CFA一级每日一练25

1、A. CFA级每日一练（含详细解析）251、Ifthequantitydemandedofpearsfallsby4%whenthepriceofapplesdecreasesby3%,thenapplesandpearsarebestdescribedas:【单选题】substitutes.B. complements.inferiorgoods.正确答案:A答案解析:“Elasticity,”MichaelParkin2011ModularLevelI,Vol.2,pp.19,21StudySession4-13-athatCalculateandinterprettheelasticit

2、iesofdemand(priceelasticity,crosselasticity,andincomeelasticity)andtheelasticityofsupplyanddiscussthefactorsinfluenceeachmeasure.Thecrosselasticityofdemandisdefinedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinthepriceofasubstituteorcomplement.Ifthecrosselasticityofdemandispos

3、itive,thegoodsaresubstitutes.Inthiscase,the4%declineinquantityofpearsisdividedbythe3%declineinthepriceofapples,whichisapositivenumber,-4/-3=+1.333333.2、Whichofthefollowingisclosesttothevalueofa10-year,6%coupon,$100parvaluebondwithsemi-annualpaymentsassuminganannualdiscountrateof7%?【单选题】$92.89$99.07$

4、107.44正确答案:A答案解析:“IntroductiontotheValuationofDebtSecurities,”FrankJ.Fabozzi2012ModularLevelI,Vol.5,pp.49698StudySession16-57-cCalculatethevalueofabond(couponandzerocoupon).Aiscorrectbecauseasecuritywith19semi-annualpaymentsof$3interestanda20thpaymentof$103(interestplusreturnoffacevalue)withasemi-an

5、nualdiscountrateof3.5%is$92.89or33333333L035f+L035r+L0353+1.0354+1.035f+L0356+1.0357+k035s33333331.0359LO35101.O35111.03512LOSS131.03514L035133333103+1.03516+1.0351?+1.03518十L03519十1.O3520=92.89.3、Ananalystdoesresearchaboutintangibleassets.Expendituresonresearcharemostappropriately:A. expensedinthey

6、earincurred.B. capitalizedasintangibleassetsandamortizedoverthelifeoftheasset.C. capitalizedasintangibleassetsandtestedannuallyforimpairmentofvalue.正确答案:A【单选题】答案解析：IFRS要求用于研究的支出(或在一个内部项目的研究阶段的支出)应该费用化而不是资本化。研究成本(researchcost)是指发现新的科学技术知识，并加以理解的过程中发生的成本。然而，开发成本(developmentcost)是资本化。开发成本是指将研究发现转化为一个新产

7、品或新工艺流程的计划或设计的过程中发生的成本。在U.S.GAAP下，研究和开发成本一般都费用化，唯一例外的是软件开发成本(softwaredevelopmentcost)。4、Asecuritymarketinwhichallthebidsandasksforastockaregatheredtoarriveatasinglepricethatsatisfiesmostoftheordersisbestdescribedasa:【单选题】A.callmarket.B.dealermarket.C.primarymarket.正确答案:A答案解析:OrganizationandFunctioni

8、ngofSecuritiesMarkets,2010ModularLevelI,Vol.5,pp.13-15StudySession13-52-cDistinguishbetweencallandcontinuousmarkets.FrankK.Reilly,CFAandKeithC.Brown,CFAAcallmarketisamarketinwhichallthebidsandasksforastockaregatheredtoarriveatasinglepricewherethequantitydemandedisascloseaspossibletothequantitysupplied.2%-year$100parvalueTreasurybondwitha5%couponrateisclosestto:5、UsingthefollowingUSTreasuryforwardrates,thevalueofaA. $101.52.B. $104.87.C. $106.83.正确答案:C答案解析:Thevalueofthebondis252.5h(1+小)(1+.0iy2)x(1+.018/2)25(1+0iy2)x(1+，012)X(1+W2)25(1+.O1V2)X(1+<01S/2)x(1+.02y2)X(1+W2)=5106.83102,5(1+01