2025CFA一級真題模擬卷考試時(shí)間：______分鐘總分：______分姓名：______第一部分1.AccordingtotheCFAInstituteCodeandStandards,whichofthefollowingactionsbyananalystwouldmostlikelyviolatethestandardthatrequiresloyaltytoclients?a.Acceptingagiftfromacompanyunderanalysisthatisconsiderednominalbybothparties.b.Usingnonpublic,materialinformationobtainedinaprofessionalcapacitytomaketradesforoneself.c.Refusingtotakeonanewclientrequestbecausetheclient'sinvestmentgoalsareinconsistentwiththeanalyst'spersonalbeliefs.d.建議aandbonly.e.Alloftheabove.2.Astatisticsstudentisanalyzingtherelationshipbetweenstudyhours(independentvariable)andexamscores(dependentvariable).Theycollecteddatafrom30studentsandcalculatedacorrelationcoefficientof+0.75.Whatdoesthiscorrelationcoefficientindicate?a.Thereisaweakpositivelinearrelationshipbetweenstudyhoursandexamscores.b.Thereisastrongpositivelinearrelationshipbetweenstudyhoursandexamscores.c.Thereisastrongnegativelinearrelationshipbetweenstudyhoursandexamscores.d.Thereisaweaknegativelinearrelationshipbetweenstudyhoursandexamscores.e.Thecorrelationcoefficientisnotmeaningfulwithoutknowingthep-value.3.TheConsumerPriceIndex(CPI)measuresthechangeinthepricelevelofamarketbasketofconsumergoodsandservicespurchasedbyhouseholds.AnincreaseintheCPIfrom100to105indicates:a.Thepricelevelhasdecreasedby5%.b.Thepricelevelhasincreasedby5%.c.Thequantityofgoodsandservicespurchasedhasincreasedby5%.d.Therehasbeennochangeintheoverallpricelevel.e.Themarketbaskethaschangedsignificantly.4.CompanyXYZreportsthefollowingfortheyear:Sales=$500,000;CostofGoodsSold(COGS)=$300,000;OperatingExpenses=$150,000;InterestExpense=$20,000;IncomeTaxExpense=$30,000.WhatisCompanyXYZ'sNetIncomefortheyear?a.$70,000b.$100,000c.$120,000d.$140,000e.$200,0005.WhichofthefollowingstatementsregardingthebalancesheetisTRUE?a.AssetsmustalwaysequalLiabilitiesplusEquity.b.Currentassetsaregenerallyconsideredlessriskythanlong-termassets.c.Adecreaseininventoryisconsideredauseofcash.d.Alloftheabove.e.Noneoftheabove.6.Acompanyhascurrentassetsof$200,000andcurrentliabilitiesof$100,000.WhatisitsCurrentRatio?a.0.50b.1.00c.1.50d.2.00e.4.007.Whichofthefollowingmethodsisusedtoestimatethefairvalueofanassetorliabilityusingtheexpectedfuturecashflowsdiscountedatanappropriaterate?a.ComparableCompaniesAnalysisb.DiscountedCashFlow(DCF)Analysisc.PrecedentTransactionsAnalysisd.LiquidationValueAnalysise.RelativeValuationAnalysis8.TheCapitalAssetPricingModel(CAPM)isusedtodeterminetherequiredrateofreturnforaninvestment.Theformulafortherequiredrateofreturn(k)is:k=Rf+β*(Rm-Rf).Whatdoes(Rm-Rf)represent?a.Therisk-freerateofreturn.b.Themarketriskpremium.c.Thebetaofthemarketportfolio.d.Thebetaoftheindividualinvestment.e.Thestandarddeviationofthemarketportfolioreturns.9.Whichofthefollowingstatementsaboutastock'sP/EratioisTRUE?a.AhigherP/Eratioalwaysindicatesabetterinvestmentopportunity.b.AP/Eratioof15meansthatinvestorsarewillingtopay$15forevery$1ofearnings.c.P/Eratiostendtobelowerforcompaniesinmatureindustriescomparedtocompaniesingrowthindustries.d.P/Eratiosarenotinfluencedbyinterestrates.e.P/Eratiosareonlyrelevantforcompaniesthatpaydividends.10.Abondwithafacevalueof$1,000paysanannualcouponof5%($50).Ifthemarketinterestrateforsimilarbondsis6%,whatistheapproximatepriceofthebond?a.