2025年CFA一級(jí)英文模擬題考試時(shí)間：______分鐘總分：______分姓名：______SectionA:QuantitativeMethods1.Aninvestorhasaportfoliowithanexpectedreturnof12%andastandarddeviationof18%.Therisk-freerateis3%.AccordingtotheCapitalAssetPricingModel(CAPM),whatistheexpectedreturnonthemarketportfolio?2.Calculatethepresentvalueofanannuitydueof$5,000peryearfor10years,assumingadiscountrateof8%.3.ThemeanreturnofStockAis15%withastandarddeviationof10%.ThemeanreturnofStockBis10%withastandarddeviationof5%.IfthecorrelationcoefficientbetweenStockAandStockBis0.2,whatisthevarianceofaportfolioinvested60%inStockAand40%inStockB?4.Astockhadapriceof$50atthebeginningoftheyearand$60attheendoftheyear.Itpaidadividendof$2duringtheyear.Whatisthetotalreturnofthestockfortheyear?5.Afairsix-sideddieisrolled.Whatistheprobabilityofrollinganumbergreaterthan4?6.Consideranormaldistributionwithameanof100andastandarddeviationof15.Whatisthez-scoreforavalueof130?7.Youaregiventhefollowingdataforasampleof5observations:X:5,7,9,11,13Y:8,10,12,14,16Calculatethecoefficientofdetermination(R-squared)forthelinearregressionofYonX.8.Whatisthefuturevalueof$10,000investedfor5yearsatacompoundannualgrowthrateof9%?9.Aninvestmenthasanexpectedreturnof20%andastandarddeviationof25%.Therisk-freerateis5%.WhatistheSharperatiooftheinvestment?10.Calculatetheeffectiveannualrate(EAR)givenanominalannualrateof12%compoundedmonthly.SectionB:EthicsandProfessionalStandards11.AnanalystatabrokeragefirmiscoveringCompanyXYZ.Thefirm'sprimebrokerisCompanyZYX,whichisamajorcompetitorofCompanyXYZ.Theanalyst'ssisterworksasaseniormanageratCompanyZYX.Theanalystreceivesnon-publicinformationindicatingthatCompanyZYXisabouttobidforCompanyXYZ.WhatshouldtheanalystdoinaccordancewithStandardVI(ConflictsofInterest)?12.Aninvestmentmanagerisconsideringaddinganewstocktotheportfolio.Thestockisissuedbyacompanylocatedinacountrywithahighriskofpoliticalinstability.Themanager'sspouseownsasignificantamountofstockinthiscompanythroughapersonalinvestmentaccount.Themanagerisawarethatthecompanyhasrecentlywonamajorgovernmentcontract.Whatisthepotentialconflictofinterestinthissituation,andhowshouldthemanageraddressit?13.Aportfoliomanagerrecommendsaparticularmutualfundtoaclientbasedonapersonalrecommendationfromawell-respectedcolleague.Theportfoliomanagerisawarethatthefundhasahighexpenseratiocomparedtosimilarfundsinthemarket.WhatstandardofconductundertheCFAInstituteCodeandStandardsmaytheportfoliomanagerhaveviolated?14.AnassociateispreparingaresearchreportonCompanyABC.Duringtheresearchprocess,theassociatelearnsthatCompanyABCisengaginginunethicalaccountingpractices.Theassociate'sboss,thevicepresidentofresearch,isunderpressuretoproduceapositivereportonCompanyABCtomeetaclient'srequest.Iftheassociaterefusestoalterthereport,whatstepsshouldtheassociatetaketohandlethesituationinaccordancewiththeCFAInstituteCodeandStandards?15.ACFAcharterholderisattendingaconferencewhereaspeakerispromotinganewinvestmentproductthatguaranteeshighreturnswithlowrisk.Thecharterholderknowsthatsuchproductsareoftenassociatedwithhighlevelsofriskandpotentialfraud.WhatshouldthecharterholderdotofulfilltheirdutiesundertheCFAInstituteCodeandStandards?SectionC:Economics16.ExplainthedifferencebetweentheconsumptionfunctionandtheinvestmentfunctioninthecontextoftheKeynesiancrossmodel.17.Describetheroleofthecentralbankinmanaginginflation.Whataretheprimarytoolsavailabletothecentralbank?18.Definetheconceptof"crowdingout"inthecontextofgovernmentfiscalpolicy.Underwhatconditionsiscrowdingoutmorelikelytooccur?19.ExplainthedifferencebetweennominalGDPandrealGDP.WhyisrealGDPconsideredabettermeasureofeconomicperformancethannominalGDP?20.Discussthepotentialtrade-offsbetweeneconomicgrowthandenvironmentalsustainability.SectionD:FinancialReportingandAnalysis21.Explainthedifferencebetweenanextraordinaryitemandanon-recurringitem.Howaretheytreatedinfinancialstatements?22.Describethepurposeofacommon-sizeincomestatement.Whatinformationcanbederivedfromit?23.Whatisthedifferencebetweenanaccretionofdiscountandanamortizationofpremiumonabond?24.Explaintheconceptof"subsequentevents"asitrelatestothepreparationoffinancialstatements.Whatarethedifferenttypesofsubsequentevents,andhowshouldtheybedisclosed?25.Describethestepsinvolvedinanalyzingacompany'sliquidityusingfinancialratios.Whataresomeofthekeyliquidityratios?SectionE:EquityInvestments26.Compareandcontrastthedividenddiscountmodel(DDM)andtherelativevaluationapproach(usingpricemultiples)forvaluingstocks.27.Explaintheconceptofmarketefficiency.Whatarethedifferentformsofmarketefficiency,andwhatevidencesupportstheexistenceofmarketefficiency?28.Describethefactorsthatcaninfluenceacompany'sstockvaluation.Howdothesefactorsrelatetothefundamentalanalysisofastock?29.Whatisthedifferencebetweenanindependentdirectorandarelateddirectoronacompany'sboardofdirectors?Whyistheproportionofindependentdirectorsimportant?30.Explaintheconceptof"agencyproblems"inthecontextofequityinvestments.Whataresomeofthemechanismsthatcanbeusedtomitigateagencyproblems?SectionF:FixedIncome31.Describetherelationshipbetweenabond'spriceanditsyieldtomaturity.Whydoesthisrelationshipexist?32.Whatisthedifferencebetweenacouponbondandazero-couponbond?33.Explaintheconceptofbondduration.Howdoesdurationaffectthesensitivityofabond'spricetochangesininterestrates?34.Whatisthedifferencebetweencreditriskandliquidityriskforafixedincomeinvestment?35.Describetheprocessofbondrating.Whataretheimplicationsofabondratingforinvestors?SectionG:Derivatives36.Explainthedifferencebetweenacalloptionandaputoption.37.Describetheconceptofa"futurescontract."Whatarethekeycharacteristicsofafuturescontract?38.Whatisthedifferencebetweenaforwardcontractandafuturescontract?39.Explaintheconceptof"deltahedging"asitrelatestooptionstrading.40.Whatisthedifferencebetweenhistoricalvolatilityandimpliedvolatility?Whyisimpliedvolatilityimportantinoptionspricing?SectionH:AlternativeInvestments41.Describetheprimarycharacteristicsofprivateequityinvestments.Whatarethemainrisksandreturnpotentialassociatedwithprivateequity?42.Whatisthedifferencebetweenanopen-endfundandaclosed-endfundinthecontextofalternativeinvestments?43.Discusstheroleofalternativeinvestmentsinadiversifiedinvestmentportfolio.44.Whataresomeoftheuniquetaxconsiderationsassociatedwithalternativeinvestments?45.Describetheconceptof"hedgefundleverage."Whatarethepotentialbenefitsandrisksofusingleverageinhedgefundinvestments?SectionI:CorporateFinance46.Describethedifferentmethodsthatcanbeusedtoevaluateacapitalbudgetingproject.Whichmethodisgenerallyconsideredthemostreliable?47.WhatisthedifferencebetweentheWACC(WeightedAverageCostofCapital)andtheIRR(InternalRateofReturn)?Howaretheseconceptsusedincorporatefinance?48.Describethedifferenttypesoffinancialdistress.Whatarethecommonsymptomsoffinancialdistress?49.Whatisthedifferencebetweenacashdividendandastockdividend?Whatarethetaximplicationsforthecompanyandtheshareholder?50.Describethefactorsthatacompanyshouldconsiderwhenmakingacapitalstructuredecision.