1、An analyst does research about trade restriction.A primary reason for a countryto adopt restrictions on international trade is that restrictions typically:【单选题】
A.improve short-run economic efficiency.
B.benefit consumers at the expense of producers.
C.provide concentrated benefits to a small group of people.
2、An analyst does research about deferred tax asset and liability and gathers thefollowing information about a company:
Assuming there are no other differences between accounting and tax profit, thecompany most likely records:【单选题】
A.A deferred tax asset of $ 315.
B.A deferred tax liability of $ 315.
C.A deferred tax liability of $ 585.
答案解析:财务报表与税单上的折旧差异造成了递延所得税负债(DTL)，DTL在数值上等于折旧之差再乘以税率。DTL = ( $ 3 000 - $ 2 100 ) ×0.35 = $ 315，税单上因为多计了折旧而少计了利润，所以应该增加递延所得税负债。所得税费用(income tax expense)=应纳所得税(taxes payable)+ (△DTL - △DTA)。
3、An industry characterized by rapidly increasing demand, improving profitability, and falling prices is most likely in which of the following stages of life cycle?【单选题】
答案解析:A growth industry tends to be characterized by rapidly increasing demand, improving profitability, falling prices, and relativity low competition among companies in the industry.
2014 CFA Level I
“Introduction to Industry and Company Analysis,” by Patrick W. Dorsey, Anthony M. Fiore, and Ian Rossa O’Reilly
4、Which of the following statements concerning the objectives of market regulation is least accurate?Regulators:【单选题】
A.set standards to ensure that all agents acting in the market are skilled.
B.ensure systems are in place to prevent fraud.
C.promote fair and orderly markets.
答案解析:Regulators help solve agency problems by setting minimum standards of competence, not skill, foragents and by defining and enforcing minimum standards of practice.
CFA Level I
"Market Organization and Structure," Larry Harris
5、With respect to claiming compliance with the CFA Institute Code of Ethics andStandards of Professional Conduct, which of the following statements is least accurate?A firm :【单选题】
A.is encouraged to adopt the Code of Ethics and Standards of ProfessionalConduct as the company\\\\\\\\\\\\\\\'s code and ethics.
B.can claim compliance if its code of ethics has been verified by CFA Institute.
C.can claim compliance after ensuring its code of ethics meets the principlesof the Code of Ethics and Standards of Professional Conduct.
6、If a monopolistically competitive industry becomes perfectly competitive, eachfirm\\\\\\\\\\\\\\\'s long-run average total cost per unit sold will most likely:【单选题】
B.remain the same.
7、An analyst does research about the dividend discount model (DDM).All elsebeing equal, the earnings multiplier for a stock decreases with an increasein the:【单选题】
A.expected dividend growth rate.
B.expected dividend payout ratio.
C.estimated required rate of return on equity.
答案解析:P/E = payout ratio/(k-g)，所以当预期的股利增长率或者预期的股利发放比率增加时，P/E比率都会上升，而如果估计的必要回报率增加的话，P/E比率则会下降。
8、An analyst does research about sustainable growth rate and gathers the followinginformation about a company for 2011:
● Net income is $2 000 000
● Common dividends paid is $900 000
● Average assets is $12 000 000
● Average liabilities is $3 500 000
The company\\\\\\\\\\\\\\\'s sustainable growth rate is closest to:【单选题】
答案解析:g = ROE × RR = [net income/(assets - liabilities)] × (1 - payout ratio):[$2 000 000/($12 000 000 - $3 5000 000)] × (1 - $900 000/$2 000 000) = 23.53% × 0.55 = 12.94%.
9、Fundamental Asset Managers claims compliance with the CFA Institute Global Investment Performance Standards
and manages both discretionary and non-discretionary accounts. When constructing a single composite for Fundamental, Juma Dzuya includes all discretionary, fee-paying accounts with both value and growth strategies. Does the composite constructed by Dzuya most likely meet GIPS criteria?【单选题】
B.No, because of non-similar investment strategies
C.No, because non-discretionary accounts are not included
答案解析:“Introduction to the Global Investment Performance Standards
,” CFA Institute2012 Modular Level I, Vol. 1, p. 173Study Session 1-3-bExplain the construction and purpose of composites in performance reporting.B is correct because a composite must include all actual, fee-paying, discretionary portfolios managed in accordance with the same investment mandate, objective, or strategy (Standards IV Composites).
By including both value and growth portfolios, the composite is made up of portfolios with different investment mandates or strategies.
10、A company’s $100 par value perpetual preferred stock has a dividend rate of 7% and a required rate of return of 11%. The company’s earnings are expected to grow at a constant rate of 3% per year. If the market price per share for the preferred stock is $75, the preferred stock is most appropriately described as being:【单选题】
A.overvalued by $11.36.
B.undervalued by $15.13.
C.undervalued by $36.36.
答案解析:Value of perpetual preferred stock
The stock is overvalued by $75.00 – 63.64 = $11.36.
2014 CFA Level I
“Equity Valuation: Concepts and Basic Tools,” by John J. Nagorniak and Stephen E. Wilcox
What are the indices for a skewed distribution？:What are the indices for a skewed distribution？
What are the responsibilities of the members in reference to the CFA Institute?:Once accepted as a member:每年交述职报告和年费but must not over promise the competency and future investment results.Case
What members and candidates should notice in CFA examinations?:or security of the CFA examinations.（不能恶心CFA），考试不能作弊:考试内容要保密:A. No.:Responsibilities as a CFA Institute Member.right④Case