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 the least appropriate method for an external analyst to estimate a company’s target capital structure for determining WACC? Using the:【单选题】

A.averages of comparable companies’ capital structure.

B.company’s current capital structure, at book value weights.

C.statements made by the company’s management regarding capital structure policy.

正确答案:B

答案解析:“Cost of Capital,” Yves Courtois, CFA, Gene C. Lai, and Pamela Peterson Drake, CFA
2013 Modular Level I, Vol. 4, Reading 37, Section 2.2
Study Session 11-37-c
Explain alternative methods of calculating the weights used in the WACC, including the use of the company’s target capital structure;
B is correct. An external analyst does not know a company’s actual target capital structure. Consequently, the analyst should rely on market value (not book value) weights for the components of the company’s current capital structure.

2、Government policies to stimulate an economy suffering a recession and designed to reduce unemployment in the short run are most likely directed towards reducing which type of unemployment?【单选题】

A.Cyclical

B.Frictional

C.Structural

正确答案:A

答案解析:“Monitoring Jobs and the Price Level,” Michael Parkin
2011 Modular Level I, Vol. 2, pp. 312-313
Study Session 5-22-c
Explain the types of unemployment, full employment, the natural rate of unemployment, and the relation between unemployment and real GDP.
The fluctuating unemployment over the business cycle is called cyclical unemployment.

3、A company issued bonds in 2012 that mature in 2022. The measurement basis that will most likely be used on the 2012 balance sheet for the bonds is:【单选题】

A.historical cost.

B.amortized cost.

C.market value.

正确答案:B

答案解析:Bonds payable issued by a company are financial liabilities that are usually measured at amortized cost.
2014 CFA Level 1
"Understanding Balance Sheets," by Elaine Henry and Thomas R. Robinson
Section 5.1
"Non-Current (Long-Term) Liabilities," by Elizabeth A. Gordon and Elaine Henry Section 2.2

4、If the quantity demanded of pears falls by 4% when the price of apples decreases by 3%, thenapples and pears are best described as:【单选题】

A.inferior goods.

B.complements.

C.substitutes.

正确答案:C

答案解析:The cross elasticity of demand is defined as the percentage change in quantity demanded divided bythe percentage change in the price of a substitute or complement. If the cross elasticity of demand ispositive, the goods are substitutes. In this case, the 4% decline in quantity of pears is divided by the3% decline in the price of apples, which is a positive number:-4/-3=+1.33.
CFA Level I
"Demand and Supply Analysis: Introduction," Richard V. Eastin and Gary L. Arbogast
Section 4.4

5、An analyst does research about price value of a basis point (PVBP).With respectto a coupon bond, the duration is 8.61, and the current price of the bondis $ 101.35.The price value of a basis point (PVBP) of the bond is closest to:【单选题】

A.$ 0.0861

B.$ 0.0873

C.$ 0.1014

正确答案:B

答案解析:8.61 × 0.0001 × $ 101.35 = $ 0.0873

6、An analyst does research about capital market line (CML).According to capitalmarket theory, if an investor holds a portfolio that lies on the capital market lineto the left of the market portfolio, that investor should expect that his portfoliowill:【单选题】

A.earn less than the return on the market portfolio.

B.earn more than the return on the market portfolio.

C.haveless unsystematic risk than the market portfolio.

正确答案:A

答案解析:如果投资组合在CML线的左边，说明其收益率小于市场组合的回报，比市场组合的总风险要小，而不是比市场组合的非系统性风险小。

7、Which of the following statements most accurately describes a valuation allowance for deferred taxes? A valuation allowance is required under:【单选题】

A.IFRS on revaluation of capital assets.

B.U.S. GAAP if there is doubt about recovering a deferred tax asset.

C.both IFRS and U.S. GAAP on tax differences arising from the translation of foreign operations.

正确答案:B

答案解析:“Income Taxes,” Elbie Antonites, CFA and Michael A. Broihahn, CFA
2013 Modular Level 1, Vol. 3, Reading 31, Section 6.1
Study Session, 9-31-g
Describe the valuation allowance for deferred tax assets—when it is required and what impact it has on financial statements.
B is correct. A valuation allowance is required under U.S. GAAP if there is doubt about whether a deferred tax asset will be recovered. Under IFRS the deferred tax asset is written down directly.

8、Which of the following statements is the most appropriate treatment of floatation costs for capital budgeting purposes? Floatation costs should be:【单选题】

A.expensed in the current period.

B.incorporated into the estimated cost of capital.

C.deducted as one of the project’s initial-period cash flows.

正确答案:C

答案解析:“Cost of Capital,” Yves Courtois, CFA, Gene C. Lai, and Pamela Peterson Drake, CFA
2013 Modular Level I, Vol. 4, Reading 37, Section 4.4
Study Session 11-37-l
Explain and demonstrate the correct treatment of floatation costs.
C is correct. Floatation costs are an additional cost of the project and should be incorporated as an adjustment to the initial-period cash flows in the valuation computation.

9、Dispersion is defined as the variability around the central tendency and can bedivided into absolute dispersion and relative dispersion.Which of the followingis NOT described as a measure of relative dispersion?【单选题】

A.Range.

B.Sharpe ratio.

C.Coefficient of variation.

正确答案:A

答案解析:B项夏普比率和C项变化系数都是表达相对偏离程度，而A项间距是表达绝对偏离程度，即用最大值减去最小值。

10、Madeline Smith, CFA, was recently promoted to senior portfolio manager. In her new position, Smithis required to supervise three portfolio managers. Smith asks for a copy of her firm's writtensupervisory policies and procedures but is advised that no such policies are required by regulatorystandards in the country where Smith works. According to the Standards of Practice Handbook,Smith's most appropriate course of action would be to:【单选题】

A.decline to accept supervisory responsibility until her firm adopts procedures to allow her toadequately exercise such responsibility.

B.require the employees she supervises to adopt the CFA Institute Code of Ethics and Standards ofProfessional Conduct.

C.require her firm to adopt the CFA Institute Code of Ethics and Standards of Professional Conduct.

正确答案:A

答案解析:According to guidance for Standard (IV(C), if a member cannot fulfill supervisory responsibilitiesbecause of the absence of a compliance system or because of an inadequate compliance system,the member should decline in writing to accept supervisory responsibility until the firm adoptsreasonable procedures to allow the member to adequately exercise such responsibility.
CFA Level I
"Guidance for Standards l-VII," CFA Institute
Standard IV(C)