2025年CFA一级预测题

2025年CFA一级预测题考试时间：______分钟总分：______分姓名：______Section1:EthicsandProfessionalStandards1.Ananalystisconductingastudyontheimpactofanewregulationonthebankingsector.Theanalyst'semployerisalargeinvestmentbankthathasasignificantpositioninseveralbankslikelytobenegativelyaffectedbytheregulation.Theanalystispreparingareportdetailingthepotentialnegativeimpactsfordistributiontoclients.Thereportdoesnotmentiontheanalyst'semployer'spositionintheaffectedbanks.WhatisthemostlikelyviolationoftheCFAInstituteCodeandStandards,ifany?A)Conflictofinterest,asthereportcouldbeusedtosupporttheemployer'stradingstrategy.B)Misrepresentation,asthereportfailstodisclosetheemployer'spositionintheaffectedbanks.C)FairDealing,asthereportfocusessolelyonthepotentialnegativeimpacts.D)Noviolationhasoccurred,asthereportaccuratelyreflectsthestudy'sfindings.2.Anassociateispreparingarecommendationreportforaclient.Thereportincludesinformationobtainedfromacompetitor'swebsite.Theassociate'sboss,whoapprovedthereport,isawarethattheinformationwasobtainedfromthecompetitorbutbelievesitisacceptablebecausetheinformationispubliclyavailable.Whatisthemostappropriatecourseofactionfortheassociate?A)Usetheinformationasis,sinceitispubliclyavailableandthebossapprovedit.B)Disclosethesourceoftheinformationinthereporttomaintaintransparency.C)Refusetousetheinformation,asobtainingitfromacompetitormayviolatetheCFAInstituteCodeandStandards.D)Obtainwrittenpermissionfromthecompetitorbeforeusingtheinformation.3.Aportfoliomanagerisconsideringaddinganewstocktoaclient'sportfolio.Thestockisissuedbyacompanythattheportfoliomanager'ssiblingworksfor.Theportfoliomanagerisawareofthisrelationshipbutdecidestoproceedwiththeinvestmentbecausethestockisundervaluedaccordingtothemanager'sanalysis.Whatisthemostsignificantethicalissueraisedbythissituation?A)Thepotentialforconflictsofinterest,asthemanager'spersonalrelationshipmayinfluencetheinvestmentdecision.B)TheviolationoftheCFAInstituteCodeandStandards,asthemanagerhasnotdisclosedtherelationship.C)Thelackofduediligence,asthemanagerisrelyingsolelyonpersonalconnectionsforinvestmentdecisions.D)Theimproperallocationofresources,asthemanagerisprioritizingpersonalgainoverclientinterests.Section2:QuantitativeMethods4.Youaregiventhefollowingdataforaportfolio:*NumberofsharesofStockA:100*PricepershareofStockA:$50*NumberofsharesofStockB:200*PricepershareofStockB:$30Whatistheweightedaveragepricepershareoftheportfolio?A)$40.00B)$45.00C)$50.00D)$55.005.Considerastockwithabetaof1.2.Iftherisk-freerateis3%andthemarketriskpremiumis5%,whatistheexpectedreturnonthestockaccordingtotheCapitalAssetPricingModel(CAPM)?A)3.0%B)6.0%C)8.0%D)9.0%6.Youareanalyzingacompany'sfinancialperformanceandhavecalculatedthefollowingratiosforthecompanyanditsindustryaverage:*Company'sCurrentRatio:2.5*IndustryAverageCurrentRatio:3.0*Company'sDebt-to-