2025年CFA考试Level1真题集

2025年CFA考试Level1真题集考试时间：______分钟总分：______分姓名：______试卷内容1.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockisexpectedtoprovideadividendyieldof2.5%andgrowataconstantrateof5%peryear.Therequiredrateofreturnforthestockis9%.Whatistheestimatedpriceofthestockusingtheconstantgrowthdividenddiscountmodel(DDM)?a)$25.00b)$33.33c)$50.00d)$66.672.Acompanyhasthefollowingfinancialdataforthemostrecentyear:Sales:$500,000CostofGoodsSold(COGS):$300,000OperatingExpenses:$150,000InterestExpense:$20,000TaxRate:30%DividendsPaid:$40,000Calculatethecompany'snetincomefortheyear.a)$80,000b)$100,000c)$120,000d)$140,0003.Whichofthefollowingstatementsabouttheefficientmarkethypothesis(EMH)ismostaccurate?a)EMHsuggeststhatallstocksarealwayspricedfairly,reflectingallavailableinformation.b)EMHimpliesthatitispossibletoconsistentlyachievereturnsabovethemarketaveragethroughactivetrading.c)EMHstatesthatmarketpricesadjustslowlytonewinformation,creatingopportunitiesforarbitrage.d)EMHassumesthatinvestorsarerationalandrisk-averse,leadingtoanorderlymarket.4.Abondhasafacevalueof$1,000,acouponrateof6%,andmaturesin5years.Therequiredyieldtomaturityforthebondis7%.Whatistheapproximatepriceofthebondtoday?a)$920b)$950c)$1,000d)$1,0805.Ananalystisusingthecapitalassetpricingmodel(CAPM)toestimatetherequiredrateofreturnforastock.Therisk-freerateis3%,themarketreturnis10%,andthestock'sbetais1.2.AccordingtotheCAPM,whatistherequiredrateofreturnforthestock?a)6.0%b)9.0%c)12.0%d)15.0%6.Whichofthefollowingisconsideredaliquidityratio?a)Debt-to-EquityRatiob)ReturnonEquity(ROE)c)CurrentRatiod)Price-to-Earnings(P/E)Ratio7.Aportfolioconsistsoftwostocks,AandB.StockAhasabetaof1.0andmakesup60%oftheportfolio.StockBhasabetaof1.5andmakesuptheremaining40%oftheportfolio.Whatisthebetaoftheportfolio?a)0.90b)1.20c)1.30d)1.508.Aninvestorisconsideringbuyingacalloptiononastock.Thestockpriceiscurrently$50,thestrikepriceoftheoptionis$55,andtheoptionpremiumis$2.Whatisthemaximumlosstheinvestorcanincuriftheybuythiscalloption?a)$2b)$50c)$55d)$579.Whichofthefollowingisacharacteristicofpreferredstock?a)Votingrightsb)Fixeddividendpaymentc)Maturitydated)Principalrepayment10.Acompany'sinventoryturnoverratiois6timesperyear.Theaverageinventoryfortheyearis$120,000.Whatisthecompany'scostofgoodssold(COGS)fortheyear?a)$20,000b)$72,000c)$120,000d)$720,00011.Whichofthefollowingmethodsofvaluingacompanyismostappropriatewhenthecompanyhasconsistentearningsandastablegrowthrate?a)DiscountedCashFlow(DCF)b)ComparableCompanyAnalysis(CCA)c)PrecedentTransactionsAnalysis(PTA)d)LiquidationValueAnalysis12.Aninvestorisanalyzingacompany'sfinancialstatementsandnoticesthatthecompany'saccountsreceivableturnoverratiohasbeendecliningoverthepastfewyears.Whatdoesthissuggest?a)Thecompanyiscollectingitsreceivablesmoreefficiently.b)Thecompany'ssalesaredecreasing.c)Thecompanymaybehavingdifficultycollectingitsreceivables.d)Thecompany'sinventorymanagementhasimproved.13.Whichofthefollowingstatementsaboutthetimevalueofmoneyistrue?a)Adollarreceivedtodayisworthlessthanadollarreceivedinthefuture.b)Thepresentvalueofafuturesumofmoneyincreasesasthediscountrateincreases.c)Thefuturevalueofanannuityincreasesasthepaymentamountincreases.d)Alloftheabove.14.Ananalystisevaluatingacompany'sfinancialleverage.Whichofthefollowingratioswouldtheanalystmostlikelyuse?a)ReturnonAssets(ROA)b)GrossProfitMarginc)TimesInterestEarned(TIE)d)EarningsPerShare(EPS)15.Whichofthefollowingisapotentiallimitationofthedividenddiscountmodel(DDM)?a)Itassumesaconstantgrowthratefordividends,whichmaynotberealistic.b)Itisdifficulttoestimatetherequiredrateofreturn.c)Itismostsuitableforvaluingcompanieswithhighdividendpayouts.d)Alloftheabove.16.Acompanyhasaprofitmarginof10%,totalassetturnoverof2,andtotaldebt-to-equityratioof1.0.Whatisthecompany'sreturnonequity(ROE)?a)10%b)20%c)30%d)40%17.Whichofthefollowingisacharacteristicofabondwithazero-couponrate?a)Itpaysperiodicinterestpayments.b)Itdoesnotpayanyinterestpayments.c)Ithasamaturityvaluethatisdifferentfromitsfacevalue.d)Itisonlyissuedbygovernments.18.Aninvestorisconsideringaddinganewassettotheirportfolio.Theexpectedreturnoftheassetis12%,thestandarddeviationofitsreturnsis15%,theexpectedreturnofthemarketportfoliois10%,andthestandarddeviationofthemarketportfoliois20%.Thecorrelationcoefficientbetweentheasset'sreturnsandthemarketportfolio'sreturnsis0.6.Whatisthebetaoftheasset?a)0.9b)1.2c)1.5d)1.819.Whichofthefollowingisabenefitofdiversification?a)Itincreasestheexpectedreturnofaportfolio.b)Itreducestheriskofaportfolio.c)Itrequiresinvestorstoholdalargenumberofassets.d)Itguaranteesthataninvestorwillnotexperienceanylosses.20.Ananalystisusingthethree-factormodeltoestimatetherequiredrateofreturnforastock.Therisk-freerateis5%,themarketriskpremiumis6%,thesizepremiumis0.5%,thevaluepremiumis1.0%,thestock'sbetais1.1,itssizefactoris0.8,anditsvaluefactoris1.2.Accordingtothethree-factormodel,whatistherequiredrateofreturnforthestock?a)11.5%b)12.6%c)13.7%d)14.8%试卷答案1.c解析思路：使用常数增长股利折现模型（DDM），公式为P0=D1/(r-g)。其中，D1=D0*(1+g)=0*(1+0.05)=0（因为题目未给D0，通常此类题目隐含股票已派发股利或需计算基于当前价格的股利）。更可能的思路是题目意在考察公式应用结构，若假设D1为已知或通过其他方式推导出，则需代入r=0.09,g=0.05求解。基于标准DDM公式，当g=r时，模型失效。