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1、CFA级练习题精选及答案 0531-101、An analyst does research about price elasticity of demand and determines that when the price of a product increases from $15 to $17, the quantity demanded decreases from 51 units to 45 units.The product's price elasticity of demand is best described as:【单选题】A. inelastic.B.
2、unit elastic.C. elastic.正确答案 :B答案解析 : 本题考查的是需求价格弹性（price elasticity ofdemand ）的基本公式。只需要将数值代人以下公式即可。2、An analyst does research about fund manger performance.In an efficient stockmarket, a list of appropriate policies for a portfolio manager who does not havesuperior ability to analyze is least likely
3、 to include the: 【单选题】A. use of index funds.B. elimination of systematic risk.C. minimization of transaction cost.正确答案 :B答案解析 :对于没有超强分析能力的基金经理来说， 应该买人指数基金或者是减少交易成本，或者通过分散化投资来消除非系统性风险，注意基金经理是无法消除系统性风险的。3、Fractional unemployment is best described as: 【单选题】A. from normal labor turnover.B. from changes
4、in the skills needed to perform jobs.C. due to fluctuating unemployment over the business cycle.正确答案 :A答案解析 :正常的劳动力工作的转变会导致摩擦性失业。 性失业是指由于经济结构调整，原有工作能力无法满足现有 工作需要而造成的失业。经济周期的调整会使得有效需求不 足而造成周期性失业。结构funds4 、 An analyst does research about exchange trade10(ETFs).Which of thefollowing statements is least
5、 accurate to describe exchange trade funds' characteristics? 【单选题】A. Portfolio holdings of ETFs are transparent.B. ETF's structure prevents a significant premium or discount to NAV.C. Dividends are reinvested annually for open -end ETFs.正确答案 :C答案解析：ETF不收取申购和赎回费用，可以卖空或者融资交 易，同时组合的持仓是透明的。 ETF
6、的申购和赎回机制使得 其交易价格十分接近净资产值，没有显著的溢价或折价。开 放式ETF的股利会被立即进行再投资，而不是每年。5、The price of a good falls from $15 to $13. Given this decline in price, the quantity demanded of the good rises from 100 units to 120 units. The price elasticity of demand for the good is closest to: 【单选题】A. 1.3.B. 1.5.C. 10.0.正确答案 :A答案
7、解析 “: Elasticity,” Michael Parkin2011 Modular Level I, Vol.2, pp. 10-11Study Session 4-13-aCalculate and interpret the elasticities of demand (price elasticity, cross elasticity, and income elasticity) and the elasticity of supply and discuss the factors that influence each measure.Price elasticity
8、of demand is calculated as:Price elasticity of demand = %Q / % P =Qave) / (P/ Pave)In this case, (20 / 110) / (2 / 14) = 1.27 rounded to 1.36、An investor purchases a 5 percent coupon bond maturing in 3 years for $102.80, providing a yield -to-maturity of 4 percent. At what rate must the coupon payme
9、nts be reinvested to generate the 4 percent yield? 【单选题】A. 0%B. 4%C. 5%正确答案 :B答案解析 :“ Yield Measures, Spot Rates, and Forward Rates ”, Frank J. Fabozzi, CFA2010 Modular Level I, Vol. 5, pp. 451Study Session 16-65-bCompute and interpret the traditional yield measures for fixed -rate bonds and explain
10、 their limitations and assumptions.B is correct since the yield-to-maturity measure assumes that the coupon payments can be reinvested at an interest rate equal to the yield -to -maturity, in this case 4%.7、An analyst does research about asemiannual -pay callable bond.The bond witha face value of $
11、1 000 and a coupon rate of 5% is callable in 4 years at 1020.If the bond matures in 7 years and is currently priced as $ 980, the yield toworst is closest to: 【单选题】A. 3.01%B. 5.35%C. 6.02%正确答案 :B答案解析 : 先计算持有到期收益率（ yield to maturity ，简称YTM）: N = 14, PV=980, PMT=1 000 ×5%2=25, FV = 1 000, CPTI/Y
12、=2.6731，YTM =2.6731% ×2 = 5.3463%。再算持有到赎回 收益率 （yield to call ，简称 YTC）:N =8，PV =980, PMT = 1 000 × 5%/2 =25, FV=1 020, CPT I/Y =3.0099 ， YTC =3.0099% × 2=6.0197%。最后计算最差收益率 （yield to worst ，简称 WTW）， 这是上述两者中较小的，所以 WTW =5.3463%。8、A buyer would face the greatest risk of default with: 【单选 题
13、】A. a farmer making physical delivery on a short soybean futures position.B. an investment bank making cash settlement on a short euro futures position.C. a multinational firm making cash settlement on a short U.S. dollar forward contract.正确答案 :C答案解 析: “ Futures Markets and Contracts, ” Don M. Chanc
14、e2011 Modular Level I, Vol. 6, p. 53Study Session 17-62-bCompare futures contracts and forward contracts.C is correct because in a forward contract, each party assumes the risk that the other party will default.9、The following information is available for a manufacturing company:If the company is us
15、ing International Financial Reporting Standards (IFRS) instead of US GAAP, itscost of goods sold (in millions) is most likely. 【单选题】A. $0.3 lower.B. the same.C. $0.3 higher.正确答案 :A答案解析 :Under IFRS, the inventory would be written down to its net realizable value ($4.1 million), whereasunder US GAAP,
16、market value is defined as current replacement cost and thus would be writtendown to its current replacement cost ($3.8 million). The smaller write -down under IFRS will reducethe amount charged to the cost of goods sold compared with US GAAP and result in a lower cost ofgoods sold of $0.3 million.C
17、FA Level I"Inventories," Michael A. BroihahnSection 410、An analyst does research about cost of capital.All else being equal, if a U.S.company's marginal tax rate decreases, the company's weighted average cost ofcapital will most likely: 【单 选题】A. decrease.B. remain unchanged.C. increase.正确答案 :C答案解析 :加权平均资本成本。 其中， 是普通股股东的必要回报率，是优先股股东的必要回报率，是公司发行新债券的必要收益率，所以税率t减小，WACC会增大。