CFA考试《CFA一级》历年真题精选23（附
详解）
1、The following information is from a company’s investment portfolio:If the investment is reclassified as Available-for-sale as of 31 December 2010, t he balance sheet carrying value of the company’s investment portfolio would most likely:【单选题】擅长和善长的区别
B.decrea by $10,000.
C.decrea by $12,000.
正确答案:B
青豆玉米粒的做法答案解析:"Understanding The Balance Sheet,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning,CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFAHeld-for-trading and available-for-sale curities are carried at market value, whereas held-to-maturity curities are carried at amortized cost. If the investment is reclassified as available-for-sale in 2010, the carrying amount should be adjus
ted to its market value, which is $10,000. Compared with the amortized cost of $20,000, it’s a decrea of $10,000.
2、Which of the following statements best describes a feature of an options contract? In an options contract:【单选题】
A.both the long and the short can default.
正确答案:C
答案解析:Only the short can default. This scenario occurs when the long exercis the option and the short fails to fulfill its obligation under the contract.Section 4.2.1
3、According to the Capital Ast Pricing Model (CAPM) if investors borrow at a rate that exceeds the risk-free lending rate the resulting borrowing portfolios will:【单选题】
A.plot on a flatter line.
B.plot on a steeper line.
< longer plot on a straight line.
正确答案:A
答案解析:“An Introduction to Ast Pricing Models,” Frank K. Reilly and Keith C. BrownA is correct. If investors borrow at a rate that exceeds the lending rate, the resulting borrowing portfolios will not be as profitable as the ca where borrowing and lending is carried out at the same risk-free rate. The result is that borrowing portfolios will plot on a line with a flatter slope compared to borrowing portfolios constructed from borrowing at the risk-free lending rate.
4、The point of tangency between the capital allocation line (CAL) and the efficient frontier of risky asts most likely identifies the:【单选题】
A.optimal risky portfolio.
B.optimal investor portfolio.
C.global minimum-variance portfolio.
正确答案:A
答案解析:“Portfolio Risk and Return Part I”, Vijay Singal, CFAA is correct. The optimal risky portfolio lies at the point of tangency between the capital allocation line and the efficient frontier of risk asts.
5、Which of the following is least accurate to describe the assumption of technicalanalysis?【单选题】
A.Markets are efficient and rational.
B.Markets are influenced by irrational and rational investors.
C.Trends and patterns tend to repeat themlves and therefore predictable.
肝硬化鉴别诊断
正确答案:A
答案解析：市场是由理性和非理性的行为共同导致的趋势和形态，是重复的，因此是可以预测的，这些都是技术分析的假设；而市场是有效的和理性的，是基本分析的假设。
6、An analyst is doing rearch about cash flow statement.On the cash flow statement,the acquisition of or sale proceeds from trading curities is categorized as a(n):【单选题】
A.investing activity.
B.financing activity.歌颂
C.operating activity.
正确答案:C
答案解析：运营、投资和融资活动（Operating, Investing & Financing activities）的分类见下表：
7、An analyst does rearch about financial statements.With respect to a bank's balancesheet, customer
deposits are most likely classified as a(n) :【单选题】
班干部竞选A.asts.
B.liability.
C.equity.
正确答案:B
答案解析：银行的客户存款就是银行的负债。
8、The behavioral bias in which investors tend to avoid realizing loss but rather ek to realize gainsis best described as:【单选题】
A.the gambler s fallacy.
B.the disposition effect.
正确答案:B
老年人皮肤瘙痒有绝招答案解析:Behavioral bias in which investors tend to avoid realizing loss but, rather, ek to realize gains isthe disposition effect.Section 5.3
9、An analyst does rearch about price multiples and gathers the followinginformation about three companies in the same industry:According to dividenddiscounted model (DDM), which company most likelyhas the highest price-to-earnings ratio?【单选题】
A.Company 1.
B.Company 2.
人生感悟的经典句子C.Company 3.
正确答案:A
豇豆角的做法答案解析:P/E = payout ratio/ (k - g) = (1 - earnings retention ratio )/(k - g)，所以P/E 与收益留存比率
（earnings retention ratio）成反比，与必要回报率成反比，如果要使P/E比例最大，则需要找到最小的收益留存比率（earnings retention ratio）和必要回报率（required rate ofreturn）。
10、The Semi-strong form efficient market hypothesis assumes the curity pricesfully reflect information about:【单选题】
A.industry trends.
C.private information.
正确答案:A
答案解析：弱式有效市场（Weak-form efficient market）的价格充分反映了历史交易信息，包括价格和成交量。半弱式有效市场（Semi-strong form efficient market）的价格充分反映了所有公开信息。强式有效市场（Strong-form market efficient market）的价格充分反映了公开和内幕信息。