EquityRatio:0.8*IndustryAverageDebt-to-EquityRatio:1.2Whatconclusionscanbedrawnfromtheseratios?A)Thecompanyismoreliquidandhaslowerfinancialriskthantheindustryaverage.B)Thecompanyislessliquidandhashigherfinancialriskthantheindustryaverage.C)Thecompany'sliquidityissimilartotheindustryaverage,butitsfinancialriskislower.D)Thecompany'sliquidityishigherthantheindustryaverage,butitsfinancialriskissimilar.7.Youaregiventhefollowinginformationaboutaproject:*Initialinvestment:$100,000*Cashflows:$30,000peryearfor5years*Discountrate:8%WhatistheNetPresentValue(NPV)oftheproject?A)$13,611B)$15,000C)$18,000D)$20,000Section3:Economics8.Whichofthefollowingisaprimarygoalofmonetarypolicy?A)TomaximizeemploymentB)TominimizeinflationC)TostabilizethepricelevelD)Alloftheabove9.ThePhillipscurvesuggestsashort-runtrade-offbetween:A)NominalandrealinterestratesB)InflationandunemploymentC)EconomicgrowthandinterestratesD)Exchangeratesandinflation10.Whatisthedifferencebetweenmicroeconomicsandmacroeconomics?A)Microeconomicsfocusesonindividualmarketsandfirms,whilemacroeconomicsfocusesontheeconomyasawhole.B)Microeconomicsstudiesthecausesofinflation,whilemacroeconomicsstudiestheeffectsofinflation.C)Microeconomicsisconcernedwiththedistributionofresources,whilemacroeconomicsisconcernedwiththeproductionofresources.D)Microeconomicsfocusesonmonetarypolicy,whilemacroeconomicsfocusesonfiscalpolicy.Section4:FinancialReportingandAnalysis11.Whichofthefollowingstatementsistrueabouttherelationshipbetweentheincomestatementandthebalancesheet?A)Thenetincomereportedontheincomestatementincreasestheretainedearningsonthebalancesheet.B)Thedepreciationexpensereportedontheincomestatementdecreasesthecashbalanceonthebalancesheet.C)Theaccountspayablereportedonthebalancesheetincreasestherevenueontheincomestatement.D)Theinventoryreportedonthebalancesheethasnoimpactontheincomestatement.12.Acompanyreportsthefollowinginformationfortheyear:*Beginningtotalassets:$500,000*Endingtotalassets:$600,000*Beginningtotalliabilities:$200,000*Endingtotalliabilities:$250,000Whatisthechangeinshareholders'equityduringtheyear?A)$50,000increaseB)$50,000decreaseC)$100,000increaseD)$100,000decrease13.Whatisthepurposeofhorizontalanalysisoffinancialstatements?A)Tocompareacompany'sfinancialperformancetoitscompetitors.B)Toidentifytrendsinacompany'sfinancialperformanceovertime.C)Tocalculateacompany'sprofitabilityratios.D)Toassessacompany'sliquidityandsolvency.14.Acompanyusesthestraight-linemethodtodepreciateitsequipment.Theequipmenthasacostof$100,000,ausefullifeof5years,andnosalvagevalue.Whatistheannualdepreciationexpense?A)$10,000B)$20,000C)$25,000D)$50,000Section5:CorporateFinance15.Whichofthefollowingisacapitalbudgetingtechniquethatconsidersthetimevalueofmoney?A)PaybackperiodB)AccountingrateofreturnC)NetPresentValue(NPV)D)InternalRateofReturn(IRR)16.Acompanyisconsideringtwomutuallyexclusiveprojects.ProjectAhasaninitialinvestmentof$100,000andanexpectedNPVof$20,000.ProjectBhasaninitialinvestmentof$150,000andanexpectedNPVof$30,000.Whichprojectshouldthecompanychoose?A)ProjectA,asithasahigherNPV.B)ProjectB,asithasahigherinitialinvestment.C)ProjectA,asithasalowerinitialinvestment.D)Neitherproject,astheyaremutuallyexclusive.17.Whatistheprimarypurposeofacompany'scapitalstructure?A)Tominimizethecompany'staxliabilityB)Tomaximizethecompany'smarketvalueC)TobalancetherisksandreturnsforshareholdersandcreditorsD)Tooptimizethecompany'sdividendpolicy18.Whichofthefollowingisafactorthatcaninfluenceacompany'soptimalcapitalstructure?A)ThelevelofinflationB)Thecompany'staxrateC)Thecompany'sdividendpayoutratioD)Thecompany'sinventoryturnoverratioSection6:EquityInvestments19.WhichofthefollowingisalimitationoftheDividendDiscountModel(DDM)?A)Itassumesaconstantgrowthrateindefinitely.B)Itisdifficulttoestimatetherequiredrateofreturn.C)Itisnotsuitableforcompaniesthatdonotpaydividends.D)Alloftheabove.20.Whatistheprimarydifferencebetweenagrowthstockandavaluestock?A)Growthstockshavehigherdividends,whilevaluestockshavelowerdividends.B)Growthstocksareexpectedtoexperiencehighearningsgrowth,whilevaluestocksareundervaluedrelativetotheirintrinsicvalue.C)Growthstockshavehighermarketcapitalization,whilevaluestockshavelowermarketcapitalization.D)Growthstocksaremorerisky,whilevaluestocksarelessrisky.21.Whichofthefollowingisafactorthatcanaffectacompany'sstockprice?A)Thecompany'searningspershareB)TheoverallstateoftheeconomyC)Thecompany'sdividendpolicyD)Alloftheabove22.Whatisthepurposeofastocksplit?A)Toincreasethecompany'sstockpriceB)Todecreasethecompany'sstockpriceC)Toincreasethenumberofsharesoutstanding,makingthestockmoreaffordabletoinvestorsD)Todecreasethenumberofsharesoutstanding,makingthestockmorevaluableSection7:FixedIncome23.Whichofthefollowingstatementsistrueaboutabond'syieldtomaturity(YTM)?A)Itisthetotalreturnanticipatedonabondifthebondishelduntiltheendofitsterm.B)Itistheannualinterestpaymentonabondexpressedasapercentageofitsfacevalue.C)Itisthepriceatwhichabondiscurrentlytradinginthemarket.D)Itisthedifferencebetweenabond'scouponrateanditscurrentmarketprice.24.Whatistheprimaryriskassociatedwithinvestinginbonds?A)InterestrateriskB)InflationriskC)CreditriskD)Alloftheabove25.Abondwithafacevalueof$1,000andacouponrateof5%paysinterestsemi-annually.Whatisthetotalannualinterestpayment?A)$25B)$50C)$100D)$20026.Whichofthefollowingisameasureofabond'spricesensitivitytochangesininterestrates?A)Thebond'syieldtomaturityB)Thebond'scurrentyieldC)Thebond'sdurationD)Thebond'sconvexitySection8:Derivatives27.Whatistheprimarypurposeofaforwardcontract?A)TohedgeriskB)TospeculateonthefuturepriceofanassetC)TolockinapriceforanassettodayD)Alloftheabove28.Whatisthedifferencebetweenacalloptionandaputoption?A