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[Level 1] CFA Level 1 - 模考试题(1)(PM) Q81-85

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发表于 2015-7-20 09:00:07 | 显示全部楼层 |阅读模式
Question 81- n% ^# {) w6 f# i

1 P6 q7 C1 j3 j" Q$ y5 nCapital market theory is least likely to assume that:, V# O" v2 I) n, n4 D5 |- m; D
A)    investors can lend any amount of money at the risk-free rate.
% y/ K; _- M5 j6 p- @/ N7 kB)   all investors desire to be the same location on the efficient frontier.6 ]% P, @( M$ ?' P' C. R
C)   all investors have the same one-period time horizon.
3 J& f2 p4 r- ]% PD)   it is possible to buy or sell fractional shares of an investment.
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答案和详解如下:8 M" X/ U' o; {% z
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9 M$ ?  r" y5 j' o. P6 YQuestion 82
8 L0 y8 A/ C1 l) S& o" MAn investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
* ~% V9 [2 x! R/ IRF = 8%! y. ?4 B0 i6 x
ERM = 16%0 q- U5 W! z, y+ D9 k% R
Beta = 1.7+ A  [( j% Q, N6 m+ j7 z6 @
Should the investor purchase the stock?
" z: Z) V' a3 J* w, i+ O4 ]A)    No, because it is undervalued.
7 _5 |$ g# ~7 U2 [8 qB)   Yes, because it is overvalued.
* a% F3 J) Q/ A( g, r; \9 bC)   No, because it is overvalued.
/ S, ?: G5 J) K3 G. yD)   Yes, because it is undervalued.3 n4 b: e6 t# Z' S; {4 @, f8 p. D
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答案和详解如下:
1 ~! }9 F1 M8 B& U2 E) [: n0 ^8 ?$ q% W
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Question 83! }6 U2 ?' \" y$ S% S/ U
The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
$ u; C- v' ~7 E* iA)    divided by the product of the assets’ standard deviations of returns.
/ I! }! R9 C! @" ]$ uB)   multiplied by the product of the assets’ variances of returns.! [+ F: X+ o7 s) U
C)   multiplied by the product of the assets’ standard deviations of returns.$ h! s$ H9 p% u9 U
D)   divided by the product of the assets’ variances of returns., E) _4 a0 t, O& a. ?

$ z$ f0 c" Y  |% ~* k答案和详解如下:* X# _& `, I* U" ]7 K( B3 p5 ]
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Question 84
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# r, U# I: M% k: C7 UDavis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
. d" W- V3 `- S: |: [Cardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.6 ]0 H$ w* j  H$ R
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.# K  Y) S* b. A  t. L
Cardinal, as a registered securities representative, is required to have Samuel send a copy of his account statements to the compliance officer at Cardinal’s employer.+ B* B* q: `7 d$ O
Cardinal opposes certain policies of the government of Lower Pannonia and does not wish to own any securities of companies that do business with its regime.$ u" I3 ?. ^' i  a  U- y
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:4 J( N( s/ s9 v0 z
A)    liquidity needs.
- ~1 J0 Y/ k" [9 d) nB)   legal and regulatory factors.
7 [, d1 j/ O! R) XC)   unique needs and preferences.
, g$ Z& a0 ^. a& x  YD)   tax concerns.
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答案和详解如下:
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Question 85
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  U" H/ n" x1 R- I# K1 zWhich of the following statements about short selling is least accurate?
1 t5 M5 S; z' G# Q$ aA)    A short sale involves securities the investor does not own./ o& R7 W7 R0 l6 F3 H- ]) i; L
B)   A short seller loses if the price of the stock sold short decreases.
2 K+ u9 {% n# F# e  _C)   If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
( r6 L' R, R1 s, N$ P" u2 GD)   A short seller is required to set up a margin account.
4 H0 O& h7 Q8 F
- j: X! j9 G7 g答案和详解如下:4 |5 G& r* H" X! s3 v' M" U# f
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发表于 2015-7-24 06:56:13 | 显示全部楼层
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发表于 2015-7-25 16:24:18 | 显示全部楼层
感谢 thanks
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发表于 2015-7-26 06:25:59 | 显示全部楼层
thanks so much
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发表于 2015-7-26 15:49:51 | 显示全部楼层
好东西一定要看看!
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发表于 2018-4-17 08:57:41 | 显示全部楼层
看看看看看看看看看看
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发表于 2018-6-26 13:38:42 | 显示全部楼层
谢谢楼主谢谢楼主
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发表于 2018-7-9 14:42:34 | 显示全部楼层
12131212312313
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发表于 2018-9-12 15:55:54 | 显示全部楼层
特别感谢111
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发表于 2018-10-29 16:52:06 | 显示全部楼层
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