2025年CFA考試練習題集考試時間：______分鐘總分：______分姓名：______試卷開始1.Aninvestmentmanagerisconsideringaddingastocktoitsportfolio.Thestockhasanexpectedreturnof12%andastandarddeviationof20%.Theportfoliocurrentlyconsistsof10stockswithanexpectedreturnof10%andastandarddeviationof15%.Ifthestockisaddedtotheportfolio,thenewportfolio'sexpectedreturnwillbeclosestto:A.10.00%B.10.50%C.11.00%D.11.50%2.Whichofthefollowingstatementsregardingtheefficientmarkethypothesis(EMH)ismostaccurate?A.EMHsuggeststhatallpublicinformationisalreadyreflectedinstockprices,makingitimpossibletoachieveabove-averagereturns.B.AccordingtoEMH,stockpricesareonlysemi-strongformefficientifallanalystshaveaccesstothesameinformationsimultaneously.C.Weakformefficiencyimpliesthattechnicalanalysiscanconsistentlygenerateexcessreturns.D.Ifmarketsarestrongformefficient,insiderinformationcannotbeusedtopredictfuturepricemovements.3.Acompanyreportsnetincomeof$500,000fortheyear.Ithasdepreciationexpenseof$100,000andanincreaseinaccountspayableof$20,000.Assumingnootherchangesinworkingcapital,thecompany'scashflowfromoperationsfortheyearisclosestto:A.$450,000B.$500,000C.$530,000D.$600,0004.Abondwithafacevalueof$1,000paysanannualcouponof5%.Thebondhasamaturityof10years.Iftherequiredyieldtomaturityis6%,thebond'scurrentpriceisclosestto:A.$820.70B.$895.43C.$926.40D.$1,000.005.Whichofthefollowingmethodsismostcommonlyusedforvaluingacompany'sequitywhenthecompanydoesnotpaydividends?A.Dividenddiscountmodel(DDM)B.Discountedcashflow(DCF)modelusingfreecashflowstoequity(FCFE)C.Comparablecompanyanalysisusingprice-to-earnings(P/E)ratiosD.Liquidationvaluation6.Aportfoliomanagerusesastrategythatinvolvesbuyingstockswhentheirpricesfallbelowtheirfundamentalvalueandsellingthemwhenpricesriseabovefundamentalvalue.Thisstrategyismostconsistentwithwhichinvestmentphilosophy?A.TechnicalanalysisB.MarketefficiencytheoryC.PassiveinvestingD.Valueinvesting7.Whichofthefollowingisgenerallyconsideredahigherriskforabondinvestor?A.InterestrateriskB.CreditriskC.InflationriskD.Liquidityrisk8.Theprimarypurposeofa1031exchangeinU.S.taxlawisto:A.Eliminatecapitalgainstaxesonthesaleofcertainbusinessproperty.B.Allowindividualstodefercapitalgainstaxeswhenexchangingappreciatedrealestateforotherlike-kindproperty.C.Reduceincometaxesbydeferringtherecognitionofincomefromthesaleofaninvestment.D.Provideataxcreditforthedepreciationtakenonrentalproperty.9.Acompany'sweightedaveragecostofcapital(WACC)isusedfor:A.Evaluatingthefinancialperformanceofthecompany.B.Determiningtheminimumacceptablereturnonpotentialinvestments.C.Calculatingthecompany'staxliability.D.Settingthetargetpriceforthecompany'sstock.10.Theconceptof"opportunitycost"refersto:A.Theactualcostincurredtoproduceagoodorservice.B.Thereturnthatcouldhavebeenearnedonthenextbestalternativeinvestment.C.Thecostofcapitaltiedupinfixedassets.D.Theriskassociatedwithaninvestment.11.Whichofthefollowingstatementsregardingthecapitalassetpricingmodel(CAPM)ismostaccurate?A.TheCAPMassumesthatinvestorsarerisk-averseandpreferhigherriskinvestments.B.Themarketriskpremiumiscalculatedastheexpectedreturnonthemarketminustherisk-freerate.C.Thebetaofaportfolioisalwaysequalto1.0.D.TheCAPMisprimarilyusedtocalculatethecostofequityforpubliclytradedcompanies.12.Aprojectrequiresaninitialinvestmentof$100,000andisexpectedtogeneratecashinflowsof$30,000peryearfor5years.Theinternalrateofreturn(IRR)fortheprojectisclosestto:A.10.00%B.15.00%C.20.00%D.25.00%13.WhichofthefollowingisakeyassumptionoftheModigliani-Millertheoremunderperfectmarkets?A.Taxesexistandaffectcapitalstructuredecisions.B.Therearenotransactioncostsassociatedwithbuyingorsellingsecurities.C.Companieshavedifferentinformationabouttheirprospectsthaninvestors.D.Management'sdecisionsaredrivenbypersonalpreferencesratherthanshareholdervalue.14.Acompanyisanalyzingtwopotentialinvestments.InvestmentAhasanexpectedreturnof12%andastandarddeviationof18%.InvestmentBhasanexpectedreturnof10%andastandarddeviationof12%.Whichofthefollowingstatementsismostlikelytrue?A.InvestmentAispreferableforallinvestorsduetoitshigherreturn.B.InvestmentBispreferableforrisk-averseinvestors.C.TheriskofInvestmentAisnecessarilyhigherthantheriskofInvestmentB.D.TheexpectedreturnofInvestmentAissufficienttocompensateforitshigherrisk.15.Whichofthefollowingfinancialstatementsprovidesinformationaboutacompany'sfinancialpositionataspecificpointintime?A.IncomestatementB.StatementofcashflowsC.StatementofretainedearningsD.Balancesheet16.Astockhasanexpectedreturnof15%andabetaof1.2.Iftherisk-freerateis5%andthemarketriskpremiumis10%,theexpectedreturnaccordingtotheCAPMisclosestto:A.5.00%B.10.00%C.15.00%D.20.00%17.Whichofthefollowingisacomponentofacompany'sfreecashflowtothefirm(FCFF)?A.DividendspaidtoshareholdersB.InterestexpenseC.CapitalexpendituresD.Repurchaseofcommonstock18.Acompany'sinventoryturnoverratiois6timesperyear.Ifthecostofgoodssoldfortheyearis$600,000,theaverageinventoryfortheyearisclosestto:A.$100,000B.$150,000C.$200,000D.$300,00019.Whichofthefollowingisgenerallyconsideredasignofstrongfinancialhealthforacompany?A.Adecreasingcurrentratiooverseveralperiods.B.Ahighdebt-to-equityratio.C.Consistentlygrowingoperatingcashflow.D.Adeclininginventoryturnoverratio.20.Aninvestorpurchasesacalloptionwithastrikepriceof$50forapremiumof$2.Theoptionexpiresinonemonth.Ifthestockpriceatexpirationis$60,theinvestor'sprofitpershareisclosestto:A.$2.00B.$8.00C.$10.00D.$12.0021.Whichofthefollowingtypesofriskismostcloselyassociatedwiththepossibilityofacompanydefaultingonitsdebtobligations?A.MarketriskB.LiquidityriskC.CreditriskD.Operationalrisk22.Aportfolioconsistsof60%stocksand40%bonds.Theexpectedreturnonstocksis12%,theexpectedreturnonbondsis6%,andthecorrelationcoefficientbetweenstocksandbondsis-0.3.Theexpectedreturnontheportfolioisclosestto:A.6.00%B.7.20%C.9.00%D.10.40%23.Whichofthefollowingstatementsregardingthestatementofcashflowsismostaccurate?A.Cashflowsfromoperatingactivitiesrepresentthecashgeneratedfromthesaleoflong-termassets.B.Cashflowsfrominvestingactivitiestypicallyincludecashpaidfordividends.C.Cashflowsfromfinancingactivitiesincludecashreceivedfromissuingdebtorequity.D.Thestatementofcashflowsonlyreportscashtransactions.24.Acompany'sreturnonassets(ROA)is8%anditstotalassetsare$500,000.Ifthecompany'snetincomeis$40,000,itsprofitmarginisclosestto:A.4.00%B.6.00%C.8.00%D.10.00%25.Whichofthefollowingisalimitationofthedividenddiscountmodel(DDM)?A.Itisdifficulttoestimatetheappropriatediscountrate.B.Itisonlysuitableforvaluingcompaniesthatpayconsistentdividends.C.Itdoesnotconsidertheimpactoftaxesondividends.D.Itassumesthatthecompanywilloperateindefinitely.26.Aninvestorisconsideringinvestinginamutualfundthatchargesafront-endloadof2%.Iftheinvestorinvests$10,000,theamountofmoneyactuallyinvestedinthefundisclosestto:A.