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、As a condition of his employment with an investment bank, Abasi Hasina, CFA, was required to sign an employment contract, including a non-compete clause restricting him from working for a competitor for three years after leaving the employer. After one year, Hasina quits his job for a comparable position with an investment bank in a country where non-compete clauses are illegal. Lawyers with whom he consulted prior to taking the new position determined the non-compete clause was a violation of human rights and thus illegal. Did Hasina most likely violate the CFA Institute Code of Ethics?【单选题】

A.Yes

B.No, because the non-compete clause violates his human rights

C.No, because the non-compete clause is illegal in the new country of employment

正确答案:A

答案解析:“Code of Ethics and Standards of Professional Conduct,” CFA Institute2012 Modular Level I, Vol. 1, p. 15A is correct because by failing to adhere to the non-compete clause he agreed to abide by when signing his employment contract, Hasina shows a lack of professional integrity toward his employer. This behavior reflects poorly on the good reputation of members and is a violation of the Code of Ethics, which states that members and candidates must act with integrity, and Standard I (D) Misconduct, which states that members and candidates must not engage in any professional conduct involving dishonesty, fraud, or deceit or commit any act that reflects adversely on their professional reputation, integrity, or competence. The Code of Ethics at times requires a member or candidate to uphold a higher standard than that required by law, rule, or regulation, or in this case the strict application of the employment agreement.

2、Selected information for a company and the common size data for its industry are provided below.Which of the following is most likely a contributor to the company’s inferior ROE compared to that of the industry? The company’s:【单选题】

A.tax burden ratio.

B.interest burden ratio.

C.financial leverage ratio.

正确答案:C

答案解析:“Financial Analysis Techniques,” Elaine Henry, Thomas R. Robinson, and Jan Hendrik van Greuning[1663201704061-image/0235.jpg]

3、The following information relates to a futures contract (in U.S. dollars):If no funds are withdrawn and margin calls are met at the beginning of the next day, the ending margin account balance on Day 3 for an investor with a short position of 10 contracts is closest to:【单选题】

A.$120.

B.$80.

C.$90.

正确答案:A

答案解析:At the end of Day 1, the balance in the account would be $20.Section 3

4、A company is long an interest rate swap with a current market value of $125,000. The company wants to terminate this swap before the expiration date. From a credit risk perspective, which is the least attractive way to terminate the swap?【单选题】

A.Sell the swap to a third party.

B.Short an offsetting swap with a third party.

C.Agree to terminate the swap and receive its market value from the counterparty.

正确答案:B

答案解析:“Swap Markets and Contracts,” Don M. ChanceBoth the initial and the offsetting swap remain in effect, exposing the company to potential default risk with two different counterparties.

5、Which attributes would a private equity firm most likely consider when deciding if a company is particularly attractive as a leveraged buyout target?【单选题】

A.Sustainable cash flow

B.Efficiently managed companies

C.Market value exceeds intrinsic value

正确答案:A

答案解析:“Introduction to Alternative Investments”, Terri Duhon, George Spentzos, CFA, and Scott D. Stewart, CFAA is correct because private equity firms look for companies with strong cash flow and that have a significant amount of physical assets. These physical assets can be used as security and borrowed against.

6、Six companies in an industry have the following market shares:If Companies D and F merge into a new Company, G, the industry's three-company concentrationratio would be closest to:【单选题】

A.72%.

B.74%.

C.71%.

正确答案:B

答案解析:The concentration ratio for the top three companies would be 74%:Section 7.2

7、If the price of a key factor of production decreases, real GDP is most likely to:【单选题】

A.decrease.

B.remain unchanged.

C.increase.

正确答案:C

答案解析:如果一种主要生产要素价格降低，则会导致供给增加和真实GDP增加。

8、An analyst does research about earnings quality.During 2011, a company reportedthe sale of accounts receivable but retained the effective credit risk for the uncollectedreceivables.That company's 2011 financial statements will most likelyoverstate :【单选题】

A.current assets.

B.cash flow from operating activities.

C.cash flow from financing activities.

正确答案:C

答案解析:出售应收账款：公司将其出售给第三方而保留无法回收账款的信用风险，其实这并不应属于应收账款的出售，而属于利用应收账款来融资，而这时流动资产和流动负债都被低估了，流动资产和流动负债要分别加上所出售的应收账款的金额才能反映这笔交易的实质。同时，这笔现金流被记为经营性现金流，而本来应该算作融资性现金流的，所以经营性现金流被高估了，故要减去这笔金额；而且融资性现金流被低估了，要加上这笔金额。

9、The duration and convexity of an option-free bond priced at $90.25 are 10.34 and 151.60,respectively. If yields increase by 200 bps, the percentage price change is closest to:【单选题】

A.-23.71%.

B.-17.65%.

C.-20.68%.

正确答案:B

答案解析:It is calculated as duration effect:Sections 3.5-3.6

10、An analyst does research about convexity.The best measure of convexity for aputable bond is:【单选题】

A.Modified convexity.

B.Macaulay convexity.

C.Effective convexity.

正确答案:C

答案解析:对于内含权利的债券，无论是可赎回债券还是可回售债券，其现金流都是不确定的，只能用有效久期和有效凸性来衡量利率风险，而不能用修正久期或麦考利久期及修正凸性来衡量。