CFA考试历年模拟真题，你都练习过吗？ -金程CFA

2020年CFA考试历年模拟真题，你都练习过吗？

考试动态 | 2020-03-31

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1、An analyst does research about consumer surplus and producer surplus.Whenmonopolies can use perfectly price discrimination, consumer surplus is:【单选题】

A.less than zero.

B.equal to zero.

C.greater than zero.

正确答案:B

答案解析:本题考查的是对垄断和完全价格歧视的理解。在完全价格歧视的情况下，生产者可以对每一个消费者制定不同的价格，而该价格是该消费者所愿意出的较高价格，从而使消费者剩余（consumer surplus）降为零，使所有的剩余都成为生产者剩余（producer surplus），此时市场中的交易量最有效，没有无谓损失（deadweight loss）。

2、In accrual accounting, if an adjusting entry results in the reduction of an asset and the recording of an expense, the originating entry recorded was most likely a(n):【单选题】

A.prepaid expense.

B.accrued expense.

C.deferred revenue.

正确答案:A

答案解析:“Financial Reporting Mechanics,” Thomas R. Robinson, Jan Hendrik van Greuning, Karen O’Connor Rubsam, Elaine Henry, and Michael A. Broihahn

2012 Modular Level I, Vol. 3, pp. 71–73

Study Session 7-23-d

Explain the need for accruals and other adjustments in preparing financial statements.

A is correct. The adjusting entry to record the expiry of a prepaid expense is the reduction of an asset (the prepaid) and the recognition of the expense.

3、A company extends its trade credit terms by four days to all its credit customers. The most likely effect of this change to the company's credit customers is a four-day:【单选题】

A.decrease in the company's net operating cycle.

B.decrease in the company's operating cycle.

C.increase in the company's operating cycle.

正确答案:C

答案解析:The company's customers are receiving a four-day increase in their number of days of payables, which will reduce the company's cash conversion cycle (net operating cycle) by four days.

2014 CFA Level I

"Financial Analysis Techniques," by Elaine Henry, Thomas R. Robinson, and Jan Hendrik van Greuning

"Working Capital Management," by Edgar A. Norton, Jr., Kenneth L. Parkinson, and Pamela Peterson Drake

Section 2.2

4、An analyst does research about continuously compounded return and gathers thefollowing information about a security:

The security continuously compounded return over the three-year holding periodis closest to:【单选题】

A.12.0%

B.14.0%

C.15.0%

正确答案:C

答案解析: -1=15.0%。

5、An analyst does research about margin transaction.An investor purchases a stockpriced at $80 by borrowing the maximum amount under a 65% initial marginrequirement.If the maintenance margin requirement is 30% , the security pricebelow which the investor will first receive a margin call is closest to:【单选题】

A.$37

B.$40

C.$52

正确答案:B

答案解析:需要追加保证金时股价的公式为：margin call price = × （1 - initial margin）/（1 - maintenancemargin)，且 = initial purchase price。

因此，需要追加保证金时的股价 = $80 × （1 - 65%）/（1 - 30%） = $40。

6、An analyst does research about options.A series of interest rate call options expiringon different dates but having the same exercise rate is best characterized as【单选题】

A.zero-cost collar.

B.interest rate cap.

C.interest rate floor.

正确答案:B

答案解析:一系列有相同执行价和不同到期日的利率看跌期权构成的是利率底（interest ratefloor)，而一系列利率看涨期权可被看作利率顶（interest rate cap）。

7、The type of voting in board elections that is most beneficial to shareholders with a small number of shares is best described as:【单选题】

A.statutory voting.

B.voting by proxy.

C.cumulative voting.

正确答案:C

答案解析:“The Corporate Governance of Listed Companies: A Manual for Investors,” Kurt Schacht, James C. Allen, and Matthew Orsagh

2012 Modular Level I, Vol. 4, pp. 263–266“Overview of Equity Securities,” Ryan C. Fuhrmann and Asjeet S. Lamba

2012 Modular Level I, Vol. 5, p. 171

Study Session 11-42-g, 14-50-b

Evaluate, from a shareowner’s perspective, company policies related to voting rules, shareowner-sponsored proposals, common stock classes, and takeover defenses.

Describe differences in voting rights and other ownership characteristics among different equity classes.

C is correct. Cumulative voting allows shareholders to direct their total voting rights to specific candidates, as opposed to having to allocate their voting rights evenly among all candidates. Thus, applying all of the votes to one candidate provides the opportunity for a higher level of representation on the board than would be allowed under statutory voting.

8、Consumer surplus is best described as:【单选题】

A.always less than or equal to zero.

B.always greater than or equal to zero.

C.at times positive and at other times negative.

正确答案:B

答案解析:“Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. Arbogast

2012 Modular Level I, Vol. 2, pp. 31–33

Study Session 4-13-l

Calculate and interpret consumer surplus, producer surplus, and total surplus.

B is correct. Consumer surplus arises when one pays less for a good than the maximum price that she or he was willing to pay for it. Consumer surplus is the value (or marginal benefit) of a good minus the price paid for it, summed over the quantity bought. Because no consumer will (willingly) pay a price greater than the marginal value or benefit, consumer surplus is always positive.

9、Corporate debt securities that are offered continuously to investors by an agent of the issuer are best described as:【单选题】

A.range notes.

B.structured notes.

C.medium-term notes.

正确答案:C

答案解析:“Overview of Bond Sectors and Instruments,” Frank J. Fabozzi

2010 Modular Level I, Vol. 5, pp. 330-332

Study Session 15-62-h

Describe the characteristics and motivation for the various types of debt issued by corporations (including corporate bonds, medium-term notes, structured notes, commercial paper, negotiable CDs, and bankers acceptances.)

The unique features of medium-term notes are that they can be offered continuously over a period of time to investors at maturities desired by the investors.

10、An analyst does research about perfect competition.In a perfect competitionmarket, the market's demand curve is most likely:【单选题】

A.less elasticthan a single firm's demand curve.

B.equally elastic as a single firm's demand curve.

C.more elastic than a single firm's demand curve.

正确答案:A

答案解析:完全竞争市场中，单个企业的需求线是平行线（弹性为无穷大），而市场的需求线是正常的向下倾斜的线（弹性大于零），价格需求弹性一般为负值，但这里所讲的大小，是讲它们的绝对值。所以，市场需求线比单个企业的需求线更没有弹性。

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