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、By definition, the probability of any event, E, is a number between:【单选题】

A.zero and positive one.

B.zero and positive infinity.

C.minus one and positive one.

正确答案:A

答案解析:“Probability Concepts,” Richard A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2. The sum of the probabilities of any set of mutually exclusive and exhaustive events equals 1.

2、An analyst gathers the following data about a company and the market:Using the dividend discount model the company’s price per share (in $) is closest to:【单选题】

A.16.00.

B.16.82.

C.18.28.

正确答案:B

答案解析:“An Introduction to Asset Pricing Models,” Frank K. Reilly, CFA and Keith C. Brown, CFANote: The notation of E[1665201704061-image/0031.jpg]in p. 279 (Vol. 4) is the same as k in p. 142 (Vol. 5).

3、Which of the following statements regarding inventory valuation is most accurate?【单选题】

A.IFRS defines market value as net realizable value less a normal profit margin.

B.Both IFRS and U.S. GAAP allow the reversal of write-downs back to the original cost.

C.Both IFRS and U.S. GAAP allow agricultural inventories to be valued at net realizable value.

正确答案:C

答案解析:Both IFRS and U.S. GAAP allow agricultural to be valued at net realizable value.Section 4

4、Louis Perkowski, CFA, is an investment advisor for institutional clients inSarkozi Securities.To comply with the Standards of Professional Conduct relatingto diligence and reasonable basis, when selecting external advisors,Perkowski must:【单选题】

A.ensure that Sarkozi Securities has standardized criteria for reviewing externaladvisors.

B.ensure that the external advisors have the lowest management fee relativeto others.

C.ensure that the external advisors have the best historical performance relativeto others.

正确答案:A

答案解析:在选择外部咨询时，CFA会员和考生需要保证自己所在的公司有一套对外部投资管理人的评估标准吗，该标准包括但不限于以下几点：（1）审核外部投资管理人的道德准则；（2）了解外部投资管理人的合规性和内部控制流程；（3）评估其对市场所公布信息的质量；（4）审核外部投资管理人是否遵守所制定的策略，并不是仅仅选择一个收取最低管理费或者历史收益表现最好者，CFA会员和考生对此应该综合考虑，寻找性价比最高的外部投资管理人。

5、Amanda Janney, CFA, is employed as a fixed-income portfolio manager for CollinsAsset Management Inc.(CAM) , a large international capital managementfirm.Janney signed a non-compete agreement with CAM when she joined CAM.The agreement strictly restricts Janney from contacting CAM's clients for fiveyears after leaving CAM.Janney leaves CAM and immediately sets up anothercompeting firm herself where Janney uses the knowledge and experience shelearns at CAM.In her first week at her new firm, Janney uses public internetsearching to find some of her former clients and recommends her new firm tothem.Janney has most likely violated the Standards of Professional Conduct by:【单选题】

A.violating his non-compete agreement signed with CAM.

B.using public internet searching to find some of her former clients at her newfirm.

C.using the knowledge and experience she learns at CAM.

正确答案:A

答案解析:因为签署过同业竞争协议就应该加以遵守，即在离开原来公司后5年内不联系原有雇主的客户，而Janney离开后的第一个星期就利用公开的互联网搜索寻找以前的客户并拉拢这些客户，显然违反了对于雇主忠诚的原则。在新公司中对以前客户是通过公开的互联网搜索找到的，并不违反规定。在新公司使用在原有公司获取的知识和技能都是允许的。

6、Participating preference shares are least likely to entitle the shareholders to participate in:【单选题】

A.additional distribution of the company's assets upon liquidation.

B.corporate decisions through voting rights.

C.additional dividends if the company's profits exceed a predetermined level.

正确答案:B

答案解析:Participating preference shares do not entitle the shareholders to participate in corporate decisionsthrough voting rights. But they do entitle them to (1) an additional dividend if the company's profitsexceed a prespecified level and (2) additional distribution of the company's assets upon liquidation,above the par.Section 3.2

7、An analyst does research about risk management applications of option strategies.With respect to option strategies, the shape of the graph that illustrates both thevalue at expiration and profit for buying a call is most similar in shape to thegraph for:【单选题】

A.selling a put.

B.a covered call position.

C.a protective put position.

正确答案:C

答案解析:有保护的看跌期权（protective put position）是购买一股股票的同时再买人针对该股票的一个看跌期权，当股票价格上涨时股票可以获利，看跌期权没有价值；而如果股票价格下跌股票损失时，看跌期权则可以获利，所以从图形上来看其收益类似于购买了一个看涨期权。

8、An analyst does research about characteristic of Exchange Trade Fund.Which ofthe following statements is least accurate? Exchange Trade Fund (ETF) :【单选题】

A.may have large bid-ask spreads.

B.can be sold or brought on margin.

C.have lower exposure to capital gains tax distribution than traditional mutualfund.

正确答案:A

答案解析:ETF基金可以被卖空或进行保证金交易，由于被动管理费用低，买卖价差比较小，资本利得税也比较少，所以选项B和c都是正确的，选项A是错误的。

9、In a strategic asset allocation, assets within a specific asset class are least likely to have:【单选题】

A.low paired correlations.

B.low correlations with other asset classes.

C.similar risk and return expectations.

正确答案:A

答案解析:In a strategic asset allocation, assets within a specific asset class have high paired correlations andlow correlations with other asset classes.Section 3.2

10、An analyst does research about various bond yields.An analyst stated that computingboth a bond's current yield and a bond's yield to refunding assumes thatall interim cash flows from the bond are reinvested at that bond's yield to maturity.Is the analyst correct with respect to interim cash flows and computinga bond's:【单选题】

A.[1668201704111-image/118.jpg]

B.[1668201704111-image/119.jpg]

C.[1668201704111-image/120.jpg]

正确答案:A

答案解析:当前收益率（Current yield）不考虑已经产生的现金流的再投资，而再融资收益率（Yieldto refunding)将被作为之前获得的现金流再投资的收益率，而不是将持有到期收益率（YTM）作为再投资的收益率。再融资收益率是在到期之前通过重新融资把之前的债券提前偿还而产生的收益率。