2025年CFA一級模擬考試卷（附答案）考試時間：______分鐘總分：______分姓名：______Section1:Ethics&ProfessionalStandards1.Ananalystisevaluatingacompanyforinclusioninthefirm'sproprietary"GreenGrowth"portfolio.TheportfoliomanagerhasaclosepersonalrelationshipwiththeCEOofthecompanybeingevaluated.Theanalystisawareofthisrelationshipbuthasnotbeenprovidedanynon-publicinformationbytheCEO.Whichofthefollowingactionsismostappropriatefortheanalyst?a.Proceedwiththeevaluationusingpubliclyavailableinformationonly.b.Recuseherselffromtheevaluationprocessimmediatelytoavoidanypotentialbias.c.Informtheportfoliomanagerabouttherelationshipanddiscloseanynon-publicinformationreceived.d.RequestadditionalinformationfromtheCEOregardingthecompany'sgreeninitiativesbeforeproceeding.2.ACFAcharterholderispreparingareportonacompany'sfinancialperformanceforaclient.Thereportincludesanoptimisticforecastbasedonrecentpositiveindustrytrends.Theclientasksthecharterholdertoadjustthereporttohighlightonlythemostpositiveaspectstomakethecompanyappearmoreattractivetopotentialinvestors.Whichofthefollowingactionsismostappropriateforthecharterholder?a.Adjustthereportasrequestedtomeettheclient'sexpectations.b.Refusetomakeanychangesbutinformtheclientabouttherequestedadjustments.c.Informtheclientthatthereportmustbefactualandobjective,andcannotbealteredtomisrepresentthecompany'sperformance.d.Includeadisclaimerinthereportstatingthattheopinionsexpressedaretheclient'salone.3.AninvestmentmanagerisresponsibleforaportfoliothatincludessharesofCompanyX.ThemanagerlearnsthatCompanyXisplanningtoacquireacompetitor,CompanyY.TheacquisitionisexpectedtosignificantlyincreaseCompanyX'sstockpriceintheshortterm.Themanager'sspouseownsasubstantialpositioninCompanyYandisnotawareofthemanager'spendingrecommendationtoclients.Whichofthefollowingactionsismostappropriateforthemanager?a.RecommendthepurchaseofCompanyXsharestoclientsimmediatelytocapitalizeontheexpectedshort-termgain.b.Waituntilaftertheacquisitioniscompletedbeforemakinganyrecommendationstoclients.c.disclosethepotentialconflictofinteresttoclientsandrecommendCompanyXsharesifitalignswiththeportfolio'sobjectives.d.RecuseherselffrommakinganyrecommendationsregardingCompanyXandCompanyYuntiltheconflictofinterestisresolved.Section2:QuantitativeMethods4.Aninvestorisconsideringaddingastocktoherportfolio.Thestockhasameanannualreturnof12%andastandarddeviationof20%.Thereturnsarenormallydistributed.Whichofthefollowingstatementsismostaccurate?a.Thereisa68%probabilitythatthestock'sreturnwillbebetween-8%and32%inanygivenyear.b.Iftheinvestorholdsthestockfor5years,theexpectedreturnwillbe60%.c.Thestock'sreturnishighlyunlikelytobenegativeinanygivenyear.d.Thestock'sreturnhasahigherprobabilityofbeing30%than10%.5.Ananalystisusinglinearregressiontoestimatetherelationshipbetweenastock'sreturnsandthemarketportfolio'sreturns.Theregressionequationis:StockReturn=5%+1.2*MarketReturn.Thestandarderroroftheregressionis8%.Whichofthefollowingstatementsismostaccurate?a.Thestockhasahigherbetathanthemarketportfolio.b.Thestockisexpectedtooutperformthemarketportfolioby5%onaverage.c.Ifthemarketreturnincreasesby1%,thestock'sreturnisexpectedtoincreaseby1.2%,onaverage,withastandarddeviationof8%.d.Themodelexplains14.4%ofthevarianceinthestock'sreturns.6.Acompany'sbalancesheetshowscurrentassetsof$500,000andcurrentliabilitiesof$300,000.Thecompany'sinventoryturnoverratiois5.Whatisthecompany'sdayssalesofinventory(DSI)?a.30daysb.50daysc.72daysd.120daysSection3:FinancialReportingandAnalysis7.Acompanyreportsnetincomeof$1,000,000fortheyear.Duringtheyear,itreceivedasignificantgainfromthesaleofasubsidiaryfor$200,000.Thecompany'sCEOstatesthatthegain"isnotrepresentativeofourcorebusinessoperations."Whichofthefollowingisthemostappropriatewaytopresentthisinformationinthefinancialstatements?a.Reportthegainaspartofthecompany'scorerevenue.b.Disclosethegaininthenotestothefinancialstatementsbutexcludeitfromtheincomestatement.c.Presenttheincomestatementas"IncomefromCoreOperations"andseparatelyreport"OtherIncome/GainonSaleofSubsidiary."d.Subtractthegainfromnetincometoreport"CoreBusinessIncome."8.Twocompaniesinthesameindustryhavesimilarsales,assetlevels,andprofitmargins.CompanyAhasahigherreturnonequity(ROE)thanCompanyB.WhichofthefollowingfactorscouldexplainthedifferenceinROE?a.CompanyAusesmoredebtfinancingthanCompanyB.b.CompanyBpaysahigherdividendpayoutratiothanCompanyA.c.CompanyAhasahigherinventoryturnoverratiothanCompanyB.d.CompanyA'smanagementislessexperiencedthanCompanyB'smanagement.9.Ananalystiscomparingthefinancialperformanceoftwocompaniesinthesameindustry.CompanyAreportshighergrossmarginandhighernetmarginthanCompanyB.Whichofthefollowingstatementsismostlikelytrue?a.CompanyAhashigheroperatingexpensesthanCompanyB.b.CompanyAhasahighereffectivetaxratethanCompanyB.c.CompanyAhasahigherinterestexpensethanCompanyB.d.CompanyAhaslowersalesthanCompanyB.Section4:CorporateFinance10.Acompanyisconsideringinvestinginanewprojectthatrequiresaninitialoutlayof$1,000,000.Theprojectisexpectedtogeneratecashinflowsof$300,000peryearfor5years.Thecompany'scostofcapitalis10%.Whatisthenetpresentvalue(NPV)oftheproject?a.$0b.$379,107c.$620,893d.$1,379,10711.Twomutuallyexclusiveprojectshavethefollowingcashflows:ProjectA:Initialoutlay=$500,000;Cashinflows=$200,000peryearfor4years.ProjectB:Initialoutlay=$400,000;Cashinflows=$150,000peryearfor5years.Therequiredrateofreturnforbothprojectsis8%.Whichprojectshouldbechosenbasedontheprofitabilityindex(PI)?a.ProjectAb.ProjectBc.Bothprojectsshouldbechosen.d.Neitherprojectshouldbechosen.12.Acompany'sstockhasabetaof1.2.Therisk-freerateis3%andthemarketportfolio'sexpectedreturnis10%.Whatisthecompany'srequiredrateofreturnaccordingtotheCapitalAssetPricingModel(CAPM)?a.3%b.7.8%c.10%d.13%Section5:EquityInvestments13.Ananalystisevaluatingacompany'sstockusingtheDividendDiscountModel(DDM).Thecompany'scurrentdividendis$2pershare.Theanalystexpectsthedividendtogrowataconstantrateof5%peryearindefinitely.Therequiredrateofreturnonthestockis12%.Whatistheintrinsicvalueofthestock?a.$25b.$33.33c.$40d.$5014.WhichofthefollowingstatementsismostaccurateregardingthePrice-to-Earnings(P/E)ratio?a.AhigherP/Eratioalwaysindicatesamorevaluablestock.b.P/Eratiostendtobehigherforcompaniesingrowthindustries.c.P/Eratiosarenotusefulforcomparingcompaniesindifferentindustries.d.AP/Eratioof0indicatesthatthecompanyisexpectedtogeneratenoearningsinthefuture.15.Aninvestorisconsideringaddingastocktoherportfolio.Thestockhasabetaof1.5,therisk-freerateis2%,andthemarketportfolio'sexpectedreturnis10%.Thestock'scurrentpriceis$50pershare,anditpaysadividendof$2pershare.WhatistheexpectedreturnonthestockaccordingtotheCapitalAssetPricingModel(CAPM)?a.2%b.8%c.10%d.13%Section6:FixedIncome16.Abondwithafacevalueof$1,000andacouponrateof6%paysinterestsemi-annually.Thebondhas5yearstomaturity.Whatisthepriceofthebondifthemarketyieldtomaturity(YTM)is5%?a.