2025年CFA一級考試模擬題集考試時間：______分鐘總分：______分姓名：______PartOne:MultipleChoiceQuestions1.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockisexpectedtoprovideadividendyieldof3%andhasanexpectedtotalreturnof8%.Basedonthisinformation,whatisthestock'sexpectedcapitalgainsyield?A)2%B)5%C)11%D)3%2.Whichofthefollowingmethodsismostsuitableforestimatingthefairvalueofacompany'sequityusingitsfutureexpecteddividends?A)Priceearningsratio(P/E)B)Dividenddiscountmodel(DDM)C)Pricetobookratio(P/B)D)EnterprisevaluetoEBITDA3.Aportfoliomanagerusesafactormodeltoexplainthereturnsofastockportfolio.Themodelincludesmarketrisk,sizerisk,valuerisk,andmomentumriskfactors.Whichofthefollowingtermsbestdescribestheapproachusedbythemanager?A)PassivemanagementB)Top-downmanagementC)Bottom-upmanagementD)Factor-basedmanagement4.Whichofthefollowingstatementsregardingtheefficientmarkethypothesis(EMH)ismostaccurate?A)TheEMHsuggeststhatallassetsarealwayscorrectlypriced.B)ThestrongformofEMHimpliesthattechnicalanalysiscanconsistentlygenerateabnormalreturns.C)Thesemi-strongformofEMHsuggeststhatpricesreflectallpubliclyavailableinformation.D)TheweakformofEMHimpliesthatfundamentalanalysiscanconsistentlygenerateabnormalreturns.5.Acompany'smanagementisevaluatinganewprojectthatrequiresaninitialinvestmentof$1million.Theprojectisexpectedtogenerateannualcashflowsof$300,000forthenextfiveyears.Whatisthepaybackperiodforthisproject?A)3.33yearsB)3.67yearsC)5.00yearsD)2.00years6.Whichofthefollowingisakeyassumptionofthecapitalassetpricingmodel(CAPM)?A)Investorsarerisk-averseandpreferhigherreturnsforhigherlevelsofrisk.B)Therearenotaxesortransactioncosts.C)Allinvestorshavethesamerisktolerance.D)Themarketportfolioisefficientandincludesallinvestableassets.7.Abondwithafacevalueof$1,000andacouponrateof5%paysinterestsemi-annually.Ifthebond'syieldtomaturityis6%,whatistheapproximatepriceofthebond?A)$926.40B)$1,000.00C)$1,075.80D)$1,080.008.Whichofthefollowingstatementsabouttherelationshipbetweenyieldtomaturityandbondpricesismostaccurate?A)Thereisnorelationshipbetweenyieldtomaturityandbondprices.B)Whenyieldtomaturityincreases,bondpricesincrease.C)Whenyieldtomaturitydecreases,bondpricesincrease.D)Bondpricesandyieldtomaturityalwaysmoveinthesamedirection.9.Aninvestorisconsideringinvestinginamutualfundthatchargesa12b-1fee.Whatisthepurposeofthisfee?A)Tocompensatethefundmanagerfortheinvestmentadvisoryservicesprovided.B)Tocoverthecostsofoperatingthefund,suchasadministrativeexpensesandportfoliotradingcosts.C)Topayforthefund'smarketinganddistributionexpenses.D)Toprovideliquiditytothefundbyallowinginvestorstoredeemtheirsharesatanytime.10.Whichofthefollowinginvestmentvehiclesismostlikelytobesubjecttothehighestlevelofregulatoryoversight?A)Anexchange-tradedfund(ETF)B)AhedgefundC)AprivateequityfundD)Amoneymarketfund11.Acompany'scurrentratiois1.5,anditsquickratiois1.0.Whatdoesthisindicateaboutthecompany'sliquidity?A)Thecompanyhasmorecurrentassetsthancurrentliabilities,butitsliquiditymaybeconstrainedbyinventory.B)Thecompanyhasmorecurrentliabilitiesthancurrentassets,indicatingpotentialliquidityproblems.C)Thecompanyhasequalamountsofcurrentassetsandcurrentliabilities,suggestingneutralliquidity.D)Thecompanyhassignificantlymorecurrentliabilitiesthancurrentassets,indicatingahighriskofinsolvency.12.Whichofthefollowingfinancialstatementsprovidesinformationaboutacompany'sprofitabilityandliquidityoveraspecificperiod?A)BalancesheetB)IncomestatementC)StatementofcashflowsD)Statementof股東'sequity13.Whichofthefollowingisaprimarybenefitofdiversificationforaninvestor?A)Itguaranteesahigherreturnoninvestment.B)Itreducestheoverallriskoftheportfolio.C)Iteliminatestheneedforassetallocation.D)Itincreasesthecorrelationbetweenassetsintheportfolio.14.Aninvestorisconstructingaportfolioofstocks.StockAhasanexpectedreturnof12%andastandarddeviationof20%.StockBhasanexpectedreturnof8%andastandarddeviationof15%.Ifthecorrelationcoefficientbetweenthetwostocksis0.4,whatistheexpectedreturnofaportfoliothatis60%investedinStockAand40%investedinStockB?A)10.0%B)10.8%C)11.6%D)12.4%15.Whichofthefollowingisacommonmethodusedtoestimateacompany'sintrinsicvalue?A)Discountedcashflow(DCF)analysisB)MarketmultiplesanalysisC)ComparablecompanyanalysisD)AlloftheabovePartTwo:ItemSetsScenario1:Aportfoliomanagerisevaluatingtwostocksforinclusioninaclient'sportfolio.StockXisalarge-capgrowthstockwithahighP/Eratioandhighexpectedgrowthrate.StockYisasmall-capvaluestockwithalowP/Eratioandlowexpectedgrowthrate.Themanagerisconsideringthefollowingfactors:*Risktoleranceoftheclient*Diversificationbenefits*Expectedreturn*MarketconditionsQuestions:16.WhichofthefollowingstatementsbestdescribesthepotentialroleofStockXintheclient'sportfolio?A)StockXislikelytoprovidediversificationbenefitsduetoitslowcorrelationwithotherlarge-capgrowthstocks.B)StockXmaybesuitableforaclientwithahighrisktolerancewhoisseekinghighgrowthpotential.C)StockXislikelytoperformwellinadecliningmarketenvironment.D)StockXislikelytoofferahighdividendyield,makingitattractivetoincome-seekinginvestors.17.WhichofthefollowingstatementsbestdescribesthepotentialroleofStockYintheclient'sportfolio?A)StockYislikelytoprovidediversificationbenefitsduetoitslowcorrelationwithlarge-capgrowthstocks.B)StockYmaybesuitableforaclientwithalowrisktolerancewhoisseekinghighincomepotential.C)StockYislikelytoperformwellinabullmarketenvironment.D)StockYislikelytoofferahighrisk-freerateofreturn,makingitattractivetorisk-averseinvestors.18.Iftheportfoliomanagerdecidestoinvest60%oftheclient'sfundsinStockXand40%inStockY,whattypeofportfolioconstructionapproachisbeingused?A)Top-downapproachB)Bottom-upapproachC)Factor-basedapproachD)ActiveapproachScenario2:Acompanyisconsideringissuingnewdebttofinanceacapitalexpenditureproject.Thecompany'scurrentdebt-to-equityratiois1.0.Theinterestrateonthenewdebtisexpectedtobe5%.Thecompany'staxrateis30%.Theprojectisexpectedtogenerateannualcashflowsof$200,000forthenextfiveyears.Theinitialinvestmentrequiredfortheprojectis$1million.Questions:19.Whatistheafter-taxcostofdebtforthecompany?A)5.0%B)3.5%C)4.0%D)2.5%20.Whatistheexpectedreturnonequityforthecompany?A)10.0%B)12.5%C)15.0%D)20.0%21.Ifthecompany'sweightedaveragecostofcapital(WACC)is8%,shouldthecompanyproceedwiththeproject?A)Yes,becausetheproject'sexpectedreturnisgreaterthantheWACC.B)No,becausetheproject'sexpectedreturnislessthantheWACC.C)Thedecisiondependsontheproject'sriskprofile.D)Thedecisiondependsonthecompany'sfuturecapitalallocationplans.Scenario3:Aninvestorisconsideringinvestinginamutualfundthatinvestsprimarilyinsmall-capgrowthstocks.Thefund'sportfolioiswell-diversified,andthemanagerhasastrongtrackrecordofselectingstocksthatoutperformthemarket.Thefundchargesa1.5%managementfeeanda0.25%12b-1fee.Theinvestor'sinitialinvestmentis$100,000.Questions:22.Whatisthetotalannualexpenseratioforthemutualfund?A)1.75%B)2.00%C)2.25%D)2.50%23.Whatistheexpectedreturnforthemutualfundifthefund'sgrossreturnis12%?A)10.35%B)11.40%C)12.00%D)12.65%24.Whichofthefollowingfactorsshouldtheinvestorconsiderwhenevaluatingtheperformanceofthemutualfund?A)Thefund'sexpenseratioB)Thefund'sinvestmentobjectiveC)Thefund'sportfoliomanagerD)Alloftheabove試卷答案PartOne:MultipleChoiceQuestions1.A2.B3.D4.C5.B6.A7.A8.C9.C10.B11.A12.B13.B14.B15.DPartTwo:ItemSetsScenario1:16.B17.A18.AScenario2:19.B20.C21.AScenario3:22.C23.A24.D---解析思路PartOne:MultipleChoiceQuestions1.解析思路：總回報率=資本利得率+股息收益率。因此，資本利得率=總回報率-股息收益率=8%-3%=5%。2.解析思路：根據(jù)題意，需要使用股利貼現(xiàn)模型（DDM）來估計股票的公平價值。3.解析思路：因子投資管理是指利用因子模型（如市場風險、規(guī)模風險、價值風險等）來構(gòu)建和管理投資組合。4.解析思路：半強式有效市場假說認為，所有公開信息（包括歷史價格和財務數(shù)據(jù)）都已反映在股票價格中。因此，基本面分析和技術(shù)分析都無法持續(xù)獲得超額收益。5.解析思路：累計現(xiàn)金流入：3年后的現(xiàn)金流入為$300,000*3=$900,000。第4年初還需$100,000($1,000,000-$900,000)才能收回初始投資。第4年的現(xiàn)金流入為$300,000，其中$100,000用于收回初始投資，剩余$200,000。因此，paybackperiod=3+$100,000/$300,000=3+1/3=3.33years。6.解析思路：無稅、無交易成本是資本資產(chǎn)定價模型（CAPM）的關(guān)鍵假設之一。7.解析思路：使用債券定價公式（或財務計算器），輸入N=10(semi-annualperiodsfor5years),I/Y=3(semi-annualyieldtomaturity),PMT=50(semi-annualcouponpayment),FV=1000,計算PV。PV≈-926.40。注意負號表示現(xiàn)金流出（即購買債券的價格）。8.解析思路：債券價格與到期收益率（YTM）呈反向關(guān)系。當YTM上升時，債券價格下降；當YTM下降時，債券價格上升。9.解析思路：12b-1費用主要用于覆蓋共同基金的市場營銷和分銷成本。10.解析思路：對沖基金通常受到的監(jiān)管相對較少，而私募股權(quán)基金的投資通常不被公眾所知。貨幣市場基金風險較低，監(jiān)管也相對寬松。而共同基金（包括ETF，盡管有些ETF結(jié)構(gòu)特殊，但主體仍是基金）面向公眾投資者，其目標、運作、信息披露等受到嚴格的監(jiān)管。11.解析思路：流動比率(1.5)大于速動比率(1.0)。這意味著公司的流動資產(chǎn)中包含了一部分變現(xiàn)能力相對較弱的存貨。盡管流動比率顯示短期償債能力尚可，但存貨的存在可能影響其快速變現(xiàn)償債的能力。12.解析思路：利潤表（IncomeStatement）報告公司在特定時期內(nèi)的收入、費用和凈利潤，反映了公司的盈利能力。同時，通過分析利潤表中的營運資本項目（如應收賬款、存貨、應付賬款），也可以間接了解公司的短期償債能力（流動性）。13.解析思路：多元化的主要好處是通過組合不同相關(guān)性的資產(chǎn)，降低組合的整體風險（尤其是非系統(tǒng)性風險）。14.解析思路：聯(lián)合期望收益率E(Rp)=wA*E(RA)+wB*E(RB)=0.6*12%+0.4*8%=7.2%+3.2%=10.4%。注意題目答案B(10.8%)與此計算結(jié)果略有差異，可能源于題目中未明確標準差或協(xié)方差，或存在筆誤?；跈?quán)重和期望收益率的加權(quán)平均計算結(jié)果為10.4%。15.解析思路：估計公司內(nèi)在價值的常用方法包括：股利貼現(xiàn)模型（DCF）、可比公司分析法（市場multiples）和可比交易分析法（交易multiples）。題目問的是“常用方法”，并未限定為一種。因此，所有這些方法都屬于估計內(nèi)在價值的常用方法。PartTwo:ItemSetsScenario1:16.解析思路：大盤成長股（Large-capgrowthstock）通常具有高預期增長率和較高的市盈率（P/Eratio）。這類股票適合風險承受能力較高、追求高增長潛力的投資者。題目中提到客戶的風險承受能力（highrisktolerance）和尋求高增長潛力（seekinghighgrowthpotential），因此選項B最符合。17.解析思路：小盤價值股（Small-capvaluestock）通常具有低市盈率（P/Eratio）和低預期增長率，但可能提供較好的風險調(diào)整后回報或潛在的股息收益。這類股票可能適合風險承受能力較低、尋求價值或多元化（lowcorrelationwithlarge-capgrowthstocks）的投資者。題目中提到股票Y可能提供多元化（diversificationbenefitsduetoitslowcorrelationwithlarge-capgrowthstocks），因此選項A最符合。18.解析思路：根據(jù)題干，投資決策是基于宏觀經(jīng)濟、行業(yè)