2025CFA一級(jí)真題練習(xí)考試時(shí)間：______分鐘總分：______分姓名：______注意：以下所有選擇題均只有一個(gè)最合適的答案。1.AccordingtotheCFAInstituteCodeandStandards,whichofthefollowingactionsbyananalystwouldmostlikelyviolatethestandardthatrequiresmemberstomaintainindependenceandobjectiveintheirprofessionalactivities?a.Acceptingalavishdinnerhostedbyacompanywhosestocktheanalystiscovering.b.Disclosingtoaportfoliomanagerthattheanalyst'srecommendationisbasedonproprietaryinformation.c.Refusingtoissueabuyrecommendationonastockbecauseitconflictswiththeanalyst'spersonalinvestmentphilosophy.d.Owningsharesofthecompanytheanalystiscurrentlycovering.2.Astatisticcalculatedfromasampledatasetisknownasa:a.Populationparameter.b.Samplemean.c.Hypothesistest.d.Descriptivestatistic.3.TheMarkovitzefficientfrontierrepresents:a.Themaximumpossibleexpectedreturnforagivenlevelofrisk.b.Theminimumpossibleriskforagivenlevelofexpectedreturn.c.AllpossiblecombinationsofriskyassetsthatofferthehighestSharperatio.d.Thesetofportfoliosthatcannotbeimproveduponwithoutincreasingrisk.4.Whichofthefollowingisgenerallyconsideredaweaknessofthedividenddiscountmodel(DDM)forvaluingcommonstock?a.Itrequiresmakingassumptionsaboutfuturegrowthrates.b.Itissimpletocalculateandunderstand.c.Itreliesheavilyonaccountingdataratherthanmarketdata.d.Itismostsuitableforvaluingcompanieswithstabledividendpayouts.5.Thedurationofabondmeasuresitssensitivitytochangesin:a.Interestrates.b.Creditspreads.c.Thebond'syieldtomaturity.d.Thebond'scouponrate.6.Acompanyreportsnetincomeof$500,000.Ithasinterestexpenseof$50,000andpreferreddividendsof$20,000.Theearningsavailabletocommonshareholdersare:a.$430,000.b.$500,000.c.$570,000.d.$520,000.7.Theprimarygoalofacompany'smanagementregardingitscapitalstructureistypicallyto:a.Minimizethecompany'staxliability.b.Maximizethecompany'searningspershare(EPS).c.Maximizethecompany'smarketvalue.d.Maintainafixedratioofdebttoequity.8.Whichofthefollowingstatementsabouttheefficientmarkethypothesis(EMH)ismostaccurate?a.Marketpricesreflectonlyallpubliclyavailableinformation.b.Marketpricesreflectallinformation,bothpublicandprivate.c.Marketpricesareconsistentlymispricedduetoinvestorbehavior.d.Marketefficiencyisonlyachievedintheoreticalmarkets,notreal-worldmarkets.9.Aregressionanalysisyieldsthefollowingequation:Y=15+2X.Thisindicatesthatforeveryone-unitincreaseinX,theexpectedvalueofYincreasesby:a.15.b.2.c.17.d.0.5.10.Whichofthefollowingfinancialstatementsprovidesinformationaboutacompany'scashinflowsandoutflowsoveraspecificperiod?a.BalanceSheet.b.IncomeStatement.c.StatementofShareholders'Equity.d.StatementofCashFlows.11.Theprocessofestimatingfuturefinancialstatementitemsbystartingwiththemostrecentactualfiguresandadjustingthemforknownfuturechangesisknownas:a.Bottom-upforecasting.b.Top-downforecasting.c.Extrapolation.d.Regressionanalysis.12.Whichofthefollowingisameasureofacompany'sabilitytomeetitsshort-termobligationsusingitscurrentassets?a.Debt-to-EquityRatio.b.Price-to-EarningsRatio.c.CurrentRatio.d.ReturnonEquityRatio.13.Theweightedaveragecostofcapital(WACC)representsthe:a.Costofequityfinancingonly.b.Costofdebtfinancingonly.c.Averagecostofallsourcesoflong-termcapital,weightedbytheirmarketvalues.d.Minimumrateofreturnacompanymustearnonitsexistingassets.14.Aportfoliomanagerwhoconstructsportfoliosbasedprimarilyontheperformanceofbroadmarketindicesisemployinga:a.Passiveinvestmentstrategy.b.Activeinvestmentstrategy.c.Top-downinvestmentstrategy.d.Bottom-upinvestmentstrategy.15.Whichofthefollowingtypesofriskcanbediversifiedawaybyholdingawell-diversifiedportfolioofassets?a.Systematicrisk.b.Unsystematicrisk.c.Interestraterisk.d.Inflationrisk.16.Theprimarypurposeofa10-Kannualreportisto:a.Providedetailedinformationaboutacompany'sfinancialperformanceandpositiontocurrentandpotentialinvestors.b.Announceacompany'squarterlyearningsresults.c.Outlineacompany'sstrategicplanfortheupcomingyear.d.Communicateacompany'smarketingandadvertisingcampaigns.17.Whichofthefollowingisacharacteristicofapreferredstock?a.Ittypicallyoffersfixeddividendsandpriorityovercommonstockintheeventofliquidation.b.Itisalwaysconvertibleintoafixednumberofcommonshares.c.Ithasthesamevotingrightsascommonstock.d.ItisconsideredadebtinstrumentbytheSEC.18.Theconceptofrisk-returntrade-offsuggeststhat:a.Higherriskinvestmentsalwaysyieldhigherreturns.b.Investorsrequirehigherexpectedreturnstocompensatefortakingonhigherlevelsofrisk.c.Itispossibletoachievezeroriskwithzeroreturn.d.Allinvestmentsofferthesamerisk-adjustedreturn.19.Acompanyusestheweightedaveragemethodtoaccountforitsinventory.Ifthecompanypurchased100unitsat$5eachandlaterpurchased200unitsat$6each,thecostofthefirst150unitssoldwouldbeapproximately:a.$750.b.$780.c.$850.d.$900.20.WhichofthefollowingisakeyassumptionoftheBlack-Scholes-MertonmodelforpricingEuropeancalloptions?a.Theoptioncanonlybeexercisedatexpiration.b.Theunderlyingassetpaysacontinuousdividendyield.c.Thevolatilityoftheunderlyingasset'spriceisconstant.d.Therisk-freeinterestrateisexpectedtochangesignificantlyduringtheoption'slife.21.Inthecontextoffinancialstatementanalysis,theDuPontanalysisbreaksdownReturnonEquity(ROE)intocomponentsthatinclude:a.Profitmargin,assetturnover,andfinancialleverage.b.Salesgrowth,expenseratio,andmarketshare.c.Currentratio,quickratio,andinventoryturnover.d.Dividendyield,payoutratio,andearningsgrowth.22.Acompany'sinventoryturnoverratiois6timesperyear.Iftheaverageinventoryfortheyearis$120,000,thecostofgoodssoldfortheyearis:a.$20,000.b.$72,000.c.$120,000.d.