2025年CFA一级考试高频考点专项训练试卷（含答案）.docxVIP

2025年CFA一级考试高频考点专项训练试卷（含答案）

考试时间：______分钟总分：______分姓名：______

一、单项选择题

1.Acompanysmanagementusesapaybackperiodof3yearsasitsprimarycapitalbudgetingcriterion.Whichofthefollowingprojectswouldmanagementmostlikelyapprove,assumingallelseisequal?

A.ProjectAwithapaybackperiodof2.5yearsandanIRRof12%.

B.ProjectBwithapaybackperiodof3.5yearsandanIRRof15%.

C.ProjectCwithapaybackperiodof3yearsandanIRRof10%.

D.ProjectDwithapaybackperiodof4yearsandanIRRof18%.

2.Thepriceofanon-dividendpayingstockisexpectedtoincreasefrom$50to$60overthenextyear.Iftherisk-freerateis2%,whatistheapproximaterateofreturnaninvestorwouldrequirebasedontheexpectedstockpriceincrease?

A.2%

B.8%

C.10%

D.12%

3.WhichofthefollowingstatementsbestdescribestherelationshipbetweenthemarketriskpremiumandtherequiredrateofreturnforastockaccordingtotheCapitalAssetPricingModel(CAPM)?

A.Therequiredrateofreturnisdirectlyproportionaltothestocksbetamultipliedbythemarketriskpremium.

B.Therequiredrateofreturnisinverselyproportionaltothestocksbetamultipliedbythemarketriskpremium.

C.Themarketriskpremiumhasnoeffectontherequiredrateofreturnifthestocksbetaiszero.

D.Therequiredrateofreturnissolelydeterminedbytherisk-freerate.

4.Whichofthefollowingmethodsofdepreciationbestmatchesdepreciationexpensewiththerevenuegeneratedbytherelatedasset?

A.Straight-linedepreciation

B.Units-of-productiondepreciation

C.Double-decliningbalancedepreciation

D.Sum-of-the-years-digitsdepreciation

5.Acompanyhascurrentassetsof$200,000andcurrentliabilitiesof$100,000.Whatisthecompanyscurrentratio?

A.0.50

B.1.00

C.2.00

D.4.00

6.Whichofthefollowingisconsideredacashflowfromoperatingactivit