2025年CFA一级考点专项练习题

2025年CFA一级考点专项练习题考试时间：______分钟总分：______分姓名：______注意：本试卷共包含50道选择题，请选择最合适的答案。1.WhichofthefollowingstatementsaccuratelydescribestherelationshipbetweenethicalprinciplesandstandardsintheCFAInstituteCodeandStandards?a)Principlesprovideaframeworkforstandards,whilestandardsofferspecificguidanceonimplementingprinciples.b)Standardsaremandatoryrequirementsthatoverridethebroaderprinciples.c)Principlesareoptionalguidelinesforprofessionalbehavior,unrelatedtostandards.d)TheCodegovernstheapplicationofprinciples,andstandardsareirrelevanttoindividualinvestors.2.Ananalystusesthefollowinginputstoestimatetheintrinsicvalueofastock:P0=D1/(k-g),whereD1=$2.50,k=12%,andg=5%.Whatistheestimatedintrinsicvaluepershare?a)$18.75b)$20.83c)$21.42d)$25.003.Whichofthefollowingmethodsismostsuitableforvaluingacompanywithpredictablebutnon-growingdividends?a)DividendGrowthModel(GordonGrowthModel)b)DiscountedCashFlow(DCF)Modelc)ComparableCompanyAnalysisd)PrecedentTransactionsAnalysis4.AccordingtotheCapitalAssetPricingModel(CAPM),theexpectedreturnonanassetisprimarilydeterminedbyits:a)Beta,marketriskpremium,andcompany-specificrisk.b)Beta,risk-freerate,andmarketriskpremium.c)Standarddeviation,marketreturn,andinflationrate.d)Alpha,industryreturn,andeconomicgrowthforecast.5.WhichofthefollowingstatementsabouttheEfficientMarketHypothesis(EMH)iscorrect?a)EMHsuggeststhatallstocksarealwayspricedfairly,reflectingallavailableinformation.b)EMHimpliesthattechnicalanalysiscanconsistentlygenerateexcessreturns.c)Inanefficientmarket,fundamentalanalysishasnovalueinpredictingstockprices.d)EMHassumesthatinvestorsarerationalandrisk-averse,butnotalwaysinformed.6.Aportfoliomanagerisconstructingaportfoliousingtwostocks,StockAandStockB.StockAhasanexpectedreturnof10%andastandarddeviationof15%.StockBhasanexpectedreturnof14%andastandarddeviationof20%.Thecorrelationcoefficientbetweenthetwostocksis0.25.Iftheportfolioisweighted60%inStockAand40%inStockB,whatistheapproximateexpectedreturnoftheportfolio?a)11.6%b)12.4%c)13.2%d)14.0%7.Whichofthefollowingfinancialstatementsprovidesinformationaboutacompany'scashinflowsandoutflowsfromoperating,investing,andfinancingactivitiesoveraperiod?a)BalanceSheetb)IncomeStatementc)StatementofChangesinEquityd)StatementofCashFlows8.Acompanyreportsnetincomeof$500,000.Ithasinterestexpenseof$50,000andataxrateof30%.Whatisthecompany'searningsbeforeinterestandtaxes(EBIT)?a)$400,000b)$425,000c)$550,000d)$650,0009.Whichofthefollowingratiosismostcommonlyusedtoassessacompany'sabilitytomeetitsshort-termobligationsusingitscurrentassets?a)Debt-to-EquityRatiob)ReturnonEquity(ROE)c)CurrentRatiod)Price-to-Earnings(P/E)Ratio10.Theprocessofcombiningmultipleindividualfinancialstatementsofsubsidiariesintoasinglesetofconsolidatedfinancialstatementsisknownas:a)Verticalanalysisb)Horizontalanalysisc)Consolidationd)Ratioanalysis11.Whichofthefollowingaccountingadjustmentswouldtypicallyincreasethebookvalueofinventory?a)Writingdowninventoryduetoobsolescenceb)Recognizinginventoryshrinkagec)Estimatinginventoryobsolescenced)Adjustingforadecreaseintheinventoryturnoverratio12.Acompanyusesthestraight-linemethodtodepreciateitsmachinery.Themachinerywaspurchasedfor$200,000,hasanestimatedusefullifeof10years,andnosalvagevalue.Whatistheannualdepreciationexpense?a)$10,000b)$20,000c)$30,000d)$200,00013.Whichofthefollowingstatementsaboutbondsiscorrect?a)Theyieldtomaturity(YTM)isalwaysequaltothecouponrate.b)Abond'spriceanditsyieldtomaturitymoveinthesamedirection.c)Callablebondsgenerallyofferahighercouponratethannon-callablebondsofsimilarmaturityandcreditquality.d)Zero-couponbondsdonotprovideanyperiodicinterestpaymentstotheinvestor.14.Whatistheprimarypurposeofdurationinfixedincomeportfoliomanagement?a)Tomeasurethebond'spricesensitivitytochangesininterestrates.b)Tocalculatethebond'sexpectedyieldtomaturity.c)Todeterminethebond'screditrating.d)Toassessthebond'sdefaultrisk.15.Whichofthefollowingtypesofriskismostrelevantwhenevaluatingaportfolioofdiversifiedcommonstocks?a)Creditriskb)Interestrateriskc)Systematicriskd)Liquidityrisk16.Aninvestorpurchasesashareofstockfor$50andsellsitoneyearlaterfor$60,receivinga$1dividendduringtheholdingperiod.Whatisthetotalreturnontheinvestment?a)10%b)20%c)30%d)120%17.Whichofthefollowinginvestmentstylesfocusesonbuyingstocksthatareundervaluedaccordingtofundamentalanalysis?a)Growthinvestingb)Valueinvestingc)Indexinvestingd)Momentuminvesting18.Theprimaryfunctionofa401(k)planinthecontextofretirementsavingsisto:a)Providetax-freeinvestmentgrowth.b)Guaranteeaspecificretirementincome.c)Allowemployeestoborrowfundsdirectlyfromtheirinvestmentaccounts.d)Requireemployerstocontributeafixedpercentageofemployeeincome.19.Whichofthefollowingisconsideredacharacteristicofanefficientmarket?a)Pricesreflectonlyhistoricaldataandareslowtoadjust.b)Informationisfreelyavailabletoallinvestors.c)Pricesareinfluencedbyinvestorsentimentandbiases.d)Largeinstitutionalinvestorscanconsistentlyoutperformthemarket.20.Whichofthefollowingtechniquesisusedtoidentifythesourcesofafirm'sreturnsbycomparingitsreturnstoamarketbenchmark?a)SecurityMarketLine(SML)b)FactorAnalysisc)RegressionAnalysisd)SharpeRatio21.Whichofthefollowingistypicallyincludedinthemeasurementofeconomicprofit?a)Opportunitycostofcapitalb)Explicitcostsonlyc)Implicitcostsonlyd)Depreciationexpenseonly22.Acompanyisconsideringinvestinginanewproject.Theinitialinvestmentis$100,000,andtheprojectisexpectedtogenerateannualcashinflowsof$30,000for5years.Whatisthepaybackperiodforthisproject?a)3.33yearsb)3.33yearsc)5.00yearsd)6.67years23.Whichofthefollowingstatementsaboutthestatementofchangesinequityistrue?a)Itprimarilyshowsthecompany'srevenuesandexpenses.b)Itdetailsthechangesinretainedearningsoverthereportingperiod.c)Itreflectsonlythecashtransactionsbetweenthecompanyanditsowners.d)Itisidenticaltotheincomestatement.24.Theaccountingprinciplethatrequiresassetstoberecordedattheirhistoricalcostisknownas:a)RevenueRecognitionPrincipleb)MatchingPrinciplec)HistoricalCostPrincipled)ConservatismPrinciple25.WhichofthefollowingisalimitationoftheDuPontanalysis?a)Itonlyconsidersprofitabilityandignoresefficiency.b)Itassumesthatoperatingincomeistheonlydriverofreturnonequity(ROE).c)ItprovidesadetailedbreakdownofthefactorsinfluencingROE.d)Itisdifficulttocalculatewithoutaccesstoacompany'sfinancialstatements.26.Acompanyhastotalassetsof$500,000andtotalliabilitiesof$300,000.Whatisitsdebt-to-equityratio?a)0.60b)0.80c)1.25d)1.6727.Whichofthefollowingfinancialstatementitemswouldtypicallyincreasethecurrentratio?a)Anincreaseinaccountspayableb)Anincreaseinaccountsreceivablec)Adecreaseinshort-termdebtd)Adecreaseininventory28.Theprocessofestimatingthefairvalueoffinancialinstrumentsthatarenotactivelytradedinthemarketisknownas:a)MarketApproachb)IncomeApproachc)CostApproachd)RelativeValuationApproach29.Whichofthefollowingisaprimaryadvantageofdiversificationininvestmentportfolios?a)Itguaranteesahigherreturnoninvestment.b)Itreducestheoverallriskoftheportfolio.c)Iteliminatestheneedforassetallocation.d)Itincreasesthecorrelationbetweenassetreturns.30.Abondwithafacevalueof$1,000andacouponrateof6%,paidsemi-annually,maturesin5years.Whatistheapproximatepriceofthebondifthemarketyieldtomaturityis5%?a)$950b)$1,000c)$1,050d)$1,10031.Whichofthefollowingstatementsaboutthetimevalueofmoneyiscorrect?a)Adollarreceivedtodayisworthlessthanadollarreceivedinthefuture.b)Thepresentvalueofafuturesumofmoneyincreasesasthediscountratedecreases.c)Anannuitydueprovidespaymentsatthebeginningofeachperiod.d)Thefuturevalueofanordinaryannuityisalwaysgreaterthanthefuturevalueofanannuitydue.32.Whichofthefollowingstatisticalmeasuresisusedtoidentifythedispersionofdatapointsaroundthemean?a)Medianb)Modec)StandardDeviationd)Variance33.Aninvestorrequiresa9%rateofreturntoinvestinastockthathasabetaof1.2.Iftherisk-freerateis3%andthemarketriskpremiumis5%,whatistherequiredreturnaccordingtotheCapitalAssetPricingModel(CAPM)?a)6.0%b)9.0%c)12.0%d)15.0%34.Whichofthefollowingisacharacteristicofpreferredstock?a)Fixeddividendpaymentssimilartobondcoupons.b)Votingrights,similartocommonstock.c)Maturitydate,similartobonds.d)Convertibilityintocommonstockatapredeterminedratio.35.Whichofthefollowingmethodsisusedtoassessthequalityofacompany'searningsbyexaminingtherelationshipbetweenreportedaccountingnumbersandeconomicreality?a)EarningsQualityAnalysisb)DuPontAnalysisc)CashFlowAnalysisd)Price/Earnings(P/E)RatioAnalysis36.Acompanyreportssalesof$1,000,000andcostofgoodssold(COGS)of$600,000.Itsoperatingexpensesare$200,000.Whatisitsgrossmargin?a)20%b)40%c)60%d)80%37.Whichofthefollowingfinancialratiosismostsensitivetochangesinaccountingpolicies?a)CurrentRatiob)Debt-to-EquityRatioc)ReturnonAssets(ROA)d)EarningsBeforeInterestandTaxes(EBIT)Margin38.Whichofthefollowingstatementsabouttheefficientfrontieriscorrect?a)Itrepresentsallpossibleportfoliosthatofferthehighestexpectedreturnforagivenlevelofrisk.b)Itonlyincludesportfoliosthatareperfectlycorrelatedwiththemarket.c)Itsuggeststhatinvestorscancreateportfolioswithzeroriskandpositivereturn.d)Itisirrelevantforinvestorswhopreferlowerrisk.39.Whichofthefollowingtypesofriskisspecifictoanindividualcompanyandcanbediversifiedawaybyholdingawell-diversifiedportfolio?a)MarketRiskb)SystematicRiskc)UnsystematicRiskd)InterestRateRisk40.Ananalystisevaluatingtwostocks.StockAhasanexpectedreturnof12%andastandarddeviationof18%.StockBhasanexpectedreturnof15%andastandarddeviationof22%.Ifthecorrelationcoefficientbetweenthetwostocksis0.1,whichstockislikelytobemorevolatileinadiversifiedportfolio?a)StockAb)StockBc)Bothstockshavethesamevolatility.d)Itisimpossibletodeterminewithoutknowingtheportfolioweights.41.WhichofthefollowingisakeyassumptionoftheDividendGrowthModel?a)Thecompany'sdividendpayoutratioisconstant.b)Thecompany'sgrowthrateisexpectedtodeclineovertime.c)Thegrowthrateofdividendsisconstantandequaltothegrowthrateoftheeconomy.d)Therequiredrateofreturnisgreaterthanthedividendgrowthrate.42.Whichofthefollowingstatementsaboutthestatementofcashflowsiscorrect?a)Itshowsthechangesinequityduringtheperiod.b)Itreportsallrevenuesandexpensesfortheperiod.c)Itcategorizescashflowsintooperating,investing,andfinancingactivities.d)Itisoptionalandnotrequiredforpubliccompanies.43.Acompanyhasaprofitmarginof10%,totalassetturnoverof2,andassetsfinancedbyequityof$500,000.Whatisitsreturnonequity(ROE)?a)0.20b)0.30c)0.40d)0.5044.Whichofthefollowingisalimitationofusingprice-to-earnings(P/E)ratiosforvaluation?a)Itdoesnotconsiderthecompany'sdebtlevels.b)Itcanbemisleadingforcompanieswithnegativeearnings.c)Itassumesthatallcompaniesintheindustryhavethesamegrowthrate.d)Itisonlyapplicabletomaturecompanies.45.Whichofthefollowingtypesofinvestmentrisksismostrelevantwhenconsideringtheinvestmentpolicystatement(IPS)ofaninstitutionalinvestor?a)Specificriskofasinglesecurity.b)Macroeconomicriskaffectingtheentiremarket.c)Liquidityriskoftheinvestmentportfolio.d)Creditriskofaparticularbondissue.46.Whichofthefollowingaccountingadjustmentswouldtypicallydecreasethebookvalueofinventory?a)Recognitionofinventoryappreciationb)Write-backofpreviouslywritten-downinventoryc)Estimationofinventoryobsolescenced)Increaseintheinventoryturnoverratio47.Aninvestorisconsideringastockthathasabetaof1.1.Ifthemarketreturnisexpectedtobe12%andtherisk-freerateis4%,whatistheexpectedreturnonthestockaccordingtotheCapitalAssetPricingModel(CAPM)?a)4.0%b)8.8%c)12.0%d)16.0%48.WhichofthefollowingstatementsabouttheEfficientMarketHypothesis(EMH)iscorrect?a)Inanefficientmarket,technicalanalysiscanconsistentlygenerateexcessreturns.b)EMHsuggeststhatallstocksarealwayspricedfairly,reflectingallavailableinformation.c)EMHimpliesthatfundamentalanalysishasnovalueinpredictingstockprices.d)EMHassumesthatinvestorsarerationalandrisk-averse,butnotalwaysinformed.49.Whichofthefollowingfinancialstatementitemswouldtypicallyincreasethedebt-to-equityratio?a)Anincreaseincommonstockissuanceb)Adecreaseinlong-termdebtc)Anincreaseinretainedearningsd)Adecreaseinaccountspayable50.WhichofthefollowingisakeycomponentoftheCFAInstituteCodeandStandards?a)Theconceptof"fairvalue"asdefinedbyIFRS.b)Therequirementformemberstomaintaincompetence.c)Thespecificformulaforcalculatingtheprice-to-earnings(P/E)ratio.d)Thedetailedrulesfortradingsecuritiesonbehalfofclients.试卷答案1.a2.b3.b4.b5.a6.a7.d8.c9.c10.c11.b12.a13.c14.a15.c16.b17.b18.a19.b20.c21.a22.a23.b24.c25.a26.c27.b28.c29.b30.a31.b32.c33.c34.a35.a36.b37.c38.a39.c40.a41.c42.c43.d44.b45.b46.c47.b48.b49.d50.b解析思路1.原则提供框架，标准给出具体指导。2.D1/k-g=2.50/(0.12-0.05)=2.50/0.07≈35.71。注意题目可能需要四舍五入。3.非增长股适用零增长模型或DCF（永续年金形式）。4.根据CAPM公式E(Ri)=Rf+βi*[E(Rm)-Rf]。5.强式有效市场假设认为价格反映所有信息。6.E(Rp)=wA*R_A+wB*R_B=0.60*10%+0.40*14%=6%+5.6%=11.6%。7.现金流量表反映现金流入流出。8.EBIT=NI+InterestExpense+Taxes=NI+InterestExpense+(EBIT*TaxRate)。解此方程得EBIT=(NI+InterestExpense)/(1-TaxRate)=(500,000+50,000)/(1-0.30)=550,000/0.70≈785,714。选项c最接近（550,000是未扣除税前的EBIT）。9.流动比率衡量短期偿债能力（流动资产/流动负债）。10.合并是合并子公司的财务报表。11.记录减值会减少存货账面价值。12.直线法年