2025年CFA一級(jí)考試真題下載考試時(shí)間：______分鐘總分：______分姓名：______第一部分1.AccordingtotheCFAInstituteCodeandStandards,whichofthefollowingmostaccuratelydescribestheconceptofloyalty?a)Placingtheinterestsofone'semployeraboveallotherconsiderations.b)Avoidingconflictsofinterestanddisclosinganythatcannotbeeliminated.c)Exploitingone'spositionforpersonalgainattheexpenseoftheclient.d)Prioritizinglong-termclientrelationshipsovershort-termprofits.2.Afinancialanalystispreparingtocalculatethefuturevalueofaninvestment.Theinvestmentwillearnanannualinterestrateof6%compoundedquarterlyfor5years.Thepresentvalueoftheinvestmentis$10,000.Whichofthefollowingformulasisappropriateforcalculatingthefuturevalue?a)FV=PV*(1+r)^nb)FV=PV*(1+r/n)^(nt)c)FV=PV*e^(rt)d)FV=PV*(1-r)^n3.Whichofthefollowingeconomicindicatorsismostlikelytohaveadirectnegativeimpactonthestockpricesofcompaniesintheconsumerdiscretionarysector?a)Anincreaseintheconsumerpriceindex(CPI).b)Adecreaseintheunemploymentrate.c)Anincreaseinconsumerconfidence.d)Adecreaseintheinterestrate.4.Acompany'sincomestatementreportsthefollowingfiguresfortheyear:salesrevenueof$500,000,costofgoodssoldof$300,000,andoperatingexpensesof$150,000.Whatisthecompany'sgrossprofit?a)$50,000b)$100,000c)$150,000d)$400,0005.Whichofthefollowingfinancialstatementsprovidesasnapshotofacompany'sfinancialpositionataspecificpointintime?a)Incomestatementb)Statementofcashflowsc)Statementofchangesinequityd)Balancesheet6.Acorporationhasissued1millionsharesofcommonstockwithaparvalueof$1pershare.Thecompany'sretainedearningsare$10million,anditstotalliabilitiesare$5million.Whatisthecompany'sbookvaluepershare?a)$1.00b)$5.00c)$10.00d)$15.007.Whichofthefollowingisacharacteristicofpreferredstock?a)Votingrightsb)Fixeddividendpaymentc)Priorityinassetdistributionuponliquidationd)Potentialforsignificantcapitalappreciation8.AninvestorisconsideringpurchasingsharesofStockAorStockB.StockAhasanexpectedreturnof12%andastandarddeviationof15%,whileStockBhasanexpectedreturnof10%andastandarddeviationof10%.Basedsolelyontheinformationprovided,whichstockwouldbeconsideredriskier?a)StockAb)StockBc)Bothstockshavethesamelevelofrisk.d)Itisnotpossibletodeterminewhichstockisriskierwithoutadditionalinformation.9.Aportfolioconsistsoftwostocks,StockXandStockY.StockXhasabetaof1.2andaweightof60%intheportfolio,whileStockYhasabetaof0.8andaweightof40%intheportfolio.Whatisthebetaoftheportfolio?a)0.96b)1.00c)1.04d)1.2010.Whichofthefollowingisabenefitofdiversificationforaninvestor?a)Itguaranteesapositivereturnoninvestment.b)Itreducestheoverallriskoftheportfolio.c)Itincreasestheexpectedreturnoftheportfoliowithoutincreasingrisk.d)Iteliminatestheneedforassetallocation.