2025年CFA考試重點(diǎn)突破練習(xí)考試時(shí)間：______分鐘總分：______分姓名：______考生須知：本試卷共包含25道選擇題。請(qǐng)根據(jù)題目要求，選擇最恰當(dāng)?shù)拇鸢?，并在答題卡上相應(yīng)位置填涂。作答時(shí)請(qǐng)仔細(xì)閱讀題目，確保作答準(zhǔn)確?？荚嚂r(shí)間：120分鐘。1.AccordingtotheCFAInstituteCodeandStandards,whichofthefollowingactionsbyananalystwouldmostlikelybeconsideredaviolationofStandardI(Professionalism)?A.Acceptingalavishdinnerhostedbyaportfoliomanagerwhosefirmisasignificantclient.B.Disclosingtoaclosefriendthatthefirmforwhichsheworksis即將purchasingalargeblockofsharesinacompanyshecovers.C.Refusingtovoteonabonusallocationrecommendationbecauseitappearsexcessivelygenerous.D.Usingproprietaryresearchfindingstoinforminvestmentrecommendationsprovidedtocurrentclients,butnotpublishingthesamefindingsinapubliclyavailablereport.2.Theprimarypurposeoftheefficientmarkethypothesis(EMH)istosuggestthat:A.Marketparticipantsareconsistentlyirrational,leadingtopredictablemispricings.B.Allknowninformationisalreadyreflectedinassetprices,makingitimpossibletoconsistentlyachievereturnsabovethemarketaverage.C.Short-termmarketmovementsareprimarilydrivenbychangesininterestrates.D.Marketefficiencycanonlybeachievedthroughextensivegovernmentregulation.3.Aninvestorrequiresareturnof12%peryearonaninvestmentwithabetaof1.5.Iftherisk-freerateis4%andthemarketriskpremiumisestimatedat8%,whatreturnwouldtheinvestorexpectbasedonthecapitalassetpricingmodel(CAPM)?A.16.0%B.13.0%C.12.0%D.8.0%4.Whichofthefollowingstatisticalmeasuresismostappropriatefordescribingthevolatilityofanasset'sreturnsoveraspecificperiod?A.MedianB.ModeC.StandarddeviationD.Variance5.Acompanyreportssalesrevenueof$500,000,costofgoodssoldof$300,000,andoperatingexpensesof$150,000.Itsgrossprofitmarginis:A.20.0%B.30.0%C.40.0%D.50.0%6.Whichofthefollowingstatementsregardingtheaccountingtreatmentoflong-termdebtismostaccurate?A.Interestexpenseonlong-termdebtisalwayscapitalizedaspartofthecostoftherelatedasset.B.Long-termdebtistypicallyclassifiedasacurrentliabilityonthebalancesheetifitisduewithinoneyear.C.Thepresentvalueoffuturedebtpaymentsisusedtodeterminetheinitialcarryingamountofthedebt.D.Anypremiumontheissuanceoflong-termdebtisamortizedoverthelifeofthedebt,reducingtheinterestexpenseeachperiod.7.Acompanyhascurrentassetsof$200,000andtotalassetsof$800,000.Ifitscurrentliabilitiesare$100,000,whatisitsworkingcapital?A.$100,000B.$200,000C.$300,000D.$400,0008.Whichofthefollowingmethodsoffinancialstatementanalysisinvolvesforecastingfuturefinancialstatementsbasedonhistoricaltrendsandrelationships?A.Common-sizeanalysisB.HorizontalanalysisC.RatioanalysisD.Trendanalysis9.Accordingtothetheoryofinterestraterisk,whichofthefollowingbondswouldhavethehighestduration?A.A5-yearbondwitha5%couponrate.B.A5-yearbondwitha10%couponrate.C.A10-yearbondwitha5%couponrate.D.A10-yearbondwitha10%couponrate.10.Whichofthefollowingstatementsabouttherelationshipbetweenbondpricesandyieldstomaturityiscorrect?A.Thereisaninverserelationshipbetweenbondpricesandyieldstomaturity.B.Thereisadirectrelationshipbetweenbondpricesandyieldstomaturity.C.Therelationshipisstableregardlessofchangesinmarketinterestrates.D.Therelationshiponlyholdstrueforzero-couponbonds.11.Acorporatebondwithafacevalueof$1,000paysanannualcouponof6%.Ifthebond'syieldtomaturityis5%anditmaturesin10years,whatistheapproximatemarketpriceofthebond?A.$926B.$1,000C.$1,075D.$1,10012.Whichofthefollowingequityvaluationmethodsismostsuitableforvaluingacompanywithconsistentearningsbutnodividends?A.Dividenddiscountmodel(DDM)B.Price-to-earnings(P/E)ratioC.Price-to-sales(P/S)ratioD.Earningscapitalizationmodel13.Theprimarydifferencebetweenacalloptionandaputoptionis:A.Acalloptiongivestheholdertheright,butnottheobligation,tobuyanasset,whileaputoptiongivestheholdertheright,butnottheobligation,tosellanasset.B.Acalloptionhasahigherintrinsicvaluethanaputoptionatexpiration.C.Calloptionsaretypicallyusedforhedgingpurposes,whileputoptionsareusedforspeculation.D.Calloptionsaremoreexpensivetopurchasethanputoptions.14.Whichofthefollowingstatementsaboutfuturescontractsismostaccurate?A.Futurescontractsrequireaninitialmargindepositfromboththebuyerandtheseller.B.Futurescontractsaretypicallysettledincashatexpiration.C.Theprimarypurposeoffuturescontractsistoprovideamechanismforcompaniestohedgeforeignexchangerisk.D.Futurescontractsareinherentlymoreriskyforbuyersthanforsellers.15.Whichofthefollowinginvestmentvehiclesischaracterizedbyhavingitsassetsheldintrustbyamanagerforthebenefitofitsshareholders?A.AmutualfundB.Aexchange-tradedfund(ETF)C.Aunitinvestmenttrust(UIT)D.Ahedgefund16.Whichofthefollowingfactorswouldlikelyleadtoanincreaseinthedemandformoney?A.Anincreaseintheexpectedreturnonalternativeinvestments.B.Anincreaseinthepricelevel(inflation).C.Adecreaseinthetransactioncostsassociatedwithusingmoney.D.Adecreaseintheinterestratepaidonmoneyholdings.17.AccordingtoKeynesianeconomics,whichofthefollowingisconsideredacomponentofaggregatedemand?A.TaxesB.GovernmentspendingC.InterestratesD.Netexports18.Afirmisconsideringinvestinginanewprojectthatrequiresaninitialoutlayof$1million.Theprojectisexpectedtogeneratecashinflowsof$300,000peryearfor5years.Usingadiscountrateof10%,whatisthenetpresentvalue(NPV)oftheproject?A.$(42,136)B.$42,136C.$157,625D.$312,50019.Whichofthefollowingstatementsabouttheefficientfrontierismostaccurate?A.Theefficientfrontierrepresentsallpossibleportfoliosthatofferthehighestexpectedreturnforagivenlevelofrisk.B.Portfoliosthatliebelowtheefficientfrontierareconsideredinefficientandshouldbeavoided.C.Theefficientfrontierisadownward-slopingcurve,indicatingthathigherreturnsalwayscomewithhigherrisk.D.Theefficientfrontierisonlyrelevantforinvestorswhoarerisk-averse.20.Aportfoliomanagerconstructsaportfoliowithabetaof1.2.Iftheexpectedreturnonthemarketis12%andtherisk-freerateis3%,whatistheexpectedreturnontheportfolioaccordingtotheCAPM?A.9.0%B.10.8%C.12.0%D.15.0%21.WhichofthefollowingisaprimaryfunctionoftheFederalReserve?A.Toregulatethestockexchangeandsetlistingrequirements.B.Tooverseethebankingsystemandenforcebankingregulations.C.Tomanagethenation'smoneysupplyandinfluenceinterestrates.D.Toregulatetheinsuranceindustryandsetpremiumrates.22.Whichofthefollowingtypesofriskismostcloselyassociatedwithholdingadiversifiedportfolioofstocks?A.SystematicriskB.UnsystematicriskC.InterestrateriskD.Creditrisk23.Whichofthefollowingstatementsaboutthedividenddiscountmodel(DDM)ismostaccurate?A.TheDDMismostsuitableforvaluingcompanieswithvolatileearningsanddividends.B.TheDDMrequiresanestimateofthecompany'slong-termgrowthrateindividends.C.TheDDMisconsideredapreferredvaluationmethodforallcompanies,regardlessoftheirdividendpolicy.D.TheDDMassumesthatthestockpricewillalwaysequalthepresentvalueofallfuturedividends.24.Whichofthefollowingstatementsabouttherelationshipbetweenastock'spriceanditsintrinsicvalueismostaccurate?A.Astock'spricewillalwaysbeequaltoitsintrinsicvalueinaperfectlyefficientmarket.B.Ifastock'spriceisbelowitsintrinsicvalue,itisconsideredundervaluedandagoodinvestmentopportunity.C.Thedifferencebetweenastock'spriceanditsintrinsicvalueisknownasthealphaofthestock.D.Theintrinsicvalueofastockisprimarilydeterminedbyitscurrentdividendyield.25.Aninvestorisconsideringaddinganewassettoawell-diversifiedportfolio.Whichofthefollowingfactorsshouldtheinvestorconsidermostwhenevaluatingthepotentialaddition?A.Theexpectedreturnofthenewassetalone.B.Thecorrelationofthenewasset'sreturnswiththereturnsoftheexistingportfolio.C.Thestandarddeviationofthenewasset'sreturnsalone.D.Thebetaofthenewassetrelativetothemarket.試卷答案1.B解析思路：根據(jù)CFA協(xié)會(huì)道德準(zhǔn)則標(biāo)準(zhǔn)I（專(zhuān)業(yè)標(biāo)準(zhǔn)），會(huì)員不得泄露保密信息，除非法律要求或得到相關(guān)方同意。題目中，分析師向親密朋友透露公司即將購(gòu)買(mǎi)的股票信息，屬于泄露了未公開(kāi)的、可能影響投資決策的保密信息，構(gòu)成對(duì)標(biāo)準(zhǔn)I（d）的違反。選項(xiàng)A，接受高管lavishdinner可能違反標(biāo)準(zhǔn)I（d）關(guān)于利益沖突和不當(dāng)利益的規(guī)定，但題目描述“即將購(gòu)買(mǎi)”更直接涉及保密信息。選項(xiàng)C，拒絕投票是行使權(quán)利，不違反道德準(zhǔn)則。選項(xiàng)D，使用內(nèi)部信息提供給客戶(hù)而非公開(kāi)，違反了信息披露原則，但泄露給朋友的風(fēng)險(xiǎn)更大。2.B解析思路：有效市場(chǎng)假說(shuō)（EMH）的核心觀點(diǎn)是，在一個(gè)有效的市場(chǎng)中，所有已知信息都已反映在資產(chǎn)價(jià)格中。這意味著無(wú)法通過(guò)分析公開(kāi)信息來(lái)持續(xù)獲得超額回報(bào)。選項(xiàng)A，市場(chǎng)參與者非理性導(dǎo)致定價(jià)錯(cuò)誤，與EMH相反。選項(xiàng)C，利率是影響市場(chǎng)的重要因素，但不是EMH的核心。選項(xiàng)D，EMH并不直接等同于需要政府監(jiān)管，它描述的是市場(chǎng)運(yùn)行效率狀態(tài)。3.A解析思路：根據(jù)CAPM公式：預(yù)期回報(bào)=無(wú)風(fēng)險(xiǎn)利率+Beta*市場(chǎng)風(fēng)險(xiǎn)溢價(jià)。代入數(shù)據(jù)：預(yù)期回報(bào)=4%+1.5*8%=4%+12%=16.0%。4.C解析思路：標(biāo)準(zhǔn)差是衡量數(shù)據(jù)離散程度或波動(dòng)性的常用統(tǒng)計(jì)指標(biāo)，能夠反映資產(chǎn)回報(bào)在特定時(shí)期內(nèi)的波動(dòng)大小，即風(fēng)險(xiǎn)。