2020年CFA考试练习题精选1(含解析).pdf

2020 年CFA 考试练习题精选1(含解析) 1、Credit spreads are most likely to narrow during: 【单选题】 A.economic contractions. B.economic expansions. C.a period of flight to quality. 正确答案:B 答案解析:Credit spreads narrow during economic expansions and widen during economic contractions. Duringan economic expansion, corporate revenues and cash flows rise, making it easier for corporations toservice their debt, and investors purchase corporates instead of Treasuries, thus causing spreads tonarrow. CFA Level I Fundamentals of Credit Analysis, Christopher L. Gootkind Section 6 1、An investor purchases a 3-month put option on a stock with an exercise price of $35. The risk free rate is 4.50%. At expiration, the stock price is $33.50. The option’s payoff is closest to: 【单选题】 A.$0. B.$1.48. C.$1.50. 1 正确答案:C 答案解析: “Option Markets and Contracts”, Don M. Chance 2010 Modular Level I, Vol. 6, pp. 98-101 Study Session 17-70-f Compute and interpret option payoffs, and explain how interest rate option payoffs differ from the payoffs of other types of options. The put option is worth the greater of $0 or (exercise price – spot price at expiration). Since the exercise price is greater than the spot price at expiration, the put is worth (35-33.50) = $1.50. 1、A 1 x 3 forward rate agreement on Eurodollar time deposits most likely expires in: 【单选题】 A.three months and is based on 30-day LIBOR. B.one month and is based on 90-day LIBOR. C.one month and is based on 60-day LIBOR. 正确答案:C 答案解析:The first number refers to the expiration date (in months), and the second number refers to the interest payment date (in months) on the underlying Eurodollar time deposit. 2014 CFA Level I Forward Markets and Contracts, by Don M. Chance Section 3.2.2 1、An analyst does research about an equity swap.An asset manager enters into