2025年CFA一级考试真题试卷及答案

2025年CFA一级考试真题试卷及答案考试时间：______分钟总分：______分姓名：______注意：本试卷共150道选择题，分为三个部分。请仔细阅读每道题，并选择最合适的答案。在答题卡上标明您的选择。第一部分1.AccordingtotheCFAInstituteCodeandStandards,whichofthefollowingactivitiesmostlikelyrepresentsaconflictofinterestforaninvestmentprofessional?A)Providinginvestmentadvicetoclientswhilesimultaneouslymanagingthefirm'smarketingbudget.B)Acceptingaminorgiftfromavendorsupplyingtradingequipmenttothefirm.C)Investingpersonalfundsinastockrecommendedtoclientsbutnotdisclosingthisholdingtothefirm.D)Publishingresearchreportsthatarebasedsolelyonpubliclyavailableinformation.2.Thetimevalueofmoneyconceptisbestillustratedbywhichofthefollowingstatements?A)Aninvestmentwithahigherfuturevaluenecessarilyoffersahigherreturn.B)Adollarreceivedtodayisworthmorethanadollarreceivedinthefuture.C)Therisk-freerateofreturnisalwaysequaltotheinflationrate.D)Investmentswithlongerdurationsarealwaysmoresensitivetointerestratechanges.3.Ifaportfolioconsistsof60%stocksand40%bonds,andtheexpectedreturnofstocksis12%withastandarddeviationof18%,whiletheexpectedreturnofbondsis5%withastandarddeviationof8%,whatistheapproximateexpectedreturnoftheportfolio,assumingnocorrelationbetweenstocksandbonds?A)6.8%B)8.4%C)9.0%D)11.4%4.TheLawofOnePricesuggeststhat:A)Allassetswiththesameriskshouldhavethesamereturn.B)Anasset'spriceshouldequalthepresentvalueofitsexpectedfuturecashflows.C)Iftwoassetsprovidethesamecashflowsinallstatesoftheworld,theymustsellforthesamepricetoday.D)Themarketportfolioistheonlyefficientportfolio.5.Whichofthefollowingisgenerallyconsideredamoreliquidasset?A)RealestateB)Commonstockofalarge,publiclytradedcompanyC)CorporatebondswithlessthanoneyeartomaturityD)Limitedpartnershipinterest6.Theprimarypurposeofacompany'sstatementofcashflowsistoprovideinformationabout:A)Thecompany'sprofitabilityandefficiency.B)Thecompany'sfinancialpositionataspecificpointintime.C)Thecashgeneratedandusedbythecompanyduringaperiod.D)Thechangesinthecompany'sequityduringaperiod.7.Whichaccountingprinciplerequiresthatassetsberecordedattheirhistoricalcost?A)RevenueRecognitionPrincipleB)MatchingPrincipleC)HistoricalCostPrincipleD)FullDisclosurePrinciple8.Acompanyreportsnetincomeof$100,000.Ithadanincreaseinaccountsreceivableof$20,000andadecreaseinaccountspayableof$10,000duringtheyear.Assumingnootherchangesinworkingcapital,whatistheapproximatecashflowfromoperatingactivities?A)$90,000B)$100,000C)$110,000D)$130,0009.Whichofthefollowingratiosismostlikelytoincreaseifacompanyusesmorelong-termdebttofinanceitsoperations?A)Debt-to-equityratioB)CurrentratioC)Earningspershare(EPS)D)Inventoryturnoverratio10.Theprocessofestimatingacompany'sfuturefinancialperformancebasedonhistoricaldataandassumedgrowthratesisknownas:A)DiscountedCashFlow(DCF)valuation.B)ComparableCompanyanalysis.C)Financialstatementanalysis.D)Forecasting.11.WhichofthefollowingisakeyinputinaDividendDiscountModel(DDM)valuation?A)BetaofthestockB)Yieldtomaturityonthecompany'sdebtC)ExpectedgrowthrateofdividendsD)Creditratingofthecompany12.Whichofthefollowingfixedincomeinstrumentstypicallyoffersthehighestlevelofdefaultrisk?A)U.S.TreasurybondsB)Investment-gradecorporatebondsC)High-yield(junk)corporatebondsD)Municipalbonds13.Thedurationofabondmeasures:A)Thesensitivityofthebond'spricetochangesinitsyieldtomaturity.B)Thetimeuntilthebond'sprincipalisrepaid.C)Thebond'scouponrate.D)Thecreditqualityofthebondissuer.14.Aputoptiongivestheholdertheright,butnottheobligation,to:A)Buyanunderlyingassetataspecifiedpricebeforeaspecifieddate.B)Sellanunderlyingassetataspecifiedpricebeforeaspecifieddate.C)Buyanunderlyingassetataspecifiedpriceonaspecifieddate.D)Sellanunderlyingassetataspecifiedpriceonaspecifieddate.15.Theconceptofarbitrage-freepricingsuggeststhat:A)Norisk-freeprofitopportunitiesexistinfinancialmarkets.B)Allassetsarepricedsuchthatnotwoassetsofferingthesamecashflowscansellatdifferentprices.C)Thepriceofanassetshouldreflectallavailablepublicinformation.D)Thereturnonaninvestmentshouldbeproportionaltoitsrisk.16.Whichofthefollowingisacharacteristicofanefficientmarket?A)Pricesreflectonlyhistoricaldata.B)Pricesadjustrapidlytonewinformation.C)Investorscanconsistentlyachievereturnsabovethemarketaveragewithlittlerisk.D)Allavailableinformationispublicandfreelyaccessible.17.TheCapitalAssetPricingModel(CAPM)suggeststhattheexpectedreturnonanassetisdeterminedby:A)Therisk-freerate,theasset'sbeta,andthemarketriskpremium.B)Theasset'sbetaanditscorrelationwiththemarketportfolio.C)Theasset'sstandarddeviationandthemarketportfolio'sstandarddeviation.D)Theasset'salphaandthemarketriskpremium.18.Whichofthefollowinginvestmentstrategiesinvolvesconstructingaportfoliothatmimicstheperformanceofaspecificmarketindex?A)ActivemanagementB)PassivemanagementC)Dollar-costaveragingD)Markettiming19.Aportfoliomanagerwhoconsistentlyachieveshigherreturnsthanthemarketbenchmark,afteradjustingforrisk,issaidtohavegenerated:A)Alpha.B)Beta.C)Standarddeviation.D)Sharperatio.20.Theprimarygoalofportfoliodiversificationisto:A)Maximizetheexpectedreturnoftheportfolio.B)Eliminateallinvestmentrisk.C)Reducetheportfolio'sunsystematicrisk.D)Increasetheportfolio'scorrelationwiththemarket.21.Whichofthefollowingisconsideredasystematicrisk?A)Thefailureofamajorbankintheeconomy.B)Adeclineinthemarketshareofacompany'sleadingproduct.C)Theportfoliomanagermakinganincorrectinvestmentdecision.D)Changesininterestratesaffectingtheentiremarket.22.TheSharperatiomeasures:A)Thereturnofaninvestmentrelativetoitstotalrisk.B)Thevolatilityofaninvestment'sreturns.C)Theexpectedreturnofaninvestmentgivenitslevelofrisk.D)Therisk-adjustedreturnofaninvestment.23.WhichofthefollowingstatementsabouttheEfficientMarketHypothesis(EMH)ismostaccurate?A)EMHsuggeststhatallassetsarecurrentlyovervalued.B)EMHimpliesthattechnicalanalysiscannotgenerateexcessreturns.C)AccordingtostrongformEMH,eveninsiderinformationcannotbeusedtogenerateexcessreturns.D)Accordingtosemi-strongformEMH,historicalpricesandpubliclyavailableinformationfullyreflectinassetprices.24.WhichofthefollowingisacomponentoftheWeightedAverageCostofCapital(WACC)?A)Theexpectedreturnonthecompany'spreferredstock.B)Thedividendyieldofthecompany'scommonstock.C)Themarketvalueofthecompany'sdebt.D)Alloftheabove.25.Whichofthefollowingistypicallyconsideredacapital-intensiveindustry?A)TechnologyB)ConsultingC)SoftwaredevelopmentD)Educationservices26.Whichofthefollowingmethodsismostlikelyusedforvaluingacompanythatownsalargeportfolioofrealestate?A)DiscountedCashFlow(DCF)analysisB)ComparableCompanyanalysisC)ComparableTransactionanalysisD)Sum-of-the-Partsvaluation27.Theprimarypurposeofasensitivityanalysisinfinancialmodelingisto:A)Determinethemostlikelyoutcomeofamodel.B)Identifyhowchangesinkeyassumptionsaffectthemodel'sresults.C)Calculatethenetpresentvalueofaproject.D)Estimatetheinternalrateofreturnofaninvestment.28.Whichofthefollowingaccountingadjustmentsistypicallymadewhenperformingaproformaanalysisofacompany'sfinancials?A)Recordingnon-recurringgainsfromthesaleofassets.B)Adjustingdepreciationexpensetoastraight-linebasis.C)Eliminatingtheeffectsofaccountingchangesonreportedearnings.D)Increasingrevenuebytheexpectedrateofinflation.29.WhichofthefollowingisapotentiallimitationofusingtheDividendDiscountModel(DDM)forvaluation?A)Itassumesdividendswillgrowindefinitely.B)Itrequiresaccurateestimatesoffuturecashflows.C)Itismostsuitableforvaluingcompanieswithverystableearnings.D)Itdoesnotconsidertherisk-freerateasaninput.30.Whichofthefollowingfixedincomeinstrumentstypicallyhasthelongestduration?A)Zero-couponbondB)BondwithashortmaturityandhighcouponrateC)BondwithalongmaturityandlowcouponrateD)Bondwithalongmaturityandhighcouponrate第二部分31.AccordingtotheCFAInstituteStandardsofPractice,whichofthefollowingactionsbyaninvestmentanalystwouldbeconsideredaviolationofStandardVI(ResponsibilitiesofCFAInstituteMembersandCandidates)?A)Providingobjectiveinvestmentrecommendationsbasedonthoroughresearch.B)Disclosingamaterialconflictofinteresttoclientsandreceivingtheirconsent.C)Usingconfidentialclientinformationforpersonaltrading.D)Publishingresearchreportsthatareclearlylabeledasinvestmentrecommendations.32.TheCentralLimitTheoremstatesthat:A)Asthesamplesizeincreases,thesamplingdistributionofthemeanapproachesanormaldistribution.B)Themeanofapopulationisalwaysequaltothemeanofthesamplingdistributionofthemean.C)Thevarianceofasampleisalwayssmallerthanthevarianceofthepopulation.D)Thestandarddeviationofapopulationdecreasesasthesamplesizeincreases.33.Astatisticsstudentcalculatesthemeanandstandarddeviationofasampleofexamscores.Whichofthefollowingmeasureswouldprovidetheleastreliableestimateofthepopulationparameters?A)SamplemeanB)SamplestandarddeviationC)SamplemedianD)Samplemode34.Aninvestorisconsideringaddinganewassettotheirportfolio.Theexpectedreturnoftheassetis10%,thestandarddeviationofitsreturnis15%,theexpectedreturnoftheportfoliowithouttheassetis8%,andthestandarddeviationoftheportfoliowithouttheassetis12%.Ifthecorrelationcoefficientbetweentheasset'sreturnandtheportfolio'sreturnwithouttheassetis0.4,whatistheapproximatenewportfoliostandarddeviationafteraddingtheasset,assumingtheasset'sweightintheportfoliois20%?A)11.88%B)12.16%C)12.60%D)13.20%35.Theconceptofriskaversionsuggeststhat:A)Investorsrequirehigherexpectedreturnstocompensatefortakingonmorerisk.B)Investorsarewillingtoacceptlowerexpectedreturnsforthesamelevelofrisk.C)Allinvestorshavethesametoleranceforrisk.D)Riskalwaysleadstoanegativereturn.36