$920b.$950c.$1,000d.$1,050e.$1,080第二部分11.WhichofthefollowingisaprimaryfunctionoftheFederalReserve(theFed)?a.Tomaximizecorporateprofits.b.Toregulatestategovernments.c.Tosuperviseandregulatebanksandfinancialinstitutions.d.Tosettheminimumwage.e.Todirectlymanagestockmarketprices.12.Theprocessofbuyingassetsinthemarketandsimultaneouslysellingidenticalassetsshortisknownas:a.Arbitrage.b.MarketMaking.c.ShortSelling.d.FuturesTrading.e.Hedging.13.Whichofthefollowingtypesofsecuritiestypicallyoffersthehighestpotentialreturnbutalsocarriesthehighestlevelofrisk?a.Treasurybills.b.Corporatebonds.c.Commonstocks.d.Municipalbonds.e.Certificatesofdeposit.14.WhichofthefollowingstatementsabouttheEfficientMarketHypothesis(EMH)isTRUE?a.EMHsuggeststhatmarketsarealwaysefficient.b.Inanefficientmarket,itisimpossibletoconsistentlyachievereturnsabovethemarketaverage.c.EMHimpliesthatallavailableinformationisinstantlyreflectedinsecurityprices.d.AstrongformofEMHsuggeststhateveninsiderinformationcannotbeusedtoachieveabnormalreturns.e.EMHisprimarilyconcernedwiththeregulatorystructureoffinancialmarkets.15.Whichofthefollowingisameasureofacompany'sabilitytomeetitsshort-termobligationsusingitsmostliquidassets?a.Debt-to-EquityRatiob.TimesInterestEarnedRatioc.InventoryTurnoverRatiod.CurrentRatioe.Price-to-BookRatio16.Acompanyisconsideringaprojectwithaninitialinvestmentof$100,000andexpectedcashinflowsof$40,000peryearfor4years.Therequiredrateofreturnfortheprojectis10%.WhatistheNetPresentValue(NPV)oftheproject,roundedtothenearestdollar?a.-$12,000b.$12,000c.$20,000d.$32,000e.$52,00017.WhichofthefollowingstatementsabouttheyieldcurveisTRUE?a.Anormalyieldcurveindicatesthatlonger-termbondshavehigheryieldsthanshorter-termbonds.b.Aninvertedyieldcurvesuggeststhattheeconomyislikelytoenterarecession.c.Aflatyieldcurveindicatesthatthereisnodifferencebetweentheyieldsonshort-termandlong-termbonds.d.Alloftheabove.e.Noneoftheabove.18.Whichofthefollowingisaderivativesecurity?a.Commonstock.b.Municipalbond.c.Certificateofdeposit.d.Forwardcontract.e.Municipalbond.19.Whichofthefollowingfactorswouldlikelyleadtoanincreaseintherequiredrateofreturnforastock?a.Adecreaseintherisk-freerate.b.Anincreaseinthestock'sbeta.c.Adecreaseinthemarketriskpremium.d.Anincreaseinthecompany'sdividendpayoutratio.e.Adecreaseinthemarket'sexpectedreturn.20.Whichofthefollowinginvestmentstrategiesinvolvesconstructingaportfoliothatmimicstheperformanceofaspecificmarketindex?a.ActiveManagementb.PassiveManagementc.Dollar-CostAveragingd.MarketTiminge.AssetAllocation第三部分21.Acompanypurchasedamachinefor$100,000.Themachinehasanestimatedusefullifeof5yearsandnosalvagevalue.Usingstraight-linedepreciation,whatistheannualdepreciationexpense?a.$10,000b.$20,000c.$50,000d.$100,000e.$200,00022.WhichofthefollowingstatementsaboutthestatementofcashflowsisTRUE?a.Itreportsacompany'sprofitabilityoveraperiod.b.Itisdividedintothreesections:operating,investing,andfinancingactivities.c.Netincomeisthestartingpointforthecashflowfromoperatingactivities.d.Itonlyincludescashtransactions.e.Itispreparedusingtheaccrualbasisofaccounting.23.Whichofthefollowingisacharacteristicofpreferredstock?a.Ittypicallypaysfixeddividends.b.Ithaspriorityovercommonstockintheeventofliquidation.c.Itusuallycarriesvotingrights.d.Bothaandb.e.Bothaandc.24.Theprocessofcontinuouslyadjustingtheportfoliotomaintainadesiredlevelofassetallocationisknownas:a.AssetRebalancing.b.Dollar-CostAveraging.c.MarketTiming.d.PortfolioDiversification.e.RiskManagement.25.Whichofthefollowingeconomicindicatorsisconsideredaleadingindicator?a.UnemploymentRateb.GrossDomesticProduct(GDP)c.ConsumerPriceIndex(CPI)d.BuildingPermitse.RetailSales26.AportfolioconsistsofStockAwithabetaof1.2andaweightof60%intheportfolio,andStockBwithabetaof0.8andaweightof40%intheportfolio.Whatistheportfolio'sbeta?a.0.96b.1.00c.1.04d.1.20e.1.4027.WhichofthefollowingstatementsaboutthetimevalueofmoneyisTRUE?a.Adollartodayisworthmorethanadollarreceivedinthefuture.b.Thefuturevalueofaninvestmentincreasesastheinterestratedecreases.c.Thepresentvalueofanannuityincreasesasthediscountrateincreases.d.Bothaandb.e.Bothaandc.28.Whichofthefollowingtypesofriskisdiversifiable?a.MarketRiskb.SystematicRiskc.UnsystematicRiskd.InterestRateRiske.InflationRisk29.WhichofthefollowingisadisadvantageofusingtheDiscountedCashFlow(DCF)valuationmethod?a.Itissimpletocalculate.b.Itrequiresestimatingfuturecashflowsandadiscountrate.c.Itiswidelyacceptedbyinvestors.d.Itprovidesasinglepointestimateofvalue.e.Itismostsuitableforvaluingcompanieswithstablecashflows.30.WhichofthefollowingstatementsaboutoptionsisTRUE?a.Acalloptiongivestheholdertheright,butnottheobligation,tobuyanunderlyingassetataspecifiedprice.b.Aputoptiongivestheholdertheright,butnottheobligation,tosellanunderlyingassetataspecifiedprice.c.Thepriceofanoptionisprimarilydeterminedbythepriceoftheunderlyingasset.d.Bothaandb.e.Bothaandc.第四部分31.Acompany'sinventoryturnoverratiois6timesperyear.Iftheaverageinventoryfortheyearis$60,000,whatisthecostofgoodssoldfortheyear?a.$10,000b.$36,000c.$60,000d.$90,000e.$360,00032.WhichofthefollowingstatementsabouttheEfficientMarketHypothesis(EMH)isFALSE?a.Inanefficientmarket,pricesreflectallavailableinformation.b.InaweakformofEMH,pastpriceinformationcannotbeusedtopredictfutureprices.c.Inasemi-strongformofEMH,allpubliclyavailableinformationisreflectedinprices.d.InastrongformofEMH,investorscannotearnabnormalreturns.e.EMHimpliesthatactivemanagementstrategiesarealwaysfutile.33.WhichofthefollowingisacomponentoftheWeightedAverageCostofCapital(WACC)?a.Themarketvalueofthecompany'spreferredstock.b.Thecostofequity.c.Thecostofdebt.d.Alloftheabove.e.Noneoftheabove.34.WhichofthefollowingstatementsaboutthecapitalbudgetingprocessisTRUE?a.Theprimarygoalistominimizethecompany'staxliability.b.Onlyprojectswithpositivecashflowsshouldbeaccepted.c.TheNetPresentValue(NPV)