選項(xiàng)A，中位數(shù)反映數(shù)據(jù)集中趨勢(shì)。選項(xiàng)B，眾數(shù)是出現(xiàn)頻率最高的值。選項(xiàng)D，方差是標(biāo)準(zhǔn)差的平方，也是衡量波動(dòng)性，但標(biāo)準(zhǔn)差更直觀。5.C解析思路：毛利潤(rùn)=銷(xiāo)售收入-成本ofgoodssold=$500,000-$300,000=$200,000。毛利潤(rùn)率=(毛利潤(rùn)/銷(xiāo)售收入)*100%=($200,000/$500,000)*100%=0.4*100%=40.0%。6.C解析思路：長(zhǎng)期債務(wù)的初始入賬價(jià)值通常是其未來(lái)現(xiàn)金流（本息）的現(xiàn)值。選項(xiàng)A，利息費(fèi)用資本化有特定條件，通常用于與資產(chǎn)構(gòu)建相關(guān)的利息。選項(xiàng)B，一年內(nèi)到期的長(zhǎng)期債務(wù)應(yīng)列為流動(dòng)負(fù)債。選項(xiàng)D，債券溢價(jià)會(huì)逐期攤銷(xiāo)，減少利息費(fèi)用，但初始確認(rèn)是基于現(xiàn)值。7.C解析思路：流動(dòng)資產(chǎn)-流動(dòng)負(fù)債=工作資本。代入數(shù)據(jù)：$200,000-$100,000=$100,000。工作資本衡量企業(yè)短期償債能力和運(yùn)營(yíng)資金需求。8.B解析思路：趨勢(shì)分析（HorizontalAnalysis）是指比較公司連續(xù)多個(gè)期間的財(cái)務(wù)報(bào)表項(xiàng)目，以識(shí)別其變化趨勢(shì)和模式，常用于預(yù)測(cè)未來(lái)財(cái)務(wù)狀況。選項(xiàng)A，共同比分析是結(jié)構(gòu)分析。選項(xiàng)C，比率分析是計(jì)算財(cái)務(wù)比率進(jìn)行比較。選項(xiàng)D，水平分析側(cè)重時(shí)間序列比較，而非僅僅識(shí)別關(guān)系。9.C解析思路：債券的久期（Duration）衡量債券價(jià)格對(duì)利率變化的敏感度。通常，期限越長(zhǎng)，久期越長(zhǎng)；票面利率越低，久期越長(zhǎng)。比較選項(xiàng)中的債券：10年期、5%票面利率的債券，其久期必然高于其他組合。雖然10年期、10%債券也有較長(zhǎng)久期，但5%票面利率使其久期更長(zhǎng)。10.A解析思路：根據(jù)債券定價(jià)理論，債券價(jià)格與其到期收益率（YTM）之間存在反向關(guān)系。當(dāng)市場(chǎng)利率上升時(shí)，新發(fā)行的債券提供更高的收益率，導(dǎo)致現(xiàn)有債券價(jià)格下跌，反之亦然。11.B解析思路：由于債券的票面利率（6%）高于其到期收益率（5%），該債券為溢價(jià)債券。溢價(jià)債券的市場(chǎng)價(jià)格會(huì)高于其面值。在給定的選項(xiàng)中，$1,000是面值，而其他選項(xiàng)均為低于面值的價(jià)格。雖然精確計(jì)算需要使用債券定價(jià)公式，但根據(jù)關(guān)系判斷，溢價(jià)債券價(jià)格應(yīng)高于面值。12.B解析思路：當(dāng)公司不支付股利時(shí)，股利折現(xiàn)模型（DDM）無(wú)法直接應(yīng)用。價(jià)格到收益比（P/E）可以通過(guò)將市場(chǎng)乘數(shù)應(yīng)用于公司的預(yù)期每股收益來(lái)估算公司價(jià)值，即使沒(méi)有股利。選項(xiàng)C，市銷(xiāo)率適用于收入穩(wěn)定但利潤(rùn)波動(dòng)或虧損的公司。選項(xiàng)D，收益資本化模型適用于有穩(wěn)定但無(wú)股利收益的公司，但P/E更常用且直接。13.A解析思路：這是期權(quán)的基本定義。看漲期權(quán)賦予買(mǎi)方購(gòu)買(mǎi)標(biāo)的資產(chǎn)的權(quán)利，看跌期權(quán)賦予買(mǎi)方出售標(biāo)的資產(chǎn)的權(quán)利。14.A解析思路：初始保證金是期貨交易者必須存入經(jīng)紀(jì)賬戶(hù)的金額，用于覆蓋潛在損失，買(mǎi)賣(mài)雙方都需要繳納。選項(xiàng)B，期貨通常實(shí)物交割或現(xiàn)金結(jié)算（后者較少）。選項(xiàng)C，期貨可用于多種風(fēng)險(xiǎn)管理，包括外匯風(fēng)險(xiǎn)。選項(xiàng)D，買(mǎi)賣(mài)雙方都面臨風(fēng)險(xiǎn)，但保證金制度使風(fēng)險(xiǎn)對(duì)等。15.A解析思路：共同基金的資金由基金管理人管理，資產(chǎn)屬于基金所有，再由基金所有者（基金份額持有人）擁有。這符合“信托”的法律結(jié)構(gòu)特征。選項(xiàng)B，ETF在交易所交易，份額通?？缮曩?gòu)贖回。選項(xiàng)C，UIT有固定投資組合，不主動(dòng)管理。選項(xiàng)D，對(duì)沖基金通常有更嚴(yán)格的投資者限制和運(yùn)作規(guī)則。16.B解析思路：根據(jù)交易方程式或貨幣需求理論，通貨膨脹（價(jià)格水平上升）會(huì)導(dǎo)致人們需要持有更多名義貨幣來(lái)維持相同的名義交易量，從而增加對(duì)實(shí)際貨幣的需求。17.B解析思路：凱恩斯總需求模型中，構(gòu)成總需求的四個(gè)主要部分是：消費(fèi)（C）、投資（I）、政府購(gòu)買(mǎi)（G）和凈出口（NX）。稅收（A）是總供給方的因素。利率（C）是影響投資和消費(fèi)的因素，但不直接是總需求的組成部分。凈出口（D）是總需求的組成部分，但政府購(gòu)買(mǎi)是更直接的考察點(diǎn)。18.B解析思路：需要計(jì)算5年每年$300,000現(xiàn)金流的現(xiàn)值，然后減去初始投資。PV=$300,000*[1-(1+0.10)^-5]/0.10=$300,000*[1-0.62092]/0.10=$300,000*3.79079=$1,137,237。NPV=$1,137,237-$1,