備考不可缺少的就是做題，考生在備考各個(gè)階段都是要做題的，只有不斷的練習(xí)才能知道自己掌握的情況，今天跟著融躍CFA一起看看CFA一級基礎(chǔ)考題！
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考試題的練習(xí)可以做課后習(xí)題，這是一定要做的，其他考試題有時(shí)間可以做，考前的官網(wǎng)mock也要測試一下哦！這邊有相關(guān)的課程和資料，需要可以添加微信。
