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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
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Capital market theory is least likely to assume that:% _8 j8 o# ^6 D4 T+ t
A)    investors can lend any amount of money at the risk-free rate.
% }) ?6 l" j1 w; u% n* SB)   all investors desire to be the same location on the efficient frontier.6 W, Z# p8 n* b1 C
C)   all investors have the same one-period time horizon.5 j2 p0 `" D  N$ n
D)   it is possible to buy or sell fractional shares of an investment.
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( o  V" d; Y" Z答案和详解如下:
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0 q# h, ~4 p3 F# }7 Q5 }Question 82
3 J/ l$ P9 y3 aAn 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:; V0 o. d2 g8 T4 W
RF = 8%
3 ?) Q9 Q9 v0 y. h% _ERM = 16%' j3 ^' f5 g- `# L% G
Beta = 1.7
$ P8 B& h7 ]7 f1 J# W( t2 _Should the investor purchase the stock?! F( ^9 {5 d  w# l; g/ [4 ~
A)    No, because it is undervalued.
, k$ ^+ m% M% M: a1 J8 VB)   Yes, because it is overvalued.+ `7 a0 i5 a8 ~' i( W$ l4 ^
C)   No, because it is overvalued.
1 r( v; P1 m; }+ TD)   Yes, because it is undervalued.
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2 m$ r( D& A- e0 N! M答案和详解如下:2 ]6 x' \* k( d% H$ q5 u6 J# l
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Question 83
* O$ D5 ^" Q1 t. u! e9 RThe covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:* h$ w+ x' _7 ]. b! F& u. V
A)    divided by the product of the assets’ standard deviations of returns.
% ~; O4 L" _* l" U& D+ BB)   multiplied by the product of the assets’ variances of returns.
  \- U. k3 j0 c" s& fC)   multiplied by the product of the assets’ standard deviations of returns.
; X4 k1 W/ ]6 n8 M, d' s& VD)   divided by the product of the assets’ variances of returns.  p! o0 W( D) H& x1 l

4 Q1 r4 C# ?* h3 |8 [8 o' U答案和详解如下:
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Question 841 L' s, {. {( a
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Davis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
  I' ]( t- l+ B! }" K1 M7 pCardinal plans to retire from his job as a bond salesman in 17 years, after which this portfolio will be his primary source of income.
( n, K! [, W, ~# k$ f5 \! l$ I2 h# q/ pCardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.2 p! j  t# ]2 b# X. y$ Q
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.7 B$ }" `6 e. L1 i( v+ d4 K- T# i7 v
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.0 y6 o) D5 C# H. ^! G
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:" p$ W" L  w' |, F2 D# I) _$ J8 o$ X
A)    liquidity needs.
1 `( L7 L+ D) j0 D# K% _" M" bB)   legal and regulatory factors.
3 h% ]% D" u: k, d. p  Z; a0 lC)   unique needs and preferences.( ]: k& c4 L% ^" U4 n
D)   tax concerns.- J+ ?) ~( c0 s9 U& f2 m
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答案和详解如下:
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- o$ D9 G/ R( x! ?Question 85
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Which of the following statements about short selling is least accurate?
2 g; y- f. s3 _% FA)    A short sale involves securities the investor does not own.( q5 F' G7 W& O
B)   A short seller loses if the price of the stock sold short decreases.
- Z% @8 K7 x: V$ W* Y) [C)   If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.
5 P1 Z" P$ p- vD)   A short seller is required to set up a margin account.
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& I' f; r7 I) j% O) }: e答案和详解如下:
2 O( H9 m* ~& S- }! C8 F% u) }, x
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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
111111111111
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