2025年CFA一級練習卷考試時間：______分鐘總分：______分姓名：______注意：以下為模擬試卷，題目類型和數(shù)量可能與實際CFA一級考試有所不同。1.Aninvestmentmanagerisconsideringaddingastocktoitsportfolio.Thestockisexpectedtopayadividendof$2persharenextyear,andtheexpectedpriceattheendoftheyearis$50pershare.Therequiredrateofreturnforthestockis12%.Whatisthemaximumtheinvestoriswillingtopayforthestocktodaybasedonthisinformation?2.Whichofthefollowingstatementsregardingtheefficientmarkethypothesis(EMH)ismostaccurate?a)Inanefficientmarket,pricesreflectallavailableinformationinstantly.b)Itispossibletoconsistentlyachievereturnsabovethemarketaveragethroughsuperioranalysis.c)Marketefficiencyissolelydeterminedbythenumberofparticipantsinthemarket.d)Inaninefficientmarket,fundamentalanalysisisalwaysmoreprofitablethantechnicalanalysis.3.Acompany'sbalancesheetshowstotalassetsof$1,000,000andtotalliabilitiesof$600,000.Whatisthecompany'sequity?4.ThecovariancebetweenthereturnsofStockAandStockBis0.05.ThestandarddeviationofStockA'sreturnsis0.20,andthestandarddeviationofStockB'sreturnsis0.15.Whatisthecorrelationcoefficientbetweenthetwostocks?5.Whichofthefollowingisacharacteristicofaprimarymarkettransaction?a)Theissuanceofnewsecuritiestothepublic.b)Thetradingofsecuritiesbetweeninvestorsinthesecondarymarket.c)Thelendingoffundsbyinvestorstocorporations.d)Theexchangeofsecuritiesbetweenbanksandfinancialinstitutions.6.Abondwithafacevalueof$1,000paysanannualcouponof5%.Thebondhas10yearstomaturityandayieldtomaturityof6%.Whatistheapproximatemarketpriceofthebond?7.Acompanyisconsideringinvestinginaprojectthatrequiresaninitialoutlayof$100,000.Theprojectisexpectedtogeneratecashinflowsof$30,000peryearfor5years.Whatisthepaybackperiodfortheproject?8.Whichofthefollowingstatementsregardingthecapitalassetpricingmodel(CAPM)ismostaccurate?a)Themarketriskpremiumiscalculatedasthedifferencebetweentherisk-freerateandtheexpectedreturnonthemarketportfolio.b)Thebetaofastockmeasuresitssensitivitytochangesintheoverallmarket.c)TheCAPMassumesthatinvestorsarerisk-averseandpreferhigherreturnsforhigherlevelsofrisk.d)Alloftheabove.9.Aportfolioconsistsof60%StockXand40%StockY.TheexpectedreturnonStockXis10%andtheexpectedreturnonStockYis15%.Whatistheexpectedreturnontheportfolio?10.Whichofthefollowingfinancialstatementsprovidesinformationaboutacompany'sprofitabilityoveraspecificperiodoftime?a)BalanceSheetb)IncomeStatementc)StatementofCashFlowsd)StatementofShareholders'Equity11.Acompany'sincomestatementshowssalesrevenueof$500,000,costofgoodssoldof$300,000,andoperatingexpensesof$100,000.Whatisthecompany'soperatingincome?12.Whichofthefollowingisameasureofacompany'sliquidity?a)Debt-to-equityratiob)Returnonequity(ROE)c)Currentratiod)Price-to-earnings(P/E)ratio13.Astockisexpectedtopayadividendof$2nextyear,andtheexpectedpriceattheendoftheyearis$50.Iftherequiredrateofreturnis12%,whatisthestock'sintrinsicvalueusingtheconstantgrowthdividenddiscountmodel(DDM)ifthegrowthrateis5%?14.Whichofthefollowingisariskassociatedwithinvestinginbonds?a)Inflationriskb)Interestrateriskc)Creditriskd)Alloftheabove15.Acompany'sbalancesheetshowscurrentassetsof$200,000andcurrentliabilitiesof$100,000.Whatisthecompany'sworkingcapital?16.Whichofthefollowingstatementsregardingthetimevalueofmoneyismostaccurate?a)Adollartodayisworthmorethanadollarinthefutureduetothepotentialforearningreturns.b)Thetimevalueofmoneyisonlyrelevantforindividuals,notcorporations.c)Theconceptofpresentvalueisbasedontheassumptionthatmoneycanbeinvestedataconstantrateofreturn.d)Thefuturevalueofaninvestmentincreasesasthetimeperioddecreases.17.Aninvestorisconsideringbuyingacalloptiononastock.Whatisthemaximumpotentiallossfortheinvestor?a)Thepremiumpaidfortheoptionb)Thestrikepriceoftheoptionc)Thecurrentmarketpriceofthestockd)Thedifferencebetweenthestrikepriceandthecurrentmarketprice18.Whichofthefollowingisafactorthatcanaffectacompany'scostofcapital?a)Thecompany'staxrateb)Therisk-freeratec)Themarketriskpremiumd)Alloftheabove19.Acompany'sincomestatementshowsgrossprofitof$200,000andoperatingexpensesof$150,000.Whatisthecompany'soperatingmargin?20.Whichofthefollowingstatementsregardingthestatementofcashflowsismostaccurate?a)Itshowsthechangesinacompany'sassets,liabilities,andequityoveraspecificperiodoftime.b)Itisdividedintothreesections:operating,investing,andfinancingactivities.c)Itispreparedusingtheaccrualbasisofaccounting.d)Itisnotrequiredtobefiledwithregulatoryauthorities.21.Abondwithafacevalueof$1,000paysasemi-annualcouponof4%.Thebondhas5yearstomaturityandayieldtomaturityof5%.Whatistheapproximatemarketpriceofthebond?22.Aninvestorpurchasesastockfor$40pershareandsellsitfor$50pershareafterholdingitforoneyear.Thestockpaysadividendof$2duringtheyear.Whatistheinvestor'stotalreturnontheinvestment?23.Whichofthefollowingisalimitationofthedividenddiscountmodel(DDM)?a)Itassumesaconstantgrowthrateindividendsindefinitely.b)Itisdifficulttoestimatetherequiredrateofreturn.c)Itisonlyapplicabletocompaniesthatpaydividends.d)Alloftheabove.24.Aportfolioconsistsof50%StockA,30%StockB,and20%StockC.TheexpectedreturnonStockAis10%,theexpectedreturnonStockBis15%,andtheexpectedreturnonStockCis12%.Whatistheexpectedreturnontheportfolio?25.Whichofthefollowingfinancialratiosmeasuresacompany'sabilitytomeetitsshort-termobligations?a)Debt-to-equityratiob)Returnonassets(ROA)c)Quickratiod)Price-to-book(P/B)ratio26.Acompany'sincomestatementshowssalesrevenueof$800,000,costofgoodssoldof$500,000,andoperatingexpensesof$200,000.Thecompany'sdepreciationexpenseis$50,000.Whatisthecompany'searningsbeforeinterestandtaxes(EBIT)?27.Whichofthefollowingisatypeofderivativesecurity?a)Commonstockb)Bondc)Optionsd)Mutualfund28.Aninvestorisconsideringlendingmoneytoacompanyatafixedinterestrate.Whatistheprimaryriskassociatedwiththisinvestment?a)Interestrateriskb)Creditriskc)Inflationriskd)Liquidityrisk29.Whichofthefollowingstatementsregardingtheefficientmarkethypothesis(EMH)ismostaccurate?a)Inanefficientmarket,pricesreflectonlyhistoricalinformation.b)Itispossibletoconsistentlyachievereturnsabovethemarketaveragethroughmarkettiming.c)Marketefficiencyisenhancedbyincreasedgovernmentregulation.d)Inanefficientmarket,itisimpossibletoachievereturnsabovetherisk-freerate.30.Acompany'sbalancesheetshowstotalassetsof$1,500,000andtotalliabilitiesof$900,000.Thecompanyhas100,000sharesofcommonstockoutstanding.Whatisthecompany'sbookvaluepershare?試卷答案1.$2/(1+0.12)+$50/(1+0.12)=$1.79+$43.01=$44.80解析：運用股票估值模型，該股票的價值等于預期下一期股息除以（1+必要回報率）加上預期期末價格除以（1+必要回報率）。2.a解析：有效市場假說（EMH）認為，在一個有效的市場中，所有已知信息都已反映在證券價格中，因此無法通過分析信息獲得超額回報。3.$1,000,000-$600,000=$400,000解析：根據(jù)會計恒等式，資產(chǎn)等于負債加所有者權(quán)益。因此，所有者權(quán)益（即股東權(quán)益）等于資產(chǎn)減去負債。4.Cov(A,B)/(σA*σB)=0.05/(0.20*0.15)=0.05/0.03=1.67解析：相關系數(shù)（ρ）是協(xié)方差（Cov）除以兩個變量標準差（σ）的乘積。計算結(jié)果應介于-1和1之間，此處結(jié)果異常，可能題目參數(shù)設置或答案期望有誤，但計算過程按定義進行。5.a解析：一級市場是指新發(fā)行的證券首次向公眾出售的市場。6.$1,000*[5%*PVIFA(6%,10)+1/(1+6%)^10]=$1,000*[0.5689+0.5584]=$1,000*1.1273=$1,127.30解析：債券價格等于每年couponpayment乘以年金現(xiàn)值系數(shù)（PVIFA）加上面值除以（1+YTM）的到期期數(shù)次方。7.$100,000/$30,000=3.33years解析：回收期是指投資成本通過項目產(chǎn)生的現(xiàn)金流入收回所需的時間。簡單計算為初始投資除以每年的凈現(xiàn)金流入。8.d解析：CAPM的核心要素包括：風險-freerate,marketreturn,andthestock'sbeta(whichmeasuresmarketsensitivity).選項a,b,c均為CAPM的正確描述。9.0.60*0.10+0.40*0.15=0.06+0.06=0.12or12%解析：投資組合的預期回報率等于各資產(chǎn)預期回報率與其在組合中權(quán)重的乘積之和。10.b解析：損益表（IncomeStatement）報告公司在特定期間內(nèi)的收入、成本和利潤。11.$500,000-$300,000-$100,000=$100,000解析：經(jīng)營利潤（OperatingIncome）等于銷售收入減去銷貨成本（COGS）再減去經(jīng)營費用。12.c解析：流動比率（CurrentRatio）衡量公司用流動資產(chǎn)償還流動負債的能力，是衡量短期償債能力的指標。Debt-to-equityisleverage;ROEisprofitability;P/Eisvaluation.13.D0*(1+g)/(k-g)=$2*(1+0.05)/(0.12-0.05)=$2.10/0.07=$30.00解析：運用戈登增長模型（constantgrowthDDM），股票內(nèi)在價值等于下一期預期股息（D1，即D0*(1+g)）除以（必要回報率k減去增長rateg）。14.d解析：債券投資的主要風險包括：通貨膨脹風險（購買力下降）、利率風險（利率上升導致價格下跌）、信用風險（發(fā)行人違約）。15.$200,000-$100,000=$100,000解析：營運資本（WorkingCapital）等于當前資產(chǎn)減去當前負債。16.a解析：時間價值ofmoney基本原理是，由于潛在的投資回報，今天的一美元比未來同一美元更有價值。17.a解析：購買看漲期權(quán)（CallOption）的最大損失是期權(quán)的購買成本（Premium），如果到期時期權(quán)價值為0，則損失全部premium。18.d解析：公司的資本成本（CostofCapital）受多種因素影響，包括無風險利率、市場風險溢價以及公司自身的稅負和風險水平（通常通過Beta衡量）。19.$100,000/$500,000=0.20or20%解析：經(jīng)營利潤率（Ope