2025年CFA真題及答案分享考試時間：______分鐘總分：______分姓名：______注意：本試卷共包含30道選擇題，請選擇最合適的答案。1.Ananalystisevaluatingacompany'sfinancialhealth.Whichofthefollowingratiosismostlikelytoimproveifthecompanyconvertslong-termdebttoequity?A.Debt-to-equityratioB.InterestcoverageratioC.CurrentratioD.Timesinterestearnedratio2.AccordingtotheCapitalAssetPricingModel(CAPM),theexpectedreturnonanassetisdeterminedby:A.Therisk-freerate,theasset'sbeta,andthemarketriskpremium.B.Theasset'shistoricalreturnsanditscorrelationwiththemarketportfolio.C.Theasset'svolatilityandtheoverallmarketvolatility.D.Theasset'sdividendyieldanditsprice-to-earningsratio.3.Whichofthefollowingmethodsofinventoryvaluationtendstomatchinventorycostsmostcloselywiththecurrentreplacementcostintimesofrapidlyrisingprices?A.First-in,first-out(FIFO)B.Last-in,first-out(LIFO)C.WeightedaveragecostD.Specificidentification4.Acompany'smanagementisconsideringtwomutuallyexclusiveprojects.ProjectAhasaninternalrateofreturn(IRR)of12%andanetpresentvalue(NPV)of$50,000.ProjectBhasanIRRof10%andanNPVof$60,000.Basedsolelyonthesefinancialmetrics,whichprojectshouldbeselected?A.ProjectA,becauseithasahigherIRR.B.ProjectB,becauseithasahigherNPV.C.Neitherproject,becausetheyaremutuallyexclusive.D.Thedecisioncannotbemadewithoutknowingtheprojects'sizes.5.Whichofthefollowingstatementsregardingtheefficientmarkethypothesis(EMH)ismostaccurate?A.TheweakformoftheEMHsuggeststhatpastpricemovementscanpredictfuturereturns.B.Thesemi-strongformoftheEMHimpliesthatallpubliclyavailableinformationisalreadyreflectedinstockprices.C.ThestrongformoftheEMHassertsthattraderscanconsistentlyachieveabove-averagereturnsbyexploitingmarketinefficiencies.D.TheEMHstatesthatstockpricesarealwaysinastateofupwardtrend.6.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockhasabetaof1.5,therisk-freerateis3%,andtheexpectedreturnonthemarketportfoliois8%.AccordingtotheCAPM,whatistheexpectedreturnonthestock?A.3.0%B.6.0%C.7.5%D.9.0%7.Whichofthefollowingisconsideredanon-systematicrisk?A.InflationriskB.InterestrateriskC.Industry-specificriskD.Marketrisk8.Aportfoliomanagerusesavalueatrisk(VaR)approachwitha95%confidencelevelanda10-dayhorizon.IftheVaRis$1million,whatisthemaximumpotentiallossthemanagerexpectstooccurwith95%confidenceovera10-dayperiod?A.$1millionB.$1.645millionC.$2millionD.$1.28million9.Whichofthefollowingisacharacteristicofawell-diversifiedportfolio?A.Lowcorrelationbetweentheassetsintheportfolio.B.Highcorrelationbetweentheassetsintheportfolio.C.Allassetsintheportfoliohavethesamerisklevel.D.Theportfolioisconcentratedinasingleindustry.10.Acompany'sstockiscurrentlytradingat$50pershare.Thecompany'sdividendyieldis2%.Ifthecompany'sdividendisexpectedtogrowataconstantrateof5%peryear,whatisthestock'sexpectedtotalreturnusingtheDividendDiscountModel(DDM)?A.2.0%B.5.0%C.7.0%D.7.1%11.WhichofthefollowingisaprimaryfunctionoftheFederalReserve?A.Toregulatethestockexchange.B.Tooverseebankinsurance.C.Toconductmonetarypolicy.D.Tosetcorporatedividendpolicies.12.Abondwithafacevalueof$1,000andacouponrateof5%paysinterestsemi-annually.Ifthebondhas10yearstomaturityandthemarketinterestrateis6%,whatistheapproximatemarketpriceofthebond?A.$926B.