2025年CFA考试冲刺模拟题

2025年CFA考试冲刺模拟题考试时间：______分钟总分：______分姓名：______试题部分1.Ananalystisevaluatingtwostocksforinclusioninaportfolio.StockAhasanexpectedreturnof12%andastandarddeviationof18%.StockBhasanexpectedreturnof10%andastandarddeviationof15%.IfthecorrelationcoefficientbetweenthereturnsofStockAandStockBis0.25,whatistheexpectedreturnofaportfoliocomposedof60%StockAand40%StockB,roundedtotwodecimalplaces?2.Acompanyhasthefollowingbondoutstanding:Parvalue:$1,000,Couponrate:8%(paidsemi-annually),Yearstomaturity:10.Ifthemarketrequiredyield-to-maturity(YTM)is7%,whatistheapproximatecurrentpriceofthebond,roundedtothenearestdollar?3.AninvestorisconsideringbuyingacalloptiononStockXYZwithastrikepriceof$50.Theoptionpremiumis$3.Thestockiscurrentlytradingat$48.Iftheinvestorexercisestheoption,whatistheinitialcostbasis(excludingcommissions)oftheunderlyingstockacquiredthroughtheoptionexercise,roundedtotwodecimalplaces?4.AportfoliomanagerusestheCapitalAssetPricingModel(CAPM)toestimatetherequiredrateofreturnforastock.Therisk-freerateis2%,themarketreturnis8%,andthestock'sbetais1.5.AccordingtoCAPM,whatistherequiredrateofreturnforthisstock,roundedtotwodecimalplaces?5.WhichofthefollowingstatementsregardingtheEfficientMarketHypothesis(EMH)ismostaccurate?A.Inanefficientmarket,stockpricesreflectallavailablepublicinformationinstantlyandaccurately.B.Inanefficientmarket,itisimpossibletoconsistentlyachievereturnsabovethemarketaverage.C.Inanefficientmarket,investorscanalwaysidentifyundervaluedstocksbyperformingfundamentalanalysis.D.Inanefficientmarket,therisk-freerateisalwaysequaltotheexpectedreturnonthemarketportfolio.6.Ananalystisestimatingtheintrinsicvalueofastockusingadiscountedcashflow(DCF)model.Thecompanyisexpectedtogeneratefreecashflowsof$100millionnextyear,$110millionintwoyears,and$120millioninthreeyears.Theterminalvalueattheendofyearthreeisestimatedtobe$500million.Iftherequiredrateofreturnis10%,whatisthepresentvalueofthestock'sintrinsicvaluetoday,roundedtothenearestdollar?7.Abondhasacouponrateof5%andayield-to-maturityof6%.Whichofthefollowingstatementsismostlikelytrue?A.Thebondissellingatadiscounttoitsparvalue.B.Thebondissellingatapremiumtoitsparvalue.C.Thebond'scurrentyieldisequaltoitsyield-to-maturity.D.Thebond'smodifieddurationisequalto1.8.Aninvestorholdsaportfolioconsistingof80%stocksand20%bonds.Theexpectedreturnonstocksis12%,thestandarddeviationofstockreturnsis20%,theexpectedreturnonbondsis4%,thestandarddeviationofbondreturnsis5%,andthecorrelationcoefficientbetweenstockandbondreturnsis0.1.Whatisthevarianceoftheportfolio'sreturns,roundedtotwodecimalplaces?9.Amutualfundhasanetassetvalue(NAV)of$25pershareatthebeginningoftheyearand$30pershareattheendoftheyear.Thefunddistributed$2individendspershareduringtheyear.Whatistheapproximatetotalreturnofthemutualfundfortheyear,roundedtotwodecimalplaces?10.Whichofthefollowingisgenerallyconsideredahigher-riskinvestmentcomparedtoinvestinginlarge-cap,developedmarketstocks?A.Investment-gradecorporatebonds.B.Small-cap,emergingmarketstocks.C.Governmentbondsissuedbyastablecountry.D.High-yield(junk)corporatebonds.11.Aninvestorisconstructingaportfolioandhastwoassets,AssetXandAssetY.AssetXhasanexpectedreturnof14%andastandarddeviationof12%.AssetYhasanexpectedreturnof9%andastandarddeviationof8%.Thecorrelationcoefficientbetweenthetwoassetsis0.4.Whatisthestandarddeviationofaportfolioconsistingof50%AssetXand50%AssetY,roundedtotwodecimalplaces?12.AcompanyisevaluatinganewprojectusingtheNetPresentValue(NPV)method.Theinitialinvestmentis$500,000.Theprojectisexpectedtogeneratecashinflowsof$200,000attheendofeachyearfor5years.Ifthecompany'srequiredrateofreturnis8%,whatistheNPVoftheproject,roundedtothenearestdollar?13.Ananalystiscomparingtwostocks.StockAhasanexpectedreturnof15%andabetaof1.2.StockBhasanexpectedreturnof10%andabetaof0.8.Assumingthemarketisinequilibriumandtherisk-freerateis5%,whichstockismostlikelyundervaluedaccordingtotheSecurityMarketLine(SML)?A.StockA.B.StockB.C.Bothstocksarefairlyvalued.D.Insufficientinformationtodetermine.14.Awarrantgivestheholdertheright,butnottheobligation,tobuysharesoftheunderlyingstockataspecifiedstrikeprice.Whichofthefollowingstatementsisgenerallytrue?A.Thevalueofawarrantisdirectlyproportionaltothevolatilityoftheunderlyingstock.B.Thevalueofawarrantisinverselyrelatedtothetimeremaininguntilexpiration.C.Warrantstypicallyhaveahighercost(premium)relativetooptionswiththesamestrikepriceandexpirationdate.D.Warrantsaregenerallyconsideredlessriskythantheunderlyingstock.15.Aninvestorisconsideringaddinganewassettoawell-diversifiedportfolio.Whichofthefollowingcriteriaismostimportantfordeterminingthepotentialbenefitofaddingthisnewasset?A.Theasset'sexpectedreturnmustbehigherthantheportfolio'scurrentexpectedreturn.B.Theasset'scorrelationwiththeexistingassetsintheportfolioshouldbeaslowaspossible.C.Theassetshouldhaveastandarddeviationlowerthantheportfolio'sstandarddeviation.D.Theasset'sbetashouldbeexactlyequalto1.16.Acompany'sstockisexpectedtopayadividendof$2nextyear.Therequiredrateofreturnis12%.Ifthecompany'sdividendsareexpectedtogrowataconstantrateof5%peryearindefinitely,whatistheintrinsicvalueofthestocktoday,roundedtothenearestdollar?17.Aninvestorislongacalloptionandshortaputoptionwiththesamestrikepriceandexpirationdateonthesameunderlyingstock.Thisstrategyisknownasa:A.Bullcallspread.B.Bearputspread.C.Straddle.D.Ironcondor.18.Abondwithaparvalueof$1,000paysasemi-annualcouponof6%.Thebondhas7yearstomaturity.Whatisthecurrentyieldofthebondifthemarketpriceis$950,roundedtotwodecimalplaces?19.WhichofthefollowingstatementsregardingtheCapitalAssetPricingModel(CAPM)ismostaccurate