CFA一级模拟试题及答案0426-2
1. Diana Fairbanks, CFA, is married to an auditor employed at a large accounting firm. When her husband mentioned that a computer firm he was auditing would receive a qualified opinion, she thought nothing of it. Later that week, when she reviewed a new client’s account, she noticed that there were substantial holdings of this company. When she did an Internet arch for news on the company, she did not find anything about its most recent audit or anything adver. Which of the following actions concerning the computer stock should Fairbanks most likely take to avoid violating the CFA Institute Standards of Professional Conduct?
A. Take no investment action.
B. Complete a thorough and diligent analysis of the company and then ll the stock.
C. Sell the stock immediately as she has a reasonable basis for taking this investment action.
2. As from the record of CFA Institute and GARP, the pass-through rate of CFA level I exam is 40%, and the pass-
小猴子英文through rate of FRM exam is 50%. And as an investigation led by the two institutes, among the people
who has pasd the FRM, the pass-through rate of CFA level 1 exams is 60%. So what is the pass-through rate of FRM members who has also pasd the CFA level 1 exam before?
A. 48%
B. 60%
C. 75%
3. Upsilon Natural Gas, Inc. is a monopoly enjoying very high barriers to entry. Its marginal cost is $40 and its average cost is $70. A recent market study has determined the price elasticity of demand is 1.5. The company will most likely t its price at:
A. $40.
B. $70.
C. $120.
4. An analyst collected data about a company as follows:
lecteditems
The preferred stock can be converted to 10,000 common stocks, while the debt is not convertible. The dilutive earnings per share is clost to:
A. 1.92.
B. 1.96.lobby
C. 2.01.
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5. An analyst gathered the following information about
复出口a manufacturing company:
The company’s after-tax cost of retained earnings is clost to:
A. 15.33%
B. 16.24%
仰慕C. 17.29%
6. Fixed-income indices are least likely constructed on the basis of:
A. maturity.
B. type of issuer.
C. coupon frequency.
7. Assume a $1,000,000 par value, miannual coupon U.S. Treasury note with two years to maturity and a coupon rate of 10 percent. Using the following Treasury spot rates and ignoring accrued interest and transactions costs, the arbitrage-free value of the Treasury note is clost to:
A. $846,210.
B. $1,000,000.
C. $1,002,647.
8. A stock is lling at $40, a 3-month put at $50 is lling for $11, a 3-month call at $50 is lling for $1, and the risk-free rate is 6%. How much, if anything, can be made on an arbitrage?
A. $0 （no arbitrage）
B. $0.28
支出英语C. $0.72
9. Infrastructure investments may also be categorized by stage of development of the underlying asts. Investing in existing investable infrastructure asts may be referred to as:
A. Brownfield investments.
B. Greenfield investments.
not specifiedC. Redfield investment.
10. Two individual investors with different levels of risk aversion will have optimal portfolios that are:
会计学博士A. below the capital allocation line.process
B. on the capital allocation line.
C. above the capital allocation line.
