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 statements is most accurate? An intangible asset with afinite useful life is:【单选题】

A.amortized.

B.tested for impairment at least annually.

C.amortized and tested for impairment at least annually.

正确答案:A

答案解析:对于有固定使用年限的无形资产（intangible assets with a finite useful life），例如特许经营权，要进行摊销，不用做减值测试，摊销费用应该等于该期限内资产的经济价值损耗的比例。
对于无固定使用年限的无形资产（intangible assets with an infinite useful life），例如商誉（goodwill），不进行摊销，但至少每年应做减值测试。如果资产价值被减值了，则减值费用等于在利润表上减值的金额。

2、First degree price discrimination is best described as pricing that allows producers to increase their economic profit while consumer surplus:【单选题】

A.increases.

B.decreases.

C.is eliminated.

正确答案:C

答案解析:“The Firm and Market Structures,” Richard G. Fritz and Michele Gambera
2012 Modular Level I, Vol. 2, pp. 196–197
Study Session 4-16-d, e
Describe and determine the profit-maximizing price and output for firms under each market structure.
Explain the effects of demand changes, entry and exit of firms, and other factors on long-run equilibrium under each market structure.
C is correct. In the first degree price discrimination, the entire consumer surplus is captured by the producer: The consumer surplus falls to zero.

3、For which of the following assets is it most appropriate to test for impairment at least annually?【单选题】

A.Land

B.A patent with a legal life of 20 years

C.A trademark with an expected indefinite life

正确答案:C

答案解析:“Understanding Balance Sheets,” Elaine Henry and Thomas R. Robinson
2012 Modular Level I, Vol. 3, pp. 235–237“Long-Lived Assets,” Elaine Henry and Elizabeth A. Gordon
2012 Modular Level I, Vol. 3, pp. 465–466
Study Session: 8-26-e, 9-30-h
Describe different types of assets and liabilities and the measurement bases of each.
Explain the impairment of property, plant, and equipment and intangible assets.
C is correct. Intangible assets with indefinite lives need to be tested for impairment at least annually. PP&E (including land) and intangibles with finite lives are only tested if there has been a significant change or other indication of impairment.

4、An investor fears that economic conditions will worsen and the market prices of her portfolio of investment-grade corporate bonds will decrease more than her portfolio of government bonds. The investor’s fear is best described as a fear of:【单选题】

A.default risk.

B.downgrade risk.

C.credit spread risk.

正确答案:C

答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi, CFA
2011 Modular Level I, Vol. 5, pp. 365-366
Study Session 15-62-j
Describe the various forms of credit risk and describe the meaning and role of credit ratings.
C is correct because the when the market is willing to pay less for investing in risky bonds, the spreads on those bonds widens relative to default-free bonds. Thus the investor is concerned about credit spread risk.

5、A variation of which real estate valuation approach is most likely to use slope coefficients derived from a statistical analysis to estimate the value of a property?【单选题】

A.Cost approach.

B.Income approach.

C.Sales comparison approach.

正确答案:C

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey
2010 Modular Level I, Vol. 6, pp. 202-206
Study Session 18-73-e
Describe the various approaches to the valuation of real estate.
One variation of the sales comparison approach (hedonic price estimation) uses recent transactions in the area to derive an equation that weights various property attributes to determine a value for the property.

6、An analyst does research about well-function securities markets.In an informationallyefficient securities market, does new information result in price adjustmentthat is:【单选题】

A.

B.

C.

正确答案:A

答案解析:在信息有效市场里，新信息进入后会立刻反映到市场价格中，该种反映是没有偏差的，而且是不可预测的。

7、According to the U.S.Generally Accepted Accounting Principles (GAAP), acomplete set of financial statements includes a:【单选题】

A.report on internal control.

B.report on relevant financial ratios.

C.statement of comprehensive income.

正确答案:C

答案解析:IFRS共要求4张表：资产负债表（balance sheet），利润表（income statement），现金流量表（cash flow statement）和所有者权益变动表（statement of change in equity）。U.S.GAAP 还多了一张综合收益表（statement of comprehensive income）。

8、An analyst does research about marginal cost and average cost.In the short run,when a firm's output increases beyond the point at which marginal cost equalsaverage variable cost, average fixed cost:【单选题】

A.and average total cost both increase.

B.decreases and average variable cost increases.

C.decreases and average total cost increases.

正确答案:B

答案解析:当边际收益和平均可变成本（AVC)相交时，此交点A为AVC的最低点，随后AVC增加，但是由于边际收益和平均总成本（ATC)的交点B在边际收益和平均可变成本相交点A的右边，所以当产量超过交点A而没有达到交点B时，平均总成本仍然是下降的，只有达到交点B后，（ATC)才会随着产量的增加而增加。平均固定成本（AFC)总是减少的，因为FC是固定的，产量增加以后会减少AFC。

9、An analyst does research about the limitations of cash flow yield.Which of thefollowing statements is least accurate to be a shortcoming in application of thecash flow yield measure?【单选题】

A.The projected cash flows are assumed to be reinvested at the cash flowyield.

B.The mortgage-backed or asset-backed security is assumed to be held untilthe final payoff of all the loans, based on some prepayment assumption.

C.Because of principle prepayments, in order to project cash flow it is necessaryto make an assumption about the rate at which principle prepaymentswill occur.

正确答案:C

答案解析:选项A和B都是现金流收益率的局限性。其中一个缺陷是现金流收益率假设以该收益率获得再投资收入，而实际情况可能不同。另外一个缺陷是假设根据提前偿付的假设持有到期，但有可能会提前偿还本金。选项C则不是现金流收益率的局限性。

10、Benjamin Franklin, CFA, does research about consumer surplus and producersurplus.The deadweight loss from a perfectly competitive market is most likely:【单选题】

A.greater than the deadweight loss of a monopoly market.

B.less than the deadweight loss of a monopoly market.

C.equal to the deadweight loss of a monopoly market.

正确答案:B

答案解析:垄断市场会导致生产量减少，价格提高，造成过少生产，与完全竞争市场相比存在更多的无谓损失。