CFA备考之CFA一级习题精选及解析
Case
1. Bryan Barrett, CFA, provides investment advice on gold and other hard assets to several large institutions. To broaden his business and meet increased interest in these assets from retail customers, Barrett advertises his services in publications that serve a general audience. As the client base for the institutions that Barrett serves is large, he is comfortable stating in the ads that thousands of his clients have benefited from his advice. Does Barrett’s advertisement violate any CFA Institute Standards of Professional Conduct? A. No.
B. Yes, related to Misrepresentation. C. Yes, related to Communication with Clients.
2. An analyst finds that the probability of stock A outperform the market is 60%. What is the odds for of the stock A
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underperform the market? A. 2/3 B. 1/3 C. 3/2
3. A profit maximum is least likely to occur when: A. average total cost is minimized. B. marginal revenue equals marginal cost.
C. the difference between total revenue and total cost is maximized.
4. Under the IASB Conceptual Framework, one of the qualitative characteristics of useful financial information is that different knowledgeable users would agree that the information is a faithful representation of the economic events that it is intended to represent. This characteristic is best described as: A. Verifiability. B. Comparability. C. Understandability.
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5. An analyst gathered the following Information about the capital structure and before-tax component costs for a company. The company’s marginal tax rate is 40%.
The company’s weighted average cost of capital (WACC) is closest to: A. 8.55%. B. 9.95%. C. 10.00%.
6. Which of the following statements is most accurate with respect to rebalancing and reconstitution of security market indices?
A. Equal weighted indices require frequent rebalancing. B. Turnover within an index results from a reconstitution but not from rebalancing.
C. A price-weighted index requires rebalancing more than a market capitalization weighted index.
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CFA备考之CFA一级习题精选及解析
