2025年CFA一级考试综合模拟试卷（含答案）.docxVIP

2025年CFA一级考试综合模拟试卷（含答案）

考试时间：______分钟总分：______分姓名：______

请根据以下题目要求完成答题。

1.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockisexpectedtoprovideadividendyieldof3%andisanticipatedtoappreciateby8%peryear.Basedontheseexpectations,whatistheexpectedtotalreturnforthestock?

a)3%

b)8%

c)11%

d)11.28%

2.WhichofthefollowingstatementsregardingtheEfficientMarketHypothesis(EMH)ismostaccurate?

a)TheEMHsuggeststhatallpubliclyavailableinformationisinstantlyreflectedinstockprices,makingitimpossibletoconsistentlyachievereturnsabovethemarketaverage.

b)AccordingtotheEMH,stockpricesaregenerallyunderpriced,providingnumerousopportunitiesforactivemanagementtogenerateexcessreturns.

c)TheweakformoftheEMHimpliesthatpasttradingvolumecanbeusedtopredictfuturestockpricemovements.

d)Thesemi-strongformoftheEMHstatesthatonlyinsiderinformationcanexplainvariationsinstockprices.

3.Acompanyreportsthefollowingfinancialdatafortheyear:NetIncome=$50million,DividendsPaid=$10million,AdditiontoRetainedEarnings=$30million.Whatwasthecompanystotalequityatthebeginningoftheyeariftheendingtotalequityis$200million?

a)$120million

b)$150million

c)$180million

d)$220million

4.Aninvestorpurchasesa5-yearbondwithafacevalueof$1,000andacouponrateof5%,paidsemi-annually.Ifthemarketrequiredyieldtomaturity(YTM)is6%,whatistheapproximatepriceofthebond?

a)$926

b)$950

c)$1,000

d)$1,060

5.Whichofthefollowingisconsideredacapitalmarketinstrument?

a)Commercialpaper

b)Treasurybills

c)Certificatesofdeposit(CDs)

d)Alloftheabove

6.Aportfoliomanagerusesafactormodeltoexplainstockreturns.Themodelisspecifiedas:Return=Alpha+Beta*MarketReturn+SizeFactor+ValueFac