CFA一级每日一练（含详细解析）10
1、The slope of the security market line (SML) represents the portion of an asset’s expected return attributable to:【单选题】 A.total risk. B.market risk. C.diversifiable risk. 正确答案:B
答案解析:“Portfolio Risk and Return Part II,” Vijay Singal 2012 Modular Level I, Vol. 4, pp. 422–423 Study Session 12-45-f
Explain the capital asset pricing model (CAPM), including the required assumptions, and the security market line (SML).
B is correct. The slope of the SML is the market risk premium, E(Rm) – Rf. It represents the return of the market less the return of a risk-free asset. Thus, the slope represents the portion of expected return that reflects compensation for market or systematic risk.
2、Heidi Halvorson, CFA, is the chief investment officer for Tukwila Investors, an asset management firm specializing in fixed-income investments. Tukwila is in danger of losing one of its largest clients, Quinault Jewelers, which accounts for nearly one-third of its revenues. Quinault recently told Halverson that Tukwila would be fired unless the performance of Quinault’s portfolio improves significantly. Shortly after this conversation, Halvorson purchases two corporate bonds she believes are suitable for any of her clients based upon third-party research from a reliable and diligent source. Immediately after the purchase, one bond increases significantly in price while the other bond declines significantly. At the end of the day, Halvorson allocates the profitable bond trade to Quinault and the other bond to two of her largest institutional accounts. Halvorson most likely violated the CFA Institute Standards of Professional in regard to:【单选题】 A.client suitability. B.trade allocations. C.third-party research. 正确答案:B
答案解析:“Guidance for Standards I-VII”, CFA Institute
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2013 Modular Level I, Vol. 1, Reading 2, Standard III (B) Fair Dealing, Guidance, Standard III (C) Suitability, Guidance, Standard V (A) Diligence and Reasonable Basis, Guidance Study Session 1-2-b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
B is correct because the investment officer failed to deal fairly for her clients by allocating profitable trades to a favored client at the expense of others, a violation of Standard III (B) Fair Dealing. The standard requires members and candidates to treat all clients fairly when taking investment action. Tukwila should have a systematic approach to allocating trades, such as pro rata, before or at the time of trade execution or as soon as possible after trades are executed.
3、An analyst does research about net present value and gathers the followinginformation about three capital budgeting projects (in $ thousands):
Which projects has the highest internal rate of return?【单选题】 A.Project 1. B.Project 2. C.Project 3. 正确答案:B
答案解析:Project 1 IRR = 17.24%。 Project 2 IRR = 22.57%。 Project 3 IRR = 19.70%。
4、What is the most likely effect on the accounting equation when a company purchases office equipment with cash?【单选题】 A.Assets increase, and liabilities increase.
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B.There is no effect on the accounting equation. C.Assets decrease, and owners’ equity decreases. 正确答案:B
答案解析:“Financial Reporting Mechanics,” Thomas R. Robinson, Jan Hendrik van Greuning, Karen O’Connor Rubsam, Elaine Henry, and Michael A. Broihahn 2012 Modular Level I, Vol. 3, p. 58 Study Session: 7-23-c
Explain the process of recording business transactions using an accounting system based on the accounting equation.
B is correct. There would be no effect on the accounting equation because the company has exchanged one asset for another. Cash has decreased, and office equipment, a capital asset, has increased.
5、An analyst does research about relationship between marginal cost of capitalschedule and investment opportunity schedule.As a companycontinues to raise additional capital and invests in additional capital investmentprojects, how will marginal cost of schedule and investment opportunitychange?【单选题】
A.
B.
C. 1、Valuation of a swap during its life will least likely involve the:【单选题】 A.use of replication. B.investor's risk aversion.
C.application of the principle of no arbitrage.
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CFA一级每日一练(含详细解析)10
