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、Hezi Cohen, a CFA candidate, is a heavy user of social networking sites on the Internet. His favorite site only allows a limited number of characters for each entry so he has learned to abbreviate everything, including CFA trademarks. Cohen also enjoys professional networking sites and contributes regularly to blogs that discuss the broad topical areas covered within the CFA Exam Program. In addition, he posts to these blogs pieces he has written in his area of expertise: retirement planning. By claiming to be an expert on retirement planning, he believes his stature within the investment community increases and he can gain more clients. Which Internet activity can Cohen most likely continue to be in compliance with the CFA Standards of Professional Conduct?【单选题】

A.Use of abbreviations.

B.Claiming retirement planning expertise.

C.Blogging about broad topical areas within the CFA Exam Program.

正确答案:B

答案解析:“Guidance for Standards I-VII,” CFA InstituteB is correct because the CFA Standards do not prevent a person from claiming to be an expert in their area of specialty as long it is not a misrepresentation and/or an exaggeration of their skill and expertise.

2、The diagram to the right shows the domestic demand and supply curves for a country that imports a commodity, where PW is its world price and PT is its domestic price after the imposition of a tariff.【单选题】

A.E.

B.G.

C.F+H.

正确答案:C

答案解析:“Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. Arbogast, CFAC is correct. The loss in consumer surplus because of higher prices is represented by area E+F+G+H. This exceeds the gains from producer surplus (E) and government revenues on imports (G). Hence, the net welfare effect to the country is a deadweight loss of [e + f + g + h] – [E] – [G] = F+H.

3、The following data are available for a company and its industry:Which of the following statements about the company is most appropriate? The company:【单选题】

A.operates in the manufacturing industry.

B.has made significant acquisitions in the past.

C.has higher financial leverage than the industry.

正确答案:B

答案解析:“Understanding Balance Sheets,” Elaine Henry and Thomas R. RobinsonB is correct. Goodwill makes up 40% of total assets; therefore, the company has made significant acquisitions at some point because goodwill is only recognized during acquisitions. Leverage is below the industry average for both the debt-to-equity ratio of 40% [(20.1 + 1.6) ÷ 54] versus the industry average of 50% and long-term debt-to-equity ratio of 37% [20.1 ÷ 54] versus the industry average of 40%. The low PP&E and inventory levels also indicate the company is not likely a manufacturer.

4、An analyst gathered the following information about a company that expects to fund its capital budget without issuing any additional shares of common stock:If no significant size or timing differences exist among the projects and the projects all have the same risk as the company, which project has an internal rate of return that exceeds 10 percent?【单选题】

A.All three projects

B.The warehouse project only

C.The warehouse project and the equipment project

正确答案:B

答案解析:“Capital Budgeting,” John D. Stowe, CFA and Jacques R. Gagné, CFAThe WACC of the company is calculated as 0.5(6%) + 0.1(10%) + 0.4(15%) = 10%. To have a positive NPV, a project must have an IRR greater than the WACC used to calculate the NPV. Only the warehouse project has a NPV greater than $0 (at the company’s WACC of 10%), therefore only the warehouse project has an IRR that exceeds 10%.

5、A forward rate agreement (FRA) that expires in 180 days and is based on 90-day LIBOR is quoted at 2.2%. At expiration of the FRA, 90-day LIBOR is 2.8%. For a notional principal of USD1,000,000, the payoff of this FRA is closest to:【单选题】

A.USD1,469.31.

B.USD1,489.57.

C.USD1,500.00.

正确答案:B

答案解析:“Forward Markets and Contracts,” Don M. Chance, CFAB is correct. 1,000,000 × (0.028 – 0.022) × (1/4)/(1 + (0.028/4)) = 1,489.57.

6、Jiro Sato, CFA, deputy treasurer for May College, manages the Student Scholarship Trust. Satoissued a request for proposal (RFP) for domestic equity managers. Pamela Peters, CFA, a goodfriend of Sato, introduces him to representatives from Capital Investments, which submitted aproposal. Sato selected Capital as a manager based on the firm's excellent performance record.Shortly after the selection, Peters, who had outstanding performance as an equity manager withanother firm, accepted a lucrative job with Capital. Which of the CFA charterholders violated theCFA Institute Standards of Professional Conduct?【单选题】

A.Both

B.Neither

C.Peters

正确答案:B

答案解析:Members should use reasonable care and judgment to maintain independence and objectivity, asstated in Standard I (B). There is no indication of inappropriate behavior in the selection of the equitymanager or in the acceptance of employment with that manager; both decisions were based on theexcellent performance records of the manager and the member, respectively.Standard I(B)

7、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

8、An analyst does research about cash flow calculation.The indirect method ofreporting cash flow from operating activities most likely begins with:【单选题】

A.net income.

B.depreciation and amortization.

C.changes in balance sheet accounts.

正确答案:A

答案解析:用间接法计算经营性现金流，是从净利润开始，之后调节投资性现金流和融资性现金流的盈亏，以及非现金项目和资产负债表中经营性项目的变化。

9、An analyst does research about valuation models.With respect to equity valuationmodels, valuation working well for companies that do not have a high proportionof intangible or "off the books" assets and that do have a high proportionof current assets and current liabilities is best categorized as a(n) :【单选题】

A.multiplier model.

B.discounted cash flow model.

C.asset-based valuation model.

正确答案:C

答案解析:基于资产的定价方法用于对企业资产和负债的市场或公允价格的估计，该定价方法特别针对没有大量无形资产和表外资产，以及拥有大量流动资产和流动负债的企业。

10、An analyst does research about a forward agreement (FRA).A FRA is referredto as a 3 ×9.The terms of the agreement are a:【单选题】

A.3-month rate and a 6-month expiration.

B.3-month rate and a 9-month expiration.

C.6-month rate and a 3-month expiration.

正确答案:C

答案解析:本题考的是一个远期利率协议的基本概念，这里面的“3”指的是从现在起3个月之后协议截止，开始利率交换；“9”则指从现在起9个月之后利率交换全部结束，所以远期利率协议的期限是3个月，针对的是6个月的利率。