2016年CFA一级考试真题演练(3)

—、单项选择题(本题型共5小题，每小题20分，每小题只有一个正确答案，请从每小题的备选答案中选出一个你认为最正确的答案，在答题卡相应位置上用2B铅笔填涂相应的答案代码，答案写在试题卷上无效)

1、Last year, the average salary increase for poultry

research assistants was 2.5%. Of the 10,000 poultry researchassistants, 2,000 received raises in excess of this amount.The odds that a randomly selected poultry research assistantreceived a salary increase in excess of 2.5% are:

A. 20%.

B. 1 to 5.

C. 1 to 4.

2、Which of the following statements concerning kurtosis isleast accurate?

A. A distribution that is more peaked than a normaldistribution is leptokurtic.

B. A leptokurtic distribution has excess kurtosis less thanzero.

C. A leptokurtic distribution has fatter tails than a normaldistribution.

3、A distribution with a mean that is less than its medianmost likely:

A. is positively skewed.

B. has negative excess kurtosis.

C. is negatively skewed.

4、A distribution with a mode of 10 and a range of 2 to 25would most likely be:

A. positively skewed.

B. normally distributed.

C. negatively skewed.

5、A higher Sharpe ratio indicates:

A. lower volatility of returns.

B. a higher excess return per unit of risk.

C. a lower risk per unit of return.

Answer：

1、solution：C

For event E, the probability stated as odds is P(E)/[1-P(E)].Here, the probability that a poultry research assistant

received a salary increase in excess of 2.5% = 2,000 / 10,000= 0.20, or 1/5 and the odds are (1/5)/[1-(1/5)] = 1/4, or 1 to4.

2、solution：B

A leptokurtic distribution is more peaked than normal and hasfatter tails. However, the excess kurtosis is greater thanzero.

3、solution:C

A distribution with a mean that is less than its median is anegatively skewed distribution. A negatively skewed

distribution is characterized by many small gains and a fewextreme losses. Note that kurtosis is a measure of thepeakedness of a return distribution.

4、solution：A

The distance to the left from the mode to the beginning of therange is 8. The distance to the right from the mode to the endof the range is 15. Therefore, the distribution is skewed tothe right, which means that it is positively skewed.

5、solution：B

The Sharpe ratio is excess return (return ? Rf) per unit ofrisk (defined as the standard deviation of returns).