2019年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理历年真题10道，附答案解析，供您考前自测提升！

1、Lawrence Hall, CFA, and Nancy Bishop, CFA, began a joint research report on Stamper Corporation. Bishop visited Stamper’s corporate headquarters for several days and met with all company officers. Prior to the completion of the report, Bishop was reassigned to another project. Hall utilized his and Bishop’s research to write the report but did not include Bishop’s name on the report, because she did not agree with Hall’s conclusion included in the final report. According to the CFA Institute Standards of Practice Handbook, did Hall violate any CFA Institute Standards of Professional Conduct?【单选题】

A.No.

B.Yes, with respect to misrepresentation.

C.Yes, with respect to diligence and reasonable basis.

正确答案:A

答案解析:“Guidance for Standards I-VII”, CFA InstituteMembers are in compliance with CFA Institute’s Standard V (A) Diligence and Reasonable Basis, if they rely on the research of another party who exercised diligence and thoroughness. Because Bishop’s opinion did not agree with the final report, disassociating her from the report is one way to handle this difference between the analysts.

2、Which of the following least likely describes an advantage of investing in hedge funds through a fund of funds? A fund of funds may provide investors with:【单选题】

A.lower fees due to economies of scale.

B.access to funds that are closed to new investors.

C.access to managers with expertise in finding reliable and good-quality hedge funds.

正确答案:A

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeaveyA is correct because the fees on funds of funds are usually higher. The fund of funds manager charges a fee, and there is a fee charged by each hedge fund.

3、Theresa Green, CFA, manages the portfolio of Ian Knowlden, a client of TisburyInvestments.Green knows that Knowlden is preparing to sell a large positionin the Franklin Industries, a relatively small inactively-traded stock listingin a local exchange.Green places a sell order for Franklin Industries in his ownaccount before the Knowlden's order is placed.Green has most likely violatedthe Standard(s) of Professional Conduct relating to:【单选题】

A.only material non-public information.

B.only priority of transactions.

C.both material nonpublic informationand priority of transactions.

正确答案:C

答案解析:Green在客户交易之前进行个人交易，违反了优先交易权（priority of transactions）的行为标准。客户正准备出售大量股票，而这对股票价格会有重大影响，所以这属于重大的非公开信息，Green利用了该重大的非公开信息进行交易，违反了重大的非公开信息(material nonpublic information)披露的行为标准。

4、A company's optimal capital budget most likely occurs at the intersection of the:【单选题】

A.marginal cost of capital and investment opportunity schedule.

B.marginal cost of capital and net present value profiles.

C.net present value and internal rate of return profiles.

正确答案:A

答案解析:The point at which the marginal cost of capital intersects the investment opportunity schedule is theoptimal capital budget.Section 2.3

5、After a two-for-one stock split, which of the following will most likely change relative to its pre-splitvalue?【单选题】

A.Earnings per share (EPS)

B.Price-to-earnings ratio (P/E)

C.Dividend payout ratio

正确答案:A

答案解析:A two-for-one stock split will double the amount of shares, thus reducing the EPS to half of its pre-splitvalue. P/E will remain unchanged because the price also reduces by half and exactly cancels outthe effect of the reduced EPS. The dividend payout ratio remains unchanged because the sameproportion of earnings will still be used after the split.Section 2.5

6、An analyst does research about financial leverage and gathers the following informationabout a company:The expected change in operating income for 2011 is closest to:【单选题】

A.20%.

B.25%.

C.50%.

正确答案:B

答案解析:根据如下公式：change in operating income = DOL × change in sales =2.5 × 10% =25%。

7、Which of the following statements is most accurate in an efficient market?【单选题】

A.Securities market prices fully reflect their fundamental values.

B.Active strategies will lead to excess risk adjusted portfolio returns.

C.Securities market prices respond over time to changes in economic information.

正确答案:A

答案解析:In an efficient market, market participants will process available information and those with oppositeviews will trade among each other until securities market prices fully reflect their fundamental values.An efficient market is thus a market in which asset prices reflect all past and present information.Section 2.1

8、An analyst gathered the following financial statement information about a company:The analyst also determined that the company uses the LIFO inventory method,but most companies in the industry use the FIFO method.The footnotes to the financialstatements indicate that if the company had used the FIFO method, the inventorybalance would have been $40 million higher than the amount reported onthe company's most recent financial statements.The most appropriate book valueper share to use in computing the company's price to book value ratio is:【单选题】

A.$42.5

B.$43.7

C.$47.5

正确答案:A

答案解析:每股净资产（book value per share） = [90 + 307 + 40 × （1 - 30%） ]/10 = 42.5，这里需要考虑本公司采用的是LIFO，而其他公司采用的是FIFO，如果该公司用聊的话，会增加存货价值，同时该公司的COGS也会减少，从而利润增加，但要扣除税收的影响。

9、An analyst does research about commodity markets.Which of the followingstatements about investing in commodities is least accurate?【单选题】

A.Investing in commodity futures is the most common strategy for commodityinvesting.

B.A collateralized futures position consists entirely of long position in futuresfor a given amount of underlying value.

C.Commodities tend to have a low to negative correlation with stock and bondreturns and a desired positive correlation with inflation.

正确答案:B

答案解析:通过期货合约来投资于商品是一种低成本的投资办法，也是商品投资最普遍的方法，所以选项A是正确的。抵押商品期货头寸（collateralized futures position）包括期货合约多头头寸和与头寸等值的国债，所以选项B是错误的。商品与股票和债券的回报的相关性低或者是负相关，与通货膨胀是正相关，商品投资是一种很好的分散化风险和抵御通货膨胀的投资。

10、An analyst does research about bond evaluation.Each of the option-free bondslisted below has a par value of $1 000: Which of the following statements about the two bonds is most accurate? If thediscount rate for each of the bonds remains at 7.5 percent for ten years, the passageof time will result in an increase in value for:【单选题】

A.Bond 1 only.

B.Bond 2 only.

C.both Bond 1 and Bond 2.

正确答案:A

答案解析:债券l的折现率大于息票率，是折价发行，账面价值随着时间的推移不断上升而趋向于面值。债券2的折现率小于息票率，是溢价发行，账面价值随着时间的推移不断下降而趋向于面值。