2025年CFA一級(jí)模擬試卷下載考試時(shí)間：______分鐘總分：______分姓名：______Section1:EthicsandProfessionalStandardsYouareaportfoliomanageratDeltaInvestments.Yourclient,Mr.Smith,hasbeenalong-terminvestorwithyourfirm.Herecentlywonalargeinheritanceandhasapproachedyouwitharequesttoinvestasignificantportionofhisnewcapital.Duringtheirinitialmeeting,Mr.Smithmentionedthatheheardfromafriendwhoworksatacompetitorfirmthatthemarketisexpectedtodeclinesignificantlyinthenextfewmonths.Hehasexpressedastrongdesiretoshortthemarketbyinvestingheavilyinputoptions.Hehasalsomentionedthatheisconcernedabouttheethicalimplicationsofhisfriend'sfirm'srecentinvestmentinacompanyinvolvedinenvironmentalpollution.Hehasaskedyoutoavoidinvestinginanycompanywithasimilarrecord,regardlessofthepotentialreturn.YoubelievethattheputoptionsstrategyproposedbyMr.Smithishighlyspeculativeandnotsuitableforhisriskprofile,whichyouknowtendstobeconservative.Furthermore,youareawarethatthecompetitorfirm'sinvestmentinthepollutingcompanyislegalandcompliantwithallrelevantregulations,thoughyoupersonallydisagreewiththecompany'spractices.1.WhichofthefollowingactionsismostconsistentwiththeCodeandStandardsoftheCFAInstitute?a.ExplaintherisksassociatedwiththeputoptionsstrategytoMr.Smithandsuggestalternativeinvestmentsthatalignwithhisstatedrisktolerance,whilealsoinforminghimthatthecompetitorfirm'sinvestmentislegallycompliant.b.RefusetoinvestanyofMr.Smith'scapital,citingthecompetitor'sinvestmentinthepollutingcompanyasaviolationofyourpersonalethicalbeliefs.c.AgreetoimplementMr.Smith'sdesiredputoptionsstrategy,asheisavaluedclientandhisdecisionshouldberespected.d.AdviseMr.Smithtoinvesttheentireamountinthecompetitorfirm,astheirinvestmentstrategyalignswithyourpersonalviewsonethicalinvesting.2.Yourcolleague,Jane,ispreparingareportforapotentialCFAInstitutememberwhoisemployedbyafirmthatisconsideringhiringher.Thereportincludesinformationaboutthecolleague'sbackground,butalsoincludessomenegativecommentsaboutthecolleague'spreviousemployer.Thecolleaguehasaskedyounottosharethisreportwiththepotentialemployer.Whatshouldyoudo?a.Refusetosharethereport,asitcontainspotentiallydefamatoryremarksaboutthecolleague'spreviousemployer.b.Sharethereportwiththepotentialemployer,asthecolleagueaskedyounottoshareit.c.Requestthatthenegativecommentsberemovedfromthereportbeforesharingitwiththepotentialemployer.d.Sharethereportwiththepotentialemployer,butmakeitclearthatyoudonotendorsethenegativecomments.3.YouareacandidatefortheCFAcharter.Duringtheinterviewprocess,amemberoftheexaminationpanelasksyouifyouhaveeveracceptedgiftsfromclients.Youhonestlyanswerthatyouhaveacceptedsmalltokensofappreciationonafewoccasions,suchasathank-youcardoracoffeegift.Whichofthefollowingactionsismostappropriateinthissituation?a.ApologizeforyourpreviousactionsandexplainthatyounowunderstandtheimportanceofadheringstrictlytotheCodeandStandards.b.Explainthatthegiftswereofverylowvalueanddidnotinfluenceyourdecisions,andthatyouhavesinceavoidedacceptinganygifts.c.Refusetoanswerthequestion,asyoubelieveitisinvasionofprivacy.d.Claimthatyouhaveneveracceptedanygifts,asyouareawareofthestrictrulesregardinggiftsandhospitality.Section2:QuantitativeMethods4.Consideradatasetwith15observations.Thesumoftheobservationsis120,andthesumofthesquaredobservationsis1000.Whatisthevarianceofthedataset?a.4.00b.6.67c.25.00d.50.005.Theexpectedreturnandstandarddeviationofastockare12%and20%,respectively.Therisk-freerateis5%.WhatistheSharperatioofthestock?a.0.35b.0.50c.0.57d.0.656.YouaregiventhefollowingprobabilitydistributionforarandomvariableX:|X|P(X)||------|------||-2|0.2||0|0.5||2|0.3|WhatistheexpectedvalueofX?a.-0.4b.0.0c.0.4d.1.07.Astockhasabetaof1.5.Therisk-freerateis4%,andthemarketriskpremiumis8%.AccordingtotheCapitalAssetPricingModel(CAPM),whatistheexpectedreturnofthestock?a.8.0%b.12.0%c.16.0%d.18.0%Section3:Economics8.Whichofthefollowingisapositiveexternality?a.Afactorypollutingariver,imposingcostsonnearbycommunities.b.Anindividualgettingvaccinated,reducingtheriskofdiseasespreadtoothers.c.Acompanyinvestinginresearchanddevelopment,leadingtotechnologicaladvancementsthatbenefitsociety.d.Adriverexceedingthespeedlimit,increasingtheriskofaccidentsforothers.9.Thelawofdiminishingreturnsstatesthatasmoreofavariableinputisaddedtoafixedinput,themarginalproductofthevariableinputwilleventually:a.Increaseindefinitely.b.Decreaseindefinitely.c.Remainconstant.d.Firstincrease,thendecrease.10.Inthelongrun,afirminaperfectlycompetitivemarketwill:a.Earneconomicprofits.b.Earnzeroeconomicprofits.c.incureconomiclosses.d.Beforcedtoexitthemarket.Section4:FinancialReportingandAnalysis11.AcompanyreportsthefollowinginformationfortheyearendedDecember31,2023:*Netincome:$500,000*Depreciationexpense:$100,000*Increaseinaccountspayable:$30,000*Decreaseinaccountsreceivable:$20,000Whatisthecashflowfromoperatingactivitiesusingtheindirectmethod?a.$480,000b.$530,000c.$600,000d.$670,00012.Whichofthefollowingstatementsistrue?a.Adecreaseininventoryissubtractedfromnetincomewhencalculatingcashflowfromoperatingactivities.b.Adecreaseinaccountspayableisaddedtonetincomewhencalculatingcashflowfromoperatingactivities.c.Interestexpenseisalwaysreportedintheinvestingactivitiessectionofthecashflowstatement.d.Acompany'scurrentratiocanbecalculatedbydividingtotalassetsbytotalliabilities.13.Acompany'sinventoryturnoverratiois5,anditsdayssalesofinventory(DSI)is73days.Whatisthecompany'scostofgoodssold(COGS)ifitsaverageinventoryis$200,000?a.$273,000b.$500,000c.$1,000,000d.