2025年CFA一級模擬試卷下載考試時(shí)間：______分鐘總分：______分姓名：______注意：本試卷共包含60道選擇題和2道寫作題，請按要求完成。一、選擇題1.AccordingtotheCFAInstituteCodeandStandards,whichofthefollowingactionsbyananalystwouldmostlikelybeconsideredaviolationoftheStandardofConfidentiality?A)Discussingapotentialinvestmentideawithasmallgroupofclosecolleagueswhoarenotclients.B)Usingnon-public,materialinformationobtainedfromabrokertomaketradesforpersonalbenefit.C)Sharingaggregate,anonymizedportfolioperformancedatawithapublicationforanindustryarticle.D)Reviewingaclient'sportfoliotoensuretheinvestmentsalignwiththestatedinvestmentpolicy.2.TheMarkowitzefficientfrontierrepresents:A)Thesetofportfoliosthatofferthehighestexpectedreturnforagivenlevelofunsystematicrisk.B)Thesetofportfoliosthatofferthelowestriskforagivenlevelofexpectedreturn.C)Thesetofportfoliosthatlieontheminimumvarianceboundary.D)Thesetofportfoliosthatcannotbeimproveduponwithoutincreasingrisk.3.Aninvestorrequiresaportfolioreturnof12%peryear.Theexpectedreturnonthemarketportfoliois10%,andtherisk-freerateis4%.AccordingtotheCapitalAssetPricingModel(CAPM),whatistheinvestor'srequiredriskpremium?A)2%B)4%C)6%D)10%4.Whichofthefollowingisgenerallyconsideredaweaknessofthedividenddiscountmodel(DDM)?A)Itisdifficulttoapplytocompaniesthatdonotpaydividends.B)Itreliesheavilyonassumptionsaboutfuturedividendgrowthrates.C)Itdoesnotaccountfortheriskinessofthecompany'sassets.D)Itoftenresultsinanovervaluationofmaturecompanies.5.Astockhasanexpectedreturnof15%andastandarddeviationof30%.Therisk-freerateis5%.WhatistheSharperatioofthisstock?A)0.25B)0.33C)0.50D)0.756.Whichofthefollowingtechniquesismostlikelytobeusedtovalueacompanythatownsatrademarkwithsignificanteconomicvaluebutnophysicalpresence?A)Discountedcashflow(DCF)analysis.B)Comparablecompanyanalysis.C)Precedenttransactionsanalysis.D)Sum-of-the-partsanalysis.7.Acompanyreportsnetincomeof$1million,depreciationof$200,000,andanincreaseinaccountspayableof$50,000duringtheyear.Whatisthecompany'soperatingcashflow(OCF)?A)$900,000B)$950,000C)$1,100,000D)$1,150,0008.Whichofthefollowingfinancialstatementratioswouldlikelyimproveifacompanyweretoconvertlong-termdebtintocommonstock?A)Debt-to-equityratio.B)Interestcoverageratio.C)Currentratio.D)Earningspershare(EPS).9.Theaccountingprinciplethatrequirescompaniestorecordassetsattheirhistoricalcostisknownas:A)Revenuerecognitionprinciple.B)Matchingprinciple.C)Historicalcostprinciple.D)Conservatismprinciple.10.Whichofthefollowingeventswouldlikelycauseacompany'sinventoryturnoverratiotodecrease?A)Asignificantincreaseinsalesvolume.B)Areductioninthecostofgoodssold(COGS).C)Adecreaseinaverageinventorylevels.D)Anincreaseinthepurchaseofnewinventory.11.Acompanyhastotalassetsof$5millionandtotalliabilitiesof$3million.Whatisthecompany'sequitymultiplier?A)0.60B)1.00C)1.60D)2.5012.WhichofthefollowingisalimitationoftheDuPontanalysis?A)Itonlyconsidersacompany'sfinancialperformance,ignoringnon-financialfactors.B)ItbreaksdownReturnonEquity(ROE)intocomponentsthatarenoteasilycomparableacrosscompanies.C)ItassumesthatahigherROEisalwayspreferable.D)Itdoesnotaccountfortheimpactofleverageonacompany'sperformance.13.Theweightedaveragecostofcapital(WACC)isbestdescribedas:A)Theaveragerateofreturnrequiredbyallinvestorsinacompany.B)Theminimumrateofreturnacompanymustearnonitsinvestmentstosatisfyitscreditorsandowners.C)Theaveragerateofreturnacompanyexpectstoearnonitsexistingassets.D)Thecostofraisingadditionalcapital,weightedbytheproportionofeachtypeofcapitalused.14.Whichofthefollowingtechniquesismostappropriateforvaluingacompanythatoperatesinmultipleindustrieswithvaryinggrowthrates?A)Liquidationvalueanalysis.B)Discountedcashflow(DCF)analysisusingasinglecompany-widediscountrate.C)Comparablecompanyanalysisfocusingontheoverallmarket.D)Precedenttransactionsanalysisinvolvingdiversifiedacquirers.15.Modigliani-MillerPropositionI(withouttaxes)statesthat:A)Thevalueofaleveredfirmisequaltothevalueofanunleveredfirm.B)Thevalueofaleveredfirmisgreaterthanthevalueofanunleveredfirm.C)Thecostofequityincreasesasthedegreeoffinancialleverageincreases.D)Theweightedaveragecostofcapital(WACC)decreasesastheamountofdebtincreases.16.Whichofthefollowingisaprimaryfunctionofthesecondarymarket?A)Toprovidecompanieswithameanstoraisecapitalforexpansion.B)Tofacilitatetheinitialpublicoffering(IPO)ofacompany'sstock.C)Toprovideinvestorswithamarkettobuyandsellpreviouslyissuedsecurities.D)Toregulatetheissuanceofnewsecuritiesandensurefairpricing.17.Abondwithafacevalueof$1,000andacouponrateof6%paysinterestsemi-annually.Ifthemarketinterestrateis5%,whatistheapproximatepriceofthebond?A)$950B)$980C)$1,000D)$1,02018.Whichofthefollowingtypesofriskismostlikelytobediversifiedawaybyholdingawell-diversifiedportfolioofstocks?A)Marketrisk.B)Systematicrisk.C)Unsystematicrisk.D)Interestraterisk.19.Acompanyisevaluatinganewprojectwithaninitialinvestmentof$100,000andexpectedcashflowsof$40,000peryearfor4years.Iftherequiredrateofreturnis10%,whatisthenetpresentvalue(NPV)oftheproject?A)$10,000B)$20,000C)$30,000D)$40,00020.Whichofthefollowingisacharacteristicoftheefficientmarkethypothesis(EMH)?A)Securitypricesreflectallavailableinformation,andpricesadjustrapidlytonewinformation.B)Marketparticipantsareconsistentlyabletofindundervaluedsecurities.C)Thestockmarketisdominatedbylargeinstitutionalinvestors.D)Technicalanalysisisareliablemethodforpredictingfuturepricemovements.21.Whichofthefollowinginvestmentstylesischaracterizedbyfocusingonstocksthatareundervaluedaccordingtofundamentalanalysis?A)Growthinvesting.B)Valueinvesting.C)Indexinvesting.D)Momentuminvesting.22.Whichofthefollowingisameasureofacompany'sabilitytomeetitsshort-termobligations?A)Returnonassets(ROA).B)Inventoryturnoverratio.C)Currentratio.D)Debt-to-equityratio.23.Acompany'saccountsreceivableturnoverratiois8timesperyear.Iftheaverageaccountsreceivablebalanceis$100,000,whatisthecompany'sannualcreditsales?A)$80,000B)$125,000C)$800,000D)$1,000,00024.Whichofthefollowingfinancialstatementsreportsacompany'sfinancialpositionataspecificpointintime?A)Incomestatement.B)Statementofcashflows.C)Statementofretainedearnings.D)Balancesheet.25.Whichofthefollowingisapotentiallimitationofusingtheprice-to-earnings(P/E)ratioforvaluation?A)Itdoesnotconsiderthesizeofthecompany.B)Itcanbemisleadingforcompanieswithnegativeearnings.C)Itisnotaffectedbychangesininterestrates.D)Itisonlyusefulforvaluingcompaniesinthesameindustry.26.Acompanyhasabetaof1.2.Ifthemarketriskpremiumis5%,andtherisk-freerateis3%,whatisthecompany'srequiredrateofreturnaccordingtotheCapitalAssetPricingModel(CAPM)?A)3%B)6%C)9%D)12%27.Whichofthefollowingisacomponentofthestatementofcashflows?A)Dividendspaid.B)Depreciationexpense.C)Changesinworkingcapital.D)Alloftheabove.28.Theaccountingconceptthatrequirescompaniestorecognizeexpensesintheperiodinwhichtheyareincurred,regardlessofwhencashispaid,isknownas:A)Accrualbasisaccounting.B)Cashbasisaccounting.C)GAAPaccounting.D)IFRSaccounting.29.Whichofthefollowingisariskfactorassociatedwithinvestingininternationalstocks?A)Currencyrisk.B)Politicalrisk.C)Countryrisk.D)Alloftheabove.30.AportfolioconsistsofStockAwithaweightof60%andanexpectedreturnof12%,andStockBwithaweightof40%andanexpectedreturnof8%.Whatistheexpectedreturnoftheportfolio?A)8.0%B)10.0%C)10.8%D)12.0%31.Whichofthefollowingisatruestatementregardingtherelationshipbetweenabond'spriceanditsyieldtomaturity(YTM)?A)Whenthebond'spriceincreases,itsYTMdecreases.B)Whenthebond'spricedecreases,itsYTMincreases.C)Therelationshipisalwaysinverse.D)Therelationshipisalwaysdirect.32.Acompanyhassalesof$1million,acostofgoodssoldof$600,000,andoperatingexpensesof$200,000.Whatisthecompany'sgrossprofitmargin?A)20%B)40%C)60%D)80%33.Whichofthefollowingisameasureofacompany'sfinancialleverage?A)Returnonassets(ROA).B)Timesinterestearned(TIE).C)Debt-to-equityratio.D)Inventoryturnoverratio.34.Theprocessofgroupingsimilarinvestmentstogetherisknownas:A)Diversification.B)Assetallocation.C)Securityselection.D)Portfolioconstruction.35.Whichofthefollowingisalimitationoftheprice-earnings(P/E)ratio?A)Itdoesnotconsiderthecompany'sdebtlevels.B)Itcanbedifficulttocompareacrosscompaniesindifferentindustries.C)Itisonlyusefulformaturecompanies.D)Itdoesnotreflectthegrowthpotentialofthecompany.36.Acompany'sreturnonassets(ROA)is8%.Ifthecompany'sequitymultiplieris2,whatisthecompany'sreturnonequity(ROE)?A)4%B)8%C)12%D)16%37.Whichofthefollowingisariskassociatedwithinvestinginemergingmarkets?A)Highinflationrates.B)Politicalinstability.C)Lackoftransparency.D)Alloftheabove.38.Theprocessofestimatingthefairvalueofanassetorliabilityisknownas:A)Valuation.B)Appraisal.C)Fairvalueaccounting.D)Marketpricing.39.Whichofthefollowingisacomponentoftheefficientmarkethypothesis(EMH)?A)Marketpricesreflectallavailableinformation.B)Investorsarerationalandrisk-averse.C)Securitypricesadjustquicklytonewinformation.D)Alloftheabove.40.Acompanyhastotalassetsof$500,000andtotalliabilitiesof$200,000.Whatisthecompany'sdebt-to-equityratio?A)0.40B)0.60C)1.00D)1.6741.WhichofthefollowingisalimitationoftheDuPontanalysis?A)Itisdifficulttocompareacrosscompanieswithdifferentcapitalstructures.B)Itonlyconsidersacompany'sfinancialperformance,ignoringnon-financialfactors.C)ItassumesthatahigherROEisalwayspreferable.D)ItbreaksdownReturnonEquity(ROE)intocomponentsthatarenoteasilycomparableacrosscompanies.42.Whichofthefollowingisameasureofacompany'sliquidity?A)Returnonequity(ROE).B)Currentratio.C)Debt-to-equityratio.D)Price-to-earnings(P/E)ratio.43.Acompany'sinventoryturnoverratiois6timesperyear.Ifthecostofgoodssoldis$600,000,whatisthecompany'saverageinventory?A)$100,000B)$150,000C)$200,000D)$360,00044.Whichofthefollowingisapotentiallimitationofusingtheprice-to-sales(P/S)ratioforvaluation?A)Itdoesnotconsiderthecompany'sprofitability.B)Itcanbemisleadingforcompanieswithnegativesales.C)Itisnotaffectedbychangesininterestrates.D)Itisonlyusefulforvaluingcompaniesinthesameindustry.45.Whichofthefollowingisacomponentofthestatementofcashflows?A)Netincome.B)Depreciationexpense.C)Changesinworkingcapital.D)Alloftheabove.46.Theaccountingprinciplethatrequirescompaniestorecordassetsattheirhistoricalcostisknownas:A)Revenuerecognitionprinciple.B)Matchingprinciple.C)Historicalcostprinciple.D)Conservatismprinciple.47.Whichofthefollowingisariskfactorassociatedwithinvestinginsmall-capstocks?A)Highervolatility.B)Lowerliquidity.C)Greatergrowthpotential.D)Alloftheabove.48.Acompanyisevaluatinganewprojectwithaninitialinvestmentof$50,000andexpectedcashflowsof$15,000peryearfor4years.Iftherequiredrateofreturnis12%,whatistheinternalrateofreturn(IRR)oftheproject?A)10.0%B)12.0%C)15.0%D)18.0%49.Whichofthefollowingisatruestatementregardingtherelationshipbetweenabond'scouponrate,yieldtomaturity(YTM),andprice?A)IfthecouponrateishigherthantheYTM,thebondwillsellatadiscount.B)IfthecouponrateislowerthantheYTM,thebondwillsellatapremium.C)IfthecouponrateisequaltotheYTM,thebondwillsellatpar.D)Alloftheabove.50.Whichofthefollowingisameasureofacompany'sprofitability?A)Currentratio.B)Returnonassets(ROA).C)Debt-to-equityratio.D)Inventoryturnoverratio.51.Whichofthefollowingisalimitationofthedividenddiscountmodel(DDM)?A)Itisdifficulttoapplytocompaniesthatdonotpaydividends.B)Itreliesheavilyonassumptionsaboutfuturedividendgrowthrates.C)Itdoesnotaccountfortheriskinessofthecompany'sassets.D)Itoftenresultsinanovervaluationofmaturecompanies.52.Acompanyhasabetaof0.8.Ifthemarketriskpremiumis6%,andtherisk-freerateis4%,whatisthecompany'srequiredrateofreturnaccordingtotheCapitalAssetPricingModel(CAPM)?A)2.0%B)4.0%C)6.0%D)8.0%53.Whichofthefollowingisacomponentoftheefficientmarkethypothesis(EMH)?A)Marketpricesreflectallavailableinformation.B)Investorsarerationalandrisk-averse.C)Securitypricesadjustquicklytonewinformation.D)Alloftheabove.54.Whichofthefollowingisameasureofacompany'sliquidity?A)Returnonequity(ROE).B)Currentratio.C)Debt-to-equityratio.D)Price-to-earnings(P/E)ratio.55.Whichofthefollowingisatruestatementregardingtherelationshipbetweenabond'spriceanditsyieldtomaturity(YTM)?A)Whenthebond'spriceincreases,itsYTMdecreases.B)Whenthebond'spricedecreases,itsYTMincreases.C)Therelationshipisalwaysinverse.D)Therelationshipisalwaysdirect.56.Whichofthefollowingisalimitationofusingtheprice-earnings(P/E)ratioforvaluation?A)Itdoesnotconsiderthecompany'sdebtlevels.B)Itcanbedifficulttocompareacrosscompaniesindifferentindustries.C)Itisonlyusefulformaturecompanies.D)Itdoesnotreflectthegrowthpotentialofthecompany.57.Whichofthefollowingisacomponentofthestatementofcashflows?A)Netincome.B)Depreciationexpense.C)Changesinworkingcapital.D)Alloftheabove.58.Theaccountingconceptthatrequirescompaniestorecognizeexpensesintheperiodinwhichtheyareincurred,regardlessofwhencashispaid,isknownas:A)Accrualbasisaccounting.B)Cashbasisaccounting.C)GAAPaccounting.D)IFRSaccounting.59.Whichofthefollowingisariskfactorassociatedwithinvestingininternationalstocks?A)Currencyrisk.B)Politicalrisk.C)Countryrisk.D)Alloftheabove.60.Whichofthefollowingisameasureofacompany'sfinancialleverage?A)Returnonassets(ROA).B)Timesinterestearned(TIE).C)Debt-to-equityratio.D)Inventoryturnoverratio.二、寫作題61.AnanalystisconsideringinvestinginCompanyX,whichhasabetaof1.5.Therisk-freerateis3%,andtheexpectedreturnonthemarketportfoliois10%.TheanalystestimatesthatCompanyX'smanagementislikelytoimplementanewstrategythatwillincreasethecompany'sbetato1.8.Assumingthemarketriskpremiumremainsunchanged,howwillthischangeinbetaaffecttherequiredrateofreturnonCompanyX'sstockaccordingtotheCapitalAssetPricingModel(CAPM)?Provideadetailedexplanationofyourcalculationandreasoning.62.Acompanyisevaluatingtwomutuallyexclusiveinvestmentprojects.ProjectAhasaninitialinvestmentof$100,000andexpectedcashflowsof$40,000peryearfor4years.ProjectBhasaninitialinvestmentof$120,000andexpectedcashflowsof$50,000peryearfor4years.Therequiredrateofreturnforbothprojectsis10%.UsingtheNetPresentValue(NPV)method,determinewhichprojectthecompanyshouldselect.Provideadetailedexplanationofyourcalculationandreasoning,includinganyrelevantconsiderationsbeyondjusttheNPV.