CFA一级经典习题和解析答案010458.docx

CFA一级经典习题和解析答案010458.docx

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CFA一级经典习题和解析答案010458

CFA一级经典习题和解析答案0104-58

1、Acommoditymarketisincontangowhenfuturespricesare:

【单选题】

A.lowerthanthespotprice.

B.higherthanthespotprice.

C.thesameasthespotprice.

正确答案:

B

答案解析:

“InvestinginCommodities”,GlobalPerspectivesonInvestmentManagement:

LearningfromtheLeaders,editedbyRodneyN.Sullivan,CFA

2011ModularLevelI,Volume6,pp.262

StudySession18-75-a

Explaintherelationshipbetweenspotpricesandexpectedfuturepricesintermsofcontangoandbackwardation.

Biscorrect.Whenacommoditymarketisincontango,futurespricesarehigherthanthespotpricebecausemarketparticipantsbelievethespotpricewillbehigherinthefuture.

2、Whenanalyzingthevalueofasinglenormallydistributedpopulationsvariance,themostappropriatetestisa（n）:

【单选题】

A.chi-squaredtest.

B.pairedcomparisontest.

C.F-test.

正确答案:

A

答案解析:

检验单个总体方差是否等于某个数值用开方检验。

检验两个正态分布的总体方差是否相等用F检验。

检验两个非独立总体的均值之差用配对检验。

3、Thebehavioralbiasinwhichinvestorstendtoavoidrealizinglossesbutratherseektorealizegainsisbestdescribedas:

【单选题】

A.mentalaccounting.

B.thedispositioneffect.

C.thegambler’sfallacy.

正确答案:

B

答案解析:

Behavioralbiasesinwhichinvestorstendtoavoidrealizinglossesbut,rather,seektorealizegainsisthedispositioneffect.

2014CFALevelI

“MarketEfficiency,”byW.SeanCleary,HowardJ.Atkinson,andPamelaPetersonDrake

Section5.3

4、Ananalystdoesresearchaboutlease.Whencomparedtoaleasor,whichofthefollowingismostappropriateadjustmenttothebalancesheetofaleasee?

【单选题】

A.increasingassetsandliabilitiesbythesumoffutureleasepayments.

B.increasingassetsandliabilitiesbythepresentvalueoffutureleasedpayments.

C.decreasingassetsandliabilitiesbythepresentvalueoffutureleasedpayments.

正确答案:

B

答案解析:

对于经营性租赁（operatinglease）：

资产负债表没有变化，直接产生租赁费用。

对于资本性租赁（capitallease）：

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租金的现值。

5、Theliquiditypremiumcanbebestdescribedascompensationtoinvestorsforthe:

【单选题】

A.riskoflossrelativetoaninvestment’sfairvalueiftheinvestmentneedstobeconvertedtocashquickly.

B.increasedsensitivityofthemarketvalueofdebttoachangeinmarketinterestratesasmaturityisextended.

C.possibilitythattheborrowerwillfailtomakeapromisedpaymentatthecontractedtimeandinthecontractedamount.

正确答案:

A

答案解析:

“TheTimeValueofMoney,”RichardA.DeFusco,CFA,DennisW.McLeavey,CFA,JeraldE.Pinto,CFA,andDavidE.Runkle,CFA

2013ModularLevelI,Vol.1,Reading5,Section2

StudySession2–5–b

Explainaninterestrateasthesumofarealrisk-freerateandpremiumsthatcompensateinvestorsforbearingdistincttypesofrisk.

Aiscorrect.“Theliquiditypremiumcompensatesinvestorsfortheriskoflossrelativetoaninvestment’sfairvalueiftheinvestmentneedstobeconvertedtocashquickly.”

6、ACanadianprintingcompanywhichpreparesitsfinancialstatementsaccordingtoIFRShasexperiencedadeclineinthedemandforitsproducts.Thefollowinginformationrelatestothecompany’sprintingequipmentasof31December2010.

Theimpairmentloss（inC$）isclosestto:

【单选题】

A.0.

B.60,000.

C.70,000.

正确答案:

B

答案解析:

"Long-livedAssets,”ElaineHenry,CFA,andElizabethA.Gordon

2011ModularLevelI,Vol.3,pp.434-436

StudySession:

9-37-h

Discusstheimpairmentofproperty,plant,andequipment,andintangibleassets.

UnderIFRS,anassetisconsideredtobeimpairedwhenitscarryingamountexceedsitsrecoverableamount（thehigheroffairvaluelesscosttosellorvalueinuse）.

Fairvaluelesscoststosell:

480,000–50,000=430,000

Valueinuse=440,000

Recoverableamount（highervalue）=440,000

ImpairmentlossunderIFRS=Carryingvalue–recoverableamount=500,000–440,000=60,000

7、Assumethatthenominalspotexchangerate（USD/EUR）increasesby7.5%,theeurozonepriceleveldecreasesby4%,andtheU.S.pricelevelincreasesby2.5%.Thechangeintherealexchangerate（%）isclosestto:

【单选题】

A.14.8%.

B.0.7%.

C.–6.3%.

正确答案:

B

答案解析:

Realexchangerate=Nominalspotexchangerate×CPIoftheforeigncountry/CPIofthedomesticcountry

Changeintherealexchangerate=[（1+changeinexchangerate）×（1+changeinpricelevelinforeigncountry）]/（1+Changeinpricelevelindomesticcountry）–1

2014CFALevelI

“CurrencyExchangeRates,”byWilliamA.Barker,PaulD.McNelis,andJerryNickelsburg

Section2

8、Considertwocountries,AandB.CountryAisaclosedcountrywitharelativeabundanceoflaborandholdsacomparativeadvantageintheproductionoftextiles.CountryBhasarelativeabundanceofcapital.Whenthetextiletradeisopenedbetweenthetwocountries,CountryAwillmostlikelyexperienceafavorableimpacton:

【单选题】

A.labor.

