CFA考试《CFA一级》历年真题精选06（附
详解）
1、For planning purpos, an individual wants to be able to spend €80,000 per year, at the end of each year, for an anticipated 25 years in retirement. In order to fund this retirement account, he will make annual deposits of €6,608 at the end of each of his working years. What is the minimum number of s uch deposits he will need to make to fund his desired retirement? U 6% interest compounded annually for all calculations.【单选题】
A.29 payments
B.40 payments
C.51 payments
正确答案:B
答案解析:“The Time Value of Money,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleI/Y = 6, PV = 0, PMT = 6,608, FV = 1,022,668; calculate N. N is 40.
2、A technical analyst has detected a price chart pattern with three gments. The left gment shows a decline followed by a reversal to the starting price level. The middle gment shows a more pronounced decline than in the first gment and again a reversal to near the starting price level. The third gment is roughly a mirror image of the first gment. This chart pattern is most accurately described as:【单选题】
A.a triple bottom.
B.a head and shoulders.
C.an inver head and shoulders.
正确答案:C
修改病句的方法和技巧答案解析:“Technical Analysis,” Barry M. Sine and Robert A. StrongC is correct. An inver head and shoulders pattern consists of a left gment that shows a decline followed by a reversal to the starting price level, a middle gment that shows a more pronounced decline than in the first gment and again a reversal to near the starting price level, and a third gment that is roughly a mirror image of the first gment.
3、Two mutually exclusive projects have the following cash flows (€) and internal rates of r eturn (IRR):Assuming
a discount rate of 8% annually for both projects, the firm should most likely accept:【单选题】
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A.both projects.
B.Project A only.
C.Project B only.
正确答案:B
学画房子答案解析:“Capital Budgeting,” John D. Stowe, CFA, and Jacques R. Gagne, CFAB is correct becau Project A has
汽车保险险种a higher NPV and the projects are mutually exclusive, only Project A should be accepted.
4、A forward rate agreement (FRA) that expires in 180 days and is bad on 90-day LIBOR is quoted at 2.2%. At expiration of the FRA, 90-day LIBOR is 2.8%. For a notional principal of USD1,000,000, the payoff of this FRA is clost to:【单选题】
A.USD1,469.31.
B.USD1,489.57.
C.USD1,500.00.
正确答案:B
答案解析:“Forward Markets and Contracts,” Don M. Chance, CFAB is correct. 1,000,000 × (0.028 –0.022) × (1/4)/(1 + (0.028/4)) = 1,489.57.
5、An alternative investments fund that employs leverage and takes long and short positions in curities is most likely a:【单选题】
A.hedge fund.
B.venture capital fund.
C.leveraged buyout fund.
正确答案:A
答案解析:“Introduction to Alternative Investments,” Terri Duhon, George Spentzos, CFA, and Scott D. Stewart, CFAA is correct. Hedge funds invest in curities and may take long and short positions. They may also employ leverage.
6、The execution step of the portfolio management process includes:【单选题】
A.finalizing the ast allocation.
C.preparing the investment policy statement.
正确答案:A十篇读书笔记
答案解析:“Portfolio Management: An Overview,” Robert M. Conroy and Alistair ByrneA is correct. Ast allocation occurs in the execution step.茂名旅游景点大全介绍
7、An analyst does rearch about financial reporting quality.An incentive for acompany's management reporting lower earnings is least likely to:【单选题】
B.obtain trade relief in the form of quotas or protective tariffs.
正确答案:A
答案解析：本题考查的是财务报告质量（financial reporting quality）中管理层操纵盈利的动机。管理层试图提高净利润的动机包括：·Negotiate favorable labor union contracts.（从工会取得优惠的劳动条款。）
8、An industry experiencing slow growth, high prices, and volumes insufficient to achieve economies ofscale is most likely in the:【单选题】
A.shakeout stage.
B.mature stage.
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正确答案:C
消防员工资答案解析:An embryonic industry is one that is just beginning to develop and is characterized by slow growth,high prices, volumes not yet sufficient to achieve meaningful economies of scale, developingdistribution channels, and low brand loyalty becau there is low customer awareness of theindustry's product.Section 5.1.5.1
9、An analyst does rearch about price multiples.Which of the following statementsis least accurate to explain using the price-to-sales ratio in equity valuationis better than the price-to-earnings ratio?【单选题】
A.Sales are more stable than earnings.
B.Earnings are sometimes negative.
C.Sales are the main driver of equity value.
