CFA考试《CFA一级》历年真题精选及详细解析1006-57

1、CFA考试CFA级历年真题精选及详细解析 1006-571、Bonds issued by a country's central government are referred to as sovereignbondsWhich of the following methods is used by central governments to issuesovereign bonds when it determines market conditions are advantageous?【单选题】A. Regular cycle auction (multiple price)

2、.B. An ad hoc auction system.C. A tap system.正确答案:B答案解析:在市场适合的情况下,选择发行债券属于特别的拍卖系统。2 On a cash flow statement prepared using the indirect method, which of the following would most likely in crease the cash from investing activities?【单选题】A. Sale of a Iong-term receivableB. Sale of held-for-trading sec

3、uritiesC. Securitization of accounts receivable正确答案:A答案解析:"Understanding Cash Flow Statements/ Elaine Henry,CFA, Thomas R. Robins on, CFA, Jan Hen drik van Greuni ng, CFA, and Michael A. Broihahn, CFA2013 Modular Level I, Vol, 3,Reading 27, Section 2l"Accounting Shenanigans on the CashFlow

4、 Statement/ Marc A Siegel2013 Modular Level 1, VoL 3,Reading 34, Section SStudy Session 8-27-a, 10-34-aCompare cash flows from operating, investing, and financing activities and classify cash flow items as relating to one of those three categories given a description of the items.Analyze and describ

5、e the following ways to manipulate the cash flow statement: stretching out payables; financing of payables; securitization of receivables; and using stock buybacks to offset dilution of earnings.A is correct. The sale of a Iong-term receivable would in crease cash from in vesting activities; the oth

6、er two activities mentioned are operating activities.3、Recording an estimate of uncollectible accounts will least likely:单选题】A. reduce revenues.B.reduce net income.C.increase expense.正确答案:A 答案解析沫能收现的账户(uncollectible accounts)当作费用处理，并不会影响到收入，但会增加费用，并且会减少净利润。4、Financial risk is most likely affected by

7、:【单选题】A. divide nds.B. long-term leases.C. general and administrative costs.正确答案:B 答案解析:"Measures of Leverage/ Pamela Peterson Drake； RajAggarwal, Cynthia Harrington, and Adam Kobor2012 ModularLevel I, VoL 4, p. lOSStudy Session 11-38-aDefine and explain leverage, business risk, sales risk, ope

8、rating risk, and financial risk, and classify a risk, given a descriptiomB is correct. As stated on p. 103, "By taking on fixed obligations, such as debt and Ion g-term leases, the company in creases its finan cial risk." 5、Margin in the futures market is most accurately described asa：单选题】

9、A. down payment from the futures trader.B. loan to the futures trader.C>requirement set by federal regulators*正确答案:A 答案解析:It is the amount of money that must be deposited into an account by a trader when opening a futures position.The money helps en sure that the trader fulfills his obligations.2

10、014 CFA Level TTutures Markets and Contracts/ byDon M> ChanceSection 3 6、All else being equal, which of the following most likely increase credit quality?A company decreases its:【单选题】A. margin stability*B. retained cash flow>C. dividend payout ratio.正确答案:C答案解析:派发给股东的股利越少，在公司里留给债权人的现金就越多,对债权人也越

11、有利,并会增加公司的信用质量;减少利润率的稳走性和留存的现金流,都会降彳氐公司的信用质量。7、An an alyst does research about the imp act of tax rate changes on a company's financialstatements<For existing deferred tax assets and liabilities, an in crease inin come tax rate:【单选题】A. increases both deferred tax assets and deferred tax liabi

12、lities*B. decreases both deferred tax assets and deferred tax liabilities.C. decreases deferred tax assets and in creases deferred tax liabilities.正确答案:A答案解析:税率的改变对于DTL和DTA的影响:税率的改变不但对当期的income statement有影响 而且对在balance sheet中的DTA和DTL也会有影响。Tax rate上升,令资产负债表中的DTL上升和1 DTA上升。Tax rate下降,令资产负债表中的DTL下降和DTA

13、下隆。8、An analyst does research about the treasury stock method and gathers the followinginformation about a company for 2011：e Net income is $1 360 000* Dividends paid on stocks is $80 000 Average number of shares outstanding is 400 000Number of options outstanding is 15 000 Average price of comm on

14、stocks duh ng the year is $25 Exercise p rice of option is $15There are no other potentially diluted securities outstanding.The company's dilutedearnings per share in 2011 using the treasury stock method under U.S.GAAP is closestto :单选题】A.$3.28B. $3.33C. $3.35正确答案:C答案解析:先用库藏股法算出期权稀释的股份数量：(stockP

15、rice option exercise price)/ stock price x N = ($25 - $15)/$25X 15 000 =6 OOOo 然后，计算 diluted EPS = $1 360 000/(400 000 + 6 000) = $3.35,9、Using the U.S. Treasury forward rates provided below, the value of a 2?-yeaG $100 par value Treasury bond with a 5% coup on rate is closest to:【单选题】A.$101.52.B.$1

16、04.87.C$106.83.正确答案:c 答案解析:"Yield Measures, Spot Rates, and Forward Rates/Frank J. Fabozzi2012 Modular Level I, Vol. 5, pp. 572-575StudySession 16-58gExplain a forward rate, and calculate spot rates from forward rates, forward rates from spot rates, and the value of a bond using forward rates.C

17、 is correct because the value of the bond is 10、Which of the following statements best describes an adva ntage of a forward con tract over a futures con tract? A forward contract:【单选题】A.is essentially free of default risk.B.can easily be offset prior to expiration.C. allows parties to enter into a customized transaction.正确答案:c 答案解析 /'Derivative Markets and Instruments/ Don M.Chance, CFA2013 Modular Level I, VoL 6, Reading 60, Section2-lStudy Sessi on 1760cDefi