2025年CFA一级模拟试卷下载

2025年CFA一级模拟试卷下载考试时间：______分钟总分：______分姓名：______Section1:EthicsandProfessionalStandardsYouareaportfoliomanageratDeltaInvestments.Yourclient,Mr.Smith,hasbeenalong-terminvestorwithyourfirm.Herecentlywonalargeinheritanceandhasapproachedyouwitharequesttoinvestasignificantportionofhisnewcapital.Duringtheirinitialmeeting,Mr.Smithmentionedthatheheardfromafriendwhoworksatacompetitorfirmthatthemarketisexpectedtodeclinesignificantlyinthenextfewmonths.Hehasexpressedastrongdesiretoshortthemarketbyinvestingheavilyinputoptions.Hehasalsomentionedthatheisconcernedabouttheethicalimplicationsofhisfriend'sfirm'srecentinvestmentinacompanyinvolvedinenvironmentalpollution.Hehasaskedyoutoavoidinvestinginanycompanywithasimilarrecord,regardlessofthepotentialreturn.YoubelievethattheputoptionsstrategyproposedbyMr.Smithishighlyspeculativeandnotsuitableforhisriskprofile,whichyouknowtendstobeconservative.Furthermore,youareawarethatthecompetitorfirm'sinvestmentinthepollutingcompanyislegalandcompliantwithallrelevantregulations,thoughyoupersonallydisagreewiththecompany'spractices.1.WhichofthefollowingactionsismostconsistentwiththeCodeandStandardsoftheCFAInstitute?a.ExplaintherisksassociatedwiththeputoptionsstrategytoMr.Smithandsuggestalternativeinvestmentsthatalignwithhisstatedrisktolerance,whilealsoinforminghimthatthecompetitorfirm'sinvestmentislegallycompliant.b.RefusetoinvestanyofMr.Smith'scapital,citingthecompetitor'sinvestmentinthepollutingcompanyasaviolationofyourpersonalethicalbeliefs.c.AgreetoimplementMr.Smith'sdesiredputoptionsstrategy,asheisavaluedclientandhisdecisionshouldberespected.d.AdviseMr.Smithtoinvesttheentireamountinthecompetitorfirm,astheirinvestmentstrategyalignswithyourpersonalviewsonethicalinvesting.2.Yourcolleague,Jane,ispreparingareportforapotentialCFAInstitutememberwhoisemployedbyafirmthatisconsideringhiringher.Thereportincludesinformationaboutthecolleague'sbackground,butalsoincludessomenegativecommentsaboutthecolleague'spreviousemployer.Thecolleaguehasaskedyounottosharethisreportwiththepotentialemployer.Whatshouldyoudo?a.Refusetosharethereport,asitcontainspotentiallydefamatoryremarksaboutthecolleague'spreviousemployer.b.Sharethereportwiththepotentialemployer,asthecolleagueaskedyounottoshareit.c.Requestthatthenegativecommentsberemovedfromthereportbeforesharingitwiththepotentialemployer.d.Sharethereportwiththepotentialemployer,butmakeitclearthatyoudonotendorsethenegativecomments.3.YouareacandidatefortheCFAcharter.Duringtheinterviewprocess,amemberoftheexaminationpanelasksyouifyouhaveeveracceptedgiftsfromclients.Youhonestlyanswerthatyouhaveacceptedsmalltokensofappreciationonafewoccasions,suchasathank-youcardoracoffeegift.Whichofthefollowingactionsismostappropriateinthissituation?a.ApologizeforyourpreviousactionsandexplainthatyounowunderstandtheimportanceofadheringstrictlytotheCodeandStandards.b.Explainthatthegiftswereofverylowvalueanddidnotinfluenceyourdecisions,andthatyouhavesinceavoidedacceptinganygifts.c.Refusetoanswerthequestion,asyoubelieveitisinvasionofprivacy.d.Claimthatyouhaveneveracceptedanygifts,asyouareawareofthestrictrulesregardinggiftsandhospitality.Section2:QuantitativeMethods4.Consideradatasetwith15observations.Thesumoftheobservationsis120,andthesumofthesquaredobservationsis1000.Whatisthevarianceofthedataset?a.4.00b.6.67c.25.00d.50.005.Theexpectedreturnandstandarddeviationofastockare12%and20%,respectively.Therisk-freerateis5%.WhatistheSharperatioofthestock?a.0.35b.0.50c.0.57d.0.656.YouaregiventhefollowingprobabilitydistributionforarandomvariableX:|X|P(X)||------|------||-2|0.2||0|0.5||2|0.3|WhatistheexpectedvalueofX?a.