CFA考试历年真题精选11（附详解）
现代文学家1、A project has the following annual cash flows:With a discount rate of 8%, the discounted payback period (in years) is clost to:【单选题】
A.2.8.
B.3.0.
C.3.2.
正确答案:C
答案解析:“Capital Budgeting,” John D. Stowe and Jacques R. Gagne[1664201704061-image/0248.jpg]璟字五行属什么
2、A 30-day $10,000 U.S. Treasury bill lls for $9,932.40. The discount-basis yield (%) is clost to:【单选题】
A.8.11.
B.8.17.
C.8.28.
正确答案:A
答案解析:“Working Capital Management,” Edgar Norton, Jr., Kenneth L. Parkinson, and Pamela Peterson Drake[1664201704061-image/0256.jpg]
3、Bad on a need to borrow $2 million for one month, which of the following alternatives has the least expensive effective annual cost?【单选题】
A.A banker’s acceptance with an all-inclusive annual rate of 6.1%
B.A credit line at 6.0% annually with a $4,000 annual commitment fee
C.Commercial paper at 5.9% annually with a dealer’s annual commission of $1,500 and a backup line annual cost of $3,500
正确答案:A
答案解析:“Working Capital Management,” Edgar A. Norton, Jr., Kenneth L. Parkinson, and Pamela Peterson DrakeBanker’s acceptance has t he lowest annual effective cost of 0.0613.
4、An industry experiencing inten competitive rivalry among incumbent companies is best characterized by:【单选题】
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A.differentiated products and low exit barriers.
B.a small number of competitors and low fixed costs.
C.customers basing purcha decisions largely on price.
正确答案:C
答案解析:“Introduction to Industry and Company Analysis,” Patrick W. Dory, CFA, Anthony M. Fiore, CFA and Ian Rossa O’Reilly, CFAThe factor that most influences customer purcha decisions is li kely to also be the focus of competitive rivalry in the industry. In general, industries where price is a large factor in customer purcha decisions tend to be more competitive than industries in which customers value other attributes more highly.
5、Under IFRS, the costs incurred in the issuance of bonds are most likely:【单选题】
B.included in the measurement of the bond liability.国防知识竞赛
C.deferred as an ast and amortized on a straight-line basis.
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答案解析:Under IFRS, debt issuance costs are included in the measurement of the bond liability.Section 2.1
6、For a hedge fund investor, a benefit of investing in a fund of funds is least likely the:【单选题】
A.multilayered fee structure.
B.higher level of due diligence experti.早餐图片
C.ability to negotiate better redemption terms.
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 becau funds of funds typically have a multilayered fee structure that may dilute the returns to the investor.思君朝与暮
7、An analyst at a bank concludes that the probability of default for a one-year, single-paymentloan is 10.0 percent, and the bank will recover nothing if the loandefaults.The current risk-free rate of return is 3.5 percent.The minimum yield-to-maturityand minimum default risk premium, respectively, that the bankshould demand on the loan are clost to:【单选题】
A.
B.
C.
正确答案:C
答案解析：该笔贷款对于银行来讲，有10%的可能性会发生客户违约，有90%的可能性可以在一年后获得正常的贷款收益，如果客户违约，则银行的这笔贷款的收益率为-100%（注意不是零，因为本金也损失了），如果客户正常还贷，则银行的这笔贷款的收益率为到期收益率（YTM），他们的平均收益率至少要大于或等于无风险收益率。持有到期收益率（YTM）等于无风险收益率加上违约风险溢价。所以，最小违约风险溢价= 15% - 3.5% = 11.5%。
8、An analyst does rearch about the inventory write-down.A reversal of an inventorywrite-down fr
om a previous period is most likely reported as a(n):【单选题】
A.unrealized gain.
B.decrea in the cost of sales.
C.increa in the inventory valuation allowance.
正确答案:B减肥食谱表格21天
答案解析：存货的减值：如果存货的成本高于现时的公允价值，此时就需要对存货进行减值，以反映出其真实价值。如果NRV低于资产负债表上的账面价值(carrying value)，则存货要减值并在利润表上显示为loss。如果日后要恢复，那么就加值，gains反映为当期销货成本（COGS）的减少，记入利润表中。但账面价值不能超过原始成本。
9、The following information is available for a firm:The firm's degree of total leverage (DTL) is clost to:【单选题】
A.1.43.
B.2.86.
C.2.00.
正确答案:B
答案解析:DTL=Revenue-Variable cost/Net income=￡800,000-￡400,000/￡140,000=2.86.Section 3.5
10、Valuation of a swap during its life will least likely involve the:【单选题】
A.u of replication.
B.investor's risk aversion.
C.application of the principle of no arbitrage.
答案解析:Risk neutrality, not risk aversion, is a key element of derivatives pricing, including swaps.Section 1