$10,000B.$9,800C.$8,000D.$7,80027.Whichofthefollowingisakeydifferencebetweenawarrantandacalloption?A.Warrantsaretypicallymoreexpensivethancalloptions.B.Warrantsareissuedbycompanies,whilecalloptionsarecreatedbyinvestors.C.Warrantshavealongerexpirationdatethancalloptions.D.Theexerciseofawarrantincreasesthenumberofsharesoutstanding,whiletheexerciseofacalloptiondoesnot.28.Theprocessofgroupingsimilartransactionstogetherandtreatingthemasasingleunitforreportingpurposesisknownas:A.MaterialityB.ConservatismC.FulldisclosureD.Aggregation29.Acompany'searningspershare(EPS)are$2.00.Iftheprice-to-earnings(P/E)ratiois20,thecompany'sstockpriceisclosestto:A.$10.00B.$20.00C.$40.00D.$80.0030.Whichofthefollowingisgenerallyconsideredamoreconservativeapproachtofinancialforecasting?A.Usinghistoricalaveragestopredictfutureperformance.B.Assumingoptimisticgrowthratesforfuturerevenueandexpenses.C.Incorporatingconservativeassumptionsaboutfutureeconomicconditions.D.Relyingsolelyontheopinionsofindustryexperts.試卷結束試卷答案1.C解析思路：新組合的預期回報是各項資產(chǎn)的加權平均預期回報。假設原組合價值為X，新組合總價值為X+1,000（假設投資的股票面值為1,000）。新組合預期回報=(10%*X+12%*1,000)/(X+1,000)=(0.10X+12)/(X+1,000)。當X很大時，近似為10%+(12-10)/1000=10.2%。選項C11.00%最接近此計算結果。2.B解析思路：弱形式效率認為當前價格已反映歷史價格信息，技術分析無效。半強形式效率認為當前價格已反映所有公開信息，包括歷史數(shù)據(jù)和財務報表。強形式效率認為當前價格已反映所有信息，包括內部信息。選項B描述了半強形式效率的一個方面。3.C解析思路：經(jīng)營活動現(xiàn)金流量=凈利潤+非現(xiàn)金支出（折舊）-經(jīng)營性應收項目增加+經(jīng)營性應付項目增加。=500,000+100,000-0+20,000=620,000。注意題目中只提到了折舊和應付賬款的變動，未提及其他變動。4.B解析思路：債券價格=[C*(1-(1+r)^-n)/r]+[F/(1+r)^n]。其中C=50,F=1,000,r=6%/100=0.06,n=10。價格=[50*(1-1/1.06^10)/0.06]+[1,000/1.06^10]。計算得到大約895.43。5.B解析思路：對于不支付股息的公司，可以使用DCF模型，將未來預期自由現(xiàn)金流（FCFE）折現(xiàn)到現(xiàn)值。這是評估公司整體價值（包括債務和權益）后，再分離出權益價值的標準方法。6.D解析思路：價值投資的核心是尋找價格低于其內在價值的證券并買入，等待市場糾正價格。這與題目描述的行為一致。7.B解析思路：信用風險是指借款人無法按時支付利息或本金的風險。對于固定收益投資者而言，這是除了利率風險之外最需要關注的重大風險。8.B解析思路：根據(jù)美國稅法，進行1031交換時，可以將出售的appreciated(增值的)房產(chǎn)換成其他like-kind(同類)房產(chǎn)，從而延遲(defer)因資產(chǎn)增值而產(chǎn)生的資本利得稅。9.B解析思路：WACC代表了公司籌集新資本的成本，是公司投資項目的最低可接受回報率（HurdleRate），用于評估項目是否可行。10.B解析思路：機會成本是指為了選擇某個方案而放棄的其他方案所能帶來的最佳收益。在投資決策中，選擇了一個投資項目，其機會成本就是投資于其他所有可能項目中收益最高的那個項目所能獲得的收益。11.B解析思路：CAPM公式為E(Ri)=Rf+βi*[E(Rm)-Rf]。市場風險溢價=E(Rm)-Rf。這是CAPM的核心組成部分。12.B解析思路：IRR是使項目凈現(xiàn)值(NPV)等于零的折現(xiàn)率?？梢酝ㄟ^試錯法或財務計算器計算。設IRR為r，則-100,000+30*(PVIFA(r,5))=0。PVIFA(r,5)=100,000/30=3.3333。查年金現(xiàn)值表或使用計算器，發(fā)現(xiàn)當r約為15%時，PVIFA接近3.35。13.B解析思路：Modigliani-Miller定理在完美市場假設下（無稅、無交易成本、信息對稱、無破產(chǎn)成本等）推導出資本結構不影響公司價值。其中“無交易成本”是關鍵假設之一。14.B解析思路：雖然投資A的預期回報更高，但其風險（標準差18%）也顯著高于投資B（標準差12%）。對于風險厭惡的投資者，更高的風險需要更高的預期回報來補償。投資B提供了相對較高的回報以較低的波動性，對風險厭惡者可能更優(yōu)。15.D解析思路：資產(chǎn)負債表（BalanceSheet）報告公司在特定日期（如年末、季末）的資產(chǎn)、負債和股東權益狀況，反映其財務狀況。16.D解析思路：根據(jù)CAPM，E(Ri)=Rf+βi*[E(Rm)-Rf]=5%+1.2*(10%-5%)=5%+1.2*5%=5%+6%=11%。選項D20.00%錯誤，計算結果應為11%。17.C解析思路：FCFF=EBIT(1-T)+Depreciation-CapEx-ChangeinWorkingCapital。其中，資本支出(CapEx)是公司維持或擴大運營所需投資于固定資產(chǎn)的現(xiàn)金流出，是FCFF的重要組成部分。18.C解析思路：庫存周轉率=銷貨成本/平均庫存。平均庫存=銷貨成本/庫存周轉率=600,000/6=100,000。19.C解析思路：持續(xù)增長的經(jīng)營活動現(xiàn)金流表明公司核心業(yè)務產(chǎn)生現(xiàn)金的能力在增強，是健康的財務表現(xiàn)標志。選項A、B、D通常被視為財務風險或經(jīng)營效率低下的信號。20.B解析思路：盈虧平衡點=擊中價-行權價-期權費=60-50-2=8。因為期權是看漲期權，