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、An analyst doesresearch about closely-held companies.With respect to valuationof closely-held companies, the most appropriate base for estimating a discountfor lack of liquidity is the:【单选题】

A.market price of a similar but actively publicly traded company.

B.Estimate of the value of equity with all control rights.

C.mean value of the company's transaction prices recently.

正确答案:A

答案解析:私人持股公司是非上市公司，对其估值应考虑到因流动性缺失而引发的价值下调，其基准可以选择类似的但积极公开交易的公司股票的市场价格，并考虑其缺少流动性而适当向下调整。

2、After the public announcement of the merger of two firms an investor makes abnormal returns by going long on the target firm and short on the acquiring firm. This most likely violates which form of market efficiency?【单选题】

A.Semi-strong form only

B.Weak and semi-strong forms

C.Semi-strong and strong forms

正确答案:B

答案解析:“Market Efficiency,” W. Sean Cleary, CFA, Howard J. Atkinson, CFA, and Pamela Peterson Drake, CFA.
2013 Modular Level I, Vol. 5, Reading 48, Section 3.2
Study Session 13-48-d
Contrast weak-form, semi-strong-form, and strong-form market efficiency.
B is correct. In a semi-strong efficient market, prices adjust quickly and accurately to new information. In this case, prices would quickly adjust to the merger announcement and if the market is semi-strong efficient market, investors acting after the merger announcement would not be able to earn abnormal returns. Therefore, it is a violation of the semi-strong form of market efficiency. Note that the semi-strong form of market efficiency encompasses the weak form. Therefore, both weak and semi-strong forms of market efficiency are violated.

3、An analyst does research about portfolio diversification.Which of the followingstatement is least accurate? Portfolio diversification:【单选题】

A.decreases the diversification ratio.

B.decreases the standards deviation of returns.

C.eliminates downside risk.

正确答案:C

答案解析:投资组合的分散性能有效减少非系统性风险，也会减少组合回报的波动性（即标准差），但不能消除下跌风险。投资组合越分散，分散化比率（diversification ratio)越小。

4、Kazuya Kato, CFA, is a widely followed economist at a global investment bank. When Kato opines on economic trends, markets react by moving stock valuations considerably. When Kato receives information of a temporary oversupply of rare earth metals, he issues a forecast that price trends for rare earth metals will be down significantly on a long-term basis. Kato also secretly sells his report to a widely followed Internet site. Prior to issuing this forecast, Kato emailed all portfolio managers at his bank with a copy of his report indicating that his opinion would be reversed shortly so there will be trading opportunities. Kato least likely violated which of the following CFA Institute Code of Ethics and Standards of Professional Conduct?【单选题】

A.Market Manipulation.

B.Priority of Transactions.

C.Additional Compensation Arrangements.

正确答案:B

答案解析:"Guidance for Standards I-VII,” CFA Institute
2011 Modular Level I, Vol. 1, pp. 59-60, 99-100, 131
Study Session 1-2-a
Demonstrate a thorough knowledge of the Code and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.
B is correct because the Priority of Transactions standard has not been violated as it relates to investment transactions for clients and employers having priority over Member or Candidate transactions. There is no indication in this case that transactions have occurred as a result of the report being issued by the economist. Although it is reasonable to expect there will be transactions, it is only when these happen that a violation will have occurred.

5、Meshack Bradovic, CFA, was recently hired as a credit analyst at a credit rating agency whose major clients include publicly listed companies on the local stock exchange. One of the clients is currently preparing to issue a new bond to finance a major factory project. Analysts are speculating that without the new factory the company will not survive the onslaught of competition from increasing imports; therefore, the company is counting on an upgraded credit rating to enhance the subscription level of the issue. Bradovic’s research suggests the creditworthiness of the company has severely deteriorated over the last year due to negative operating cash flows. Without conducting extensive research, Bradovic’s boss puts pressure on him to upgrade the credit rating to an investment grade rating. What course of action is most appropriate for Bradovic to prevent any violation of the CFA Code or Standards?【单选题】

A.Quit his position with the firm.

B.Upgrade the rating but note his objections in writing.

C.Disassociate with the credit rating report, the bond issue and the client.

正确答案:A

答案解析:“Guidance for Standards I-VII,” CFA Institute
2011 Modular Level I, Vol. 1, pp. 108,110
Study Session 1–2–c
Recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.
A is correct as the boss’ insistence that all credit ratings be given an investment grade rating irrespective of the analysis undertaken indicates a systemic disregard for due diligence, reasonable basis and true representation. This shows a total disregard for the CFA Standards. Bradovic’s best course of action consequently is to resign, as the company’s current practice of giving false credit ratings is likely to continue.