---試卷答案1.15.5%2.$50,063.493.0.0174or1.74%4.18.0%5.1/3orapproximately0.33336.2.07.0.9333or93.33%8.$15,386.849.0.44or44.0%10.12.68%or12.7%11.Theanalystmustdisclosetheconflicttotheirmanagerandthefirm'sethicsdepartment,andmustrecusethemselvesfromanyworkrelatedtoCompanyXYZuntilafterthebidismadepublic.12.Thepotentialconflictisthemanager'spersonalfinancialinterestconflictingwiththeirdutytoprovideobjectiveadvicetotheclient.Themanagershoulddisclosethepersonalholdingtotheclient,disclosethepotentialbiastotheiremployer,andpotentiallyrecusethemselvesfrommakingtherecommendationiftheycannotmaintainobjectivity.13.TheportfoliomanagermayhaveviolatedStandardIII(DutytoClients)bypotentiallynotactinginthebestinterestoftheclientduetothehighexpenseratio,andStandardIV(DutyofLoyalty)ifthepersonalrecommendationinfluencedtherecommendationwithoutfulldisclosureandconsiderationoflower-costalternatives.14.Theassociateshouldfirstdiscusstheissuewiththeirdirectsupervisor,explainingtheirconcerns.Ifthesupervisorinsistsonalteringthereport,theassociateshouldescalatethemattertothefirm'sethicsdepartmentorahigher-levelmanager.Iftheissueisnotresolvedinternally,theassociatemayneedtoconsiderexternaloptions,suchasreportingthemattertotheapplicablesecuritiesregulator.15.Thecharterholderhasadutytomaintainprofessionalcompetenceandactwithintegrity.Theyshouldnotpromotetheproductwithoutadequateknowledgeorverificationofitsclaims.Theyshouldgatherfactualinformation,questionthespeaker'sassertions,andrefrainfromrecommendingtheproducttoclientsuntilitslegitimacyandsuitabilityareconfirmed.TheymayalsoconsiderreportingthepromotiontotheCFAInstitute.16.Theconsumptionfunctionrepresentstherelationshipbetweenconsumerspendinganddisposableincome,whiletheinvestmentfunctionrepresentstherelationshipbetweenbusinessinvestmentspendingandtheoveralllevelofeconomicactivity(e.g.,GDPorinterestrates).IntheKeynesiancrossmodel,bothfunctionsareplottedagainstaggregateexpenditure,andtheirintersectiondeterminestheequilibriumlevelofoutput.17.Thecentralbankmanagesinflationbyusingmonetarypolicytoolstoinfluencethemoneysupplyandcreditconditions.Theprimarytoolsinclude:adjustingthetargetfederalfundsrate(orequivalentpolicyrate),conductingopenmarketoperations(buyingorsellinggovernmentsecurities),changingthereserverequirementsforbanks,andusingforwardguidancetoinfluencemarketexpectations.18."Crowdingout"occurswhenincreasedgovernmentspendingleadstohigherinterestrates,whichinturnreducesprivateinvestmentspending.Thishappensbecausegovernmentborrowingincreasesthedemandforloanablefunds,pushingupinterestratesandmakingborrowingmoreexpensiveforbusinessesandindividuals.Crowdingoutismorelikelytooccurwhentheeconomyisnearfullcapacity(highinvestmentdemand)andthecentralbankdoesnotaccommodatetheincreasedgovernmentspendingbyincreasingthemoneysupply.19.NominalGDPmeasuresthevalueofallfinalgoodsandservicesproducedinaneconomyatcurrentmarketprices,whilerealGDPmeasuresthevalueofallfinalgoodsandservicesproducedusingconstantbase-yearprices.RealGDPisconsideredabettermeasureofeconomicperformancebecauseitadjustsfortheeffectsofinflationordeflation,allowingforamoreaccuratecomparisonofeconomicoutputovertime.20.Economicgrowthofteninvolvesincreasedproductionandconsumption,whichcanleadtogreaterresourceuseandenvironmentaldegradation.Environmentalsustainabilityrequiresmeetingcurrentneedswithoutcompromisingtheabilityoffuturegenerationstomeettheirownneeds,ofteninvolvingpreservingnaturalresourcesandreducingpollution.Thetrade-offinvolvesfindingabalancebetweenpromotingeconomicdevelopmentandprotectingtheenvironment,potentiallythroughregulations,technologicalinnovation,andsustainablepractices.21.Anextraordinaryitemisarareandunusualeventortransactionthatisnotexpectedtorecurfrequently.Itisseparatelystatedontheincomestatementandpresentednetoftax.Anon-recurringitemisanitemthatisunusualinnaturebutmayrecurinthefuture,suchasagainorlossfromthesaleofabusinesssegment.Non-recurringitemsaretypicallyreportedwithin"otherexpenses"or"otherincome."Treatmentdiffersasextraordinaryitemsareoftenexcludedfromthecalculationofnormalizedearnings.22.Acommon-sizeincomestatementexpresseseachlineitemasapercentageofabasefigure,typicallytotalrevenueorsales.Thisstandardizationallowsforthecomparisonofcompaniesofdifferentsizesortheanalysisofasinglecompany'sperformanceovertimebyfocusingontherelativeproportionofeachitem.Ithelpsidentifytrendsincoststructure,profitabilitymargins,andexpensemanagement.23.Accretionofdiscountreferstotheincreaseinthecarryingvalueofadiscountbondasitapproachesmaturity.Asthebondgetsclosertoitsmaturitydate,thediscountamountisgraduallyreduced(accrued)andaddedtothebond'sbookvalue.Amortizationofpremiumreferstothedecreaseinthecarryingvalueofapremiumbondasitapproachesmaturity.Asthebondgetsclosertoitsmaturitydate,thepremiumamountisgraduallyreduced(amortized)andsubtractedfromthebond'sbookvalue.24.Subsequenteventsareeventsthatoccurafterthebalancesheetdatebutbeforethefinancialstatementsareauthorizedforissue.Theyarecategorizedintotwotypes:adjustingevents,whichprovideadditionalevidenceaboutconditionsthatexistedatthebalancesheetdate(requiringadjustmenttothefinancialstatements),andnon-adjustingevents,whichprovideevidenceaboutconditionsthataroseafterthebalancesheetdate(requiringdisclosureinthenotestothefinancialstatementsifmaterial).25.Analyzingliquidityinvolvesassessingacompany'sabilitytomeetitsshort-termobligationsastheycomedue.Keyratiosincludethecurrentratio(currentassets/currentliabilities),quickratio(quickassets/currentliabilities),andcashratio(cashandcashequivalents/currentliabilities).Ahigherratiogenerallyindicatesbetterliquidity,butinterpretationshouldconsiderindustrynormsandthequalityofassets.26.TheDDMvaluesastockbasedonthepresentvalueofitsexpectedfuturedividends,assumingdividendswillgrowatacertainrate.Therelativevaluationapproachvaluesastockbycomparingitspricetoarelevantmetric(multiple)suchasprice-to-earnings(P/E),price-to-sales(P/S),orprice-to-book(P/B),oftentocomparablecompaniesormarketindices.TheDDMismorefundamentalbutdependsonassumptionsaboutfuturedividends,whiletherelativeapproachissimplerbutreliesonmarketcomparablesandmaybeinfluencedbymarketsentiment.27.Marketefficiencyreferstothedegreetowhichstockpricesreflectallavailableinformation.Efficientmarketstheorysuggeststhatpricesadjustrapidlytonewinformation,makingitimpossibletoconsistentlyachievereturnsabovethemarketaveragebyusingpubliclyavailableinformation.Formsincludeweak-formefficiency(pricesreflectpasttrades),semi-strong-formefficiency(pricesreflectallpubliclyavailableinformation),andstrong-formefficiency(pricesreflectallinformation,includingprivateinformation).Evidenceincludesthedifficultyofbeatingthemarketconsistently,therandomwalkhypothesis,andthequickadjustmentofpricestonewinformation.28.Factorsinfluencingstockvaluationinclude:financialperformance(revenue,earnings,growth),qualityofmanagement,competitiveadvantages(moat),industrytrends,economicconditions,interestrates,marketsentiment,andrisk.Fundamentalanalysisinvolvesassessingthesefactorstodeterminetheintrinsicvalueofthestock,whichisthencomparedtothemarketpricetodecideifthestockisovervaluedorundervalued.29.Independentdirectorsareboardmemberswhodonothaveamaterialrelationshipwiththecompany(otherthanservingontheboard)oritsmanagement.Relateddirectorshaveadirectorindirectrelationshipwiththecompanyoritsmanagement(e.g.,familyties,employmenthistory,financialinterests).Ahigherproportionofindependentdirectorsisgenerallyconsideredimportantastheycanprovideobjectiveoversight,challengemanagementmoreeffectively,andenhancecorporategovernancequalitybyreducingpotentialconflictsofinterest.30.Agencyproblemsarisewhentheinterestsoftheprincipal(e.g.,shareholders)andtheagent(e.g.,management)arenotaligned,potentiallyleadingtoactionsbytheagentthatbenefitthemselvesattheexpenseoftheprincipal.Mechanismstomitigateagencyproblemsinclude:incentivealignment(e.g.,stockoptions,performance-basedpay),corporategovernancestructures(e.g.,independentboardmembers,auditcommittees),monitoring(e.g.,externalaudits,shareholderactivism),andcontractualconstraints(e.g.,shareholderagreements).31.Therelationshipbetweenabond'spriceanditsyieldtomaturityisinverse.Whenmarketinterestratesrise,newlyissuedbondsofferhigheryields,makingexistingbondswithloweryieldslessattractive,causingtheirpricetofalltomaketheiryieldcompetitive.Conversely,whenmarketinterestratesfall,existingbondswithhigheryieldsbecomemoreattractive,causingtheirpricetorise.Thisrelationshipexistsbecausethefixedcouponpaymentsofabondbecomelessvaluableifmarketratesrise,andmorevaluableifmarketratesfall.32.Acouponbondpaysperiodicinterestpayments(coupons)tothebondholderatafixedrateuntilmaturity,whentheprincipalamount(facevalue)isrepaid.Azero-couponbonddoesnotpayperiodicinterest;instead,itissoldatadeepdiscounttoitsfacevalueandpaysthefullfacevalueatmaturity.Thedifferenceliesinthepaymentstructureandcashflowsreceivedbytheinvestor.33.Bonddurationisameasureofthesensitivityofabond'spricetochangesininterestrates.Itrepresentstheweightedaveragetimeuntilcashflows(couponsandprincipal)arereceived,withweightsbasedonthepresentvalueofeachcashflow.Ahigherdurationmeansthebond'spricewillbemorevolatileinresponsetointerestratechanges.Durationaffectspricesensitivitybecausethefurtheroutthecashflowsarereceived,themoretheyareaffectedbychangesinthediscountrate.34.Creditriskistheriskthatabondissuerwilldefaultonitsobligations,failingtomakeinterestpaymentsorrepaytheprincipal.Itrelatestotheissuer'sfinancialhealth,qualityofassets,andbusinessprospects.Liquidityriskistheriskthataninvestorwillnotbeabletobuyorsellanassetquicklyenoughtopreventorminimizealoss.Itrelatestotheeasewithwhichanassetcanbeconvertedintocashwithoutsignificantlyaffectingitsprice.Bothareimportantfixedincomerisks,buttheyrelatetodifferentaspectsoftheinvestment.35.Theprocessofbondratinginvolvescreditratingagencies(e.g.,Moody's,S&P,Fitch)assigningagrade(e.g.,AAA,BBB,C)toabondbasedontheirassessmentoftheissuer'screditworthinessandthebond'sterms.Higherratingsindicatelowercreditrisk.Implicationsforinvestorsinclude:servingasaproxyforcreditquality,influencingthebond'syield(higherrisktypicallyrequiresahigheryield),affectinginvestoreligibility(e.g.,pensionfundsoftenhaveratingrequirements),andprovidinganindependentassessmentthatcomplementsinvestoranalysis.36.Acalloptiongivestheholdertheright,butnottheobligation,tobuyanunderlyingassetataspecifiedprice(strikeprice)withinaspecifiedtimeperiod.Aputoptiongivestheholdertheright,butnottheobligation,tosellanunderlyingassetataspecifiedprice(strikeprice)withinaspecifiedtimeperiod.Thekeydifferenceisthedirectionofthepotentialprofit:acalloptionprofitsiftheunderlyingasset'spricerises,whileaputoptionprofitsiftheunderlyingasset'spricefalls.37.Afuturescontractisastandardizedlegalagreementtobuyorsellaparticularcommodityorfinancialinstrumentatapredeterminedpriceataspecifiedtimeinthefuture.Keycharacteristicsinclude:standardization(contractsize,quality,deliverydate),tradedonorganizedexchanges,marked-to-marketdaily(dailysettlementofgainsandlosses),andtypicallyrequireinitialandvariationmargindeposits.Futuresaremarked-to-market,meaningdailygainsorlossesaresettled,creatingdailycashflow.38.Aforwardcontractisacustomized,privateagreementbetweentwopartiestobuyorsellanassetatapredeterminedpriceonaspecifiedfuturedate.Unlikefuturescontracts,forwardcontractsarenotstandardizedandaretypicallytradedover-the-counter(OTC).Theyarenotmarked-to-marketdaily;settlementoccursonlyatmaturity.Keydifferencesincludecustomization,OTCtrading,lackofdailysettlement,andcounterpartycreditrisk.39.Deltahedgingisanoptionstradingstrategyusedtoreduceoreliminatethemarketrisk(specifically,thesensitivitytochangesintheunderlyingasset'sprice)associatedwithholdingoptionspositions.Itinvolvesdynamicallyadjustingthepositionintheunderlyingassetorrelatedderivativestooffsetchangesintheoption'sdelta(whichmeasurestherateofchangeoftheoption'spricewithrespecttochangesintheunderlyingasset'sprice).Thegoalistocreateaportfoliothatislesssensitivetosmallpricemovementsoftheunderlyingasset.40.Historicalvolatilityisameasureofasecurity'spastpricevariability,calculatedbasedonactualrealizedpricechangesoveraspecificperiod.Impliedvolatilityisaforward-lookingmeasurederivedfromthemarketpriceofanoption(specifically,usinganoptionspricingmodellikeBlack-Scholes).Itrepresentsthemarket'sexpectationoffuturevolatility.Impliedvolatilityisimportantbecauseitinfluencesoptionprices;higherimpliedvolatilitygenerallyleadstohigheroptionpremiums,anditreflectsmarketsentimentandexpectationsaboutfuturepricemovementsthathistoricalvolatilitydoesnot.41.Privateequityinvestmentsinvolvebuyingequitystakesinprivatecompanies(non-listedcorporations)withthegoalofimprovingtheiroperationsandvalue,andeventuallysellingthestakeforaprofit.Primarycharacteristicsinclude:investmenti