测测CFA一级掌握程度|精选CFA试题
备考必备 | 2015-11-12
CFA一级固定收益
Suppose a bond's price is expected to increase by 5% if its market discount rate decreases by 100 basis points. If the bond's market discount rate increases by 100 basis points, the bond price is most likely to change by:
A. 5%.
B. less than 5%.
C. more than 5%.
Solution: B
金程CFA解答：The bond price is most likely to change by less than 5%. Relationship between bond prices and market discount rate is not linear. (the convexity effect).
CFA一级衍生品
Which of the following is least likely to be required by the binomial option pricing model?
A.Spot price.
B.Two possible prices one period later.
C.Actual probabilities of the up and down moves.
Solution: C
金程CFA解答：The actual probabilities of the up and down moves in the underlying do not appear in the binomial option pricing model, only the pseudo or "risk-neutral" probabilities. Both the spot price of the underlying and two possible prices one period later are required by the binomial option pricing model.
CFA一级财务
Compared with IFRS, those prepared under U.S. GAAP generally accepted accounting principles, analysts may need to make adjustments related to:
A. realized losses.
B. unrealized gains and losses for trading securities.
C. unrealized gains and losses for available-for-sale securities.
Solution: C
CFA一级企业理财真题
Considering a10-year $1,000 fixed-rate non-callable bond with 9% annual coupons currently sells for $1,200. An additional risk premium for equity relative to debt is 6% and marginal tax rateis assumed to be35%.What is the cost of equity using the bond-yield-plus-risk-premium approach?
A. 13%.
B. 10.15%.
C. 9.9%.
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