CFA考试一级章节练习题精选0329-55(附详解)

1、CFA考试一级章节练习题精选 0329-55 （附详解）1、An analyst gathered the following information about a comp any that exp ects to fund its cap ital budget without issuing any additional shares of common stock:Source of capitalCapital structure prop ortionMginal after-tax costLong-term debt50%6%Preferred stock10%10%Comm

2、on equity40%15%Net present values of three inde pendent p rojects:Warehouse prqj ect$426Equip ment p roject$0Product line project-$185If no significant size or timing differences exist among the p rojects and the p rojects all have the same risk as the comp any, which p roject has an internal rate o

3、f return that exceeds 10 percent?【单选题】A. AII three pr ojectsB. The warehouse p roject onlyC. The warehouse project and the equipment project正确答案 :B7答案解析 : “ Capital Budgeting,” John D. Stowe, CFA and Jacques R. Gagne , CFA2010 Modular Level I, Vol. 4 pp. 10 -13Cost of Capital,” Yves Courtois, CFA, G

4、ene C. Lai, and Pamela P. Peterson, CFA2010 Modular Level I, Vol. 4, pp. 40 -41Study Session 11-44-d, 11-45-aCalculate and interpret the results using each of the following methods to evaluate a single capital project: net present value (NPV), internal rate of return(IRR), payback period, discounted

5、 payback period, and profitability index (PI).Calculate and interpret the weighted average cost of capital (WACC) of a company.s WACC of 10%), therefore only the warehouThe WACC of the company is calculated as 0.5(6%) + 0.1(10%) + 0.4(15%) = 10%. To have a positive NPV, a project must have an IRR gr

6、eater than the WACCused to calculate the NPV. Only the warehouse project has a NPV greater than $0 (at the companyan IRR that exceeds 10%.2、The following information is available for a firm:Revenue800,000Variable cost400,000Fixed cost200,000Operating income200,000Interest60,000Net income140.000IThe

7、firms degree of total leverage (DTL) is closest 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.CFA Level I Measures of Leverage, P amela P eterson Drake, Raj Aggarwal, Cynthia Harrington, and AdamKoborSection 3.53、An analyst does rese

8、arch about asset beta and gathers the following informationabout a comp any:-Market value of equity is $ 900 000 -Book value of equity is $ 1 100 000 -Market value of debt is $ 1 000 000 -Book value of debt is $ 950 000 -Equity beta is 2.3 -Marginal tax rate is 40%Assuming the comp anys debt has no

9、market risk, the comp anys asset beta isclosest to:【单选题】A. 1.36B. 1.38C. 1.49答案解析:asset beta =2.3正确答案:BX -014/) 1 +(1 (1 000 000/900 000) =1.这里要用市场价值 (market value)来计算。4、A comp any s data are furnished below:Cost of debt10%Cost of equity16%Debt-to-equity ratio (D/E)50%Tax rate30%The weighted average

10、 cost of capi tal (WACC) is closest to:【单选题】A.11.5%.B.13.0%.C.14.0%.正确答案:B答案解析：“ Cost of Capitai,-43” Yves Courtois, Gene C. Lai, and P amela P eterson Drake2012 Modular Level I, Vol. 4, pp. 40Study Session 11-37-a, bCalculate and interpret the weighted average cost of cap ital (WACC) of a comp any.

11、Describe how taxes affect the cost of cap ital from different cap ital sources.B is correct:D/E50%叫=1 + D/F = 1 + 50% = 3*3%=!% = 6&7%WACC = w也陀(1 - t) + 竹 +WACC = 33.3% X 10% X (1- 30%) + 667% x 16% = 13.0%【单选题】5、With respect to liquidity management, which of the following is most likely aprimary source of liquidity?A. Trade credit from vendors.B. Renegotiating debt contracts.C. Filing for bankruptcy protection and reorganization.B 和 C 都是次选流动性资源(