2025年CFA真题练习资料.docxVIP

2025年CFA真题练习资料

考试时间：______分钟总分：______分姓名：______

考试时间：180分钟

第一部分

1.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockisexpectedtoprovideadividendyieldof3%andisexpectedtogrowataconstantrateof5%peryear.Therequiredrateofreturnforthestock,basedontheCapitalAssetPricingModel(CAPM),is12%.Whatistheestimatedintrinsicvalueofthestockusingtheconstantgrowthdividenddiscountmodel(DDM),ifthenextexpecteddividendis$2pershare?

2.Acompanyhasthefollowingfinancialdataforthemostrecentyear:

*Sales=$1,000,000

*CostofGoodsSold(COGS)=$600,000

*OperatingExpenses=$200,000

*InterestExpense=$50,000

*TaxRate=30%

Whatisthecompanysoperatingmargin(operatingincomeasapercentageofsales)?

3.Whichofthefollowingstatementsregardingtheefficientmarkethypothesis(EMH)ismostaccurate?

A.Marketpricesreflectallavailableinformation,anditisimpossibletoconsistentlyachievereturnsabovethemarketaverage.

B.Marketpricesareofteninfluencedbyinvestorsentimentratherthanfundamentalcompanyvalues.

C.Onlynewinformationcanaffectmarketprices,andalloldinformationisalreadyfullyreflected.

D.Themarketisonlyefficientduringperiodsofhightradingvolume.

4.Aportfolioconsistsoftwoassets,AandB.AssetAhasabetaof1.2andaweightof60%intheportfolio.AssetBhasabetaof0.8.Whatisthebetaoftheportfolio?

5.Thefollowingdatapertainstoastock:

*CurrentPrice=$50

*ExpectedReturn=15%

*Risk-FreeRate=5%

Whatistheimpliedbetaofthestock,accordingtotheCAPM?

6.Abondwithafacevalueof$1,000andacouponrateof6%paysinterestsemi-annually.Thebondhas5yearsremainingtomaturity.Iftheyieldtomaturity(YTM)is7%,whatistheapproximatepriceofthebond?

7.Whatisthefuturevalueof$10,000investedtod