CFA一级百题预测_权益（打印版）.docx

CFA一级百题预测1.ETHICSANDPROFESSIONALSTANDARDS2.QUANTITATIVEMETHODS3.ECONOMICS4.FINANCIALREPORTINGANDANALYSIS5.CORPORATEFINANCE6EQUITY7.Fixedincome8.DERIVATIVES9.ALTERNATIVEINVESTMENTS10.PORTFOLIOMANAGEMENT6Equity6.1.OverviewofFinancialMarket:Function&Regulation6.1.1.重要知识点6.1.1.1.Mainfunctionsofthefinancialmarket>Fulfilldifferententities*requirements;Tosavemoneyforthefuture;Toborrowmoneyforcurrentuse;Toraiseequitycapital;Tomanagerisks;Toexchangeassetsforimmediateandfuturedeliveries;Totradeoninformation.Determineinterestrates;ATheallocationofcapitaltothebestuses.6.1.1.2.TheobjectivesofmarketregulationaretoAControlfraud;AControlagencyproblems;APromotefairness;ASetmutuallybeneficialstandards;>Preventundercapitalizedfinancialfirmsfromexploitingtheirinvestorsbymakingexcessivelyriskyinvestments;AEnsurethatlong-termliabilitiesarefunded.6.1.1.3.CharacteristicsofagoodmarketACompletemarkets;AOperationalefficiency;AInformationalefficiency;AAllocationalefficiency.6.1.2.基础题Q-l.Accountingstandardsandreportingrequirementsthatproducemeaningfulandtimelyfinancialdisclosuresaremostcriticalforachievingwhichofthefollowingefficienciesassociatedwithawell-functioningfinancialsystem?A.AllocationalB.InformationalC.OperationalQ-2.Whichofthefollowingisnotafunctionofthefinancialsystem?A.Toregulatearbitrageurs'profits(excessreturns).B.Tohelptheeconomyachieveallocationalefficiency.C.Tofacilitateborrowingbybusinessestofundcurrentoperations.6.2.IntermediariesofFinancialMarkets6-2.1.重要知识点6.2.1.1.Brokersanddealers,exchangesABrokersareagentswhofillordersfortheirclients.Theydonottradewiththeirclients.Instead,theySearChfortraderswhoareWilIinRtotaketheOtherSideOftheiClients'orders.ADealersfilltheirclients*ordersbytradingWiththem.Whentheirclientswanttosellsecuritiesorcontracts,dealersbuytheinstrumentsfortheirownaccounts.Iftheirclientswanttobuysecurities,dealerssellsecuritiesthattheyownorhaveborrowed.DealersDrofitwhentheycanbuyatpricesthatonaverageareIoWerthanthepricesatwhichtheysell.>Exchangesprovideplaceswheretraderscanmeettoarrangetheirtrades.6.2.1.2.Securitizers>Buyassets,placetheminapool,andthensellsecuritiesthatrepresentownershipofthepool;AThefinancialintermediaryavoidsplacingtheassetsandliabilitiesonitsbalancesheetbysettingupaspecialcorporationortrustthatbuystheassetsandissuesthesecurities.ThatcorporationortrustiscalledaSPeCialPUrPOSeVehiCIe(SPV)oralternativelyaSDeCialPUrPoSeentity(SPE).6.2.1.3.ArbitrageursAThepurestformofarbitrageinvolvesbuyin,andSeHingtheSamOinstrumentintwodifferentmarkets;6.2.1.4.HedgersAHedgerstradetooffsetorinsureagainstrisksthatconcernthem;>Thehedgerandtheotherentityfaceexactlytheoppositerisks,sothetransfermakesbothmoresecure.6.2.1.5.Clearinghousesandcustodians>Clearinghousesarrangeforfinalsettlementoftrades.Actonlyasescrowagents(transferringmoneyfromthebuyertothesellerwhiletransferringsecuritiesfromthesellertothebuyer);Guaranteecontractperformance;Requirethattheirmembershaveadequatecapitalandpost-performancebonds(margins);Limittheaggregatenet(buyminussell)quantitiesthattheirmemberscansettle.6.2.2.基础题Q-3.LisaSmithownsamanufacturingcompanyintheUnitedStates.HercompanyhassoldgoodstoacustomerinBrazilandwillbepaidinBrazilianreal(BRL)inthreemonths.SmithisconcernedaboutthepossibilityoftheBRLdepreciatingmorethanexpectedagainsttheUSdollar(USD).Therefore,sheisplanningtosellthree-monthfuturescontractsontheBRLThesellerofsuchcontractsgenerallygainswhentheBRLdepreciatesagainsttheUSD.IfSmithweretosellthesefuturecontracts,shewouldmostappropriatelybedescribedasa(n):A.hedger.B.investor.C.information-motivatedtrader.Q-4.Whichofthefollowingfinancialintermediariesismostlikelytoprovideliquidityservicetoitsclients?A.ExchangesB.BrokersC.Dealers6.3ClassificationofAssetsandMarket6.3.1.重要知识点6.3.1.1.Classificationofassets>FinancialassetsSecurity:Fixedincomesecurities:predeterminedpaymentschedulesthatusuallyincludeinterestandprincipalpayments.Equitysecurities:representownershipinafirmandincludecommonstock,preferredstock,andwarrants.Pooledinvestmentvehicles:includemutualfunds,trusts,depositoriesandhedgefunds.Derivativecontracts:financederivativecontracts,physicalderivativecontracts;Currency.ARealassetsCommodityRealEstate:includesuchtangiblepropertiesasrealestate,airplanes,machinery,orlumberstands;6.3.1.2.ClassificationofmarketAMoneymarketandcapitalmarketMoneymarketstradedebtinstrumentsmaturinginoneyearorless;Capitalmarketstradeinstrumentsoflongerduration,whosevaluesdependonthecredit-worthinessoftheissuersandonpaymentsofinterestordividendsthatwillbemadeinthefutureandmaybeuncertain.APrimarymarketandsecondarymarketPrimarymarket:themarketwheresecuritiesarefirstsoldandtheissuersreceivetheproceeds.Secondarymarket:themarketwheresecuritiesaretradedamonginvestors.TraditionalmarketandalternativemarketTraditionalinvestmentmarkets:marke