2025年CFA金融从业资格真题解析集

2025年CFA金融从业资格真题解析集考试时间：______分钟总分：______分姓名：______试卷内容1.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockisexpectedtoprovideadividendyieldof3%andhasanexpectedtotalreturnof12%.Basedonthisinformation,whatisthestock'sexpectedpriceappreciation?A.9.00%B.12.00%C.15.00%D.3.00%2.Aportfoliomanagerusesafactormodeltoexplainthereturnsofastock.Themodelspecifiesthatthemarketreturnistheonlyfactor.Thestockhasabetaof1.2,andthemarketreturnisexpectedtobe8%.Iftherisk-freerateis2%,whatistheexpectedreturnofthestockaccordingtothemodel?A.10.00%B.12.00%C.14.00%D.16.00%3.Whichofthefollowingstatementsregardingtheefficientmarkethypothesis(EMH)ismostaccurate?A.TheEMHsuggeststhatallassetsarepricedfairlybasedonavailableinformation,makingitimpossibletoconsistentlyachievereturnsabovethemarketaverage.B.AccordingtotheweakformoftheEMH,pastpricemovementscanbeusedtopredictfuturereturns.C.Thesemi-strongformoftheEMHimpliesthattechnicalanalysiscanconsistentlygenerateabnormalreturns.D.ThestrongformoftheEMHassertsthatallpublicandprivateinformationisalreadyreflectedinassetprices.4.Acompanyhascurrentassetsof$500,000andcurrentliabilitiesof$300,000.Whatisthecompany'scurrentratio?A.0.60B.1.00C.1.67D.2.005.Whichofthefollowingfinancialstatementsprovidesinformationaboutacompany'scashinflowsandoutflowsoveraspecificperiod?A.BalanceSheetB.IncomeStatementC.StatementofShareholders'EquityD.StatementofCashFlows6.Aprojectrequiresaninitialinvestmentof$100,000andisexpectedtogeneratecashinflowsof$40,000attheendofeachyearfor4years.Iftherequiredrateofreturnfortheprojectis10%,whatisthenetpresentvalue(NPV)oftheproject?A.$(12,294)B.$12,294C.$24,588D.$40,0007.Whichofthefollowingisaprimaryadvantageofusingtheweightedaveragecostofcapital(WACC)asadiscountrateforcapitalbudgetingdecisions?A.Itreflectsthespecificriskoftheprojectbeingevaluated.B.Itisbasedsolelyonthecostofequityfinancing.C.Itconsidersthecostofallsourcesoflong-termcapital.D.Itisalwaysequaltothecompany'sbeta.8.Acompanyisconsideringissuingnewdebttofinanceaproject.Whichofthefollowingstatementsbestdescribestheimpactofthisactiononthecompany'sweightedaveragecostofcapital(WACC)?A.TheWACCwillincreaseifthenewdebtisissuedatalowerinterestratethanthecompany'sexistingdebt.B.TheWACCwilldecreaseifthenewdebtincreasesthefinancialriskofthecompany.C.TheWACCwillremainunchangedifthetaxshieldfromthenewdebtisoffsetbyanincreaseinthecostofequity.D.TheWACCwillincreaseduetothehigherinterestpaymentsassociatedwiththenewdebt.9.Whichofthefollowingmethodsoffinancialstatementanalysisinvolvescomparingacompany'scurrentperiodfinancialdatatoitshistoricaldatatoidentifytrendsovertime?A.HorizontalanalysisB.VerticalanalysisC.Common-sizeanalysisD.Ratioanalysis10.Acompanyhastotalassetsof$800,000andtotalliabilitiesof$400,000.Whatisthecompany'sdebt-to-equityratio?A.0.50B.1.00C.1.50D.2.0011.Whichofthefollowingisakeyassumptionofthecapitalassetpricingmodel(CAPM)?A.Investorscanborrowandlendatthesamerisk-freerate.B.Allinvestorshavethesamerisktolerance.C.Themarketportfolioisnotefficient.D.Investorsonlycareabouttheexpectedreturnofaninvestment.12.Acompanyisevaluatingtwomutuallyexclusiveprojects.ProjectAhasaninternalrateofreturn(IRR)of12%andanetpresentvalue(NPV)of$20,000.ProjectBhasanIRRof10%andanNPVof$25,000.Whichprojectshouldthecompanyaccept?A.ProjectA,asithasahigherIRR.B.ProjectB,asithasahigherNPV.C.Neitherproject,astheyaremutuallyexclusive.D.Thedecisioncannotbemadewithoutknowingtheprojects'initialinvestments.13.Whichofthefollowingstatementsregardingthetimevalueofmoneyismostaccurate?A.Adollarreceivedtodayisworthlessthanadollarreceivedinthefuture.B.Thepresentvalueofaseriesoffuturecashflowsincreasesasthediscountrateincreases.C.Thefuturevalueofasinglesumincreasesasthenumberofcompoundingperiodsincreases.D.Thepresentvalueofanannuitydueisalwaysgreaterthanthepresentvalueofanordinaryannuity.14.Aninvestorisconsideringinvestinginabondthatpaysasemi-annualcouponof5%andhasafacevalueof$1,000.Thebondhasayieldtomaturity(YTM)of6%andmaturesin5years.Whatisthecurrentpriceofthebond?A.$926.40B.$1,000.00C.$1,075.80D.$1,124.2015.Whichofthefollowingisaprimaryriskassociatedwithinvestinginbonds?A.InflationriskB.InterestrateriskC.ReinvestmentriskD.Alloftheabove16.Aportfolioconsistsoftwostocks,StockXandStockY.StockXhasabetaof1.5andmakesup60%oftheportfolio.StockYhasabetaof1.0andmakesuptheremaining40%oftheportfolio.Whatisthebetaoftheportfolio?A.1.10B.1.20C.1.30D.1.4017.Whichofthefollowingisadisadvantageofinvestinginindividualstockscomparedtoinvestinginmutualfunds?A.LimiteddiversificationB.PotentialforhigherreturnsC.LowercostsD.Easiertoresearch18.Aninvestorisconsideringaddinganewassettotheirportfoliotoreducetheoverallrisk.Whichofthefollowingisthemosteffectivewaytoachievethisgoal?A.Addinganassetwithahighcorrelationtotheexistingassetsintheportfolio.B.Addinganassetwithalowcorrelationtotheexistingassetsintheportfolio.C.Addinganassetwithahigherexpectedreturnthantheexistingassets.D.Addinganassetwiththesamelevelofriskastheexistingassets.19.Whichofthefollowingstatementsregardingthestatementofcashflowsismostaccurate?A.Cashflowsfromoperatingactivitiesrepresentthecashgeneratedfromthesaleoflong-termassets.B.Cashflowsfrominvestingactivitiesincludecashreceivedfromissuingdebt.C.Cashflowsfromfinancingactivitiesincludecashpaidfordividendsandinterest.D.Thestatementofcashflowsonlyreportscashflowsforthecurrentperiod.20.Whichofthefollowingisakeycomponentofacomprehensivefinancialplan?A.Determiningtheappropriatelevelofriskforaninvestmentportfolio.B.Identifyingtheclient'sshort-termandlong-termfinancialgoals.C.Selectingthespecificinvestmentstobeincludedintheportfolio.D.Calculatingtheexpectedreturnoneachpotentialinvestment.21.Whichofthefollowingisanexampleofabehavioralfinancebiasthatcanleadinvestorstomakeirrationaldecisions?A.OverconfidenceB.DiversificationC.RiskaversionD.Capitalpreservation22.Acompany'smanagementisconsideringundertakinganewproject.Whichofthefollowingfactorsshouldmanagementconsiderwhenevaluatingtheproject'spotential?A.Theproject'simpactonthecompany'sbrandreputation.B.Theproject'scompatibilitywiththecompany'soverallstrategicplan.C.Theproject'sexpectedreturnoninvestment.D.Alloftheabove.23.Whichofthefollowingaccountingprinciplesrequiresthatassetsberecordedattheirhistoricalcost?A.ConservatismB.RevenuerecognitionC.HistoricalcostD.Matching24.Whichofthefollowingisalimitationofratioanalysis?A.Ratioscanbedifficulttocompareacrosscompanies.B.Ratiosdonotprovideanyinformationaboutacompany'scashflows.C.Ratiosarenotaffectedbychangesinaccountingpolicies.D.Ratiosonlyprovideasnapshotofacompany'sfinancialperformanceatasinglepointintime.25.Whichofthefollowingisakeydifferencebetweentheweakformandthesemi-strongformoftheefficientmarkethypothesis?A.Theweakformsuggeststhatpastpricemovementscanbeusedtopredictfuturereturns,whilethesemi-strongformsuggeststhatallpubliclyavailableinformationisalreadyreflectedinassetprices.B.Theweakformimpliesthattechnicalanalysiscangenerateabnormalreturns,whilethesemi-strongformimpliesthatfundamentalanalysiscangenerateabnormalreturns.C.Theweakformisbasedontheassumptionthatallinvestorsarerational,whilethesemi-strongformassumesthatsomeinvestorsareirrational.D.Theweakformisapplicableonlytodevelopedmarkets,whilethesemi-strongformisapplicableonlytoemergingmarkets.试卷答案1.A解析思路：总回报=股息收益率+价格增值率。因此，价格增值率=总回报率-股息收益率=12%-3%=9%。2.C解析思路：根据CAPM模型，预期回报=无风险利率+Beta*(市场预期回报-无风险利率)。代入数据：预期回报=2%+1.2*(8%-2%)=2%+1.2*6%=2%+7.2%=9%+7.2%=16.00%。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资产价格中。因此，无法通过分析公开信息持续获得超额回报。弱形式认为价格历史信息无效，半强形式认为所有公开信息无效，强形式认为所有信息（包括内部信息）都无效。选项A最符合EMH的核心观点。4.C解析思路：流动比率=当前资产/当前负债=$500,000/$300,000=1.67。5.D解析思路：现金流量表专门报告公司在特定时期内的现金收入和支出。6.B解析思路：需要计算4年每年$40,000现金流入的现值，然后减去初始投资$100,000。NPV=$40,000*[1-(1+0.10)^-4]/0.10-$100,000=$40,000*[1-0.68301]/0.10-$100,000=$40,000*3.16987-$100,000=$126,794.80-$100,000=$12,294.80。7.C解析思路：加权平均资本成本（WACC）考虑了公司所有长期资金来源（债务、权益等）的成本，并根据它们在资本结构中的权重进行加权平均。这使得WACC成为评估新项目时所使用的更全面的资本成本度量。8.C解析思路：增加债务通常会提高财务风险（因为债务增加），这可能导致权益成本上升。然而，债务利息通常是税盾，可以降低税后WACC。WACC的变化取决于税盾效应和权益成本上升效应之间的权衡。如果税盾效应足够大，以抵消权益成本的增加，那么WACC可能会下降。选项C描述了这种情况。9.A解析思路：水平分析（Horizontalanalysis）是比较一个公司在不同时期（例如，连续几个会计年度）的财务数据，以识别趋势和变化。10.B解析思路：股东权益=总资产-总负债=$800,000-$400,000=$400,000。债务到权益比率=总负债/股东权益=$400,000/$400,000=1.00。11.A解析思路：资本资产定价模型（CAPM）的一个关键假设是投资者可以在无风险利率下无限借入和借出资金。12.B解析思路：对于互斥项目，决策应基于净现值（NPV）。NPV较高的项目通常提供更大的价值。因此，应选择NPV为$25,000的项目B。13.C解析思路：根据未来价值公式FV=PV*(1+r)^n，当期数n增加时，如果利率r为正，未来价值FV也会增加。未来价值衡量的是今天的一笔钱或一系列钱在未来某个时点上的价值。14.A解析思路：债券价格是未来现金流的现值总和。需要计算10期（5年*2）semi-annualcouponpaymentsof$25each,discountedatasemi-annualYTMof3%(6%/2),plusthepresentvalueofthe$1,000facevaluediscountedat3%.Price=$25*[1-(1+0.03)^-10]/0.03+$1,000/(1+0.03)^10=