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1、An analyst does research about investment return, If an investment earns 0.9%per month, the number of months it will take fｏｒthe investment to triple in valueis closest to :【單選題】

A.13

B.77

C.123

正確答案:C

答案解析:，兩邊取Ln，計算出n = 123。

2、Companies pursuing cost leadership will most likely:【單選題】

A.invest in productivity-improving capital equipment.

B.engage in defensive pricing when the competitive environment is one of high rivalry.

C.establish strong market research teams to match customer needs with product development.

正確答案:A

答案解析:“Introduction to Industry ａｎｄ Company Analysis,” Patrick W. Dorsey, Anthony M. Fiore, ａｎｄ Ian Rossa O’Reilly2012 Modular Level I, Vol. 5, pp. 250–251Study Session 14-51-kDescribe the elements that should be covered in a thorough company analysis.A is correct. Companies pursuing cost leadership must be able to invest in productivity-improving capital equipment in ｏｒｃｅｒto be low-cost producers ａｎｄ maintain efficient operating systems.

3、When are credit spreads most likely to narrow? During:【單選題】

A.economic expansions.

B.economic contractions.

C.a period of flight to quality.

正確答案:A

答案解析:“Understanding Yield Spreads,” Frank J. Fabozzi, CFA2013 Modular Level I, Vol. 5, Reading 55, Section 4.3Study Session 15-55-fDescribe credit spreads ａｎｄ relationships between credit spreads ａｎｄ economic conditions.A is correct. Credit spreads narrow during economic expansions ａｎｄ widen during economic contractions. During an economic expansion, corporate revenues ａｎｄ cash flows rise, making it easier fｏｒcorporations to service their debt, ａｎｄ investors purchase corporates instead of Treasuries, thus causing spreads to narrow.

4、A bond has a duration of 14.4 ａｎｄ a convexity measure of 85.If yield increasesby 75 basis points, the percentage price change is closest to:【單選題】

A.-5.16%

B.-10.32%

C.-11.28%

正確答案:B

答案解析:-14.4 × 0.0075 + 85 × = -10.8% + 0.48% = -10.32%。

5、A market index only contains the following three securities:Which approach to indexing will most likely give Security X a weight of 18%?【單選題】

A.Price

B.Equal

C.Market-capitalization

正確答案:C

答案解析:“Security Market Indices,” Paul D. Kaplan, CFA, ａｎｄ Dorothy C. Kelly, CFA.2013 Modular Level I, Vol. 5, Reading 47, Section 3.2Study Session 13-47-d, eCompare the different weighting methods used in index construction.Calculate ａｎｄ analyze the value ａｎｄ return of an index on the basis of its weighting method.C is correct. Per computations shown below, the market-capitalization index will give Security X the lowest weight in the index.

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