2025年CFA一级真题专项训练.docxVIP

2025年CFA一级真题专项训练

考试时间：______分钟总分：______分姓名：______

试卷内容

1.AccordingtotheCFAInstituteCodeandStandards,whichofthefollowingactionsbyananalystwouldmostlikelyviolatethestandardthatrequiresmemberstoplacetheinterestsofclientsabovetheirown?

a)Acceptingadinnerhostedbyacompanywhosestocktheanalystiscovering,providedtheanalystdoesnotdisclosethecompanysnameduringthemeal.

b)Prioritizingthetradingneedsofalargeinstitutionalclientoverthoseofasmallerindividualclientwhenexecutingorders.

c)建议aclientinvestinaparticularstockbecauseitalignswiththeanalystsowninvestmentphilosophy,evenifitisnotthebestfitfortheclientsobjectives.

d)Usingproprietaryresearchgeneratedbythefirmtomakeinvestmentrecommendationstoclients,withoutrevealingitasproprietary.

2.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockisexpectedtopayadividendof$2persharenextyear.Therequiredrateofreturnforthestockis12%.Ifthecompanyhasaconsistenthistoryofincreasingitsdividendby3%peryear,whatistheintrinsicvalueofthestockusingtheconstantgrowthdividenddiscountmodel(DDM)?

a)$25.00

b)$26.67

c)$33.33

d)$40.00

3.Acompanyhasthefollowingfinancialdataforthemostrecentyear:Sales=$1,000,000;CostofGoodsSold(COGS)=$600,000;OperatingExpenses=$200,000;InterestExpense=$50,000;TaxRate=30%.WhatisthecompanysNetIncome?

a)$100,000

b)$120,000

c)$150,000

d)$180,000

4.Youareanalyzingtwocompaniesinthesameindustry.CompanyAhasanEV/EBITDAratioof10xandEBITDAof$100million.CompanyBhasanEV/EBITDAratioof8x.IfCompanyBhasassetsof$400millionandliabilitiesof$200million,whatistheapproximateEnterpriseValueofCompanyB?

a)$400million

b)$480million

c)$500million

d)$600million

5.Whichofthefollowing