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 1006-54lx An analyst does research about investment return, If an in vestme nt earns 0.9%per mon th, the number of mon ths it will take for the investment to triple in valueis closest to :【单选题】A. 13B. 77C. 123正确答案:c答案解析：,两边取Ln ,计算出n二223o2、Companies pursuing cost leadership will

2、 most likely:【单选A. invest in productivity-improving capital equipmentB. en gage in defe nsive prici ng whe n the competitive 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 Comp

3、any Analysis/ Patrick W Dorsey, Anthony M. Fiore, and Ian Rossa O Reilly2012 Modular Level I, Vol. 5, pp. 250-251Study Sessi on 14-51-kDescribe the elements that should be covered in a thorough company analysis.A is correct Companies pursuing cost leadership must be able to in vest in productivity-i

4、mprovi ng capital equipment in order to be low-cost producers and maintain efficient operating systems.3x When are credit spreads most likely to narrow? During:【单选 题】A. economic expansionsB economic contractions.C. a period of flight to quality正确答案:A答案 解析："Understanding Yield Spreads/ Frank J -

5、 Fabozzi, CFA2013 Modular Level I, Vol. 5, Reading 55, Section 4.3Study Session 55-fDescribe credit spreads and relati on ships between credit spreads and economic conditions.A is correct Credit spreads narrow during economic expansions and widen during economic contractions During an economic expan

6、sion, corporate revenues and cash flows rise, making it easier for corporations to service their debt, and investors purchase corporates in stead of Treasuries, thus causi ng spreads to n arrow4、A bond has a duration of 14.4 and a convexity measure of 85f yield increasesby 75 basis points, the perce

7、ntage price change is closest to:【单选题】A. -5.16%B. -10.32%C. -11.28%正确答案：B答案解析： 14 - 4 x 0.0075 + 85 x -10.8% + 0.48% = -10.32%e5、A market index only contains the following three securities:Which approach to indexing will most likely give Security X a weight of 18%?【单选题】A. PriceB EqualC Market-capita

8、lizati on正确答案:c答案解析:"Security Market Indices/ Paul D. Kaplan, CFA, and Dorothy C. Kelly, CFA.2013 Modular Level I, Vol. 5, Reading 47, Section 3.2Study Sessi on 13-47-d, eCompare the d iff ere nt weight! ng methods used in in dex con struct! on Calculate and analyze the value and return of an index on the basis of its weighting method.C