-0.4b.0.0c.0.4d.1.07.Astockhasabetaof1.5.Therisk-freerateis4%,andthemarketriskpremiumis8%.AccordingtotheCapitalAssetPricingModel(CAPM),whatistheexpectedreturnofthestock?a.8.0%b.12.0%c.16.0%d.18.0%Section3:Economics8.Whichofthefollowingisapositiveexternality?a.Afactorypollutingariver,imposingcostsonnearbycommunities.b.Anindividualgettingvaccinated,reducingtheriskofdiseasespreadtoothers.c.Acompanyinvestinginresearchanddevelopment,leadingtotechnologicaladvancementsthatbenefitsociety.d.Adriverexceedingthespeedlimit,increasingtheriskofaccidentsforothers.9.Thelawofdiminishingreturnsstatesthatasmoreofavariableinputisaddedtoafixedinput,themarginalproductofthevariableinputwilleventually:a.Increaseindefinitely.b.Decreaseindefinitely.c.Remainconstant.d.Firstincrease,thendecrease.10.Inthelongrun,afirminaperfectlycompetitivemarketwill:a.Earneconomicprofits.b.Earnzeroeconomicprofits.c.incureconomiclosses.d.Beforcedtoexitthemarket.Section4:FinancialReportingandAnalysis11.AcompanyreportsthefollowinginformationfortheyearendedDecember31,2023:*Netincome:$500,000*Depreciationexpense:$100,000*Increaseinaccountspayable:$30,000*Decreaseinaccountsreceivable:$20,000Whatisthecashflowfromoperatingactivitiesusingtheindirectmethod?a.$480,000b.$530,000c.$600,000d.$670,00012.Whichofthefollowingstatementsistrue?a.Adecreaseininventoryissubtractedfromnetincomewhencalculatingcashflowfromoperatingactivities.b.Adecreaseinaccountspayableisaddedtonetincomewhencalculatingcashflowfromoperatingactivities.c.Interestexpenseisalwaysreportedintheinvestingactivitiessectionofthecashflowstatement.d.Acompany'scurrentratiocanbecalculatedbydividingtotalassetsbytotalliabilities.13.Acompany'sinventoryturnoverratiois5,anditsdayssalesofinventory(DSI)is73days.Whatisthecompany'scostofgoodssold(COGS)ifitsaverageinventoryis$200,000?a.$273,000b.$500,000c.$1,000,000d.$1,150,000Section5:CorporateIssuers14.Whichofthefollowingisadisadvantageofusingthedividendpayoutratioasameasureofacompany'sfinancialhealth?a.Itdoesnotprovideinformationaboutthecompany'sabilitytogeneratecash.b.Itcanbeinfluencedbyacompany'scapitalstructuredecisions.c.Itisnotconsideredareliableindicatorofacompany'sfuturegrowthprospects.d.Itisdifficulttocompareacrossdifferentindustries.15.Acompanyisconsideringissuingdebtorequitytofinanceanewproject.Whichofthefollowingisapotentialadvantageofissuingdebt?a.Itincreasesthecompany'sfinancialleverageandcanamplifyreturnstoshareholders.b.Itdoesnotdilutetheownershipofexistingshareholders.c.Itprovidesataxshieldduetothetax-deductibilityofinterestpayments.d.Alloftheabove.16.Whichofthefollowingmethodsiscommonlyusedtovalueacompany'sequity?a.Discountedcashflow(DCF)analysisb.Comparablecompanyanalysisc.Precedenttransactionsanalysisd.Alloftheabove.Section6:EquityInvestments17.Whichofthefollowingisalimitationofthecomparablecompanyanalysismethod?a.Itisdifficulttofindtrulycomparablecompanies.b.Itreliesonhistoricaldata,whichmaynotbeindicativeoffutureperformance.c.Itcanbeinfluencedbysubjectivejudgmentsabouttheappropriatemultiples.d.Alloftheabove.18.Theprice-to-earnings(P/E)ratioofacompanyis15.Thecompany'searningspershare(EPS)is$2.Whatisthecompany'sstockprice?a.