2016年CFA备考试题精选|CFA每日一题
备考必备 | 2016-02-27
1、CFA一级组合管理
The risk-free rate is 6% and the expected market return is 15%. An investor sees a stock with a beta of 1.2 selling for $25 that will pay a $1 dividend next year. If he thinks the stock will be selling for $30 at year end, he thinks it is:
A.Overpriced, so buy it.
B.Overpriced, so short it.
C.Underpriced, so buy it.
Solution: C
Required rate=6+1.2(15-6) =16.8%
Return on stock= (30-25+1)/25=24%
Based on risk, the stock plots above the SML and is underpriced, so buy it.
A bond manager tells one of his clients that larger convexity of a bond always benefits investors no matter how the price changes. Is this statement correct?
A.Yes
B.No, larger convexity is good when bond’s price rises.
C.No, larger convexity is good when bond’s price falls.
Solution: A
With larger convexity, an investor gains more when bond’s price rises and losses less when price falls.
3、CFA一级财务报表分析
Using the straight-line method of depreciation for reporting purposes and accelerated depreciation for tax purposes would most likely result in a:
A.valuation allowance.
B.deferred tax asset.
C.deferred tax liability.
Solution: C
Because the differences between tax and financial accounting will correct over time, the resulting deferred tax liability, for which the expense was charged to the income statement but the tax authority has not yet been paid, will be a temporary difference. A valuation allowance would only arise if there was doubt over the company's ability to earn sufficient income in the future to require paying the tax.
猛戳>【免费CFA直播预约】 【CFA网课】 CFA报名
亲爱的考生，为了帮助广大学员在2016年CFA备考中取得良好的成绩，金程CFA微信为大家开设了CFA考试专栏（每日一题），每天分享老师精心带来的CFA历年真题 以及考试答案的详细解析，帮助学员在学习中快速的提升考试成绩，加强练习。
▎来源金程CFA，更多内容请关注微信号金程CFA。原创文章，欢迎分享，若需引用或转载请保留此处信息。
猛戳>【免费CFA直播预约】 【CFA网课】 CFA报名
亲爱的考生，为了帮助广大学员在2016年CFA备考中取得良好的成绩，金程CFA微信为大家开设了CFA考试专栏（每日一题），每天分享老师精心带来的CFA历年真题 以及考试答案的详细解析，帮助学员在学习中快速的提升考试成绩，加强练习。
▎来源金程CFA，更多内容请关注微信号金程CFA。原创文章，欢迎分享，若需引用或转载请保留此处信息。
【推荐关注】金程CFA，中国大陆早从事CFA培训的金融机构.十余年CFA培训经验,力争让您一次通过CFA!免费CFA资料咨询电话:400-700-9596.
相关标签 CFA三级 CFA二级 CFA一级
