CFA考试《CFA一级》历年真题精选12（附
详解）
1、Kim Klausner, CFA, monitors several hundred employees as head of compliance for a large investment advisory firm. Klausner has always ensured that his company’s compliance program met or exceeded those of its competitors. Klausner, who is going on a long vacation, has delegated his supervisory responsibilities to Sue Chang. Klausner informs Chang that her responsibilities include detecting and preventing violations of any capital market rules and regulations, and the CFA Institute Code and Standards. Klausner least likely violated the CFA Institute Standards of Professional Conduct by failing to instruct Chang to also consider:【单选题】 A.firm policies. B.legal restrictions. C.industry standards. 正确答案:C
答案解析:“Guidance for Standards I–VII”, CFA InstituteC is correct because the requirement under Standard IV(C) Responsibilities of Supervisors does not include any reference to industry standards. Standard IV(C) requires supervisors to instruct those subordinate to whom supervision is delegated about detection methods to prevent violations of laws, rules, regulations, firm policies and the CFA Institute Code and Standards. 2、An increase in which of the following items is most likely to result in a wider confidence interval for the population mean?【单选题】 A.Sample size B.Reliability factor C.Degrees of freedom 正确答案:B
答案解析:“Sampling and Estimation,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAAn increase in the reliability factor (the degree of confidence) increases the width of the confidence interval. Increasing the sample size and increasing the degrees of freedom both shrink the confidence interval.
3、An analyst collects data relating to five commonly used measures of use of debt (leverage) and interest coverage for a randomly chosen sample of 300 firms. The data comes from those firms’ fiscal year 2011 annual reports. This data is best characterized as:【单选题】 A.time-series data. B.longitudinal data. C.cross-sectional data. 正确答案:C
答案解析:“Sampling and Estimation,” Richard A. Defusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleStudy Session 3-10-dDistinguish between time-series and cross-sectional data.C is correct. Data on some characteristics of companies at a single point in time are cross-sectional data. 4、Consumer surplus is best described as:【单选题】
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A.always less than or equal to zero. B.always greater than or equal to zero. C.at times positive and at other times negative. 正确答案:B
答案解析:“Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. ArbogastB is correct. Consumer surplus arises when one pays less for a good than the maximum price that she or he was willing to pay for it. Consumer surplus is the value (or marginal benefit) of a good minus the price paid for it, summed over the quantity bought. Because no consumer will (willingly) pay a price greater than the marginal value or benefit, consumer surplus is always positive.
5、An investor buys stock on margin and holds the position for exactly one year.Assuming that the interest on the loan and the dividend are both paid at the end of the year, the price at which the investor sold the stock is closest to:【单选题】 A.$23.05. B.$23.38. C.$23.98. 正确答案:B 答
案
解
析
:“Market
Organization
and
Structure,”
Larry
Harris
6、A bond is selling for 98.2. It is estimated that the price will fall to 96.6 if yields rise 30 bps and that the price will rise to 100.1 if yields fall 30 bps. Based on these estimates, the duration of the bond is closest to:【单选题】 A.1.78. B.5.94. C.11.88. 正确答案:B 答案解
析
:“Risks
Associated
with
Investing
in
Bonds,”
Frank
J.
Fabozzi,
CFA
7、The table below provides information about a portfolio of three bonds.Based on this information, the duration of the portfolio is closest to:【单选题】 A.9.35. B.9.48. C.9.74. 正确答案:A
答案解析:“Introduction to the Measurement of Interest Rate Risk,” Frank J. Fabozzi
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8、Vida Knauss, CFA, manages the portfolios of a number of high-net-worth individuals.Which of the following most likely violates the Standards of ProfessionalConduct relating to suitability when:【单选题】 A.Knauss evaluates the investment in the context of the individual characteristicsof the investment alone. B.Knauss evaluates whether the investment is suitable for the client's investmentpolicy statement. C.Knauss evaluates the investment in the context of the client's total portfolioof investments. 正确答案:A
答案解析:评估投资是否适合应该以投资组合的范围来评估，同时应该评估投资是否符合客户的需要和目的，这些都是反映适合性的。但评估投资不能以该单个投资的特征来评估，而需要有投资组合的概念。 9、An analyst does research about yield to maturity and gathers the followinginformation about a corporate bond paying interest semiannually:If the bond is currently selling for $ 980 and expected inflation is 5% , thebond's yield to maturity is closest to:【单选题】 A.3.14% B.6.28% C.6.47% 正确答案:B
答案解析:FV = 1 000，PMT = 6% × 1 000 /2 = 30，PV= -980，N = 10 ×2 =20。算出 I/Y =3.14%，到期收益率(yield to maturity) =2 ×3.14% =6.28%。
10、Compared with public equity markets, which of the following statements is most accurate aboutprivate equity markets? Operating in the private market:【单选题】 A.offers stronger incentives to improve corporate governance. B.allows more opportunities to raise capital.
C.allows management to better adopt a long-term focus. 正确答案:C
答案解析:The management of a public firm is under pressures to meet shorter-term demands, such as meetingquarterly sales and earnings projections from analysts. Private owners are thus better able to focuson longer-term value creation opportunities.Section 4
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