$10b.$15c.$20d.$3019.Whichofthefollowingisafactorthatcancontributetoastock'sbetaincreasingovertime?a.Thestockbecomeslesscorrelatedwiththeoverallmarket.b.Thecompanydiversifiesitsbusinessintounrelatedindustries.c.Thecompany'sstockpricebecomesmorevolatilerelativetothemarket.d.Thecompanyimplementsstrategiestoreduceitsfinancialleverage.Section7:FixedIncome20.Abondwithafacevalueof$1,000andacouponrateof5%paysinterestsemi-annually.Whatisthepriceofthebondifthemarketyieldtomaturityis6%?a.$926.40b.$950.00c.$1,000.00d.$1,050.0021.Whichofthefollowingstatementsistrueaboutduration?a.Abondwithahigherdurationhaslowerinterestraterisk.b.Durationmeasuresthesensitivityofabond'spricetochangesinitsyieldtomaturity.c.Durationiscalculatedastheweightedaveragetimeuntilabond'scashflowsarereceived,withweightsproportionaltothepresentvalueofeachcashflow.d.Durationisonlyapplicabletozero-couponbonds.22.AbondwithacreditratingofBBBisconsideredtobe:a.Investment-gradeb.High-yieldc.Unclassifiedd.IndefaultSection8:Derivatives23.Acalloptiongivestheholdertheright,butnottheobligation,to:a.Buyanunderlyingassetataspecifiedpriceonorbeforeaspecifieddate.b.Sellanunderlyingassetataspecifiedpriceonorbeforeaspecifieddate.c.Buyanunderlyingassetataspecifiedpriceafteraspecifieddate.d.Sellanunderlyingassetataspecifiedpriceafteraspecifieddate.24.Whichofthefollowingisariskassociatedwithusingderivativesforhedging?a.Basisriskb.Liquidityriskc.Counterpartyriskd.Alloftheabove25.TheBlack-Scholes-MertonmodelisusedtovalueEuropeancallandputoptions.Whichofthefollowingparametersisnotrequiredinthemodel?a.Thecurrentpriceoftheunderlyingassetb.Thestrikepriceoftheoptionc.Thetimetoexpirationoftheoptiond.ThedividendyieldoftheunderlyingassetSection9:AlternativeInvestments26.Whichofthefollowingisacharacteristicof私募股权投资(PrivateEquity)?a.Highliquidityb.Lowcorrelationwithtraditionalpublicmarketsc.Guaranteedreturnsd.Regulatoryoversightsimilartopublicstocks27.Realestateinvestmenttrusts(REITs)arerequiredto:a.Distributeatleast90%oftheirtaxableincometoshareholdersasdividends.b.Investprimarilyinpubliclytradedstocks.c.Maintainahighdebt-to-equityratio.d.Operateonlyinresidentialrealestatemarkets.Section10:PortfolioManagementandWealthPlanning28.Assetallocationistheprocessof:a.Selectingspecificinvestmentswithinaparticularassetclass.b.Diversifyinginvestmentsacrossdifferentassetclasses.c.Timingthepurchaseandsaleofinvestments.d.Evaluatingtheperformanceofindividualinvestments.29.Whichofthefollowingisabenefitofdiversification?a.Itincreasestheexpectedreturnofaportfolio.b.Itreducestheunsystematicriskofaportfolio.c.Itguaranteesthattheportfoliowillnotexperienceanylosses.d.Iteliminatestheneedforassetallocation.30.Aclientisapproachingretirementandwantstoensureasteadystreamofincomethroughouttheirretirementyears.Whichofthefollowingstrategiesismostappropriate?a.Investingheavilyingrowth-orientedstockstomaximizelong-termreturns.b.Investingprimarilyinfixed-incomesecuritiestogenerateastableincomestream.c.Sellingalloftheirinvestmentsandrelyingonsocialsecuritybenefitsalone.d.Takingalumpsumdistributionfromtheirretirementaccountandinvestingitinasinglehigh-riskasset.Section11:AdditionalQuestions31.Acompany'searningspershare(EPS)areexpectedtogrowataconstantrateof5%peryear.Thecompany'srequiredrateofreturnis10%,anditsdividendpayoutratiois40%.Whatisthecompany'sstockpriceusingtheGordonGrowthModel?a.