methodiscommonlyusedtoevaluateprojects.d.Aprojectwithapaybackperiodof3yearsisalwayspreferabletoaprojectwithapaybackperiodof4years.e.TheInternalRateofReturn(IRR)methodalwaysprovidesthesameaccept/rejectdecisionastheNPVmethod.35.Astockhasabetaof1.5.Iftherisk-freerateis3%andthemarketreturnis10%,whatistherequiredrateofreturnforthestockaccordingtotheCapitalAssetPricingModel(CAPM)?a.3.0%b.6.0%c.9.0%d.10.0%e.15.0%36.Whichofthefollowingtypesofinvestmentsistypicallytheleastliquid?a.MoneyMarketFundsb.CommonStocksc.U.S.TreasuryBillsd.RealEstateInvestmentTrusts(REITs)e.CertificatesofDeposit(CDs)37.Whichofthefollowingstatementsaboutabond'syieldtomaturity(YTM)isTRUE?a.YTMisthetotalreturnanticipatedifthebondishelduntilitmatures.b.YTMisalwaysequaltothebond'scouponrate.c.Ifabondissellingatadiscount,itsYTMwillbelessthanitscouponrate.d.YTMisunaffectedbychangesinmarketinterestrates.e.YTMisonlyrelevantforbondsthatareheldtomaturity.38.WhichofthefollowingisalimitationofthePrice-to-Book(P/B)ratioasavaluationtool?a.Itdoesnotconsiderthecompany'sdebtlevels.b.Itcanbemisleadingforcompanieswithsignificantintangibleassets.c.Itisonlyusefulforcompaniesinthesameindustry.d.Itisnotinfluencedbymarketconditions.e.Itisdifficulttocalculateaccurately.39.Acompany'sfinancialleverageismeasuredbyits:a.CurrentRatio.b.Debt-to-EquityRatio.c.InventoryTurnoverRatio.d.Price-to-EarningsRatio.e.EarningsPerShare(EPS).40.Whichofthefollowingisapotentialriskassociatedwithinvestingininternationalsecurities?a.Currencyrisk.b.Politicalrisk.c.Liquidityrisk.d.Alloftheabove.e.Noneoftheabove.第五部分41.Acompanyhassalesof$500,000,acostofgoodssoldof$300,000,andoperatingexpensesof$100,000.Itsdepreciationexpenseis$20,000.WhatisitsEarningsBeforeInterestandTaxes(EBIT)?a.$50,000b.$80,000c.$100,000d.$120,000e.$200,00042.Whichofthefollowingisacharacteristicofapreferredstockdividend?a.Preferreddividendsaretypicallyfixedandmustbepaidbeforecommonstockdividends.b.Preferreddividendsaretax-deductibleforthecorporation.c.Preferreddividendsarealwayspaidincash.d.Preferreddividendsarenotcumulative.e.Preferreddividendsareonlypaidifthecompanyearnsaprofit.43.Theprocessofinvestinginavarietyofassetstoreducetheoverallriskoftheportfolioisknownas:a.Diversification.b.Concentration.c.Leverage.d.AssetAllocation.e.RiskAversion.44.WhichofthefollowingstatementsaboutthestatementofcashflowsisFALSE?a.Itprovidesinformationaboutacompany'sprofitability.b.Itisdividedintothreemainsections:operating,investing,andfinancingactivities.c.Thenetcashflowfromoperatingactivitiesistypicallythemostimportantsection.d.Itreportsallcashinflowsandoutflowsduringaperiod.e.Itispreparedusingthecashbasisofaccounting.45.Abondwithafacevalueof$1,000andacouponrateof6%payscouponssemi-annually.Ifthemarketinterestrateis5%,whatistheapproximatepriceofthebond?a.$950b.$980c.$1,000d.$1,020e.$1,05046.Whichofthefollowingisameasureofacompany'sabilitytomeetitslong-termobligations?a.CurrentRatiob.TimesInterestEarnedRatioc.Debt-to-EquityRatiod.EarningsPerShare(EPS)e.Price-to-BookRatio47.Whichofthefollowingeconomicindicatorsisconsideredalaggingindicator?a.StockMarketIndexb.UnemploymentRatec.ConsumerConfidenceIndexd.InterestRatese.ManufacturingOrders48.WhichofthefollowingstatementsabouttheEfficientMarketHypothesis(EMH)isTRUE?a.EMHsuggeststhatmarketsarealwaysperfectlyefficient.b.InaweakformofEMH,technicalanalysiscannotgenerateabnormalreturns.c.Inasemi-strongformofEMH,fundamentalanalysiscannotgenerateabnormalreturns.d.AstrongformofEMHimpliesthatnoonecanearnabnormalreturns.e.EMHisprimarilyconcernedwiththeefficiencyofindividualstocksratherthanthemarketasawhole.49.WhichofthefollowingisacomponentoftheWeightedAverageCostofCapital(WACC)?a.Themarketvalueofthecompany'scommonstock.b.Thecostofpreferredstock.c.Theafter-taxcostofdebt.d.Alloftheabove.e.Noneoftheabove.50.WhichofthefollowingstatementsaboutoptionsisFALSE?a.Thepriceofacalloptionincreasesasthepriceoftheunderlyingassetincreases.b.Thetimevalueofanoptiondecreasesasitgetsclosertoexpiration.c.Theintrinsicvalueofacalloptionisthedifferencebetweentheunderlyingasset'spriceandthestrikeprice,ifpositive.d.Anoption'spremiumiscomposedofitsintrinsicvalueanditstimevalue.e.Thedeltaofanoptionmeasuresitssensitivitytochangesintheunderlyingasset'sprice.試卷答案1.b解析思路：使用非公開、material信息獲利違反了保密原則和利益沖突原則。接受小額禮物通常不違反忠誠度原則，除非影響客觀性。拒絕客戶基于個(gè)人信仰可能違反客戶優(yōu)先原則。情景b明確違反了關(guān)鍵道德規(guī)范。2.b解析思路：相關(guān)系數(shù)介于-1和+1之間，數(shù)值越接近1或-1表示線性關(guān)系越強(qiáng)。+0.75表示強(qiáng)正線性關(guān)系。3.b解析思路：CPI從100到105，增加了5點(diǎn)，表示相對于基期，整體價(jià)格水平上升了5%。4.a解析思路：NetIncome=Sales-COGS-OperatingExpenses-InterestExpense-IncomeTaxExpense=$500,000-$300,000-$150,000-$20,000-$30,000=$70,000。5.d解析思路：根據(jù)會(huì)計(jì)恒等式，資產(chǎn)恒等于負(fù)債加所有者權(quán)益。當(dāng)前資產(chǎn)與當(dāng)前負(fù)債定義正確。減少存貨是經(jīng)營活動(dòng)中產(chǎn)生現(xiàn)金流入，屬于使用現(xiàn)金的概念錯(cuò)誤。ABC都正確。6.c解析思路：CurrentRatio=CurrentAssets/CurrentLiabilities=$200,000/$100,000=2.00。7.b解析思路：DCF分析的核心就是使用未來預(yù)期現(xiàn)金流并折現(xiàn)到現(xiàn)值來評估價(jià)值。8.b解析思路：Rm-Rf代表的是市場投資組合的預(yù)期回報(bào)率與無風(fēng)險(xiǎn)利率之間的差額，即市場風(fēng)險(xiǎn)溢價(jià)。9.b解析思路：P/Eratio=MarketPriceperShare/EarningsperShare。15表示投資者愿意為每1美元的盈利支付15美元的價(jià)格。其他選項(xiàng)錯(cuò)誤。10.a解析思路：債券價(jià)格低于面值時(shí)，稱為折價(jià)發(fā)行。由于市場利率高于票面利率，債券價(jià)格會(huì)低于面值$1,000。具體價(jià)格需要復(fù)雜計(jì)算，但折價(jià)發(fā)行是基本判斷。11.c解析思路：美聯(lián)儲(chǔ)的主要職責(zé)包括制定貨幣政策、監(jiān)管銀行、提供金融服務(wù)等。選項(xiàng)c是其核心監(jiān)管職能之一。12.a解析思路：Arbitrage定義是同時(shí)進(jìn)行兩筆或更多交易以利用不存在的價(jià)差獲利。描述符合其定義。13.c解析思路：風(fēng)險(xiǎn)與回報(bào)通常成正比。普通股（Equities）是典型的高風(fēng)險(xiǎn)高回報(bào)投資。14.c解析思路：EMH的核心觀點(diǎn)是價(jià)格反映了所有可獲得的信息。強(qiáng)形式則認(rèn)為所有信息（包括內(nèi)幕）都已反映在價(jià)格中。15.d解析思路：CurrentRatio是衡量短期償債能力的直接指標(biāo)，計(jì)算最簡單。16.b解析思路：NPV=Σ[CFt/(1+r)^t]-InitialInvestment。計(jì)算各年現(xiàn)金流現(xiàn)值并累加，減去初始投資。$40/(1.1)^1+$40/(1.1)^2+$40/(1.1)^3+$40/(1.1)^4-$100,000≈$36,083-$100,000=-$63,917。選項(xiàng)a最接近。17.d解析思路：正常收益率曲線（NormalYieldCurve）是長債利率高于短債利率。倒掛收益率曲線（InvertedYieldCurve）預(yù)示經(jīng)濟(jì)衰退。平坦收益率曲線（FlatYieldCurve）表示長短債利率差異很小。ABC都正確。18.d解析思路：遠(yuǎn)期合約（ForwardContract）是一種衍生品，是未來買賣資產(chǎn)的合約。其他選項(xiàng)都是基礎(chǔ)證券。19.b