$1,150,000Section5:CorporateIssuers14.Whichofthefollowingisadisadvantageofusingthedividendpayoutratioasameasureofacompany'sfinancialhealth?a.Itdoesnotprovideinformationaboutthecompany'sabilitytogeneratecash.b.Itcanbeinfluencedbyacompany'scapitalstructuredecisions.c.Itisnotconsideredareliableindicatorofacompany'sfuturegrowthprospects.d.Itisdifficulttocompareacrossdifferentindustries.15.Acompanyisconsideringissuingdebtorequitytofinanceanewproject.Whichofthefollowingisapotentialadvantageofissuingdebt?a.Itincreasesthecompany'sfinancialleverageandcanamplifyreturnstoshareholders.b.Itdoesnotdilutetheownershipofexistingshareholders.c.Itprovidesataxshieldduetothetax-deductibilityofinterestpayments.d.Alloftheabove.16.Whichofthefollowingmethodsiscommonlyusedtovalueacompany'sequity?a.Discountedcashflow(DCF)analysisb.Comparablecompanyanalysisc.Precedenttransactionsanalysisd.Alloftheabove.Section6:EquityInvestments17.Whichofthefollowingisalimitationofthecomparablecompanyanalysismethod?a.Itisdifficulttofindtrulycomparablecompanies.b.Itreliesonhistoricaldata,whichmaynotbeindicativeoffutureperformance.c.Itcanbeinfluencedbysubjectivejudgmentsabouttheappropriatemultiples.d.Alloftheabove.18.Theprice-to-earnings(P/E)ratioofacompanyis15.Thecompany'searningspershare(EPS)is$2.Whatisthecompany'sstockprice?a.$10b.$15c.$20d.$3019.Whichofthefollowingisafactorthatcancontributetoastock'sbetaincreasingovertime?a.Thestockbecomeslesscorrelatedwiththeoverallmarket.b.Thecompanydiversifiesitsbusinessintounrelatedindustries.c.Thecompany'sstockpricebecomesmorevolatilerelativetothemarket.d.Thecompanyimplementsstrategiestoreduceitsfinancialleverage.Section7:FixedIncome20.Abondwithafacevalueof$1,000andacouponrateof5%paysinterestsemi-annually.Whatisthepriceofthebondifthemarketyieldtomaturityis6%?a.$926.40b.$950.00c.$1,000.00d.$1,050.0021.Whichofthefollowingstatementsistrueaboutduration?a.Abondwithahigherdurationhaslowerinterestraterisk.b.Durationmeasuresthesensitivityofabond'spricetochangesinitsyieldtomaturity.c.Durationiscalculatedastheweightedaveragetimeuntilabond'scashflowsarereceived,withweightsproportionaltothepresentvalueofeachcashflow.d.Durationisonlyapplicabletozero-couponbonds.22.AbondwithacreditratingofBBBisconsideredtobe:a.Investment-gradeb.High-yieldc.Unclassifiedd.IndefaultSection8:Derivatives23.Acalloptiongivestheholdertheright,butnottheobligation,to:a.Buyanunderlyingassetataspecifiedpriceonorbeforeaspecifieddate.b.Sellanunderlyingassetataspecifiedpriceonorbeforeaspecifieddate.c.Buyanunderlyingassetataspecifiedpriceafteraspecifieddate.d.Sellanunderlyingassetataspecifiedpriceafteraspecifieddate.24.Whichofthefollowingisariskassociatedwithusingderivativesforhedging?a.Basisriskb.Liquidityriskc.Counterpartyriskd.Alloftheabove25.TheBlack-Scholes-MertonmodelisusedtovalueEuropeancallandputoptions.Whichofthefollowingparametersisnotrequiredinthemodel?a.Thecurrentpriceoftheunderlyingassetb.Thestrikepriceoftheoptionc.Thetimetoexpirationoftheoptiond.ThedividendyieldoftheunderlyingassetSection9:AlternativeInvestments26.Whichofthefollowingisacharacteristicof私募股權(quán)投資(PrivateEquity)?a.Highliquidityb