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、On a cash flow statement prepared using the indirect method, which of the following would most likely increase the cash from investing activities?【单选题】

A.Sale of a long-term receivable

B.Sale of held-for-trading securities

C.Securitization of accounts receivable

正确答案:A

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 2.1
“Accounting Shenanigans on the Cash Flow Statement,” Marc A. Siegel
2013 Modular Level 1, Vol. 3, Reading 34, Section 5
Study Session 8-27-a, 10-34-a
Compare cash flows from operating, investing, and financing activities and classify cash flow items as relating to one of those three categories given a description of the items.
Analyze and describe the following ways to manipulate the cash flow statement: stretching out payables; financing of payables; securitization of receivables; and using stock buybacks to offset dilution of earnings.
A is correct. The sale of a long-term receivable would increase cash from investing activities; the other two activities mentioned are operating activities.

2、An analyst does research about company's breakeven point and operatingbreakeven point.If a company's degree of financial leverage is 1.6, thecompany's breakeven point is most likely:【单选题】

A.less than the company's operating breakeven point.

B.equal to the company's operating breakeven point.

C.greater than the company's operating breakeven point.

正确答案:C

答案解析:公司盈亏平衡点： = (fixed operating costs + fixed financing costs)/ (price - variablecost per unit)
公司经营性盈亏平衡点： = fixed operating costs/(price - variable cost per unit)
只要公司有融资成本（financing costs)，公司盈亏平衡点就要比公司经营性盈亏平衡点高。

3、Information about the coupon rates on the various long-term fixed-rate debt issues of a company canmost likely be found in the:【单选题】

A.non-current liabilities section of the balance sheet.

B.Management Discussion & Analysis (MD&A).

C.notes to the financial statements.

正确答案:C

答案解析:Information about the coupon rates on the various long-term fixed-rate debt issues can usually befound in the notes to the financial statements. The MD&A is more likely to discuss interest rate trendsand/or current financing costs but not specific information on individual debt issues.
CFA Level I
"Non-Current (Long-Term) Liabilities," Elizabeth A. Gordon and Elaine Henry
Sections 2.6

4、An analyst does research about financial ratios.ALLIED company adoptedIFRS and recorded an initial upward revaluation of long-term assets.Nowthe analyst tries to compare ALLIED to BLUEPOINT company reporting under U.S.GAAP and made relevant adjustments.Which of the followingadjustments to BLUEPOINT reporting under U.S.GAAP is most appropriate?【单选题】

A.increases the profit margin.

B.increases the return on assets.

C.decreases the financial leverage.

正确答案:C

答案解析:由于在国际财务报告准则（IFRS)下，ALLIED公司向上调整重估值，会导致更大的总资产和更多的股东权益，所以ALLIED公司相对于BLUEPOINT公司有更低的杠杆比率、更低的资产回报率，而利润却没有变化；对于BLUEPOINT公司的财务比率来说，将有更高的杠杆比率和更高的资产回报率，如果要进行调整的话，应该保持利润率不变，而调低资产回报率和杠杆比率。

5、An analyst does research about retirement plan.An individual retiring today requiresan annual income of $12 million.Inflation is expected to be 3.5% peryear for the first ten year, followed by 4.5% per year thereafter.The annual incomerequirement in 25 years from today for this individual is closest to:【单选题】

A.$31.22 million.

B.$32.76 million.

C.$36.07 million.

正确答案:B

答案解析:

6、An analyst does research about free cash flow to the firm and gathers the followinginformation about a company:
● Cash flow from operations is $1 600
● Interest paid is $300
● Capital expenditures is $900
● Depreciation is $200
● Tax rate is 35%
Under U.S.Generally Accepted Accounting Principles (U.S.GAAP) , free cashflow to the firm is closest to:【单选题】

A.$795

B.$895

C.$1 095

正确答案:B

答案解析:企业的自由现金流计算如下：
FCFF = CFO + [int × （1 - tax rate）] - FCInv = $1 600 + $300 × （1 - 35%） - $900 = $895。

7、An analyst does research about portfolio management.Which of the followingstatements is least accurate when an investor diversifies a portfolio?【单选题】

A.Systematic risk is eliminated.

B.The variance of the portfolio declines.

C.The portfolio will have a higher correlation with the market portfolio.

正确答案:A

答案解析:分散化投资可以减少非系统性风险，但无法减少系统性风险，同时组合的方差会降低，另外投资越分散，该组合与市场组合的表现越接近。

8、Arbitrage activity will most likely be higher in securities markets:【单选题】

A.that are efficient.

B.with no restrictions on short selling.

C.with high information-acquisition costs.

正确答案:B

答案解析:“Market Efficiency,” W. Sean Cleary, Howard J. Atkinson, and Pamela Peterson Drake
2012 Modular Level I, Vol. 5, pp. 130–134
Study Session 13-49-a, c
Explain market efficiency and related concepts, including their importance to investment practitioners.
Explain factors affecting a market’s efficiency.
B is correct. Short selling helps in price discovery. Arbitrageurs benefit from pricing discrepancies (inefficiencies); therefore, arbitrage activity will be higher in markets with no restrictions on short selling.

9、An analyst does research about duration and gathered the following informationabout an option-free bond with $10 000 000 face value, $9 500 000 market valueand a duration of 3.2.If the yield on this bond immediately increased by 25base points, the new price of this bond based solely on duration would be closestto:【单选题】

A.$9 196 000

B.$9 424 000

C.$9 920 000

正确答案:B

答案解析:$9 500 000 × （1 - 0.25% × 3.2） = $9 424 000。

10、David Bravoria, CFA, is an independent financial advisor for a high net worth client with whom he had not had contact in over two years. During a recent brief telephone conversation, the client states he wants to increase his risk exposure. Bravoria subsequently recommends and invests in several high-risk funds on behalf of the client. Bravoria continues, as he has done in the past, to send to his client monthly, detailed itemized investment statements. Did Bravoria most likely violate any CFA Standards?【单选题】

A.No.

B.Yes, with regard to investment statements.

C.Yes, with regard to purchasing venture capital funds.

正确答案:C

答案解析:“Guidance for Standards I-VII,” CFA Institute
2011 Modular Level I, Vol. 1, pp. 65-67
Study Session 1–2–b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
C is correct because Bravoria violated Standard III – Duties to Clients in not exercising Loyalty, Prudence and Care. Bravoria had not updated his client’s profile in over two years thus should not have made further investments, particularly in high risk investments until such time as he updated the client’s risk and return objectives, financial constraints and financial position. Bravoria provided his client with investment statements more frequently than that which is required; i.e. quarterly so was not in violation of regular account information.