CFA考试《CFA一级》历年真题精选07（附
详解）
1、Miranda Grafton, CFA, purchased a large block of stock at varying prices during the trading session. The stock realized a significant gain in value before the close of the trading day, so Grafton reviewed her purchase prices to determine what prices should be assigned to each specific account. According to the Standards of Practice Handbook, Grafton's least appropriate action is to allocate the execution prices:【单选题】 A.across the participating client accounts pro rata on the basis of account size. B.across the participating client accounts at the same execution price.
C.on a first-in, first-out basis with consideration of bundling orders for efficiency. 正确答案:A
答案解析:According to Standard III (B) best practices include allocating pro rata on the basis of order size, not account size. All clients participating in the block trade should receive the same execution price and be charged the same commission. 2014 CFA Level I \"Guidance for Standards I-VII,\" CFA Institute Standard III(B)
2、An analyst’s examination of the performance of a company is least likely to include an assessment of a company’s:【单选题】 A.profitability.
B.cash flow generating ability. C.assets relative to its liabilities. 正确答案:C
答案解析:“Financial Statement Analysis: An Introduction,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A.Assessment of performance includes analysis of profitability and cash flow generating ability. The relationship between assets and liabilities is used to assess a company’s financial position, not its performance.
3、An analyst has calculated the following ratios for a company:The company’s return on equity (ROE) is closest to:【单选题】 A.4.8%. B.15.2%. C.22.7%. 正确答案:B
答案解析:“Financial Analysis Techniques,” Elaine Henry, Thomas R. Robinson, and Jan Hendrik van GreuningROE = ROA × Financial leverage 10.4 × 1.46 15.2
4、Which of the following is least likely to be directly reflected in the returns on a commodity index?【单选题】 A.Roll yield
B.Changes in the spot prices of underlying commodities C.Changes in the futures prices of commodities in the index 正确答案:B
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答案解析:“Security Market Indices,” Paul D. Kaplan and Dorothy C. KellyB is correct. Commodity index returns reflect the changes in future prices and the roll yield. Changes in the underlying commodity spot prices are not reflected in a commodity index.
5、A company is buying back its common shares to offset the dilution of earnings from its stock option program. Which of the following statements best describes the effect on the financial statements of the amount spent to buy back the stocks? The amount spent reduces:【单选题】 A.cash from operating activities. B.net income.
C.cash from financing activities. 正确答案:C
答案解析:The amount spent to buy back stocks to offset dilution is classified as a financing activity on the cash flow statement, and therefore cash from financing decreases.\"Accounting Shenanigans on the Cash Flow Statement,\" by Marc A. Siegel Section 7
6、An investor’s transactions in a mutual fund and the fund’s returns over a four-year period are provided in the table below:Based on these data, the money-weighted return (or internal rate of return) for the investor is closest to:【单选题】 A.2.15%. B.3.96%. C.7.50%. 正确答案:B
答案解析:“Portfolio Risk and Return Part I,” Vijay Singali = .0396. 7、Cost-push inflation is most likely caused by a(n) :【单选题】 A.decrease in the tax rate. B.increase in government spending. C.increase in the real price of energy. 正确答案:C
答案解析:成本推动型通货膨胀（cost-push inflation）是由于原材料或劳动力价格上升所导致的，支出扩大会导致需求拉动型通货膨胀（demand-pull inflation）。
8、Jane Higgins, CFA, a industry analyst, does research about inventory valuation.The company uses a periodic inventory system and no inventory on 31May, 2012.The company purchases inventory as follows:During May, 2 000 units are sold.Under the weighted average cost method ofinventory valuation, cost of goods sold is closest to:【单选题】 A.€ 20 160 B.€ 20 625 C.€ 31 000 正确答案:B
答案解析:average price of inventory = ( $ 14 × 1 000 + $ 10 × 400 + $ 8 × 1 500 + $ 10 × 300)/(1 000 + 400 + 1 500 + 300) = $ 10.3125，COGS = $ 10.3125 ×2 000 = $ 20 625。
9、Which of the following bonds is most likely to trade at a lower price relative to an otherwise identicaloption-free bond?【单选题】 A.Convertible bond B.Callable bond C.Putable bond 正确答案:B
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答案解析:A callable bond benefits the issuer because it gives the issuer the right to redeem all (or part) of thebonds before the maturity date. Thus, the price of a callable bond will typically be lower than the priceof an otherwise identical non-callable bond.Section 5.1
10、An investor purchases 100 shares of common stock at €50 each and simultaneously sells calloptions on 100 shares of the stock with a strike price of €55 at a premium of €1 per option. At theexpiration date of the options, the share price is €58. The investor's profit is closest to:【单选题】 A.€900. B.€600. C.€400. 正确答案:B
答案解析:Because the share price is greater than the strike price (X), the investor collects the
In this
premiumplus the difference between the strike price and purchase price: case, 100 × (€55-€50+€1)=€600.Section 2.2.1
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