山工商21级CFA方向班期末考试附有答案

山工商21级CFA方向班期末考试[复制]FinancialStatementAnalysis11."Whichofthefollowingstatementisleastaccuratetodescribethestandard-settingbodies:[单选题]*A.Standard-settingbodiesarelikeIFRSandUSGAAP(正确答案)B.Standard-settingbodiesaretypicallyprivatesector,self-regulatedorganizationsC.Theboardmemberofthestandard-settingareusuallyexperiencedaccountants,auditors,usersoffinancialstatementsandacademics答案解析：解析：US.GAAP和IFRS是会计准则，而不是制定会计准则的协会。2.UnderIASBconceptualframework,whichofthefollowingisleastlikelytobeoneoftheenhancementcharacteristics?[单选题]*A.Consistency(正确答案)B.TimelinessC.Verifiability答案解析：解析：consistency并不是加强型特征。3.Whichofthefollowingstatementsleastaccuratelydescribesaroleoffinancialstatementsanalysis?[单选题]*A.Usetheinformationtomakeeconomicdecisions.B.Providereasonableassurancethatthefinancialstatementsarefreeofmaterialerrors.(正确答案)C.Evaluateanentity’sfinancialpositionandperformancetoformopinionsaboutfutureabilitytoearnprofits.答案解析：解析：财务报表分析的目的并不是为了确认财报没有错误。4.Whichiofthefollowingexpenseitemsisbestdescribedasbeingclassifiedbyfunctionratherthanbynature?[单选题]*A.Costofgoodssold(正确答案)B.WageexpenseC.Depreciation答案解析：解析：销货成本分类并不是按照功能性，而是按照本质去分类。5.Averticalcommon-sizeincomestatementexpresseseachcategoryoftheincomestatementasapercentageof?[单选题]*A.AssetsB.GrossprofitC.Revenue(正确答案)答案解析：解析：同比利润表相关占比的分母是总收入。6Whichofthefollowingisleastlikelycorrectregardingtofootnotes?[单选题]*A.Additionalinformationprovidedinacompany’sfinancialstatementsB.Disclosureofaccountingpolicies,methodsandestimatesC.Anopiniononwhethertheinformationpresentediscorrectandfreefrommaterialmisstatements(正确答案)答案解析：解析：附注的作用并不是表达是否财务报表是否准确无误的观点。7.ThefollowingistheselectedinformationfromlistedcompanyBRT($millions)

Sales

500COGS=Purchase340AverageAccountsreceivables

97AverageAccountspayables120Averageinventory84

Thecompany’scashconversioncycleisclosestto(days)：

[单选题]*A.30.1B.32.2(正确答案)C.34.5答案解析：解析：

存货周转天数=365*averageinventory/COGS=365*84/340=90.2

应收账款周转天数=365*averageAR/Sales=365*97/500=70.8

应付账款周转天数=365*averageAP/COGS=365*120/340=128.8

Cashconversioncycle=90.2+70.8-128.8=32.28.Foritsfiscalyear-end,CalvanWaterCorporation(CWC)reportednetincomeof$12millionandaweightedaverageof2,000,000commonsharesoutstanding.Thecompanypaid$800,000inpreferreddividendsandhad100,000optionsoutstandingwithanaverageexercisepriceof$20.CWC’smarketpriceovertheyearaveraged$25pershare.CWC’sdilutedEPSisclosestto:[单选题]*A.$5.33.B.$5.54.(正确答案)C.$5.94.答案解析：解析：

DilutedEPS=(Netincome–Preferreddividends)/[Weightedaveragenumberofsharesoutstanding+(Newsharesthatwouldhavebeenissuedatoptionexercise–Sharesthatcouldhavebeenpurchasedwithcashreceiveduponexercise)×(Proportionofyearduringwhichthefinancialinstrumentswereoutstanding)].