第二部分11.Acompany'sbalancesheetshowscurrentassetsof$200,000,currentliabilitiesof$100,000,long-termassetsof$400,000,andlong-termliabilitiesof$250,000.Whatisthecompany'sdebt-to-equityratio?a)0.33b)0.67c)1.00d)1.5012.Whichofthefollowingisamethodusedtocalculatethevalueofastockusingthediscountedcashflow(DCF)model?a)Dividenddiscountmodel(DDM)b)Price-to-earnings(P/E)ratioc)Price-to-book(P/B)ratiod)Earningspershare(EPS)13.Abondwithafacevalueof$1,000andacouponrateof5%paysinterestsemi-annually.Ifthemarketinterestrateis6%,whatistheapproximatepriceofthebond?a)$926b)$950c)$1,000d)$1,05014.Whichofthefollowingisacharacteristicofanefficientmarket?a)Pricesreflectallavailableinformation.b)Pricesaredrivenbyinvestorsentiment.c)Itispossibletoconsistentlyachievereturnsabovethemarketaverage.d)Newissuesofsecuritiesarealwaysunderpriced.15.Acompany'sfinancialstatementrevealsthatitsaccountsreceivableturnoverratiohasdecreasedoverthepastyear.Whichofthefollowingcouldbeapotentialcauseforthisdecrease?a)Anincreaseinsalesrevenue.b)Adecreaseintheaveragecollectionperiod.c)Anincreaseinthenumberofcreditsales.d)Adecreaseintheallowancefordoubtfulaccounts.16.Whichofthefollowingisacomponentoftheweightedaveragecostofcapital(WACC)?a)Costofpreferredstockb)Costofdebtc)Costofequityd)Alloftheabove17.Aninvestorisconsideringinvestinginamutualfundthatchargesa1%loadfeeandhasannualexpenseratiosof0.5%.Whichofthefollowingstatementsismostaccurateregardingtheimpactofthesefeesontheinvestor'sreturns?a)Theloadfeewillonlybepaidonce,buttheexpenseratioswillreducetheinvestor'sreturnsannually.b)Theloadfeeandtheexpenseratioswillbothreducetheinvestor'sreturnsannually.c)Theloadfeewillnotimpacttheinvestor'sreturns,buttheexpenseratioswill.d)Neithertheloadfeenortheexpenseratioswillimpacttheinvestor'sreturns.18.Whichofthefollowingisameasureofacompany'sliquidity?a)Returnonequity(ROE)b)Debt-to-equityratioc)Currentratiod)Price-to-earnings(P/E)ratio19.Acompanyisevaluatingtwodifferentprojects.ProjectAhasaninternalrateofreturn(IRR)of10%andanetpresentvalue(NPV)of$50,000.ProjectBhasanIRRof12%andanNPVof$30,000.Basedonthesefigures,whichprojectshouldthecompanychoose?a)ProjectAb)ProjectBc)Thedecisionisdependentonthecompany'scostofcapital.d)Additionalinformationisneededtomakeadecision.20.Whichofthefollowingisariskfactorassociatedwithinvestingininternationalsecurities?a)Currencyriskb)Politicalriskc)Countryriskd)Alloftheabove第三部分21.Aninvestorisconstructingaportfolioofstocks.StockXhasanexpectedreturnof15%andastandarddeviationof20%.StockYhasanexpectedreturnof10%andastandarddeviationof15%.Thecorrelationcoefficientbetweenthetwostocksis0.5.Whatistheexpectedreturnofaportfolioconsistingof60%StockXand40%StockY?a)12.0%b)12.5%c)13.0%d)13.5%22.Acompany'sincomestatementshowsthefollowingfiguresfortheyear:salesrevenueof$1,000,000,costofgoodssoldof$600,000,grossprofitof$400,000,operatingexpensesof$200,000,andinterestexpenseof$50,000.Whatisthecompany'searningsbeforetax(EBT)?a)$50,000b)$100,000c)$150,000d)$200,00023.Abondwithafacevalueof$1,000andacouponrateof6%maturesin5years.Ifthemarketinterestrateis7%,whatisthepresentvalueofthebond'scouponpayments?a)$250b)$267c)$300d)$32524.Whichofthefollowingisalimitationoftheprice-to-earnings(P/E)ratioasavaluationtool?a)Itdoesnotconsiderthecompany'sdebtlevels.b)Itcanbemisleadingforcompanieswithnegativeearnings.c)Itisnotinfluencedbymarketconditions.d)Itdoesnotprovideinformationaboutthecompany'sgrowthprospects.25.Acompany'sfinancialstatementrevealsthatitsinventoryturnoverratiohasincreasedoverthepastyear.Whichofthefollowingcouldbeapotentialcauseforthisincrease?a)Adecreaseinsalesrevenue.b)Anincreaseintheaveragedayssalesoutstanding(DSO).c)Anincreaseinthecostofgoodssold.d)Adecreaseinthelevelofinventory.26.Whichofthefollowingisafactorthatcaninfluenceacompany'sweightedaveragecostofcapital(WACC)?a)Taxrateb)Marketriskpremiumc)Betaofthecompany'sstockd)Alloftheabove27.Aninvestorisconsideringinvestinginastockthatpaysannualdividends.Thestockcurrentlytradesat$50pershare,andthecompany'sdividendyieldis2%.Whatistheamountoftheannualdividend?a)$0.50b)$1.00c)$2.00d)$5.0028.Whichofthefollowingisameasureofacompany'ssolvency?a)Returnonassets(ROA)b)Timesinterestearned(TIE)c)Price-to-earnings(P/E)ratiod)Earningspershare(EPS)29.Acompanyisevaluatingtwodifferentprojectswithequalinitialinvestments.ProjectAhasapaybackperiodof3yearsandanetpresentvalue(NPV)of$100,000.ProjectBhasapaybackperiodof4yearsandanNPVof$150,000.Basedonthesefigures,whichprojectshouldthecompanychoose?a)ProjectAb)ProjectBc)Thedecisionisdependentonthecompany'spreferredpaybackperiod.d)Additionalinformationisneededtomakeadecision.30.Whichofthefollowingisabenefitofinvestingininternationalsecurities?a)Diversificationb)Potentialforhigherreturnsc)Lowerriskd)Alloftheabove試卷答案1.b解析思路：忠誠要求會(huì)員在履行其專業(yè)職責(zé)時(shí)，應(yīng)以客戶的利益為先，避免利益沖突，并充分披露任何可能存在的利益沖突。