备考CFA考试，一定要多刷题，多练习。2022年CFA考试《CFA一级》考试共240题，以下是帮考网为您准备的练习题，附答案解析，供您备考练习。

1、Bonds issued by a country/////\\'s central government are referred to as sovereignbonds.Which of the following methods is used by central governments to issuesovereign bonds when it determines market conditions are advantageous?【单选题】

A.Regular cycle auction (multiple price).

B.An ad hoc auction system.

C.A tap system.

正确答案:B

答案解析:在市场适合的情况下，选择发行债券属于特别的拍卖系统。

2、On a cash flow statement prepared using the indirect method, which of the following would most likely increase the cash from investing activities?【单选题】

A.Sale of a long-term receivable

B.Sale of held-for-trading securities

C.Securitization of accounts receivable

正确答案:A

答案解析:“Understanding Cash Flow Statements,” Elaine Henry, CFA, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, ａｎｄ Michael A. Broihahn, CFA2013 Modular Level I, Vol. 3, Reading 27, Section 2.1“Accounting Shenanigans on the Cash Flow Statement,” Marc A. Siegel2013 Modular Level 1, Vol. 3, Reading 34, Section 5Study Session 8-27-a, 10-34-aCompare cash flows from operating, investing, ａｎｄ financing activities ａｎｄ classify cash flow items as relating to one of those three categories given a description of the items.Analyze ａｎｄ describe the following ways to manipulate the cash flow statement: stretching out payables； financing of payables； securitization of receivables； ａｎｄ using stock buybacks to offｓｅｔdilution of earnings.A is correct. The sale of a long-term receivable would increase cash from investing activities； the other two activities mentioned are operating activities.

3、Recording an estimate of uncollectible accounts will least likely:【单选题】

A.reduce revenues.

B.reduce net income.

C.increase expense.

正确答案:A

答案解析:未能收现的账户(uncollectible accounts)当作费用处理，并不会影响到收入，但会增加费用，并且会减少净利润。

4、Financial risk is most likely affected by:【单选题】

A.dividends.

B.long-term leases.

C.general ａｎｄ administrative costs.

正确答案:B

答案解析:“Measures of Leverage,” Pamela Peterson Drake, Raj Aggarwal, Cynthia Harrington, ａｎｄ Adam Kobor2012 Modular Level I, Vol. 4, p. 103Study Session 11-38-aDefine ａｎｄ explain leverage, business risk, sales risk, operating risk, ａｎｄ financial risk, ａｎｄ classify a risk, given a description.B is correct. As stated on p. 103, “By taking on fixed obligations, such as debt ａｎｄ long-term leases, the company increases its financial risk.”

5、Margin in the futures market is most accurately described as a:【单选题】

A.down payment from the futures trader.

B.loan to the futures trader.

C.requirement ｓｅｔby federal regulators.

正确答案:A

答案解析:It is the amount of money that must be deposited into an account by a trader when opening a futures position. The money helps ensure that the trader fulfills his obligations.2014 CFA Level I“Futures Markets ａｎｄ Contracts,” by Don M. ChanceSection 3

6、All else being equal, which of the following most likely increase credit quality?A company decreases its:【单选题】

A.margin stability.

B.retained cash flow.

C.dividend payout ratio.

正确答案:C

答案解析:派发给股东的股利越少，在公司里留给债权人的现金就越多，对债权人也越有利，并会增加公司的信用质量；减少利润率的稳定性和留存的现金流，都会降低公司的信用质量。

7、An analyst does research about the impact of tax rate changes on a company/////////////////\\'s financialstatements.Fｏｒexisting deferred tax assets ａｎｄ liabilities, an increase inincome tax rate:【单选题】

A.increases both deferred tax assets ａｎｄ deferred tax liabilities.

B.decreases both deferred tax assets ａｎｄ deferred tax liabilities.

C.decreases deferred tax assets ａｎｄ increases deferred tax liabilities.

正确答案:A

答案解析:税率的改变对于DTL和DTA的影响：税率的改变不但对当期的income statement有影响，而且对在balance sheet中的DTA和DTL也会有影响。Tax rate上升，令资产负债表中的DTL上升和DTA上升。Tax rate下降，令资产负债表中的DTL下降和DTA下降。

8、An analyst does research about the treasury stock method ａｎｄ gathers the followinginformation about a company fｏｒ2011:● Net income is $1 360 000● Dividends paid on stocks is $80 000● Average number of shares outstanding is 400 000● Number of options outstanding is 15 000● Average price of common stocks during the year is $25● Exercise price of option is $15There are no other potentially diluted securities outstanding.The company/////////////////\\'s dilutedearnings per share in 2011 using the treasury stock method under U.S.GAAP is closest to :【单选题】

A.$3.28

B.$3.33

C.$3.35

正确答案:C

答案解析:先用库藏股法算出期权稀释的股份数量：[(stock price - option exercise price)/ stock price] × N = [($25 - $15)/$25] × 15 000 =6 000。然后，计算diluted EPS = $1 360 000/(400 000 + 6 000) = $3.35。

9、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:【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. Fabozzi2012 Modular Level I, Vol. 5, pp. 572–575Study Session 16-58-gExplain a forward rate, ａｎｄ calculate spot rates from forward rates, forward rates from spot rates, ａｎｄ the value of a bond using forward rates.C is correct because the value of the bond is

10、Which of the following statements best describes an advantage of a forward contract over a futures contract? A forward contract:【单选题】

A.is essentially free of default risk.

B.can easily be offｓｅｔpriｏｒto expiration.

C.allows parties to enter into a customized transaction.

正确答案:C

答案解析:“Derivative Markets ａｎｄ Instruments,” Don M. Chance, CFA2013 Modular Level I, Vol. 6, Reading 60, Section 2.1Study Session 17-60-cDefine forward contracts, futures contracts, options (calls ａｎｄ puts), ａｎｄ swaps ａｎｄ compare their basic characteristics.C is correct. Unlike futures contracts, which have standardized features, forward contracts can be customized to suit the needs of the parties involved.

希望以上练习题对您的复习有所帮助，帮考网祝您考试成功!