CFA一级各科目真题解析
备考必备 | 2015-10-22
CFA一级考试：经济学题解
Markets for produced goods that are primarily sold to customersare best described as:
A. capital markets.
B. intermediate goods markets.
C. services and finished markets.
Solution：C
Markets for produced goods such as cars, clothing, and liquor thatare sold primarily to customers are considered as finished and servicesmarkets.
Which of the following statement about bond's indenture is mostcorrect?
A. It containsits covenants.
B. It is thesame as a debenture.
C. It relatesonly to its interest and principal payments.
Solution: A
Anindenture is the contract between the company and its bondholders and containsthe bond's covenants.
CFA一级考试：企业理财
With regard to the most appropriatetreatment of cash flows in capital budgeting,which of the following is correct?
A. A project is evaluated using its incrementalcash flows on an after-tax basis.
B. Interest costs are included in theproject's cash flows to reflect financing costs.
C. Sunk costs and externalities should notbe included in the cash flow estimates.
Solution: A
Dacy Chen, CFA, is an independent financial advisor for a high networth client. He had not contacted with the customer in over two years. Duringa recent brief telephone conversation, the client stated he wanted to increasehis risk exposure. Dacy subsequently recommended and invested in severalhigh-risk funds on behalf of the client. Dacy continued, as he had done in thepast, to send to his client monthly, detailed itemized investment statements.Did Dacy most likely violate any CFAStandards?
A. No.
B. Yes, with regard to purchasing venture capital funds.
C. Yes, with regard to investment statements.
Solution: B
Dacy violatedStandard III (A) in not exercising Loyalty, Prudence and Care. Bravoria had notupdated his client’s profile in over two years thus should not have madefurther investments, particularly in high risk investments until such time ashe updated the client’s risk and return objectives, financial constraints andfinancial position. Dacy provided his client with investment statements morefrequently than that which is required; i.e. quarterly so was not in violationof regular account information.
CFA一级真题数量分析：
For a credit card, it charges 15% compounded monthly. Its effective annual rate is closet to:
A. 15.78%.
B. 18.85%.
C. 16.08%.
Solution: C
CFA一级真题组合管理
Which of the following is the advantage of diversification compared to investing in a single security?
A. It decreases the volatility of returns.
B. It increases the probability of high returns.
C. It increases the expected rate of return.
Solution: A
CFA一级真题衍生品
Which of the following statements describe the exchange-traded derivatives is the most accurate?
A. They are illiquid.
B. They are standardized contracts.
C. They have significant default risk.
Solution: B
CFA一级其他投资
Please choose a strategy that could exploit pricing discrepancies between assets of issuing companies?
A. Event-driven strategies.
B. Macro strategies.
C. Relative value strategies.
Solution: C
CFA一级财务试题精选
Cameron and Caspar formed a new company with an investment of $100,000 on July 1 2014. The most likely effect of this transaction on the company's accounting equation at the time of the formation is an increase in cash and:
A. an increase in revenue.
B. an increase in liabilities.
C. an increase in contributed capital.
Solution:C
CFA一级权益试题精选
A country whose financial markets are in an early stage of development. Consider preparation a list of the objectives of market regulation. Which of the following is least likely to be included in this list of objectives?
A. Minimize agency problems in the corporate.
B. Ensure that financial markets are fair and orderly.
C. Ensure that investors in the stock market achieve a rate of return that is at least equal to the risk-free rate of return.
Solution: C
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