CFA一級(jí)每日一練10

1、A. CFA級(jí)每日一練（含詳細(xì)解析）101、Theslopeofthesecuritymarketline(SML)representstheportionofanasset'sexpectedreturnattributableto:【單選題】totalrisk.B. marketrisk.C. diversifiablerisk.正確答案:B答案解析:“PortfolioRiskandReturnPartII,”VijaySingal2012ModularLevelI,Vol.4,pp.42223StudySession12-45-fExplainthecapitalassetpr

2、icingmodel(CAPM),includingtherequiredassumptions,andthesecuritymarketline(SML).Biscorrect.TheslopeoftheSMListhemarketriskpremium,E(Rm)-Rf.Itrepresentsthereturnofthemarketlessthereturnofarisk-freeasset.Thus,thesloperepresentstheportionofexpectedreturnthatreflectscompensationformarketorsystematicrisk.

3、2、HeidiHalvorson,CFA,isthechiefinvestmentofficerforTukwilaInvestors,anassetmanagementfirmspecializinginfixed-incomeinvestments.Tukwilaisindangeroflosingoneofitslargestclients,QuinaultJewelers,whichaccountsfornearlyone-thirdofitsrevenues.QuinaultrecentlytoldHalversonthatTukwilawouldbefiredunlessthepe

4、rformanceofQuinault'sportfolioimprovessignificantly.Shortlyafterthisconversation,Halvorsonpurchasestwocorporatebondsshebelievesaresuitableforanyofherclientsbaseduponthird-partyresearchfromareliableanddiligentsource.Immediatelyafterthepurchase,onebondincreasessignificantlyinpricewhiletheotherbond

5、declinessignificantly.Attheendoftheday,HalvorsonallocatestheprofitablebondtradetoQuinaultandtheotherbondtotwoofherlargestinstitutionalaccounts.A. HalvorsonmostlikelyviolatedtheCFAInstituteStandardsofProfessionalinregardto:【單選題】clientsuitability.B. tradeallocations.C. third-partyresearch.正確答案:B答案解析:“

6、GuidanceforStandardsI-VII”,CFAInstitute2013ModularLevelI,Vol.1,Reading2,StandardIII(B)FairDealing,Guidanee,StandardIII(C)Suitability,Guidanee,StandardV(A)DiligeneeandReasonableBasis,GuidaneeStudySession1-2-bDistinguishbetweenconduetthatconformstotheCodeandStandardsandconduetthatviolatestheCodeandSta

7、ndards.Biseorreetbeeausetheinvestmentoffieerfailedtodealfairlyforherelientsbyalloeatingprofitabletradestoafavoredelientattheexpenseofothers,aviolationofStandardIII(B)FairDealing.Thestandardrequiresmembersandcandidatestotreatallelientsfairlywhentakinginvestmentaetion.Tukwilashouldhaveasystematieappro

8、aehtoalloeatingtrades,suchasprorata,beforeoratthetimeoftradeexeeutionorassoonaspossibleaftertradesareexecuted.3、Ananalystdoesresearchaboutnetpresentvalueandgathersthefollowinginformationaboutthreecapitalbudgetingprojects(in$thousands):ProjectInitialOutlayCashFlowYear1CashFlowYear2CashFlowYear3115000

9、07000090000|40()001-2,125000-5000090000195000320000090000-30000250000A. Whichprojectshasthehighestinternalrateofreturn?【單選題】Projeet1.B. Projeet2.C. Projeet3.正確答案:B答案解析:Project1IRR=17.24%。Project2IRR=22.57%。Project3IRR=19.70%。A. 4、Whatisthemostlikelyeffectontheaeeountingequationwhenaeompanypurchaseso

10、fficeequipmentwithcash?【單選題】Assetsincrease,andliabilitiesincrease.B. Thereisnoeffectontheaccountingequation.C. Assetsdecrease,andowners'equitydecreases.正確答案:B答案解析：FinancialReportingMechanics,”ThomasR.Robinson,JanHendrikvanGreuning,KarenO'ConnorRubsam,ElaineHenry,andMichaelA.Broihahn2012Modul

11、arLevelI,Vol.3,p.58StudySession:7-23-cExplaintheprocessofrecordingbusinesstransactionsusinganaccountingsystembasedontheaccountingequation.Biscorrect.Therewouldbenoeffectontheaccountingequationbecausethecompanyhasexchangedoneassetforanother.Cashhasdecreased,andofficeequipment,acapitalasset,hasincreas

