2025年CFA一級(jí)考試模擬題考試時(shí)間：______分鐘總分：______分姓名：______請(qǐng)根據(jù)以下題目要求，在答題紙上作答。1.Acompany'sinventoryturnoverratiois6.0timesperyear.Thecostofgoodssoldfortheyearis$3,000,000.Whatistheapproximateaverageinventorybalancefortheyear?2.AssumeacompanyhasthefollowingdataforYear1andYear2:*Salesincreasedby10%fromYear1toYear2.*Grossprofitmarginremainedconstantat30%.*Operatingprofitmargindecreasedfrom15%to12%.*Interestexpenseremainedunchanged.*Taxrateremainedunchanged.Whichofthefollowingstatementsismostlikelytrue?a)Netincomeincreased.b)Netincomedecreased.c)Netincomeremainedunchanged.d)Notenoughinformationtodeterminethechangeinnetincome.3.AcompanyreportsthefollowingdatafortheyearendedDecember31,2023:*Beginningtotalassets:$4,500,000*Endingtotalassets:$5,200,000*Beginningtotalliabilities:$2,000,000*Endingtotalliabilities:$2,500,000Whatisthecompany'stotalequityatthebeginningoftheyear?4.Whichofthefollowingstatementsregardingthestatementofcashflowsismostaccurate?a)Cashpaidforinterestisreportedasaninvestingactivity.b)Cashreceivedfromissuingdebtisreportedasanoperatingactivity.c)Cashpaidforthepurchaseofproperty,plant,andequipmentisreportedasanoperatingactivity.d)Cashreceivedfromcustomersisreportedasafinancingactivity.5.Whichofthefollowingmethodsofbondvaluationwillalwaysresultinthehighestestimatedpriceforabond,assumingallelseisequal?a)Yieldtomaturity(YTM)approachb)Discountedcashflow(DCF)approachusingthebond'sYTMasthediscountratec)Bondpriceobtainedfromafinancialcalculatorusingmarketinputsd)ComparablebondapproachusingtheYTMofcomparablebonds6.Considerastockwithacurrentpriceof$50.Thecompanyjustpaidadividendof$2pershare(D0=$2).Analystsexpectdividendstogrowataconstantrateof5%peryearindefinitely(g=5%).Whatistheimpliedrequiredrateofreturn(Ke)onthisstockaccordingtotheconstantgrowthdividenddiscountmodel(DDM)?7.Whichofthefollowingisgenerallyconsideredamorestableandreliablemeasureofacompany'sabilitytomeetitsshort-termobligationscomparedtothecurrentratio?a)Quickratiob)Cashratioc)Debt-to-equityratiod)Timesinterestearnedratio8.Acompanyisconsideringinvestinginaprojectwithaninitialoutlayof$1,000,000.Theprojectisexpectedtogenerateannualcashinflowsof$300,000forthenext5years.Therequiredrateofreturnforthisprojectis10%.Whatisthenetpresentvalue(NPV)oftheproject?(Useafinancialcalculatororappropriatetables,roundedtothenearestdollar).9.Whichofthefollowingstatementsabouttheefficientmarkethypothesis(EMH)istrue?a)Inanefficientmarket,pricesreflectallavailableinformation,anditisimpossibletoconsistentlyachievereturnsabovethemarketaverage.b)Inanefficientmarket,pricesdonotreflectallavailableinformation,creatingopportunitiesforsuperiorreturns.c)TheweakformofEMHsuggeststhatpastpricemovementscanpredictfuturepricemovements.d)Thesemi-strongformofEMHimpliesthattechnicalanalysiscanconsistentlygenerateabnormalreturns.10.Whichofthefollowingisaprimaryfunctionofa401(k)planinthecontextofretirementplanning?a)Toprovideguaranteedincomepaymentsforlifeafterretirement.b)Toallowemployeestoborrowfundsdirectlyfromtheirvestedaccountbalanceforpersonaluse.c)Toenableemployeestomaketax-deductiblecontributionsuptoacertainlimit,withcontributionsandearningsgrowingtax-deferred.d)Torequireemployerstocontributeafixedpercentageofemployeesalaryintotheplan.11.Aportfolioconsistsoftwostocks:StockAwithabetaof1.2andaweightof60%,andStockBwithabetaof0.8andaweightof40%.Whatistheapproximatebetaoftheportfolio?12.Themarketriskpremiumisthedifferencebetweentheexpectedreturnonthemarketportfolioandtherisk-freerate.Whichofthefollowingstatementsaboutthemarketriskpremiumismostaccurate?a)Itistypicallynegativeinastableeconomy.b)Itisdeterminedsolelybytheactionsofindividualinvestors.c)ItisakeycomponentintheCapitalAssetPricingModel(CAPM)forestimatingrequiredratesofreturn.d)Itdecreasesastheoverallmarketbecomesmorevolatile.13.Whichofthefollowingtypesofriskismostcloselyassociatedwiththepotentialfordefaultonabond'sprincipalorinterestpayments?a)Interestrateriskb)Liquidityriskc)Inflationriskd)Creditrisk14.Aninvestorisconsideringpurchasingacalloptiononastock.Whichofthefollowingstatementsisgenerallytrueregardingthisinvestment?a)Themaximumpotentiallossfortheinvestoristhepremiumpaidfortheoption.b)Theoptionprovidestheinvestorwiththeright,butnottheobligation,tosellthestockataspecifiedpricewithinaspecifiedtimeperiod.c)Thevalueofthecalloptionwillalwaysdecreasebytheamountofthetimevaluedecayeachday.d)Theinvestorisrequiredtopost100%oftheunderlyingstock'svalueascollateralfortheoption.15.Whichofthefollowingstatementsaccuratelydescribestherelationshipbetweenastock'sbetaanditsexpectedreturnaccordingtotheCapitalAssetPricingModel(CAPM)?a)Astockwithabetaofzerowillhaveanegativeexpectedreturn.b)Astockwithabetagreaterthan1.0isconsideredlessriskythanthemarketportfolio.c)Theexpectedreturnofastockislinearlyrelatedtoitsbeta,holdingtherisk-freerateandmarketreturnconstant.d)Astockwithabetaequalto1.0willhavethesameexpectedreturnastherisk-freerate.16.Acompanyusestheweightedaveragecostofcapital(WACC)asitsdiscountratewhenevaluatingpotentialinvestments.Whichofthefollowingactionswouldlikelyincreasethecompany'sWACC?a)Issuingadditionalequity,leadingtoaloweroveralldebt-to-equityratio.b)Reducingtheproportionofdebtinitscapitalstructure,resultinginalowerpretaxcostofdebt.c)Increasingtheexpectedreturnrequiredbyequityinvestors,perhapsduetoincreasedperceivedrisk.d)Extendingthematurityofitsdebt,whichcurrentlyhasaveryshorttermremaining.17.Whichofthefollowingstatementsregardingtherelationshipbetweenacompany'sfinancialleverageanditsreturnonequity(ROE)ismostaccurate?a)AnincreaseinfinancialleveragewillalwaysleadtoanincreaseinROE,assumingnetincomeremainsconstant.b)AcompanywithzerodebtwillhaveahigherROEthanacompanywithdebt,assumingbothcompanieshavethesameoperatingprofitmarginandreturnonassets(ROA).c)FinancialleveragemagnifiestheeffectofchangesinEBITonROE.d)TheimpactoffinancialleverageonROEisnegatedifthecompanypaysoutallitsearningsasdividends.18.Assumeastockhasabetaof1.0,therisk-freerateis3%,andtheexpectedreturnonthemarketportfoliois8%.AccordingtotheCapitalAssetPricingModel(CAPM),whatistheimpliedrequiredrateofreturnforthisstock?19.Whichofthefollowinginvestmentstrategiesismostlikelyassociatedwiththegoalofachievinghighgrowthpotential,potentiallywithhighervolatilityandrisk?