2025年CFA考试模拟试卷三套

2025年CFA考试模拟试卷三套考试时间：______分钟总分：______分姓名：______第一部分1.Acompany'sstockhasabetaof1.2.Therisk-freerateis3%,andthemarketriskpremiumisestimatedtobe5%.AccordingtotheCapitalAssetPricingModel(CAPM),whatistheexpectedreturnonthecompany'sstock?2.Aninvestorisconsideringaddinganewassettotheirportfolio.Theassethasanexpectedreturnof12%andastandarddeviationof15%.Theportfoliocurrentlyconsistsof70%assetA(expectedreturn10%,standarddeviation10%)and30%assetB(expectedreturn8%,standarddeviation12%).IfthecorrelationcoefficientbetweenthenewassetandassetAis0.4andthecorrelationcoefficientbetweenthenewassetandassetBis-0.2,whatistheapproximatenewportfolio'sexpectedreturniftheinvestorallocates10%oftheirportfoliotothenewasset?3.Whichofthefollowingmethodsismostappropriateforvaluingacompanythatownsalarge,diversifiedportfolioofrealestatepropertiesifthegoalistodetermineitsfairmarketvalueforapotentialacquisition?4.Aprojectrequiresaninitialinvestmentof$500,000andisexpectedtogeneratecashinflowsof$200,000attheendofeachyearfor5years.Ifthecompany'srequiredrateofreturnis10%,whatistheNetPresentValue(NPV)oftheproject?5.WhichofthefollowingstatementsregardingtheEfficientMarketHypothesis(EMH)ismostaccurate?6.AcompanyreportsthefollowingdatafortheyearendedDecember31:*Sales:$2,000,000*CostofGoodsSold(COGS):$1,200,000*GrossProfit:$800,000*OperatingExpenses:$400,000*InterestExpense:$50,000*IncomeTaxExpense:$100,000*PreferredDividends:$30,000Whatisthecompany'searningspershare(EPS)ifthenumberofcommonsharesoutstandingis100,000?7.Whichofthefollowingfinancialratioswouldtypicallybemostusefulforanalyzingacompany'sabilitytomeetitsshort-termobligations?8.Acompanyhasadebt-to-equityratioof0.6.Ifthemarketvalueofitsequityis$600million,whatisthemarketvalueofitstotaldebt?9.Whichofthefollowinginvestmentstrategiesinvolvesconstructingaportfoliothatmirrorsaspecificmarketindex?10.Theprocessofgroupingindividualassetswithinaportfoliobasedontheirexpectedreturns,standarddeviations,andcorrelationswiththeoverallportfolioisbestdescribedas:11.Aninvestorrequiresaportfoliowithanexpectedreturnof9%.Theycanchoosebetweentwoassets:AssetXhasanexpectedreturnof8%andastandarddeviationof10%,whileAssetYhasanexpectedreturnof12%andastandarddeviationof14%.IfthecorrelationcoefficientbetweenAssetXandAssetYis0.2,whatistheminimumstandarddeviationofaportfolioconsistingofonlythesetwoassets?12.Acompany'smanagementisconsideringtwomutuallyexclusiveprojects.ProjectAhasaninitialinvestmentof$100,000andanexpectedNPVof$20,000.ProjectBhasaninitialinvestmentof$150,000andanexpectedNPVof$30,000.WhichprojectshouldthecompanyselectbasedontheNPVcriterion?13.Whichofthefollowingstatementsismostaccurateregardingtherelationshipbetweenacompany'sbetaanditscostofequity?14.Abondwithafacevalueof$1,000paysanannualcouponof5%andhasamaturityof10years.Ifthemarketrequiredyieldtomaturityis6%,whatistheapproximatecurrentpriceofthebond?15.Whichofthefollowingisconsideredaprimarymarketsecuritytransaction?16.Acompanyusesthestraight-linemethodtodepreciateitsequipment.Theequipmentwaspurchasedfor$1,000,000,hasanestimatedusefullifeof10years,andnosalvagevalue.Attheendofyear5,whatisthebookvalueoftheequipment?17.Whichofthefollowingfactorswouldlikelyleadtoanincreaseinacompany'soperatingleverage?18.Aninvestorholdsaportfolioconsistingof50%stocks,30%bonds,and20%cash.Theexpectedreturnsandstandarddeviationsforeachassetclassareasfollows:*Stocks:ExpectedReturn=12%,StandardDeviation=18%*Bonds:ExpectedReturn=6%,StandardDeviation=8%*Cash:ExpectedReturn=2%,StandardDeviation=1%Assumingthecorrelationsbetweentheassetclassesare0.1(stocksandbonds),0.2(stocksandcash),and-0.1(bondsandcash),whatistheapproximatestandarddeviationoftheportfolio?19.Whichofthefollowingmethodsofcapitalbudgetinggivesequalweighttoallcashflowsoccurringwithinaproject'slife?20.Acompany'sinventoryturnoverratiois8timesperyear.Iftheaverageinventoryfortheyearis$200,000,whatisthecostofgoodssoldfortheyear?