Proceedsfromoptionexercise=100,000×$20=$2,000,000

Sharesrepurchased=$2,000,000/$25=80,000

股份数的净增加=100,000–80,000=20,000.

dilutedEPS=($12,000,000–$800,000)/2,020,000=$5.54。9.Thepurchaseofabuildingfor£10mcashraisedbya£10mbondwouldbereportedas:[单选题]*A.£10moperatingcashoutflow(CFO)and£10mfinancingcashinflow(CFI)B.£10minvestingcashoutflow(CFI)and£10mfinancingcashinflow(CFF)(正确答案)C.£10mfinancingcashoutflow(CFF)and£10minvestingcashinflow(CFI)答案解析：解析：发行债券收到钱属于CFF流入，花钱买房子属于CFI流出。10.Themoststringenttestofacompany’sliquidityisits:[单选题]*A.cashratio.(正确答案)B.quickratio.C.currentratio.答案解析：解析：cashratio=（cash+marketablesecurities）/currentliability，展示的是流动性最好的资产对流动负债的覆盖程度，是对企业流动性最严格的测试。QuantitativeMethods1.Pascalwins$6,000lotteryandhedecidestoinvestitintoanaccountwhichpays3%compoundedannually.Howmuchwillhegetifhewithdrawsallthemoneyinthisaccountafter2years?[单选题]*A.$6,365.4(正确答案)B.$5,512.5C.$5,500.2答案解析：2.US.andSpanishbondshavereturnstandarddeviationsof0.64and0.56,respectively.Ifthecorrelationbetweenthetwobondsis0.24,thecovarianceofreturnsisclosestto:[单选题]*A.0.086.(正确答案)B.0.670.C.0.781.答案解析：3.ArthasMenethilneeds$50,000fordecoratinghisnewhousein2years.NorthendBack,amutualfundcompanyoffershimastatedannualinterestrate7%,compoundedquarterly.Howmuchthathemustdeposittodaytomatchhisrequirements?[单选题]*A.$48,294.89B.$43,520.58(正确答案)C.$43,671.94答案解析：4.Aquotedinterestrateis8%,compoundedquarterly.Whichofthefollowingisthecorrespondingeffectiveannualrate?[单选题]*A.8%B.8.16%C.8.24%(正确答案)答案解析：5.Sarahiscurrentlyworkingforacompany.TheprobabilitythatshekeepsworkinginthiscompanydependsonwhethershegetsanofferfromOxfordUniversityforfurthereducationornot.TheprobabilityofSarahgettingthisofferis45%.Ifshegetstheoffer,theprobabilityofleavingthejobis90%.Ifshedoesnotgettheoffer,theprobabilityofsheleavingthisjobis5%.WhatistheprobabilityofSarahgetstheoffergiventhatshehasleftthejob?[单选题]*A.90.43%B.93.64%(正确答案)C.95.78%答案解析：解析：本题考查贝叶斯公式的应用。