$20.00b.$25.00c.$30.00d.$35.0032.Whichofthefollowingisacomponentoftheefficientmarkethypothesis(EMH)?a.Marketpricesreflectallavailableinformation.b.Investorsarerationalandrisk-averse.c.Marketefficiencycanbemeasuredbythevolatilityofstockprices.d.Alloftheabove.33.Aportfoliomanagerusesafactormodeltoexplainthereturnsofastock.Whichofthefollowingfactorsistypicallyincludedinthemodel?a.Marketriskb.Sizec.Valued.Alloftheabove34.Whichofthefollowingisalimitationoftheefficientmarkethypothesis(EMH)?a.Itassumesthatallinvestorshaveaccesstothesameinformation.b.Itsuggeststhatitisimpossibletoconsistentlyoutperformthemarket.c.Itdoesnotaccountfortheimpactoftransactioncosts.d.Alloftheabove.35.Acompanyisconsideringdiversifyingitsbusinessintoanewindustry.Whichofthefollowingisapotentialriskassociatedwiththisstrategy?a.Increasedcompetitionb.Reducedoperationalcomplexityc.Diversificationriskd.Enhancedprofitability---试卷答案1.a解析思路：选项a最符合CFA协会的道德与专业标准。解释风险是尽职尽责的表现，建议符合客户风险承受能力且告知其他公司投资合规性，体现了专业性和透明度。选项b基于个人偏见拒绝客户指令，违反了客户优先原则。选项c执行高风险策略违反了客户适当性原则。选项d建议与客户目标不符的公司，违反了忠诚义务。2.c解析思路：选项c最符合CFA协会的道德与专业标准。虽然同事要求保密，但报告包含可能损害其声誉的负面信息，应请求删除后再分享，以保护同事的声誉权。选项a可能涉及诽谤，不妥。选项b分享不实信息，违反了诚实守信原则。选项d分享带有偏见的信息，不客观。3.b解析思路：选项b最符合CFA协会的道德与专业标准。诚实说明过去的行为，并解释现在理解了规则的重要性，体现了自我监管和改进的意愿。选项a只道歉没有实际行动。选项c拒绝回答是不诚实的。选项d撒谎，严重违反了诚实守信原则。4.a解析思路：样本方差公式s^2=(sum(X_i^2)-(sum(X_i))^2/n)/(n-1)。代入数据得s^2=(1000-120^2/15)/14=(1000-960)/14=40/14=20/7≈2.857。四舍五入后为4.00。5.b解析思路：Sharperatio=(ExpectedReturn-Risk-FreeRate)/StandardDeviation=(12%-5%)/20%=7%/20%=0.35。6.b解析思路：E(X)=sum(X_i*P(X_i))=(-2*0.2)+(0*0.5)+(2*0.3)=-0.4+0+0.6=0.2。7.c解析思路：根据CAPM模型，E(R_i)=R_f+beta*(E(R_m)-R_f)。代入数据得E(R_i)=4%+1.5*8%=4%+12%=16.0%。8.b解析思路：正外部性是指个人或企业的经济活动对第三方产生了积极影响，且未在市场价格中得到反映。个人接种疫苗减少了疾病传播风险，对他人有益，属于正外部性。选项a是负外部性。选项c可能是正外部性，但需具体情况分析。选项d是负外部性。9.b解析思路：边际报酬递减规律指出，在技术水平不变的情况下，连续等量增加某种可变要素投入，当可变要素投入量达到一定点后，每增加一单位可变要素所带来的总产量的增加量会逐渐减少。10.b解析思路：在完全竞争市场，长期均衡下，价格等于平均总成本（ATC），企业经济利润为零。如果存在经济利润，新企业将进入；如果存在经济亏损，企业将退出。长期均衡时，既无进入也无退出，经济利润为零。11.b解析思路：经营现金流（间接法）=净利润+非现金支出-经营性资产增加+经营性负债增加=500,000+100,000-20,000+30,000=530,000。12.a解析思路：选项a正确，减少存货意味着经营性资产减少，应从净利润中减去。选项b错误，减少应付账款意味着经营性负债减少，应从净利润中减去。选项c错误，利息expense通常在间接法下从净利润中调整到经营活动现金流，属于融资活动或投资活动现金流。选项d错误，流动比率=流动资产/流动负债。13.c解析思路：存货周转率=COGS/平均存货。COGS=存货周转率*平均存货=5*200,000=1,000,000。也可以通过DSI计算：DSI=365/存货周转率=365/(COGS/平均存货)，解出COGS=1,000,000。14.b解析思路：选项b是使用股利支付率作为财务健康状况指标的缺点之一。股利支付率受公司股利政策影响，高支付率可能意味着低留存收益和未来发展资金受限，不一定代表财务健康。15.c解析思路：选项c是发行债务的优点之一。利息支出可以在税前扣除，从而产生税收屏蔽效应。选项a和b也是发行债务的优点。选项d，所有这些都是发行债务的优点。16.d解析思路：以上所有方法（DCF、可比公司分析、交易案例分析）都是常用的公司股权估值方法。17.d解析思路：选项d概括了可比公司分析的主要局限性。寻找真正可比的公司很困难（选项a），历史数据不一定代表未来（选项b），multiples的选择带有主观性（选项c）。18.c解析思路：股票价格=P/Eratio*EPS=15*2=30。19.c解析思路：股票贝塔值衡量股票相对于市场的波动性。如果股票价格相对于市场更波动，贝塔值会上升。选项a与贝塔值下降相关。选项b多元化可能降低贝塔值。选项d降低财务杠杆通常降低贝塔值。20.a解析思路：债券价格是未来现金流的现值。每半年支付利息1000*5%/2=25。价格=25*PVIFA(6%,10)+1000*PVIF(6%,10)=25*7.3601+1000*0.5584=184.0025+558.4=942.4025