2025年CFA二级专项训练题.docxVIP

2025年CFA二级专项训练题

考试时间：______分钟总分：______分姓名：______

试卷

1.Aninvestmentmanagerisconsideringaddinganewstocktoitsportfolio.Thestockhasanexpectedreturnof12%andastandarddeviationof20%.Theportfoliocurrentlyconsistsof10stockswithanexpectedreturnof10%andastandarddeviationof15%.Thecorrelationcoefficientbetweenthenewstockandtheexistingportfoliois0.3.Whatistheexpectedreturnandstandarddeviationoftheportfolioafteraddingthenewstock,assumingtheweightsareequalforsimplicity?

2.Acompanyisevaluatingaprojectwithaninitialinvestmentof$1,000,000.Theprojectisexpectedtogeneratecashflowsof$300,000attheendofeachyearfor5years.Therequiredrateofreturnfortheprojectis8%.WhatistheNetPresentValue(NPV)oftheproject?

3.WhichofthefollowingstatementsregardingtheCapitalAssetPricingModel(CAPM)ismostaccurate?

a)Themodelassumesthatallinvestorshavethesamerisktolerance.

b)Themarketriskpremiumiscalculatedastheexpectedreturnonthemarketportfoliominustherisk-freerate.

c)Thebetaofaportfolioisalwaysequalto1.

d)Themodelisprimarilyusedforvaluingcompanies,notforassetpricing.

4.Abondwithafacevalueof$1,000paysanannualcouponof5%.Thebondhasamaturityof10years.Iftheyieldtomaturity(YTM)is6%,whatistheapproximatepriceofthebond?

5.Aninvestorisconsideringbuyingacalloptiononastockwithastrikepriceof$50.Theoptionpremiumis$2.Thestockpriceiscurrently$48.Whatisthebreak-evenpointfortheinvestor?

6.WhichofthefollowingisconsideredalimitationoftheDividendDiscountModel(DDM)?

a)Itisdifficulttoestimatefuturedividendgrowthrates.

b)Itassumesthatdividendsaretheonlysourceofreturnforinvestors.

c)Itisnotsuitableforvaluingcompaniesthatdonotpaydividends.

d)Alloftheabove.

7.Acompanyhasade