CFA Level 1 － 模考试题(1)(PM) Q81-85

catherine

Question 81
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Capital market theory is least likely to assume that:
A)    investors can lend any amount of money at the risk-free rate.
0 e4 t3 i! G# q; gB)   all investors desire to be the same location on the efficient frontier.
C)   all investors have the same one-period time horizon.
D)   it is possible to buy or sell fractional shares of an investment.
5 l4 \1 I. G" X% ]5 B
, k5 g- X2 b. g& Y  `答案和详解如下：

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Question 82
An investor believes Stock M will rise from a current price of $20 per share to a price of $26 per share over the next year. The company is not expected to pay a dividend. The following information pertains:
RF = 8%
- J7 U8 t4 a4 u8 |ERM = 16%
6 _, N- k+ }. i" {* c) d) d4 hBeta = 1.7
7 ^% q! F# a: D5 v4 v# i! }Should the investor purchase the stock?
! p, Q8 c0 e6 p- \2 `+ i% r0 hA)    No, because it is undervalued.
3 Q+ j$ D7 @9 U0 e: \6 `B)   Yes, because it is overvalued.
+ m# Z% `# G( b0 K$ @1 `3 ]C)   No, because it is overvalued.
5 {0 b, O' e8 H( uD)   Yes, because it is undervalued.
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- c  @9 Q: C7 C) s6 k& Q) |答案和详解如下：
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Question 83
7 C: V& v1 N1 a: l- l- m: N  HThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:
! F5 Z% B( X0 j& ?' x; SA)    divided by the product of the assets’ standard deviations of returns.
8 D# o) {% I( D. e4 I: Z( |B)   multiplied by the product of the assets’ variances of returns.
C)   multiplied by the product of the assets’ standard deviations of returns.
D)   divided by the product of the assets’ variances of returns.
$ l: [2 m( [/ D! o! {
答案和详解如下：
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Question 84

Davis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
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.
# X) Y! k/ u' U+ P, M. y2 kCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.
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.
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.
% ~* V) V; s8 ~7 P+ @/ |- MTo complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
- U: K; p+ n. J) D7 H9 uA)    liquidity needs.
B)   legal and regulatory factors.
! z' W6 ?0 R$ {  T) l& Q2 W! nC)   unique needs and preferences.
D)   tax concerns.

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Question 85

* A6 b( |: r6 [* hWhich of the following statements about short selling is least accurate?
/ C2 |1 u) n4 F4 y1 NA)    A short sale involves securities the investor does not own.
B)   A short seller loses if the price of the stock sold short decreases.
3 A4 q+ v, X) O& E, q- i) ZC)   If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
* U" j" P! L" n0 Z# ]' gD)   A short seller is required to set up a margin account.
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答案和详解如下：

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