CFA考試歷年真題精選c

1、5CFA考試歷年真題精選c1、Leng Bo, CFA is a bond portfolio manager for individual investors.Last year, a client whose portfolio is limited to investment-grade bonds approved Bo's purchase of a below investment grade bond. Becauseseveralyields in the high grade fixed income markets declined, Bo subsequently

2、 decides to enhance this client's portfolio by investing in additional bonds with ratings one or two notches below investment grade.The investment strategy implemented by Bo most likely violated which of the following CFA Institute Standards of Professional Conduct?選題】A. SuitabilityB. Communicat

3、ions with ClientsC. Independence and Objectivity正確答案 :A because the client only approved the purchase of one below investment grade bond while the portfolio manager has purchased several additional bonds below investment grade without client approval in violation of答案解析 :"Guidance for Standards

4、 I-VII CFA Institute"AiscorrectStandard III (C).2、A consumer purchases an automobile using a loan. The amount borrowed is ?30,000 and the terms of the loan call for the loan to be repaid over five years using equal monthly payments with an annual nominal interest rate of 8% and monthly compound

5、ing. The monthly payment is closest to: 【單選題】A. ?608.29.B. ?626.14.C. ?700.00.正確答案 :A 答案解析 : “Time Value of Money,” Richard A. Defusco, CFA, Dennis W.McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2011Modular Level I, Vol. 1, pp. 286-290Study Session 2-5-d, fSolve time value of money p

6、roblems when compounding periods are other than annual.Draw a time line and solve time value of money applications (for example, mortgages and savings for college tuition or retirement).Place the following values into a financial calculator: N = 60, i/y = 8/12, PV = 30000, FV = 0, and compute PMT. N

7、ote, 5 years times 12 months per year equals 60 months. The nominal rate of 8% must be divided by 12 to find the monthly periodic rate of 0.6666667%.Alternatively, using the present value of an annuity formula, solve: 3、A technical analyst observes a head and shoulders pattern in a stock she has bee

8、n following. She notes the following information:Based on this information, her estimate of the price target is closest to: 選題】A. $48.00.B. $59.50.C. $89.75.正確答案 :A 答案解析 : “Technical Analysis, ”Barry M. Sine, CFA and Robert A. Strong,CFA= 65.75-17.75 = 48.00 4、An investor purchases a three-month put

9、 option on a stock with an單選題】exercise price of $35.00. The risk-free rate is 4.50%. At expiration, the stock price is $33.50. The option's payoff is closest to:A. $1.48.B. $0.C. $1.50.正確答案 :C答案解析 :The put option is worth the greater of $0 or (Exercise price-Spot price at expiration).Because the

10、 exercise price is greaterthan the spot price at expiration, the put is worth ($35.00-$33.50)= $1.50.Section 5.15、A financial analyst utilizing his analytical expertise and up-to-date information buys a company'sstock. His close friends, who lackinformation or expertise, imitate the financial an

11、alysts action andbuy the stock. Which of the following statements concerning thisbehavioral bias is most accurate?單選題】A.It improves market efficiency.B.It is identical to representativeness.C.It is inconsistent with rational behavior.正確答案 :A答案解析 : “Market Efficiency, ”W. Sean Cleary, CFA, Howard J.

12、Atkinson,CFA and Pamela Peterson Drake, CFAThis behavioral bias is an exampleof an information cascade wherein the transmission of information isfrom those participants who act firstand whose decisions influencethe decisions of others. The behavior of informed traders acting first and uninformed tra

13、ders imitating the informed traders is consistent with rationality. The imitation trading by the uninformed traders helps the market incorporate relevant information and improves market efficiency.6、Which of the following statements best describes an advantage of a單選題】forward contract over a futures

14、 contract? A forward contract:A. is essentially free of default risk.B. can easily be offset prior to expiration.C. allows parties to enter into a customized transaction.正確答案 :C”Don M. Chance, CFAC is答案解析 : “Derivative Markets and Instruments, correct. Unlike futures contracts, which have standardiz

15、ed features, forward contracts can be customized to suit the needs of the parties involved.7、According to U.S. GAAP, the payment of cash dividends during the year will most likely affect the cash flow from which type of activity?單選題】A. FinancingB. InvestingC. Operating 正確答案 :A 答案解析 :For a company th

16、at prepares its financial statements underU.S. GAAP, cash dividends paid are reported as a cash outflow in the cash flow from financing activities section on the statement of cash flows.Sections 2.1, 2.2 8、An analyst does research about sampling.Compared to estimates of parametersproduced from simpl

17、e random sampling, estimates of parameters produced fromstratified random sampling most likely have:單選題】A. less precision.B. the same precision.C. greater precision.正確答案 :C 答案解析 : 分層隨機抽樣比簡單隨機抽樣要更加精確，因為在每個分層中各個個 體被抽到的比例仍然保持一致， 但是可以涵蓋總體中的各個層次， 所以減少了數(shù) 據(jù)的遺漏。9、An analyst does research about revenue recog

18、nition andgathers the following informationabout a construction contract with outcome that can be reliably measured:Assuming the project will be completed after4 years, the revenue from the contractrecognized for year 1 is closest to? 【單選題】A. $ 0B. $ 142 857C. $ 114 285 正確答案 :C 答案解析 : 因為工程合同的收益可以預(yù)期，所以采用完工百分比法按照工程的進(jìn) 度來確定收入。revenue= ( $ 80 000 / $ 175 000) x$ 250 000 = $ 114 285 , 采用完工