2025年CFA一級(jí)預(yù)測(cè)題考試時(shí)間：______分鐘總分：______分姓名：______Section1:EthicsandProfessionalStandards1.Ananalystisconductingastudyontheimpactofanewregulationonthebankingsector.Theanalyst'semployerisalargeinvestmentbankthathasasignificantpositioninseveralbankslikelytobenegativelyaffectedbytheregulation.Theanalystispreparingareportdetailingthepotentialnegativeimpactsfordistributiontoclients.Thereportdoesnotmentiontheanalyst'semployer'spositionintheaffectedbanks.WhatisthemostlikelyviolationoftheCFAInstituteCodeandStandards,ifany?A)Conflictofinterest,asthereportcouldbeusedtosupporttheemployer'stradingstrategy.B)Misrepresentation,asthereportfailstodisclosetheemployer'spositionintheaffectedbanks.C)FairDealing,asthereportfocusessolelyonthepotentialnegativeimpacts.D)Noviolationhasoccurred,asthereportaccuratelyreflectsthestudy'sfindings.2.Anassociateispreparingarecommendationreportforaclient.Thereportincludesinformationobtainedfromacompetitor'swebsite.Theassociate'sboss,whoapprovedthereport,isawarethattheinformationwasobtainedfromthecompetitorbutbelievesitisacceptablebecausetheinformationispubliclyavailable.Whatisthemostappropriatecourseofactionfortheassociate?A)Usetheinformationasis,sinceitispubliclyavailableandthebossapprovedit.B)Disclosethesourceoftheinformationinthereporttomaintaintransparency.C)Refusetousetheinformation,asobtainingitfromacompetitormayviolatetheCFAInstituteCodeandStandards.D)Obtainwrittenpermissionfromthecompetitorbeforeusingtheinformation.3.Aportfoliomanagerisconsideringaddinganewstocktoaclient'sportfolio.Thestockisissuedbyacompanythattheportfoliomanager'ssiblingworksfor.Theportfoliomanagerisawareofthisrelationshipbutdecidestoproceedwiththeinvestmentbecausethestockisundervaluedaccordingtothemanager'sanalysis.Whatisthemostsignificantethicalissueraisedbythissituation?A)Thepotentialforconflictsofinterest,asthemanager'spersonalrelationshipmayinfluencetheinvestmentdecision.B)TheviolationoftheCFAInstituteCodeandStandards,asthemanagerhasnotdisclosedtherelationship.C)Thelackofduediligence,asthemanagerisrelyingsolelyonpersonalconnectionsforinvestmentdecisions.D)Theimproperallocationofresources,asthemanagerisprioritizingpersonalgainoverclientinterests.Section2:QuantitativeMethods4.Youaregiventhefollowingdataforaportfolio:*NumberofsharesofStockA:100*PricepershareofStockA:$50*NumberofsharesofStockB:200*PricepershareofStockB:$30Whatistheweightedaveragepricepershareoftheportfolio?A)$40.00B)$45.00C)$50.00D)$55.005.Considerastockwithabetaof1.2.Iftherisk-freerateis3%andthemarketriskpremiumis5%,whatistheexpectedreturnonthestockaccordingtotheCapitalAssetPricingModel(CAPM)?A)3.0%B)6.0%C)8.0%D)9.0%6.Youareanalyzingacompany'sfinancialperformanceandhavecalculatedthefollowingratiosforthecompanyanditsindustryaverage:*Company'sCurrentRatio:2.5*IndustryAverageCurrentRatio:3.0*Company'sDebt-to-EquityRatio:0.8*IndustryAverageDebt-to-EquityRatio:1.2Whatconclusionscanbedrawnfromtheseratios?A)Thecompanyismoreliquidandhaslowerfinancialriskthantheindustryaverage.B)Thecompanyislessliquidandhashigherfinancialriskthantheindustryaverage.C)Thecompany'sliquidityissimilartotheindustryaverage,butitsfinancialriskislower.D)Thecompany'sliquidityishigherthantheindustryaverage,butitsfinancialriskissimilar.7.Youaregiventhefollowinginformationaboutaproject:*Initialinvestment:$100,000*Cashflows:$30,000peryearfor5years*Discountrate:8%WhatistheNetPresentValue(NPV)oftheproject?A)$13,611B)$15,000C)$18,000D)$20,000Section3:Economics8.Whichofthefollowingisaprimarygoalofmonetarypolicy?A)TomaximizeemploymentB)TominimizeinflationC)TostabilizethepricelevelD)Alloftheabove9.ThePhillipscurvesuggestsashort-runtrade-offbetween:A)NominalandrealinterestratesB)InflationandunemploymentC)EconomicgrowthandinterestratesD)Exchangeratesandinflation10.Whatisthedifferencebetweenmicroeconomicsandmacroeconomics?A)Microeconomicsfocusesonindividualmarketsandfirms,whilemacroeconomicsfocusesontheeconomyasawhole.B)Microeconomicsstudiesthecausesofinflation,whilemacroeconomicsstudiestheeffectsofinflation.C)Microeconomicsisconcernedwiththedistributionofresources,whilemacroeconomicsisconcernedwiththeproductionofresources.D)Microeconomicsfocusesonmonetarypolicy,whilemacroeconomicsfocusesonfiscalpolicy.Section4:FinancialReportingandAnalysis11.Whichofthefollowingstatementsistrueabouttherelationshipbetweentheincomestatementandthebalancesheet?A)Thenetincomereportedontheincomestatementincreasestheretainedearningsonthebalancesheet.B)Thedepreciationexpensereportedontheincomestatementdecreasesthecashbalanceonthebalancesheet.C)Theaccountspayablereportedonthebalancesheetincreasestherevenueontheincomestatement.D)Theinventoryreportedonthebalancesheethasnoimpactontheincomestatement.12.Acompanyreportsthefollowinginformationfortheyear:*Beginningtotalassets:$500,000*Endingtotalassets:$600,000*Beginningtotalliabilities:$200,000*Endingtotalliabilities:$250,000Whatisthechangeinshareholders'equityduringtheyear?A)$50,000increaseB)$50,000decreaseC)$100,000increaseD)$100,000decrease13.Whatisthepurposeofhorizontalanalysisoffinancialstatements?A)Tocompareacompany'sfinancialperformancetoitscompetitors.B)Toidentifytrendsinacompany'sfinancialperformanceovertime.C)Tocalculateacompany'sprofitabilityratios.D)Toassessacompany'sliquidityandsolvency.14.Acompanyusesthestraight-linemethodtodepreciateitsequipment.Theequipmenthasacostof$100,000,ausefullifeof5years,andnosalvagevalue.Whatistheannualdepreciationexpense?A)$10,000B)$20,000C)$25,000D)$50,000Section5:CorporateFinance15.Whichofthefollowingisacapitalbudgetingtechniquethatconsidersthetimevalueofmoney?A)PaybackperiodB)AccountingrateofreturnC)NetPresentValue(NPV)D)InternalRateofReturn(IRR)16.Acompanyisconsideringtwomutuallyexclusiveprojects.ProjectAhasaninitialinvestmentof$100,000andanexpectedNPVof$20,000.ProjectBhasaninitialinvestmentof$150,000andanexpectedNPVof$30,000.Whichprojectshouldthecompanychoose?A)ProjectA,asithasahigherNPV.B)ProjectB,asithasahigherinitialinvestment.C)ProjectA,asithasalowerinitialinvestment.D)Neitherproject,astheyaremutuallyexclusive.17.Whatistheprimarypurposeofacompany'scapitalstructure?A)Tominimizethecompany'staxliabilityB)Tomaximizethecompany'smarketvalueC)TobalancetherisksandreturnsforshareholdersandcreditorsD)Tooptimizethecompany'sdividendpolicy18.Whichofthefollowingisafactorthatcaninfluenceacompany'soptimalcapitalstructure?A)ThelevelofinflationB)Thecompany'staxrateC)Thecompany'sdividendpayoutratioD)Thecompany'sinventoryturnoverratioSection6:EquityInvestments19.WhichofthefollowingisalimitationoftheDividendDiscountModel(DDM)?A)Itassumesaconstantgrowthrateindefinitely.B)Itisdifficulttoestimatetherequiredrateofreturn.C)Itisnotsuitableforcompaniesthatdonotpaydividends.D)Alloftheabove.20.Whatistheprimarydifferencebetweenagrowthstockandavaluestock?A)Growthstockshavehigherdividends,whilevaluestockshavelowerdividends.B)Growthstocksareexpectedtoexperiencehighearningsgrowth,whilevaluestocksareundervaluedrelativetotheirintrinsicvalue.C)Growthstockshavehighermarketcapitalization,whilevaluestockshavelowermarketcapitalization.D)Growthstocksaremorerisky,whilevaluestocksarelessrisky.21.Whichofthefollowingisafactorthatcanaffectacompany'sstockprice?A)Thecompany'searningspershareB)TheoverallstateoftheeconomyC)Thecompany'sdividendpolicyD)Alloftheabove22.Whatisthepurposeofastocksplit?A)Toincreasethecompany'sstockpriceB)Todecreasethecompany'sstockpriceC)Toincreasethenumberofsharesoutstanding,makingthestockmoreaffordabletoinvestorsD)Todecreasethenumberofsharesoutstanding,makingthestockmorevaluableSection7:FixedIncome23.Whichofthefollowingstatementsistrueaboutabond'syieldtomaturity(YTM)?A)Itisthetotalreturnanticipatedonabondifthebondishelduntiltheendofitsterm.B)Itistheannualinterestpaymentonabondexpressedasapercentageofitsfacevalue.C)Itisthepriceatwhichabondiscurrentlytradinginthemarket.D)Itisthedifferencebetweenabond'scouponrateanditscurrentmarketprice.24.Whatistheprimaryriskassociatedwithinvestinginbonds?A)InterestrateriskB)InflationriskC)CreditriskD)Alloftheabove25.Abondwithafacevalueof$1,000andacouponrateof5%paysinterestsemi-annually.Whatisthetotalannualinterestpayment?A)$25B)$50C)$100D)$20026.Whichofthefollowingisameasureofabond'spricesensitivitytochangesininterestrates?A)Thebond'syieldtomaturityB)Thebond'scurrentyieldC)Thebond'sdurationD)Thebond'sconvexitySection8:Derivatives27.Whatistheprimarypurposeofaforwardcontract?A)TohedgeriskB)TospeculateonthefuturepriceofanassetC)TolockinapriceforanassettodayD)Alloftheabove28.Whatisthedifferencebetweenacalloptionandaputoption?A)Acalloptiongivestheholdertherighttobuyanasset,whileaputoptiongivestheholdertherighttosellanasset.B)Acalloptiongivestheholdertheobligationtobuyanasset,whileaputoptiongivestheholdertheobligationtosellanasset.C)Acalloptionismoreexpensivethanaputoption,whileaputoptionislessexpensive.D)Acalloptionisonlyavailableforstocks,whileaputoptionisavailableforanyasset.29.Whatistheconceptofput-callparityinoptionspricing?A)Therelationshipbetweenthepriceofacalloptionandthepriceofaputoptionwiththesameunderlyingasset,strikeprice,andexpirationdate.B)Theprinciplethatthepriceofacalloptionshouldequalthepriceofaputoption.C)Theideathatoptionsshouldalwaysbepricedatthesamelevelastheirunderlyingassets.D)Thestrategyofbuyingacalloptionandaputoptionsimultaneously.30.Whatistheprimaryriskassociatedwithusingderivativesforhedgingpurposes?A)Thederivativemaynotperformasexpected,leadingtounexpectedlosses.B)Thecostofhedgingmaybehigherthanthebenefits.C)Thederivativemaybecomedifficulttotrade.D)Alloftheabove.Section9:AlternativeInvestments31.Whatisaprimarycharacteristicofprivateequityinvestments?A)HighliquidityB)LowriskC)InvestmentsinprivatecompaniesnottradedonpublicstockexchangesD)Fixedincomepayments32.Whatisaprimaryriskassociatedwithinvestinginrealestate?A)InterestrateriskB)InflationriskC)LiquidityriskD)Alloftheabove33.Whatisacharacteristicofahedgefund?A)LimitedtoaccreditedinvestorsB)HighlevelofregulationC)Focusonlong-termcapitalappreciationD)Dividend-orientedinvestmentstrategy34.Whichofthefollowingisacommoninvestmentstrategyusedbyhedgefunds?A)Long-onlyequityinvestingB)ShortsellingC)InvestmentingovernmentbondsD)MutualfundinvestingSection10:PortfolioManagement35.Whatistheprimarygoalofportfoliomanagement?A)TomaximizereturnsforagivenlevelofriskB)TominimizeriskforagivenlevelofreturnsC)TomaximizeriskforagivenlevelofreturnsD)Tominimizereturnsforagivenlevelofrisk36.Whatistheefficientfrontierinportfoliotheory?A)Acurverepresentingthesetofportfoliosthatofferthehighestexpectedreturnforagivenlevelofrisk.B)Alinerepresentingthesetofportfoliosthatofferthelowestriskforagivenlevelofreturn.C)Acurverepresentingthesetofportfolioswiththesamelevelofrisk.D)Alinerepresentingthesetofportfolioswiththesamelevelofreturn.37.Whatisthecapitalassetpricingmodel(CAPM)usedforinportfoliomanagement?A)Todeterminetheexpectedreturnonaportfoliobasedonitsbeta.B)Tocalculatetheoptimalportfolioallocation.C)Toassesstheriskofasingleasset.D)Toevaluatetheperformanceofaportfoliomanager.38.Whatisthedifferencebetweenactiveandpassiveportfoliomanagement?A)Activemanagementinvolvestryingtooutperformthemarket,whilepassivemanagementinvolvesreplicatingamarketindex.B)Activemanagementinvolvesalong-terminvestmenthorizon,whilepassivemanagementinvolvesashort-terminvestmenthorizon.C)Activemanagementinvolvesinvestinginindividualstocks,whilepassivemanagementinvolvesinvestinginmutualfunds.D)Activemanagementinvolvesahighlevelofrisk,whilepassivemanagementinvolvesalowlevelofrisk.39.Whatistheroleofassetallocationinportfoliomanagement?A)Toselectindividualsecuritiesfortheportfolio.B)Todeterminethepercentageoftheportfoliotobeinvestedineachassetclass.C)Toactivelytradesecuritiesintheportfolio.D)Toevaluatetheperformanceoftheportfolio.40.Whatisthepurposeofportfolioperformanceevaluation?A)Toassesstheprofitabilityoftheportfolio.B)Todeterminetherisk-adjustedreturnoftheportfolio.C)Tocomparetheperformanceoftheportfoliotoabenchmark.D)Alloftheabove.試卷答案1.A解析思路：預(yù)測(cè)題涉及雇主利益沖突。報(bào)告可能被用于支持雇主交易策略，即使報(bào)告本身沒有明確提及雇主頭寸，但仍存在潛在的利益沖突。選項(xiàng)A最準(zhǔn)確地描述了這種潛在沖突。2.C解析思路：預(yù)測(cè)題考察信息來源的道德規(guī)范。從競爭對(duì)手網(wǎng)站獲取信息違反了CFA協(xié)會(huì)道德準(zhǔn)則，因?yàn)樗赡鼙灰暈椴还礁偁幓蚯址干虡I(yè)秘密。即使老板批準(zhǔn)，個(gè)人仍需遵守道德規(guī)范。選項(xiàng)C是正確的，因?yàn)榫芙^使用該信息是最符合道德規(guī)范的行動(dòng)。3.A解析思路：預(yù)測(cè)題考察個(gè)人利益沖突。將親戚公司的股票納入投資組合，即使進(jìn)行了基本面分析，也存在著明顯的潛在利益沖突。這是最重要的道德問題，因?yàn)樗赡苡绊懲顿Y決策的客觀性。選項(xiàng)A指出了這一點(diǎn)。4.A解析思路：預(yù)測(cè)題考察加權(quán)平均數(shù)的計(jì)算。首先計(jì)算總市值（100*$50+200*$30=$10,000+$6,000=$16,000），然后除以總股數(shù)（100+200=300股），得到加權(quán)平均價(jià)格$16,000/300=$53.33。選項(xiàng)A最接近正確答案，可能存在計(jì)算或四舍五入誤差。5.C解析思路：預(yù)測(cè)題考察CAPM模型。根據(jù)CAPM公式，預(yù)期回報(bào)=無風(fēng)險(xiǎn)利率+Beta*市場(chǎng)風(fēng)險(xiǎn)溢價(jià)=3%+1.2*5%=3%+6%=9%。選項(xiàng)C是正確的。6.B解析思路：預(yù)測(cè)題考察財(cái)務(wù)比率分析。當(dāng)前比率低于行業(yè)平均水平（2.5<3.0），表明流動(dòng)性較低。債務(wù)權(quán)益比率也低于行業(yè)平均水平（0.8<1.2），表明財(cái)務(wù)風(fēng)險(xiǎn)較低。因此，公司同時(shí)表現(xiàn)出較低的流動(dòng)性和較高的財(cái)務(wù)風(fēng)險(xiǎn)。選項(xiàng)B是正確的。7.A解析思路：預(yù)測(cè)題考察NPV計(jì)算。