CFA考試《CFA一級(jí)》歷年真題精選12（附詳解）

CFA考試《CFA一級(jí)》歷年真題精選12（附詳解）1、KimKlausner,CFA,monitorsseveralhundredemployeesasheadofcomplianceforalargeinvestmentadvisoryfirm.Klausnerhasalwaysensuredthathiscompany’scomplianceprogrammetorexceededthoseofitscompetitors.Klausner,whoisgoingonalongvacation,hasdelegatedhissupervisoryresponsibilitiestoSueChang.KlausnerinformsChangthatherresponsibilitiesincludedetectingandpreventingviolationsofanycapitalmarketrulesandregulations,andtheCFAInstituteCodeandStandards.KlausnerleastlikelyviolatedtheCFAInstituteStandardsofProfessionalConductbyfailingtoinstructChangtoalsoconsider:【單選題】A.firmpolicies.B.legalrestrictions.C.industrystandards.正確答案:C答案解析:“GuidanceforStandardsI–VII”,CFAInstituteCiscorrectbecausetherequirementunderStandardIV(C)ResponsibilitiesofSupervisorsdoesnotincludeanyreferencetoindustrystandards.StandardIV(C)requiressupervisorstoinstructthosesubordinatetowhomsupervisionisdelegatedaboutdetectionmethodstopreventviolationsoflaws,rules,regulations,firmpoliciesandtheCFAInstituteCodeandStandards.2、Anincreaseinwhichofthefollowingitemsismostlikelytoresultinawiderconfidenceintervalforthepopulationmean?【單選題】A.SamplesizeB.ReliabilityfactorC.Degreesoffreedom正確答案:B答案解析:“SamplingandEstimation,”RichardA.Defusco,CFA,DennisW.McLeavey,CFA,JeraldE.Pinto,CFA,andDavidE.Runkle,CFAAnincreaseinthereliabilityfactor(thedegreeofconfidence)increasesthewidthoftheconfidenceinterval.Increasingthesamplesizeandincreasingthedegreesoffreedombothshrinktheconfidenceinterval.3、Ananalystcollectsdatarelatingtofivecommonlyusedmeasuresofuseofdebt(leverage)andinterestcoverageforarandomlychosensampleof300firms.Thedatacomesfromthosefirms’fiscalyear2011annualreports.Thisdataisbestcharacterizedas:【單選題】A.time-seriesdata.B.longitudinaldata.C.cross-sectionaldata.正確答案:C答案解析:“SamplingandEstimation,”RichardA.Defusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleStudySession3-10-dDistinguishbetweentime-seriesandcross-sectionaldata.Ciscorrect.Dataonsomecharacteristicsofcompaniesatasinglepointintimearecross-sectionaldata.4、Consumersurplusisbestdescribedas:【單選題】A.alwayslessthanorequaltozero.B.alwaysgreaterthanorequaltozero.C.attimespositiveandatothertimesnegative.正確答案:B答案解析:“DemandandSupplyAnalysis:Introduction,”RichardV.EastinandGaryL.ArbogastBiscorrect.Consumersurplusariseswhenonepayslessforagoodthanthemaximumpricethatsheorhewaswillingtopayforit.Consumersurplusisthevalue(ormarginalbenefit)ofagoodminusthepricepaidforit,summedoverthequantitybought.Becausenoconsumerwill(willingly)payapricegreaterthanthemarginalvalueorbenefit,consumersurplusisalwayspositive.5、Aninvestorbuysstockonmarginandholdsthepositionforexactlyoneyear.Assumingthattheinterestontheloanandthedividendarebothpaidattheendoftheyear,thepriceatwhichtheinvestorsoldthestockisclosestto:【單選題】A.$23.05.B.$23.38.C.$23.98.正確答案:B答案解析:“MarketOrganizationandStructure,”LarryHarris6、Abondissellingfor98.2.Itisestimatedthatthepricewillfallto96.6ifyieldsrise30bpsandthatthepricewillriseto100.1ifyieldsfall30bps.Basedontheseestimates,thedurationofthebondisclosestto:【單選題】A.1.78.B.5.94.C.11.88.正確答案:B答案解析:“RisksAssociatedwithInvestinginBonds,”FrankJ.Fabozzi,CFA7、Thetablebelowprovidesinformationaboutaportfolioofthreebonds.Basedonthisinformation,thedurationoftheportfolioisclosestto:【單選題】A.9.35.B.9.48.C.9.74.正確答案:A答案解析:“IntroductiontotheMeasurementofInterestRateRisk,”FrankJ.Fabozzi8、VidaKnauss,CFA,managestheportfoliosofanumberofhigh-net-worthindividuals.WhichofthefollowingmostlikelyviolatestheStandardsofProfessionalConductrelatingtosuitabilitywhen:【單選題】A.Knaussevaluatestheinvestmentinthecontextoftheindividualcharacteristicsoftheinvestmentalone.B.Knaussevaluateswhethertheinvestmentissuitablefortheclient'sinvestmentpolicystatement.C.Knaussevaluatestheinvestmentinthecontextoftheclient'stotalportfolioofinvestments.正確答案:A答案解析:評(píng)估投資是否適合應(yīng)該以投資組合的范圍來(lái)評(píng)估，同時(shí)應(yīng)該評(píng)估投資是否符合客戶的需要和目的，這些都是反映適合性的。但評(píng)估投資不能以該單個(gè)投資的特征來(lái)評(píng)估，而需要有投資組合的概念。9、Ananalystdoesresearchaboutyieldtomaturityandgathersthefollowinginformationaboutacorporatebondpayinginterestsemiannually:Ifthebondiscurrentlysellingfor$980andexpectedinflationis5%,thebond'syieldtomaturityisclosestto:【單選題】A.3.14%B.6.28%C.6.47%正確答案:B答案解析:FV=1000，PMT=6%×1000/2=30，PV=-980，N=10×2=20。算出I/Y=3.14%，到期收益率(yieldtomaturity)=2×3.14%=6.28%。10、Comparedwithpublicequitymarkets,whichofthefollowingstatementsismostaccurateaboutprivateequitymarkets?Operatingintheprivatemarket:【單選題】A.offersstrongerincentivestoimprovecorporategovernance.B.allowsmoreopportunitiestoraisecapital.C.allowsmanagementtobetteradoptalong