事件A为Sarah得到offer，则概率为

事件为Sarah没有得到offer，则概率为

事件B为Sarah离开工作，那么Sarah在离开工作的时候是拿到offer的概率为6.Regardingtothreemeasuresofcentraltendency:arithmeticmean,geometricmeanandharmonicmean,whichofthefollowinginequalityequationsismostlikelytobeaccurate?[单选题]*A.Arithmeticmean≤GeometricmeanB.Harmonicmean≥ArithmeticmeanC.Geometricmean≥Harmonicmean(正确答案)答案解析：解析：考查三种平均数的大小关系。算数平均数≥几何平均数≥调和平均数。7.Thevalueofateststatisticisbestdescribedasthebasisfordecidingwhetherto:[单选题]*Arejectthenullhypothesis.(正确答案)Bacceptthenullhypothesis.Crejectthealternativehypothesis.答案解析：解析：检验统计量是为了确定拒绝阈的范围，是拒绝阈的边界值，所以是用来决定何时拒绝原假设的。8.Basedonasenioranalyst’sresearch,thereisa45%chancethatCompanyAXYwillbeacquiredbyCompanyBNDnextmonth.Ifbeingacquired,theCompanyAXY’sstockpricewillgoupby35%.Iftheacquisitiondoesnothappen,itsstockpricewilldropby10%.WhatistheexpectedrateofreturnifoneinvestsinCompanyAXY’sstock?[单选题]*A.11.5%B.10.25%(正确答案)C.11.85%答案解析：9.Foggy,isgoodatplayingTexaspokerwithan85%chanceofwinningpermatch.Assumingallthematchesareindependent,whatistheprobabilityofFoggywinningmorethan4timesin6matches?[单选题]*A.82.34%B.77.65%(正确答案)C.62.78%答案解析：解析：本题考查二项式分布10.Whichofthefollowingstatementsonp-valueiscorrect?[单选题]*AThep-valueisthesmallestlevelofsignificanceatwhichH0canberejected.(正确答案)BThep-valueindicatestheprobabilityofmakingaTypeIIerror.CThelowerthep-value,theweakertheevidenceforrejectingtheH0.答案解析：解析：p值是拒绝原假设的最小显著度水平。p值不能用来衡量二类错误出现的概率，同时p值越高，拒绝原假设的力度越弱。11.Whichofthefollowingstatementsregardingtoalognormaldistributionisleastlikelytobeaccurate?[单选题]*A.Ifavariablefollowsalognormaldistribution,itsnaturallogfollowsanormaldistribution.B.Thekurtosisofalognormaldistributioncanneverbenegative.C.Themeanofalognormaldistributionisequaltoitsmedian.(正确答案)答案解析：解析：对数正态分布是非对称的，所以它的均值和中位数是不相等的。12.Ananalystisconstructingaconfidenceintervalforthepopulationmean.Allelsebeingequal,whichofthefollowingfactorswillmostlikelyresultinanarrowerinterval?[单选题]*A.Ahigherdegreeofconfidence.B.Ahighersignificancelevel.(正确答案)C.Alowersamplesize.答案解析：解析：置信度越高，置信区间越宽；显著度水平越高，置信区间越窄；样本容量越少，置信区间越宽。13.Totestwhetherthepopulationvarianceisequalto10%,whichofthefollowingteststatisticismostappropriate?[单选题]*A.T-statisticB.Chi-squarestatistic(正确答案)C.F-statistic答案解析：解析：对总体方差进行假设检验时，应使用卡方检验，对应的就是卡方统计量。14.Whatdoesthecoefficientofvariation(CV)measure?[单选题]*A.Skewnessofareturndistribution.B.Riskperunitofmeanreturn.(正确答案)C.Excessreturnperunitofriskundertaking.答案解析：解析：变异系数衡量的是数据的离散程度，等于标准差与平均值之比，表示的是每一单位回报所承担的风险。15.Whichofthefollowingstatementsisbestdescribedascontinuousrandomvariables?[单选题]*A.Thenumberofnewbiotechnologycompaniescreatedlastyear.B.ThetemperatureinShanghailastyear.(正确答案)C.Theaveragenumberofstudentsattendingmathclassinthissemester.答案解析：解析：考查连续随机变量的概念。上海去年的温度是连续的数据。16.Studiesofperformanceofasampleofhedgefundmanagersmostlikelysufferfrom:[单选题]*A.Timeperiodbias.B.Look-aheadbias.C.Survivorshipbias.(正确答案)答案解析：解析：对于对冲基金经理业绩表现的研究往往会存在幸存者偏差，因为无法调查衡量那些已经不存在的基金。17.Forasamplesizeof50,withameanof116.23andavarianceof245.55,thewidthofa90%confidenceintervalusingthez-distributionisclosestto:[单选题]*A.13.23.B.7.31.(正确答案)C.3.66.