CFA考试一级章节练习题精选0329-18（附详解）
1、Given two mutually exclusive projects with normal cash flows, the points at which the net present value profiles intersect the horizontal axis are most likely to be the:【单选题】
A.crossover rate for the projects. B.internal rates of return of the projects.
C.the company’s weighted average cost of capital (WACC). 正确答案:B
答案解析:“Capital Budgeting,” John D. Stowe, CFA and Jacques R Gagné, CFA 2010 Modular Level I, Vol. 4, pp. 17-23 Study Session 11-44-e
Explain the NPV profile, compare and contrast the NPV and IRR methods when evaluating independent and mutually-exclusive projects, and describe the problems associated with each of the evaluation methods.
For a project with normal cash flows, the NPV profile intersects the horizontal axis at the point where the discount rate is equal to the IRR. The crossover rate is the discount rate at which the NPVs of the projects are equal. While it is possible that the crossover rate is equal to each project’s IRR, it is not a likely event. The IRR for both projects being the firm’s WACC will only arise when both projects have a NPV=0.
2、When considering two mutually exclusive capital budgeting projects with conflicting rankings, the most appropriate conclusion is to choose the project with the:【单选题】
1
A.higher net present value (NPV). B.shorter payback.
C.higher internal rate of return (IRR). 正确答案:A
答案解析:The project with the higher NPV should be undertaken because it measures the increase in wealth as a result of taking the project. For mutually exclusive projects, IRR may give incorrect decisions as a result of scale and/or cash flow timing effects. Payback is not an economically sound method for evaluation of capital projects. 2014 CFA Level I
“Discounted Cash Flow Applications,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle Section 2.3
“Capital Budgeting,” by John D. Stowe and Jacques R. Gagné Section 4
3、The following information is available for a firm:
2
The firm's degree of total leverage (DTL) is closest to:【单选题】 A.1.43. B.2.86. C.2.00. 正确答案:B
答案解析:DTL=Revenue-Variable cost/Net income=￡800,000-￡400,000/￡140,000=2.86. CFA Level I
\ Section 3.5
3
CFA考试一级章节练习题精选0329-18(附详解)
