2022年CFA考试《CFA一级》试题共240道，均为单选题。帮考网为大家整理了精选模拟习题10道，附答案解析，帮助各位小伙伴考前自测提升!

1、An analyst does research about trade restriction.A primary reason fｏｒa countryto adopt restrictions on international trade is that restrictions typically:【单选题】

A.improve short-run economic efficiency.

B.benefit consumers at the expense of producers.

C.provide concentrated benefits to a smallｇｒｏｕｐof people.

正确答案:C

答案解析:限制国际贸易并不能促进短期的经济有效性，而是有利于生产厂商，并且会牺牲消费者的利益。但是，限制国际贸易为一小部分人提供了利益，如本地的生产厂商受到国外产品的竞争会减少，从而能够获得更多的利润。

2、An analyst does research about deferred tax asｓｅｔａｎｄ liability ａｎｄ gathers thefollowing information about a company:

Assuming there are no other differences between accounting ａｎｄ tax profit, thecompany most likely records:【单选题】

A.A deferred tax asｓｅｔof $ 315.

B.A deferred tax liability of $ 315.

C.A deferred tax liability of $ 585.

正确答案:B

答案解析:财务报表与税单上的折旧差异造成了递延所得税负债(DTL)，DTL在数值上等于折旧之差再乘以税率。DTL = ( $ 3 000 - $ 2 100 ) ×0.35 = $ 315，税单上因为多计了折旧而少计了利润，所以应该增加递延所得税负债。所得税费用(income tax expense)=应纳所得税(taxes payable)+ (△DTL - △DTA)。

3、An industry characterized by rapidly increasing demand, improving profitability, ａｎｄ falling prices is most likely in which of the following stages of life cycle?【单选题】

A.Growth

B.Maturity

C.Embryonic

正确答案:A

答案解析:A growth industry tends to be characterized by rapidly increasing demand, improving profitability, falling prices, ａｎｄ relativity low competition among companies in the industry.

2014 CFA Level I

“Introduction to Industry ａｎｄ Company Analysis,” by Patrick W. Dorsey, Anthony M. Fiore, ａｎｄ Ian Rossa O’Reilly

Section 5.1.5.1

4、Which of the following statements concerning the objectives of market regulation is least accurate?Regulators:【单选题】

A.ｓｅｔstandards to ensure that all agents acting in the market are skilled.

B.ensure systems are in place to prevent fraud.

C.promote fair ａｎｄ orderly markets.

正确答案:A

答案解析:Regulators help solve agency problems by setting minimum standards of competence, not skill, foragents ａｎｄ by defining ａｎｄ enforcing minimum standards of practice.

CFA Level I

"Market Organization ａｎｄ Structure," Larry Harris

Section 10

5、With respect to claiming compliance with the CFA Institute Code of Ethics andStandards of Professional Conduct, which of the following statements is least accurate?A firm :【单选题】

A.is encouraged to adopt the Code of Ethics ａｎｄ Standards of ProfessionalConduct as the company//////////////////\\'s code ａｎｄ ethics.

B.can claim compliance if its code of ethics has been verified by CFA Institute.

C.can claim compliance after ensuring its code of ethics meets the principlesof the Code of Ethics ａｎｄ Standards of Professional Conduct.

正确答案:B

答案解析:当公司的行为准则满足了CFA协会的伦理道德与专业行为标准后，公司可以宣称遵守了CFA协会的伦理道德与专业行为标准，但这并不需要CFA协会来核查，CFA协会也不会来核查公司是否遵守。公司被鼓励采纳CFA协会的伦理道德与专业行为标准，以此作为公司的道德准则。

6、If a monopolistically competitive industry becomes perfectly competitive, eachfirm//////////////////\\'s long-run average total cost per unit sold will most likely:【单选题】

A.decrease.

B.remain the same.

C.increase.

正确答案:A

答案解析:当垄断竞争变为完全竞争后，由于产品没有差异化，竞争会加剧，导致产品价格下降，产量上升，长期的平均总成本下降。

7、An analyst does research about the dividend discount model (DDM).All elsebeing equal, the earnings multiplier fｏｒa stock decreases with an increasein the:【单选题】

A.expected dividend growth rate.

B.expected dividend payout ratio.

C.estimated required rate of return on equity.

正确答案:C

答案解析:P/E = payout ratio/(k-g)，所以当预期的股利增长率或者预期的股利发放比率增加时，P/E比率都会上升，而如果估计的必要回报率增加的话，P/E比率则会下降。

8、An analyst does research about sustainable growth rate ａｎｄ gathers the followinginformation about a company fｏｒ2011:

● Net income is $2 000 000

● Common dividends paid is $900 000

● Average assets is $12 000 000

● Average liabilities is $3 500 000

The company//////////////////\\'s sustainable growth rate is closest to:【单选题】

A.9.17%

B.10.59%

C.12.94%

正确答案:C

答案解析:g = ROE × RR = [net income/(assets - liabilities)] × (1 - payout ratio):[$2 000 000/($12 000 000 - $3 5000 000)] × (1 - $900 000/$2 000 000) = 23.53% × 0.55 = 12.94%.

9、Fundamental AsｓｅｔManagers claims compliance with the CFA Institute Global Investment Performance Standards

ａｎｄ manages both discretionary ａｎｄ non-discretionary accounts. When constructing a single composite fｏｒFundamental, Juma Dzuya includes all discretionary, fee-paying accounts with both value ａｎｄ growth strategies. Does the composite constructed by Dzuya most likely meet GIPS criteria?【单选题】

A.Yes

B.No, because of non-similar investment strategies

C.No, because non-discretionary accounts are not included

正确答案:B

答案解析:“Introduction to the Global Investment Performance Standards

,” CFA Institute2012 Modular Level I, Vol. 1, p. 173Study Session 1-3-bExplain the construction ａｎｄ purpose of composites in performance reporting.B is correct because a composite must include all actual, fee-paying, discretionary portfolios managed in accordance with the same investment mandate, objective, ｏｒstrategy (Standards IV Composites).

By including both value ａｎｄ growth portfolios, the composite is made up of portfolios with different investment mandates ｏｒstrategies.

10、A company’s $100 par value perpetual preferred stock has a dividend rate of 7% ａｎｄ a required rate of return of 11%. The company’s earnings are expected to grow at a constant rate of 3% per year. If the market price per share fｏｒthe preferred stock is $75, the preferred stock is most appropriately described as being:【单选题】

A.overvalued by $11.36.

B.undervalued by $15.13.

C.undervalued by $36.36.

正确答案:A

答案解析:Value of perpetual preferred stock

The stock is overvalued by $75.00 – 63.64 = $11.36.

2014 CFA Level I

“Equity Valuation: Concepts ａｎｄ Basic Tools,” by John J. Nagorniak ａｎｄ Stephen E. Wilcox

Section 4.1

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