2025年CFA一級(jí)真題模擬試卷考試時(shí)間：______分鐘總分：______分姓名：______注意：本試卷共120道選擇題，請(qǐng)選擇最合適的答案。1.WhichofthefollowingstatementsregardingtheCFAInstituteCodeandStandardsismostaccurate?A.TheCodecontainsenforceablerulesthatcanleadtodisciplinaryactionsifviolated.B.TheStandardsprovideaframeworkforapplyingtheethicalandprofessionalprinciplesoutlinedintheCode.C.BreachesoftheStandardsalwaysresultintherevocationofacandidate'scharter.D.TheCodeandStandardsareprimarilyintendedforusebyinvestmentmanagersonly.2.AccordingtotheCFAInstituteCodeofEthics,whichprinciplerequiresmemberstoactforthebenefitoftheirclientsandemployers?A.ProfessionalismB.DiligenceC.IntegrityD.Objectivity3.Ananalystisevaluatingthefinancialperformanceoftwocompaniesinthesameindustry.Whichofthefollowingmetricswouldbemostusefulforcomparingtheiroperationalefficiency?A.ReturnonEquity(ROE)B.EarningsPerShare(EPS)C.Price-to-Earnings(P/E)RatioD.AssetTurnoverRatio4.Thetimevalueofmoneyconceptisprimarilybasedonwhichprinciple?A.Therisk-returntrade-offB.ThelawofdiminishingreturnsC.TheconceptofopportunitycostD.Theprincipleofcertaintyequivalent5.Acompanyreportssalesrevenueof$500,000andcostofgoodssoldof$300,000.Whatisthegrossprofitmargin?A.30%B.40%C.50%D.60%6.Whichofthefollowingisgenerallyconsideredafixedcostforamanufacturingcompany?A.RawmaterialsB.DepreciationonequipmentC.DirectlaborwagesD.Utilitycosts7.Thecentrallimittheoremstatesthatasthesamplesizeincreases,thedistributionofsamplemeanswilltendtoapproximatewhichofthefollowing?A.APoissondistributionB.AnormaldistributionC.AbinomialdistributionD.Anexponentialdistribution8.Astatisticsstudentisconductingahypothesistestatthe5%significancelevel.Ifthep-valueofthetestis0.03,whatisthecorrectconclusion?A.RejectthenullhypothesisB.FailtorejectthenullhypothesisC.TheresultisinconclusiveD.Thesamplesizeistoosmalltodrawaconclusion9.Aninvestorisconsideringaddinganewstocktotheirportfolio.Thestockhasanexpectedreturnof12%andastandarddeviationof18%.Theportfoliocurrentlyhasanexpectedreturnof8%andastandarddeviationof10%.Ifthestockisaddedtotheportfolio,whichofthefollowingismostlikelytooccur?A.Theportfolio'sexpectedreturnwillincrease,andtheportfolio'sstandarddeviationwillincrease.B.Theportfolio'sexpectedreturnwilldecrease,andtheportfolio'sstandarddeviationwilldecrease.C.Theportfolio'sexpectedreturnwillincrease,andtheportfolio'sstandarddeviationwilldecrease.D.Theportfolio'sexpectedreturnwilldecrease,andtheportfolio'sstandarddeviationwillincrease.10.Whichofthefollowingportfolioconstructiontechniquesinvolvesdiversifyingacrossassetsthatarenotperfectlypositivelycorrelated?A.AssetallocationB.SecurityselectionC.MarkettimingD.Diversificationwithinafactor11.Arisk-freeassethasareturnof2%.Aninvestor'sportfoliohasanexpectedreturnof10%andastandarddeviationof15%.Whichofthefollowingstatementsismostaccurate?A.TheSharperatiooftheportfoliois0.06.B.TheSharperatiooftherisk-freeassetis0.02.C.Theinvestorcanachieveahigherexpectedreturnbyinvestingentirelyintherisk-freeasset.D.Theefficientfrontierwillnotincludetherisk-freeasset.12.Whichofthefollowingisacharacteristicofanormaldistribution?A.Itisskewedtotheleft.B.Ithasamean,median,andmodethatareallequal.C.Itisbimodal.D.Ithasapositivekurtosis.13.Aninvestorisconsideringinvestinginabondwithafacevalueof$1,000,acouponrateof5%,andamaturityof10years.Ifthemarketinterestrateis5%,whatistheapproximatepriceofthebond?A.