2025年CFA一级考试真题及答案.docxVIP

2025年CFA一级考试真题及答案

考试时间：______分钟总分：______分姓名：______

注意：以下题目均为模拟题目，旨在帮助考生熟悉考试题型和难度，不涉及任何真实考试的版权内容。

1.AccordingtotheCFAInstituteCodeandStandards,whichofthefollowingactionsbyananalystwouldmostlikelybeconsideredabreachoftheStandardofProfessionalCompetenceandDueCare?

a)Failingtoupdateindustryresearchreportsduetopersonalillness.

b)Usingpubliclyavailableinformationtoidentifypotentialinvestmentopportunities.

c)Recommendingasecuritytoclientswithoutperformingadequatefundamentalanalysis.

d)Delegatingroutinedataentrytaskstoajunioremployee.

2.Astatisticsstudentisanalyzingthereturnsoftwostocks,StockAandStockB.StockAhasanexpectedreturnof12%withastandarddeviationof18%,whileStockBhasanexpectedreturnof10%withastandarddeviationof15%.Assumingthereturnsarenormallydistributed,whichstockisgenerallyconsideredtohavehigherrelativeriskaccordingtothecoefficientofvariation?

a)StockA

b)StockB

c)Bothstockshavethesamerelativerisk.

d)Cannotbedeterminedwiththegiveninformation.

3.Theeconomyiscurrentlyinarecession,andcentralbanksaroundtheworldareimplementingexpansionarymonetarypolicies.AccordingtotheKeynesianeconomictheory,whatistheprimaryexpectedoutcomeofthesepolicies?

a)Increasedinterestratesandhigherinflation.

b)Decreasedaggregatedemandandadeeperrecession.

c)Increasedaggregatedemand,leadingtoeconomicrecovery.

d)Reducedgovernmentspendingandlowerbudgetdeficits.

4.AcompanyreportsthefollowingfinancialdatafortheyearendedDecember31,2023:

-NetIncome:$500,000

-DepreciationExpense:$100,000

-IncreaseinAccountsReceivable:$50,000

-DecreaseinAccountsPayable:$30,000

Whatisthecashflowfromoperatingactivitiesfortheyear,usingtheindirectmethod?

a)$420,000

b)$530,000

c)$68