CFA CFA-Level-I 問題集

質問 1：
A normal distribution has a mean of 25% and a standard deviation of 33%. What is the 95% confidence interval around the mean, i.e., if 95% of observations can be expected to fall in this range?
A. -29.29, 79.29
B. -8.00, 58.00
C. -39.68, 89.68
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 2：
An investor invests 30 percent of his wealth in a risky asset with an expected rate of return of 15 percent and a variance of 400 and 70 percent in a T-bill that pays 6 percent. His portfolio's expected return and standard deviation are __________ and __________, respectively.
A. 11.4%; 6%.
B. 8.7%; 12%.
C. 8.7%; 6%.
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 3：
Which of the following statement(s) is/are true?
I). The Accumulated Depreciation account has a credit balance and is increased by the year-end adjusting entry for depreciation.
II). For most companies, adjusting entries are made on a yearly basis.
III). An end-of-period journal entry in which the Office Supplies Expense account is debited and the Office Supplies account is credited is an example of an adjusting entry.
IV). Adjusting entries may involve recording expenses before they are due to be paid.
A. I, II, III and IV.
B. I, III, IV.
C. I, II and III.
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 4：
The current price of Company X's common shares is $50. Its estimated P/E ratio is 25x. If the company borrows funds to finance a stock repurchase at its after-tax cost of capital of 6%, its EPS will:
A. increase.
B. decrease first, then increase gradually in future years.
C. decrease.
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 5：
The current exchange rate between Thai bahts and US dollars is 35 baht/$1. The one year interest rate available on US treasury securities is 4.5%, and the equivalent rate on Thai debt instruments is
13.5%. According to interest rate parity, what should the one year forward Baht/$ exchange rate be?
A. 36.575
B. 39.725
C. 38.014
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 6：
The crowding-out model implies that budget deficit will
A. reduce supply.
B. increase the real interest rate.
C. cause inflation.
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 7：
An analysis of noncash accounts disclosed the following:
a. Machinery was purchased for $4,500 cash.
b. $10,000 was borrowed on a long-term note.
c. 1,000 shares of common stock were issued at $5 each.
d. Cash dividends of $2,000 were declared and paid.
e. An investment was sold for $23,000.
f. $50,000 of bonds was retired at maturity.
The net cash provided by (or used in) financing activities was which of the following?
A. A $23,000 increase
B. A $14,000 increase
C. A $37,000 decrease
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 8：
A hedge fund is interested in knowing how low an annual return their strategy might generate, as a once in a 100 year event. The strategy in question has an expected annual return of 20% with a standard deviation of 35%. You believe these returns are normally distributed. What is the low return that could be expected once in 100 years?
A. -61.4%.
B. -51.9%.
C. -45.7%.
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 9：
Where does the coefficient of variation (CV) generally lie between?
A. 0% and infinity
B. Unlimited values
C. -1 and +1
正解：B
解説: (Topexam メンバーにのみ表示されます)