.Aninvestorrequiresa12%rateofreturntoinvestinaparticularproject.Iftheproject'sinternalrateofreturn(IRR)is14%,whatshouldtheinvestordo?A)RejecttheprojectbecauseitsIRRislowerthantherequiredrateofreturn.B)AccepttheprojectbecauseitsIRRishigherthantherequiredrateofreturn.C)Rejecttheprojectbecauseithasanegativenetpresentvalue(NPV).D)Accepttheprojectbecauseithasapositivenetpresentvalue(NPV).37.Thepaybackperiodmethodofcapitalbudgeting:A)Considersthetimevalueofmoney.B)Isthemostreliablemethodforevaluatingprojects.C)Ignorescashflowsthatoccurafterthepaybackperiod.D)Alwaysleadstothesamedecisionasthenetpresentvalue(NPV)method.38.WhichofthefollowingisapotentialdrawbackofusingtheAccountingRateofReturn(ARR)forcapitalbudgetingdecisions?A)Itdoesnotconsiderthetimevalueofmoney.B)Itrequiresestimatingtheproject'ssalvagevalue.C)Itisdifficulttocalculate.D)Itgivesequalweighttocashflowsindifferentperiods.39.Theweightedaveragecostofcapital(WACC)isusedto:A)Calculatetheexpectedreturnonasinglestock.B)Determinetheminimumrequiredrateofreturnforacompany'soverallinvestments.C)Evaluatetheprofitabilityofaspecificproject.D)Estimatethevalueofacompany'sequity.40.WhichofthefollowingstatementsabouttheEfficientMarketHypothesis(EMH)ismostaccurateregardingmarketefficiency?A)Inanefficientmarket,pricesadjustslowlytonewinformation.B)Inanefficientmarket,allavailableinformationisimmediatelyreflectedinprices.C)Inanefficientmarket,itispossibletoconsistentlyachievereturnsabovethemarketaveragethroughtechnicalanalysis.D)Inanefficientmarket,fundamentalanalysiscannotprovideanyadvantageingeneratingexcessreturns.41.TheSharperatiomeasures:A)Theexcessreturnperunitoftotalrisk.B)Thetotalriskofaninvestment.C)Theexpectedreturnofaninvestment.D)Thecorrelationofaninvestment'sreturnswiththemarketreturns.42.Aportfoliomanagerusesafactormodeltoexplainthereturnsofastock.Whichofthefollowingfactorsismostlikelyincludedinthemodel?A)Thestock'sownperformanceinthepastmonth.B)Changesininterestrates.C)Thestock'sdividendyield.D)Thevolumeoftradesinthestock.43.TheCapitalAssetPricingModel(CAPM)assumesthatinvestorscanlendandborrowat:A)Therisk-freerate.B)Themarketrateofreturn.C)Theexpectedreturnoftheportfolio.D)Thereturnontheasset.44.WhichofthefollowingisalimitationoftheCapitalAssetPricingModel(CAPM)?A)Itassumesthatallinvestorshavethesamerisktolerance.B)Itisdifficulttoestimatethemarketriskpremium.C)Itassumesthatallinvestorshaveaccesstothesameinformation.D)Alloftheabove.45.TheFama-Frenchthree-factormodelextendstheCAPMbyincludingwhichadditionalfactors?A)SizeandvalueB)MomentumandvolatilityC)EarningsyieldanddividendyieldD)Interestratesandinflation46.Astockhasanexpectedreturnof12%andabetaof1.5.Iftherisk-freerateis4%andthemarketriskpremiumis8%,isthestockfairlypricedaccordingtotheCAPM?A)Yes,theexpectedreturnisequaltotherequiredreturnaccordingtotheCAPM.B)No,theexpectedreturnishigherthantherequiredreturnaccordingtotheCAPM.C)No,theexpectedreturnislowerthantherequiredreturnaccordingtotheCAPM.D)Cannotbedeterminedwiththegiveninformation.47.Whichofthefollowinginvestmentstrategiesinvolvesconstructingaportfoliothatisheavilyweightedtowardsstocksthathavehistoricallyoutperformedthemarket?A)ValueinvestingB)GrowthinvestingC)ContrarianinvestingD)Indexinvesting48.Theprimarygoalofamarketindexisto:A)Provideabenchmarkforevaluatinginvestmentperformance.B)Tracktheperformanceofaspecificcompany.C)Generatehighreturnsforinvestors.D)Minimizetheriskofaninvestmentportfolio.49.Aportfolioconsistsof50%stocksand50%bonds.Iftheexpectedreturnofstocksis10%,theexpectedreturnofbondsis5%,andthecorrelationbetweenstocksandbondsis0.2,whatistheexpectedreturnoftheportfolio?A)5.0%B)7.5%C)7.7%D)10.0%50.Whichofthefollowingisacharacteristicofawell-diversifiedportfolio?A)Itinvestsprimarilyinassetsthatarehighlycorrelatedwitheachother.B)Itconcentratesitsinvestmentsinasingleassetclass.C)Itspreadsinvestmentsacrossavarietyofassetswithlowcorrelations.D)Itinvestsonlyinassetswithhighexpectedreturns.第三部分51.WhichofthefollowingisaprimaryobjectiveoftheCFAInstituteCodeandStandards?A)TomaximizethefinancialreturnsforCFAInstitutemembers.B)Toestablishminimumstandardsofprofessionalconduct,competence,andethicsforinvestmentprofessionals.C)Toregulatetheoperationsofinvestmentfirms.D)Toprovideinvestmentrecommendationstothepublic.52.Aportfoliomanagerisevaluatingtwostocks.StockAhasanexpectedreturnof12%andastandarddeviationof15%.StockBhasanexpectedreturnof10%andastandarddeviationof10%.Ifthecorrelationcoefficientbetweenthetwostocksis0.5,whichstockprovidesabetterdiversificationbenefitwhenaddedtoawell-diversifiedportfolio?A)StockAB)StockBC)Bothstocksprovidethesamediversificationbenefit.D)Cannotbedeterminedwiththegiveninformation.53.Theconceptofhomebiasrefersto:A)Investorstendencytoinvestprimarilyindomesticmarkets.B)Thetendencyofstockpricestomoveinthesamedirectionacrossdifferentcountries.C)Theriskassociatedwithinvestinginforeignmarkets.D)Thedifferencebetweentheexpectedreturnandtherequiredreturnofaninvestment.54.WhichofthefollowingisapotentiallimitationofusingtheDividendDiscountModel(DDM)forvaluingacompany?A)Itassumesthatdividendswillgrowataconstantrateforever.B)Itismostsuitableforvaluingcompanieswithverystableearnings.C)Itdoesnotconsidertherisk-freerateasaninput.D)Itrequiresaccurateestimatesoffuturecashflows.55.Whichofthefollowingfixedincomeinstrumentstypicallyoffersthehighestlevelofdefaultrisk?A)U.S.TreasurybondsB)Investment-gradecorporatebondsC)High-yield(junk)corporatebondsD)Municipalbonds56.Thedurationofabondmeasures:A)Thesensitivityofthebond'spricetochangesinitsyieldtomaturity.B)Thetimeuntilthebond'sprincipalisrepaid.C)Thebond'scouponrate.D)Thecreditqualityofthebondissuer.57.Aputoptiongivestheholdertheright,butnottheobligation,to:A)Buyanunderlyingassetataspecifiedpricebeforeaspecifieddate.B)Sellanunderlyingassetataspecifiedpricebeforeaspecifieddate.C)Buyanunderlyingassetataspecifiedpriceonaspecifieddate.D)Sellanunderlyingassetataspecifiedpriceonaspecifieddate.58.Theconceptofarbitrage-freepricingsuggeststhat:A)Norisk-freeprofitopportunitiesexistinfinancialmarkets.B)Allassetsarepricedsuchthatnotwoassetsofferingthesamecashflowscansellatdifferentprices.C)Thepriceofanassetshouldreflectallavailablepublicinformation.D)Thereturnonaninvestmentshouldbeproportionaltoitsrisk.59.Whichofthefollowingisacharacteristicofanefficientmarket?A)Pricesreflectonlyhistoricaldata.B)Pricesadjustrapidlytonewinformation.C)Investorscanconsistentlyachievereturnsabovethemarketaveragewithlittlerisk.D)Allavailableinformationispublicandfreelyaccessible.60.TheCapitalAssetPricingModel(CAPM)suggeststhattheexpectedreturnonanassetisdeterminedby:A)Therisk-freerate,theasset'sbeta,andthemarketriskpremium.B)Theasset'sbetaanditscorrelationwiththemarketportfolio.C)Theasset'sstandarddeviationandthemarketportfolio'sstandarddeviation.D)Theasset'salphaandthemarketriskpremium.61.Whichofthefollowinginvestmentstrategiesinvolvesconstructingaportfoliothatmimicstheperformanceofaspecificmarketindex?A)ActivemanagementB)PassivemanagementC)Dollar-costaveragingD)Markettiming62.Aportfoliomanagerwhoconsistentlyachieveshigherreturnsthanthemarketbenchmark,afteradjustingforrisk,issaidtohavegenerated:A)Alpha.B)Beta.C)Standarddeviation.D)Sharperatio.63.Theprimarygoalofportfoliodiversificationisto:A)Maximizetheexpectedreturnoftheportfolio.B)Eliminateallinvestmentrisk.C)Reducetheportfolio'sunsystematicrisk.D)Increasetheportfolio'scorrelationwiththemarket.64.Whichofthefollowingisconsideredasystematicrisk?A)Thefailureofamajorbankintheeconomy.B)Adeclineinthemarketshareofacompany'sleadingproduct.C)Theportfoliomanagermakinganincorrectinvestmentdecision.D)Changesininterestratesaffectingtheentiremarket.65.TheSharperatiomeasures:A)Thereturnofaninvestmentrelativetoitstotalrisk.B)Thevolatilityofaninvestment'sreturns.C)Theexpectedreturnofaninvestmentgivenitslevelofrisk.D)Therisk-adjustedreturnofaninvestment.66.WhichofthefollowingstatementsabouttheEfficientMarketHypothesis(EMH)ismostaccurate?A)EMHsuggeststhatallassetsarecurrentlyovervalued.B)EMHimpliesthattechnicalanalysiscannotgenerateexcessreturns.C)AccordingtostrongformEMH,eveninsiderinformationcannotbeusedtogenerateexcessreturns.D)Accordingtosemi-strongformEMH,historicalpricesandpubliclyavailableinformationfullyreflectinassetprices.67.WhichofthefollowingisacomponentoftheWeightedAverageCostofCapital(WACC)?A)Theexpectedreturnonthecompany'spreferredstock.B)Thedividendyieldofthecompany'scommonstock.C)Themarketvalueofthecompany'sdebt.D)Alloftheabove.68.Whichofthefollowingistypicallyconsideredacapital-intensiveindustry?A)TechnologyB)ConsultingC)SoftwaredevelopmentD)Educationservices69.Whichofthefollowingmethodsismostlikelyusedforvaluingacompanythatownsalargeportfolioofrealestate?A)DiscountedCashFlow(DCF)analysisB)ComparableCompanyanalysisC)ComparableTransactionanalysisD)Sum-of-the-Partsvaluation70.Theprimarypurposeofasensitivityanalysisinfinancialmodelingisto:A)Determinethemostlikelyoutcomeofamodel.B)Identifyhowchangesinkeyassumptionsaffectthemodel'sresults.C)Calculatethenetpresentvalueofaproject.D)Estimatetheinternalrateofreturnofaninvestment.71.Whichofthefollowingaccountingadjustmentsistypicallymadewhenperformingaproformaanalysisofacompany'sfinancials?A)Recordingnon-recurringgainsfromthesaleofassets.B)Adjustingdepreciationexpensetoastraight-linebasis.C)Eliminatingtheeffectsofaccountingchangesonreportedearnings.D)Increasingrevenuebytheexpectedrateofinflation.72.WhichofthefollowingisapotentiallimitationofusingtheDividendDiscountModel(DDM)forvaluation?A)Itassumesdividendswillgrowindefinitely.B)Itrequiresaccurateestimatesoffuturecashflows.C)Itismostsuitableforvaluingcompanieswithverystableearnings.D)Itdoesnotconsidertherisk-freerateasaninput.73.Whichofthefollowingfixedincomeinstrumentstypicallyhasthelongestduration?A)Zero-couponbondB)BondwithashortmaturityandhighcouponrateC)BondwithalongmaturityandlowcouponrateD)Bondwithalongmaturityandhighcouponrate74.AccordingtotheCFAInstituteStandardsofPractice,whichofthefollowingactionsbyaninvestmentanalystwouldbeconsideredaviolationofStandardVI(ResponsibilitiesofCFAInstituteMembersandCandidates)?A)Providingobjectiveinvestmentrecommendationsbasedonthoroughresearch.B)Disclosingamaterialconflictofinteresttoclientsandreceivingtheirconsent.C)Usingconfidentialclientinformationforpersonaltrading.D)Publishingresearchreportsthatareclearlylabeledasinvestmentrecommendations.75.TheCentralLimitTheoremstatesthat:A)Asthesamplesizeincreases,thesamplingdistributionofthemeanapproachesanormaldistribution.B)Themeanofapopulationisalwaysequaltothemeanofthesamplingdistributionofthemean.C)Thevarianceofasampleisalwayssmallerthanthevarianceofthepopulation.D)Thestandarddeviationofapopulationdecreasesasthesamplesizeincreases.76.Astatisticsstudentcalculatesthemeanandstandarddeviationofasampleofexamscores.Whichofthefollowingmeasureswouldprovidetheleastreliableestimateofthepopulationparameters?A)SamplemeanB)SamplestandarddeviationC)SamplemedianD)Samplemode77.Aninvestorisconsideringaddinganewassettotheirportfolio.Theexpectedreturnoftheassetis10%,thestandarddeviationofitsreturnis15%,theexpectedreturnoftheportfoliowithouttheassetis8%,andthestandarddeviationoftheportfoliowithouttheassetis12%.Ifthecorrelationcoefficientbetweentheasset'sreturnandtheportfolio'sreturnwithouttheassetis0.4,whatistheapproximatenewportfoliostandarddeviationafteraddingtheasset,assumingtheasset'sweightintheportfoliois20%?A)11.88%B)12.16%C)12.60%D)13.20%78.Theconceptofriskaversionsuggeststhat:A)Investorsrequirehigherexpectedreturnstocompensatefortakingonmorerisk.B)Investorsarewillingtoacceptlowerexpectedreturnsforthesamelevelofrisk.C)Allinvestorshavethesametoleranceforrisk.D)Riskalwaysleadstoanegativereturn.79.Aninvestorrequiresa12%rateofreturntoinvestinaparticularproject.Iftheproject'sinternalrateofreturn(IRR)is14%,whatshouldtheinvestordo?A)RejecttheprojectbecauseitsIRRislowerthantherequiredrateofreturn.B)AccepttheprojectbecauseitsIRRishigherthantherequiredrateofreturn.C)Rejecttheprojectbecauseithasanegativenetpresentvalue(NPV).D)Accepttheprojectbecauseithasapositivenetpresentvalue(NPV).80.Thepaybackperiodmethodofcapitalbudgeting:A)Considersthetimevalueofmoney.B)Isthemostreliablemethodforevaluatingprojects.C)Ignorescashflowsthatoccurafterthepaybackperiod.D)Alwaysleadstothesamedecisionasthenetpresentvalue(NPV)method.81.WhichofthefollowingisapotentialdrawbackofusingtheAccountingRateofReturn(ARR)forcapitalbudgetingdecisions?A)Itdoesnotconsiderthetimevalueofmoney.B)Itrequiresestimatingtheproject'ssalvagevalue.C)Itisdifficulttocalculate.D)Itgivesequalweighttocashflowsindi