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 audit opinions.A disclaimer audit opinion is mostlikely issued when:【单选题】

A.financial statements are prepared with some limitation or exceptions accordingto the accounting standards.

B.auditors are unable to issue an opinion about financial statements.

C.financial statements are materially depart from accounting standards and notfairly presented.

正确答案:B

答案解析:拒绝发表意见（disclaimer opinion）意味着审计人员无法就财务报表发表意见。选项A是保留意见（qualified opinion），选项C是否定意见（adverse opinion）。

2、Tom Wayne, CFA, is the investment manager of the Franklin City EmployeePension Plan.Wayne is a volunteer of CFA Institute and helps write CFA examinationquestions.Introduction materials of Franklin state: "Tom Wayne holdsthe CFA designation and has been appointed to assist in writing CFA examinationquestions.The honor puts him in the top tier of CFA charter holders.” HasWayne violated the Professional Conduct Standards?【单选题】

A.No.

B.Yes, relating to preservation of confidentiality.

C.Yes, relating to conduct as members and candidates in the CFA program.

正确答案:C

答案解析:CFA会员被禁止说自己是最优秀的CFA持证人或者能够带来更优越的投资表现等，否则会被视为违反了作为CFA会员或考生的责任。

3、A company’s taxable income is 17.1% of sales. Assuming taxes of 42% and a dividend payout of 50%, the net profit margin is closest to:【单选题】

A.5.0%.

B.7.2%.

C.9.9%.

正确答案:C

答案解析:“Financial Statement Analysis,” Pamela Peterson Drake
2012 Modular Level I, Vol. 4, pp. 217–225
Study Session 11-41
The candidate should be able to demonstrate the use of pro forma income and balance sheet statements.
C is correct.

4、With respect to the Standards of Professional Conduct relating to conflicts of interests,CFA members are required to fully disclose to clients, prospective clients,and employers:【单选题】

A.only all actual conflicts of interests.

B.only all potential conflicts of interests.

C.both all actual and potential conflicts of interests.

正确答案:C

答案解析:CFA协会要求会员向其雇主、客户和潜在客户披露所有潜在的或者事实上的利益冲突。

5、A firm in a perfectly competitive environment has its total costs equal to total revenue and marginal costs greater than marginal revenue. Given this, which of the following strategies is most appropriate? The firm should:【单选题】

A.shut down in the short run and exit in the long run.

B.increase its level of production to enter profit territory.

C.decrease its level of production to enter profit territory.

正确答案:C

答案解析:“Demand and Supply Analysis: The Firm,” Gary L. Arbogast, CFA and Richard V. Eastin
2013 Modular Level I, Vol. 2, Reading 15, Section 3.1.3 and 3.1.4, Exhibits 18 and 26
Study Session 4–15–d, e
Calculate and interpret total, average, marginal, fixed, and variable costs.
Determine and describe breakeven and shutdown points of production.
C is correct. A firm in a perfectly competitive environment with total costs equal to total revenue and marginal costs greater than marginal revenue is operating at the upper breakeven point. Therefore, it should decrease the level of production to enter profit territory.

6、An analyst does research about various price multiples.Which of the followingprice multiples is least subject to accounting manipulation or distortion by themanagement of a company?【单选题】

A.Price-to-sales ratio.

B.Price-to-book ratio.

C.Trailing price-to-earnings ratio.

正确答案:A

答案解析:市销率最不容易作假，因为相比其他数据而言，销售数据更难被捏造，而股票盈利以及净资产都可以通过采取不同的会计处理方式或者估计来进行操纵。

7、An analyst does research about earnings quality.During 2011, a company reportedthe sale of accounts receivable but retained the effective credit risk for the uncollectedreceivables.That company's 2011 financial statements will most likelyoverstate :【单选题】

A.current assets.

B.cash flow from operating activities.

C.cash flow from financing activities.

正确答案:C

答案解析:出售应收账款：公司将其出售给第三方而保留无法回收账款的信用风险，其实这并不应属于应收账款的出售，而属于利用应收账款来融资，而这时流动资产和流动负债都被低估了，流动资产和流动负债要分别加上所出售的应收账款的金额才能反映这笔交易的实质。同时，这笔现金流被记为经营性现金流，而本来应该算作融资性现金流的，所以经营性现金流被高估了，故要减去这笔金额；而且融资性现金流被低估了，要加上这笔金额。

8、The following table shows the volatility of a series of funds that belong to the same peer group, ranked in ascending order:

The value of the first quintile is closest to:【单选题】

A.10.70%.

B.10.84%.

C.11.09%

正确答案:A

答案解析:“Statistical Concepts and Market Returns,” Richard A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2013 Modular Level I, Vol. 1, Reading 7, Section 6.1
Study Session 2–7–f
Calculate and interpret quartiles, quintiles, deciles, and percentiles.
A is correct. First, find the position of the first quintile with the following formula:

9、An analyst does research about future transaction.In general, which of the followingis least likely to prefer for an investor to terminate a future contract at expiration?【单选题】

A.Delivery.

B.Closeout.

C.Cash settlement.

正确答案:A

答案解析:由于考虑到交易成本，特别是对于实物商品期货而言，总体来讲投资者更愿意选择在到期时平仓或者现金结算。

10、The duration and convexity of an option-free bond priced at $90.25 are 10.34 and 151.60, respectively. If yields increase by 200 bps, the percentage price change is closest to:【单选题】

A.–23.71%.

B.–20.68%.

C.–17.65%.

正确答案:C

答案解析:It is calculated as duration effect:

and convexity effect:

Total percentage change is the sum of duration effect and convexity effect:

2014 CFA Level I
“Understanding Fixed-Income Risk and Return,” by James F. Adams and Donald J. Smith
Sections 3.5–3.6