a)Valueinvestingb)Incomeinvestingc)Growthinvestingd)Indexinvesting20.WhichofthefollowingisakeycomponentoftheDuPontanalysisusedtodecomposeReturnonEquity(ROE)?a)Earningsbeforeinterestandtaxes(EBIT)b)Netprofitmarginc)Dividendpayoutratiod)Price-to-earnings(P/E)ratio21.Acompanyisevaluatingtwomutuallyexclusiveprojects.ProjectAhasaninternalrateofreturn(IRR)of12%andanetpresentvalue(NPV)of$50,000.ProjectBhasanIRRof14%andanNPVof$-30,000.Basedsolelyonthesemetrics,whichprojectshouldthecompanyaccept?22.Whichofthefollowingstatementsaboutthebehaviorofstockpricesinanefficientmarketismostconsistentwiththesemi-strongformoftheEfficientMarketHypothesis(EMH)?a)Stockpricesquicklyandfullyreflectallpubliclyavailableinformation.b)Technicalanalysiscanconsistentlygenerateabnormalreturnsbyidentifyingpatternsinpastpricemovements.c)Insidertradingcanleadtoconsistentlyabnormalprofits,asitprovidesinformationnotavailabletothepublic.d)Fundamentalanalysisofacompany'sfinancialscanleadtoidentifyingunderpricedstocksandgeneratingabnormalreturns.23.Whichofthefollowingtypesofriskisdiversifiableforaninvestorholdingawell-diversifiedportfolioofstocks?a)Marketriskb)Systematicriskc)Unsystematicriskd)Interestraterisk24.Acompany'sinventoryturnoverratiois8timesperyear.Ifthecompany'scostofgoodssoldfortheyearis$8,000,000,whatistheaverageinventorylevelfortheyear?(Assume365daysinayear).25.Whichofthefollowingstatementsaboutthecapitalassetpricingmodel(CAPM)ismostaccurate?a)Themodelassumesthatallinvestorshavethesamerisktolerance.b)Themarketriskpremiumiscalculatedasthedifferencebetweentherisk-freerateandtheexpectedreturnonthemarketportfolio.c)Thebetaofanindividualstockmeasuresitssensitivitytochangesintheoverallmarketreturn.d)TherequiredrateofreturncalculatedusingCAPMisalwaysequaltothestock'shistoricalaveragereturn.26.Aninvestorpurchasesabondwithafacevalueof$1,000,acouponrateof5%,andamaturityof5years.Thebondpaysinterestannually.Iftherequiredyieldtomaturity(YTM)forsimilarbondsis6%,whatistheapproximatepriceofthebond?(Hint:Calculatethepresentvalueofthecouponpaymentsandthefacevalue).27.Whichofthefollowingisgenerallyconsideredamoreconservativeapproachtoevaluatingacompany'sfinancialhealthcomparedtousingthecurrentratio?a)Debt-to-equityratiob)Timesinterestearnedratioc)Cashratiod)Inventoryturnoverratio28.Astock'spriceisexpectedtoincreasefrom$60to$75overthenextyear,andthecompanyisexpectedtopayadividendof$2attheendoftheyear.Whatistheimpliedtotalreturnonthestock?29.Whichofthefollowingstatementsregardingthestatementofcashflowsistrue?a)Cashreceivedfromthesaleofequipmentisreportedinthefinancingactivitiessection.b)Cashpaidforemployeesalariesisreportedintheinvestingactivitiessection.c)Cashreceivedfromissuingcommonstockisreportedintheoperatingactivitiessection.d)Cashpaidforinterestisreportedintheinvestingactivitiessection.30.Ananalystisestimatingtheintrinsicvalueofastockusingtheconstantgrowthdividenddiscountmodel(DDM).Whichofthefollowinginputsismostlikelytohavethelargestimpactonthecalculatedintrinsicvalue,holdingthegrowthrateconstant?a)Currentstockpriceb)Requiredrateofreturnc)Expecteddividendnextyeard)Betaofthestock請(qǐng)停止作答。試卷答案1.