$950B.$1,000C.$1,050D.$1,10014.Whichofthefollowingbondfeaturesmakesthebondmoresensitivetochangesininterestrates?A.AhighercouponrateB.AlongermaturityC.AlowerfacevalueD.Afloatinginterestrate15.Abondwithadurationof5yearsisexpectedtohaveapricechangeofapproximatelyhowmuchfora1%changeininterestrates?A.+5%B.-5%C.+0.5%D.-0.5%16.Whichofthefollowingstatementsregardingtheefficientmarkethypothesis(EMH)ismostaccurate?A.TheEMHsuggeststhatallassetsarecurrentlypricedattheirintrinsicvalue.B.ThestrongformoftheEMHassertsthatpastpriceinformationisnotusefulforpredictingfutureprices.C.Thesemi-strongformoftheEMHsuggeststhatmarketsarenotefficientintheshortrun.D.TheweakformoftheEMHimpliesthattechnicalanalysiscanconsistentlygenerateabnormalreturns.17.Aportfoliomanagerusesatop-downinvestmentapproach.Whichofthefollowingismostlikelythefirststepthemanagerwouldtake?A.Selectindividualsecuritiesbasedonfundamentalanalysis.B.Analyzemacroeconomictrendstodetermineassetallocation.C.Conductindustryanalysistoidentifyundervaluedcompanies.D.Evaluatetherisktoleranceoftheportfolio'sclients.18.Whichofthefollowingisaqualitativefactorthatananalystmightconsiderwhenevaluatingacompany'smanagementteam?A.Themanagementteam'seducationalbackground.B.Themanagementteam'syearsofexperienceintheindustry.C.Themanagementteam'strackrecordofmeetingperformancetargets.D.Alloftheabove.19.TheP/Eratioismostusefulforvaluingwhichtypeofcompany?A.Companieswithnegativeearnings.B.Companiesinthetechnologysector.C.Companieswithstableearningsanddividends.D.Companiesinthehealthcaresector.20.Whichofthefollowingmethodsismostappropriateforvaluingacompanywithsignificantnon-operatingassets?A.DiscountedCashFlow(DCF)analysisB.Sum-of-the-Parts(SOTP)analysisC.ComparableCompanyAnalysisD.PrecedentTransactionsAnalysis21.Acompanyhasabetaof1.2.Ifthemarketriskpremiumis5%andtherisk-freerateis2%,whatistherequiredrateofreturnaccordingtotheCapitalAssetPricingModel(CAPM)?A.2%B.5%C.8%D.12%22.Whichofthefollowingisameasureofacompany'sfinancialleverage?A.ReturnonAssets(ROA)B.Debt-to-EquityRatioC.EarningsPerShare(EPS)D.Price-to-Book(P/B)Ratio23.Ananalystisusingthedividenddiscountmodel(DDM)tovalueastock.Whichofthefollowingassumptionsismostcriticaltothevalidityofthemodel?A.Thecompany'sdividendpayoutratiowillremainconstant.B.Thecompany'sgrowthratewillremainconstant.C.Thecompany'sbetawillremainconstant.D.Thecompany'sdebt-to-equityratiowillremainconstant.24.Whichofthefollowingisapotentiallimitationoftheprice-to-earnings(P/E)ratio?A.Itdoesnotconsiderthesizeofthecompany.B.Itcanbemisleadingforcompanieswithnegativeearnings.C.Itdoesnotaccountforthecompany'sdebtlevels.D.Itisnotusefulforcomparingcompaniesindifferentindustries.25.Whichofthefollowingisabenefitofdiversification?A.Itincreasestheexpectedreturnofaportfolio.B.Itreducestheunsystematicriskofaportfolio.C.Iteliminatesallrisksassociatedwithaportfolio.D.Itrequirestheinvestortoinvestinallpossibleassets.26.