第二部分21.Aconvertiblebondisissuedbyacompany.Whichofthefollowingstatementsismostaccurateregardingthisbond?22.Whichofthefollowingstatementsbestdescribestheprincipleofdiversificationinportfoliomanagement?23.Ananalystisevaluatingacompany'sfinancialhealth.Whichofthefollowingindicatorswouldsuggestpotentialliquidityproblems?24.Theweightedaveragecostofcapital(WACC)isbestdescribedas:25.Whichofthefollowingtypesofriskismostcloselyassociatedwiththeoverallmovementofthestockmarket,andcannotbeeliminatedthroughdiversification?26.Acompanyisconsideringanexpansionprojectthatrequiresaninitialinvestmentof$2million.Theprojectisexpectedtogenerateannualcashinflowsof$500,000forthenext5years.Thecompanyusesadiscountrateof12%toevaluateprojectsofthisnature.Whatistheinternalrateofreturn(IRR)oftheproject,roundedtotwodecimalplaces?27.WhichofthefollowingisaprimaryfunctionoftheFederalReserve(theFed)intheUnitedStates?28.Whichofthefollowingstatementsismostaccurateregardingtherelationshipbetweenabond'scouponrate,yieldtomaturity,andmarketprice?29.Aninvestorisconsideringbuyingashareofstockfor$50.Thecompanypaysanannualdividendof$2pershare,andtheinvestorexpectsthestockpricetoincreaseto$60inoneyear.Whatistheexpectedrateofreturnontheinvestment?30.Whichofthefollowingaccountingprinciplesrequiresthatassetsberecordedattheirhistoricalcost?31.Acompanyhastotalassetsof$1,500,000andtotalliabilitiesof$800,000.Whatisitsdebt-to-assetsratio?32.Whichofthefollowinginvestmentvehiclesismostlikelytoofferhighliquiditybuttypicallyprovideslowerreturnscomparedtootherinvestments?33.TheSharperatiomeasures:34.Whichofthefollowingstatementsismostaccurateregardingthecapitalstructureofacompany?35.Acompany'srevenueis$1,000,000anditsgrossmarginis40%.Whatisitsgrossprofit?36.Whichofthefollowingmarketconditionswouldmostlikelyleadtoadecreaseintherequiredrateofreturnforstocks?37.Ananalystusesfundamentalanalysistodeterminetheintrinsicvalueofastock.Whichofthefollowingfactorsismostlikelytobeconsidered?38.Whichofthefollowingfinancialstatementsprovidesinformationaboutacompany'scashinflowsandoutflowsoveraspecificperiod?39.Whichofthefollowingstatementsismostaccurateregardingtheconceptofoperatingleverage?40.Acompanyhasaprofitmarginof10%andanassetturnoverratioof2.Thecompany'stotalequityis$500,000.Whatisitsreturnonequity(ROE)?第三部分41.Whichofthefollowingisacharacteristicofanefficientmarket?42.Acompanyisanalyzingtwodifferentinvestmentopportunities.Bothrequireaninitialinvestmentof$100,000.ProjectAhasanexpectedlifeof3yearswithcashflowsof$50,000attheendofeachyear.ProjectBhasanexpectedlifeof4yearswithcashflowsof$40,000attheendofeachyear.Ifthecompany'srequiredrateofreturnis10%,whichprojecthasthehigherNetPresentValue(NPV)?43.Whichofthefollowingstatementsismostaccurateregardingtheyieldcurve?44.Aninvestorisconsideringaddinganassettoawell-diversifiedportfolio.Whichofthefollowingfactorsismostimportantindeterminingtheimpactofthisnewassetontheportfolio'soverallrisk?45.Whichofthefollowingfinancialratiosmeasuresacompany'sabilitytomeetitslong-termdebtobligations?46.Whichofthefollowingmethodsofdepreciationresultsinhigherdepreciationexpensesintheearlyyearsofanasset'slifeandlowerexpensesinlateryears?47.TheModigliani-Millertheorem,undercertainassumptions,suggeststhat:48.Whichofthefollowingstatementsismostaccurateregardingthebehaviorofstockpricesinanefficientmarket?49.Aninvestorrequiresaportfoliowithanexpectedreturnof10%.TheycaninvestinAssetX(expectedreturn8%,standarddeviation12%)andAssetY(expectedreturn14%,standarddeviation20%).IfthecorrelationcoefficientbetweenXandYis-0.6,whatistheminimumstandarddeviationofaportfoliothatmeetstheinvestor'srequirement?50.Whichofthefollowingisanexampleofaderivativesecurity?51.Whichofthefollowingstatementsismostaccurateregardingtherelationshipbetweenacompany'sfinancialleverageanditsearningspershare(EPS)?52.Acompany'sinventoryturnoverratiois5timesperyear.Itsdayssalesoutstanding(DSO)is40days.Ifthecompany'saccountspayableturnoverratiois10timesperyear,whatisitscashconversioncycle(CCC),roundedtothenearestwholenumber?53.Whichofthefollowingisaprimarysourceofequitycapitalforacompany?54.Whichofthefollowingstatementsismostaccurateregardingtheconceptofriskpremium?55.Acompany'sbondsaretradingatadiscounttotheirfacevalue.Whichofthefollowingstatementsismostlikelytobetrue?56.Whichofthefollowingfinancialstatementratioswouldtypicallybemostusefulforcomparingtheprofitabilityoftwocompaniesindifferentindustries?57.Aninvestorbuysabondwitha6%couponrateanda10-yearmaturityfor$950.Thebondpayscouponsannually.Whatistheapproximateyieldtomaturity(YTM)ofthebond?58.Whichofthefollowingisakeyconsiderationwhenevaluatingthefinancialperformanceofacompanyusingratioanalysis?59.Whichofthefollowingstatementsismostaccurateregardingtheroleoftheprimarymarketinfinancialmarkets?60.Whichofthefollowingmethodswouldbemostappropriateforvaluingastartupcompanywithnoprofitabletrackrecord?---试卷答案1.9.0%2.9.38%3.MarketCapitalizationMethod4.$107,6205.Themarketisastrongformefficientifallavailableinformationisinstantlyreflectedinstockprices.6.$5.007.CurrentRatio8.$360million9.IndexFundStrategy10.PortfolioConstruction/Optimization11.11.46%12.ProjectB13.Ahigherbetaindicatesahigherexpectedreturnandahighercostofequity.14.$86515.Atransactioninwhichnewlyissuedsecuritiesaresoldtoinvestorsforthefirsttime.16.$600,00017.Anincreaseinfixedcostsrelativetovariablecosts.18.10.53%19.PaybackPeriod20.$1,600,00021.Convertiblebondsgivebondholderstherighttoconverttheirbondsintoapredeterminednumberofthecompany'scommonshares.22.Diversificationreducesportfolioriskbycombiningassetswhosereturnsarenotperfectlypositivelycorrelated.23.Adecliningtrendincurrentratiosoranincreasingcurrentratiorelativetototalassetsmightindicateliquidityproblems.24.TheWACCistheaveragerateofreturnacompanyexpectstopayitssecurityholderstofinanceitsassets.25.Systematicrisk(marketrisk)26.11.40%27.Convertingmonetarypolicytoachievemacroeconomicobjectives,suchascontrollinginflationandstabilizingemployment.28.Ifthecouponrateishigherthantheyieldtomaturity,thebondwilltradeatapremium.Ifthecouponrateislowerthantheyieldtomaturity,thebondwilltradeatadiscount.Ifthecouponrateequalstheyieldtomaturity,thebondwilltradeatpar.29.(60-50+2)/50=22.0%30.HistoricalCostPrinciple31.53.33%32.Moneymarketfunds33.Measuresthereward-to-riskratioofaninvestment.34.Acompany'scapitalstructure,representedbythemixofdebtandequityfinancing,affectsitscostofcapitalandfinancialrisk.35.$400,00036.Adecreaseinmarketriskoranincreaseintherisk-freeratewouldlikelyleadtoadecreaseinrequiredreturns.37.Analystsconsideracompany'sfinancialstatements,industrytrends,economicconditions,managementquality,andcompetitiveposition.38.StatementofCashFlows39.Operatingleveragemeasuresthedegreetowhichacompany'soperatingcostsarefixed,affectinghowchangesinsalesimpactoperatingincome.40.(0.10*2)*($500,000/$500,000)=20.0%41.Inanefficientmarket,pricesreflectallavailableinformation,anditisimpossibletoconsistentlyachievereturnsabovethemarketaveragewithouttakingonadditionalrisk.42.ProjectA:NPV=-100,000+50,000/(1.1)^1+50,000/(1.1)^2+50,000/(1.1)^3=$10,757.73.ProjectB:NPV=-100,000+40,000/(1.1)^1+40,000/(1.1)^2+40,000/(1.1)^3+40,000/(1.1)^4=$8,902.37.ProjectAhasahigherNPV.43.Anupward-slopingyieldcurvetypicallyindicatesexpectationsoffutureeconomicgrowthandhigherinterestrates.Adownward-slopingyieldcurvemightsuggestexpectationsofrecessionorlowerfuturerates.44.Thecorrelationcoefficientbetweenthenewassetandtheexistingportfolioismostimportant,asitdeterminestheextenttowhichthenewasset'sreturnwillmovewiththeportfolio.45.Debt-to-EquityRatio46.AcceleratedDepreciationMethods(e.g.,DoubleDecliningBalance)47.Inaperfectmarket,thevalueofaleveragedfirmequalsthevalueofanunleveragedfirm,asdebtisrisk-free.48.Inanefficientmarket,stockpricesadjustrapidlytonewinformation,makingitdifficulttoconsistentlyachieveabove-marketreturnsthroughtrading.49.MinimumSD:12%*sqrt(1-(-0.6)*(Xweight/100)*(Yweight/100))whereXweight+Yweight=100.Settingexpectedreturn=10%andsolvingforweightsgivesweightscloseto85.71%inXand14.29%inY.SD=12%*sqrt(1-(-0.6)*(0.8571*0.1429/100))=11.46%.50.Options,futures,forwards,swaps51.Higherfinancialleverage(moredebt)magnifiestheeffectofch