2025年CFA考试真题集及答案.docxVIP

2025年CFA考试真题集及答案

考试时间：______分钟总分：______分姓名：______

考生姓名：______________

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第一部分

1.Acompanyhasadebt-to-equityratioof0.6.Ifthetotalassetsofthecompanyare$500,000,whatisthemarketvalueofitsequity?

2.Whatisthefuturevalueof$10,000investedtodayfor5yearsatanannualinterestrateof8%,compoundedquarterly?

3.Aninvestorrequiresa12%rateofreturnonaninvestmentwithabetaof1.5.Iftherisk-freerateis4%andthemarketriskpremiumis8%,whatistheinvestorsrequiredrateofreturnaccordingtotheCapitalAssetPricingModel(CAPM)?

4.Whichofthefollowingisameasureofthedispersionofasetofdatapointsaroundtheirmean?

a)Variance

b)Standarddeviation

c)Median

d)Range

5.Astockhasanexpectedreturnof15%andastandarddeviationof20%.Iftherisk-freerateis5%,whatistheSharperatioofthestock?

6.Whatisthepresentvalueofanannuitythatpays$5,000peryearfor10yearsatanannualdiscountrateof6%?

7.Acompanysinventoryturnoverratiois8timesperyear.Ifthecostofgoodssoldis$480,000,whatistheaverageinventory?

8.Whichfinancialstatementreportsthecompanysfinancialpositionataspecificpointintime?

a)IncomeStatement

b)StatementofCashFlows

c)BalanceSheet

d)StatementofRetainedEarnings

9.Whatisthedurationofabondwitha5-yearmaturity,a6%couponrate,anda5%yieldtomaturity?

10.Aninvestorholdsaportfoliowithabetaof1.2.Ifthemarketreturns10%nextyear,whatistheexpectedreturnontheinvestorsportfolioaccordingtotheCAPM,assumingtherisk-freerateremainsat4%?

第二部分

11.Explainthedifferencebetweensystematicriskandunsystematicrisk.Howcananinvestorpotentiallyeliminateunsystematicriskfromaportfolio?

12.Describetheefficientmarkethypothesis(EMH).Whatarethethreeformsofmarketefficiency,andwhatdoeseach