2020年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理精选模拟习题10道，附答案解析，供您考前自测提升！

1、During an onsite company visit, Marsha Ward, CFA, accidentally overheard the Chief Executive Officer (CEO) of Stargazer, Inc. discussing the company’s tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct, Ward most likely can not use the information because:【单选题】

A.it relates to a tender offer.

B.it was overheard and might be considered unreliable.

C.she does not have a reasonable and adequate basis for taking investment action.

正确答案:A

答案解析:“Guidance for Standards I-VII”, CFA Institute
2009 Modular Level I, Vol. 1, pp. 36-42
Study Session 1-2-a
Demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.
A is correct because trading on the information is restricted as it relates to a tender offer; it is clearly material, nonpublic information. Standard II (A).

2、An analyst does research about inventory valuation methods.Which of the followingis most appropriate to account for precious gemstones?【单选题】

A.FIFO.

B.LIFO.

C.Specific identification.

正确答案:C

答案解析:由于宝石类商品较稀有，是具有特殊属性的贵重商品，无法用FIFO与LIFO方法计算，所以一般用个别计价法。

3、Which of the following reports is least likely to be filed with the US SEC?【单选题】

A.Proxy statement

B.Form 10-K

C.Annual report

正确答案:C

答案解析:The annual report is not a requirement of the SEC.
CFA Level I
"Financial Reporting Standards," Elaine Henry, Jan Hendrik van Greuning, and Thomas R. Robinson
Section 3.2.2

4、Firms with which of the following characteristics are most likely candidates for a management buyout(MBO)?【单选题】

A.Firms with low levels of cash flow

B.Firms with high dividend payout ratios

C.Firms with large amounts of undervalued assets

正确答案:C

答案解析:Companies with large amounts of undervalued assets (which can be sold to reduce debt) thatgenerate high levels of cash flow (which are used to make interest and principal payments on thedebt) are likely candidates for MBO transactions.
CFA Level I
"Overview of Equity Securities," Ryan C. Fuhrmann and Asjeet S. Lamba
Section 4

5、An analyst does research about investment risk.Which of the following statementsbest describes systematic risk?【单选题】

A.Total risk.

B.Diversifiable risk.

C.Variability in all risky assets caused by macroeconomic variability.

正确答案:C

答案解析:非系统性风险是可分散化的风险。系统性风险是宏观经济等因素对所有风险性资产所造成的风险，是无法分散化的风险。总风险是非系统性风险和系统性风险的总和。

6、An analyst does research about pro forma net income and gathers the followinginformation about a company for 2011 (in millions):

In 2012, the company's interest expense is expected to grow by 5%, and taxrate is expected to remain the same.All other components of the income statementvary in direct proportion to sales.If the company's revenues are expectedto grow by 12%, the company's pro forma net income for 2012 is closest to:【单选题】

A.$ 141 million.

B.$ 143 million.

C.$ 156 million.

正确答案:B

答案解析:[$360 × （1 + 12%）–$140 × （1 + 12%）- $40 × （1 + 5%）] × （1 - 30%） = $143。

7、An analyst does research about a forward agreement (FRA).A FRA is referredto as a 3 ×9.The terms of the agreement are a:【单选题】

A.3-month rate and a 6-month expiration.

B.3-month rate and a 9-month expiration.

C.6-month rate and a 3-month expiration.

正确答案:C

答案解析:本题考的是一个远期利率协议的基本概念，这里面的“3”指的是从现在起3个月之后协议截止，开始利率交换；“9”则指从现在起9个月之后利率交换全部结束，所以远期利率协议的期限是3个月，针对的是6个月的利率。

8、Which of the following is most likely a depreciation method in which the allocationof cost corresponds to the actual use of an asset in a particular period?【单选题】

A.Accelerated method.

B.Weighted average method.

C.Units-of-production method.

正确答案:C

答案解析:折旧（depreciation）费用的3种计算方法如下：
● 直线折旧法[ straight-line（sl） method]：[初始成本（original cost） - 残值（residualvalue)]/应折旧年限（depreciable life）。
● 加速折旧法（accelerated method）：例如，双倍余额递减法[double-declining balance（DDB） method]，其计算公式中没有残值（salvage value），故在计算最后一年折旧费用时要注意折旧费用不能超过残值，depreciation in year × = （2/ depreciable life） ×book value at the beginning of year × ，如果此公式中2改为1，就是单倍余额递减法。
● 单位产出法（units-of-production method）：生产中耗用了多少，就按其比例计算多少折旧费用。

9、An analyst does research about weighted average cost of capital and gathers thefollowing information about a company:

Based on the information above, if the company's marginal tax rate is 35%, itsweighted average cost of capital is closest to:【单选题】

A.7.0%

B.7.6%

C.8.1%

正确答案:B

答案解析:先算出各种资金来源的比例：

WACC = × (l - t) + × + × =0.3 ×5% ×(1-35%) +0.1 ×6% +0.6× 10% =7.575%。

10、An analyst gathered the following information about a company that expects to fund its capital budget without issuing any additional shares of common stock:

If no significant size or timing differences exist among the projects and the projects all have the same risk as the company, which project has an internal rate of return that exceeds 10 percent?【单选题】

A.All three projects

B.The warehouse project only

C.The warehouse project and the equipment project

正确答案:B

答案解析:“Capital Budgeting,” John D. Stowe, CFA and Jacques R. Gagné, CFA
2010 Modular Level I, Vol. 4 pp. 10-13
“Cost of Capital,” Yves Courtois, CFA, Gene C. Lai, and Pamela P. Peterson, CFA
2010 Modular Level I, Vol. 4, pp. 40-41
Study Session 11-44-d, 11-45-a
Calculate and interpret the results using each of the following methods to evaluate a single capital project: net present value (NPV), internal rate of return (IRR), payback period, discounted payback period, and profitability index (PI).
Calculate and interpret the weighted average cost of capital (WACC) of a company.
The WACC of the company is calculated as 0.5(6%) + 0.1(10%) + 0.4(15%) = 10%. To have a positive NPV, a project must have an IRR greater than the WACC used to calculate the NPV. Only the warehouse project has a NPV greater than $0 (at the company’s WACC of 10%), therefore only the warehouse project has an IRR that exceeds 10%.