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 at a bank concludes that the probability of default for a one-year, single-paymentloan is 10.0 percent, and the bank will recover nothing if the loandefaults.The current risk-free rate of return is 3.5 percent.The minimum yield-to-maturityand minimum default risk premium, respectively, that the bankshould demand on the loan are closest to:【单选题】

A.

B.

C.

正确答案:C

答案解析:该笔贷款对于银行来讲，有10%的可能性会发生客户违约，有90%的可能性可以在一年后获得正常的贷款收益，如果客户违约，则银行的这笔贷款的收益率为-100%（注意不是零，因为本金也损失了），如果客户正常还贷，则银行的这笔贷款的收益率为到期收益率（YTM），他们的平均收益率至少要大于或等于无风险收益率。持有到期收益率（YTM）等于无风险收益率加上违约风险溢价。
10% × （-100%） + 90% × YTM；≥：3.5%，得出最小的YTM = 15%。
所以，最小违约风险溢价 = 15% - 3.5% = 11.5%。

2、A company purchased a €2,000 million long-term asset in 2009 when the corporate tax rate was 30 percent.

On January 15, 2010 the government lowered the corporate tax rate to 25 percent for 2010 and beyond. The deferred tax liability (€) as at 31 December 2010 is closest to:【单选题】

A.130.

B.156.

C.205.

正确答案:A

答案解析:“Income Taxes,” Elbie Antonites, CFA and Michael A. Broihahn, CFA
2010 Modular Level I, Vol. 3, pp. 477-478, 483-484
Study Session: 9-38-d
Calculate income tax expense, income taxes payable, deferred tax assets, and deferred tax liabilities, and calculate and interpret the adjustment to the financial statements related to a change in the income tax rate.
The deferred tax liability equals the difference between the value for accounting and the value for tax times the current tax rate in effect. (1,800 – 1,280) x 0.25 = 520 x 0.25 = 130

3、An analystdoes research about cash flow from operating and gathers the followinginformation about a company:

Under U.S.GAAP, the adjustment to net income to arrive at 2011 cash flowfrom operating activities is:【单选题】

A.subtracting $ 900.

B.adding $ 9 100.

C.subtracting $ 9 100.

正确答案:B

答案解析:CFO = net income - $ 900 + $ 5 000 + ( $ 45 000 - $ 40 000) = net income + $ 9 100。

4、An analyst does research on a company's income and cash flow statement.Thecompany classifies interest expense as an operating activity and reports the followinginformation:
· Cash flow from operating activities is $ 200 000
· Capital expenditures is $ 120 000
· Free cash flow to the firm is $ 90 000
· Free cash flow to equity is $ 70 000
· Tax rate is 40%
The company's interest expense is closest to:【单选题】

A.$ 6 000

B.$ 16 667

C.$ 25 000

正确答案:B

答案解析:free cash flow to the firm = cash flow from operating - capital expenditures + interest × (1 -tax rate)
$ 90 000 = $ 200 000 - $ 120 000 + interest × (1 -0.4)，interest = $ 16 667。

5、Successful product development, advertising, and the creation of brand names are most likely to have a positive impact on the economic profits of the producer under:【单选题】

A.a monopoly.

B.perfect competition.

C.monopolistic competition.

正确答案:C

答案解析:“Monopolistic Competition and Oligopoly,” Michael Parkin
2011 Modular Level I, Vol. 2, pp. 228-233
Study Session 5-20-a, d
Describe the characteristics of monopolistic competition and an oligopoly.
Explain the importance of innovation, product development, advertising, and branding under monopolistic competition.
Product development, advertising, and the creation of brand names are most likely to have a positive impact on the economic profits of the producer under monopolistic competition. Under perfect competition, all producers (and all consumers) are price takers and economic profits do not exist. Under monopoly, product development, advertising, and the creation of brand names are of little consequence in determining
economic profits.

6、A hypothesis test fails to reject a false null hypothesis. This is best described as a:【单选题】

A.Type I error.

B.Type II error.

C.test with little power.

正确答案:B

答案解析:“Hypothesis Testing,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2011 Modular Level I, Vol. 1, pp. 594-595
Study Session 3-11-b
Define and interpret a test statistic, a Type I and a Type II error, and a significance level, and explain how significance levels are used in hypothesis testing.
When we do not reject a false null hypothesis we have a Type II error.

7、An investor gathered the following data in order to estimate the value of the company's preferred stock:

The value of the company's preferred stock is closest to:【单选题】

A.$52.17.

B.$74.53.

C.$96.92.

正确答案:A

答案解析:“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak and Stephen E. Wilcox
2012 Modular Level I, Vol. 5, pp. 276–277
Study Session 14-52-d
Calculate the intrinsic value of a non-callable, non-convertible preferred stock.
A is correct.

8、Fractional unemployment is best described as:【单选题】

A.from normal labor turnover.

B.from changes in the skills needed to perform jobs.

C.due to fluctuating unemployment over the business cycle.

正确答案:A

答案解析:正常的劳动力工作的转变会导致摩擦性失业。结构性失业是指由于经济结构调整，原有工作能力无法满足现有工作需要而造成的失业。经济周期的调整会使得有效需求不足而造成周期性失业。

9、An analyst does research about convexity.Which of the following statementsis most accurate to describe positive convexity when market yieldsdecrease?【单选题】

A.A bond experiences price increases.

B.A bond experiences diminishing price increases.

C.A bond experiences accelerating price increases.

正确答案:C

答案解析:正凸性是指市场利率下跌时债券价格上涨得快，市场利率上升时债券价格下跌得慢。负凸性是指市场利率下跌时债券价格上涨得慢，市场利率上升时债券价格下跌得快。题目中，正凸性体现在由于市场利率下跌，债券价格加速上升。

10、An analyst does research about various risks of investing in bonds.Investors inU.S.Treasury Inflation-Protected Securities are most likely to be exposed to:【单选题】

A.credit risk.

B.reinvestment rate risk.

C.purchasing power risk.

正确答案:B

答案解析:美国政府的通货膨胀保护证券信用极好，所以没有违约风险。同时，由于通货膨胀保护证券的本金会随着通货膨胀率调整，所以大幅度减少了购买力风险。但通货膨胀保护证券所拿到的利息会面临再投资风险。