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、Kirsten Kelso, CFA, is a research analyst at an independent research firm. Kelso is part of a team of analysts who focus on the automobile industry. Recently, Kelso disagreed with two research sell recommendations written by her team even though she felt confident the research process was properly conducted. In a webcast open to all institutional but not retail clients, Kelso states “even though my name is on the sell reports, these stocks are a buy in part because sales and share prices for both auto companies will rise significantly due to strong demand for their vehicles.” Kelso’s actions would least likely violate which of the following CFA Institute Standards of Professional Conduct?【单选题】

A.Fair Dealing

B.Communication with Clients

C.Diligence and Reasonable Basis

正确答案:C

答案解析:CFA Institute StandardsC is correct because the recommendation is based on a reasonable and adequate research process, so the analyst could follow the research team’s opinion, as required by Standard V (A) Diligence and Reasonable Basis.

2、A trader determines that a stock price formed a pattern with a horizontal trendline that connects the high prices and a trendline with positive slope that connects the low prices. Given the pattern formed by the stock price, the trader will most likely:【单选题】

A.purchase the stock because the pattern indicates a bullish signal.

B.avoid trading the stock because the pattern indicates a sideways trend.

C.sell the stock because the pattern indicates a bearish signal.

正确答案:A

答案解析: 2014 CFA Level I “Technical Analysis,” by Barry M. Sine and Robert A. Strong Section 3.3.2.1

3、On 1 January, a company, which prepares its financial statements according to IFRS, arranged financing for the construction of a new plant. The company:The amount of financing costs to be capitalized (NZ$) to the cost of the plant in the first year is closest to:【单选题】

A.330,000.

B.400,000.

C.630,000.

正确答案:A

答案解析:"Long-Lived Assets,” Elaine Henry, CFA and Elizabeth A. Gordon[1663201704061-image/0417.jpg]

4、A continuous market most likely exists for a stock when:【单选题】

A.specialists or market makers attempt to derive new equilibrium prices in an orderly manner.

B.new information about the company prospects is continuously released to market participants.

C.trades occur at any time the market is open wherein stocks are priced either by auction or by dealers.

正确答案:C

答案解析:“Organization and Functioning of Securities Markets,” Frank K. Reilly, CFA and Keith C. Brown, CFAIn a continuous market, trades occur at any time the market is open and the stocks are priced either by auction or by dealers. The dealers provide liquidity for investors by buying and selling the shares of stock for themselves.

5、An investor gathers the following information for an index:The value of the index as of January 1, 2012 is closest to:【单选题】

A.1,047.

B.1,070.

C.1,094.

正确答案:C

答案解析:“Security Market Indices,” Paul D. Kaplan, CFA, and Dorothy C. Kelly, CFA.[1665201704061-image/0543.jpg]

6、Using the U.S. Treasury forward rates provided below, the value of a 2?-year, $100 par value Treasury bond with a 5% coupon rate is closest to:[1667201704061-image/0356.jpg]【单选题】

A.$101.52.

B.$104.87.

C.$106.83.

正确答案:C

答案解析:“Yield Measures, Spot Rates, and Forward Rates,” Frank J. Fabozzi[1667201704061-image/0357.jpg]

7、A project that requires an initial investment of €5 million is expected to pay €22 million at the end of five years if it is successful. The probabilities of failure for the project are provided below:Assuming the cost of capital for the project is 16%, the project’s expected net present value is closest to:【单选题】

A.–€3,157,000.

B.–€1,140,000.

C.€2,017,000.

正确答案:B

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeaveyB is correct because you calculate the probability of success as (1 – .25) × (1 – .20) × (1 – .15) × (1 – .15) × (1 – .15) = 0.3685. Then, calculate the NPV from success as [(22,000,000/1.165) – 5,000,000] × 0.3685 = 2,017,000. The NPV of failure is –5,000,000 × (1 – .3685) = –3,157,000. The expected NPV of the project is 2,017,000 – 3,157,000 = –1,140,000.

8、The following information applies to a capital asset of a company:At the end of 2014, the expected remaining life of the capital asset, in years, is closest to:【单选题】

A.17.

B.20.

C.6.

正确答案:A

答案解析:Based on the annual increase in accumulated depreciation, annual depreciation expense is $125 andthe asset was acquired in 2012.Section 6.4

9、An analyst does research about shareholders voting.With respect to shareholdersvoting for a candidate for the board of directors, which of the following is mostlikely to allow shareholders to direct their total voting rights to specific candidates?【单选题】

A.Statutory voting.

B.Cumulative voting.

C.Proxy voting.

正确答案:B

答案解析:对于法定投票（statutory voting），每股代表一个投票权。对于累计投票制（cumulativevoting)，在投票时每一股拥有与待选董事人数相同的投票权，股东可以全部投给一名董事或分开投给多名董事。代理投票（proxy voting）是指股东委托其代理人行使投票权。

10、An analyst does research about a callable bond.All else being equal, is a callablebond most likely to exhibit negative convexity when the prevailing market yieldfor that bond is relatively:【单选题】

A.[1668201704111-image/224.jpg]

B.[1668201704111-image/225.jpg]

C.[1668201704111-image/226.jpg]

正确答案:C

答案解析:当市场利率低于息票率时，更有可能触及到可赎回价格，这时体现价格和收益率的相互关系的曲线显示出负凸性。