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、Which of the following is least likely a reason for discounting the value of stock in a closely held company?【单选题】

A.Illiquidity

B.Marketability

C.Controlling interest

正确答案:C

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey
2012 Modular Level I, Vol. 6, pp. 232–233
Study Session 18-66-o
Describe alternative valuation methods for closely held companies, and distinguish among the bases for the discounts and premiums for these companies.
C is a correct because company control would increase the value of the closely held company or add a premium.

2、Amanda Janney, CFA, is employed as a fixed-income portfolio manager for CollinsAsset Management Inc.(CAM) , a large international capital managementfirm.Janney signed a non-compete agreement with CAM when she joined CAM.The agreement strictly restricts Janney from contacting CAM's clients for fiveyears after leaving CAM.Janney leaves CAM and immediately sets up anothercompeting firm herself where Janney uses the knowledge and experience shelearns at CAM.In her first week at her new firm, Janney uses public internetsearching to find some of her former clients and recommends her new firm tothem.Janney has most likely violated the Standards of Professional Conduct by:【单选题】

A.violating his non-compete agreement signed with CAM.

B.using public internet searching to find some of her former clients at her newfirm.

C.using the knowledge and experience she learns at CAM.

正确答案:A

答案解析:因为签署过同业竞争协议就应该加以遵守，即在离开原来公司后5年内不联系原有雇主的客户，而Janney离开后的第一个星期就利用公开的互联网搜索寻找以前的客户并拉拢这些客户，显然违反了对于雇主忠诚的原则。在新公司中对以前客户是通过公开的互联网搜索找到的，并不违反规定。在新公司使用在原有公司获取的知识和技能都是允许的。

3、For a company that prepares its financial statements under International Financial ReportingStandards (IFRS), for which of the following assets is it most likely that the company could reportusing the fair value model?【单选题】

A.Houses built by the company for sale to customers

B.A building owned by the company and leased out to tenants

C.A building the company owns and uses to house its administrative activities

正确答案:B

答案解析:Under IFRS, a building owned for the purpose of earning rentals or capital appreciation—in this case,the one owned by the company and leased out to tenants—is an investment property and can bereported under either the cost model or fair value model.
CFA Level I
"Inventories," Michael A. Broihahn
Section 4
"Long-Lived Assets," Elaine Henry and Elizabeth A. Gordon
Section 8

4、An analyst does research about monetary policy.A central bank's action to lowerits target interest rate least likely :【单选题】

A.reduces net exports.

B.increases the money supply.

C.causes domestic currency depreciation.

正确答案:A

答案解析:中央银行降低目标利率会导致货币供给增加，利率下降造成的本国资金流出会导致本币相对于其他国家的货币贬值，从而会增加出口，进而增加净出口。

5、A company has issued only one class of common shares and it does not pay dividends on them. It has also issued two types of preference shares – one that is putable and the other callable – and both have a non-cumulative feature. Which of these securities will most likely offer the lowest expected return to the investor?【单选题】

A.Common shares.

B.Putable preference shares.

C.Callable preference shares.

正确答案:B

答案解析:“Overview of Equity Securities,” Ryan C. Fuhrmann, CFA, and Asjeet S. Lamba, CFA
2011 Modular Level I, Vol. 5, pp. 175, 187
Study Session 14-58-d, f
Discuss the differences in voting rights and other ownership characteristics among various equity classes.
Compare and contrast the risk and return characteristics of various types of equity securities.
Putable preference shares are less risky than their callable counterparts. They give the investor the option to put the shares back to the company. Because of the lower risk they will provide a lower expected rate of return. Common shares are the most risky, whether or not they are dividend paying, and are likely to offer the highest expected return.

6、With respect to technical analysis, a triple-top pattern most likely suggests a:【单选题】

A.support line.

B.resistance line.

C.continuation pattern.

正确答案:B

答案解析:三重顶是一种反转形态，顶会作为压力线。三重底也是一种反转形态，底会作为支撑线。continuation pattern是指整理形态。

7、Caleb Smith, CFA, is an investment advisor and manages the portfolios of severalhigh-net-worth individuals.To comply with the Standards of Professional Conductrelating to suitability, at the inception of the client relationship, Smith must:【单选题】

A.gather client information including the client's financial circumstances, personaldata that are relevant to investment decisions, attitudes towards risk, andobjectives in investing.

B.invest in a manner consistent with the stated mandate.

C.consider the possibilities of rapidly changing investment environments andtheir likely impact on a client's holdings.

正确答案:A

答案解析:当CFA会员为客户提供投资服务之前，先要了解客户的财务状况、与投资决策相关的个人信息、对于风险的态度以及投资目标，也就是制定客户的投资策略说明书(Investment Policy Statements，简称IPS)，然后再为客户选择所适合的投资，同时注意周期性更新投资策略说明书。如果不是管理单个客户的资产，而是管理某个指数或者特定要求的基金，则需要与所设定的要求相符合。CFA会员必须考虑迅速变化的投资环境及其对客户持有资产可能带来的影响，但这并不是与客户建立关系的时候所要做的事情。

8、An expansionary fiscal policy is least likely to include an increase in:【单选题】

A.tax rates.

B.government borrowing.

C.government expenditures

正确答案:A

答案解析:“Fiscal Policy,” Michael Parkin
2010 Modular Level I, Vol. 2, pp. 448-450
Study Session 6-26-d
Discuss the use of fiscal policy to stabilize the economy, including the effects of the government expenditure multiplier, the tax multiplier, and the balanced budget multiplier.
An expansionary fiscal policy means that government increases its purchases of goods and services and/or cuts tax rates to increase aggregate demand. As a consequence, government borrowing is likely to increase.

9、An analyst does research about option value.Prior to expiration, the maximumvalue of an American call is the:【单选题】

A.excise price.

B.current price of the underlying.

C.present value of the exercise price.

正确答案:B

答案解析:美式看涨期权最大值是股票的当前价格，因为期权是买入股票的权利，不会大于股票价格本身，否则还不如直接购买股票。

10、An investor purchases 100 shares of common stock at €50 each and simultaneously sells call options on 100 shares of the stock with a strike price of €55 at a premium of €1 per option. At the expiration date of the options, the share price is €58. The investor’s profit is closest to:【单选题】

A.€400.

B.€600.

C.€900.

正确答案:B

答案解析:“Risk Management Applications of Option Strategies,” Don M. Chance, CFA
2013 Modular Level I, Vol. 6, Reading 65, Section 1.2.1
Study Session 17-65-b
Determine the value at expiration, profit, maximum profit, maximum loss, breakeven underlying price at expiration, and payoff graph of a covered call strategy and a protective put strategy, and explain the risk management applications of each strategy.
B is correct. Because ST > X, the investor collects the premium plus the difference between strikeprice and purchase price.