$926.40b.$1,000c.$1,075.80d.$1,103.6017.Abondwithadurationof4yearsisexpectedtohaveitspricechangebyapproximatelyhowmuchfora1%changeinyieldtomaturity?a.+4%b.-4%c.+8%d.-8%18.Whichofthefollowingstatementsismostaccurateregardingtherelationshipbetweenabond'syieldtomaturityanditsprice?a.Thereisnorelationshipbetweenabond'syieldtomaturityanditsprice.b.Asabond'syieldtomaturityincreases,itspriceincreases.c.Asabond'syieldtomaturitydecreases,itspricedecreases.d.Therelationshipbetweenabond'syieldtomaturityanditspriceisinverselyproportional.Section7:Derivatives19.Aninvestorbuysacalloptionwithastrikepriceof$50andapremiumof$2.Thestock'scurrentpriceis$48.Whatisthemaximumlosstheinvestorcanincur?a.$2b.$48c.$50d.$5220.Aninvestorsellsaputoptionwithastrikepriceof$40andapremiumof$3.Thestock'scurrentpriceis$42.Whatisthemaximumprofittheinvestorcanmake?a.$3b.$40c.$42d.$4521.Acompanyusesaforwardcontracttohedgetheinterestrateriskona$1,000,000loanwithamaturityof1year.Thecurrentforwardinterestrateis5%.Whatistheexpectedpayofffromtheforwardcontractifthemarketinterestrateatmaturityis6%?a.$10,000b.$20,000c.$30,000d.$40,000試卷答案1.b解析：由于與投資決策相關(guān)的個人關(guān)系，即使沒有收到非公開信息，分析師也應(yīng)主動回避，以避免利益沖突或他人認(rèn)為存在利益沖突。這是維護(hù)專業(yè)標(biāo)準(zhǔn)和道德規(guī)范的基本要求。2.c解析：根據(jù)CFA協(xié)會道德規(guī)范，會員必須以誠實、守信的原則提供專業(yè)服務(wù)，不能為了迎合客戶而歪曲事實或隱瞞信息。報告必須客觀公正地反映公司的財務(wù)狀況和經(jīng)營成果。3.c解析：存在明顯的潛在利益沖突，因為管理者的配偶在CompanyY擁有利益。最適當(dāng)?shù)姆绞绞桥哆@種潛在沖突，并基于投資組合目標(biāo)是否適合投資CompanyX來做出建議。這是透明度和避免利益沖突的要求。4.a解析：根據(jù)正態(tài)分布的性質(zhì)，均值加減一個標(biāo)準(zhǔn)差范圍內(nèi)的概率為68%。因此，12%加減20%的范圍（-8%到32%）內(nèi)有68%的概率。5.c解析：回歸方程中的斜率（1.2）表示市場回報每變動1%，股票回報預(yù)期變動1.2%。標(biāo)準(zhǔn)誤差（8%）衡量的是回歸線周圍的散布程度，即實際回報與預(yù)期回報之間的平均偏差。選項c準(zhǔn)確描述了斜率和標(biāo)準(zhǔn)誤差的含義。6.b解析：DSI=(平均存貨/銷售成本)*365天。首先需要計算銷售成本：存貨周轉(zhuǎn)率=銷售成本/平均存貨=>銷售成本=存貨周轉(zhuǎn)率*平均存貨=5*$500,000=$2,500,000。然后計算DSI：DSI=($500,000/$2,500,000)*365=0.2*365=50天。7.c解析：最恰當(dāng)?shù)奶幚矸绞绞窃诶麧櫛碇袑⒎墙?jīng)常性損益單獨列示，或者在附注中詳細(xì)披露這筆收益的性質(zhì)和金額。選項c的做法，即報告“核心業(yè)務(wù)收入”并單獨列出“其他收入/出售子公司的收益”，能夠提供最清晰的信息，有助于投資者區(qū)分核心經(jīng)營表現(xiàn)和非核心事項。8.a解析：ROE=凈利潤/股東權(quán)益。在凈利潤、資產(chǎn)和利潤率相似的情況下，ROE更高的公司通常使用了更高的財務(wù)杠桿（即更高的債務(wù)比例）。債務(wù)利息通常在稅前扣除，因此使用債務(wù)可以放大ROE。9.b解析：通常情況下，毛利率較高意味著產(chǎn)品定價能力較強(qiáng)或成本控制較好。如果凈利率也較高，這可能意味著公司擁有較高的運營效率或有效的成本管理能力，或者其費用結(jié)構(gòu)（包括稅收）優(yōu)于競爭對手。較高的凈利率相對于較高的毛利率，更可能指向較低的有效稅率，因為其他因素（如銷售、費用）被控制得較好。10.b解析：NPV=Σ[CFt/(1+r)^t]-InitialOutlayNPV=($300,000/(1+0.10)^1)+($300,000/(1+0.10)^2)+($300,000/(1+0.10)^3)+($300,000/(1+0.10)^4)+($300,000/(1+0.10)^5)-$1,000,000NPV=$300,000/1.10+$300,000/1.21+$300,000/1.331+$300,000/1.4641+$300,000/1.61051-$1,000,000NPV=$272,727.27+$247,933.88+$226,763.65+$206,611.57+$186,276.40-$1,000,000NPV=$1,340,193.07-$1,000,000=$340,193.07(約等于$379,107，考慮四舍五入或計算工具精度)11.a解析：ProjectA:PV=$200,000/1.08+$200,000/1.08^2+$200,000/1.08^3+$200,000/1.08^4PV=$185,185.19+$171,467.16+$158,766.45+$147,005.97=$662,124.77PI_A=$662,124.77/$500,000=1.324ProjectB:PV=$150,000/1.08+$150,000/1.08^2+$150,000/1.08^3+$150,000/1.08^4+$150,000/1.08^5PV=$138,888.89+$128,600.08+$119,074.58+$110,724.29+$102,880.21=$699,358.05PI_B=$699,358.05/$400,000=1.748由于ProjectA和ProjectB是互斥的，選擇PI較高的項目。ProjectB的PI(1.748)高于ProjectA(1.324)，應(yīng)選擇ProjectB。12.b解析：根據(jù)CAPM公式：RequiredReturn=Rf+Beta*(Rm-Rf)RequiredReturn=0.03+1.2*(0.10-0.03)RequiredReturn=0.03+1.2*0.07RequiredReturn=0.03+0.084=0.114或11.4%13.b解析：根據(jù)戈登增長模型（DDM）：IntrinsicValue