2025年CFA考試重點題集考試時間：______分鐘總分：______分姓名：______試卷內(nèi)容1.Ananalystisevaluatingastockthatpaysacurrentdividendof$2.00pershare.Thedividendisexpectedtogrowataconstantrateof5%peryearindefinitely.Therequiredrateofreturnforthestockis10%.Whatistheestimatedintrinsicvalueofthestockusingtheconstantgrowthdividenddiscountmodel(DDM)?2.Aportfoliomanagerisconsideringaddingastocktoaportfolio.Thestockhasanexpectedreturnof12%andastandarddeviationof20%.Theportfoliocurrentlyconsistsof10stockswithanexpectedreturnof8%andastandarddeviationof15%.Ifthestockisaddedtotheportfolio,thenewportfolio'sexpectedreturnwillbeapproximately__________%.3.Whichofthefollowingstatementsregardingtheefficientmarkethypothesis(EMH)ismostaccurate?a)Inanefficientmarket,stockpricesreflectallavailableinformation,anditisimpossibletoconsistentlyachievereturnsabovethemarketaverage.b)TheEMHimpliesthattechnicalanalysiscanconsistentlygenerateabnormalreturns.c)ThestrongformoftheEMHsuggeststhatinsidershaveanadvantageinpredictingstockpricemovements.d)Inaweakformefficientmarket,fundamentalanalysishasnovalueinpredictingfuturestockprices.4.AcompanyreportsthefollowingfinancialdatafortheyearendedDecember31,2023:NetIncome=$500,000DepreciationExpense=$100,000IncreaseinAccountsReceivable=$30,000DecreaseinAccountsPayable=$20,000DividendsPaid=$50,000Whatisthecompany'sfreecashflow(FCF)fortheyear2023?5.Whichofthefollowingcapitalbudgetingtechniquesconsidersthetimevalueofmoney?I.PaybackPeriodII.NetPresentValue(NPV)III.InternalRateofReturn(IRR)a)Ionlyb)IIandIIIonlyc)IandIIonlyd)IIandIII6.Abondwithafacevalueof$1,000paysanannualcouponof6%.Thebondhasamaturityof5years.Iftherequiredyieldtomaturity(YTM)is8%,whatistheapproximatemarketpriceofthebond?7.Aninvestorisconsideringinvestinginaprojectthatrequiresaninitialoutlayof$100,000.Theprojectisexpectedtogeneratecashinflowsof$40,000attheendofeachyearfor4years.Whatisthepaybackperiodforthisproject?8.Whichofthefollowingstatementsaboutthecapitalassetpricingmodel(CAPM)istrue?a)TheCAPMassumesthatallinvestorshavethesamerisktolerance.b)Themarketriskpremiumiscalculatedastheexpectedreturnonthemarketportfoliominustherisk-freerate.c)AccordingtotheCAPM,therequiredrateofreturnforanassetissolelydeterminedbyitsbeta.d)Therisk-freerateintheCAPMshouldalwaysbethecurrentyieldonshort-termgovernmentbonds.9.Acompany'sstockhasabetaof1.2.Therisk-freerateis3%,andtheexpectedreturnonthemarketportfoliois10%.AccordingtotheCAPM,whatistherequiredrateofreturnonthecompany'sstock?10.Afirmisconsideringtwomutuallyexclusiveprojects.ProjectAhasaninitialcostof$60,000andgeneratescashinflowsof$25,000peryearfor4years.ProjectBhasaninitialcostof$80,000andgeneratescashinflowsof$30,000peryearfor5years.Iftherequiredrateofreturnforbothprojectsis10%,whichprojectshouldbeacceptedbasedonthenetpresentvalue(NPV)rule?11.Acompanyhascurrentassetsof$200,000andcurrentliabilitiesof$100,000.Thecompany'sinventoryisvaluedat$50,000.Whatisthecompany'squickratio?12.Whichofthefollowingisconsideredaprimarymarketsecurity?a)Acertificateofdeposit(CD)b)Astockthatisbeingsoldforthefirsttimebyacompanyc)Abondthatisbeingtradedbetweeninvestorsinthesecondarymarketd)Amoneymarketmutualfundshare13.Ananalystisevaluatingacompany'sfinancialperformance.Whichofthefollowingratioswouldbemostusefulforassessingthecompany'sabilitytomeetitsshort-termobligations?a)Debt-to-EquityRatiob)ReturnonEquity(ROE)c)CurrentRatiod)Price-to-Earnings(P/E)Ratio14.Astockhasanexpectedreturnof15%andastandarddeviationof25%.Therisk-freerateis5%.WhatistheSharperatioforthisstock?15.Whichofthefollowingstatementsabouttherelationshipbetweenriskandreturnismostaccurate?a)Higherriskinvestmentsalwaysyieldhigherreturns.b)Thereisaninverserelationshipbetweenriskandreturn.c)Investorsshouldonlyinvestinassetswithzerorisk.d)Theexpectedreturnofaninvestmentisnotinfluencedbyitsrisklevel.16.Acompany'sinventoryturnoverratiois6timesperyear.Thecompany'scostofgoodssold(COGS)fortheyearis$600,000.Whatisthecompany'saverageinventorylevel?17.Whichofthefollowingisalimitationofthedividenddiscountmodel(DDM)?a)Itisdifficulttoestimatethegrowthrateofdividends.b)Itassumesthatdividendswillgrowataconstantrateindefinitely.c)Itisnotsuitableforvaluingcompaniesthatdonotpaydividends.d)Itreliesheavilyontherequiredrateofreturn,whichcanbesubjective.18.Aportfolioconsistsoftwoassets,AandB.AssetAhasaweightof60%intheportfolio,anexpectedreturnof12%,andastandarddeviationof15%.AssetBhasaweightof40%intheportfolio,anexpectedreturnof8%,andastandarddeviationof10%.ThecorrelationcoefficientbetweenthereturnsofassetsAandBis0.25.Whatistheexpectedreturnandstandarddeviationoftheportfolio?19.Acompanyisconsideringissuingnewequitytofundaproject.Whichofthefollowingstatementsismostlikelytobetrueregardingthecostofequity?a)Thecostofequityistypicallylowerthanthecostofdebt.b)Thecostofequityisgenerallyfixedanddoesnotchangeovertime.c)Thecostofequityiseasiertoestimatethanthecostofdebt.d)Thecostofequitydoesnotdependonthecompany'sfinancialleverage.20.Whichofthefollowingstatementsabouttheweightedaveragecostofcapital(WACC)istrue?a)TheWACCiscalculatedusingthemarketvalueweightsofthecompany'sdebtandequity.b)TheWACCisalwayshigherthanthecostofdebt.c)TheWACCdoesnotconsiderthetaxshieldprovidedbydebt.d)TheWACCisonlyrelevantforcalculatingthecostofnewprojects.試卷答案1.$2.00*(1+0.05)/(0.10-0.05)=$2.10/0.05=$42.002.0.10*0.60+0.08*0.40=0.06+0.032=0.092or9.2%3.a4.$500,000+$100,000-$30,000-$20,000-$50,000=$500,0005.b6.$60*PVIFA(8%,5)+$1,000*PVIF(8%,5)=$60*3.9927+$1,000*0.6806=$239.56+$680.60=$920.167.$100,000/$40,000=2.5years8.b9.0.03+1.2*(0.10-0.03