2025CFA一级考试模拟试卷.docxVIP

2025CFA一级考试模拟试卷

考试时间：______分钟总分：______分姓名：______

指示：请根据以下问题选择最合适的答案。

1.CompanyAhascommonstockwithabetaof1.2.Therisk-freerateis3%,andthemarketriskpremiumis5%.WhatistheexpectedreturnonCompanyAsstockaccordingtotheCapitalAssetPricingModel(CAPM)?

a)3%

b)6%

c)9%

d)12%

2.Whichofthefollowingstatementsregardingtheefficientmarkethypothesis(EMH)ismostaccurate?

a)Inanefficientmarket,stockpricesreflectallavailableinformation,anditisimpossibletoconsistentlyachievereturnsabovethemarketaverage.

b)Inanefficientmarket,stockpricesareconstantlychangingduetotheconstantarrivalofnewinformation.

c)Inanefficientmarket,onlyhistoricalpricedataisrelevantforpredictingfuturestockprices.

d)Inanefficientmarket,allinvestorshavethesamelevelofrisktolerance.

3.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockhasanexpectedreturnof12%andastandarddeviationof20%.Theportfoliocurrentlyhasanexpectedreturnof8%andastandarddeviationof10%.Whichofthefollowingbestdescribesthepotentialimpactofaddingthisstock?

a)Theexpectedreturnoftheportfoliowilldecrease,andthestandarddeviationwilldecrease.

b)Theexpectedreturnoftheportfoliowillincrease,andthestandarddeviationwillincrease.

c)Theexpectedreturnoftheportfoliowillincrease,andthestandarddeviationwilldecrease.

d)Theexpectedreturnoftheportfoliowilldecrease,andthestandarddeviationwillincrease.

4.Acompanyhasadebt-to-equityratioof0.5.Whatistheequitymultiplier?

a)0.5

b)1.0

c)1.5

d)2.0

5.Whichofthefollowingisgenerallyconsideredaweaknessofthedividendpayoutratioasameasureoffinancialleverage?

a)Itdoesnotconsiderthecompanyscashflow.

b)Itcanbeeasilymanipulatedbymanagement.

c)Itdoesnotaccountfortheco