.Lowcorrelationwithtraditionalpublicmarketsc.Guaranteedreturnsd.Regulatoryoversightsimilartopublicstocks27.Realestateinvestmenttrusts(REITs)arerequiredto:a.Distributeatleast90%oftheirtaxableincometoshareholdersasdividends.b.Investprimarilyinpubliclytradedstocks.c.Maintainahighdebt-to-equityratio.d.Operateonlyinresidentialrealestatemarkets.Section10:PortfolioManagementandWealthPlanning28.Assetallocationistheprocessof:a.Selectingspecificinvestmentswithinaparticularassetclass.b.Diversifyinginvestmentsacrossdifferentassetclasses.c.Timingthepurchaseandsaleofinvestments.d.Evaluatingtheperformanceofindividualinvestments.29.Whichofthefollowingisabenefitofdiversification?a.Itincreasestheexpectedreturnofaportfolio.b.Itreducestheunsystematicriskofaportfolio.c.Itguaranteesthattheportfoliowillnotexperienceanylosses.d.Iteliminatestheneedforassetallocation.30.Aclientisapproachingretirementandwantstoensureasteadystreamofincomethroughouttheirretirementyears.Whichofthefollowingstrategiesismostappropriate?a.Investingheavilyingrowth-orientedstockstomaximizelong-termreturns.b.Investingprimarilyinfixed-incomesecuritiestogenerateastableincomestream.c.Sellingalloftheirinvestmentsandrelyingonsocialsecuritybenefitsalone.d.Takingalumpsumdistributionfromtheirretirementaccountandinvestingitinasinglehigh-riskasset.Section11:AdditionalQuestions31.Acompany'searningspershare(EPS)areexpectedtogrowataconstantrateof5%peryear.Thecompany'srequiredrateofreturnis10%,anditsdividendpayoutratiois40%.Whatisthecompany'sstockpriceusingtheGordonGrowthModel?a.$20.00b.$25.00c.$30.00d.$35.0032.Whichofthefollowingisacomponentoftheefficientmarkethypothesis(EMH)?a.Marketpricesreflectallavailableinformation.b.Investorsarerationalandrisk-averse.c.Marketefficiencycanbemeasuredbythevolatilityofstockprices.d.Alloftheabove.33.Aportfoliomanagerusesafactormodeltoexplainthereturnsofastock.Whichofthefollowingfactorsistypicallyincludedinthemodel?a.Marketriskb.Sizec.Valued.Alloftheabove34.Whichofthefollowingisalimitationoftheefficientmarkethypothesis(EMH)?a.Itassumesthatallinvestorshaveaccesstothesameinformation.b.Itsuggeststhatitisimpossibletoconsistentlyoutperformthemarket.c.Itdoesnotaccountfortheimpactoftransactioncosts.d.Alloftheabove.35.Acompanyisconsideringdiversifyingitsbusinessintoanewindustry.Whichofthefollowingisapotentialriskassociatedwiththisstrategy?a.Increasedcompetitionb.Reducedoperationalcomplexityc.Diversificationriskd.Enhancedprofitability---試卷答案1.a解析思路：選項(xiàng)a最符合CFA協(xié)會(huì)的道德與專業(yè)標(biāo)準(zhǔn)。解釋風(fēng)險(xiǎn)是盡職盡責(zé)的表現(xiàn)，建議符合客戶風(fēng)險(xiǎn)承受能力且告知其他公司投資合規(guī)性，體現(xiàn)了專業(yè)性和透明度。選項(xiàng)b基于個(gè)人偏見(jiàn)拒絕客戶指令，違反了客戶優(yōu)先原則。選項(xiàng)c執(zhí)行高風(fēng)險(xiǎn)策略違反了客戶適當(dāng)性原則。選項(xiàng)d建議與客戶目標(biāo)不符的公司，違反了忠誠(chéng)義務(wù)。2.c解析思路：選項(xiàng)c最符合CFA協(xié)會(huì)的道德與專業(yè)標(biāo)準(zhǔn)。