2025年CFA一级考试冲刺资料.docxVIP

2025年CFA一级考试冲刺资料

考试时间：______分钟总分：______分姓名：______

试卷内容

1.AccordingtotheCFAInstituteCodeandStandards,whichofthefollowingactionsbyananalystwouldmostlikelyviolatetheStandardofProfessionalConductregardingAdditionalCompensationArrangements?

a)Acceptingagiftcardworth$50fromacompanywhosestockisunderanalysis.

b)Receivinga$5,000bonusfromtheiremployerbasedontheoverallperformanceofthefirmsinvestmentportfolio,whichincludesthestockbeinganalyzed.

c)Beingcompensatedbyahedgefundbasedontheperformanceofastrategythatusestheanalystsresearchreports.

d)Beingpaidaretainerfeeof$10,000peryearbyaninvestmentmanagementfirmforresearchservices.

2.AnanalystisusingalinearregressionmodeltoestimatetheexpectedreturnofStockX.ThemodelusesStockYastheindependentvariableandhasaregressioncoefficient(beta)of1.2.IftheexpectedreturnofStockYis8%,andtherisk-freerateis5%,whatistheestimatedexpectedreturnofStockXaccordingtothismodel,assumingthemarketreturnisnotdirectlyused?

a)7.6%

b)9.6%

c)12.0%

d)15.2%

3.Acompanyreportsnetincomeof$100millionfortheyear.Ithasdepreciationexpenseof$20millionandanincreaseinaccountspayableof$15millionduringtheyear.Assumingnootherchangesinworkingcapital,whatistheapproximatecashflowfromoperatingactivitiesusingtheindirectmethod?

a)$85million

b)$115million

c)$135million

d)$155million

4.Whichofthefollowingfinancialstatementratioswouldacompanysbankermostlikelyusetoassessthecompanysshort-termliquidityanditsabilitytomeetitsimmediateobligations?

a)Debt-to-EquityRatio

b)TimesInterestEarnedRatio

c)CurrentRatio

d)Price-to-EarningsRatio

5.Acorporationhas1millionsharesoutstanding.Itdeclaresa10%stockdividendwhenthemarketpricepershareis$50