B.capital.

C.bothcapitalandlabor.

正确答案:

A

答案解析:

“InternationalTradeandCapitalFlows,”UshaNair-ReichertandDanielRobertWitschi

2012ModularLevelI,Vol.2,pp.450–452

StudySession6-20-b,c,d

Distinguishbetweencomparativeadvantageandabsoluteadvantage.

ExplaintheRicardianandHeckscher–Ohlinmodelsoftradeandthesource（s）ofcomparativeadvantageineachmodel.

Comparetypesoftradeandcapitalrestrictionsandtheireconomicimplications.Aiscorrect.Asacountryopensuptotrade,thebenefitaccruestotheabundantfactor,whichislaborinCountryA.

9、Theleastlikelywaytoterminateaswapisto:

【单选题】

A.purchaseandexerciseaswaption.

B.paythemarketvaluetothecounterparty.

C.sellanoffsettingswaplistedonanexchange.

正确答案:

C

答案解析:

“SwapMarketsandContracts,”DonM.Chance

2011ModularLevelI,Vol.6,pp.133–134

StudySession17-64-a

Describethecharacteristicsofswapcontracts,andexplainhowswapsareterminated.

Ciscorrectbecauseswapsarenotlistedonanexchange.

10、Ananalystdoesresearchaboutembeddedoptions.Whichofthefollowingembeddedoptionsisleastlikelytoincreaseinvaluewheninterestratesincrease?

【单选题】

A.Therighttoputanissue.

B.Thecaponafloater.

C.Anacceleratedsinkingfundprovision.

正确答案:

C

答案解析:

由于利率上升，对于浮动利率债券的利率顶的价值上升，因为更有可能超过其所设定的利率顶，而超过利率顶时，购买者就能得到报偿。

由于利率上升，可回售债券价格下跌，被回售的可能性增加了，所以回售债券的权利增加价值了。

加速沉没资金条款是公司可以选择提前偿还全部或部分本金，在利率下跌的情况下，该条款更有价值，因为可以更低成本进行融资，所以在利率上升的情况下，该权利减少价值。

1、Ananalystdoesresearchaboutinvestmentreturn,Ifaninvestmentearns0.9%permonth,thenumberofmonthsitwilltakefortheinvestmenttotripleinvalueisclosestto:

【单选题】

A.13

B.77

C.123

正确答案:

C

答案解析:

，两边取Ln，计算出n=123。

2、Companiespursuingcostleadershipwillmostlikely:

【单选题】

A.investinproductivity-improvingcapitalequipment.

B.engageindefensivepricingwhenthecompetitiveenvironmentisoneofhighrivalry.

C.establishstrongmarketresearchteamstomatchcustomerneedswithproductdevelopment.

正确答案:

A

答案解析:

“IntroductiontoIndustryandCompanyAnalysis,”PatrickW.Dorsey,AnthonyM.Fiore,andIanRossaO’Reilly2012ModularLevelI,Vol.5,pp.250–251StudySession14-51-kDescribetheelementsthatshouldbecoveredinathoroughcompanyanalysis.Aiscorrect.Companiespursuingcostleadershipmustbeabletoinvestinproductivity-improvingcapitalequipmentinordertobelow-costproducersandmaintainefficientoperatingsystems.

3、Whenarecreditspreadsmostlikelytonarrow?

During:

【单选题】

A.economicexpansions.

B.economiccontractions.

C.aperiodofflighttoquality.

正确答案:

A

答案解析:

“UnderstandingYieldSpreads,”FrankJ.Fabozzi,CFA2013ModularLevelI,Vol.5,Reading55,Section4.3StudySession15-55-fDescribecreditspreadsandrelationshipsbetweencreditspreadsandeconomicconditions.Aiscorrect.Creditspreadsnarrowduringeconomicexpansionsandwidenduringeconomiccontractions.Duringaneconomicexpansion,corporaterevenuesandcashflowsrise,makingiteasierforcorporationstoservicetheirdebt,andinvestorspurchasecorporatesinsteadofTreasuries,thuscausingspreadstonarrow.

4、Abondhasadurationof14.4andaconvexitymeasureof85.Ifyieldincreasesby75basispoints,thepercentagepricechangeisclosestto:

【单选题】

A.-5.16%

B.-10.32%

C.-11.28%

正确答案:

B

答案解析:

-14.4×0.0075+85×=-10.8%+0.48%=-10.32%。

5、Amarketindexonlycontainsthefollowingthreesecurities:

WhichapproachtoindexingwillmostlikelygiveSecurityXaweightof18%?

【单选题】

A.Price

B.Equal

C.Market-capitalization

正确答案:

C

答案解析:

“SecurityMarketIndices,”PaulD.Kaplan,CFA,andDorothyC.Kelly,CFA.2013ModularLevelI,Vol.5,Reading47,Section3.2StudySession13-47-d,eComparethedifferentweightingmethodsusedinindexconstruction.Calculateandanalyzethevalueandreturnofanindexonthebasisofitsweightingmethod.Ciscorrect.Percomputationsshownbelow,themarket-capitalizationindexwillgiveSecurityXthelowestweightintheindex.