$1,000C.$1,075D.$1,10013.Whichofthefollowingisameasureofabond'ssensitivitytochangesininterestrates?A.Yieldtomaturity(YTM)B.CurrentyieldC.DurationD.Convexity14.Aninvestorisconsideringpurchasingacalloptiononastock.Whichofthefollowingstatementsismostaccurate?A.Theinvestorhastheright,butnottheobligation,tobuythestockatthestrikepricebeforetheexpirationdate.B.Theinvestorhastheobligationtobuythestockatthestrikepricebeforetheexpirationdate.C.Theinvestorhastheright,butnottheobligation,tosellthestockatthestrikepricebeforetheexpirationdate.D.Theinvestorhastheobligationtosellthestockatthestrikepricebeforetheexpirationdate.15.Whichofthefollowingisacommonmethodusedtocalculatethecostofequitycapital?A.Weightedaveragecostofcapital(WACC)B.Capitalassetpricingmodel(CAPM)C.Netpresentvalue(NPV)D.Internalrateofreturn(IRR)16.Acompanyhasadebt-to-equityratioof1.5.Ifthecompany'stotalassetsare$500,000,whatisthemarketvalueofthecompany'sequity?A.$200,000B.$300,000C.$375,000D.$500,00017.WhichofthefollowingstatementsregardingtheEfficientMarketHypothesis(EMH)ismostaccurate?A.TheweakformoftheEMHsuggeststhatpastpricemovementscanpredictfuturereturns.B.Thesemi-strongformoftheEMHimpliesthatallpubliclyavailableinformationisalreadyreflectedinstockprices.C.ThestrongformoftheEMHassertsthattraderscanconsistentlyachieveabove-averagereturnsbyexploitingmarketinefficiencies.D.TheEMHstatesthatstockpricesarealwaysinastateofupwardtrend.18.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockhasabetaof1.2,therisk-freerateis2%,andtheexpectedreturnonthemarketportfoliois7%.AccordingtotheCAPM,whatistheexpectedreturnonthestock?A.2.0%B.6.4%C.7.0%D.9.0%19.Whichofthefollowingisconsideredasystematicrisk?A.Company-specificriskB.Industry-specificriskC.InflationriskD.Businessrisk20.Aportfoliomanagerisconstructingaportfoliousingtwostocks.StockAhasanexpectedreturnof10%andastandarddeviationof15%.StockBhasanexpectedreturnof12%andastandarddeviationof20%.Thecorrelationcoefficientbetweenthetwostocksis0.3.Iftheportfolioisinvested60%inStockAand40%inStockB,whatistheexpectedreturnandstandarddeviationoftheportfolio?A.Expectedreturn:11.2%,Standarddeviation:16.2%B.Expectedreturn:11.2%,Standarddeviation:17.8%C.Expectedreturn:11.6%,Standarddeviation:16.2%D.Expectedreturn:11.6%,Standarddeviation:17.8%21.WhichofthefollowingisaprimaryadvantageoftheWeightedAverageCostofCapital(WACC)asadiscountrate?A.Itreflectsthecostofequityanddebtfinancing.B.Itiseasytocalculateandunderstand.C.Itassumesthatthecompany'scapitalstructurewillremainconstant.D.Itisbasedonhistoricaldataandisthereforeobjective.22.Acompany'sinventoryturnoverratiois5.Ifthecompany'scostofgoodssoldis$200,000,whatistheapproximateaverageinventory?A.$20,000B.$40,000C.$100,000D.$200,00023.WhichofthefollowingisalimitationoftheDividendDiscountModel(DDM)?A.Itisdifficulttoestimatethegrowthrateofdividends.B.Itassumesthatthestock'spriceissolelydeterminedbyitsdividendpayments.C.Itisonlyapplicabletocompaniesthatpaydividends.D.Alloftheabove.24.Abondwithafacevalueof$1,000andacouponrateof6%paysinterestannually.Ifthebondhas5yearstomaturityandthemarketinterestrateis5%,whatistheapproximatemarketpriceofthebond?A.$950B.$1,000C.