CFA考试试题汇编(含答案)
1、The nominal (quoted) annual interest rate on an automobile loan is 10%. The effective annual rate of the loan is 10.47%. The frequency of compounding periods per year for the loan is clost to:【单选题】
A.weekly.
C.quarterly.
正确答案:B
点拨：:“The Time Value of Money,”Richard A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2013 Modular Level I, Vol. 1, Reading 5, Section 3.3Study Session 2–5–c, dCalculate and interpret the effective annual rate, given the stated annual interest rate and the frequency of compounding. Solve time value of money problems for different frequencies of compounding:B is correct. U the formula for effective annual rate:Iteratively substitute the possible frequency of compounding until the EAR is 10.47%.Thus, the correct answer i
s monthly compounding.
2、Which of the following is a constraint as defined in
the International Financial Reporting Standards (IFRS) Framework for the Preparation and Prentation of Financial Statements?【单选题】
A.Neutrality
B.Timeliness
和孩子斗智斗勇C.Going concern
正确答案:B健康营养
刀剑神域壁纸点拨：:“Financial Reporting Standards,”Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Karen O’Connor Rubsam, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFATimeliness is a constraint in the IFRS Framework. Neutrality is a factor that contributes to reliability and going concern is an assumption of the Framework.
3、Which method of calculating the firm’s cost of equity is most likely to incorporate the long-run return relationship between the firm's stock and the market portfolio?【单选题】
A.Dividend discount model
小麦分蘖B.Capital ast pricing model
C.Bond-yield-plus risk-premium
二十六个拼音字母表正确答案:B
点拨：:“Cost of Capital”Yves Courtois, CFA, Gene C. Lai, and Pamela Peterson Drake, CFAThe capital ast pricing model us the firm’s equity beta, which is computed from a market model regression of the company's stock returns against market returns.
4、For a 90-day U.S. Treasury bill lling at a discount, which of the following methods most likely results in the highest yield?【单选题】
A.Money market yield
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B.Discount-basis yield
C.Bond equivalent yield
正确答案:C
点拨：:“Working Capital Management,”Edgar Norton, Jr., Kenneth L. Parkinson, and Pamela Peterson Drake
5、An investor gathers the following data.To estimate the stock's justified forward P/E, the investor prefers to
u the compounded annual earnings growth and the average of the payout ratios over the relevant
period (i.e., 2008–2011). If the investor us 11.5% as her required rate of return, the stock's justified forward P/E is clost to:【单选题】
中原爱子A.10.
B.12.
C.21.
正确答案:C
点拨：:“Equity Valuation: Concepts and Basic Tools,”John J. Nagorniak and Stephen E.
Wilcox
6、A bond portfolio manager is considering three Bonds –A, B, and C –for his portfolio. Bond A allows the issuer to call the bond before stated maturity, Bond B allows the investor to put the bond back to the issuer before stated maturity, and Bond C contains no embedded options. The bonds are otherwi identical. The manager tells his assistant, “Bond A and Bond B should have larger nominal yield spreads to a U.S. Treasury than Bond C to compensate for their embedded options.”Is the manager most likely correct?
【单选题】
A.Yes.
B.No, Bond A’s nominal yield spread should be less than Bond C’s.
C.No, Bond B’s nominal yield spread should be less than Bond C’s.
正确答案:C
点拨：:“Understanding Yield Spreads,”Frank J. Fabozzi, CFAC is correct becau Bond B’s embedded put option benefits the investor and the yield spread will therefore be less than the yield spread of Bond C, which does not contain this benefit.
7、Which of the following characteristics is best described that the information in financialstatements can influence ur's economic decisions or affect ur's evaluationof past events or forecasts of future events in accordance with the IFRSframework's definitions and recognition criteria?【单选题】
A.Relevance.
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www.wendangku/doc/3228fe0b18e8b8f67c 1cfad6195f312b3069ebdf.htmlparability.
C.Faithful reprentation.
