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、Sisse Brimberg, CFA is responsible for performance presentations at her investment firm. The presentation that Sisse uses states her firm:Based on the above information, which of the following is the most appropriate recommendation to help Brimberg meet the CFA Institute Standards of Professional Conduct in her performance presentations? She should present performance based on:【单选题】

A.a gross of fee basis.

B.actual not simulated results.

C.a weighted composite for all similar portfolios.

正确答案:C

答案解析:"Guidance for Standards I-VII CFA Institute"C is correct because in order to meet their obligations under Standard III (D), members should present the performance of the weighted composite of similar portfolios rather than using a single representative or all accounts, so this is the best selection of the options provided.

2、The probability of event A is 40%. The probability of event B is 60%. The joint probability of AB is 40%. The probability that A or B occurs or both occur is closest to:【单选题】

A.40%.

B.60%.

C.84%.

正确答案:B

答案解析:“Probability Concepts,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAP(A or B) = P(A) + P(B) – P(AB) = 40 + 60 - 40 = 60

3、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.

4、A combination of interest rate calls is referred to as an interest rate:【单选题】

A.cap.

B.floor.

C.collar.

正确答案:A

答案解析:“Option Markets and Contracts”, Don M. Chance, CFAA is correct because an interest rate call is an option in which the holder has the right to make a known interest payment and receive an unknown interest payment. The underlying is the unknown interest rate. If the unknown underlying rate turns out to be higher than the exercise rate at expiration, the option is exercised. Thus, the interest rate paid will not be higher than the exercise rate. A combination of interest rate calls is referred to as an interest rate cap or sometimes just a cap.

5、Duration is most accurate as a measure of interest rate risk for a bond portfolio when the slope of the yield curve:【单选题】

A.increases.

B.decreases.

C.stays the same.

正确答案:C

答案解析:“Risks Associated with Investing in Bonds,” Frank J. FabozziC is correct because duration measures the change in the price of a portfolio of bonds if the yields for all maturities change by the same amount; that is, it assumes the slope of the yield curve stays the same.

6、If an investor uses derivatives to make a long investment in commodities, the return earned on margin is best described as:【单选题】

A.price return.

B.collateral yield.

C.convenience yield.

正确答案:B

答案解析:“Investing in Commodities,” Ronald G. Layard-LieschingB is correct. Collateral yield is the return on cash used as margin on derivatives used to gain commodity exposure.

7、Using the following sample results drawn as 25 paired observations from their underlyingdistributions, test whether the mean returns of the two portfolios differ from each other at the 1%level of statistical significance. Assume the underlying distributions of returns for each portfolio arenormal and that their population variances are not known.Based on the paired comparisons test of the two portfolios, the most appropriate conclusion is that should be:【单选题】

A.accepted because the computed test statistic is less than 2.807.

B.rejected because the computed test statistic exceeds 2.807.

C.accepted because the computed test statistic exceeds 2.807.

正确答案:B

答案解析:The test statistic is:CFA Level I"Hypothesis Testing, Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E.RunkleSection 3.3

8、An analyst does research about Nash Equilibrium.With respect to game theory,which of the following describes the condition that two colluding firms in an oligopolymarket are a Nash Equilibrium?【单选题】

A.Neither firm cheats.

B.Only one firm cheats.

C.Both firm cheat.

正确答案:C

答案解析:纳什均衡（Nash Equilibrium）是指寡头企业最终达到的均衡。市场中，两个寡头企业希望通过勾结来获得行业的最大经济利润，但其中一个寡头企业可能会违反协议增加产量，以增加其自身的经济利润，而另一个寡头企业有可能发生经济亏损，但如果每个企业都违反协议，则最终会达到一种均衡。

9、An analyst gathers the following information about two mutually exclusive projectsof a company:If the cost of capital used is 10% , the most appropriate decision for the companyis to accept:【单选题】

A.Project 1 only.

B.Project 2 only.

C.both Project 1 and Project 2.

正确答案:A

答案解析:对于独立项目（independent project），如果NPV > 0，就可以接受该项目；如果NPV 当IRR与NPV对作决策有冲突时，以NPV为准。

10、An asset management firm generated the following annual returns in their US large-cap equityportfolio:The 2012 return needed to achieve a trailing five-year geometric mean annualized return of 5% whencalculated at the end of 2012 is closest to:【单选题】

A.27.6%.

B.17.9%.

C.35.2%.

正确答案:C

答案解析:Section 2.1.3