CFA一级考试历年真题精选及答案0519-6

1、CFA一级考试历年真题精选及答案0519-6CFA一级经济学Marketsforproducedgoodsthatareprimarilysoldtocustomersarebestdescribedas:A. capitalmarkets.B. intermediategoodsmarkets.C. servicesandfinishedmarkets.Solution:CMarketsforproducedgoodssuchascars,clothing,andliquorthataresoldprimarilytocustomersareconsideredasfinishedandse

2、rvicesmarkets.CFA一级固定收益Whichofthefollowingstatementaboutbond;sindentureismostcorrect?A. Itcontainsitscovenants.B. Itisthesameasadebenture.C. Itrelatesonlytoitsinterestandprincipalpayments.Solution:AAnindentureisthecontractbetweenthecompanyanditsbondholdersandcontainsthebond;scovenants.、CFA一级企业理财With

3、regardtothemostappropriatetreatmentofcashflowsincapitalbudgeting,whichofthefollowingiscorrect?A. Aprojectisevaluatedusingitsincrementalcashflowsonanafter-taxbasis.B. Interestcostsareincludedintheproject;scashflowstoreflectfinancingcosts.C. Sunkcostsandexternalitiesshouldnotbeincludedinthecashflowest

4、imates.Solution:ACFA一级职业伦理DacyChen,CFA,isanindependentfinancialadvisorforahighnetworthclient.Hehadnotcontactedwiththecustomerinovertwoyears.Duringarecentbrieftelephoneconversation,theclientstatedhewantedtoincreasehisriskexposure.Dacysubsequentlyrecommendedandinvestedinseveralhigh-riskfundsonbehalfof

5、theclient.Dacycontinued,ashehaddoneinthepast,tosendtohisclientmonthly,detaileditemizedinvestmentstatements.DidDacymostlikelyviolateanyCFAStandards?A. No.B. Yes,withregardtopurchasingventurecapitalfunds.C. Yes,withregardtoinvestmentstatements.Solution:BDacyviolatedStandardIII(A)innotexercisingLoyalty

6、,PrudenceandCare.Bravoriahadnotupdatedhisclientspreinovertwoyearsthusshouldnothavemadefurtherinvestments,particularlyinhighriskinvestmentsuntilsuchtimeasheupdatedtheclientriskandreturnobjectives,financialconstraintsandfinancialposition.Dacyprovidedhisclientwithinvestmentstatementsmorefrequentlythant

7、hatwhichisrequired;i.e.quarterlysowasnotinviolationofregularaccountinformation.CFA一级数H分析Foracreditcard,itcharges15%compoundedmonthly.Itseffectiveannualrateisclosetto:A. 15.78%.B. 18.85%.C. 16.08%.Solution:CCFA一级组合管理Whichofthefollowingistheadvantageofdiversificationcomparedtoinvestinginasinglesecurit

8、y?A. Itdecreasesthevolatilityofreturns.B. Itincreasestheprobabilityofhighreturns.C. Itincreasestheexpectedrateofreturn.Solution:ACFA一级衍生品Whichofthefollowingstatementsdescribetheexchange-tradedderivativesisthemostaccurate?A. Theyareilliquid.B. Theyarestandardizedcontracts.C. Theyhavesignificantdefaul

9、trisk.Solution:BCFA一级其他投资Pleasechooseastrategythatcouldexploitpricingdiscrepanciesbetweenassetsofissuingcompanies?A. Event-drivenstrategies.B. Macrostrategies.C. Relativevaluestrategies.Solution:CCFA一级财务报表CameronandCasparformedanewcompanywithaninvestmentof$100,000onJuly12014.Themostlikelyeffectofthi

10、stransactiononthecompany;saccountingequationatthetimeoftheformationisanincreaseincashand:A. anincreaseinrevenue.B. anincreaseinliabilities.C. anincreaseincontributedcapital.Solution:CCFA一级权益Acountrywhosefinancialmarketsareinanearlystageofdevelopment.Considerpreparationalistoftheobjectivesofmarketregulation.Whichofthefollowingisleastlikelytobeincludedinthislistofobjectives?A. Minimizeagencyproblemsinthecorpora