2025年CFA考试重点押题卷

2025年CFA考试重点押题卷考试时间：______分钟总分：______分姓名：______注意：以下题目均为示例，并非实际考试题目。请仔细阅读题目，并根据所学知识作答。1.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockhasanexpectedreturnof12%andastandarddeviationof20%.Theportfoliocurrentlyconsistsof10stockswithanexpectedreturnof8%andastandarddeviationof15%.Ifthestockisaddedtotheportfolio,thenewportfolio'sexpectedreturnwillbeapproximately__________%.2.Whichofthefollowingstatementsregardingtheefficientfrontierismostaccurate?A.Theefficientfrontierconsistsofallpossibleportfoliosthatofferthehighestexpectedreturnforagivenlevelofrisk.B.Theefficientfrontierisadownward-slopingcurve,indicatingthathigherreturnscanonlybeachievedbytakingonmorerisk.C.Theefficientfrontierisonlyapplicabletodiversifiedportfolios,notindividualsecurities.D.Theefficientfrontierisindependentoftherisk-freerateofreturn.3.Aportfoliomanagerusesapassiveinvestmentstrategy.Whichofthefollowingactionsismostconsistentwiththisstrategy?A.Activelysearchingformispricedsecuritiesandmakingtradestoexploittheseopportunities.B.Constructingaportfoliothatcloselytracksaspecificmarketindex.C.Adjustingtheportfolio'sassetallocationbasedonchangesinthemanager'soutlookforthemarket.D.Usingcomplexquantitativemodelstogeneratetradingsignals.4.TheCapitalAssetPricingModel(CAPM)isusedtodeterminetheexpectedreturnofanasset.WhichofthefollowingcomponentsisNOTincludedintheCAPMformula?A.Therisk-freerateofreturn.B.Theasset'sbeta.C.Themarketriskpremium.D.Theasset'sdividendyield.5.Acompany'sstockhasabetaof1.5.Ifthemarketreturnisexpectedtoincreaseby10%,whatistheexpectedchangeinthestock'sreturnaccordingtotheCAPM?6.WhichofthefollowingisalimitationoftheCapitalAssetPricingModel(CAPM)?A.Itassumesthatinvestorsarerisk-averse.B.Itisdifficulttoestimatethemarketriskpremiumaccurately.C.Itassumesthatallinvestorshavethesameinvestmenthorizon.D.Itonlyconsiderssystematicrisk,notunsystematicrisk.7.Abondwithafacevalueof$1,000andacouponrateof5%paysinterestsemi-annually.Ifthebondhas10yearstomaturityandthemarketinterestrateis6%,whatistheapproximatemarketpriceofthebond?8.Whichofthefollowingstatementsregardingdurationismostaccurate?A.Durationmeasuresthesensitivityofabond'spricetochangesintheyieldtomaturity.B.Abondwithalongerdurationhaslowerinterestraterisk.C.Durationiscalculatedbydividingthebond'syieldtomaturitybyitscouponrate.D.Durationonlyappliestozero-couponbonds.9.Aportfolioconsistsof60%stocksand40%bonds.Theexpectedreturnofthestocksis12%,theexpectedreturnofthebondsis4%,andthecorrelationcoefficientbetweenstocksandbondsis0.2.Whatistheexpectedreturnoftheportfolio?10.Aninvestorisconsideringaddingarealestateinvestmenttotheirportfolio.Realestateisconsideredtohavelowcorrelationwithstocksandbonds.Whichofthefollowingbenefitsistheinvestormostlikelyseekingbyaddingrealestatetotheirportfolio?A.Higherexpectedreturncomparedtostocksandbonds.B.Diversification,asrealestateisnotcorrelatedwithotherassetclasses.C.Liquidity,asrealestatecanbeeasilyboughtandsold.D.Inflationprotection,asrealestatevaluestendtorisewithinflation.11.Whichofthefollowingisameasureofthedispersionofasetofdatapointsaroundtheirmean?A.Variance.B.Standarddeviation.C.Covariance.D.Correlationcoefficient.12.Astockhasanexpectedreturnof15%andastandarddeviationof25%.Therisk-freerateis2%.AccordingtotheSharperatio,whatistheexcessreturnperunitofriskforthisstock?13.Aninvestorisevaluatingtwostocks.StockAhasanexpectedreturnof10%andabetaof1.2.StockBhasanexpectedreturnof12%andabetaof1.8.WhichstockoffersahigherSharperatio,assumingthesamerisk-freerateandmarketreturn?14.Amutualfundhasanetassetvalue(NAV)of$10pershare.Thefundchargesa5%loadfee.Whatisthemaximumamountaninvestorcanreceiveiftheypurchase$1,000worthofshares?15.Whichofthefollowingisacharacteristicofanindexmutualfund?A.Thefundisactivelymanagedbyaportfoliomanager.B.Thefund'sperformanceistypicallycomparedtoamarketindex.C.Thefundhasafixedinvestmentobjectiveandstrategy.D.Thefundchargeshighexpenseratiostocovertheactivemanagementcosts.16.Ahedgefundusesleveragetoamplifyitsreturns.Whichofthefollowingisapotentialriskassociatedwithusingleverage?A.Increasedexpectedreturn.B.Decreasedportfoliovolatility.C.Amplifiedlossesiftheinvestmentperformanceisnegative.D.Lowermanagementfees.17.Whichofthefollowingstatementsregardingalternativeinvestmentsismostaccurate?A.Alternativeinvestmentsarehighlyliquidandeasilytradedonpublicexchanges.B.Alternativeinvestmentsaretypicallysubjecttothesameregulationsastraditionalinvestments.C.Alternativeinvestmentsoftenhavelowcorrelationwithtraditionalassetclasses,potentiallyofferingdiversificationbenefits.D.Alternativeinvestmentsareonlysuitableforinstitutionalinvestorswithlargeamountsofcapital.18.Acompanyisevaluatinganewproject.Theprojectrequiresaninitialinvestmentof$100,000andisexpectedtogeneratecashflowsof$30,000peryearfor5years.Thecompany'scostofcapitalis10%.Whatisthenetpresentvalue(NPV)oftheproject?19.Whichofthefollowingmethodsiscommonlyusedtoassesstheprofitabilityofaninvestmentproject?A.Paybackperiod.B.Internalrateofreturn(IRR).C.Profitabilityindex.D.Alloftheabove.20.Whichofthefollowingisapotentiallimitationofthepaybackperiodmethod?A.Itdoesnotconsiderthetimevalueofmoney.B.Itignorescashflowsthatoccurafterthepaybackperiod.C.Itisdifficulttocompareprojectsofdifferentsizes.D.Alloftheabove.21.Acompany'sinventoryturnoverratiois5.Whatdoesthisindicateaboutthecompany'sinventorymanagement?22.Whichofthefollowingfinancialratiosisusedtoassessacompany'sliquidity?A.Debt-to-equityratio.B.Currentratio.C.Returnonequity(ROE).D.Earningspershare(EPS).23.Acompanyhastotalassetsof$500,000andtotalliabilitiesof$300,000.Whatisthecompany'sdebt-to-assetsratio?24.WhichofthefollowingstatementsregardingtheDuPontanalysisismostaccurate?A.Itdecomposesreturnonequity(ROE)intothreecomponentstoprovideadeeperunderstandingofacompany'sfinancialperformance.B.TheDuPontanalysisisonlyapplicabletocompaniesintheretailindustry.C.AhigherROEalwaysindicatesbetterfinancialperformance.D.TheDuPontanalysisfocusessolelyonacompany'sprofitability.25.Whichofthefollowingisapotentiallimitationoffinancialratioanalysis?A.Financialratioscanbedifficulttocompareacrosscompaniesindifferentindustries.B.Financialratiosarebasedonhistoricaldataandmaynotreflectfutureperformance.C.Financialratiosdonotconsiderthequalityofacompany'smanagement.D.Alloftheabove.26.WhichofthefollowingisakeyprincipleoftheCFAInstituteCodeandStandards?A.Puttingpersonalgainaboveclientinterests.B.Maintainingindependenceandobjectivityinallprofessionalactivities.C.Conflictsofinterestshouldalwaysbeignored.D.Itisacceptabletosharenon-publicinformationforpersonalbenefit.27.WhichofthefollowingactionsbyaCFAcharterholderwouldbeconsideredaviolationoftheCFAInstituteCodeandStandards?A.VotingonaproposaltochangetheCFAcharterrequirements.B.Providinginvestmentrecommendationstoclientsonlybasedontheirstatedinvestmentobjectivesandconstraints.C.Acceptingagiftfromacompanythatprovidestradingtechnologytothefirmwherethecharterholderworks.D.Disclosingmaterialnon-publicinformationtoaclosefamilymember.28.TheCFAInstituteCodeandStandardsplaceastrongemphasisonethicalconduct.Whichofthefollowingisaprimaryreasonforthisemphasis?A.ToincreasethenumberofCFAcharterholders.B.ToenhancethereputationandcredibilityoftheCFAInstituteandtheinvestmentprofession.C.Toreducethecomplexityofinvestmentregulations.D.ToprovidelegalprotectionforCFAcharterholders.29.WhichofthefollowingisacomponentoftheCFAInstituteStandardsofProfessionalConduct?A.Dutytoprioritizetheinterestsofthecharterholderoverthoseoftheemployer.B.Dutytomaintaincompetenceintheareasofinvestmentknowledgeandskills.C.Dutytoengageinonlylegalactivities.D.Dutytoacceptanyjobofferwithoutconsideringitsethicalimplications.30.ACFAcharterholderisofferedajobthatrequiresthemtomisrepresenttheirqualificationsontheirresume.WhichofthefollowingactionsismostconsistentwiththeCFAInstituteCodeandStandards?A.Acceptingthejoboffer,asthemisrepresentationisminor.B.Acceptingthejoboffer,butonlyiftheemployerpromisestoprovidelegaladvice.C.Decliningthejoboffer,asitwouldviolatethedutytobecompetentandadheretorelevantlawsandregulations.D.Decliningthejoboffer,butonlyiftheemployeroffersasignificantlyhighersalary.---注意：以下题目均为示例，并非实际考试题目。请仔细阅读题目，并根据所学知识作答。试卷答案1.8.6%2.A3.B4.D5.15%6.B7.$865.808.A9.6.8%10.B11.B12.0.5213.StockA14.$95015.B16.C17.C18.$18,816.5019.D20.D21.Thecompanysellsitsinventory5timesperyearonaverage.22.B23.60%24.A25.D26.B27.D28.B29.B30.C解析思路1.Newportfolioreturn=(0.6*12%)+(0.4*4%)=7.2%+1.6%=8.8%.Approximation8.6%consideringtheimpactofreducingoverallrisk.2.Theefficientfrontierrepresentstheoptimaltrade-offbetweenriskandreturn.Itshowsthehighestexpectedreturnforagivenlevelofrisk.3.Apassivestrategyinvolvesreplicatingamarketindex,whileanactivestrategyinvolvestryingtooutperformthemarket.4.TheCAPMformulais:ExpectedReturn=Risk-freeRate+Beta*(MarketReturn-Risk-freeRate).Itdoesnotincludetheasset'sdividendyield.5.Expectedchange=Beta*Marketreturnchange=1.5*10%=15%.6.Estimatingthemarketriskpremiumischallengingduetoitsrelianceonassumptionsandhistoricaldata.Otherlimitationsexist,butestimationdifficultyisakeypracticalissue.7.Calculatethepresentvalueofeachcouponpaymentandthefacevalueusingthemarketinterestrate(3%perperiod,semi-annual).PV=(50/1.03^1)+(50/1.03^2)+...+(50/1.03^20)+(1000/1.03^20).Summingthesevaluesgivesapproximately$865.80.8.Durationmeasuresthesensitivityofabond'spricetochangesininterestrates.Alongerdurationindicateshighersensitivity(higherinterestraterisk).9.PortfolioReturn=(0.6*12%)+(0.4*4%)=7.2%+1.6%=8.8%.10.Addingassetswithlowcorrelation(likerealestaterelativetostocks/bonds)canreducetheoverallportfoliovolatility,providingdiversificationbenefits.11.Standarddeviationmeasuresthedispersionofdatapointsaroundthemean.Varianceisthesquareofthestandarddeviation.Covariancemeasureshowtwovariableschangetogether.Correlationcoefficientmeasuresthestrengthanddirectionoftherelationshipbetweentwovariables.12.ExcessReturn=ExpectedReturn-Risk-freeRate=15%-2%=13%.SharpeRatio=ExcessReturn/StandardDeviation=13%/25%=0.52.13.SharpeRatioA=(10%-2%)/1.2=0.75.SharpeRatioB=(12%-2%)/1.8=0.55.StockAhasahigherSharperatio.14.LoadFee=5%*$1,000=$50.AmountReceived=$1,000-$50=$950.15.Anindexmutualfundaimstotracktheperformanceofaspecificmarketindex.Itistypicallypassiveandhaslowerexpenseratios.16.Leveragemagnifiesbothpotentialreturnsandpotentiallosses.Ifinvestmentsperformpoorly,leveragecanleadtosignificantlossesexceedingtheinitialinvestment.17.Alternativeinvestmentsoftenincludeassetslikerealestate,privateequity,andhedgefunds,whichmaybelessliquidandmorecomplexthantraditionalinvestments.Theyoftenhavelowcorrelationwithstocksandbonds,offeringdiversificationpotential.18.NPV=Σ[CashFlow/(1+r)^t]-InitialInvestment.NPV=[30,000/1.1^1]+[30,000/1.1^2]+...+[30,000/1.1^5]-100,000.NPV≈$18,816.50.19.Allthreemethods(PaybackPeriod,IRR,ProfitabilityIndex)areusedtoassessinvestmentprofitability.20.Thepaybackperiodmethodhaslimitations:itdoesn'tconsiderthetimevalueofmoney,ignorescashflowsbeyondthepaybackperiod,andisdifficulttocompareacrossprojectsofdifferentsizes(alllimitationsapply).21.InventoryTurnover=CostofGoodsSold/AverageInventory.Aninventoryturnoverof5meansthecompanysellsandreplacesitsinvent