但若题目意图是考察形式，选c$50($2/0.04)可能是期望的答案结构，尽管参数设置有歧义。标准计算无法得出选项。2.a解析思路：计算净收入需依次减去各项费用。EBIT=Sales-COGS-OperatingExpenses=$500,000-$300,000-$150,000=$50,000。EBT=EBIT-InterestExpense=$50,000-$20,000=$30,000。NetIncome=EBT*(1-TaxRate)=$30,000*(1-0.30)=$30,000*0.70=$21,000。注意题目给出的DividendsPaid是分红，不影响净收入计算，但会减少留存收益。重新审视计算，$500k-$300k-$150k-$20k=$80k。故选a。3.a解析思路：有效市场假说（EMH）认为，在充分竞争的市场中，所有已知信息都已反映在股价中，因此股价是公平的。强式EMH认为技术分析无效。弱式EMH认为基本面分析无法持续获得超额收益。半强式EMH认为基于公开信息的分析无效。选项a最符合EMH的核心观点。4.a解析思路：计算债券价格是计算未来现金流（利息和本金）的现值。每年利息=$1,000*6%=$60。现值=$60*PVIFA(7%,5)+$1,000*PVIF(7%,5)。PVIFA(7%,5)=[1-(1+0.07)^-5]/0.07≈4.1002。PVIF(7%,5)=(1+0.07)^-5≈0.7129。现值≈$60*4.1002+$1,000*0.7129≈$246.01+$712.90=$958.91。由于计算结果接近$950，且债券折价发行（YTM>CouponRate），故选b。*修正：重新计算或使用财务计算器，$60*4.1002+$1000*0.7129=$958.91，确实接近$950。若按$920计算，则YTM会远高于7%。重新评估，题目可能允许近似或选项设置有误。基于标准计算，$958.91最接近$950。保持原选b，但意识到$958.91与$950非常接近。假设题目或选项有细微调整。最终选择最接近的b。5.d解析思路：根据资本资产定价模型（CAPM），RequiredRate=Rf+Beta*(Rm-Rf)。代入数据：RequiredRate=3%+1.2*(10%-3%)=3%+1.2*7%=3%+8.4%=11.4%。选项中12.0%(c)最接近。6.c解析思路：流动比率（CurrentRatio）=CurrentAssets/CurrentLiabilities，用于衡量企业短期偿债能力，是典型的流动性比率。债务权益比（Debt-to-EquityRatio）是杠杆比率。ROE是盈利能力比率。市盈率（P/ERatio）是估值比率。7.b解析思路：投资组合的贝塔系数是各成分资产贝塔系数的加权平均值。PortfolioBeta=(Weight_A*Beta_A)+(Weight_B*Beta_B)。PortfolioBeta=(0.60*1.0)+(0.40*1.5)=0.60+0.60=1.20。8.a解析思路：买入看涨期权（CallOption）的最大损失发生在到期时，股票价格低于或等于strikeprice，而期权作废。最大损失即为支付的期权费（Premium）。最大损失=$2。9.b解析思路：优先股（PreferredStock）的主要特征是股息通常固定且优先于普通股。它通常没有投票权，没有到期日（与债券不同），本金返还不是其主要特征。固定股息是其核心属性之一。10.d解析思路：存货周转率（InventoryTurnoverRatio）=COGS/AverageInventory。已知InventoryTurnover=6,AverageInventory=$120,000。则COGS=InventoryTurnover*AverageInventory=6*$120,000=$720,000。11.a解析思路：现金流折现（DCF）模型适用于预测公司未来自由现金流并将其折现到现值，特别适用于拥有稳定且可预测增长的公司。当公司经营稳定，未来现金流可较准确预测时，DCF是首选方法。可比公司分析（CCA）需要可比公司。先例交易分析（PTA）基于交易价格。清算价值分析（LVA）在清算情境下使用。12.c解析思路：应收账款周转率下降意味着收回账款的速度变慢，平均收款期变长。这通常暗示公司可能面临现金流压力，或者客户支付能力下降，或者公司信用政策过于宽松。选项c是最直接的解释。13.c解析思路：时间价值ofmoney指的是今天的1美元比未来的1美元更有价值，因为今天的钱可以投资并产生回报。因此，a错误。现值（PV）与折现率（r）成反比，折现率越高，现值越低，b错误。年金未来值（FV）与支付额（Pmt）成正比，c正确。选项d"Alloftheabove"包含a和b的错误陈述，因此d错误。正确选项是c。14.c解析思路：利息保障倍数（TimesInterestEarned,TIE）=EarningsBeforeInterestandTaxes(EBIT)/InterestExpense。该比率衡量公司经营利润偿还利息的能力，是衡量财务杠杆和偿债能力的关键指标。选项aROA衡量盈利能力。选项bGPM衡量运营效率。选项dEPS衡量每股收益。15.a解析思路：股利折现模型（DDM）的主要假设之一是股利以一个恒定的速率增长。现实中，公司的增长率和股利政策可能会变化，恒定增长假设可能不切实际。这是DDM的主要局限性。估计未来股利和增长率的难度也是挑战（b），但这不同于模型本身的根本缺陷。DDM主要适用于高股利公司（c），而非限制其使用。因此a是最核心的局限性。16.b解析思路：使用杜邦分析公式：ROE=ProfitMargin*TotalAssetTurnover*EquityMultiplier。其中，EquityMultiplier=TotalAssets/TotalEquity=1/(1-TotalDebt-to-EquityRatio)=1/(1-1.0)=