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockhasanexpectedreturnof15%andastandarddeviationof20%.Theportfoliocurrentlyhasanexpectedreturnof10%andastandarddeviationof12%.Ifthecorrelationcoefficientbetweenthestockandtheportfoliois0.5,whatistheexpectedreturnofthenewportfolioiftheinvestorinvests20%oftheirfundsinthestockandtheremaining80%intheexistingportfolio?A.10.2%B.10.8%C.11.4%D.12.0%27.WhichofthefollowingstatementsregardingtheCapitalAssetPricingModel(CAPM)ismostaccurate?A.TheCAPMassumesthatinvestorsarerisk-averse.B.TheCAPMsuggeststhatthemarketportfolioistheonlyefficientportfolio.C.TheCAPMimpliesthatallinvestorshavethesamerisktolerance.D.TheCAPMisbasedontheassumptionthattherearenotaxesortransactioncosts.28.Aninvestorisconsideringinvestinginamutualfundthatchargesa2%loadfeeandhasanexpenseratioof1%.Iftheinvestorinvests$10,000,howmuchoftheirinitialinvestmentwillbeusedtopurchasesharesofthefund?A.$10,000B.$9,800C.$9,800D.$8,00029.Whichofthefollowingisacharacteristicofanopen-endmutualfund?A.Thenumberofsharesoutstandingisfixed.B.Shareholderscanonlybuyorsellsharesattheendofthetradingday.C.Shareholderscanbuyorsellsharesdirectlywiththefundcompanyatanytime.D.Thefund'sportfolioismanagedbyasingleinvestmentmanager.30.Whichofthefollowingisadisadvantageofinvestinginamutualfund?A.Mutualfundsofferdiversification.B.Mutualfundsaretypicallymanagedbyprofessionalinvestmentmanagers.C.Mutualfundshavehighexpenseratios.D.Mutualfundsarerelativelyliquid.31.Whichofthefollowinginvestmentvehiclesismostlikelytoofferthehighestpotentialreturnsbutalsothehighestpotentialrisk?A.TreasurybillsB.CorporatebondsC.Large-capstocksD.Certificatesofdeposit32.Aninvestorisconsideringinvestinginastockthatpaysannualdividends.Thestockcurrentlytradesat$50pershare,andthedividendyieldis2%.Iftheinvestorexpectsthedividendtogrowataconstantrateof5%peryear,whatistheexpecteddividendpaymentnextyear?A.$1.00B.$1.05C.$1.10D.$1.1533.Whichofthefollowingisafactorthatcancontributetoacompany'scompetitiveadvantage?A.EconomiesofscaleB.BrandrecognitionC.patentsD.Alloftheabove34.Ananalystisusingthesum-of-the-parts(SOTP)valuationmethod.Whichofthefollowingismostlikelythefirststepinthisprocess?A.Estimatetheintrinsicvalueofthecompany'sequity.B.Estimatethevalueofthecompany'snon-operatingassets.C.Estimatethevalueofthecompany'soperatingassets.D.Calculatethecompany'sWACC.35.Whichofthefollowingisalimitationoftherelativevaluationapproach?A.Itisdifficulttofindtrulycomparablecompanies.B.Itdoesnotconsiderthecompany'sfuturegrowthprospects.C.Itisnotusefulforcompaniesinemergingmarkets.D.Alloftheabove.36.Acompanyhasaprofitmarginof10%,anassetturnoverof2,andafinancialleverageof1.5.Whatisthecompany'sreturnonequity(ROE)?A.10%B.20%C.30%D.40%37.Whichofthefollowingisameasureofacompany'sliquidity?A.CurrentRatioB.Debt-to-EquityRatioC.ReturnonAssets(ROA)D.EarningsPerShare(EPS)38.Aninvestorisconsideringinvestinginastockthathasabetaof1.5.Ifthemarketreturnisexpectedtobe10%andtherisk-freerateis2%,whatistherequiredreturnaccordingtotheCapitalAssetPricingModel(CAPM)?A.2%B.7%C.10%D.15%39.Whichofthefollowingisapotentialriskassociatedwithinvestingininternationalstocks?A.PoliticalriskB.CurrencyriskC.CountryriskD.Alloftheabove40.Whichofthefollowingisabenefitofinvestinginemergingmarkets?A.HighgrowthpotentialB.LowpoliticalriskC.HighliquidityD.Stablecurrencies41.Aninvestorisconstructingaportfolioofstocks.Whichofthefollowingismostlikelytoreducetheportfolio'sunsystematicrisk?A.Investinginstocksfromthesameindustry.B.Investinginstocksfromdifferentindustries.C.Investinginstockswithahighcorrelationcoefficient.D.Investinginstockswithalowcorrelationcoefficient.42.Whichofthefollowingisafactorthatcanaffectacompany'sweightedaveragecostofcapital(WACC)?A.Thecompany'staxrateB.Thecompany'sdebt-to-equityratioC.ThemarketriskpremiumD.Alloftheabove43.Ananalystisusingthedividenddiscountmodel(DDM)tovalueastock.Whichofthefollowingismostlikelytomakethemodellessreliable?A.Thestockhasahistoryofstabledividendpayments.B.Thestockhasahistoryofinconsistentdividendpayments.C.Thestockisexpectedtohaveaconstantgrowthrate.D.Thestockisexpectedtohaveahighgrowthrate.44.Whichofthefollowingisacharacteristicofagrowthstock?A.Itpayshighdividends.B.Ithasalowprice-to-earnings(P/E)ratio.C.Ithashighearningsgrowthpotential.D.Ithasahighdividendyield.45.Whichofthefollowingisapotentiallimitationoftheprice-to-book(P/B)ratio?A.Itdoesnotconsiderthecompany'sdebtlevels.B.Itcanbemisleadingforcompanieswithintangibleassets.C.Itisnotusefulforcomparingcompaniesindifferentindustries.D.Itisnotavalidvaluationmetricforalltypesofcompanies.46.Aninvestorisconsideringinvestinginastockthatpaysnodividends.Thestockisexpectedtogrowataconstantrateof10%peryear.Iftherequiredrateofreturnis15%,whatistheintrinsicvalueofthestockusingtheGordonGrowthModel?A.$66.67B.$80.00C.$100.00D.$125.0047.Whichofthefollowingisabenefitofusingthesum-of-the-parts(SOTP)valuationmethod?A.Itprovidesasinglevaluationfortheentirecompany.B.Itallowstheanalysttovaluethecompany'sdifferentcomponentsseparately.C.Itistypicallyeasiertousethanothervaluationmethods.D.Itisbasedontheassumptionthatthecompany'sstockisfairlyvalued.48.Whichofthefollowingisalimitationofusingtheprice-to-earnings(P/E)ratioforvaluation?A.Itdoesnotconsiderthecompany'sdebtlevels.B.Itcanbemisleadingforcompanieswithnegativeearnings.C.Itisnotusefulforcomparingcompaniesindifferentindustries.D.Itisnotavalidvaluationmetricforalltypesofcompanies.49.Aninvestorisconstructingaportfolioofbonds.Whichofthefollowingismostlikelytoincreasetheportfolio'sduration?A.Addingbondswithashortermaturity.B.Addingbondswithahighercouponrate.C.Addingbondswithaloweryieldtomaturity.D.Addingbondswithahighercreditrating.50.Whichofthefollowingisacharacteristicofafloating-ratebond?A.Thecouponrateisfixedforthelifeofthebond.B.Thecouponrateadjustsperiodicallybasedonabenchmarkinterestrate.C.Thefacevalueofthebondincreasesovertime.D.Thebondisnotsubjecttocreditrisk.51.Whichofthefollowingisariskassociatedwithinvestinginhigh-yieldbonds?A.InterestrateriskB.CreditriskC.InflationriskD.Liquidityrisk52.Aninvestorisconsideringinvestinginabondfundthatinvestsprimarilyinhigh-yieldbonds.Whichofthefollowingismostlikelytheprimaryobjectiveofthefund?A.Toprovideahighlevelofcurrentincome.B.Toprovideahighlevelofcapitalpreservation.C.Toprovideahighleveloflong-termcapitalappreciation.D.Toprovidealowlevelofrisk.53.Whichofthefollowingisabenefitofinvestingininternationalbonds?A.DiversificationB.PotentialforhigheryieldsC.LowerinterestrateriskD.Alloftheabove54.Whichofthefollowingisariskassociatedwithinvestinginemergingmarketbonds?A.PoliticalriskB.CurrencyriskC.CountryriskD.Alloftheabove55.Whichofthefollowingisacharacteristicofaconvertiblebond?A.Itcanbeconvertedintoafixednumberofsharesoftheissuer'sstock.B.Ithasahigheryieldthananon-convertiblebondofthesamecreditquality.C.Itisnotsubjecttointerestraterisk.D.Ithasafixedmaturitydateandafixedcouponrate.56.Whichofthefollowingisadisadvantageofinvestinginaconvertiblebond?A.Thepotentialreturnislimitedtothebond'syield.B.Thebond'svaluewilldeclineiftheissuer'sstockpricefallssignificantly.C.Thebondmaynotprovidesufficientincome.D.Alloftheabove.57.Whichofthefollowingisafeatureofawarrant?A.Itgivestheholdertherighttobuyaspecifiednumberofsharesoftheissuer'sstockatafixedpricebeforeacertaindate.B.Itgivestheholdertherighttosellaspecifiednumberofsharesoftheissuer'sstockatafixedpricebeforeacertaindate.C.Itisissuedbythecompanyandhasnoexpirationdate.D.Itisatypeofdebtsecurity.58.Whichofthefollowingisadisadvantageofwarrants?A.Thepotentialreturnislimited.B.Thewarrant'svalueishighlysensitivetochangesintheissuer'sstockprice.C.Warrantsaretypicallyissuedinconjunctionwithothersecurities.D.Warrantshaveahighexpenseratio.59.Whichofthefollowingisacharacteristicofaputoption?A.Itgivestheholdertherighttobuyaspecifiednumberofsharesoftheunderlyingassetatafixedpricebeforeacertaindate.B.Itgivestheholdertherighttosellaspecifiednumberofsharesoftheunderlyingassetatafixedpricebeforeacertaindate.C.Itisatypeofdebtsecurity.D.Ithasnoexpirationdate.60.Whichofthefollowingisadisadvantageofinvestinginaputoption?A.Thepotentiallossislimitedtothepremiumpaid.B.Theoption'svaluewilldeclineiftheunderlyingasset'spricerisessignificantly.C.Theoptionmaynotprovidesufficientincome.D.Alloftheabove.61.Whichofthefollowingisafeatureofacalloption?A.Itgivestheholdertherighttobuyaspecifiednumberofsharesoftheunderlyingassetatafixedpricebeforeacertaindate.B.Itgivestheholdertherighttosellaspecifiednumberofsharesoftheunderlyingassetatafixedpricebeforeacertaindate.C.Itisatypeofdebtsecurity.D.Ithasnoexpirationdate.62.Whichofthefollowingisadisadvantageofinvestinginacalloption?A.Thepotentiallossislimitedtothepremiumpaid.B.Theoption'svaluewilldeclineiftheunderlyingasset'spricefallssignificantly.C.Theoptionmaynotprovidesufficientincome.D.Alloftheabove.63.Whichofthefollowingisariskassociatedwithusingoptionsasahedgingtool?A.BasisriskB.CreditriskC.LiquidityriskD.Alloftheabove64.Whichofthefollowingisabenefitofusingoptionsasahedgingtool?