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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  g# }& _% h! l/ {3 n3 S4 G9 m$ I1 n1 V
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Capital market theory is least likely to assume that:
$ B- b; B3 n+ \! Y. g. q! s! E; b5 zA)    investors can lend any amount of money at the risk-free rate.
8 |$ f( T5 p4 g$ @9 T1 q1 u" l) IB)   all investors desire to be the same location on the efficient frontier.
/ O, F/ Y) |  v. NC)   all investors have the same one-period time horizon.
+ z2 ]# j- a- c+ {+ N1 c1 [+ k! `D)   it is possible to buy or sell fractional shares of an investment.% i9 K& Z2 A( E0 C
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答案和详解如下:
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. _# b# j  J! K7 kQuestion 82
- O6 r! ^2 v+ p6 _* EAn 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:" n' _" P2 t* h2 x
RF = 8%
& C9 y+ C% l0 @& fERM = 16%7 ^# j0 k1 w8 _8 b
Beta = 1.7
$ C0 C/ ?# a4 q6 f( t' GShould the investor purchase the stock?5 M) j$ |. z  X% \5 V* Q/ }
A)    No, because it is undervalued.
1 _9 p  A: O$ T, uB)   Yes, because it is overvalued.
9 N6 ^& H1 k. c1 P+ U1 Q* RC)   No, because it is overvalued.
7 O6 x  I# U- Y3 l+ q) o) y8 ~3 h) DD)   Yes, because it is undervalued.! ]& k- A* ]1 J' G
4 Z# P2 t& @) k' h  v; q- o; M
答案和详解如下:
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) S4 V* K" b: O) K+ L& UQuestion 83
) j. |) \+ a, B7 @The covariance of rates of return on two securities is most accurately described as the correlation of the asset returns:. o$ U0 f! ]0 Y; c1 ~/ W8 K
A)    divided by the product of the assets’ standard deviations of returns.- I. k1 s9 B- ^' m8 c  I/ l0 z
B)   multiplied by the product of the assets’ variances of returns.8 ~7 K9 h5 w# ]  k7 u. y, l& U
C)   multiplied by the product of the assets’ standard deviations of returns.
# B) u' R, Z/ [: tD)   divided by the product of the assets’ variances of returns.  h# |' |/ I& N3 w! N/ F

: C0 g  N5 e4 o( M答案和详解如下:6 ^. t0 y7 t9 [" P3 ?5 F& ?- S( ~
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  j3 p9 |+ r; r3 t) ~5 n" ]Question 84
# ^2 |5 l! }9 X' Z; S4 b) ]  Z4 w" z8 [% ^) Q! K
Davis Samuel, CFA, is meeting with one of his portfolio management clients, Joseph Cardinal, to discuss Cardinal’s investment constraints. Samuel has established that:
. |% s' _2 u) v, ]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., f+ f4 z- a/ A0 k" u9 x. ]
Cardinal has sufficient cash available that he will not need this portfolio to generate cash outflows until he retires.4 M: X. f/ A  i8 p8 m, H
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.
. c) \+ J- h7 c% Q; vCardinal 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.$ _( B6 A+ I) i: U" o
To complete his assessment of Cardinal’s investment constraints, Samuel still needs to inquire about Cardinal’s:
6 y' n9 a  ?  cA)    liquidity needs.
* N+ p* y; t& G' V5 FB)   legal and regulatory factors.; U2 G2 @: F4 p: ]
C)   unique needs and preferences.
! T/ O% C" F1 Z" N; ~) r6 kD)   tax concerns.2 Z* i* x% `. E) |$ {- W* L6 @9 u
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答案和详解如下:
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Question 85
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Which of the following statements about short selling is least accurate?& j4 W# y' L! |: C
A)    A short sale involves securities the investor does not own.: t" I2 q( L0 [4 R; d3 b
B)   A short seller loses if the price of the stock sold short decreases.
% l: @& w) r" _" V: LC)   If the stock pays a dividend, the short seller owes the dividend to the lender of the stock.2 q, l: Y! A9 B, k
D)   A short seller is required to set up a margin account.
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5 E9 h. b# F+ g0 y; N6 P7 [答案和详解如下:
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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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