CFA考试《CFA一级》历年真题精选27(附详解)

1CFA考试《CFA一级》历年真题精选27（附详解）1、Giventhefollowingportfoliodata,theportfolioreturnisclosestto:【单选题】A.8.2%.B.10.0%.C.10.8%.正确答案:C答案解析:“StatisticalConceptsandMarketReturns,”RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.Runkle0.45×16+0.25×12+0.30×2=10.80.2、Thefollowingtablerepresentsthehistoryofaninvestmentinacompany:Theinvestordoesnotreinvestthedividendsthathereceives.Assumingnotaxesondividends,thetime-weightedrateofreturnonthisinvestmentisclosestto:【单选题】A.1.93%.B.2.40%.C.2.57%.正确答案:B答案解析:“DiscountedCashFlowApplications”,RichardA.DeFusco,CFA,DennisW.McLeavey,CFA,JeraldE.Pinto,CFA,andDavidE.Runkle,CFA2013ModularLevelI,Vol.1,Reading6,Section3,3.2StudySession2-6-c,dCalculateandinterpretaholdingperiodreturn(totalreturn).Calculateandcomparethemoney-weightedandtime-weightedratesofreturnofaportfolioandevaluatetheperformanceofportfoliosbasedonthesemeasures.Biscorrect.First,calculatetheportfoliovalueatthebeginningandendofeachperiodandthedividendsreceivedoverthethreeyears:Then,calculatetheholdingperiodreturn(HPR)forthethreeyearsbyusingthefollowingformula:Thetime-weightedreturn(TWR)isfoundbytakingthegeometricmeanofthethreeholdingperiodreturns:3、Ananalystgatheredthefollowinginformationaboutacompany:Whichofthefollowingstatementsbestdescribesthecompany’sprice-to-earningsratio(P/E)?Comparedwiththecompany’strailingP/E,theP/EbasedontheGordongrowthdividenddiscountmodelis:【单选题】A.thesame.B.higher.C.lower.正确答案:C答案解析:TheP/EbasedontheGordongrowthdividenddiscountmodelislower:Section54、Whichofthefollowingisthemostappropriatereasonforusingafree-cash-flow-to-equity(FCFE)modeltovalueequityofacompany?【单选题】A.FCFEisameasureofthefirm’sdividendpayingcapacity.B.FCFEmodelsprovidemoreaccuratevaluationsthanthedividenddiscountmodels.C.Afirm’sborrowingactivitiescouldinfluencedividenddecisionsbuttheywouldnotimpactFCFE.2正确答案:B答案解析:“EquityValuation:ConceptsandBasicTools,”JohnJ.Nagorniak,CFAandStephenE.Wilcox,CFAAiscorrect.FCFEisameasureofthefirm’sdividendpayingcapacity.5、Ananalystgathersthefollowinginformationabouttwocompaniesinthesameindustry:Whatisthemostappropriateconclusionregardinginvestors’expectations?ComparedtoCompanyB,CompanyAhas:【单选题】A.higherintrinsicvalueasreflectedbyitshighermarketprice.B.highersustainablegrowthasreflectedbyitshigherreturnonequity.C.lowerfutureinvestmentopportunitiesduetoitslowerprice-to-bookratio.正确答案:C答案解析:“OverviewofEquitySecurities”RyanC.Fuhrmann,CFA,andAsjeetS.Lamba,CFA6、Thefollowingtableshowschangestothenumberofcommonsharesoutstandingforacompanyduring2012:Tocalculateearningspersharefor2012,thecompany’sweightedaveragenumberofsharesoutstandingisclosestto:【单选题】A.215,000.B.315,000.C.430,000.正确答案:C答案解析:Theweightedaveragenumberofsharesoutstandingistimeweighted:Section6.27、TheyieldonaU.S.TreasurySTRIPSsecurityisalsoknownastheTreasury:【单选题】A.spotrate.B.yieldspread.C.forwardrate.正确答案:A答案解析:“UnderstandingYieldSpreads”,FrankJ.Fabozzi,CFAAiscorrectbecauseaSTRIPSsecurityisazero-couponbondwithnodefaultriskandthereforerepresentstheappropriatediscountrateforacashflowcertaintobereceivedatthematuritydatefortheSTRIPS.8、Themostlikelyimpactofaddingcommoditiestoaportfolioofequitiesandbondsisto:【单选题】A.increaseriskB.enhancereturn.C.reduceexposuretoinflation.正确答案:C答案解析:“InvestinginCommodities,”RonaldG.Layard-LieschingCiscorrect.Overthelongterm,commoditypricesarecloselyrelatedtoinflationand,therefore,includingcommoditiesinaportfolioofequitiesandbondswillreduceitsexposuretoinflation.9、Ananalystdoesresearchaboutinventorymethods.Acompanywithnoinitialinventoryonhandmadethefollowingpurchasesofinventoryin2011:Attheendof2011,thecompanyhad5000unitsofinventoryonhand.Underaperiodicinventorysystem,endinginventoryusingtheweightedaveragecostmethodisclosestto:【单选题】A.$43000lessthanusingtheFIFOmethod.B.$32000morethanusingtheFIFOmethod.3C.$43000morethanusingtheFIFOmethod.正确答案:A答案解析:averagepriceofoneunit=(7000×$76+10100×$80+8000×$91)/(7000+10100+8000)=$82.4。inventory(weightedaveragecost)-inventory(FIFO)=$412000-$455000=-$43000。10、Adecreaseinwhichofthefollowingincreasesshareholders'equity?【单选题】A.Retainedearnings.B.Treasurystock.C.Accumulatedcomprehensiveincome.正确答案:B答案解析:股东权益中的库藏股（treasurystock）是一个扣减项。库藏股的减少会增加股东权益。