A.Itcanhelptoreducethevolatilityofaportfolio.B.Itcanhelptolockinapriceforafuturetransaction.C.Itcanprovideleverage.D.Alloftheabove.65.Whichofthefollowingisacharacteristicofafuturescontract?A.Itisabindingagreementtobuyorsellaspecifiedquantityofanassetatapredeterminedpriceonaspecificdateinthefuture.B.Itisanon-bindingagreementbetweentwoparties.C.Itissettledincash.D.Ithasnostandardterms.66.Whichofthefollowingisariskassociatedwithinvestinginfuturescontracts?A.CounterpartyriskB.LeverageriskC.MarketriskD.Alloftheabove67.Whichofthefollowingisabenefitofusingfuturescontractsforhedging?A.Itcanhelptolockinapriceforafuturetransaction.B.Itcanprovideleverage.C.Itcanhelptoreducethevolatilityofaportfolio.D.Alloftheabove.68.Whichofthefollowingisacharacteristicofaswap?A.Itisabindingagreementbetweentwopartiestoexchangecashflowsoveraperiodoftime.B.Itisanon-bindingagreementbetweentwoparties.C.Itissettledincash.D.Ithasnostandardterms.69.Whichofthefollowingisariskassociatedwithinvestinginswaps?A.CounterpartyriskB.BasisriskC.LiquidityriskD.Alloftheabove70.Whichofthefollowingisabenefitofusingswapsforhedging?A.Itcanhelptomanageinterestraterisk.B.Itcanhelptomanagecurrencyrisk.C.Itcanprovideleverage.D.Alloftheabove.71.Whichofthefollowingisacharacteristicofaforwardcontract?A.Itisabindingagreementtobuyorsellaspecifiedquantityofanassetatapredeterminedpriceonaspecificdateinthefuture.B.Itisanon-bindingagreementbetweentwoparties.C.Itissettledincash.D.Ithasstandardterms.72.Whichofthefollowingisariskassociatedwithinvestinginforwardcontracts?A.CounterpartyriskB.LeverageriskC.MarketriskD.Alloftheabove73.Whichofthefollowingisabenefitofusingforwardcontractsforhedging?A.Itcanhelptolockinapriceforafuturetransaction.B.Itcanprovideleverage.C.Itcanhelptoreducethevolatilityofaportfolio.D.Alloftheabove.74.Whichofthefollowingisafactorthatcanaffectthepriceofastockoption?A.ThepriceoftheunderlyingassetB.ThestrikepriceoftheoptionC.ThetimetoexpirationoftheoptionD.Alloftheabove75.Whichofthefollowingisacomponentofthetimevalueofanoption?A.ThepriceoftheunderlyingassetB.ThestrikepriceoftheoptionC.ThevolatilityoftheunderlyingassetD.Therisk-freerate76.Whichofthefollowingisastrategythatinvolvesbuyingacalloptionandsellingaputoptionwiththesamestrikepriceandexpirationdate?A.BullcallspreadB.BearputspreadC.CoveredcallD.Straddle77.Whichofthefollowingisastrategythatinvolvessellingacalloptionandbuyingaputoptionwiththesamestrikepriceandexpirationdate?A.BullcallspreadB.BearputspreadC.CoveredcallD.Straddle78.Whichofthefollowingisastrategythatinvolvesbuyingacalloptionandsellingacalloptionwithahigherstrikepriceandthesameexpirationdate?A.BullcallspreadB.BearputspreadC.CoveredcallD.Straddle79.Whichofthefollowingisastrategythatinvolvesbuyingaputoptionandsellingaputoptionwithalowerstrikepriceandthesameexpirationdate?A.BullcallspreadB.BearputspreadC.CoveredcallD.Straddle80.Whichofthefollowingisameasureofacompany'sabilitytomeetitsshort-termobligations?A.CurrentRatioB.Debt-to-EquityRatioC.ReturnonAssets(ROA)D.EarningsPerShare(EPS)81.Whichofthefollowingisameasureof