历年CFA考试真题及答案解析
1、The nominal (quoted) annual interest rate on an automobile loan is 10%. The effective annual rate of the loan is 10.47%. The frequency of compounding periods per year for the loan is closest to:【单选题】 A.weekly. B.monthly. C.quarterly. 正确答案:B
答案解析:“The Time Value of Money,” Richard A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2013 Modular Level I, Vol. 1, Reading 5, Section 3.3Study Session 2–5–c, dCalculate and interpret the effective annual rate, given the stated annual interest rate and the frequency of compounding. Solve time value of money problems for different frequencies of compounding:B is correct. Use the formula for effective annual rate:Iteratively substitute the possible frequency of compounding until the EAR is 10.47%.Thus, the correct answer is monthly compounding.
2、Which of the following is a constraint as defined in the International Financial Reporting Standards (IFRS) Framework for the Preparation and Presentation of Financial Statements?【单选题】 A.Neutrality B.Timeliness C.Going concern 正确答案:B
答案解析:“Financial Reporting Standards,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Karen O’Connor Rubsam, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFATimeliness is a constraint in the IFRS Framework. Neutrality is a factor that contributes to reliability and going concern is an assumption of the Framework. 3、Which method of calculating the firm’s cost of equity is most likely to incorporate the long-run return relationship between the firm's stock and the market portfolio?【单选题】
A.Dividend discount model
B.Capital asset pricing model C.Bond-yield-plus risk-premium 正确答案:B
答案解析:“Cost of Capital” Yves Courtois, CFA, Gene C. Lai, and Pamela Peterson Drake, CFAThe capital asset pricing model uses the firm’s equity beta, which is computed from a market model regression of the company's stock returns against market returns.
4、For a 90-day U.S. Treasury bill selling at a discount, which of the following methods most likely results in the highest yield?【单选题】
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A.Money market yield B.Discount-basis yield C.Bond equivalent yield 正确答案:C
答案解析:“Working Capital Management,” Edgar Norton, Jr., Kenneth L. Parkinson, and Pamela Peterson Drake
5、An investor gathers the following data.To estimate the stock's justified forward P/E, the investor prefers to use the compounded annual earnings growth and the average of the payout ratios over the relevant period (i.e., 2008–2011). If the investor uses 11.5% as her required rate of return, the stock's justified forward P/E is closest to:【单选题】 A.10. B.12. C.21.
正确答案:C
答案解析:“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak and Stephen E. Wilcox
6、A bond portfolio manager is considering three Bonds – A, B, and C – for his portfolio. Bond A allows the issuer to call the bond before stated maturity, Bond B allows the investor to put the bond back to the issuer before stated maturity, and Bond C contains no embedded options. The bonds are otherwise identical. The manager tells his assistant, “Bond A and Bond B should have larger nominal yield spreads to a U.S. Treasury than Bond C to compensate for their embedded options.” Is the manager most likely correct?【单选题】 A.Yes.
B.No, Bond A’s nominal yield spread should be less than Bond C’s. C.No, Bond B’s nominal yield spread should be less than Bond C’s. 正确答案:C
答案解析:“Understanding Yield Spreads,” Frank J. Fabozzi, CFAC is correct because Bond B’s embedded put option benefits the investor and the yield spread will
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therefore be less than the yield spread of Bond C, which does not contain this benefit.
7、Which of the following characteristics is best described that the information in financialstatements can influence user's economic decisions or affect user's evaluationof past events or forecasts of future events in accordance with the IFRSframework's definitions and recognition criteria?【单选题】 A.Relevance.
B.Comparability.
C.Faithful representation. 正确答案:A
答案解析:根据IFRS的条款，财务报表的两个基本特性使得这些财务信息有用，这两个特性包括相关性（relevance）和公允陈述（faithful representation）。相关性是指财务报告中的信息会影响使用者的经济决策，或者影响使用者对于历史实践和未来事件的评估。公允陈述是指信息公允陈述，并且是完整的、中立的（没有偏差）和没有错误。可比性（comparability）增加了相关性和公允陈述，是指不同公司和不同时间的财务报告陈述是统一的。 8、An analyst does research about revenue recognition in special cases and gathersthe following information about a construction contract which will be completedin 5 years:Under percentage-of-completion method, revenue recognized in Year 2 is closest to:【单选题】 A.$0
B.$8 000 000 C.$12 000 000 正确答案:C
答案解析:$6 000 000/$12 000 000 × $24 000 000 = $12 000 000。
9、An analyst does research about cash conversion cycle and gathers the followinginformation about a company:Analyzing the cash conversion cycle, the company's liquidity has most likely:【单选题】 A.decreased.
B.remained unchanged. C.increased. 正确答案:B
答案解析:现金周转期（cash conversion cycle） = 应收账款回收天数（days of sales outstanding） + 存货周转天数（days of inventory on hand） - 应付账款偿还天数（number of days of payables）。
10、Firms with which of the following characteristics are most likely candidates for a management buyout(MBO)?【单选题】 A.Firms with low levels of cash flow
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B.Firms with high dividend payout ratios
C.Firms with large amounts of undervalued assets 正确答案:C
答案解析:Companies with large amounts of undervalued assets (which can be sold to reduce debt) thatgenerate high levels of cash flow (which are used to make interest and principal payments on thedebt) are likely candidates for MBO transactions.Section 4
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