CFA Level 1 －模考试题(1)(PM) Q21-25

catherine · 发表于 2015-7-15 08:54:29

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Question 21
The following stream of cash flows will occur at the end of the next five years.
Yr 1 -2,000
Yr 2 -3,000
Yr 3 6,000
Yr 4 25,000
Yr 5 30,000
At a discount rate of 12%, the present value of this cash flow stream is closest to:
A) $58,165.
B) $36,965.
C) $65,144.
D) $33,004.

Question 22
The “up-move factor” in a binomial tree is best described as:
A) the probability that the variable increases in any period.
B) one plus the percentage change in the variable in each period.
C) the increase in the value of the variable in the next period.
D) one minus the “down-move factor” for the binomial tree.

Question 23
In a standard deck of playing cards, there are 52 cards. Of these cards, there are 2 red kings. If someone randomly selects 2 cards from the deck, the probability of selecting exactly one red king is the joint probability of a red king on the first draw and not on the second draw [(2/52) × (50/51)] plus the joint probability of a red king on the second draw and not the first draw [(50/52) × (2/51)]. This probability is best described as a(n):
A) empirical probability.
B) subjective probability.
C) a priori probability.
D) Bayes probability.

Question 24
Assume an investor purchases a stock for $50. One year later, the stock is worth $60. After one more year, the stock price has fallen to the original price of $50. Calculate the continuously compounded return for year 1 and year 2.
   Year 1    Year 2
A) 18.23%       16.67%
B) 18.23%       -18.23%
C) -18.23%    16.67%
D) -18.23%    -18.23%

Question 25
Brenda Conroy, CFA, is researching whether market share is positively correlated with return on equity among specialty retailers. Conroy selects five companies at random from each of ten groups of specialty retailers (auto parts stores, shoe stores, music stores, etc.). Conroy ranks the sampled companies by market share and by return on equity and conducts a test of the correlation between these firms’ market share ranks and their return-on-equity ranks. Conroy’s sampling technique and the type of statistical test she is performing are most accurately described as:
Sampling Technique             Type of test
A) simple random sampling                nonparametric test
B) simple random sampling                parametric test
C) stratified random sampling       nonparametric test
D) stratified random sampling       parametric test