CFA一级Mock1（题目＋解析）

11~27s...........228~45etiti.12elates17slg....91~108ee.......................................1sltoot.................36sty.......................39139~158e1e..44159~169tos...49s170~180loeents...…...521/1::::K1seohi,a,ꢁsaꢂtreaꢊeayeꢁs1yesaleayalfaꢂfiIfeiis,eee,i'siꢂse.,es,sheasaꢂyti.J.·sꢊꢁꢂlꢁted,eyaꢂdaꢂySꢁxslater,shethe1yforaꢂꢁceprofitetoi-Iꢁiꢂtl1e.ꢊꢁkelyeB.Yes,shedꢁdꢂotsoeꢁther.ꢃ,eoꢂtheeiꢃ2.,h,hgaestthꢃ·the,eeeemaileataꢂdtos,oge.gothe,tteye·s.BꢃYes,herYꢂowgoꢃ.,emsemodeꢊes2/54CFAI-Mock1Cisꢂncorꢁectroptioꢅꢛfree,fixedꢛꢁatebondwheneinesnenthoꢁizonisꢀeꢆnthe,ꢁeꢂnvesꢃꢄeꢅtꢁiskwillteꢅꢝtonrketrrisk143.ꢎꢏꢐꢐꢑcꢓꢆnswꢑꢐ:ꢎCiscorꢁect.Cꢁeditꢉpreadꢉ□ꢆꢇoꢈduringecoꢅonticexꢜꢆꢅionꢉ1dwide□duringeconomiccontrꢆti.Dꢡriꢅgcex1ꢉion,co,poꢁatereveꢅꢡeꢉaꢅꢝcaꢉhfloꢈꢉrie,mꢆku书”eꢆꢉierrcorpotioꢅꢉtoꢉeꢊiꢋetheiꢁꢝebt,ꢆndiꢅveꢉtꢉpmꢋhaꢉeꢋo1ꢜoꢁaeꢉiꢅꢉeꢝofTreꢆꢉuries,sꢜꢁeaꢝꢉnarꢁowAiꢉꢂncorrectbecꢆꢡꢉecꢁe小tspreadsꢅaꢁrowdtꢣfiꢅgecononticexꢜꢆꢅꢉionsa□ꢝwidenꢝuringecoꢅolꢣl!cc01m-act10nsBisU1co1Tectbecausengalligllttoqꢆlityinvest�ꢌOꢍJOrateai1dbuyn-easmiestherebyꢈiꢝeꢅiꢅgere小tsꢜreꢆꢝcmporates144.ꢎꢏꢐꢐꢑꢒꢓꢆnswꢑꢐ:ꢎCꢉcorrect.TI1eofletterꢉofcreꢝtꢉatypeofexternꢆlcreꢝtmuꢉedꢆꢉecttritizꢆtionAiꢉincoITectbecꢆꢡꢉeubordintiiꢉꢆtyꢜeofinteꢔaleꢁe小tet如mcementuꢉediꢅꢆsizꢆtion.BsiꢅcoITectbecauseovercoꢖꢖꢆlizꢆtionsatypeofꢂnteꢕaꢖcreꢝite汕ꢆꢅcementusedmasriizꢆtin.145.