2020年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理Corporate Finance5道练习题，附答案解析，供您备考练习。

1、The post-audit performed as part of the capital budgeting process is least likely to:【单选题】

A.improve a firm’s operations.

B.produce concrete ideas for future investments.

C.force management to revise the original forecast to match actual results.

正确答案:C

答案解析:“Capital Budgeting,” John D. Stowe, CFA and Jacques R. Gagné, CFA
2010 Modular Level I, Vol. 4, pp. 6-7
Study Session 11-44-a
Explain the capital budgeting process, including the typical steps of the process, and distinguish among the various categories of capital projects.
The purposes of the post-audit process are to monitor forecasts, improve operations, and generate concrete ideas for future investments. The original forecast is, in effect, a “sunk cost.” The point is not to revise after the fact the original forecast, but to create a more accurate forecast over the new planning horizon.

2、The “per unit contribution margin” for a product is $12. Assuming fixed costs of $12,000, interest costs of $3,000, and taxes of $2,000, the operating breakeven point (in units) is closest to:【单选题】

A.1,000.

B.1,250.

C.1,417.

正确答案:A

答案解析:“Measures of Leverage,” Pamela Peterson Drake, Raj Aggarwal, Cynthia Harrington, and Adam Kobor
2012 Modular Level I, Vol. 4, pp. 97–98, 110–113
Study Session 11-38-e
Calculate and interpret the operating breakeven quantity of sales.
A is correct. The operating breakeven point is:

3、An analyst does research about a sensitivity analysis to determine about a potentialreal estate investment and gathers the following information:

If the purchase price is $ 500 000 with debt financing, the yield (internal rateof return) of the investment is most likely greater than:【单选题】

A.21% but less than 25%.

B.25% but less than 31%.

C.31% but less than 33%.

正确答案:B

答案解析:只有当折现率在25%~31%之间时，才会使得税后现金流的净现值为0，从而得出内部收益率。题目中，给出的税后现金流的净现值已经包括了期初投入。

4、An analyst does research about cost of capital and gathers the following informationabout a company's proposed investment projects for 2012:

If the analyst's calculations are accurate, the each of the projects has the predictedcash flow pattern and the same risk as the company, the company's cost ofcapital is closest to :【单选题】

A.12%

B.13%

C.14%

正确答案:B

答案解析:如果取12%作为折现率，则项目5的净现值为0，而如果用公司的资本成本来进行折现，则项目5的净现值为 -$1.0 million，说明资本成本比12%要大；如果取14%作为折现率，则项目4的净现值为o，而如果用公司的资本成本来进行折现，则项目4的净现值为$0.5 million，说明资本成本比14%要小。所以，公司的资本成本最接近13%。

5、Janice Grass, CFA, is a sell-side analyst from a local securities firm.Grassdoes research about cash conversion cycle and operating cycle.The cash conversioncycle for a company that buys inventory on credit is most likely:【单选题】

A.less than the operating cycle.

B.equal to the operating cycle.

C.greater than the operating cycle.

正确答案:A

答案解析:现金周转期（cash conversion cycle）=应收账款回收天数（average days of receivables）+存货周转天数（average days of inventory）-应付账款偿还天数（average days of payables）；
经营周期（operating cycle）=应收账款回收天数（average days of receivables）+存货周转天数（average days of inventory）。
公司以赊账的方式来采购会增加应付账款，此时应付账款偿还天数（average days of payables）>0’因此现金周转期（cash conversion cycle）<经营周期（operating cycle）。