CFA一级考试历年真题精选及答案0519-6

1、CFA级考试历年真题精选及答案0519-6CFA级经济学Markets for produced goods that are primarily sold tocustomersare best described as:A. capital markets.B. intermediate goods markets.C. services and finished markets.Solution ： CMarkets for produced goods such as cars, clothing, andliquor thatare sold primarily to custome

2、rs are considered as finished and servicesmarkets.CFA级固定收益Which of the following statement about bond's indentureis mostcorrect?A. It containsits covenants.B. It is thesame as a debenture.C. It relatesonly to its interest and principal payments.Solution: AAnindenture is the contract between the

3、company and itsbondholders and containsthe bond's covenants. 、CFA级企业理财3With regard to the most appropriatetreatment of cashflows in capital budgeting,which of the following is correct?A. A project is evaluated using its incrementalcash flows onan after -tax basis.B. Interest costs are included i

4、n theproject's cash flows toreflect financing costs.C. Sunk costs and externalities should notbe included inthe cash flow estimates.Solution: ACFA级职业伦理Dacy Chen, CFA, is an independent financial advisor for ahigh networth client. He had not contacted with the customerin over two years. Duringa r

5、ecent brief telephone conversation, 3the client stated he wanted to increasehis risk exposure. Dacy subsequently recommended and invested in severalhigh-risk funds on behalf of the client. Dacy continued, as he had done in thepast, to send to his client monthly, detailed itemized investment statemen

6、ts.Did Dacy most likely violate anyCFAStandards?A. No.B. Yes, with regard to purchasing venture capital funds.C. Yes, with regard to investment statements.Solution: BDacy violatedStandard III (A) in not exercising Loyalty,s proPrudence and Care. Bravoria had notupdated his clientrisk investments unt

7、il suchin over two years thus should not have madefurtherinvestments, particularly in hightime ashe updated the client'rissk and return objectives,financial constraints andfinancialposition. Dacy provided hisclient with investment statements morefrequently than that which is required; i.e. quart

8、erly so was not in violationof regular account information.CFA级数量分析For a credit card, it charges 15% compounded monthly. Itseffective annual rate is closet to:A. 15.78%.B. 18.85%.C. 16.08%.Solution: CCFA级组合管理Which of the following is the advantage of diversificationcompared to investing in a single

9、security?A. It decreases the volatility of returns.B. It increases the probability of high returns.C. It increases the expected rate of return.Solution: ACFA级衍生品Which of the following statements describe theexchange-traded derivatives is the most accurate?A. They are illiquid.B. They are standardize

10、d contracts.C. They have significant default risk.Solution: BCFA级其他投资Please choose a strategy that could exploit pricingdiscrepancies between assets of issuing companies?A. Event-driven strategies.B. Macro strategies.C. Relative value strategies.Solution: CCFA级财务报表Cameron and Caspar formed a new com

11、pany with aninvestment of $100,000 on July 1 2014. The most likely effect of this transaction on the company's accounting equation at thetime of the formation is an increase in cash and:A. anincrease in revenue.B. anincrease in liabilities.11C. anincrease in contributed capital.Solution:CCFA级权益A country whose financial markets are in an early stage ofdevelopment. Consider preparation a list of the objectives of market regulation. Which of the following is least likely to be included in this list of objectives?A. Minimize agency problems in the corporate.B.