2025年下CFA模拟试卷.docxVIP

2025年下CFA模拟试卷

考试时间：______分钟总分：______分姓名：______

试卷说明：本试卷共包含50道选择题，请选择最恰当的答案。考试时间180分钟。

1.WhichofthefollowingstatementsregardingtheCFAInstituteCodeandStandardsismostaccurate?

A)TheCodecontainsspecificrulesthatarealwaysmandatoryforallCFAcharterholders.

B)ViolationsoftheStandardscanonlyresultindisciplinaryactionsbytheCFAInstituteBoardofGovernors.

C)TheStandardsprovideaframeworkforapplyingtheprofessionalobligationsoutlinedintheCode.

D)TheCodeandStandardsareprimarilyintendedforusebycandidatespreparingfortheCFAexams.

2.Aninvestorrequiresa9%rateofreturntoinvestinaparticularstock.Thestockisexpectedtopayadividendof$2.50persharenextyear,andthedividendisexpectedtogrowataconstantrateof6%peryearindefinitely.Thestockscurrentpriceisclosestto:

A)$36.36

B)$41.67

C)$43.33

D)$45.83

3.Whichofthefollowingisgenerallyconsideredaweaknessofthedividenddiscountmodel(DDM)?

A)Itassumesdividendsareexpectedtogrowataconstantrateindefinitely.

B)Itisdifficulttoapplytocompaniesthatdonotpaydividends.

C)Itrequiresestimationoffuturedividendsandtherequiredrateofreturn,bothofwhichareuncertain.

D)Itdoesnotaccountforthecompanysdebtlevelswhenvaluingequity.

4.Aportfoliomanagerisconstructingaportfoliousingthreestocks:StockAwithabetaof1.2,StockBwithabetaof0.8,andStockCwithabetaof1.5.Theportfolioweightsare30%inStockA,50%inStockB,and20%inStockC.Theportfoliosbetaisclosestto:

A)1.05

B)1.10

C)1.15

D)1.20

5.Whichofthefollowingstatementsabouttheefficientmarkethypothesis(EMH)ismostaccurate?

A)Inanefficientmarket,securitypricesreflectallavailableinformation,andpricesadjustrapidlytonewinformation.

B)Inanefficientmarket,itispossibletoconsistently