历年CFA考试真题及答案解析
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.
B.monthly.
C.quarterly.
正确答案:B
答案解析:“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 is 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
顾城避免冒险的英文C.Going concern
正确答案:B
答案解析:“Financial Reporting Standards,” Thomas R. Robinson, CFA, Jan Hendrik 处女座女生和什么星座男生最配
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
B.Capital ast pricing model
C.Bond-yield-plus risk-premium
正确答案:B
答案解析:“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
B.Discount-basis yield
C.Bond equivalent yield
正确答案:C
答案解析:“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】
A.10.学知识
B.12.
C.21.
正确答案:C
答案解析:“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 por
tfolio. 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
答案解析:“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.什么是版式设计
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.
B.Comparability.
依从性C.Faithful reprentation.
正确答案:A
答案解析:根据IFRS的条款，财务报表的两个基本特性使得这些财务信息有用，这两个特性包括相关性（relevance）和公允陈述（faithful reprentation）。相关性是指财务报告中的信息会影响使用者的经济决策，或者影响使用者对于历史实践和未来事件的评估。
公允陈述是指信息公允陈述，并且是完整的、中立的（没有偏差）和没有错误。可比性（comparability）增加了相关性和公允陈述，是指不同公司和不同时间的财务报告陈述是统一的。
8、An analyst does rearch about revenue recognition in special cas and gathersthe following information about a construction contract which will be completedin 5 years:Under percentage-of-completion method, revenue recognized in Year 2 is clost to:【单选题】
饮料用英语怎么说>以a开头的单词
