CFA一級(jí)每日一練(含詳細(xì)解析)09

1、CFA 級(jí)每日一練（含詳細(xì)解析）091、The slope of the security market line (SML) represents the portion of an asset's expected return attributable to:單選題】A.total risk.B.market risk.C.diversifiable risk.正確答案 :B答案解析 : “Portfolio Risk and Return Part II,”Vijay Singal2012 Modular Level I, Vol. 4, pp. 422-23Study Ses

2、sion 12-45-fExplain the capital asset pricing model (CAPM), including the required assumptions, and the security market line (SML).B is correct. The slope of the SML is the market risk premium, E(Rm)-Rf. It represents the return of the market less the return of a risk-free asset. Thus, the slope rep

3、resentsthe portion of expected return that reflects compensation for market or systematic risk.2、Heidi Halvorson, CFA, is the chief investment officer for Tukwila Investors, an asset management firm specializing in fixed-income investments. Tukwila is in danger of losingone of its largest clients, Q

4、uinault Jewelers, which accounts for nearly one-third of its revenues. Quinault recently told Halverson that Tukwila would be fired unless theperformance of Quinault 's portfolio improves significantly. Shortly after this conversation, Halvorson purchases two corporate bonds she believes are sui

5、table for any of herclients based upon third-party research from a reliable and diligent source. Immediately after the purchase, one bond increases significantly in price while the other bonddeclines significantly. At the end of the day, Halvorson allocates the profitable bond trade to Quinault and

6、the other bond to two of her largest institutional accounts.Halvorson most likely violated the CFA Institute Standards of Professional in regard to:單選題】A.client suitability.B.trade allocations.C.third-party research.正確答案 :B答案解析 : “Guidance for Standards I-VII”,CFA Institute82013 Modular Level I, Vol

7、. 1, Read ing 2, Sta ndard III (B) Fair Deali ng, Guida nee, Sta ndard III (C) Suitability, Guida nee, Sta ndard V (A) Dilige nee and Reaso nable Basis, Guida neeStudy Session 1-2-bDist in guish betwee n con duet that con forms to the Code and Stan dards and con duet that violates the Code and Stan

8、dards.B is eorreet beeause the inv estme nt offieer failed to deal fairly for her elie nts by alloeat ing p rofitable trades to a favored elie nt at the expense of others, a violati on ofSta ndard III (B) Fair Deali ng. The sta ndard requires members and can didates to treat all elie nts fairly whe

9、n tak ing inv estme nt aetio n. Tukwila should have a systematie app roaeh to alloeati ng trades, such as pro rata, before or at the time of trade exeeuti on or as soon as po ssible after trades are executed.3、 An an alyst does research about net p rese nt value and gathers the follow ingin formati

10、on about three cap ital budgeti ng p rojeets (in $ thousa nds):ProjectInitial OutlayCash Flow Year 1Cash Flow Year 2Cash Flow Year 3150 000125 000200 0()07() 00090 00040()0050 00090 000195 00090 000-30 000250 000【單選題】Which p rojeets has the highest internal rate of return?A. P rojeet 1.B. Project 2.

11、C. P rojeet 3.正確答案:B 答案解析:Projeet 1 IRR = 17.24%Project 2 IRR = 22.57%Project 3 IRR = 19.70%?！締芜x題】4、 What is the most likely effect on the aeeounting equation when a company purehases office equipment with cash?A.Assets in crease, and liabilities in crease.B.There is no effect on the acco unting equ

12、ati on.C.Assets decrease, and owners ' equity decreases.正確答案:B答案解析:Financial Reporting Mechanics,” Thomas R. Robinson, Jan Hendrik van Greuning, Karen O'onnor Rubsam, Elai ne Henry, and Michael A. Broihah n2012 Modular Level I, Vol. 3, p. 58Study Sessi on: 7-23-cExplain the p rocess of recor

13、d ing bus in ess tran sact ions using an acco unting system based on the acco un ti ng equati on.B is correct. There would be no effect on the acco unting equati on because the company has excha nged one asset for ano ther. Cash has decreased, and office equipment, a cap italasset, has in creased.5、

14、 An analyst does research about relationship between marginal cost of capitalschedule and investment opportunity schedule.As a companycontinues to raise additional capitaland in vests in additi onal cap ital in vestme ntp rojects, how will marginal cost of schedule and inv estme nt opportuni tycha n

15、ge?【單選題】B.Marginal cost of capital schedule 7Investment opportunity schedule?A.downward slopingdownward slopingdownward slopingupward slopingC.upward slopingdownward slopingMarginal cost of capitalInvestment opportunityschedule 7schedule?A.downward slopingdawn ward slopingdownward slopingupward slopingC.upward slopingdownward slopingA.Marginal cost of capitalschedule 7Investment op portunityschedule?C.A.downward slopingdow