CFA考试历年真题精选c
1、Leng Bo, CFA is a bond portfolio manager for individual investors. Last year, a client who portfolio is limited to investment-grade bonds approved Bo's purcha of a below investment grade bond. Becau yields in the high grade fixed income markets declined, Bo subquently decides to enhance this client's portfolio by investing in veral additional bonds with ratings one or two notches below investment grade. The investment strategy implemented by Bo most likely violated which of the following CFA Institute Standards of Professional Conduct?【单选题】
聚餐的优美句子
A.Suitability
B.Communications with Clients
C.Independence and Objectivity
正确答案:A
答案解析:"Guidance for Standards I-VII CFA Institute"A is correct becau the client only approved the purcha of one below investment grade bond while the portfolio manager has purchad veral additional bonds below investment grade without client approval in violation of Standard III (C).
2、A consumer purchas an automobile using a loan. The amount borrowed is €30,000 and the terms of the loan call for the loan to be repaid over five years using equal monthly payments with an annual nominal interest rate of 8% and monthly compounding. The monthly payment is clost to:【单选题】桃的四字词语
A.€608.29.
五进
B.€626.14.
C.€700.00.
红参有什么功效正确答案:A
答案解析:“Time Value of Money,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2011 Modular Level I, Vol. 1, pp. 286-290Study Session 2-5-d, fSolve time value of money problems when compounding periods are other than annual.Draw a time line and solve time value of money applications (for example, mortgages and savings for college tuition or retirement).Place the following values into a financial calculator: N = 60, i/y = 8/12, PV = 30000, FV = 0, and compute PMT. Note, 5 years times 12 months per year equals 60 months. The nominal rate of 8% must be divided by 12 to find the monthly periodic rate of 0.6666667%. Alternatively, using the prent value of an annuity formula, solve:
3、A technical analyst obrves a head and shoulders pattern in a stock she has been following. She notes the following information:Bad on this information, her estimate of the price target is clost to:【单选题】
A.$48.00.
B.$59.50.
C.$89.75.
正确答案:A
答案解析:“Technical Analysis,” Barry M. Sine, CFA and Robert A. Strong, CFA= 65.75-17.75 = 48.00
4、An investor purchas a three-month put option on a stock with an exerci price of $35.00. The risk-free rate is 4.50%. At expiration, the stock price is $33.50. The option's payoff is clost to:【单选题】
A.$1.48.
左传全称
B.$0.
C.$1.50.
正确答案:C
答案解析:The put option is worth the greater of $0 or (Exerci price – Spot price at expiration). Becau the exerci price is greater than the spot price at expiration, the put is worth ($35.00 – $33.50) = $1.50.Section 5.1
5、A financial analyst utilizing his analytical experti and up-to-date information buys a company’s stock. His clo friends, who lack information or experti, imitate the financial analyst’s action and buy the stock. Which of the following statements concerning this behavioral bias is most accurate?【单选题】
A.It improves market efficiency.
B.It is identical to reprentativeness.
文登旅游
C.It is inconsistent with rational behavior.
正确答案:A
答案解析:“Market Efficiency,” W. Sean Cleary, CFA, Howard J. Atkinson, CFA and Pamela
儒林外史介绍
Peterson Drake, CFAThis behavioral bias is an example of an information cascade wherein the transmission of information is from tho participants who act first and who decisions influence the decisions of others. The behavior of informed traders acting first and uninformed traders imitating the informed traders is consistent with rationality. The imitation trading by the uninformed traders helps the market incorporate relevant information and improves market efficiency.
6、Which of the following statements best describes an advantage of a forward contract over a futures contract? A forward contract:【单选题】
A.is esntially free of default risk.
B.can easily be offt prior to expiration.
C.allows parties to enter into a customized transaction.
正确答案:C
答案解析:“Derivative Markets and Instruments,” Don M. Chance, CFAC is correct. Unlike futures contracts, which have standardized features, forward contracts can be customized to suit the needs of the parties involved.
7、According to U.S. GAAP, the payment of cash dividends during the year will most likely affect the cash flow from which type of activity?【单选题】
A.Financing
B.Investing
C.Operating
正确答案:A
答案解析:For a company that prepares its financial statements under U.S. GAAP, cash dividends paid are reported as a cash outflow in the cash flow from financing activities ction on the statement of cash flows.Sections 2.1, 2.2
8、An analyst does rearch about sampling.Compared to estimates of parametersproduced from simple random sampling, estimates of parameters produced fromstratified random sampling most likely have:【单选题】