---試卷答案1.B解析：使用非公開的、重要的信息為自己牟利，違反了保密原則。2.B解析：有效前沿代表在給定風(fēng)險(xiǎn)水平下提供最低風(fēng)險(xiǎn)或給定回報(bào)水平下提供最高回報(bào)的投資組合集合。3.C解析：風(fēng)險(xiǎn)溢價(jià)=市場預(yù)期回報(bào)率-無風(fēng)險(xiǎn)利率=10%-4%=6%。4.B解析：DDM高度依賴對未來股息增長率的假設(shè)，這些假設(shè)的準(zhǔn)確性難以保證。5.C解析：Sharpe比率=(股票預(yù)期回報(bào)率-無風(fēng)險(xiǎn)利率)/股票標(biāo)準(zhǔn)差=(15%-5%)/30%=0.50。6.D解析：對于擁有無形資產(chǎn)（如商標(biāo)）的公司，將其分拆出售（拆分法）可以更準(zhǔn)確地反映其價(jià)值。7.C解析：OCF=凈收入+折舊+應(yīng)付賬款增加額=1,000,000+200,000+50,000=1,250,000。(注意：原解析有誤，此處按公式計(jì)算)8.A解析：將長期債務(wù)轉(zhuǎn)換為普通股會減少負(fù)債，從而降低債務(wù)權(quán)益比。9.C解析：歷史成本原則要求資產(chǎn)按其獲取成本記錄。10.C解析：平均庫存水平下降會導(dǎo)致庫存周轉(zhuǎn)率下降（庫存周轉(zhuǎn)率=銷售成本/平均庫存）。11.C解析：權(quán)益乘數(shù)=總資產(chǎn)/股東權(quán)益=總資產(chǎn)/(總資產(chǎn)-總負(fù)債)=5,000,000/(5,000,000-3,000,000)=5,000,000/2,000,000=2.50。12.B解析：杜邦分析的局限性在于分解出的ROE組成部分可能因公司資本結(jié)構(gòu)不同而難以比較。13.D解析：WACC是公司為籌集新資本所必須支付的加權(quán)平均成本，反映了不同類型資本的加權(quán)成本。14.D解析：對于業(yè)務(wù)多元化的公司，使用多元化收購方進(jìn)行可比交易分析更能反映公司整體價(jià)值。15.A解析：莫迪利亞尼-米勒命題I（無稅）指出，杠桿公司的價(jià)值等于無杠桿公司的價(jià)值。16.C解析：二級市場的主要功能是為投資者提供買賣已發(fā)行證券的市場。17.D解析：債券價(jià)格=(面值*年利率/2)*PVA(n,i/2)+面值*PV(n,i/2)，其中PVA和PV分別為年金現(xiàn)值系數(shù)和單利現(xiàn)值系數(shù)。當(dāng)市場利率低于票面利率時(shí)，債券溢價(jià)發(fā)行，價(jià)格高于面值。近似計(jì)算：價(jià)格≈面值+(面值*年利率-市場利率*面值)/2=1,000+(60-50)/2=1,020。(注意：此處為近似計(jì)算，精確價(jià)格需用公式計(jì)算)18.C解析：非系統(tǒng)性風(fēng)險(xiǎn)是可以通過多樣化投資組合消除的風(fēng)險(xiǎn)。19.B解析：NPV=Σ(未來現(xiàn)金流量/(1+r)^t)-初始投資=40,000/1.1+40,000/1.1^2+40,000/1.1^3+40,000/1.1^4-100,000≈36,363.64+33,057.85+30,052.59+27,320.55-100,000=20,005.03。(近似值)。20.A解析：市場有效性假設(shè)認(rèn)為，證券價(jià)格反映了所有可獲得的信息，并且價(jià)格對新信息做出迅速反應(yīng)。21.B解析：價(jià)值投資風(fēng)格專注于尋找基本面分析顯示被低估的股票。22.C解析：流動比率是衡量公司短期償債能力的主要指標(biāo)，計(jì)算公式為流動資產(chǎn)除以流動負(fù)債。23.C解析：信用銷售=年度應(yīng)收賬款周轉(zhuǎn)率*平均應(yīng)收賬款=8*100,000=800,000。24.D解析：資產(chǎn)負(fù)債表報(bào)告公司在特定時(shí)間點(diǎn)的財(cái)務(wù)狀況。25.B解析：由于不同行業(yè)的盈利能力、增長率和風(fēng)險(xiǎn)不同，P/E比率在不同行業(yè)間的比較可能很困難。26.C解析：根據(jù)CAPM，要求回報(bào)率=無風(fēng)險(xiǎn)利率+Beta*市場風(fēng)險(xiǎn)溢價(jià)=3%+1.2*5%=3%+6%=9%。27.D解析：現(xiàn)金流量表包括經(jīng)營活動、投資活動和融資活動的現(xiàn)金流量，以及凈利潤、折舊、非現(xiàn)金項(xiàng)目變化等。28.A解析：權(quán)責(zé)發(fā)生制會計(jì)要求在發(fā)生的期間確認(rèn)收入和費(fèi)用，而不管現(xiàn)金是否收付。29.D解析：所有選項(xiàng)都是國際股票投資的風(fēng)險(xiǎn)因素，包括貨幣風(fēng)險(xiǎn)、政治風(fēng)險(xiǎn)和國家風(fēng)險(xiǎn)。30.C解析：組合預(yù)期回報(bào)率=wA*rA+wB*rB=0.6*12%+0.4*8%=7.2%+3.2%=10.4%。(注意：原解析有誤，此處按權(quán)重計(jì)算)31.B解析：債券價(jià)格與到期收益率（YTM）通常呈反向關(guān)系。當(dāng)債券價(jià)格下跌時(shí)，其YTM上升。32.B解析：毛利率=(銷售收入-銷售成本)/銷售收入=(1,000,000-600,000)/1,000,000=400,000/1,000,000=40%。33.C解析：債務(wù)權(quán)益比是衡量公司財(cái)務(wù)杠桿的常用指標(biāo)，計(jì)算公式為總負(fù)債除以股東權(quán)益。34.A解析：多樣化是指將投資組合分散到不同的資產(chǎn)類別或證券中，以降低非系統(tǒng)性風(fēng)險(xiǎn)。35.B解析：由于不同行業(yè)的增長速度、盈利能力和風(fēng)險(xiǎn)不同，P/E比率在不同行業(yè)間的比較可能很困難。36.C解析：根據(jù)杜邦分析，ROE=ROA*權(quán)益乘數(shù)=