$3,000,000/6.0=$500,0002.b)Netincomedecreased.*Analysis:Salesincreased(10%).Grossprofitmargin(30%)isconstant,soGrossProfitincreasedby10%.OperatingProfitMargindecreasedfrom15%to12%.Thismeansthatthepercentageofoperatingprofitrelativetosalesfell.Sincesalesincreasedbuttheoperatingprofitmargindecreased,OperatingIncomemusthaveincreasedbylessthan10%.InterestExpenseandTaxRateareconstant.Therefore,NetIncome(OperatingIncome-InterestExpense*(1-TaxRate))musthaveincreasedbylessthan10%,implyingadecreasefromthepreviousyear.3.$4,500,000-$2,000,000=$2,500,000*Analysis:TotalEquity=TotalAssets-TotalLiabilities.Calculatebeginningequityusingbeginningvalues.4.c)Cashpaidforthepurchaseofproperty,plant,andequipmentisreportedasanoperatingactivity.*Analysis:AccordingtotheCFAInstituteFramework,cashpaidforPP&EisclassifiedunderInvestingActivities.InterestpaidistypicallyOperatingActivity.CashfromissuingdebtisFinancingActivity.CashreceivedfromcustomersisOperatingActivity.5.b)Discountedcashflow(DCF)approachusingthebond'sYTMasthediscountrate*Analysis:TheDCFapproachusesthebond'syieldtomaturity(YTM)asthediscountrate.Ifthebondispricedatpar(YTM=CouponRate),theDCFvaluewillequalthefacevalue.Ifthebondispricedbelowpar(YTM>CouponRate),theDCFvaluewillbehigherthanthepurchaseprice,astheYTMdiscountrateappliedwillbelowerthanthecouponratereceived.Ifthebondispricedabovepar(YTM<CouponRate),theDCFvaluewillbelowerthanthepurchaseprice.Therefore,usingtheYTMasthediscountratewillgenerallyyieldthehighestpricewhenthebondisnotpricedatpar,whichisacommonscenario.Theothermethodsmightyielddifferentresultsbasedonmarketconditionsorchosencomparables.6.Ke=(D0*(1+g))/P0+g=($2*(1+0.05))/$50+0.05=($2*1.05)/50+0.05=$2.10/50+0.05=0.042+0.05=0.092or9.2%*Analysis:UsetheconstantgrowthDDMformula:Ke=(D1/P0)+g.First,calculateD1(expecteddividendnextyear)=D0*(1+g)=$2*(1+0.05)=$2.10.Then,plugD1,P0,andgintotheformula.7.b)Cashratio*Analysis:TheCashRatio=[CashandCashEquivalents/CurrentLiabilities].Itonlyconsidersthemostliquidassets(cashandequivalents)againstcurrentliabilities.TheCurrentRatio=[CurrentAssets/CurrentLiabilities].TheQuickRatio=[CurrentAssets-Inventory]/CurrentLiabilities.SinceCashismoreliquidthaninventory,theCashRatiowillgenerallybethelowest(mostconservative)measure,indicatingastrongerabilitytomeetimmediateobligationscomparedtoratiosincludinglessliquidassetslikeinventory.8.NPV=-InitialOutlay+PV(CashInflows)=-$1,000,000+$300,000*[1-(1+0.10)^-5]/0.10=-$1,000,000+$300,000*[1-(1.10)^-5]/0.10=-$1,000,000+$300,000*[1-0.620921]/0.10=-$1,000,000+$300,000*[0.379079]/0.10=-$1,000,000+$300,000*3.79079=-$1,000,000+$1,137,237=$137,237*Analysis:NPV=-InitialInvestment+Sumofthepresentvaluesofallfuturecashinflows.Usethepresentvalueofanannuityformula:PV=C*[1-(1+r)^-n]/r,whereC=$300,000,r=10%or0.10,n=5.CalculatethePVfactorandmultiplybytheannualcashinflow.Subtracttheinitialoutlay.9.a)Inanefficientmarket,pricesreflectallavailableinformation,anditisimpossibletoconsistentlyachievereturnsabovethemarketaverage.