2020年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理Quantitative Methods5道练习题，附答案解析，供您备考练习。

1、A descriptive measure of a population characteristic is best described as a:【单选题】

A.parameter.

B.frequency distribution.

C.sample statistic.

正确答案:A

答案解析:Any descriptive measure of a population characteristic is called a parameter.
CFA Level I
"Statistical Concepts and Market Returns," Richard A. DeFusco, Dennis W. McLeavey, Jerald E.Pinto, and David E. Runkle
Section 2.2

2、An investor purchases one share of stock for $85. Exactly one year later, the company pays a dividend of $2.00 per share. This is followed by two more annual dividends of $2.25 and $2.75 in successive years. Upon receiving the third dividend, the investor sells the share for $100. The money-weighted rate of return on this investment is closest to:【单选题】

A.7.97%.

B.8.15%.

C.8.63%.

正确答案:B

答案解析:“Discounted Cash Flow Applications,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
2012 Modular Level I, Vol. 1, pp. 320–321
Study Session 2-6-d
Calculate, interpret, and distinguish between the money-weighted and time-weighted rates of return of a portfolio, and evaluate the performance of portfolios based on these measures.
B is correct. The money-weighted rate of return is the internal rate of return (IRR) of the cash flows associated with the investment. Use the cash flow (CF) function of a financial calculator and enterCalculate the IRR. The answer is 8.15%.

3、An investor currently has a portfolio valued at $700,000. The investor’s objective is long-term growth, but she will need $30,000 by the end of the year to pay her son’s college tuition and another $10,000 by year-end for her annual vacation. The investor is considering three alternative portfolios:

Using Roy’s safety-first criterion, which of the alternative portfolios most likely minimizes the probability that the investor’s portfolio will have a value lower than $700,000 at year-end?【单选题】

A.Portfolio 2

B.Portfolio 3

C.Portfolio 1

正确答案:B

答案解析:The investor requires a minimum return of ($30,000 + $10,000)/$700,000, or 5.71%. Roy’s safety-first model uses the excess portfolio’s expected return over the minimum return and divides that excess by the standard deviation for that portfolio:

The portfolio with the highest safety-first ratio minimizes the probability that the investor’s portfolio will have a value lower than $700,000 at year end. The highest safety-first ratio is associated with Portfolio 3: 0.3768.
2014 CFA Level I
“Common Probability Distributions,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
Section 3.3

4、A risk manager would like to calculate the coefficient of variation of a portfolio. The following table reports the annual returns of the portfolio and of the risk-free rate over the most recent five years:

The coefficient of variation of the portfolio is closest to:【单选题】

A.0.90.

B.0.74.

C.1.00.

正确答案:C

答案解析:First, calculate the sample mean return as follows:

2014 CFA Level I
“Statistical Concepts and Market Returns,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
Sections 5.1.2, 7.4.2, and 7.7

5、Gus Hayden, CFA, has developed a mutual fund selection product based onhistorical information from 2000 - 2010 period and performs a hypothesis testabout performances of different styles.In order to minimize the probability ofboth Type I and Type II error, Hayden should increase the:【单选题】

A.the power of a test.

B.level of significance.

C.sample size.

正确答案:C

答案解析:同时减少第一类去真错误和第二类存伪错误的办法只有增加样本的容量。检验效力(the power of a test)是1减去犯第二类存伪错误的概率。