Cl+，)(1+r)21017

12、0Section5.1答案解析:TheyieldforSteelCo.bondiscalculatedas:8、JamesSimone,CFA,thechieffinancialofficerofapubliclylistedcompany,seekstoimprovethequalityofhiscompanyscommunicationwithinstitutionalfundmanagers.Heholdsaninvestorbriefingwiththisgrouptheeveningbeforethecompanyearningsareannounced.Thecompanysqua

13、rterlyearningsarebroadcastinapressreleasethenextdaybeforethemarketopens.Theearningsinformationintheinvestorbriefingisidenticaltothatinthepressrelease.DidSimonemostlikelyviolatetheCFAInstituteStandardsofProfessionalConduct?【单选题】YesNo,becausethecompanyreleasesinformationwhilethemarketisclosedNo,becaus

14、einvestorbriefingandpressreleaseinformationareidentical正确答案:A答案解析:SimoneviolatedStandardII(A)-MaterialNonpublicInformationbygivinginstitutionalfundmanagersaccesstomaterialnonpublicinformationpriortopublicdissemination(i.e.,thepressrelease).Byreleasingearningsresultstoaselectgroupofinstitutionalfundm

15、anagerspriortoapublicpressrelease,Simoneallowstheinstitutionalfundmanagersatimeadvantageoverotherinvestorsnotinvitedtotheinvestorbriefing.StandardII(A)-MaterialNonpublicInformation9、Becauseofsignificantchangesinthemarketplace,thedemandforacompanysproducthasfallenandisnotexpectedtorecovertopreviousle

16、vels.Thefollowinginformationisrelatedtothepatentunderwhichtheproductisproduced:Whichofthefollowingstatementsismostaccurate?Thepatentisimpairedunder:【单选题】IFRSonly.A. bothIFRSandUSGAAP.B. USGAAPonly.正确答案:A答案侣军析:UnderIFRS(InternationalFinancialReportingStandards),firstdeterminetherecoverableamount,whic

17、histhehigherofSections5.1,5.210、Ananalystdoesresearchaboutsecuritymarketindices.Whichofthefollowingstatementsisleastaccuratetoexplainthatafixed-incomemarketindexismoredifficulttocreateandcomputethanastockmarketindex?【单选题】Theuniverseoffixed-incomesecuritiesischangingconstantly.A. Fixed-incomemarketsarepredomina