CFA考試一級章節(jié)練習(xí)題精選0329-7(附詳解)

1、CFA考試一級章節(jié)練習(xí)題精選 0329-7 (附詳解)1、A company reports the following information in its financial statements in 2011:Net income is $85 000Common share dividends is $40 000Average total assets is $570 500Average total liabilities is $320 500Tax rate is 40%The company's sustainable growth rate is closest

2、to:單選題】A.8%B.11%C.18%正確答案 :C答案解析 :可持續(xù)增長率( sustainable growth rate )g = ROE ( 1 - dividend payout ratio )= $85 0001($570 500 -$320 500)X (1 - $40 000/$85 000 ) = 34% X 0.5294 = 18.00%.2、An investor opens a margin account with an initial deposit of $5,000. He then purchases 300 shares of a stock at $3

3、0 each onmargin, and his accountrequires a maintenance margin of 30%. Ignoring commissions and interest, the price at which the investor will receive a margin call is closest to:單選題】5A. $23.08.B. $19.05.C. $23.81.正確答案:BMfliketV slueF>:300HUM + （F X H叩）-go QUO）三賀懷答案解析：P = $19.05” by Larry Harris20

4、14 CFA Level I“ Market Organization and Structure,Section 5.23、Which of the following is most likely a characteristic of real assets?【單選題】A. High liquidityB. HomogeneityC. Substantial management costs正確答案:C 答案解析:Real assets are characterized by illiquidity, not high liquidity. The heterogeneity of r

5、eal assets, their illiquidity, and the substantial costs of managing them are all factors that comp licate the valuation of real assets.2014 CFA Level IMarket Organization and Structure,” by Larry HarrisSection 3.64、 An analyst doesresearch about security market indices.Which of the followingstateme

6、nts is least accurate to explain that a fixed-income market index ismoredifficult to create and compute than a stock market index? 【單選題】A.The universe of fixed -income securities is changing constantly.B.Fixed-income markets are predominantly dealer markets.C.The number of fixed -income securities i

7、s much less than the number ofequity securities.正確答案 :C答案解析 :固定收益指數(shù)比股票指數(shù)更加難以編制，其中個原因是債券的種類總處在不斷變化中，如是否到期限、是否轉(zhuǎn)換，等等。固定收益指數(shù)比股票指數(shù)更加難以編制的另一個原因是，固定收益市場主要是交易商市場，無法通過公開市場交易而獲得價格信息。另外，固定收益證券的數(shù)量要遠(yuǎn)遠(yuǎn)超過股票的數(shù)量，固定收益證券有不同的發(fā)行人、不同的特征以及不同的期限。5、 The type of voting in board elections that is most beneficial to shareholde

8、rs with a small number of shares is best described as:單選題】A.statutory voting.B.voting by proxy.C.cumulative voting.正確答案 :C答案解析 : “ The Corporate Governance of Listed Companies: A Manual for Investors,” Kurt Schacht, James C. Allen, and Matthew O2012 Modular Level I, Vol. 4, pp. 263266 “ Overview of

9、Equity Securities,” Ryan C. Fuhrmann and Asjeet S. Lamba62012 Modular Level I, Vol. 5, p. 171Study Session 11-42-g, 14-50-bEvaluate, from a shareowner's perspective, company policies related to voting rules, shareow-nsepronsored proposals, common stock classes, and takeoverdefenses.Describe differences in voting rights and other ownership characteristics among different equity classes.C is correct. Cumulative voting allows shareholders to direct their total voting rights to specific candidates, as opposed to having to allocate their voting rights evenly among all candidates. Thus, applyi