CFA一級(jí)Mock1（題目＋解析）

11~27s...........228~45etiti.12elates17slg....91~108ee.......................................1sltoot.................36sty.......................39139~158e1e..44159~169tos...49s170~180loeents...…...521/1::::K1seohi,a,?sa?trea?eaye?s1yesaleayalfa?fiIfeiis,eee,i'si?se.,es,sheasa?yti.J.·s???l?ted,eya?da?yS?xslater,shethe1yfora??cepro?tetoi-I?i?tl1e.??kelyeB.Yes,shed?d?otsoe?ther.?,eo?theei?2.,h,hgaestth?·the,eeeemaileata?dtos,oge.gothe,tteye·s.B?Yes,herY?owgo?.,emsemode?es2/54CFAI-Mock1Cis?ncor?ectroptio??free,fixed??atebondwheneinesnentho?izonis?e?nthe,?e?nves??e?t?iskwillte??tonrketrrisk143.?????c??nsw??:?Ciscor?ect.C?edit?pread?□??o?duringeco?onticex???ion?1dwide□duringeconomiccontr?ti.D?ri?gcex1?ion,co,po?atereve??e?a??ca?hflo??rie,m?ku書”e??ierrcorpotio??to?e?i?ethei??ebt,?ndi?ve?t?pm?ha?e?o1?o?ae?i??e?ofTre??uries,s??ea??nar?owAi??ncorrectbec???ec?e小tspreads?a?rowdt?fi?gecononticex????ionsa□?widen?uringeco?ol?l!cc01m-act10nsBisU1co1Tectbecausengalligllttoq?lityinvest??O?JOrateai1dbuyn-easmiesthereby?i?e?i?gere小ts?re??cmporates144.????????nsw??:?C?correct.TI1eofletter?ofcre?t?atypeofextern?lcre?tmu?ed??ecttritiz?tionAi?incoITectbec???eubordintii??ty?eofinte?ale?e小tet如mcementu?edi??siz?tion.Bsi?coITectbecauseoverco???liz?tionsatypeof?nte?a?cre?ite汕??cementusedmasriiz?tin.145.?????c??11sw??:B?c01rect.For?e?ide?tialmo?tg?secmities(R鄖S)issue?byBaGSE?gove???e?t?s?on?ore?emeiv?i?e},??cha??Freddie,ct,i?kisre??cedbythegi1a?anteeoftheGSEte?fA?itJCon-e?tbeca??e?Si???edby?fe?er?llyrel?tedi??tin1tion,???ha?Gitm?e,gu?r?nteedbythe仇llf扣thandcre?itofge?twthres?ecttotof?r?t1ci???a11?itue?estCis?ncotTectbec??seiss?edby?riv?teentitiesre??a????eedbyafede?al?gencyorGSE?usereite1letsoreduceri.52/62CFAlevelI-Mock1168.Correctanswer:AAi?correct.Deriv?tivem?rket?etneces?ilyeorle??vol?tile小?n?potmru-ket?De?iv?tiven??et?reve?lpri?e??ndvol?tilitie?thetmder加g??ndili?te?i??m?n?gementBi?in?one?t.Oneoftheinpmpo?e?ofderivativeni??ket?i????n?gementCi?in?o?re?.Oneofthen詔inpmpo?e?ofde?ivativem?rket?i?pri?山??ove,y.169.Correctanswer:BP=B+PVCo)x1+R?飛thet?neg?tiveconel?tedwith????dp?ice.Sothebene?tinc?e??e?,血????dpricewlddec?e?se59!62I-Mock1Biscorrect.Theofestimatestendsoohrenm?seriAsaco1芯quence,evo?ati??tyofslbe皿d?1汕tat?dAi?incorr?ctb?caus?th???at?nd?ncy????nuustob?ov?rt?datl?astsmooth?d?incmr?ctb?caus?c0?r??ationsof??nllllSwith?r?nunsofatalass?tst?ndtob?皿d?rstat?da?acons?qu?nc?of?moothingth?ms?ii??177.???????answ?r:.Realestate?nvestmtt?usts(REITs)providewthy?estateexposu?eRealestate?nvestmentpaillle?sh!psaf01mof如ect?ealestequ?ty?nvesl!nent.?o?e?cialmongage-backcdsecurities(???s)?nvesto?sih?nd??ectdebt?nvestmentopp0????ti?s?n??al?state178.??rr?c?answ?r:.mscwtian皿yeong叨dshonposition?.yalso??v?rag?179.?????c?answ?r:BBisco?rect.Ftmdsof??mvesto?.dshaveamultilaye?edfeesnucnr?e小atwill?educeerenm?stoeAbecauseeadvantageof?mdoff?dsthat小eyustta??yhavea1leve?ofdued???g??ce?xp?ttis??i?incotr?ctb?caus?沺oth??advantag?of??dof???d?i?th?irabilityton?gotiat?b?tt????d?mptionsuchassbon??loc皿pand?ot???p???ods180.??rr?