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、Consider the following information available for a company for last year:


The average shareholder’s equity is closest to:【单选题】

A.$123,418.

B.$164,557.

C.$219,409.

正确答案:C

答案解析:The DuPont equation is

Average shareholders' equity = $219,409
2014 CFA Level I
“Financial Analysis Techniques,” by Elaine Henry, Thomas R. Robinson, and Jan Hendrik van Greuning
Section 4.6.2

2、If a company chooses to capitalize an expenditure related to capital assets instead of expensing it, ignoring taxes, the company will most likely report:【单选题】

A.a lower cash flow per share in that period.

B.a higher earnings per share in future periods.

C.the same free cash flow to the firm in that period.

正确答案:C

答案解析:“Understanding Cash Flow Statements,” Elaine Henry, CFA, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, and Michael A. Broihahn, CFA
2013 Modular Level I, Vol. 3, Reading 27, Section 4.3"Long-Lived Assets,” Elaine Henry, CFA and Elizabeth A. Gordon
2013 Modular Level 1, Vol.3, Reading 30, Section 2.1, Example 1,
Study Session 8-27-i, 9-30-a,
Calculate and interpret free cash flow to the firm, free cash flow to equity, and performance and coverage cash flow ratios.
Distinguish between costs that are capitalised and costs that are expensed in the period in which they are incurred.
C is correct.

Questions 69 through 78 relate to Corporate Finance

3、During 2010, Company A sold a piece of land with a cost of $6 million to Company B for $10 million. Company B made a $2 million down payment with the remaining balance to be paid over the next 5 years. It has been determined that there is significant doubt about the ability and commitment of the buyer to complete all payments. Company A would most likely report a profit in 2010 of:【单选题】

A.$4 million using the accrual method.

B.$0.8 million using the installment method.

C.$2 million using the cost recovery method.

正确答案:B

答案解析:"Understanding The Income Statement,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFA
2011 Modular Level I, Vol.3, pp.150-152
Study Session: 8-32-b
Explain the general principles of revenue recognition and accrual accounting, demonstrate specific revenue recognition applications (including accounting for long-term contracts, installment sales, barter transactions, and gross and net reporting of revenue), and discuss the implications of revenue recognition principles for financial analysis.
Under the installment method, the portion of the total profit that is recognized in each period is determined by the percentage of the total sales price for which the seller has received cash. For Company A 2/10 x 4 = $0.8 million. Note, cost recovery method could be used in this case, but the reported profit would be $0.

4、An analyst does research about currency swap and stated that, in the typical currencyswap, principal amounts are exchanged at both the beginning and end ofthe swap and interest payments are netted during the life of the swap.The analystis most accurate with respect to :【单选题】

A.

B.

C.

正确答案:B

答案解析:货币互换是两种不同的货币之间的相互交换，通常本金在期初期末要进行交换，期间的利息支付不可以相互抵消。

5、All else being equal, in a rising interest rate environment, the price of a floating-ratesecurity will most likely decline if:【单选题】

A.there is no cap.

B.the margin required by investors declines.

C.the coupon is reset every six months rather than monthly.

正确答案:C

答案解析:如果没有利率顶（CAP）就会降低利率风险，利率上升，息票率也随之上升，价格不会下跌。如果投资者要求的收益差（margin）减少，会提高浮动利率债券的价格，而不是降低。息票每6个月设定一次而不是每个月设定一次，在利率上升的情况下，浮动利率证券无法反映最新的市场利率，会造成其价格下跌。

6、A security market with price continuity is most accurately characterized as a marketwhich:【单选题】

A.assets can be bought or sold quickly.

B.an asset's price reflects all available information about the asset.

C.prices do not change much from one transaction to the next in the absence ofnew information.

正确答案:C

答案解析:良好运作的证券市场应该有价格持续性的特征，具备此特征说明从一个证券交易变为下一个证券交易时，交易价格并不会发生大幅变化，除非有重大的新信息改变了资产的价值。

7、Venture capital investments used to provide capital for companies initiating commercial manufacturing and sales are most likely to be considered a form of:【单选题】

A.first-stage financing.

B.mezzanine financing.

C.second-stage financing.

正确答案:A

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey
2010 Modular Level I, Vol. 6, p. 214
Study Session 18-73-g
Explain the stages in venture capital investing, venture capital investment characteristics, and challenges to venture capital valuation and performance measurement
Venture capital investments provided to initiate commercial manufacturing and sales is considered a form of first-stage financing.

8、The owner of a firm gathers some information about her business.This year thefirm's revenue is $ 300 000.Cash expenses are $ 170 000.Normal profit is$ 70 000.Economic depreciation is $ 20 000.If the owner could have earned$ 30 000 per year in wages working for another company, the firm's economicprofit is closest to:【单选题】

A.$ 10 000

B.$ 30 000

C.$ 60 000

正确答案:A

答案解析:经济利润（economic profit）等于总收入减去显性成本和隐性成本，现金费用是显性成本，正常利润、经济折旧和放弃的收入等属于隐性成本。300 000 - 170 000 - 70 000 -20 000 - 30 000 = 10 000（美元）。

9、An analyst does research about different types of funds.Which ofthe following isleast likely to hold an in-kind creation and redemption process?【单选题】

A.Closed-end funds.

B.Grantor trusts.

C.Managed investment companies.

正确答案:A

答案解析:Grantor trusts和Managed investment companies都属于不同法律结构下的交易型股票指数基金（EFT），所以都有特殊的创设和赎回机制，而封闭式基金则没有。

10、An analyst does research about portfolio performance evaluation.Which of thefollowing performance measures is most appropriate for an investor who is notfully diversified?【单选题】

A.M-squared.

B.Treynor ratio.

C.Jensen's alpha.

正确答案:A

答案解析:M-squared使用标准差（总风险）来衡量风险，所以不需要充分地分散化非系统性风险这一假设。Treynor ratio和Jensen's alpha都是基于系统性风险，需要投资者充分地分散化非系统性风险这一假设。