CFA CFA-Level-I 問題集

質問 1：
An investor invested $10,000 in an open-end mutual fund 90 days ago. Today his investment is worth only $9,874. What is his annualized rate of return?
A. -5.01%.
B. -4.83%.
C. -5.04%.
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 2：
Bond covenants:
I). Are contract provisions to protect bond investors.
II). May limit dividends or restrict new debt or acquisitions.
III). May require the maintenance of certain financial ratios.
IV). Can lead to technical default if provisions are violated.
A. I, II, III and IV.
B. II, III and IV.
C. I, II and III.
正解：A

質問 3：
Which of the following is the best example of frictional unemployment?
A. Typewriters have largely been replaced by computers, so the typewriter industry permanently lays off workers. These workers do not have the skills to get a job in the computer industry.
B. You are employed part time at a grocery store, but you would prefer to work full time.
C. You voluntarily quit your job, and you're looking for a new one.
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 4：
At what rate of interest must I invest a sum of money if I want to double my investment in 14 years time and if the interest is compounded annually?
A. 0.05076%.
B. 5.08%.
C. 0.05%.
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 5：
Before Britain joined the EU, most lamb imports came from New Zealand, the cheapest lamb producer.
However, when Britain joined the EU the common external tariff made it more expensive to import lamb from New Zealand than from countries inside the union, thus France became the majority exporter of lamb to the UK. This is an example of:
A. trade diversion.
B. trade creation.
C. trade replacement.
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 6：
The cash conversion cycle is equal to which of the following?
A. Average receivables collection period plus average inventory processing period plus payables payment period.
B. Average inventory processing period minus average receivables collection period minus payables payment period.
C. Average receivables collection period plus average inventory processing period minus payables payment period.
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 7：
______ ADRs are intended to be purchased by qualified institutional buyers only.
A. Level III.
B. Level II.
C. Rule 144A
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 8：
A large mass of data can best be summarized pictorially by means of:
A. the frequency table
B. a histogram
C. the range
正解：B

質問 9：
A company is considering making material adaptations to its warehouse and equipment. These costs will be $25,000,000 and will have a benefit period of 10 years. The income tax rate during this period will be 30%. The company is considering the effects of capitalizing the costs versus expensing the cost.
Which of the following statements would be true?
I). If costs are capitalized, cash flows in years 2-10 will be higher by $750,000.
II). If costs are expensed, cash flows in years 2-10 will be higher by $750,000.
III). If costs are capitalized, there will be a smoother pattern of income over the life of the project.
A. II and III.
B. I and III.
C. I, II and III.
正解：B
解説: (Topexam メンバーにのみ表示されます)