6、An analyst does research about put-call parity.Which of the following best representssynthetic put on a stock?【单选题】

A.Call - stock + risk-free bond.

B.Stock - call - risk-free bond.

C.Stock + call - risk-free bond.

正确答案:A

答案解析:对于欧式期权来说，同一行权日期和行权价格的看涨期权和看跌期权间存在以下等式：看涨期权价格（C) +行权价格现值[x/]=看跌期权价格（P）+股票价格(S)，可得：P = C+ X/-S。
其中，对于行权价格现值，我们可以用与之价值相等的无风险债券来代替。

7、An analyst does research about cash flow statement.When a company financesaccounts payable, an immediate effect on its cash flow statement is mostlikely to:【单选题】

A.decrease operating cash flow.

B.increase operating cash flow.

C.shift cash outflow from operation to a later time period.

正确答案:C

答案解析:安排第三方金融公司支付公司当期的应收账款，然后公司会在下一期间归还这些款项给该第三方金融公司（很可能以服务费的形式出现），当时并不影响经营性现金流，而这样就可以平滑季节性的经营性现金流，将经营性现金流的流出延缓至未来的某个时间。

8、Charles Mbuwanga, a Level III CFA Candidate, is the business development manager for Sokoza Investment Group, an investment management firm with high-net-worth retail clients throughout Africa. Sokoza introduced listed Kenyan Real Estate Investment Trusts (REITs) to its line of investment products based on new regulations introduced in Kenya so as to diversify its product offering to clients. The product introduction comes after months of researching Kenyan property correlations with other property markets and asset classes in Africa. Sokoza assigns Mbuwanga as part of the sales team in introducing this product to its clients across Africa. Mbuwanga subsequently determines most of Sokoza’s clients’ portfolios would benefit from having a small Kenyan property exposure to help diversify their investment portfolios. By promoting the Kenyan REITs for Sokoza’s client portfolios as planned, Mbuwanga would least likely violate which of the following standards?【单选题】

A.Suitability

B.Knowledge of the Law

C.Independence and Objectivity

正确答案:C

答案解析:“Guidance for Standards I–VII,” CFA Institute
2013 Modular Level I, Vol. 1, Reading 2, Standard I (A) Knowledge of the Law, Standard I (B) Independence and Objectivity, Standard III (C) Suitability
Study Session 1–2–c
Recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.
C is correct because there is no indication Mbuwanga’s recommendation is based on any compensation package based on sales targets as being part of the sales team. If he had a sales target as part of his responsibility to promote the new product, it could be conceived that his independence and objectively was in question. Mbuwanga does, however, seem to be in violation of Standard III (C) Suitability in that, although research with regard to correlation was undertaken, an analysis based on each individual client’s return and risk objectives was notdone. He may also be in violation of Standard I (A) Knowledge of the Law in that he would need to determine if the Kenyan REIT product is allowable in each of the countries where his clients reside.

9、Which of the following is not a component of the CFA Institute Code of Ethics?【单选题】

A.Promote financial integrity and seek to prevent and punish abuses in the financial markets.

B.Practice and encourage others to practice in a professional and ethical manner that will reflectcredit on themselves and the profession.

C.Place the integrity of the investment profession and the interests of clients above your ownpersonal interests.

正确答案:A

答案解析:Punishing abuse in the financial markets is not one of the six components of the Code of Ethics.
CFA Level I
"Code of Ethics, CFA Institute
Section: The Code of Ethics

10、An analyst does research about earnings per share and gathers the followinginformation about a company for 2011:
·Net income is $ 6 360 000
·Preferred dividends paid is $ 460 000
·Common dividends paid is $ 600 000
·Shares outstanding are 2 200 000 on 1 January 2011
·Shares repurchased are 400 000 on 1 July 2011
The company's basic earnings per share for 2010 is closest to:【单选题】

A.$2.65

B.$2.95

C.$3.28

正确答案:B

答案解析:本题考查的是对利润表（income statement）的理解。
basic EPS = （net income - preferred dividends）/（weighted average number of commonshares outstanding） = （$6 360 000 - $460 000）/（2 200 000 - 400 000/2） = $2.95。值得注意的是：分母中的发行在外的普通股股票数量是由其在一年中的流通时间决定的，由于年中有400 000股被回购，而这400 000股其实际的流通数只算一半（即200 000股），所以分母中需要减去200 000股。