2025年CFA一級模擬試卷及答案考試時間：______分鐘總分：______分姓名：______PartA:MultipleChoiceQuestions1.WhichofthefollowingstatementsbestdescribestherelationshipbetweentheCFAInstituteCodeandStandardsandtheStandardsofPracticeforInvestmentProfessionals?a)TheCodeandStandardsaremandatoryforallinvestmentprofessionals,whiletheStandardsofPracticeareoptionalguidelines.b)TheCodeandStandardsprovideaframeworkforethicaldecision-making,andtheStandardsofPracticeofferspecificguidanceonimplementingtheCode.c)TheCodeandStandardsareprimarilyforCFAcharterholders,whereastheStandardsofPracticeapplytoallindividualsintheinvestmentindustry.d)TheStandardsofPracticearelegallybinding,whiletheCodeandStandardsareintendedforguidanceonly.2.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockhasabetaof1.2,therisk-freerateis3%,andthemarketriskpremiumis5%.AccordingtotheCapitalAssetPricingModel(CAPM),whatistherequiredrateofreturnforthisstock?a)3%b)5.4%c)8%d)10.2%3.Acompany'sinventoryturnoverratiois6timesperyear.Theaverageinventoryfortheyearis$500,000.Whatisthecostofgoodssoldfortheyear?a)$83,333b)$250,000c)$300,000d)$3,000,0004.Whichofthefollowingfinancialstatementsprovidesinformationaboutacompany'sliquidity,solvency,andprofitability?a)BalanceSheetb)IncomeStatementc)StatementofCashFlowsd)StatementofShareholders'Equity5.Acompanyisconsideringinvestinginaprojectthatrequiresaninitialoutlayof$1,000,000.Theprojectisexpectedtogeneratecashinflowsof$300,000peryearfor5years.Thecompany'srequiredrateofreturnis8%.WhatistheNetPresentValue(NPV)oftheproject?a)-$47,611b)$47,611c)$152,371d)$1,152,3716.WhichofthefollowingisaprimaryadvantageoftheDividendDiscountModel(DDM)forvaluingastock?a)Itiseasytouseandrequiresminimalinputs.b)Itconsiderstheimpactoffuturechangesinthecompany'scapitalstructure.c)Itissuitableforvaluingcompanieswithinconsistentdividendpayments.d)Itincorporatestheeffectofinflationonfuturedividends.7.Abondwithafacevalueof$1,000andacouponrateof5%paysinterestsemi-annually.Ifthemarketinterestrateis6%,whatistheapproximatepriceofthebond?a)$926b)$950c)$1,000d)$1,0508.Whichofthefollowingisakeyriskassociatedwithinvestinginbonds?a)Interestrateriskb)Inflationriskc)Liquidityriskd)Alloftheabove9.Acalloptiongivestheholdertheright,butnottheobligation,tobuyastockataspecifiedprice(strikeprice)beforeacertaindate(expirationdate).Whichofthefollowingstatementsistrue?a)Theholderofacalloptionbenefitswhenthestockpricerisesabovethestrikeprice.b)Theholderofacalloptionbenefitswhenthestockpricefallsbelowthestrikeprice.c)Thewriterofacalloptionbenefitswhenthestockpricerisesabovethestrikeprice.d)Thewriterofacalloptionbenefitswhenthestockpricefallsbelowthestrikeprice.10.Whichofthefollowingisacommonmethodusedtoassessthefinancialperformanceofacompany?a)Price-to-BookRatiob)EarningsperSharec)ReturnonEquityd)Alloftheabove11.Whichofthefollowingisacharacteristicofaprimarymarkettransaction?a)Itinvolvesthetradingofexistingsecuritiesbetweeninvestors.b)Itinvolvestheissuanceofnewsecuritiesbyacompanytoraisecapital.c)Itistypicallyconductedthroughabroker-dealer.d)Ithasahigherdegreeofliquiditythanasecondarymarkettransaction.12.Whichofthefollowingisafactorthatcanaffectacompany'sweightedaveragecostofcapital(WACC)?a)Taxrateb)Debt-to-equityratioc)Marketriskpremiumd)Alloftheabove13.Whichofthefollowingisacommontechniqueusedinfinancialstatementanalysistoforecastfuturefinancialperformance?a)Ratioanalysisb)Trendanalysisc)Common-sizeanalysisd)Horizontalanalysis14.Whichofthefollowingisameasureofacompany'sabilitytomeetitsshort-termobligations?a)Debt-to-equityratiob)Currentratioc)Returnonassetsd)Earningspershare15.WhichofthefollowingisapotentiallimitationofusingtheDuPontanalysistoevaluateacompany'sprofitability?a)Itdoesnotconsidertheimpactoffinancialleverage.b)Itonlyfocusesonacompany'sshort-termperformance.c)Itreliesonaccountingdatathatmaybemanipulated.d)ItisdifficulttocomparetheDuPontanalysisresultsofcompaniesindifferentindustries.16.Whichofthefollowingisakeyconsiderationwhenanalyzingacompany'scompetitiveadvantages?a)Marketshareb)Managementqualityc)Intangibleassetsd)Alloftheabove17.Whichofthefollowingisapotentialriskassociatedwithinvestinginrealestate?a)Interestrateriskb)Liquidityriskc)Inflationriskd)Alloftheabove18.Whichofthefollowingisacommonstrategyusedbyhedgefundstogeneratereturns?a)Long-onlyequityinvestingb)Shortsellingc)Derivativestradingd)Alloftheabove19.Whichofthefollowingisacharacteristicofaefficientmarket?a)Pricesreflectallavailableinformation.b)Pricesaredrivenbyinvestorsentiment.c)Itiseasytoconsistentlyachievereturnsabovethemarketaverage.d)Itisimpossibletomakeaprofit.20.Whichofthefollowingisacomponentoftheefficientmarkethypothesis?a)Marketpricesadjustquicklytonewinformation.b)Investorsarerationalandrisk-averse.c)Allinvestorshaveaccesstothesameinformation.d)Alloftheabove.PartB:Calculator-BasedProblems1.Youaregiventhefollowingdataforastock:*Currentstockprice:$50*Annualdividend:$2*Growthrateofdividends:5%*Requiredrateofreturn:10%UsingtheDividendDiscountModel(DDM),calculatetheintrinsicvalueofthestock.2.Youareconsideringinvestinginabondwiththefollowingcharacteristics:*Facevalue:$1,000*Couponrate:6%(paidsemi-annually)*Timetomaturity:5years*Marketinterestrate:8%(annual)Calculatethecurrentpriceofthebond.3.Youaregiventhefollowingdataforacompany:*Commonsharesoutstanding:1,000,000*Earningspershare(EPS):$2*Price-to-earnings(P/E)ratio:15Calculatethemarketvalueofequityforthecompany.4.Youareanalyzingaprojectwiththefollowingcashflows:*Initialinvestment:-$500,000*Cashinflows:$150,000peryearfor4yearsCalculatetheInternalRateofReturn(IRR)fortheproject.5.Youaregiventhefollowingdataforaportfolio:*InvestmentinStockA:$30,000*InvestmentinStockB:$70,000*BetaofStockA:1.2*BetaofStockB:0.8*Marketreturn:12%*Risk-freerate:4%Calculatetheexpectedreturnoftheportfolio.---PartC:ProblemSolving1.Youareanalyzingacompany'sfinancialstatementsandhavecollectedthefollowinginformationforthemostrecentyear:*Totalassets:$5,000,000*Totalliabilities:$2,500,000*Totalequity:$2,500,000*Netincome:$500,000*Dividendspaid:$100,000*Commonsharesoutstanding:1,000,000Calculatethefollowingfinancialratios:a)Debt-to-equityratiob)Returnonassets(ROA)c)Earningspershare(EPS)d)Dividendpayoutratio2.Youareconsideringinvestinginacompanythatpaysaconstantannualdividendof$3pershare.Therequiredrateofreturnforthisinvestmentis8%.UsingtheDividendDiscountModel(DDM)foraperpetuity,calculatetheintrinsicvalueofthestock.3.Youaregiventhefollowingdataforabond:*Facevalue:$1,000*Couponrate:5%(paidannually)*Timetomaturity:10years*Yieldtomaturity(YTM):6%Calculatethecurrentpriceofthebondandthecurrentyield.4.Youareevaluatingaprojectwiththefollowingcashflows:*Initialinvestment:-$1,000,000*Cashinflows:$400,000peryearfor3years*Discountrate:10%a)CalculatetheNetPresentValue(NPV)oftheproject.b)CalculatethePaybackPeriodfortheproject.5.Youaremanagingaportfoliowiththefollowinginvestments:*StockA:60%oftheportfolio,Beta:1.5*StockB:40%oftheportfolio,Beta:1.0Therisk-freerateis3%,andthemarketreturnis10%.a)Calculatetheexpectedreturnoftheportfolio.b)Calculatetheportfolio'sbeta.c)Ifthemarketreturnincreasesto12%,whatwillbethenewexpectedreturnoftheportfolio?---試卷答案PartA:MultipleChoiceQuestions1.b)TheCodeandStandardsprovideaframeworkforethicaldecision-making,andtheStandardsofPracticeofferspecificguidanceonimplementingtheCode.2.b)5.4%(1.2*5%+3%)3.d)$3,000,000(6*$500,000)4.a)BalanceSheet5.b)$47,611(NPV=-1,000,000+300,000/(1.08^1)+300,000/(1.08^2)+300,000/(1.08^3)+300,000/(1.08^4)+300,000/(1.08^5))6.a)Itiseasytouseandrequiresminimalinputs.7.a)$926(Presentvalueoffuturecashflows<facevalueduetohighermarketrate)8.d)Alloftheabove9.a)Theholderofacalloptionbenefitswhenthestockpricerisesabovethestrikeprice.10.d)Alloftheabove11.b)Itinvolvestheissuanceofnewsecuritiesbyacompanytoraisecapital.12.d)Alloftheabove13.b)Trendanalysis14.b)Currentratio15.c)Itreliesonaccountingdatathatmaybemanipulated.16.d)Alloftheabove17.d)Alloftheabove18.d)Alloftheabove19.a)Pricesreflectallavailableinformation.20.d)Alloftheabove.PartB:Calculator-BasedProblems1.$56.25(P0=D1/(r-g)=$2*(1+0.05)/($0.10-$0.05))2.$926.40(PV=C*[1-1/(1+r)^n]/r+FV/(1+r)^n=$30*[1-1/(1+0.04)^10]/0.04+$1000/(1+0.04)^10)3.$30,000,000(MarketValueofEquity=EPS*P/Eratio*SharesOutstanding=$2*15*1,000,000)4.16.53%(IRRisthediscountratethatmakesNPV=0.UsingcalculatorIRRfunction:CF0=-500000,CF1=150000,CF2=150000,CF3=150000,CF4=150000)5.9.6%(E(Rp)=wA*E(RA)+wB*E(RB)=0.3*[0.04+1.2*(0.12-0.04)]+0.7*[0.04+0.8*(0.12-0.04)]PartC:ProblemSolving1.a)1.0($2,50