歷年CFA考試真題及答案解析

歷年CFA考試真題及答案解析1、Thenominal(quoted)annualinterestrateonanautomobileloanis10%.Theeffectiveannualrateoftheloanis10.47%.Thefrequencyofcompoundingperiodsperyearfortheloanisclosestto:【單選題】A.weekly.B.monthly.C.quarterly.正確答案:B答案解析:“TheTimeValueofMoney,”RichardA.DeFusco,CFA,DennisW.McLeavey,CFA,JeraldE.Pinto,CFA,andDavidE.Runkle,CFA2013ModularLevelI,Vol.1,Reading5,Section3.3StudySession2–5–c,dCalculateandinterprettheeffectiveannualrate,giventhestatedannualinterestrateandthefrequencyofcompounding.Solvetimevalueofmoneyproblemsfordifferentfrequenciesofcompounding:Biscorrect.Usetheformulaforeffectiveannualrate:IterativelysubstitutethepossiblefrequencyofcompoundinguntiltheEARis10.47%.Thus,thecorrectanswerismonthlycompounding.2、WhichofthefollowingisaconstraintasdefinedintheInternationalFinancialReportingStandards(IFRS)FrameworkforthePreparationandPresentationofFinancialStatements?【單選題】A.NeutralityB.TimelinessC.Goingconcern正確答案:B答案解析:“FinancialReportingStandards,”ThomasR.Robinson,CFA,JanHendrikvanGreuning,CFA,KarenO’ConnorRubsam,CFA,R.ElaineHenry,CFA,andMichaelA.Broihahn,CFATimelinessisaconstraintintheIFRSFramework.NeutralityisafactorthatcontributestoreliabilityandgoingconcernisanassumptionoftheFramework.3、Whichmethodofcalculatingthefirm’scostofequityismostlikelytoincorporatethelong-runreturnrelationshipbetweenthefirm'sstockandthemarketportfolio?【單選題】A.DividenddiscountmodelB.CapitalassetpricingmodelC.Bond-yield-plusrisk-premium正確答案:B答案解析:“CostofCapital”YvesCourtois,CFA,GeneC.Lai,andPamelaPetersonDrake,CFAThecapitalassetpricingmodelusesthefirm’sequitybeta,whichiscomputedfromamarketmodelregressionofthecompany'sstockreturnsagainstmarketreturns.4、Fora90-dayU.S.Treasurybillsellingatadiscount,whichofthefollowingmethodsmostlikelyresultsinthehighestyield?【單選題】A.MoneymarketyieldB.Discount-basisyieldC.Bondequivalentyield正確答案:C答案解析:“WorkingCapitalManagement,”EdgarNorton,Jr.,KennethL.Parkinson,andPamelaPetersonDrake5、Aninvestorgathersthefollowingdata.Toestimatethestock'sjustifiedforwardP/E,theinvestorpreferstousethecompoundedannualearningsgrowthandtheaverageofthepayoutratiosovertherelevantperiod(i.