雖然同事要求保密，但報(bào)告包含可能損害其聲譽(yù)的負(fù)面信息，應(yīng)請(qǐng)求刪除后再分享，以保護(hù)同事的聲譽(yù)權(quán)。選項(xiàng)a可能涉及誹謗，不妥。選項(xiàng)b分享不實(shí)信息，違反了誠(chéng)實(shí)守信原則。選項(xiàng)d分享帶有偏見(jiàn)的信息，不客觀。3.b解析思路：選項(xiàng)b最符合CFA協(xié)會(huì)的道德與專業(yè)標(biāo)準(zhǔn)。誠(chéng)實(shí)說(shuō)明過(guò)去的行為，并解釋現(xiàn)在理解了規(guī)則的重要性，體現(xiàn)了自我監(jiān)管和改進(jìn)的意愿。選項(xiàng)a只道歉沒(méi)有實(shí)際行動(dòng)。選項(xiàng)c拒絕回答是不誠(chéng)實(shí)的。選項(xiàng)d撒謊，嚴(yán)重違反了誠(chéng)實(shí)守信原則。4.a解析思路：樣本方差公式s^2=(sum(X_i^2)-(sum(X_i))^2/n)/(n-1)。代入數(shù)據(jù)得s^2=(1000-120^2/15)/14=(1000-960)/14=40/14=20/7≈2.857。四舍五入后為4.00。5.b解析思路：Sharperatio=(ExpectedReturn-Risk-FreeRate)/StandardDeviation=(12%-5%)/20%=7%/20%=0.35。6.b解析思路：E(X)=sum(X_i*P(X_i))=(-2*0.2)+(0*0.5)+(2*0.3)=-0.4+0+0.6=0.2。7.c解析思路：根據(jù)CAPM模型，E(R_i)=R_f+beta*(E(R_m)-R_f)。代入數(shù)據(jù)得E(R_i)=4%+1.5*8%=4%+12%=16.0%。8.b解析思路：正外部性是指?jìng)€(gè)人或企業(yè)的經(jīng)濟(jì)活動(dòng)對(duì)第三方產(chǎn)生了積極影響，且未在市場(chǎng)價(jià)格中得到反映。個(gè)人接種疫苗減少了疾病傳播風(fēng)險(xiǎn)，對(duì)他人有益，屬于正外部性。選項(xiàng)a是負(fù)外部性。選項(xiàng)c可能是正外部性，但需具體情況分析。選項(xiàng)d是負(fù)外部性。9.b解析思路：邊際報(bào)酬遞減規(guī)律指出，在技術(shù)水平不變的情況下，連續(xù)等量增加某種可變要素投入，當(dāng)可變要素投入量達(dá)到一定點(diǎn)后，每增加一單位可變要素所帶來(lái)的總產(chǎn)量的增加量會(huì)逐漸減少。10.b解析思路：在完全競(jìng)爭(zhēng)市場(chǎng)，長(zhǎng)期均衡下，價(jià)格等于平均總成本（ATC），企業(yè)經(jīng)濟(jì)利潤(rùn)為零。如果存在經(jīng)濟(jì)利潤(rùn)，新企業(yè)將進(jìn)入；如果存在經(jīng)濟(jì)虧損，企業(yè)將退出。長(zhǎng)期均衡時(shí)，既無(wú)進(jìn)入也無(wú)退出，經(jīng)濟(jì)利潤(rùn)為零。11.b解析思路：經(jīng)營(yíng)現(xiàn)金流（間接法）=凈利潤(rùn)+非現(xiàn)金支出-經(jīng)營(yíng)性資產(chǎn)增加+經(jīng)營(yíng)性負(fù)債增加=500,000+100,000-20,000+30,000=530,000。12.a解析思路：選項(xiàng)a正確，減少存貨意味著經(jīng)營(yíng)性資產(chǎn)減少，應(yīng)從凈利潤(rùn)中減去。選項(xiàng)b錯(cuò)誤，減少應(yīng)付賬款意味著經(jīng)營(yíng)性負(fù)債減少，應(yīng)從凈利潤(rùn)中減去。選項(xiàng)c錯(cuò)誤，利息expense通常在間接法下從凈利潤(rùn)中調(diào)整到經(jīng)營(yíng)活動(dòng)現(xiàn)金流，屬于融資活動(dòng)或投資活動(dòng)現(xiàn)金流。選項(xiàng)d錯(cuò)誤，流動(dòng)比率=流動(dòng)資產(chǎn)/流動(dòng)負(fù)債。13.c解析思路：存貨周轉(zhuǎn)率=COGS/平均存貨。COGS=存貨周轉(zhuǎn)率*平均存貨=5*200,000=1,000,000。也可以通過(guò)DSI計(jì)算：DSI=365/存貨周轉(zhuǎn)率=365/(COGS/平均存貨)，解出COGS=1,000,000。14.b解析思路：選項(xiàng)b是使用股利支付率作為財(cái)務(wù)健康狀況指標(biāo)的缺點(diǎn)之一。股利支付率受公司股利政策影響，高支付率可能意味著低留存收益和未來(lái)發(fā)展資金受限，不一定代表財(cái)務(wù)健康。15.c解析思路：選項(xiàng)c是發(fā)行債務(wù)的優(yōu)點(diǎn)之一。利息支出可以在稅前扣除，從而產(chǎn)生稅收屏蔽效應(yīng)。選項(xiàng)a和b也是發(fā)行債務(wù)的優(yōu)點(diǎn)。選項(xiàng)d，所有這些都是發(fā)行債務(wù)的優(yōu)點(diǎn)。16.d解析思路：以上所有方法（DCF、可比公司分析、交易案例分析）都是常用的公司股權(quán)估值方法。17.d解析思路：選項(xiàng)d概括了可比公司分析的主要局限性。尋找真正可比的公司很困難（選項(xiàng)a），歷史數(shù)據(jù)不一定代表未來(lái)（選項(xiàng)b），multiples的選擇帶有主觀性（選項(xiàng)c）。18.c解析思路：股票價(jià)格=P/Eratio*EPS=15*2=30。19.c解析思路：股票貝塔值衡量股票相對(duì)于市場(chǎng)的波動(dòng)性。如果股票價(jià)格相對(duì)于市場(chǎng)更波動(dòng)，貝塔值會(huì)上升。選項(xiàng)a與貝塔值下降相關(guān)。選項(xiàng)b多元化可能降低貝塔值。選項(xiàng)d降低財(cái)務(wù)杠桿通常降低貝塔值。20.a解析思路：債券價(jià)格是未來(lái)現(xiàn)金流的現(xiàn)值。每半年支付利息1000*5%/2=25。價(jià)格=25*PVIFA(6%,10)+1000*PVIF(6%,10)=25*7.3601+1000*0.5584=184.0025+558.4=942.4025