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、A company that wants to determine its cost of equity gathers the following information：【单选题】

A.13.1%.

B.12.6%.

C.7.5%.

正确答案:A

答案解析:CAPM: Cost of equity = Risk free rate + Beta × Market risk premium = 3.5% + 1.6 × (6.0%) = 13.1%.Section 3.3.1

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. StrongSection 3.3.2.1

3、A company, which prepares its financial statements according to IFRS, owns several investment properties on which it earns rental income. It values the properties using the fair value model based on prevailing rental markets. After two years of increases the market softened in 2012 and values decreased. A summary of the properties’ valuations is as follows:Which of the following best describes the impact of the revaluation on the 2012 financial statements?【单选题】

A.€6.5 million charge to net income

B.€6.5 million charge to revaluation surplus

C.€4.5 million charge to revaluation surplus and €2.0 million charge to net income

正确答案:A

答案解析:"Long-Lived Assets,” Elaine Henry, CFA and Elizabeth A. GordonA is correct. For investment properties, when using the fair value model of revaluing assets, all increases and decreases affect net income.

4、Under IFRS, the costs incurred in the issuance of bonds are most likely:【单选题】

A.expensed when incurred.

B.included in the measurement of the bond liability.

C.deferred as an asset and amortized on a straight-line basis.

正确答案:B

答案解析:Under IFRS, debt issuance costs are included in the measurement of the bond liability.Section 2.1

5、Prices of a futures contract for five consecutive trading-days are provided in the table below. The initial margin requirement is set at $6.00 per contract and the maintenance margin is $3.60 per contract.On day 0, a trader enters into a short position for 15 contracts. The ending balance for the margin account on day 5 is closest to:【单选题】

A.$15.

B.$60.

C.$210.

正确答案:B

答案解析:“Futures Markets and Contracts”, Don M. Chance, CFAOn day 0, the trader must deposit an initial margin of $90 (= $6 × 15). Subsequent gains and losses on the short position are reflected in the ending margin balance for the day. The ending balance on day 4 is $45, which is below the maintenance margin of $54 (= $3.60 × 15). On any day in which the amount of money in the margin account at the end of the day falls below the maintenance margin requirement, the trader must deposit sufficient funds to bring the balance back up to the initial margin requirement. Therefore, the trader must deposit $45 on day 5 to bring the margin balance up to $90. After reflecting a loss of $30, the ending balance on day 5 is $60.

6、David Donnigan enrolled to take the Level II CFA examination in the current year, but he did not takethe exam. Donnigan advised his employer that he passed Level II. Subsequently, he registered totake the Level II exam the next year. Which CFA Institute Standards of Professional Conduct didDonnigan least likely violate? The standard related to:【单选题】

A.referencing candidacy in the CFA Program.

B.duty to employer.

C.professional misconduct.

正确答案:A

答案解析:Because he registered to take the exam in the next year, Donnigan still qualifies to state he is acandidate in the CFA Program. He would not, however, be authorized to reference that he is a LevelIII candidate and, if asked, would need to specifiy that he is a Level II candidate.Standard I(D), Standard IV(A)

7、An investor purchases a bond for $989.00.After 180 days the investor receives aninterest payment of $25.10 and sells the bond for $1036.40.The investor's effectiveannual yield is closest to:【单选题】

A.14.66%

B.15.20%

C.15.42%

正确答案:C

答案解析:由题意可知，- 1 = 15.42%。

8、An analyst does research about the financial leverage about a company and gathersthe following information:The company's degree of financial leverage is closest to:【单选题】

A.1.4

B.1.7

C.1.8

正确答案:C

答案解析:财务杠杆系数（degree of financial leverage，简称DFL）的计算如下：DFL = $180 000/$180 000 - $80 000) = 1.8。

9、Given two otherwise identical bonds, when interest rates rise, the price of Bond A declines morethan the price of Bond B. Compared with Bond B, Bond A most likely.【单选题】

A.has a shorter maturity.

B.is callable.

C.has a lower coupon.

正确答案:C

答案解析:The lower the coupon rate, the more sensitive the bond's price is to changes in interest rates.Section 2.3

10、A bond has a duration of 14.4 and a convexity measure of 85.If yield increasesby 75 basis points, the percentage price change is closest to:【单选题】

A.-5.16%

B.-10.32%

C.-11.28%

正确答案:B

答案解析:-14.4 × 0.0075 + 85 × = -10.8% + 0.48% = -10.32%。