2025年CFA二级英文真题解析.docxVIP

2025年CFA二级英文真题解析

考试时间：______分钟总分：______分姓名：______

SectionA:ObjectiveQuestions

Choosethebestanswerforeachofthefollowingquestions.

1.Ananalystisevaluatingastockwithabetaof1.2.Therisk-freerateis3%,andthemarketriskpremiumisexpectedtobe5%.AccordingtotheCapitalAssetPricingModel(CAPM),whatistherequiredrateofreturnforthisstock?

a)6.0%

b)7.2%

c)9.0%

d)10.5%

2.Acompanyhasdecidedtoundertakeanewprojectthatrequiresaninitialinvestmentof$500,000.Theprojectisexpectedtogeneratecashflowsof$200,000attheendofeachyearfor5years.Thecompanysweightedaveragecostofcapital(WACC)is10%.UsingtheNetPresentValue(NPV)method,whatistheNPVoftheproject?

a)$0

b)$38,229

c)$51,779

d)$100,000

3.WhichofthefollowingstatementsregardingtheEfficientMarketHypothesis(EMH)ismostaccurate?

a)TheEMHsuggeststhatallassetsarecurrentlypricedattheirintrinsicvalues.

b)UndertheweakformoftheEMH,pastpricemovementscanbeusedtopredictfuturepricemovements.

c)Underthesemi-strongformoftheEMH,publiclyavailableinformationisfullyreflectedinassetprices.

d)ThestrongformoftheEMHimpliesthatitispossibletoconsistentlyachievereturnsabovethemarketaveragethroughsuperioranalysis.

4.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockhasanexpectedreturnof12%andastandarddeviationof20%.Theportfoliocurrentlyhasanexpectedreturnof8%andastandarddeviationof10%.Ifthestockisaddedtotheportfolio,whatisthemostlikelyimpactontheportfoliosexpectedreturnandstandarddeviation?

a)Expectedreturnincreases,standarddeviationdecreases.

b)Expectedreturndecreases,standarddeviationincreases.

c)Expectedreturnincreases,standarddeviationincreases.

d)Expectedreturndecreases,standarddeviationdecreases.

5.Ab