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2020年CFA考试《CFA一级》每日一练
帮考网校2020-01-12 12:25
2020年CFA考试《CFA一级》每日一练

2020年CFA考试《CFA一级》考试共240题,分为单选题。小编每天为您准备了5道每日一练题目(附答案解析),一步一步陪你备考,每一次练习的成功,都会淋漓尽致的反映在分数上。一起加油前行。


1、An analyst does research about standard deviation and gathers the following informationabout two scenarios:

The expected standard deviation is closest to:【单选题】

A.5.29%

B.7.35%

C.8.57%

正确答案:B

答案解析:平均回报 = 0.40 × (-5%) + 0.60 × 10% = 4%;
标准差 =

2、The following data pertain to a margin purchase of a stock by an investor.

If the stock is sold exactly one year after the purchase, the total return on the investor’s investment is closest to:【单选题】

A.14%.

B.19%.

C.22%.

正确答案:C

答案解析:“Market Organization and Structure,” Larry E. Harris
2012 Modular Level I, Vol. 5, pp. 44–45
Study Session 13-47-f
Calculate and interpret the leverage ratio, the rate of return on a margin transaction, and the security price at which the investor would receive a margin call.
C is correct.

See Example 19 pp. 44–45.

3、Bruce Smith, CFA, covers East European equities for Marlborough Investments,an investment management firm with a strong presence in emerging markets.Forthe purpose of compliance with the Global Investments Performance Standards(GAPS?) , Marlborough Investments' total assets include:【单选题】

A.only fee-paying discretionary assets.

B.both fee-paying discretionary assets and non-fee-paying discretionary assets.

C.all fee-paying and non-fee-paying, discretionary and nondiscretionary assets.

正确答案:C

答案解析:GAPS?规定公布的公司总资产里面既包含了支付费用的和不支付费用的资产,也包括了自由决断的和非自由决断的资产的市场价值。

4、The table below contains selected data from the common-size balance sheets for three different industries: utilities, financials and consumer discretionary products.

Which of the following statements is most accurate?【单选题】

A.Industry 1 is the utility industry and Industry 2 is the financial industry.

B.Industry 2 is the utility industry and Industry 3 is the consumer discretionary products industry.

C.Industry 1 is the consumer discretionary products industry and Industry 3 is the financial industry.

正确答案:B

答案解析:“Financial Analysis Techniques,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFA
2010 Modular Level 1, Vol.3, pp.308-316
“Understanding the Balance Sheet,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFA
2010 Modular Level 1, Vol.3, pp.234-237
Study Session: 8-33-h, 8-35-a
Interpret balance sheets and statements of changes in equity.
Evaluate and compare companies using ratio analysis, common-size financial statements, and charts in financial analysis.
The utility industry [2] has a large percentage of PPE and long term debt and low inventories; the consumer discretionary products industry [3] would have high inventories.

5、If the price of a commodity futures contract is below the spot price, it is most likely that the:【单选题】

A.convenience yield exceeds storage costs.

B.cost of carry exceeds the convenience yield.

C.roll yield is negative.

正确答案:A

答案解析:The convenience yield must exceed the cost of carry to arrive at a futures price below the spot pricebecause the futures price is approximately equal to the spot price [(1+r)+storage cost-convenienceyield] and the cost of carry is defined as interest cost plus storage cost. Given thatinterest cost is always positive, the convenience yield must also exceed storage costs to arrive at afutures price below the spot price.
CFA Level I
"Introduction to Alternative Investments," Terri Duhon, George Spentzos, and Scott D. Stewart
Section 6.4.1

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