CFA考试一级章节练习题精选0329-56(附详解)

1、CFA考试一级章节练习题精选 0329-56 （附详解）1、 A descriptive measure of a population characteristic is best described as a: 【单选题】A. parameter.B. frequency distribution.C. sample statistic.正确答案 :A答案解析 :Any descriptive measure of a population characteristic is called a parameter.CFA Level I "Statistical Concepts

2、 and Market Returns," Richard A. DeFusco, Dennis W. McLeavey, Jerald E.Pinto, and David E. RunkleSection 2.2 2、 An investor purchases one share of stock for $85. Exactly one year later, the company pays a dividend of $2.00 per share. This is followed by two more-weighted rate ofannual dividends

3、 of $2.25 and $2.75 in successive years. Upon receiving the third dividend, the investor sells the share for $100. The money return on this investment is closest to: 【单选题】A. 7.97%.B. 8.15%.C. 8.63%.正确答案 :B答案解析 : “ Discounted Cash Flow Applications,321” Richard A. DeFusco, Dennis W. McLeavey, Jerald

4、E. Pinto, and David E. Runkle2012 Modular Level I, Vol. 1, pp. 320Study Session 2-6-dCalculate, interpret, and distinguish between the money -weighted and time -weighted rates of return of a portfolio, and evaluate the performance of portfolios based on these measures.B is correct. The money -weight

5、ed rate of return is the internal rate of return (IRR) of the cash flows associated with the investment. Use the cash flow (CF)function of a financial calculator and enterCalculate the IRR. The answer is 8.15%.3、 An investor currently has a portfolio valued at $700,000. The investor-term'gsrowbj

6、tehc,tbivuet ishleonwgill need $30,000 by the end of the year to5pay her son 's college tuition and another $10,000 by ye-eanr d for her annual vacation. The investor is considering three alternative portfolios:'s portfoUsing Roy 's sa-fefirtyst criterion, which of the alternative portfo

7、lios most likely minimizes the probability that the investor than $700,000 at year -end?【单选题】A. Portfolio 2B. Portfolio 3C. Portfolio 1正确答案 :B-first model uses the excess portfolio' s safety答案解析 :The investor requires a minimum return of ($30,000 + $10,000)/$700,000, or 5.71%. Roy return over th

8、e minimum return and divides that excess by the standard deviation for that portfolio:The portfolio with the highest safety -first ratio minimizes the probability that the investor's portfolio will have a value lower than $700,000 at year endhighest safety -first ratio is associated with Portfol

9、io 3: 0.3768.2014 CFA Level ICommon Probability Distributions,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 3.34、 A risk manager would like to calculate the coefficient of variation of a portfolio. The following table reports the annual returns of the portf

10、olio and of therisk -free rate over the most recent five years:The coefficient of variation of the portfolio is closest to: 【单选题】A.0.90.B.0.74.C.1.00.正确答案 :C答案解析 :First, calculate the sample mean return as follows:2014 CFA Level IStatistical Concepts and Market Returns,” by Richard A. DeFusco, Denni

11、s W. McLeavey, Jerald E. Pinto, and David E. RunkleSections 5.1.2, 7.4.2, and 7.75、 Gus Hayden, CFA, has developed a mutual fund selection product based onhistorical information from 2000- 2010 period and performs a hypothesistestabout performances of different styles.In order to minimize the probability ofboth Type I and Type II error, Hayde