CFA考试《CFA一级》历年真题精选及详细解析1006-54

1、CFA考试CFA级历年真题精选及详细解析 1006-541、An analyst does research about investment return, If an in vestme nt ear ns 09%per month, the nu mber of mon ths it will take for the in vestment to triple in valueis closest to :【单选题】A. 13B. 77C123正确答案:c答案解析：,两边取Ln ,计算出n = 123。2、Companies pursuing cost leadership will

2、most likely;【单选题】Ajnvest in productivity-improving capital equipmentB.en gage in defensive prici ng when the com petitive environment is one of high rivalry*C. establish strong market research teams to match customer needs with product development.正确答案:A 答案解析:"Introduction to Industry and Compa

3、ny Analysis/Patrick W. Dorsey, Anthony M, Fiore, and Ian Rossa 0'Reilly2012Modular Level I, Vol. 5, pp. 250-251Study Session 14-51-kDescribe the elements that should be covered in a thorough company analysis.A is correct. Companies pursuing cost leadershi p must be able to in vest in p roductivi

4、ty-im proving capital equipment in order to be low-cost producers and maintain efficient op erating systems* 3、When are credit spreads most likely to narrow? During:【单选题】A.economic expansions<B.ec onomic con tractions.C.a period of flight to quality.正确答案:A 答案解析:"Understanding Yield Spreads/

5、Frank J. Fabozzi；CFA2013 Modular Level I, Vol. 5, Reading 55, Section 43StudySession 15-55fDescnbe credit spreads and relationships between credit spreads and economic conditions.A is correct*Credit spreads narrow during economic expansions and widen duri ng economic con tractions. Duri ng an econom

6、ic expansion, corporate revenues and cash flows rise, making it easier for corporations to service their debt, and investors purchase corpo rates in stead of Treasuries, thus causi ng sp reads to1narrow*4、 A bond has a duration of 14.4 and a convexity measure of85.If yield increasesby 75 basis point

7、s, the percentage pricechange is closest to:【单选题】A.-5.16%B.-10.32%C-11.28%正确答案:B答案解析:X 0.0075 + 85 x = -10.8% + 0.48% = -10.32%o5、 A market index only contains thefollowing threesecuri廿es:Which approach to indexing willmost likely giveSecurity X a weight of 18%?【单选题】A.Price6.EqualC.Market-ca pitaliz

8、ation正确答案:c答案解析:"Security Market Indices/ Paul D.Kaplan, CFA, andDorothy C. Kelly, CFA>2013 Modular Level I, Vol. 5, Reading 47,Sectio n 3.2Study Sessi on 1347« eCom pare the differs ntweighting methods used in index construction.Calculate andan a lyze the value and retur n of an index on the basis of itsweighting method