*Analysis:TheEfficientMarketHypothesis(EMH)hasthreeforms.Thestrongformstatespricesreflect*all*information,includingprivateinfo.Thesemi-strongformstatespricesreflect*public*information(news,data);fundamental/technicalanalysiscannotconsistentlybeatthemarket.Theweakformstatespricesreflect*past*pricedata;technicalanalysiscannotconsistentlybeatthemarket.Thestatementdescribingpricesreflectingall*available*informationandprecludingconsistentabove-marketreturnsalignswiththesemi-strongorstrongform,but'impossible'alignsbestwiththestrongform.However,inthecontextofLevelI,thisisoftenpresentedasthecoreideaofefficiencypreventingconsistentabnormalreturns.Option(a)isthemostencompassingstatementofthebasicpremise.10.c)Toenableemployeestomaketax-deductiblecontributionsuptoacertainlimit,withcontributionsandearningsgrowingtax-deferred.*Analysis:A401(k)planisadefinedcontributionplan.Keyfeaturesincludeemployeecontributions(oftenpre-tax),potentialemployermatching,taxdeferraloncontributionsandinvestmentearningswhilethefundsremainintheplan,andtaxliabilityuponwithdrawalinretirement.Option(c)correctlydescribesthesecoreaspects.11.PortfolioBeta=(0.60*1.2)+(0.40*0.8)=0.72+0.32=1.04*Analysis:Theportfoliobetaistheweightedaverageoftheindividualstockbetas.WeightofStockA*BetaofStockA+WeightofStockB*BetaofStockB.12.c)ItisakeycomponentintheCapitalAssetPricingModel(CAPM)forestimatingrequiredratesofreturn.*Analysis:TheCAPMformulais:Re=Rf+Beta*(Rm-Rf).Here,Reistherequiredrateofreturn,Rfistherisk-freerate,Betaistheasset'sbeta,and(Rm-Rf)isthemarketriskpremium.Themarketriskpremiumistheexcessreturninvestorsexpectfortakingontheriskofthemarketportfolioovertherisk-freerate.13.d)Creditrisk*Analysis:Creditrisk(alsoknownasdefaultrisk)istheriskthataborrower(e.g.,bondissuer)willbeunabletomaketimelypaymentsofprincipalorinterest.Thisisthefundamentalriskassociatedwiththecreditworthinessoftheissuer.14.a)Themaximumpotentiallossfortheinvestoristhepremiumpaidfortheoption.*Analysis:Whenbuyingacalloption,themaximumlossislimitedtothepremiumpaidtoacquiretheoption.Iftheoptionexpiresworthless,theinvestorlosestheentirepremium.Thepotentialgainistheoreticallyunlimited(asthestockpricecanriseindefinitely).15.c)Theexpectedreturnofastockislinearlyrelatedtoitsbeta,holdingtherisk-freerateandmarketreturnconstant.*Analysis:AccordingtotheCAPM,therequired(orexpected)returnofanassetiscalculatedas:Re=Rf+Beta*(Rm-Rf).Thisisalinearrelationship.Betameasuressensitivitytomarketmovements.Ahigherbetaimpliesahigherrequiredreturn,assumingthemarketriskpremium(Rm-Rf)andrisk-freerate(Rf)remainconstant.16.c)Increasingtheexpectedreturnrequiredbyequityinvestors,perhapsduetoincreasedperceivedrisk.*Analysis:WACC=(E/V*Re)+(D/V*Rd*(1-Tc)).Reisthecostofequity,Rdisthecostofdebt,Eismarketvalueofequity,Dismarketvalueofdebt,VisE+D,andTcisthecorporatetaxrate.WACCincreasesifReincreases,Rdincreases(ifdebtcostrises),orthedebtratio(D/V)increases(butthismightlowerRdduetotaxshieldbenefits,makingtheneteffectcomplex).However,changesinequityriskperceptiondirectlyincreaseRe.Anincreaseintherequiredreturnonequity(Re)willincreasetheWACC.Issuingmoreequity(a)generallylowersRe.Reducingdebt(b)lowersRd.Extendingdebtmaturity(d)mightlowerRdinitially.17.c)FinancialleveragemagnifiestheeffectofchangesinEBITonROE.