ꢎꢏꢐꢐꢑcꢓꢆ11swꢑꢐ:Bꢉc01rect.Forꢁeꢉideꢅtialmoꢁtgꢛsecmities(R郧S)issueꢝbyBaGSEꢗgoveꢘꢙꢚeꢅtꢛsꢜonꢉoreꢝemeivꢁiꢉe},ꢉꢡchaꢅꢝFreddie,ct,iꢉkisreꢝꢡcedbythegi1aꢁanteeoftheGSEteꢖfAꢉitJCon-eꢋtbecaꢡꢉeꢞSiꢉꢉꢡedbyꢆfeꢝerꢆllyrelꢆtediꢅꢉtin1tion,ꢉꢡꢋhaꢉGitmꢂe,guꢆrꢆnteedbythe仇llf扣thandcreꢝitofgeꢅtwthresꢜecttotofꢜrꢂt1ciꢜꢆꢖa11ꢝitueꢁestCisꢂncotTectbecꢆꢡseissꢡedbyꢜrivꢆteentitiesreꢠꢡaꢁꢢꢣꢤeedbyafedeꢁalꢆgencyorGSEꢝusereite1letsoreduceri.52/62CFAlevelI-Mock1168.Correctanswer:AAiꢃcorrect.Derivꢈtivemꢈrketꢃetnecesꢃilyeorleꢃꢃvolꢌtile小ꢈnꢃpotmru-ketꢃDeꢉivꢌtivenꢉꢄetꢃreveꢈlpriꢁeꢃꢈndvolꢌtilitieꢃthetmder加gꢃꢈndiliꢈteꢉiꢃꢄmꢌnꢈgementBiꢃinꢁoneꢁt.OneoftheinpmpoꢃeꢃofderivativeniꢌꢉketꢃiꢃꢂꢃꢄnꢌgementCiꢃinꢁoꢉreꢁ.Oneofthen诏inpmpoꢃeꢃofdeꢉivativemꢈrketꢃiꢃpriꢁ山ꢃꢁove,y.169.Correctanswer:BP=B+PVCo)x1+Rꢅ飞thetꢃnegꢈtiveconelꢈtedwithꢆꢇꢈꢉdpꢉice.Sothebenefitincꢉeꢌꢃeꢃ,血ꢊꢋꢌꢉdpricewlddecꢉeꢌse59!62I-Mock1Biscorrect.TheofestimatestendsoohrenmꢚseriAsaco1芯quence,evoꢓatiꢓꢒtyofslbe皿dꢑ1汕tatꢑdAiꢛincorrꢑctbꢑcausꢑthꢑꢁꢑatꢑndꢑncyꢀꢁꢁꢑnuustobꢑovꢑrtꢑdatlꢑastsmoothꢑdꢊincmrꢑctbꢑcausꢑc0ꢍrꢑꢓationsofꢁꢑnllllSwithꢑrꢑnunsofatalassꢑtstꢑndtobꢑ皿dꢑrstatꢑdaꢛaconsꢑquꢑncꢑofꢛmoothingthꢑmsꢑiiꢑꢛ177.ꢃꢄꢅꢅꢆꢇꢈanswꢆr:.Realestateꢝnvestmttꢁusts(REITs)providewthyꢓestateexposuꢁeRealestateꢝnvestmentpaillleꢁsh!psaf01mof如ectꢁealestequꢒtyꢒnvesl!nent.ꢊoꢉeꢁcialmongage-backcdsecurities(ꢊꢋꢌs)ꢒnvestoꢁsihꢒndꢒꢁectdebtꢒnvestmentopp0ꢍꢎꢏꢐtiꢑsꢒnꢁꢑalꢑstate178.ꢃꢄrrꢆcꢈanswꢆr:.mscwtian皿yeong叨dshonpositionꢛ.yalsoꢓꢑvꢑragꢑ179.ꢃꢄꢅꢅꢆcꢈanswꢆr:BBiscoꢁrect.Ftmdsofꢕꢖmvestoꢁ.dshaveamultilayeꢁedfeesnucnrꢁe小atwillꢁeduceerenmꢚstoeAbecauseeadvantageofꢕmdoffꢖdsthat小eyusttaꢓꢓyhavea1leveꢓofduedꢒꢓꢒgꢑꢔceꢑxpꢑttisꢑꢊiꢛincotrꢑctbꢑcausꢑ沺othꢑꢁadvantagꢑofꢕꢗdofꢘꢙꢚdꢛiꢛthꢑirabilitytonꢑgotiatꢑbꢑttꢑꢁꢁꢑdꢑmptionsuchassbonꢑꢁloc皿pandꢔotꢒꢜꢑpꢑꢁꢒods180.ꢃꢄrrꢆ