答案解析：解析：使用z分布构造置信区间，当总体方差未知时，置信区间的宽度为，当置信度为90%时，，所以置信区间的宽度为18.Asamplemeaniscomputedfromapopulationwithavarianceof2.45.Thesamplesizeis40.Thestandarderrorofthesamplemeanisclosestto:[单选题]*A.0.039.B.0.247.(正确答案)C.0.387.答案解析：解析：当总体方差已知时，样本均值的标准误为19.IfXisanormaldistributionwithmeanzeroandvariancefour,theprobabilitythatXequals2isclosestto:[单选题]*A.0%.(正确答案)B.68%.C.5%.答案解析：解析：在连续密度曲线上，任意一点所对应的概率为0。20.Acompany’spreferredstockhasamarketvalueof$400,000anditpaysannualdividendof$25,000.Whatistheimplicitinterestrate?[单选题]*A.6.25%(正确答案)B.7%C.7.25%答案解析：Economics1.Ifthecross-priceelasticityoftworelatedgoodsispositive,therelationshipbetweenthetwogoodscanbedescribedas:[单选题]*A.complements.B.substitutes.(正确答案)C.inferiorgoods.答案解析：解析：交叉弹性为正的两种商品属于替代品。交叉弹性为负的商品属于互补品。2.Whichofthefollowingfactorismostlikelytofacilitatecollusion?[单选题]*A.Theproductisheterogeneousintheoligopolisticmarket.B.Therearealargenumberoffirmsinthemarket.C.Thecoststructuresaremoresimilartoeachother.(正确答案)答案解析：解析：公司间的成本结构相似、产品更相似，以及市场中的公司较少更容易形成串谋。因此C选项正确，A、B选项错误。3.Whichofthefollowingpricingstrategiesismostlikelytobeadoptedbythegovernmentasacommonformofregulation?[单选题]*A.Averagecostpricing.(正确答案)B.Marginalcostpricing.C.Sellingthemonopolyrighttothehighestbidder.答案解析：解析：政府通常采取两种方式，一种是采取P=ATC，此时厂商的经济利润为0；一种是P=MC，此时厂商将会产生经济亏损，因此需要政府补贴；所以政府更倾向于让垄断厂商采取P=ATC来定价，不需要额外进行补贴。4.Whichofthefollowingisleastlikelytobeconsideredafeaturethatiscommontobothmonopolisticcompetitionandperfectcompetition?[单选题]*A.Extensiveadvertisingtodifferentiateproducts.(正确答案)B.Lowornobarrierstoentry.C.Zeroeconomicprofitsinthelongrun.答案解析：解析：垄断竞争需要进行非价格竞争也就是打广告，完全竞争不需要打广告。因此选择A选项。垄断竞争和完全竞争的共同特点有进入壁垒很低，长期没有经济利润。选项B、C为二者的共同点，不符合题意。5.Inthelongrun,ifpriceisbelowaveragetotalcost(ATC)thefirmwill:[单选题]*A.keeprunning.B.coveritsvariablecosts.C.shutdown.(正确答案)答案解析：解析：企业的盈亏平衡点和长期关门点是ATC，因此如果长期价格低于ATC，则企业将会关门。6.Amonopolistwillcontinueexpandingoutputaslongas:[单选题]*A.marginalrevenueisgreaterthanmarginalcost.(正确答案)B.marginalrevenueispositive.C.economicprofitisgreaterthanzero.答案解析：解析：对于市场参与者来说，当MR大于MC时，企业的边际收益大于边际成本，就会继续生产，因此选择A选项。7.Whichofthefollowingactionsonthepartofacentralbankismostconsistentwithincreasingthequantityofmoneysupplied?[单选题]*A.Increasingthecentralbankpolicyrate.B.Purchasingsecuritiesontheopenmarket.(正确答案)C.Increasingreserverequirements.答案解析：解析：政府增加货币供应量属于扩张的货币政策，扩张的货币政策有在公开市场购买债券、降低政策利率以及降低存款准备金率。因此选项B正确，选项A、C错误。8.Arecessionarygapismorelikelytobeobservedwhen:[单选题]*A.realGDPisabovepotentialGDP.B.realGDPisbelowpotentialGDP.(正确答案)C.employmentisabovefull-employmentequilibrium.答案解析：解析：衰退差是由于总需求不足导致，此时实际GDP会小于潜在GDP，就业率会低于完全就业率。9.Whichofthefollowingstatementsismostaccurate?Foracountrytogainfromtradeitmusthave:[单选题]*A.anabsoluteadvantage.B.acomparativeadvantage.(正确答案)C.economiesofscaleorlowerlaborcosts.答案解析：解析：一个国家在国际贸易中获利一定是有比较优势。10.Amarketstructurecharacterizedbymanysellerswitheachhavingsomepricingpowerandproductdifferentiationisbestdescribedas:[单选题]*A.oligopoly.B.perfectcompetition.C.monopolisticcompetition(正确答案)答案解析：解析：垄断竞争市场的最大特点就是产品具有差异化，而且竞争对手较多，具有一定的定价权。11.Thefollowinginformationappliestoahypotheticaleconomy:

