CFA一级基础考题做的如何了？备考中不管是基础阶段还是冲刺阶段考试题都是要做的，如果考生正在备考基础阶段，那看看这两道考试题吧！

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

[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

[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知识学习是长期的事情，但是坚持CFA考试是每一位学员应该做到的。通过CFA考试掌握更多的金融知识，让自己变成富有的人。更多CFA备考知识、资料领取及学习答疑的事情，学员可以在线咨询老师或者添加老师微信。