2025年CFA考試沖刺押題卷考試時(shí)間：______分鐘總分：______分姓名：______注意：以下為模擬試卷，請(qǐng)根據(jù)CFALevelI知識(shí)體系作答。1.ACFAcandidateisevaluatingacompany'sfinancialstatements.Thecompanyreportssignificantrevenuegrowthbutalsoincreasingaccountsreceivableturnover.Whichofthefollowingscenariosismostconsistentwiththeseobservations?a)Thecompanyhassuccessfullyexpandeditsmarketsharewhilemaintainingstrictcreditpolicies.b)Thecompanyhasrelaxeditscreditpolicies,potentiallyleadingtofuturecashflowdifficulties.c)Thecompanyhasexperiencedadeclineinsalesquality,resultinginlongercollectionperiods.d)Thecompany'scustomersaregenerallypayingtheirinvoicesearlierthanexpected.2.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockhasanexpectedreturnof12%andastandarddeviationof20%.Themarketportfoliohasanexpectedreturnof10%andastandarddeviationof15%.Therisk-freerateis5%.AccordingtotheCapitalAssetPricingModel(CAPM),whatistheimpliedbetaofthestock?a)0.50b)0.75c)1.00d)1.253.Whichofthefollowingstatementsregardingtheefficientmarkethypothesis(EMH)ismostaccurate?a)TheweakformoftheEMHsuggeststhattechnicalanalysiscanconsistentlygenerateabnormalreturns.b)Thesemi-strongformoftheEMHimpliesthatpubliclyavailableinformation,includingfinancialstatements,cannotbeusedtopredictfuturestockprices.c)ThestrongformoftheEMHassertsthatallrelevantinformation,bothpublicandprivate,isinstantlyreflectedinstockprices.d)TheEMHonlyappliestowell-diversifiedportfolios,asindividualstockanalysiscanleadtoabnormalreturns.4.Acompanyisanalyzingtwopotentialinvestmentprojects.ProjectAhasaninternalrateofreturn(IRR)of14%andanetpresentvalue(NPV)of$50,000atadiscountrateof12%.ProjectBhasanIRRof13%andanNPVof$40,000atthesamediscountrate.Whichprojectshouldthecompanyprefer,assumingmutuallyexclusiveprojects?a)ProjectA,asithasahigherIRR.b)ProjectB,asithasalowerIRRandissimpler.c)ProjectA,asithasahigherNPV.d)ProjectB,asbothprojectshavepositiveNPVsbutProjectBhasahigherIRRrelativetoitsNPV.5.Whatistheprimarypurposeofasensitivityanalysisinfinancialmodeling?a)Todeterminetheexactprobabilityofaproject'ssuccess.b)Toidentifythevariablesthathavethemostsignificantimpactontheproject'soutcome.c)Tocalculatetheaverageexpectedvalueofaprojectoveritslifetime.d)Toassesstheriskofaprojectbycalculatingitsbetacoefficient.6.Aportfoliomanagerisconstructingaportfoliousingtwostocks.StockXhasanexpectedreturnof10%andastandarddeviationof15%.StockYhasanexpectedreturnof14%andastandarddeviationof25%.Thecorrelationcoefficientbetweenthetwostocksis0.4.Iftheportfolioisinvested60%inStockXand40%inStockY,whatistheapproximateexpectedreturnoftheportfolio?a)11.4%b)12.0%c)12.6%d)13.2%7.Whichofthefollowingstatementsregardingthetimevalueofmoneyismostaccurate?a)Adollarreceivedtodayisworthlessthanadollarreceivedinthefutureduetothepotentialforinflation.b)Thepresentvalueofasinglefuturecashflowincreasesasthediscountratedecreases.c)Thefuturevalueofanannuitydueisalwayshigherthanthefuturevalueofanordinaryannuitywiththesamecashflowsandinterestrate.d)Aninvestmentwithahighercouponratewillalwayshaveahigheryieldtomaturity.8.Acompany'smanagementisconsideringissuingnewequitytofundaproject.Whichofthefollowingpotentialconsequencesofissuingnewequityisconsideredadisadvantage?a)Dilutionofexistingshareholders'ownershippercentage.b)Thecompanydoesnothavetorepaythefundsborrowed.c)Thecostofequityisgenerallylowerthanthecostofdebt.d)Thecompany'sdebt-to-equityratiowilldecrease.9.Whichofthefollowingisanexampleofanon-cashexpense?a)Depreciationb)Interestexpensec)Dividendspaidd)Cashreceivedfromcustomers10.Ananalystisusingthedividenddiscountmodel(DDM)tovalueastock.Themodelbeingusedistheconstantgrowthmodel.Whichofthefollowingassumptionsisfundamentaltothismodel?a)Dividendsareexpectedtogrowataconstantrateindefinitely.b)Therequiredrateofreturnisequaltothecompany'scostofequity.c)Thecompanywillneverissuenewshares.d)Thecompany'spayoutratiowillremainconstantovertime.11.Whichofthefollowingfinancialratiosismostdirectlyaffectedbyacompany'sinventorymanagementefficiency?a)Debt-to-equityratiob)Currentratioc)Inventoryturnoverratiod)Price-to-earningsratio12.Afirmisconsideringacapitalbudgetingprojectthatrequiresaninitialinvestmentof$1,000,000.Theprojectisexpectedtogenerateannualcashinflowsof$300,000forthenextfiveyears.Thefirm'srequiredrateofreturnis10%.Whatisthepaybackperiodforthisproject?a)3.33yearsb)3.67yearsc)4.00yearsd)4.33years13.Whichofthefollowingstatementsregardingtheyieldcurveismostaccurate?a)Aflatyieldcurveindicatesthatinvestorsexpectinterestratestoremainstableinthefuture.b)Adownward-slopingyieldcurvesuggeststhatinvestorsexpectinterestratestodeclineinthefuture.c)Aninvertedyieldcurve,wherelong-termyieldsarelowerthanshort-termyields,istypicallyconsideredabullishsignalfortheeconomy.d)Theyieldcurveonlyreflectstherelationshipbetweentheyieldsandmaturitiesofgovernmentbonds.14.Aninvestorisconsideringinvestinginamutualfundthatchargesafront-endloadof2%.Thefund'sportfolioisvaluedat$10million,andtheinvestorplanstoinvest$50,000.Howmuchofthe$50,000willactuallybeinvestedinthefund'sportfolio?a)$50,000b)$49,000c)$48,500d)$47,00015.Whichofthefollowingisakeycharacteristicofanefficientmarket?a)Pricesaredrivenprimarilybyinvestorsentimentandemotions.b)Allavailableinformationisinstantlyandaccuratelyreflectedinprices.c)Itispossibletoconsistentlygenerateabnormalreturnsthroughfundamentalanalysis.d)Marketparticipantsexhibitherdingbehavior,followingtheactionsofotherinvestors.16.Acompany'smanagementisconsideringusingtheweightedaveragecostofcapital(WACC)asthediscountrateforallofitsprojects.WhichofthefollowingstatementsregardingWACCismostaccurate?a)WACCisalwaysequaltothecostofequity.b)WACCreflectsthecostoffinancingthecompany'sassetsusingonlydebt.c)WACCiscalculatedbyweightingthecostofeachsourceofcapitalbyitsproportioninthecompany'scapitalstructure.d)WACCistypicallyhigherforcompanieswithhigherlevelsoffinancialleverage.17.Whichofthefollowingstatementsregardingthetimeseriesregressionanalysisismostaccurate?a)Thecoefficientofdetermination(R-squared)measuresthestrengthofthelinearrelationshipbetweenthedependentandindependentvariable.b)Theintercepttermrepresentstheexpectedvalueofthedependentvariablewhentheindependentvariableiszero.c)Timeseriesregressionmodelsassumethattheindependentvariablesarenormallydistributed.d)TheDurbin-Watsonstatisticisusedtotestforthepresenceofautocorrelationintheresiduals.18.Acompany'sfinancialstatementsshowthatitstotalassetsare$5millionanditstotalliabilitiesare$3million.Whatisthecompany'sequitymultiplier?a)1.0b)1.5c)2.0d)3.019.WhichofthefollowingisaprimarylimitationoftheDuPontanalysis?a)Itonlyconsidersacompany'sfinancialperformanceoverasingleperiod.b)Itdoesnotaccountfortheeffectsoffinancialleverageonreturnonequity(ROE).c)Itreliesonaccountingdatathatmaybesubjecttomanipulation.d)ItisdifficulttocomparetheDuPontanalysisresultsofcompaniesindifferentindustries.20.Aninvestorisconsideringbuyingacalloptiononastock.Whichofthefollowingstatementsismostaccurate?a)Theinvestorhastheright,butnottheobligation,tobuythestockatthestrikepricebeforetheoptionexpires.b)Theinvestorisobligatedtobuythestockatthestrikepriceiftheoptionisexercised.c)Themaximumlossfortheinvestorislimitedtothepremiumpaidfortheoption.d)Thevalueofthecalloptionwillalwaysincreasebythesameamountastheunderlyingstock'spriceincreases.21.Acompanyisanalyzingtheprofitabilityofitsdifferentbusinesssegments.Whichofthefollowingratiosismostsuitableforthisanalysis?a)Grossprofitmarginb)Netprofitmarginc)Returnonassets(ROA)d)Earningspershare(EPS)22.Whichofthefollowingstatementsregardingtheefficientfrontierismostaccurate?a)Theefficientfrontierrepresentsallpossibleportfoliosthatofferthehighestexpectedreturnforagivenlevelofrisk.b)Portfoliosthatliebelowtheefficientfrontierareconsideredinefficientandshouldbeavoided.c)Theefficientfrontierisastraightline,indicatingalinearrelationshipbetweenriskandreturn.d)Theminimumvarianceportfolioisalwayslocatedatthepointontheefficientfrontierwiththelowestpossiblestandarddeviation.23.Acompany'smanagementisconsideringissuingconvertiblebonds.Whichofthefollowingpotentialbenefitsofissuingconvertiblebondsismostaccurate?a)Thecompanycanraisedebtatalowerinterestratethanitcouldobtainonnon-convertibledebt.b)Theconversionfeatureprovidesthecompanywiththeopportunitytoraiseequitycapitalatapredeterminedprice.c)Convertiblebondscanbeusedtodeferthepaymentofinterestexpensesuntilthebondsareconvertedintoequity.d)Theissuanceofconvertiblebondsdoesnotincreasethecompany'sdebtload.24.Ananalystisusingtheprice-earnings(P/E)ratiotovalueastock.Whichofthefollowingfactorsismostlikelytocausethestock'sP/Eratiotoincrease?a)Thestock'searningsareexpectedtodeclineinthefuture.b)Therequiredrateofreturnforthestockincreases.c)Thecompany'sgrowthprospectsareexpectedtoimprove.d)Thecompany'sdividendpayoutratiodecreases.25.Whichofthefollowingstatementsregardingthecapitalassetpricingmodel(CAPM)ismostaccurate?a)TheCAPMsuggeststhattheexpectedreturnonastockisindependentofitsbeta.b)Themarketriskpremiumiscalculatedasthedifferencebetweentheexpectedreturnonthemarketportfolioandtherisk-freerate.c)Thebetaofthemarketportfolioisalwaysequalto1.d)TheCAPMisonlyapplicabletoindividualstocksandnottoportfolios.26.Acompany'sfinancialstatementsshowthatitstotalassetsare$8million,itstotalliabilitiesare$4million,anditsshareholders'equityis$5million.Whatisthecompany'sdebt-to-equityratio?a)0.50b)1.00c)1.50d)2.0027.Whichofthefollowingisakeyassumptionoftheconstantgrowthdividenddiscountmodel(DDM)?a)Dividendsareexpectedtogrowataconstantrateforever.b)Thecompanywillnotpayanydividendsfortheforeseeablefuture.c)Therequiredrateofreturnisgreaterthanthecompany'sgrowthrate.d)Thecompany'spayoutratiowilldecreaseovertime.28.Aninvestorisconsideringinvestinginastockthatpaysannualdividends.Thestock'scurrentpriceis$50pershare,anditpaysadividendof$2pershare.Theinvestorexpectsthedividendtogrowataconstantrateof5%peryear.Whatistheinvestor'srequiredrateofreturnonthestockaccordingtotheconstantgrowthdividenddiscountmodel(DDM)?a)3.8%b)4.0%c)5.0%d)7.0%29.Whichofthefollowingstatementsregardingthetimevalueofmoneyismostaccurate?a)Adollarreceivedtodayisworththesameasadollarreceivedinthefuture.b)Thepresentvalueofasinglefuturecashflowincreasesasthenumberofyearsuntilreceiptincreases.c)Thefuturevalueofanordinaryannuityisalwayslowerthanthefuturevalueofanannuityduewiththesamecashflowsandinterestrate.d)Thepresentvalueofaperpetuityiscalculatedasthecashflowdividedbytheinterestrate.30.Acompanyisanalyzingtwopotentialinvestmentprojects.ProjectAhasaninitialinvestmentof$100,000andisexpectedtogeneratecashinflowsof$40,000peryearforfiveyears.ProjectBhasaninitialinvestmentof$150,000andisexpectedtogeneratecashinflowsof$60,000peryearforfiveyears.Thecompany'srequiredrateofreturnis10%.Whichprojecthasthehighernetpresentvalue(NPV)?a)ProjectAb)ProjectBc)BothprojectshavethesameNPV.d)ItisnotpossibletodeterminewhichprojecthasthehigherNPVwithoutcalculatingtheNPVforbothprojects.試卷答案1.b解析：收入增長(zhǎng)伴隨著應(yīng)收賬款周轉(zhuǎn)率下降，通常意味著公司放寬了信用政策，給予客戶更長(zhǎng)的付款期限，這可能導(dǎo)致未來(lái)的現(xiàn)金流困難。2.b解析：根據(jù)CAPM公式：E(Ri)=Rf+βi*[E(Rm)-Rf]。將已知數(shù)據(jù)代入：12%=5%+βi*(10%-5%)。解得：βi=0.75。3.b解析：semi-strongformofEMH認(rèn)為，所有公開(kāi)信息（包括財(cái)務(wù)報(bào)表）都已反映在股價(jià)中，因此無(wú)法通過(guò)基本面分析獲得超額收益。4.c解析：對(duì)于互斥項(xiàng)目，NPV是更可靠的決策標(biāo)準(zhǔn)。NPV較高的項(xiàng)目能創(chuàng)造更多價(jià)值。5.b解析：敏感性分析旨在識(shí)別哪些變量對(duì)項(xiàng)目結(jié)果影響最大，幫助管理者了解關(guān)鍵風(fēng)險(xiǎn)因素。6.a解析：Portfolio