*Analysis:Financialleveragereferstotheuseofdebt.ROE=NetIncome/Equity.NetIncome=EBIT-InterestExpense-Taxes.InterestExpense=Debt*InterestRate.Usingdebtincreasesfixedinterestpayments.WhenEBITchanges,thepercentagechangeinNetIncome(andthusROE)islargerthanthepercentagechangeinEBITduetothefixedinterestburden.ThismagnificationeffectiscapturedbytheFinancialLeverageEffect:ROE=(ROA+(ROA-Rd)*(D/E)).Anincreasein(D/E)increasestheleveragemultiplier.18.3%+(1.0*(8%-3%))=3%+(1.0*5%)=3%+5%=8%*Analysis:UsetheCAPMformula:Re=Rf+Beta*(Rm-Rf).Given:Rf=3%,Beta=1.0,Rm=8%.Calculatethemarketriskpremium(Rm-Rf)=8%-3%=5%.Pluginthevalues:Re=3%+1.0*5%.19.c)Growthinvesting*Analysis:Growthinvestingfocusesonselectingstocksthatareexpectedtogrowatanabove-averageratecomparedtoothercompaniesinthemarket.Thisstrategytypicallyinvolvescompaniesreinvestingearningsforexpansion,oftenleadingtohigherriskandvolatility,inpursuitofhighcapitalappreciation.20.b)Netprofitmargin*Analysis:DuPontanalysisdecomposesROEintothreecomponents:NetProfitMargin(NetIncome/Sales),AssetTurnover(Sales/TotalAssets),andFinancialLeverage(TotalAssets/TotalEquity).ROE=NetProfitMargin*AssetTurnover*FinancialLeverage.21.a)ProjectA*Analysis:Whencomparingmutuallyexclusiveprojects,thedecisionshouldbebasedontheprojectwiththehigherNPV,provideditispositive.NPVistheprimarycriterion.ProjectAhasapositiveNPV($50,000)whileProjectBhasanegativeNPV(-$30,000).Therefore,ProjectAshouldbeaccepted.22.a)Stockpricesquicklyandfullyreflectallpubliclyavailableinformation.*Analysis:Thesemi-strongformofEMHpositsthatallpubliclyavailableinformation(earningsannouncements,news,economicdata,etc.)isalreadyreflectedinthestockprice.Therefore,fundamentalanalysis,whichreliesonpubliclyavailableinformation,cannotconsistentlygenerateabnormalreturns.Priceadjustmentshappenquicklyuponinformationrelease.23.c)Unsystematicrisk*Analysis:Unsystematicrisk(alsocalledspecificrisk,diversifiablerisk)istheriskspecifictoanindividualcompanyorindustry.Itcanbereducedoreliminatedthroughdiversificationbyholdingawell-diversifiedportfolioofdifferentstocks.Marketrisk(a)andsystematicrisk(b)arenon-diversifiablerisksaffectingtheentiremarket.Interestraterisk(d)isatypeofmarketrisk.24.AverageInventory=COGS/InventoryTurnover=$8,000,000/8.0=$1,000,000*Analysis:InventoryTurnover=COGS/AverageInventory.RearrangetosolveforAverageInventory.AverageInventory=COGS/InventoryTurnover.Usingthegivenfigures.25.c)Thebetaofanindividualstockmeasuresitssensitivitytochangesintheoverallmarketreturn.*Analysis:Beta(β)isameasureofastock'sorportfolio'svolatilityinrelationtotheoverallmarket(typicallyrepresentedbyabroadmarketindex).Abetaof1.0meansthestockmovesinlinewiththemarket.Abeta>1.0meansit'smorevolatilethanthemarket.Abeta<1.0meansit'slessvolatile.ThisdefinitionaccuratelydescribestheroleofbetaintheCAPM.26.BondPrice≈[AnnualCouponPayment*PVIFA(6%,5)]+[FaceValue*PVIF(6%,5)]*Analysis:Calculatethepresentvalueoftheannualcouponpaymentsandthepresentvalueofthefacevalue(repaymentatmaturity).AnnualCouponPayment=5%*$1,000=$50.PVIFA(6%,5)=[1-(1+0.06)^-5]/0.06=[1-0.747258]/0.06=0.252742/0.06=4.212364.PVIF(6%,5)=(1+0.06)^-5=0.747258.BondPrice≈(