$720,000.23.Theprimarypurposeofabond'sindentureisto:a.Setthetermsandconditionsofthebondissue.b.Provideadetailedanalysisoftheissuer'screditworthiness.c.Outlinetheinvestmentstrategyofthebondfund.d.Recordthehistoricalpricefluctuationsofthebond.24.WhichofthefollowingstatementsabouttheCapitalAssetPricingModel(CAPM)iscorrect?a.Itsuggeststhatallinvestorsholdthemarketportfolio.b.Itassumesthatinvestorscanborrowandlendattherisk-freerate.c.Itcalculatestherequiredrateofreturnforaninvestmentbasedsolelyonitsbeta.d.Itisprimarilyusedtovaluecompaniesinthetechnologysector.25.Astockcurrentlytradesat$50pershare.Thecompanyannouncesa2-for-1stocksplit.Afterthesplit,thestock'spriceisexpectedtobe:a.$25.b.$50.c.$100.d.$102.26.Theconceptof"prudence"inaccountingrefersto:a.Recognizingrevenuesonlywhentheyareearned.b.Expensingassetsimmediatelyratherthandepreciatingthemovertime.c.Anticipatingfuturelossesbutnotfuturegains.d.Ensuringfinancialstatementsarefreefrommaterialmisstatement.27.Whichofthefollowingisgenerallyconsideredamorestablemeasureofacompany'slong-termprofitabilitythanitsaccountingprofit?a.Earningsbeforeinterestandtaxes(EBIT).b.Cashflowfromoperations.c.Netincome.d.Grossprofit.28.Afinancialinstrumentthatderivesitsvaluefromanunderlyingassetisknownasa:a.Spotcontract.b.Forwardcontract.c.Derivative.d.Fund.29.Theprimarybenefitofdiversificationforaninvestoris:a.Thepotentialforsignificantlyhigherreturnsthanthemarketaverage.b.Thereductionofunsystematicrisk.c.Theeliminationofallinvestmentrisk.d.Theabilitytopredictmarketmovementsaccurately.30.Whichofthefollowingeconomicindicatorsismostlikelytohaveadirectandimmediateimpactonthestockpricesofconsumerdiscretionarycompanies?a.Unemploymentrate.b.Producerpriceindex(PPI).c.Consumerpriceindex(CPI).d.Grossdomesticproduct(GDP).31.Acompanyhastotalassetsof$1,000,000andtotalliabilitiesof$600,000.Itsequitymultiplieris:a.0.6.b.1.0.c.1.6.d.1.67.32.Theprocessofadjustingthefinancialstatementsofaforeignsubsidiarytoreflecttheparentcompany'sreportingcurrencyisknownas:a.Translation.b.Translationadjustment.c.Remittance.d.Arbitrage.33.WhichofthefollowingstatementsabouttheEfficientFrontieristrue?a.Portfoliosontheefficientfrontierofferthehighestpossibleexpectedreturnsforagivenlevelofrisk.b.Portfoliosinsidetheefficientfrontieraresuboptimalbecausetheyofferlowerreturnsforthesamelevelofrisk.c.Theefficientfrontieronlyincludesportfoliosofindividualstocks,notdiversifiedportfolios.d.Portfoliosontheefficientfrontierareconsideredtobeirrelevanttorationalinvestors.34.Acalloptiongivestheholdertheright,butnottheobligation,to:a.Buyanassetataspecifiedpricebeforeacertaindate.b.Sellanassetataspecifiedpricebeforeacertaindate.c.Buyanassetatthemarketpriceonorbeforeacertaindate.d.Sellanassetatthemarketpricebeforeacertaindate.35.WhichofthefollowingisakeycomponentoftheCFAInstituteStandardsofPractice?a.Therequirementformemberstomaintainthehigheststandardsofprofessionalcompetence.b.Theallowanceformemberstoacceptgiftsfrominvestmentfirms.c.Theprohibitionofmembersfromvotinginshareholderelections.d.Therequirementformemberstochargefeesfortheirservices.36.Theconceptof"materiality"inaccountingrefersto:a.Theimportanceofanaccountingerror.b.Thecomplexityofanaccountingtransaction.c.Thelegalityofanaccountingpractice.d.Thetimelinessoffinancialreporting.37.Acompany'sinventoryturnoverratiodecreasedfrom8to6overthepastyear,whileitscostofgoodssoldremainedconstant.Thissuggeststhat:a.Thecompany'sinventorylevelshavedecreased.b.Thecompany'sinventorylevelshaveincreased.c.Thecompany'ssaleshaveincreased.d.Thecompany'ssaleshavedecreased.38.Whichofthefollowingisameasureofacompany'sliquidity,calculatedascurrentassetsminuscurrentliabilities?a.Debt-to-EquityRatio.b.QuickRatio.c.Acid-TestRatio.d.CashRatio.39.Theprimarygoalofacompany'smanagementregardingitscapitalbudgetingdecisionsisto:a.Minimizethecompany'sdebtlevels.b.Maximizethecompany'sshort-termprofits.c.Selectprojectsthatincreasethecompany'svalue.d.Maintainaconsistentlevelofinvestmenteachyear.40.Afinancialstatementpreparedbymanagementthatpresentsprojectedfinancialresultsforafutureperiodisknownasa:a.Historicalfinancialstatement.b.Budgetedfinancialstatement.c.Actualfinancialstatement.d.Standardfinancialstatement.41.WhichofthefollowingisgenerallyconsideredamoreconservativeapproachtofinancialreportingthantheGenerallyAcceptedAccountingPrinciples(GAAP)?a.Thecashbasisofaccounting.b.Theaccrualbasisofaccounting.c.Theperpetualinventorysystem.d.Theperiodicinventorysystem.42.Theyieldtomaturity(YTM)onabondrepresentsthe:a.Currentyieldonly.b.Totalreturnanticipatedifthebondishelduntilmaturity.c.Averageannualrateofreturnaninvestorexpectstoearnifthebondispurchasedatitscurrentmarketprice.d.Rateofreturnrequiredbythemarketonasimilarbond.43.Aportfolioconsistsof60%stocksand40%bonds.Theexpectedreturnonstocksis12%,andtheexpectedreturnonbondsis6%.Theexpectedreturnontheportfoliois:a.6%.b.8.4%.c.9%.d.12%.44.Whichofthefollowingisapotentiallimitationofthedividenddiscountmodel(DDM)?a.Itisdifficulttoestimatefuturedividendpayments.b.Itdoesnotconsidertheimpactoftaxesondividends.c.Itismostsuitableforvaluingcompanieswithhighgrowthrates.d.Itreliesheavilyonhistoricaldataratherthanfutureexpectations.45.Theprocessofconvertingabondintoaspecifiednumberofsharesofcommonstockisknownas:a.Callprovision.b.Conversion.c.Putprovision.d.Sinkingfund.46.AcompanyusestheLIFO(Last-In,First-Out)inventorymethod.Ifthecompany'sinventorylevelsincreaseduringaperiodofrisingprices,itscostofgoodssoldwilllikelybe:a.HigherthanifitusedtheFIFOmethod.b.LowerthanifitusedtheFIFOmethod.c.Unaffectedbythechoiceofinventorymethod.d.Equaltoitsendinginventoryvalue.47.Thebetaofastockmeasuresits:a.Volatilityrelativetothemarket.b.Expectedreturnrelativetoitsrisk.c.Dividendyieldrelativetoitsprice.d.Liquidityrelativetootherstocks.48.Afinancialanalystisusingregressionanalysistoestimatetherelationshipbetweenastock'sreturnsandthemarketreturns.Theslopeoftheregressionlinerepresentsthestock's:a.Alpha.b.Beta.c.R-squared.d.Standarddeviation.49.Whichofthefollowingisakeyconsiderationwhenevaluatingacompany'sfinancialperformanceusingratioanalysis?a.Comparingthecompany'sratiostoindustryaverages.b.Analyzingtheratiosinisolationwithoutconsideringthecompany'sbusinessenvironment.c.Focusingonlyontheratiosthathavethehighestvalues.d.Ignoringchangesintheratiosovertime.50.Theprimarypurposeofabond'ssinkingfundprovisionisto:a.Providetheissuerwithadditionalfundstopayoffthebondearly.b.Protectthebondholder'sinvestmentbyrequiringtheissuertosetasidefundstoretirethebond.c.Allowtheissuertoadjustthebond'sinterestratebasedonmarketconditions.d.Givethebondholdertherighttoforcetheissuertobuybackthebond.---注意：以下所有選擇題均只有一個(gè)最合適的答案。51.根據(jù)CFA協(xié)會(huì)道德與專業(yè)標(biāo)準(zhǔn)，下列哪個(gè)行為最有可能違反了要求會(huì)員保持獨(dú)立性和客觀性的標(biāo)準(zhǔn)？a.接受一家其正在覆蓋的公司的豪華晚餐。b.向一位投資組合經(jīng)理披露其建議基于專有信息。c.拒絕就股票發(fā)表買入建議，因?yàn)檫@與分析師的個(gè)人投資理念相沖突。d.持有正在覆蓋的公司股票。52.從樣本數(shù)據(jù)集中計(jì)算出的統(tǒng)計(jì)量被稱為：a.總體參數(shù)。b.樣本均值。c.假設(shè)檢驗(yàn)。d.描述性統(tǒng)計(jì)量。53.馬科維茨有效邊界代表了：a.給定風(fēng)險(xiǎn)水平下的最高可能預(yù)期回報(bào)。b.給定預(yù)期回報(bào)下的最低可能風(fēng)險(xiǎn)。c.提供最高夏普比率的所有風(fēng)險(xiǎn)資產(chǎn)組合。d.無(wú)法在不增加風(fēng)險(xiǎn)的情況下得到改進(jìn)的組合。54.以下哪項(xiàng)通常是股利折現(xiàn)模型（DDM）估值普通股的缺點(diǎn)？a.它需要對(duì)未來(lái)增長(zhǎng)率做出假設(shè)。b.它簡(jiǎn)單易計(jì)算和理解。c.它嚴(yán)重依賴會(huì)計(jì)數(shù)據(jù)而不是市場(chǎng)數(shù)據(jù)。d.它最適合估值派發(fā)穩(wěn)定股息的公司。55.債券的久期衡量其對(duì)以下哪項(xiàng)變化的敏感性？a.利率。b.信用利差。c.債券的到期收益率。d.債券的票面利率。56.一家公司報(bào)告凈利潤(rùn)為50萬(wàn)美元。其利息費(fèi)用為5萬(wàn)美元，優(yōu)先股股息為2萬(wàn)美元?？煞峙浣o普通股股東的收益為：a.43萬(wàn)美元。b.50萬(wàn)美元。c.57萬(wàn)美元。d.52萬(wàn)美元。57.公司管理層關(guān)于其資本結(jié)構(gòu)的主要目標(biāo)通常是：a.最大限度地減少公司的稅收負(fù)擔(dān)。b.最大限度地提高公司的每股收益（EPS）。c.最大限度地提高公司的市場(chǎng)價(jià)值。d.維持債務(wù)與權(quán)益的固定比率。58.關(guān)于有效市場(chǎng)假說(shuō)（EMH）的以下哪種說(shuō)法最準(zhǔn)確？a.市場(chǎng)價(jià)格反映了所有公開(kāi)可用的信息。b.市場(chǎng)價(jià)格反映了所有信息，包括公共信息和私人信息。c.市場(chǎng)價(jià)格由于投資者行為而持續(xù)被高估。d.市場(chǎng)效率只在理論市場(chǎng)上實(shí)現(xiàn)，而不是在現(xiàn)實(shí)市場(chǎng)中實(shí)現(xiàn)。59.回歸分析得出以下方程：Y=15+2X。這表明X每增加一個(gè)單位，Y的預(yù)期值將增加：a.15。b.2。c.17。d.0.5。60.哪個(gè)財(cái)務(wù)報(bào)表提供了關(guān)于公司在特定時(shí)期內(nèi)的現(xiàn)金流入和流出的信息？a.資產(chǎn)負(fù)債表。b.利潤(rùn)表。c.股東權(quán)益變動(dòng)表。d.現(xiàn)金流量表。61.通過(guò)從最近實(shí)際的數(shù)字開(kāi)始，并根據(jù)已知的未來(lái)變化對(duì)它們進(jìn)行調(diào)整來(lái)估計(jì)未來(lái)財(cái)務(wù)報(bào)表項(xiàng)目的過(guò)程被稱為：a.自下而上預(yù)測(cè)。b.自上而下預(yù)測(cè)。c.外推。d.回歸分析。62.在財(cái)務(wù)報(bào)表分析中，杜邦分析將凈資產(chǎn)收益率（ROE）分解為包括以下哪幾項(xiàng)的組成部分？a.利潤(rùn)率、資產(chǎn)周轉(zhuǎn)率和財(cái)務(wù)杠桿。b.銷售增長(zhǎng)率、費(fèi)用比率和市場(chǎng)份額。c.流動(dòng)比率、速動(dòng)比率和存貨周轉(zhuǎn)率。d.股息收益率、派息比率и盈利增長(zhǎng)率。63.一家公司的存貨周轉(zhuǎn)率每年為6次。如果該年的平均存貨為12萬(wàn)美元，則該年的銷貨成本為：a.2萬(wàn)美元。b.7.2萬(wàn)美元。c.12萬(wàn)美元。d.72萬(wàn)美元。64.債券契約的主要目的是：a.設(shè)定債券發(fā)行的條件。b.提供對(duì)發(fā)行人信用狀況的詳細(xì)分析。c.概述債券基金的投資策略。d.記錄債券的歷史價(jià)格波動(dòng)。65.關(guān)于資本資產(chǎn)定價(jià)模型（CAPM）的哪種說(shuō)法是正確的？a.它表明所有投資者都持有市場(chǎng)投資組合。b.它假設(shè)投資者可以按無(wú)風(fēng)險(xiǎn)利率借貸。c.它根據(jù)solelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolelysolel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