12、ed.A. 5、Ananalystdoesresearchaboutrelationshipbetweenmarginalcostofcapitalscheduleandinvestmentopportunityschedule.Asacompanycontinuestoraiseadditionalcapitalandinvestsinadditionalcapitalinvestmentprojects,howwillmarginalcostofscheduleandinvestmentopportunitychange?【單選題】B.Marginalcostofcapitalschedu

13、le?Investmentopportunityschedule?A.downwardslopingdownwardslopingdownwardslopingupwardslopingUupwardslopingdownwardslopingMarginalcostofcapitalInvestment,opportunityschedule7schedule?A.downwardslopingdownwardslopingdownwardslopingupwardslopingUupwardslopingdownwardslopingC.1、Valuationofaswapduringit

14、slifewillleastlikelyinvolvethe:【單選題】useofreplication.B. investor'sriskaversion.C. applicationoftheprincipleofnoarbitrage.正確答案:B答案解析:Riskneutrality,notriskaversion,isakeyelementofderivativespricing,includingswaps.CFALevelI"BasicsofDerivativePricingandValuation,"DonM.ChanceSection12、Acom

15、panypurchaseda?2,000millionIong-termassetin2009whenthecorporatetaxratewas30percent.Assetyearendvaluefor(Allfiguresinmillions.)20102009Accountingpurposesl?8001,900Taxpurposes1,2801,600A. OnJanuary15,2010thegovernmentloweredthecorporatetaxrateto25percentfor2010andbeyond.Thedeferredtaxliability(?)asat3

16、1December2010isclosestto:【單選題】130.B. 156.C. 205.正確答案:A答案解析：“hcomeTaxes,”ElbieAntonites,CFAandMichaelA.Broihahn,CFA2010ModularLevelI,Vol.3,pp.477-478,483-484StudySession:9-38-dCalculateincometaxexpense,incometaxespayable,deferredtaxassets,anddeferredtaxliabilities,andcalculateandinterprettheadjustmen

17、ttothefinancialstatementsrelatedtoachangeintheincometaxrate.A. Thedeferredtaxliabilityequalsthediffereneebetweenthevalueforaccountingandthevaluefortaxtimesthecurrenttaxrateineffect.(1,8001,280)x0.25=520x0.25=1303、RavioliCapitalManagementCompanywantstoclaimcomplianeewithGloballnvestmentPerformaneeSta

18、ndards(GAPS?),whichofthefollowingstatementsismostaccurate?【單選題】Rivoli'sinputdatashouldbeconsistentinordertoestablishfull,fairandcomparableinvestmentperformancepresentations.B. Rivolimusthaveanindependentthirdpartyverificationreportfortheentirefirm.C. RivolimustperformperiodicinternalGIPS?complia

19、ncechecksatleastannually.正確答案:A答案解析：遵守GAPS規(guī)定的公司不需要獨(dú)立第三方認(rèn)證，是否選擇認(rèn)證是自愿的，也不需要進(jìn)行周期性內(nèi)部核規(guī)檢查，但是自愿宣稱遵守GAPS的企業(yè)必須滿足GAPS的所有要求，其中就包括為了建立充分、公允和可比的投資業(yè)績(jī)陳述，公司采集的數(shù)據(jù)應(yīng)該保持統(tǒng)一。A. 4、Ananalystdoesresearchaboutefficientfrontier.Whichstatementistheleastlikelythecharacteroftheefficientfrontier?【單選題】Minimizeriskforagivenreturnt

20、arget.B. Slopedecreasealongthecurve.C. Havethesameutilityforinvestors.正確答案：C答案解析：有效前沿(efficientfrontier)是指風(fēng)險(xiǎn)性資產(chǎn)在給定收益的情況下風(fēng)險(xiǎn)最小，而且隨著風(fēng)險(xiǎn)的不斷增加有效前沿的斜率不斷減小。同時(shí)，有效前沿對(duì)于不同投資者而言，其效用是不一樣的。5、Duringaperiodofrisinginventorycosts,acompanydecidestochangeitsinventorymethodfromFIFOtotheweightedaveragecostmethod.Whichoft

21、hefollowingfinancialratioswillmostlikelyincreaseasaresultofthischange?【單選題】CurrentDebt-to-equityNumberofdaysininventory正確答案：B答案解析：“Inventories,”MichaelABroihahn,CFA2013ModularLevelI,Vol.3,Section6,Example5StudySession：9-29-hCalculateandinterpretratiosusedtoevaluateinventorymanagement.Biscorrect.Alle