CFA  距离考试还有    天

400-700-9596


金程网校CFA复习备考真题篇-CFA一级考试通关必备

发表时间:2015-05-06 02:28 编辑: 告诉小伙伴:
0

金程网校CFA复习备考真题篇-CFA一级考试通关必备!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!

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。

1 . One advantage ofusing price-to-book value (PBV) multiples for stock valuation is that:

  A most of the time itis close to the market value.

  B)it is a stable andsimple benchmark for comparison to the market price.

  C)book value of a firmcan never be negative.

 

  正确答案:B

  金程cfa解析:Book value provides arelatively stable measure of value that can be compared to the market price.For investors who mistrust the discounted cash flow estimates of value, itprovides a much simpler benchmark for comparison. Book value may or may not becloser to the market value. A firm may have negative book value if it showsaccounting losses consistently.

2 .The last dividend paid on a common stock was $2.00, thegrowth rate is 5% and investors require a 10% return. Using the infinite perioddividend discount model, calculate the value of the stock.

 

  A)$42.00.

  B)$40.00.

  C)$13.33.

 

  正确答案:A

 

金程cfa解析:2(1.05) / (0.10 - 0.05)= $42.00

3.Baker Computerearned $6.00 per share last year, has a retention ratio of 55%, and a return onequity (ROE) of 20%. Assuming their required rate of return is 15%, how muchwould an investor pay for Baker on the basis of the earnings multiplier model?

 

  A)$40.00.

  B)$173.90.

  C)$74.93.

 

  正确答案:C

 金程cfa解析:g = Retention × ROE =(0.55) × (0.2) = 0.11

  P0/E1 = 0.45 / (0.15 ?0.11) = 11.25

  Next year's earnings E1= E0 × (1 + g) = (6.00) × (1.11) = $6.66

  P0 = 11.25($6.66) =$74.93

4.A firm’s cost ofequity capital is least accurately described as the:

  A)ratio of the firm’snet income to its average book value.

  B)minimum rate of returninvestors require to invest in the firm’s equity securities.

 

  C)expected total returnon the firm’s equity shares in equilibrium.

 

  正确答案:A

  金程cfa解析:The ratio of the firm’snet income to its average book value is the firm’s return on equity, which canbe greater than, equal to, or less than the firm’s cost of equity. Cost ofequity for a firm can be defined as the expected equilibrium total return inthe market on its equity shares, or as minimum rate of return that investorsrequire as compensation for the risk of the firm’s equity securities.

 5.Assuming a discountrate of 15%, a preferred stock with a perpetual dividend of $10 is valued atapproximately:

 

  A)$66.67.

  B)$1.50.

  C)$8.70.

  正确答案:A

金程cfa解析:The formula for thevalue of preferred stock with a perpetual dividend is: D / kp, or 10.0 / 0.15 =$66.67.

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考试经验  CFA历年真题

金程cfa小编温馨提示:CFA考试的报名时间、考试动态,金程网校会在第一时间通知大家,敬请关注金程网校最新考试动态【提示:“Ctrl+D”收藏此页面】。

金程励志:如果你渴望花开似锦的春天,只能狠狠拥抱滴水成冰的冬天!你期盼成功,希望获得更充实的人生,你不满足每天重复单调的生活。你知道自己是为了成功,为了达成目标、为了实现梦想而来到这个世界上,所以你渴求获得成功的方法,恰好,你就遇到了金程网校!

相关阅读:

  1. 【备考攻略】CFA一级考试特点及备考全攻略
  2. 【经验分享】12月CFA一级考前提示
  3. 12月CFA一级6条抢分攻略
  4. CFA一级考试成绩10A经验之谈
  5. 12月CFA一级考试4大攻略, 适合大多数考生
  6. 看CFA学霸仅16天如何通过CFA一级考试

400-700-9596
(每日9:00-21:00免长途费 )

©2014金程网校保留所有权利

TOP
X

注册金程网校

同意金程的《用户协议》

已有账号,马上登录