CFA考试一级章节练习题精选0331-20(附详解)

1、3单选题】CFA考试一级章节练习题精选 0331-20 （附详解）1、 A portfolio with equal parts invested in a risk-free asset and a risky portfolio will most likely lie on:A. the efficient frontier.B. the security market line.C. a capital allocation line.正确答案 :C” , by Vijay Singal.答案解析 : “ Portfolio Risk and Return: Part II 2011

2、Modular Level I, Vol. 4, pp. 392-400Study Session 12-53-bExplain and interpret the capital allocation line (CAL) and the capital market line (CML).C is correct. A capital allocation line shows possible combinations of a risky portfolio and the risk-free asset.1、 A key difference between a wrap accou

3、nt and a mutual fund is that wrap accounts:【单选题】A. have a lower required minimum investment.B. can not be tailored to the tax needs of a client.C. have assets that are owned directly by the individual.正确答案 :C答案解析 : “ Portfolio Management: An Overview,” Robert M. Conroy, CFA, and Alistair Byrne, CFA2

4、011 Modular Level I, Vol. 4, p. 305Study Session 12-51-dDescribe, compare, and contrast mutual funds and other forms of pooled investments.C is correct. The key difference between a wrap account and a mutual fund is that in a wrap account the assets are owned directly by the individual.1、 An analyst

5、 does research about portfolio management process.Which of thefollowing statements is commonly believed to have the greatest impact on portfolioperformance? 【单选题】A. Security selecting.B. Time selecting.C. Asset allocation.正确答案 :C单选题】答案解析 :资产配置决策被认为是决定投资组合收益最重要的因素，组合收益的高低并不在于择时及择股。1、 With respect to

6、the portfolio management process, asset allocation decisions are made in the:A. planning step.B. feedback step.C. execution step.正确答案 :C答案解析 : “ Portfolio Management: An Overview,” Robert M. Conroy, CFA and Alistair Byrne, CFA2011 Modular Level I, Vol. 4, p. 292Study Session 12-51-cDescribe the step

7、s in the portfolio management process.C is correct. Asset allocation decisions are made in the execution step.1、 The correlation between the historical returns of Stock A and Stock B is 0.75. If the variance of Stock A is 0.16 and the variance of Stock B is 0.09, the covariance of returns of Stock A and Stock B is closest to: 【单选题】A. 0.01.B. 0.09.C. 0.16.正确答案 :B” , Vijay Singal, CFA答案解析 : “ Portfolio Risk and Return: Part I 2013 Modular Level I, Vol. 4, Reading 43, Section 2.3.3Study Session 12-43-bCalculate and interpret the mean, variance, and c