备考不可缺少的就是做题，考生在备考各个阶段都是要做题的，只有不断的练习才能知道自己掌握的情况，今天跟着融跃CFA一起看看CFA一级基础考题！

1. When two mutually exclusive projects with conventional cash flows are being ranked, the net present value (NPV) and internal rate of return (IRR) decision rules are most likely to conflict when the:

A. projects have similar timing of cash flows.

B. projects' investments are of different scale.

C. projects have multiple IRRs

【B】

[Solution] Conflict between the NPV and IRR decision rules can arise when evaluating mutually exclusive projects with conventional cash flows because 1) the scale of investments may differ and/or 2) the timing of the cash flows may differ

2. An analyst collects the following set of past stock returns: -2.3%, -5.1%, 7.6%, 8.2%, 9.1%, and 9.8%. Which of the following measures of return is most likely the highest?

A. Median return

B. Geometric mean return

C. Arithmetic mean return

【A】

[Solution] For this data, the median is (7.6% + 8.2%)/2 = 7.90%. The arithmetic mean is (-2.3% + -5.1% + 7.6% + 8.2% + 9.1% + 9.8%) /6 = 4.55%. The geometric mean return is ([1 + -2.3%]*[1 + -5.1%]*[1 + 7.6%]*[1 + 8.2%]*[1+9.1%]*[1+9.8%])1/6 – 1 = 4.38%

Note: Geometric mean is always smaller than Arithmetic mean

CFA考试题的练习可以做课后习题，这是一定要做的，其他考试题有时间可以做，考前的官网mock也要测试一下哦！这边有相关的课程和资料，需要可以添加微信。