CFA一級基礎(chǔ)考題做的如何了？備考中不管是基礎(chǔ)階段還是沖刺階段考試題都是要做的，如果考生正在備考基礎(chǔ)階段，那看看這兩道考試題吧！

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

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