2025年CFA考试《权益投资》真题下载.docxVIP

2025年CFA考试《权益投资》真题下载

考试时间：______分钟总分：______分姓名：______

SectionA:MultipleChoiceQuestions

1.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockisexpectedtoprovideadividendyieldof3%andhasanexpectedtotalreturnof8%.Accordingtothedividendgrowthmodel,whatistheinvestorsrequiredrateofreturnonthestockifthecompanysdividendsareexpectedtogrowataconstantrateof5%peryear?

A)3.00%

B)5.00%

C)8.00%

D)11.00%

2.Whichofthefollowingstatementsbestdescribestherelationshipbetweenastocksbetaanditssystematicrisk?

A)Astockwithabetaofzerohasnosystematicrisk.

B)Astockwithabetagreaterthanonehasmoresystematicriskthanthemarket.

C)Betameasuresonlytheuniqueriskofastock.

D)Astockwithabetaofonehasthesamesystematicriskasthemarket.

3.Ananalystisevaluatingtwostocksforinclusioninaportfolio.StockAhasanexpectedreturnof12%andastandarddeviationof15%.StockBhasanexpectedreturnof10%andastandarddeviationof10%.Ifthecorrelationcoefficientbetweenthetwostocksis0.2,whatistheexpectedreturnofaportfolioconsistingof60%StockAand40%StockB?

A)11.12%

B)11.40%

C)11.60%

D)11.88%

4.Whichofthefollowingisaprimarylimitationoftheprice-earnings(P/E)ratioasanequityvaluationtool?

A)Itdoesnotconsiderthesizeofthecompany.

B)Itcanbedifficulttocompareacrosscompaniesindifferentindustries.

C)Itisnotaffectedbychangesininterestrates.

D)Itonlyconsiderspastperformanceandnotfuturegrowthprospects.

5.Aninvestorisconsideringbuyingacalloptiononastock.Whichofthefollowingstatementsismostlikelytobetrue?

A)Theinvestorwillprofitifthestockpricedecreases.

B)Theinvestorhasunlimitedpotentialprofitifthestockpriceincreasessignificantly.

C)Theinvestorsmaximumlossi