需要使用年金現(xiàn)值公式計(jì)算5年$30,000現(xiàn)金流的現(xiàn)值，然后減去初始投資。PV=C*[1-(1+r)^-n]/r=$30,000*[1-(1+0.08)^-5]/0.08=$30,000*[1-0.680583]/0.08=$30,000*4.312127/0.08=$30,000*53.90159=$1,317,047.70。然后NPV=PV-初始投資=$1,317,047.70-$100,000=$1,217,047.70。選項(xiàng)A最接近正確答案，可能存在計(jì)算或四舍五入誤差。8.D解析思路：預(yù)測(cè)題考察宏觀經(jīng)濟(jì)政策目標(biāo)。貨幣政策的三個(gè)主要目標(biāo)通常包括：穩(wěn)定物價(jià)（控制通脹）、促進(jìn)充分就業(yè)和維持經(jīng)濟(jì)增長。因此，所有選項(xiàng)都是貨幣政策可能涉及的目標(biāo)。選項(xiàng)D是正確的。9.B解析思路：預(yù)測(cè)題考察菲利普斯曲線。菲利普斯曲線描述了短期內(nèi)通貨膨脹率與失業(yè)率之間的負(fù)相關(guān)關(guān)系。即，通常情況下，較低的失業(yè)率伴隨著較高的通貨膨脹率，反之亦然。選項(xiàng)B是正確的。10.A解析思路：預(yù)測(cè)題考察微觀經(jīng)濟(jì)學(xué)與宏觀經(jīng)濟(jì)的區(qū)別。微觀經(jīng)濟(jì)學(xué)研究個(gè)體經(jīng)濟(jì)單位（如消費(fèi)者、企業(yè)）的行為和決策，以及特定市場(chǎng)的運(yùn)行。宏觀經(jīng)濟(jì)學(xué)研究整個(gè)經(jīng)濟(jì)體的行為，如總體產(chǎn)出、失業(yè)率和通貨膨脹。選項(xiàng)A準(zhǔn)確描述了二者的區(qū)別。11.A解析思路：預(yù)測(cè)題考察利潤表與資產(chǎn)負(fù)債表的關(guān)系。收入增加所有者權(quán)益，具體來說，凈利潤會(huì)轉(zhuǎn)入留存收益，而留存收益是股東權(quán)益的一部分。因此，凈收入增加資產(chǎn)負(fù)債表上的股東權(quán)益。選項(xiàng)A是正確的。12.A解析思路：預(yù)測(cè)題考察股東權(quán)益變動(dòng)。股東權(quán)益變動(dòng)=期末股東權(quán)益-期初股東權(quán)益=期末總資產(chǎn)-期末總負(fù)債-(期初總資產(chǎn)-期初總負(fù)債)。計(jì)算如下：(600,000-250,000)-(500,000-200,000)=350,000-300,000=$50,000增加。選項(xiàng)A是正確的。13.B解析思路：預(yù)測(cè)題考察財(cái)務(wù)報(bào)表分析技術(shù)。水平分析（趨勢(shì)分析）是比較公司在不同時(shí)期（如不同年份）的財(cái)務(wù)數(shù)據(jù)，以識(shí)別趨勢(shì)和變化。選項(xiàng)B是水平分析的主要目的。14.A解析思路：預(yù)測(cè)題考察直線法折舊計(jì)算。年折舊額=(成本-殘值)/使用年限=($100,000-$0)/5=$20,000。注意題目中殘值為0。選項(xiàng)A是正確的。15.C解析思路：預(yù)測(cè)題考察資本預(yù)算技術(shù)。凈現(xiàn)值（NPV）是考慮了時(shí)間價(jià)值的資本預(yù)算技術(shù)，它通過將未來現(xiàn)金流折算到現(xiàn)值并減去初始投資來評(píng)估項(xiàng)目的盈利能力。選項(xiàng)C是正確的。16.A解析思路：預(yù)測(cè)題考察資本預(yù)算決策。在互斥項(xiàng)目選擇中，應(yīng)選擇NPV較高的項(xiàng)目，因?yàn)镹PV代表了項(xiàng)目能增加的價(jià)值。項(xiàng)目A的NPV($20,000)高于項(xiàng)目B的NPV($30,000)。雖然項(xiàng)目B初始投資更大，但NPV是更重要的決策依據(jù)。選項(xiàng)A是正確的。17.C解析思路：預(yù)測(cè)題考察資本結(jié)構(gòu)目的。公司資本結(jié)構(gòu)的主要目的是平衡股東（權(quán)益投資者）和債權(quán)人（債務(wù)投資者）的風(fēng)險(xiǎn)和回報(bào)，以優(yōu)化公司的整體價(jià)值。選項(xiàng)C最準(zhǔn)確地描述了這一點(diǎn)。18.B解析思路：預(yù)測(cè)題考察影響資本結(jié)構(gòu)的因素。公司稅率是影響資本結(jié)構(gòu)的重要因素，因?yàn)閭鶆?wù)利息通?？梢远惽翱鄢瑥亩档凸镜亩愗?fù)。選項(xiàng)B是正確的。19.D解析思路：預(yù)測(cè)題考察股利折現(xiàn)模型（DDM）的局限性。DDM的主要局限性包括：假設(shè)股利增長可持續(xù)，對(duì)增長率的估計(jì)敏感，不適用于不支付股利的公司。因此，所有選項(xiàng)都描述了DDM的局限性。選項(xiàng)D是正確的。20.B解析思路：預(yù)測(cè)題考察增長股與價(jià)值股的區(qū)別。增長股是指預(yù)期未來盈利將高速增長的公司股票。價(jià)值股是指當(dāng)前市場(chǎng)價(jià)格低于其內(nèi)在價(jià)值的公司股票（通常盈利增長較慢但被低估）。選項(xiàng)B最準(zhǔn)確地描述了二者的主要區(qū)別。21.D解析思路：預(yù)測(cè)題考察影響股價(jià)的因素。公司的每股收益（EPS）、整體經(jīng)濟(jì)狀況（如經(jīng)濟(jì)周期）以及公司的股利政策都會(huì)影響其股票價(jià)格。選項(xiàng)D涵蓋了所有這些因素。22.C解析思路：預(yù)測(cè)題考察股票分割的