$1,050D.$1,08025.Whichofthefollowingisameasureofabond'syieldtomaturity(YTM)?A.Theannualcouponpaymentdividedbythefacevalueofthebond.B.Thetotalinterestpaidoverthelifeofthebonddividedbythefacevalueofthebond.C.Therateofreturnanticipatedifthebondishelduntilthematuritydate.D.Thecurrentyieldofthebond.26.Aninvestorisconsideringpurchasingaputoptiononastock.Whichofthefollowingstatementsismostaccurate?A.Theinvestorhastheright,butnottheobligation,tobuythestockatthestrikepricebeforetheexpirationdate.B.Theinvestorhastheobligationtobuythestockatthestrikepricebeforetheexpirationdate.C.Theinvestorhastheright,butnottheobligation,tosellthestockatthestrikepricebeforetheexpirationdate.D.Theinvestorhastheobligationtosellthestockatthestrikepricebeforetheexpirationdate.27.Whichofthefollowingisacommonmethodusedtocalculatethecostofdebtcapital?A.Weightedaveragecostofcapital(WACC)B.Capitalassetpricingmodel(CAPM)C.Yieldtomaturity(YTM)D.Netpresentvalue(NPV)28.Acompany'smanagementisconsideringtwomutuallyexclusiveprojects.ProjectAhasaninternalrateofreturn(IRR)of14%andanetpresentvalue(NPV)of$70,000.ProjectBhasanIRRof12%andanNPVof$80,000.Basedsolelyonthesefinancialmetrics,whichprojectshouldbeselected?A.ProjectA,becauseithasahigherIRR.B.ProjectB,becauseithasahigherNPV.C.Neitherproject,becausetheyaremutuallyexclusive.D.Thedecisioncannotbemadewithoutknowingtheprojects'sizes.29.Whichofthefollowingisacharacteristicofawell-diversifiedportfolio?A.Lowcorrelationbetweentheassetsintheportfolio.B.Highcorrelationbetweentheassetsintheportfolio.C.Allassetsintheportfoliohavethesamerisklevel.D.Theportfolioisconcentratedinasingleindustry.30.Acompany'sstockiscurrentlytradingat$60pershare.Thecompany'sdividendyieldis3%.Ifthecompany'sdividendisexpectedtogrowataconstantrateof6%peryear,whatisthestock'sexpectedtotalreturnusingtheDividendDiscountModel(DDM)?A.3.0%B.6.0%C.9.0%D.9.3%試卷答案1.B2.A3.A4.B5.B6.C7.C8.A9.A10.D11.C12.A13.C14.A15.B16.B17.B18.B19.C20.D21.A22.C23.C24.C25.C26.C27.C28.B29.A30.D解析思路1.B將長期債務轉換為股權會降低公司的總負債和權益負債比率（Debt-to-equityratio=TotalDebt/TotalEquity）。Interestcoverageratio(利息保障倍數(shù))=EBIT/InterestExpense。Currentratio(流動比率)=CurrentAssets/CurrentLiabilities。Timesinterestearnedratio(利息保障倍數(shù))=EBIT/InterestExpense。長期債務減少會降低總債務，從而提高利息保障倍數(shù)（分母變小，比率變大），但主要影響的是債務權益比。2.A根據(jù)資本資產(chǎn)定價模型（CAPM），資產(chǎn)的預期回報率R=無風險利率Rf+資產(chǎn)貝塔系數(shù)β*(市場組合預期回報率Rm-無風險利率Rf)=Rf+β*(Rm-Rf)。3.A在物價快速上漲時期，F(xiàn)IFO（先進先出）法下，最先購入的存貨成本較低，計入成本費用的金額較少，期末存貨成本接近當前市價，從而使得銷貨成本與當前重置成本更接近。4.B在互斥項目中，NPV是更可靠的決策指標。NPV直接衡量項目能增加的公司價值，NPV更高的項目對公司價值貢獻更大。雖然IRR在特定情況下可能誤導，但$60,000>$50,000，故選擇項目B。5.B弱形式EMH認為歷史價格信息無效；強形式EMH認為所有公開信息都已被反映在價格中；市場無效時可獲得超額回報。半強形式EMH認為所有公開信息（包括歷史價格、財務數(shù)據(jù)等）都已反映在價格中。6.C根據(jù)CAPM，預期回報=3%+1.5*(8%-3%)=3%+1.5*5%=3%+7.5%=10.5%。7.C非系統(tǒng)性風險是特定公司或行業(yè)特有的風險，可以通過多樣化投資來分散。系統(tǒng)性風險是影響整個市場的風險，無法通過多樣化投資消除，如通脹風險、利率風險、市場風險。8.A95%置信水平10天VaR表示，在未來10天內，最大可能損失不會超過VaR，即1百萬美元。9.A資產(chǎn)間低相關性意味著一個資產(chǎn)的損失有可能被另一個資產(chǎn)的收益所抵消，這是多樣化投資分散風險的基礎。10.D根據(jù)DDM，股票預期總回報率=股息收益率+股息增長率=2%+5%=7%。11.C聯(lián)邦儲備系統(tǒng)（美聯(lián)儲）的主要職責是執(zhí)行貨幣政策，以穩(wěn)定物價、促進就業(yè)和維持金融體系穩(wěn)定。12.A債券價格低于面值。計算價格需要貼現(xiàn)未來現(xiàn)金流（利息和面值），市場利率高于票面利率，導致現(xiàn)值低于面值。13.C久期（Dura