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 does research about Nash Equilibrium.With respect to game theory,which of the following describes the condition that two colluding firms in an oligopolymarket are a Nash Equilibrium?【单选题】

A.Neither firm cheats.

B.Only one firm cheats.

C.Both firm cheat.

正确答案:C

答案解析:纳什均衡（Nash Equilibrium）是指寡头企业最终达到的均衡。市场中，两个寡头企业希望通过勾结来获得行业的最大经济利润，但其中一个寡头企业可能会违反协议增加产量，以增加其自身的经济利润，而另一个寡头企业有可能发生经济亏损，但如果每个企业都违反协议，则最终会达到一种均衡。

2、With respect to verification, which of the following statements is most accurate accordingto the Global Investment Performance Standards (GAPS?)?【单选题】

A.Verification must be performed by the firm in order to claim compliance.

B.Verification brings additional credibility and confidence to a firm's claimof compliance.

C.Verification guarantees the accuracy of a specific composite presentation.

正确答案:B

答案解析:认证或者核查（verification）并不能保证任意特定组合群业绩的准确性，GAPS?建议公司要认证或者核査，但并不是必须要核查，认证或者核査是自愿的。认证或者核查可增加公司合规的可信度，对客户来讲，对于其所公布的业绩也会更具有信心。

3、An analyst does research about financial principles.Which of the followingfinancial principles is most accurate to describe the requirement that eachmaterial class of similar items should be shown separately on the financialstatements?【单选题】

A.Aggregation.

B.Comparative information.

C.No offsetting.

正确答案:A

答案解析:重要性和汇总原则规定，包含相似事项的账户应当在财务报表上一起列示，不相似的事项分开列示。

4、An analyst does research about security market indices.The number of freelyfloating share available is component of which of the following index weightingschemes?【单选题】

A.Fundamental weighting.

B.Price weighting.

C.Market-capitalization weighting.

正确答案:C

答案解析:市值法中有按照流通股票数量来调整的指数，对此需要知道流通股票的数量来决定权重。

5、A portfolio manager holds the following three bonds, which are option free and have the indicated durations.

The portfolio’s duration is closest to:【单选题】

A.4.75.

B.5.20.

C.5.33.

正确答案:A

答案解析:“Introduction to the Measurement of Interest Rate Risk,” Frank J. Fabozzi, CFA
2013 Modular Level I, Vol. 5, Section 4.8
Study Session 16-58-g
Calculate the duration of a portfolio, given the duration of the bonds comprising the portfolio, and explain the limitations of portfolio duration.
A is correct because the portfolio’s duration is a weighted average of the durations of the individual holdings, computed as:
(12/24) × (3.0) + (6/24) × (7.0) + (6/24) × (6.0) = 4.75.

6、Tom Stafford, CFA, is a part of team within Appleton Investment Management(AIM) responsible for managing a pool of assets for Open Air Bank.AIM isrecognized as a specialist in identifying investment opportunities in small-capitalizationstocks.The firm's assets have grown rapidly in recent years, and to enhanceliquidity, senior management recently made the decision to lift the maximumpermissible market-cap ceiling from $ 500 million to $ 2 billion.At thesame time, management changed the group responsible for selecting stocks to beadded to the firm's "approved" list from individual portfolio managers to a committeeconsisting of the firm's chief investment officer and four senior portfoliomanagers.Has Stafford violated the Professional Conduct Standards relating tocommunication with clients and prospective clients if he doesn't notify his clientsabout the changes in the:【单选题】

A.

B.

C.

正确答案:C

答案解析:所列两项都属于重大的投资流程的改变，根据与客户及潜在客户沟通的专业行为标准，需要告知客户这两项变化。

7、A company is buying back its common shares to offset the dilution of earnings from its stock option program. Which of the following statements best describes the effect on the financial statements of the amount spent to buy back the stocks? The amount spent reduces:【单选题】

A.cash from operating activities.

B.net income.

C.cash from financing activities.

正确答案:C

答案解析:The amount spent to buy back stocks to offset dilution is classified as a financing activity on the cash flow statement, and therefore cash from financing decreases.
2014 CFA Level 1
"Understanding the Cash Flow Statement," by Elaine Henry, Thomas R. Robinson, Jan Hendrik van Greuning and Michael A. Broihahn
Section 2.1
"Accounting Shenanigans on the Cash Flow Statement," by Marc A. Siegel Section 7

8、Lynn Hampton, CFA, is a well-respected private wealth manager in her communitywith a diversified client base.The local government decides to construct alarge factory manufacturing chemical raw materials near her community, whichresults in a demonstration protesting the decision.She is arrested and convincedof her conduct, and immediately released.After she pays a fine, she returns towork.She is most likely violated the Professional Conduct Standards?【单选题】

A.No.

B.Yes, relating to misconduct.

C.Yes, relating to knowledge of the law.

正确答案:A

答案解析:错误行为主要针对个人专业行为，与个人的意识形态、宗教信仰等都没有关系，所以Hampton没有违反任何标准。

9、For a 90-day US Treasury bill selling at a discount, which of the following methods most likely resultsin the highest yield?【单选题】

A.Money market yield (MMY)

B.Bond equivalent yield (BEY)

C.Discount-basis yield (DBY)

正确答案:B

答案解析:The face value is greater than the purchase price because the T-bill sells at a discount.

CFA Level I
"Working Capital Management," Edgar A. Norton, Jr., Kenneth L. Parkinson, and Pamela PetersonDrake
Section 4.1.1

10、Jack Smith, CFA, manages the Heaven Foundation Portfolio and does researchabout yield calculation.Which of the following yields considers an annualizedrate of return that accounts for the impact of interest on interest for differentfrequencies of compounding?【单选题】

A.Holding period yield.

B.Effective annual yield.

C.Money market yield.

正确答案:B

答案解析:有效年利率（Effective annual yield）是指考虑利息的再投资收益，且假设年天数为365天的年化收益率。持有期收益率（Holding period yield）是指只考虑在持有期限内的收益率，不考虑利息的再投资收益。
货币市场收益率（Money market yield）是指假设年天数为360天的年化的持有期收益率，但不考虑利息的再投资收益。