CFA考試一級章節(jié)練習(xí)題精選0330-56(附詳解)

1、CFA考試一級章節(jié)練習(xí)題精選 0330-56 （附詳解）1、 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:單選題】A.3.14%

2、B.6.28%C.6.47%正確答案 :B答案解析 :FV = 1 000，PMT = 6% X 1 000 /2，= P3V0= -980，N = 10X 。2 =20算出 I/Y =3.14% ，到期收益率 (yield to maturity) =2X 3.14% =6.28%2、 Which of the following is most likely to be considered a momentum indicator?單選題】A.Put-call ratioB.Breadth of marketC.Mutual fund cash position正確答案 :B6答案解析

3、: “ Technical Analysis,” Frank K. Reilly, CFA and Keith Brown, CFA2010 Modular Level I, Vol. 1, pp. 576 -582Study Session 3-12-cList and describe examples of each major category of technical trading rules and indicators.Breadth of market is a momentum indicator. Put -call ratio and mutual fund cash

4、position are contrary -opinion rules.3、Assume that the real risk -free rate of return is 3% and that the expected inflation premium is 5%. If the risk premium incorporates default risk, liquidity risk,and any maturity premium, an observed (nominal) interest rate of 12% implies that the risk premium

5、is closest to:單選題】A.4%.B.8%.C.10%.正確答案 :A答案解析 : “ The Time Value of Money,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle2012 Modular Level I, Vol. 1, pp. 256258Study Session 2-5-bExplain an interest rate as the sum of a real risk -free rate, expected inflation, and pr

6、emiums that compensate investors for distinct types of risk.A is correct. The nominal rate = real risk -free rate of return + an inflation premium + risk premiums (default, liquidity, maturity preference).In this case, 12 = 3 + 5 + X. Solve for X. X = 4.4、 If no other unbiased estimator of the same

7、parameter has a sampling distributionwith smaller variance, the estimator can be best described as:單選題】A.efficiency.B.unbiasedness.C.consistency.正確答案 :A答案解析 :有效性 (efficiency) 是指對于同樣參數(shù)， 沒有其他的無偏估計有更小的樣本分布方差；當(dāng)樣本數(shù)量不斷增加， 用樣本去估計總體參數(shù)會越來越精確是一致性(consistency)的特征。無偏性(unbiasedness)是指該統(tǒng)計的預(yù)期值是所有樣本統(tǒng)計變量中最接近總體參數(shù)的。5、

8、On 7 January 2008, an investor purchases 100 shares of stock for $32.50 a share. On 7 January 2009, the investor purchases 100 more shares of the samestock for $36.70 a share. On 7 January 2010, the investor sells all 200 shares of the stock for $42.00 a share. The internal rate of return for this i

9、nvestment isbest described as an example of a: 【單選題】A.geometric mean return.B.time-weighted rate of return.C.money-weighted rate of return.正確答案 :C答案解析 : “ Discounted Cash Flow Applications,Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2010 Modular Level I, Vol. 1, pp. 246 -247Study Session 2-6-cCalculate, interpret, and distinguish between the money-weightedand time-weighted rates of return of a p