2019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、Compared to its market-value-weighted counterpart, a fundamentally weighted index will least likely have a:【单选题】

A.value tilt.

B.contrarian “effect.”

C.momentum “effect.”

正确答案:C

答案解析:“Security Market Indices,” Paul D. Kaplan and Dorothy C. KellyC is correct. Momentum “effect” is a characteristic of a market-value-weighted index, not a fundamentally weighted index.

2、Epsilon Inc., a U.S. based company, must pay ￥1,000,000,000 to its Japanese component supplier in 3 months. Epsilon approaches a dealer and enters into a USD/JPY currency forward contract, containing a stipulation for physical delivery, to manage the foreign exchange risk associated with the payment to its supplier. Which of these best describes Epsilon’s currency forward contract?【单选题】

A.The dealer will deliver yen on expiration.

B.The amount of USD exchanged for JPY is determined at expiration.

C.Epsilon may receive or pay JPY, depending on the exchange rate at expiration.

正确答案:A

答案解析:“Forward Markets and Contracts,” Don M. ChanceA is correct because this currency forward contract requires physical delivery; therefore, Epsilon receives 1,000,000,000 JPY from the dealer in exchange for paying USD.

3、An analyst is making the necessary adjustments to convert operating leases to capital leases for comparison with other companies. The most likely effect of the adjustments will be that the:【单选题】

A.current ratio will increase.

B.interest coverage ratio will not be affected.

C.debt-to-capital ratio will increase.

正确答案:C

答案解析:Converting an operating lease to a capital lease will increase the total debt by the present value of the lease payments. This change will increase both debt and the total capital, but because the debt/total capital must be less than 1, equal additions to the numerator and denominator increase the ratio.Section 6.6

4、According to the Capital Asset Pricing Model (CAPM), the market portfolio:【单选题】

A.includes all risky assets invested in equal amounts.

B.is exposed to both unsystematic and systematic risk.

C.is perfectly positively correlated with other portfolios on the CML.

正确答案:C

答案解析:“An Introduction to Asset Pricing Models,” Frank K. Reilly and Keith C. BrownC is correct. According to the CAPM the market portfolio is perfectly positively correlated with all other portfolio on the CML. All risky assets are included in the market portfolio in proportion to their market value, not in equal amounts. The market portfolio contains only systematic risk since it is completely diversified.

5、When assessing the performance of a single investment fund, the asset allocation decision explains:【单选题】

A.a little less than 100% of the level of a fund’s returns.

B.about 90% of the fund’s variation in returns across time.

C.an average of 40% of the variation in returns of a fund across time.

正确答案:B

答案解析:“The Asset Allocation Decision”, Frank K. Reilly and Keith C. BrownB is correct. Studies have shown that for a single fund, the asset allocation decision explains about 90% of the fund’s variation in returns across time and more than 100% of the level of return. Across all funds asset allocation explains an average of 40% of the variation in fund returns.

6、An analyst does research about the coefficient of covariance and the Sharpe ratio.A security's mean return is positive and more than its standard deviation of returns.If the risk-free rate is zero, the coefficient of covariance is most likely:【单选题】

A.less than the Sharpe ratio.

B.equal to the Sharpe ratio.

C.greater than the Sharpe ratio.

正确答案:A

答案解析:变异系数是标准差除以均值夏普（Sharpe）比率在无风险利率为零的情况下是均值除以标准差，题目中说均值大于标准差，所以变异系数比夏普比率小。

7、An analyst does research about consumer surplus and producer surplus.Whenmonopolies can use perfectly price discrimination, consumer surplus is:【单选题】

A.less than zero.

B.equal to zero.

C.greater than zero.

正确答案:B

答案解析:本题考查的是对垄断和完全价格歧视的理解。在完全价格歧视的情况下，生产者可以对每一个消费者制定不同的价格，而该价格是该消费者所愿意出的最高价格，从而使消费者剩余（consumer surplus）降为零，使所有的剩余都成为生产者剩余（producer surplus），此时市场中的交易量最有效，没有无谓损失（deadweight loss）。

8、The following information for the current year is available for a company that prepares its financialstatements in accordance with US GAAP.The company's operating profit (in thousands) is closest to:【单选题】

A.$2,050.

B.$2,300.

C.$1,850.

正确答案:A

答案解析:[1663201704111-image/330.jpg]Sections 5.3, 5.5

9、An analyst does research about company's breakeven point and operatingbreakeven point.If a company's degree of financial leverage is 1.6, thecompany's breakeven point is most likely:【单选题】

A.less than the company's operating breakeven point.

B.equal to the company's operating breakeven point.

C.greater than the company's operating breakeven point.

正确答案:C

答案解析:公司盈亏平衡点：[1664201704111-image/028.jpg] = (fixed operating costs + fixed financing costs)/ (price - variablecost per unit)只要公司有融资成本（financing costs)，公司盈亏平衡点就要比公司经营性盈亏平衡点高。

10、An analyst does research about a forward agreement (FRA).A FRA is referredto as a 3 ×9.The terms of the agreement are a:【单选题】

A.3-month rate and a 6-month expiration.

B.3-month rate and a 9-month expiration.

C.6-month rate and a 3-month expiration.

正确答案:C

答案解析:本题考的是一个远期利率协议的基本概念，这里面的“3”指的是从现在起3个月之后协议截止，开始利率交换；“9”则指从现在起9个月之后利率交换全部结束，所以远期利率协议的期限是3个月，针对的是6个月的利率。