CFA一级真题练习及答案0426-2

1、CFA级模拟试题及答案 0426-21. Diana Fairbanks, CFA, is married to an auditor employedat a large accounting firm. When her husband mentioned that a computer firm he was auditing would receive a qualified opinion, she thought nothing of it. Later that week, when she reviewed a new client 'accsount, she not

2、iced that there were substantial holdings of this company. When she did an Internet search for news on the company, she did not find anything about its most recent audit or anything adverse. Which of the following actions concerning the computer stock should Fairbanks most likely take to avoid viola

3、ting the CFA Institute Standards of ProfessionalConduct?A. Take no investment action.B. Complete a thorough and diligent analysis of thecompany and then sell the stock.C. Sell the stock immediately as she has a reasonablebasis for taking this investment action.2. As from the record of CFA Institute

4、and GARP, thepass-through rate of CFA level I exam is 40%, and the passthrough rate of FRM exam is 50%. And as an investigation led by the two institutes, among the people who has p assed the FRM, the p ass-through rate of CFA level 1 exams is 60%. So what is the p ass-through rate of FRM members wh

5、o has also p assed the CFA level 1 exam before?A. 48%B. 60%C. 75%3. Upsilon Natural Gas, Inc. is a monopoly enjoyingvery high barriers to entry. Its marginal cost is $40 and its averagecost is $70. A recent market study has determined the priceelasticity of demand is 1.5. The comp any will most like

6、ly set its p rice at:A. $40.B. $70.C. $120.4. An analyst collected data about a comp any asfollows:Net income$1,000,000.00Debt outstanding with a coupon rate of 4%$5,000,000.00P referred stocks with dividend rate of 4%$1,000,000.00Tax rate35%Average weighted number of shares issued500,000The preferr

7、ed stock can be converted to 10,000common stocks, while the debt is not convertible. The dilutiveearnings per share is closest to:A. 1.92.B. 1.96.C. 2.01.5. An analyst gathered the following information abouta manufacturing comp any:Exp ected cash dividends one year from today$6.00Exp ected growth r

8、ate7%Common stock ( current market price )$72.00Comp any tax rate34%The comp any 'fter-tax cost of retained earnings isclosest to:A. 15.33%B. 16.24%C. 17.29%6. Fixed-income indices are least likely constructed onthe basis of:A. maturity.B. type of issuer.C. coupon frequency.7. Assume a $1,000,00

9、0 par value, semiannual couponU.S. Treasury note with two years to maturity and a coupon rateof 10 percent. Using the following Treasury spot rates andignoring accrued interest and transactions costs, the arbitrage-free value of the Treasury note is closest to:MaturitySpot Rate (%)Six months6.00Twel

10、ve months7.50Eighteen months9.00Twenty-four months10.00A. $846,210.B. $1,000,000.C. $1,002,647.8. A stock is selling at $40, a 3-month put at $50 isselling for $11, a 3-month call at $50 is selling for $1, and the risk-free rate is 6%. How much, if anything, can be made on anarbitrage?A. $0 (no arbi

11、trage )B. $0.28C. $0.729. Infrastructure investments may also be categorizedby stage of development of the underlying assets. Investing in existing investable infrastructure assets may be referred to as:A. Brownfield investments.B. Greenfield investments.C. Redfield investment.10. Two individual inv

12、estors with different levels of riskaversion will have optimal portfolios that are:A. below the capital allocation line.B. on the capital allocation line.C. above the cap ital allocation line.答案往下翻.Solution: A.The information concerning the qualified opinion isnonp ublic and material. She would be i

13、n violation of Standard II(A) if she took investment action based on the information.She should also make reasonable efforts to achieve public dissemination of the information.2.Solution: C.P ( CFA l|FRM) =60%, P ( FRM) = 50%P ( CFA I and FRM) = P (CFA I|FRM) X ( FRM)=60% X 50% = 30%'P(C7A T40&q

14、uot; i3.Solution: C.P rofits are maximized when MR = MC. For a monopoly,MR=P (1-1/Ep)。 Setting this equal to MC and solving for P:$40= P (1-1/1.5 ) =P0.333P=$120 4.Solution: A.If the convertible p referred shares were converted tocommon stocks, there would be no preferred dividends paid.Thus, we sho

15、uld add back the convertible preferreddividends that had previously been subtracted from net income in the numerator.9Basic EPS = ( net income dividend from p referredDilutive EPS = (net income- dividend from preferredstocks)/ average weighted number of shares issued =(1,000,0001,000,000 / 50®,

16、000)4 1.92.stocks+ dividend from p referred stocks)/(average weighted number of shares issued + shares from conversion of p referredstocks)(1,000,000- 1,000,000 X 0.04 + 1,000,000/ X 0.04(500,000+10,000)= 6 > 1.92, dilutive EPS is 1.92.5.Solution: A.6.Solution: C.Fixed income indexes can

17、be classified by issuer,collateral, coupon, maturity and credit risk and inflation protection. But coupon frequency is not a dimension on which fixed-income indices are based.Note that7.Solution: C.the four cash flows are, in percent of parterms, 5, 5, 5, and105. Adjust thespotrates for semiannualco

18、mpounding. Solve5 / 1.03 ） +1.0375）2） + （ 5/ （ 1.045）3） +105 / （ 1.05）4)= 100.2647 percent ofpar. As par is $1,000,000, the correct answer is $1,002,647.8.Solution: C.A synthetic stock is S=C-P+X/ （ 1+RFR） T=$1-$11+50/ （ 1.06） 0.25=39.28. Since the stock is selling for $40, you can short a share of stock for $40 and buy the synthetic for an immediate arbitrage profit of $0.72.9.Solution: A.Investing in existing investable infrastructure assetsmay be referred to as brownfield investments. Investing in infrastructure assets that