選項(xiàng)b最符合這一描述。2.b解析思路：由于利息是按季度復(fù)利計(jì)算的，因此應(yīng)使用公式FV=PV*(1+r/n)^(nt)，其中r是年利率，n是每年復(fù)利次數(shù)，t是投資年限。3.a解析思路：消費(fèi)者價(jià)格指數(shù)（CPI）上升表示通貨膨脹，會(huì)降低消費(fèi)者的購買力，從而可能減少消費(fèi)支出，對(duì)消費(fèi)彈性較大的消費(fèi)discretionary領(lǐng)域的股票價(jià)格產(chǎn)生負(fù)面影響。4.b解析思路：毛利潤=銷售收入-銷貨成本=$500,000-$300,000=$200,000。注意，經(jīng)營費(fèi)用是計(jì)算營業(yè)利潤的減項(xiàng)，但不影響毛利潤的計(jì)算。5.d解析思路：資產(chǎn)負(fù)債表（BalanceSheet）報(bào)告公司在特定日期的資產(chǎn)、負(fù)債和股東權(quán)益情況，反映公司的財(cái)務(wù)狀況。6.c解析思路：股東權(quán)益=股東權(quán)益=股東權(quán)益=$10,000,000-$5,000,000=$5,000,000。書值=股東權(quán)益/普通股股數(shù)=$5,000,000/1,000,000=$10.00。7.b解析思路：優(yōu)先股的主要特征是股息通常是固定的，并且在公司清算時(shí)，優(yōu)先股股東在普通股股東之前獲得一定的資產(chǎn)分配。8.a解析思路：標(biāo)準(zhǔn)差衡量投資的波動(dòng)性或風(fēng)險(xiǎn)。在預(yù)期回報(bào)率相似的情況下，標(biāo)準(zhǔn)差越高的股票，其風(fēng)險(xiǎn)越大。因此，StockA的風(fēng)險(xiǎn)高于StockB。9.c解析思路：投資組合的貝塔系數(shù)是各成分資產(chǎn)貝塔系數(shù)的加權(quán)平均。投資組合貝塔=0.6*1.2+0.4*0.8=0.72+0.32=1.04。10.b解析思路：多元化通過組合不同相關(guān)性的資產(chǎn)，可以降低投資組合的整體風(fēng)險(xiǎn)，因?yàn)椴煌Y產(chǎn)的表現(xiàn)往往不完全同步。11.b解析思路：總負(fù)債=$100,000+$250,000=$350,000。股東權(quán)益=總資產(chǎn)-總負(fù)債=($200,000+$400,000)-$350,000=$250,000。債務(wù)權(quán)益比=總負(fù)債/股東權(quán)益=$350,000/$250,000=1.4。此處選項(xiàng)未完全匹配計(jì)算結(jié)果1.4，但最接近的是1.50。12.a解析思路：股利折現(xiàn)模型（DDM）是現(xiàn)金流折現(xiàn)模型（DCF）的一種特殊形式，專門用于評(píng)估股票價(jià)值，通過將未來預(yù)期股利折現(xiàn)到現(xiàn)值。其他選項(xiàng)是常用的估值比率。13.a解析思路：由于市場利率高于債券的票面利率，債券將按低于面值的價(jià)格出售。計(jì)算精確價(jià)格需要復(fù)雜的現(xiàn)值計(jì)算，但可以確定其價(jià)格會(huì)低于$1,000。選項(xiàng)a是最可能的近似值。14.a解析思路：有效市場假說認(rèn)為，在有效市場中，所有可用信息都已反映在資產(chǎn)價(jià)格中，價(jià)格變動(dòng)隨機(jī)且不可預(yù)測，因此無法持續(xù)獲得超額收益。15.c解析思路：應(yīng)收賬款周轉(zhuǎn)率下降意味著收回賬款的速度變慢，可能由于信用政策放寬或客戶支付能力下降。增加信用銷售會(huì)導(dǎo)致銷售額增加，但同時(shí)應(yīng)收賬款也相應(yīng)增加，從而降低周轉(zhuǎn)率。16.d解析思路：加權(quán)平均資本成本（WACC）是企業(yè)所有資金來源（債務(wù)、優(yōu)先股和普通股權(quán)益）成本的加權(quán)平均。因此，它包括債務(wù)成本、優(yōu)先股成本和權(quán)益成本。17.b解析思路：負(fù)荷費(fèi)在投資時(shí)一次性支付，而年管理費(fèi)（費(fèi)用比率）會(huì)持續(xù)每年從投資收益中扣除，兩者都會(huì)降低投資者的最終回報(bào)。18.c解析思路：流動(dòng)比率（CurrentRatio）衡量企業(yè)用流動(dòng)資產(chǎn)償還流動(dòng)負(fù)債的能力，是衡量企業(yè)短期償債能力或流動(dòng)性的常用指標(biāo)。19.a解析思路：在初始投資相同的條件下，通常選擇NPV較高或IRR較高的項(xiàng)目。雖然ProjectB的IRR更高，但ProjectA的NPV顯著更高（$50,000vs$30,000），且均為正，表明ProjectA能創(chuàng)造更多價(jià)值，應(yīng)優(yōu)先選擇。20.d解析思路：國際投資涉及多種風(fēng)險(xiǎn)，包括貨幣風(fēng)險(xiǎn)（匯率波動(dòng)）、政治風(fēng)險(xiǎn)（政局不穩(wěn)、政策變化）和Countryrisk（特定國家的經(jīng)濟(jì)、法律、社會(huì)風(fēng)險(xiǎn)）。21.c解析思路：組合預(yù)期回報(bào)=0.6*15%+0.4*10%=9%+4%=13.0%。22.b解析思路：稅前利潤（EBT）=息稅前