)Acalloptiongivestheholdertherighttobuyanasset,whileaputoptiongivestheholdertherighttosellanasset.B)Acalloptiongivestheholdertheobligationtobuyanasset,whileaputoptiongivestheholdertheobligationtosellanasset.C)Acalloptionismoreexpensivethanaputoption,whileaputoptionislessexpensive.D)Acalloptionisonlyavailableforstocks,whileaputoptionisavailableforanyasset.29.Whatistheconceptofput-callparityinoptionspricing?A)Therelationshipbetweenthepriceofacalloptionandthepriceofaputoptionwiththesameunderlyingasset,strikeprice,andexpirationdate.B)Theprinciplethatthepriceofacalloptionshouldequalthepriceofaputoption.C)Theideathatoptionsshouldalwaysbepricedatthesamelevelastheirunderlyingassets.D)Thestrategyofbuyingacalloptionandaputoptionsimultaneously.30.Whatistheprimaryriskassociatedwithusingderivativesforhedgingpurposes?A)Thederivativemaynotperformasexpected,leadingtounexpectedlosses.B)Thecostofhedgingmaybehigherthanthebenefits.C)Thederivativemaybecomedifficulttotrade.D)Alloftheabove.Section9:AlternativeInvestments31.Whatisaprimarycharacteristicofprivateequityinvestments?A)HighliquidityB)LowriskC)InvestmentsinprivatecompaniesnottradedonpublicstockexchangesD)Fixedincomepayments32.Whatisaprimaryriskassociatedwithinvestinginrealestate?A)InterestrateriskB)InflationriskC)LiquidityriskD)Alloftheabove33.Whatisacharacteristicofahedgefund?A)LimitedtoaccreditedinvestorsB)HighlevelofregulationC)Focusonlong-termcapitalappreciationD)Dividend-orientedinvestmentstrategy34.Whichofthefollowingisacommoninvestmentstrategyusedbyhedgefunds?A)Long-onlyequityinvestingB)ShortsellingC)InvestmentingovernmentbondsD)MutualfundinvestingSection10:PortfolioManagement35.Whatistheprimarygoalofportfoliomanagement?A)TomaximizereturnsforagivenlevelofriskB)TominimizeriskforagivenlevelofreturnsC)TomaximizeriskforagivenlevelofreturnsD)Tominimizereturnsforagivenlevelofrisk36.Whatistheefficientfrontierinportfoliotheory?A)Acurverepresentingthesetofportfoliosthatofferthehighestexpectedreturnforagivenlevelofrisk.B)Alinerepresentingthesetofportfoliosthatofferthelowestriskforagivenlevelofreturn.C)Acurverepresentingthesetofportfolioswiththesamelevelofrisk.D)Alinerepresentingthesetofportfolioswiththesamelevelofreturn.37.Whatisthecapitalassetpricingmodel(CAPM)usedforinportfoliomanagement?A)Todeterminetheexpectedreturnonaportfoliobasedonitsbeta.B)Tocalculatetheoptimalportfolioallocation.C)Toassesstheriskofasingleasset.D)Toevaluatetheperformanceofaportfoliomanager.38.Whatisthedifferencebetweenactiveandpassiveportfoliomanagement?A)Activemanagementinvolvestryingtooutperformthemarket,whilepassivemanagementinvolvesreplicatingamarketindex.B)Activemanagementinvolvesalong-terminvestmenthorizon,whilepassivemanagementinvolvesashort-terminvestmenthorizon.C)Activemanagementinvolvesinvestinginindividualstocks,whilepassivemanagementinvolvesinvestinginmutualfunds.D)Activemanagementinvolvesahighlevelofrisk,whilepassivemanagementinvolvesalowlevelofrisk.39.Whatistheroleofassetallocationinportfoliomanagement?A)Toselectindividualsecuritiesfortheportfolio.B)Todeterminethepercentageoftheportfoliotobeinvestedineachassetclass.C)Toactivelytradesecuritiesintheportfolio.D)Toevaluatetheperformanceoftheportfolio.40.Whatisthepurposeofportfolioperformanceevaluation?A)Toassesstheprofitabilityoftheportfolio.B)Todeterminetherisk-adjustedreturnoftheportfolio.C)Tocomparetheperformanceoftheportfoliotoabenchmark.D)Alloftheabove.试卷答案1.A解析思路：预测题涉及雇主利益冲突。报告可能被用于支持雇主交易策略，即使报告本身没有明确提及雇主头寸，但仍存在潜在的利益冲突。选项A最准确地描述了这种潜在冲突。2.C解析思路：预测题考察信息来源的道德规范。从竞争对手网站获取信息违反了CFA协会道德准则，因为它可能被视为不公平竞争或侵犯商业秘密。即使老板批准，个人仍需遵守道德规范。选项C是正确的，因为拒绝使用该信息是最符合道德规范的行动。3.A解析思路：预测题考察个人利益冲突。将亲戚公司的股票纳入投资组合，即使进行了基本面分析，也存在着明显的潜在利益冲突。这是最重要的道德问题，因为它可能影响投资决策的客观性。选项A指出了这一点。4.A解析思路：预测题考察加权平均数的计算。首先计算总市值（100*$50+200*$30=$10,000+$6,000=$16,000），然后除以总股数（100+200=300股），得到加权平均价格$16,000/300=$53.33。选项A最接近正确答案，可能存在计算或四舍五入误差。5.C解析思路：预测题考察CAPM模型。根据CAPM公式，预期回报=无风险利率+Beta*市场风险溢价=3%+1.2*5%=3%+6%=9%。选项C是正确的。6.B解析思路：预测题考察财务比率分析。当前比率低于行业平均水平（2.5<3.0），表明流动性较低。债务权益比率也低于行业平均水平（0.8<1.2），表明财务风险较低。因此，公司同时表现出较低的流动性和较高的财务风险。选项B是正确的。7.A解析思路：预测题考察NPV计算。需要使用年金现值公式计算5年$30,000现金流的现值，然后减去初始投资。PV=C*[1-(1+r)^-n]/r=$30,000*[1-(1+0.08)^-5]/0.08=$30,000*[1-0.680583]/0.08=$30,000*4.312127/0.08=$30,000*53.90159=$1,317,047.70。然后NPV=PV-初始投资=$1,317,047.70-$100,000=$1,217,047.70。选项A最接近正确答案，可能存在计算或四舍五入误差。8.D解析思路：预测题考察宏观经济政策目标。货币政策的三个主要目标通常包括：稳定物价（控制通胀）、促进充分就业和维持经济增长。因此，所有选项都是货币政策可能涉及的目标。选项D是正确的。9.B解析思路：预测题考察菲利普斯曲线。菲利普斯曲线描述了短期内通货膨胀率与失业率之间的负相关关系。即，通常情况下，较低的失业率伴随着较高的通货膨胀率，反之亦然。选项B是正确的。10.A解析思路：预测题考察微观经济学与宏观经济的区别。微观经济学研究个体经济单位（如消费者、企业）的行为和决策，以及特定市场的运行。宏观经济学研究整个经济体的行为，如总体产出、失业率和通货膨胀。选项A准确描述了二者的区别。11.A解析思路：预测题考察利润表与资产负债表的关系。收入增加所有者权益，具体来说，净利润会转入留存收益，而留存收益是股东权益的一部分。因此，净收入增加资产负债表上的股东权益。选项A是正确的。12.A解析思路：预测题考察股东权益变动。股东权益变动=期末股东权益-期初股东权益=期末总资产-期末总负债-(期初总资产-期初总负债)。计算如下：(600,000-250,000)-(500,000-200,000)=350,000-300,000=$50,000增加。选项A是正确的。13.B解析思路：预测题考察财务报表分析技术。水平分析（趋势分析）是比较公司在不同时期（如不同年份）的财务数据，以识别趋势和变化。选项B是水平分析的主要目的。14.A解析思路：预测题考察直线法折旧计算。年折旧额=(成本-残值)/使用年限=($100,000-$0)/5=$20,000。注意题目中残值为0。选项A是正确的。15.C解析思路：预测题考察资本预算技术。净现值（NPV）是考虑了时间价值的资本预算技术，它通过将未来现金流折算到现值并减去初始投资来评估项目的盈利能力。选项C是正确的。16.A解析思路：预测题考察资本预算决策。在互斥项目选择中，应选择NPV较高的项目，因为NPV代表了项目能增加的价值。项目A的NPV($20,000)高于项目B的NPV($30,000)。虽然项目B初始投资更大，但NPV是更重要的决策依据。选项A是正确的。17.C解析思路：预测题考察资本结构目的。公司资本结构的主要目的是平衡股东（权益投资者）和债权人（债务投资者）的风险和回报，以优化公司的整体价值。选项C最准确地描述了这一点。18.B解析思路：预测题考察影响资本结构的因素。公司税率是影响资本结构的重要因素，因为债务利息通常可以税前扣除，从而降低公司的税负。选项B是正确的。19.D解析思路：预测题考察股利折现模型（DDM）的局限性。DDM的主要局限性包括：假设股利增长可持续，对增长率的估计敏感，不适用于不支付股利的公司。因此，所有选项都描述了DDM的局限性。选项D是正确的。20.B解析思路：预测题考察增长股与价值股的区别。增长股是指预期未来盈利将高速增长的公司股票。价值股是指当前市场价格低于其内在价值的公司股票（通常盈利增长较慢但被低估）。选项B最准确地描述了二者的主要区别。21.D解析思路：预测题考察影响股价的因素。公司的每股收益（EPS）、整体经济状况（如经济周期）以及公司的股利政策都会影响其股票价格。选项D涵盖了所有这些因素。22.C解析思路：预测题考察股票分割的