CFA考试一级章节练习题精选0331-26(附详解)

1、CFA考试一级章节练习题精选0331-26 （附详解）1、Credit spreads are most likely to narrow during: 【单选题】A. economic contractions.B. economic expansions.C.a period of flight to quality.正确答案 :B答案解析 :Credit spreads narrow during economic expansions and widen during economic contractions. Duringan economic expansion, corpor

2、ate revenues and cash flows rise, making it easier for corporations toservice their debt, and investors purchase corporates instead of Treasuries, thus causing spreads tonarrow.CFA Level I "Fundamentals of Credit Analysis," Christopher L. GootkindSection 6 1、 An investor purchases a 3-mont

3、h put option on a stock with an exercise price of $35. The risk free rate is 4.50%. At expiration, the stock price is $33.50. The option ' s payoff is closest tO单选题】A. $0.B. $1.48.C. $1.50.” , Don M. Chance正确答案 :C答案解析 : “ Option Markets and Contracts 2010 Modular Level I, Vol. 6, pp. 98-101Study

4、 Session 17-70-fCompute and interpret option payoffs, and explain how interest rate option payoffs differ from the payoffs of other types of options.The put option is worth the greater of $0 or (exercise pricespot p rice at exp iration). Since the exercise p rice is greater than the spot p rice at e

5、xp iratioiput is worth (35-33.50) = $1.50.1、A 1 x 3 forward rate agreement on Eurodollar time deposits most likely expires in: 【单选题】A. three months and is based on 30-day LIBOR.B. one month and is based on 90-day LIBOR.C. one month and is based on 60-day LIBOR.正确答案 :C答案解析 :The first number refers to

6、 the expiration date (in months), and the second number refers to the interest payment date (in months) on the underlyingEurodollar time deposit.2014 CFA Level I"Forward Markets and Contracts," by Don M. ChanceSection 3.2.2 1、 An analyst does research about an equity swap.An asset manager

7、enters into aswap with a dealer.At the end of each quarter during the life of the swap, thedealer agrees to make a fixed-rate payment of $2 million, and the asset manageragrees to make an equity payment that is based on the return on a stock单选题】index forthat quarter.The swap agreement allows netting

8、 of payments.The value of thestock index is 278 at initiation of the swap and 259 at the end of the first quarter.The payment due from the dealer to the asset manager at the end of the first quarteris most likely :A. equal to $2million.B. more than $2million.C. less than $2million because the paymen

9、ts are netted.正确答案 :B答案解析 :因为股票下跌，资产管理人会从交易对手方那里收到固定收益$2million 以及股票下跌的补偿，因为指数在这个季度下跌了，所以资产管理人5单选题】得到的金额要大于 $2million 。1、 An analyst does research about derivative markets.Which of the following statementsis most likely among criticisms of derivative markets?A.Derivativesprovide price information.B.Derivativ