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金程网校CFA考试冲刺篇-CFA考试真题助您考场如有神笔

发表时间:2015-05-06 02:23 编辑: 告诉小伙伴:
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CFA历年考题中比较重点的内容章节为:财报,公司金融、道德、经济学、权益,另类投资、数量、组合和固收、衍生等,金程CFA小编希望大家重视CFA考试复习!在CFA考试考前,每天适量练习CFA,有利于取得更好的CFA成绩!

金程温馨温习提示:在CFA考试考前,每天适量练习CFA,有利于取得更好的CFA成绩!

为了帮助广大学员在2015年CFA备考中取得良好的成绩,金程网校为大家开设了CFA考试真题,每天分享老师精心带来的CFA历年真题以及考试答案的详细解析,帮助学员在学习中快速的提升考试成绩,加强练习。

亲爱的考生,为了帮助广大学员在2015年CFA备考中取得良好的成绩,金程网校为大家开设了CFA考试真题,每天分享老师精心带来的CFA历年真题以及考试答案的详细解析,帮助学员在学习中快速的提升考试成绩,加强练习,分享 CFA考试经验供大家交流、学习。

CFA历年考题中比较重点的内容章节为:财报,公司金融、道德、经济学、权益,另类投资、数量、组合和固收、衍生等,金程CFA小编希望大家重视CFA考试复习!

1、CFA(一级)道德部分模拟练习及答案解析

  Bart Wiley,CFA,agreed in writing with his former employer not to solicit former clients for a period of one year after his termination. After he left his former employer, he consulted with a lawyer about whether the agreement was legally enforceable. The lawyer advised Wiley that it was doubtful that the agreement could be enforced, so Wiley sent a marketing brochure about his new firm to his former clients. According to the Standards of Practice Handbook, which of the following statements is most accurate with respect to Wiley‘s conduct?

  A. The Standards do not apply to Wiley’s conduct.

  B. The Standards require Wiley to comply with the agreement with his former employer.

  C. Because Wiley relied upon the opinion of legal counsel, he did not violate the Standards.

 

  Answer: B

 金程cfa解析:--Demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations presenting multiple issues of questionable conduct.

2.Which of thefollowing is least likely an advantage of using price/sales (P/S) multiple?

  A)P/S multiples aremore reliable because sales data cannot be distorted by management.

  B)P/S multiplesprovide a meaningful framework for evaluating distressed firms.

  C)P/S multiples arenot as volatile as P/E multiples and hence may be more reliable in valuationanalysis.

 

  正确答案:A

 金程cfa解析:Accounting data onsales is used to calculate the P/S multiple. The P/S multiple is thought to bemore reliable because sales figures are not as easy to manipulate as theearnings and book value, both of which are significantly affected by accountingconventions. However, it is not true that "sales data cannot be distortedby management" because aggressive revenue recognition practices caninfluence reported sales.

 3. An analystgathered the following data for the Parker Corp. for the year ended December31, 2005:

 

  §EPS2005 = $1.75

  §Dividends2005 = $1.40

  §Beta Parker = 1.17

  §Long-term bond rate = 6.75%

  §Rate of return S&P 500 = 12.00%

  The firm is expectedto continue their dividend policy in future. If the long-term growth rate inearnings and dividends is expected to be 6%, the forward P/E ratio for ParkerCorp. will be:

  A)21.54.

  B)12.31.

  C)11.61.

 

  正确答案:C

  金程cfa解析:The required rate ofreturn on equity for Parker will be 12.89% = 6.75% + 1.17(12.00% ? 6.75%) andthe firm pays 80% (1.40 / 1.75) of its earnings as dividends.

  Forward P/E ratio =0.80 / (0.1289 - 0.0600) = 11.61 

  Where r = requiredrate of return on equity, gn = growth rate in dividends (forever).

4. A preferredstock’s dividend is $5 and the firm’s bonds currently yield 6.25%. Thepreferred shares are priced to yield 75 basis points below the bond yield. Theprice of the preferred is closest to:

  A)$90.91.

  B)$5.00.

  C)$80.00.

 

  正确答案:A

  金程cfa解析:Preferred stock yield(Kp) = bond yield – 0.75% = 6.25% ? 0.75% = 5.5%

            Value = dividend / Kp= $5 / 0.055 = $90.91.

5. A firm is mostlikely to have pricing power if:

  A)costs to exit theindustry are high.

  B)its product isdifferentiated.

  C)its market share ishigh.

 

  正确答案:B

 

   金程cfa解析:Firms offeringproducts that are differentiated in terms of quality and features are morelikely to have pricing power than firms that produce undifferentiated(commodity-like) products. High market share does not necessarily imply pricingpower; for example, if four firms each have 25% market share, none of them arelikely to have significant pricing power. High exit costs can createovercapacity in an industry and result in a high degree of price competition asfirms try to maintain production volume during a period of reduced demand.

金程网校邀请了历年来金程的优秀学员来分享他们的CFA考试经验,希望通过老师对考试的解说,优秀学员的经验分享,让大家CFA备考工作可以进行的更加的顺利。

推荐CFA考试文章: CFA考试科目   CFA notes 

金程励志:人生中大问题的答案,不是从外界获得的,你必须项内容,也就是从你自己的内心去寻找它。如果不是自己真正想要的,是不可能得到的。你要实现的梦想,必须是你自己的梦想,必须来自你的内心,你一定要为实现梦想而行动起来的。

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