Totalpopulation1,100Workingagepopulation975Laborforce750Underemployed120Unemployed95Discouragedworkers

80Frictionallyunemployed

25Voluntarilyunemployed40

Theunemploymentrateisclosestto:[单选题]*A.12.7%.(正确答案)B.16.0%.C.9.7%.答案解析：解析：unemploymentrate=Unemployed/Laborforce=95/750≈12.7%12.Aneconomicpeakismostcloselyassociatedwith:[单选题]*A.acceleratinginflation.(正确答案)B.stableunemployment.C.decliningcapitalspending.答案解析：解析：通胀是一个之后指标，因此在扩张阶段一直到顶峰都是出于通胀加速的阶段，直到进入衰退期才会开始下降。13.Inanefforttoinfluencetheeconomy,acentralbankconductedopenmarketactivitiesbysellinggovernmentbonds.Thisactionimpliesthatthecentralbankismostlikelyattemptingto:[单选题]*A.expandtheeconomythroughalowerpolicyinterestrate.B.contracttheeconomythroughalowerpolicyinterestrate.C.contracttheeconomybyreducingbankreserves.(正确答案)答案解析：解析：在公开市场卖政府债券属于紧缩的货币政策，此时会减少市场上的货币供给，降低银行的货币储备。14.Threecountriesproducetablesandchairs,andtheoutputperworkerperdayineachcountryasfollows:CountryTablesChairsA6080B

40

60

AssumethatCountryCproduces10%moretablesthanCountryBand10%fewerchairsthanCountryA.Whichcountrymostlikelyhasthegreatestcomparativeadvantageforproducingtables?Country[单选题]*A.CB.BC.A(正确答案)答案解析：解析：要计算三个国家谁在桌子上更具有比较优势，就需要算出来哪个国家在桌子上的机会成本更低。三个国家在桌子上的机会成本分别是：

国家

机会成本对应关系

桌子相较于椅子的机会成本

A

60T=80C

1.33

B

40T=60C

1.5

C

44T=72C

1.64

A国桌子的机会成本最小，因此选择C选项。15.Thesaleofmineralrightswouldbecapturedinwhichofthefollowingbalanceofpaymentscomponents?[单选题]*A.Capitalaccount.(正确答案)B.Currentaccount.C.Financialaccount.答案解析：解析：矿产权的出售属于资本账户，因此选择A选项。16.AnexecutivefromSwitzerlandcheckedintoahotelroominSpainandwastoldbythehotelmanagerthat1EURwillbuy1.2983CHF.Fromtheexecutive’sperspective,anindirectexchangeratequotewouldbe:[单选题]*A.0.7702EURperCHF.(正确答案)B.0.7702CHFperEUR.C.1.2983EURperCHF.答案解析：解析：汇率的间接标价法是指以本国货币作为basecurrency，本题中的本国货币是瑞士法郎，因此要把题中的汇率写成EURperCHF的形式，也就是一个CHF可兑换多少个EUR，根据题干一个EUR兑换1.2983个CHF，因此最终间接报价法的汇率就应该是0.7702EURperCHF。17.Foragi