備考CFA考試題沖刺階段是需要大量做的，不管是備考一級(jí)還是二三級(jí)都是需要的，那這兩道考試題難不難？考察的是什么知識(shí)？

一、The null hypothesis is most likely to be rejected when the p-value of the test statistic:

A．exceeds a specified level of significance.

B．is negative.

C．falls below a specified level of significance.

【答案】C

【解析】

If the p-value is less than the specified level of significance, the null hypothesis is rejected.

二、Over the past four years, a portfolio experienced returns of 4%,4%,17%, and -12%. The geometric mean return of the portfo lioover the four-year period is closest to:

A．0.99%.

B．-0.37%.

C．0.25%. 

【答案】B

【解析】

Add one to each of the given returns, then multiply them together and take the fourth root of the resulting product.0.92×1.04×1.17×0.88=0.985121; 0.985121 raised to the 0.25 power is 0.996259.Subtracting one and multiplying by 100 gives the correct geometric mean return:[(0.92×1.04×1.17×0.88)0.25-1]×100 =-0.37%.

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