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 has furnished the following information:According to the dividend discount model and the other data given, the company’s stock is best described as a:【单选题】

A.growth stock.

B.cyclical stock.

C.speculative stock.

正确答案:C

答案解析:“An Introduction to Security Valuation,” Frank K. Reilly, CFA and Keith C. Brown, CFArate = ROE x RR = 20% x 0.5 = 10%; Intrinsic value of the stock = €2.20 / (15% – 10%) = €44.00 compared to the market price of €50. The stock's P/E is 30x versus the industry average of 20x.

2、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.

3、With respect to the Standards of Professional Conduct relating to diligence andreasonable basis, which of the following statements is least accurate? A memberneeds to:【单选题】

A.ensure that his firm has standardized criteria for reviewing external advisers.

B.have an understanding of the parameters used in the model or quantitativeresearch.

C.dissociate from team research reports that do not reflect the member's opinion.

正确答案:C

答案解析:如果集体研究结果与会员的观点不同，只要没有理由怀疑其他人不独立客观或不勤勉尽责，则可以在该研究报告上署名，并不一定要拒绝，所以选项C是错误的说法。选项A和B都是正确的做法。

4、Three firms operate under perfect competition, producing 900 units of the same product but usingdifferent production technologies. Each company's cost structure is indicated in the table:Which of the following statements is most accurate ? lf the unit selling price is:【单选题】

A.$4.50, all firms should continue to operate in the short run, but exit the market in the long run ifthese conditions are expected to persist.

B.$3.00, Firm X should continue to operate in the short run, but Firms Y and Z should shut downproduction.

C.$6,00, all firms should exit the market in the long run.

正确答案:B

答案解析:Section 3.1.3

5、An analyst does research about fiscal policy.With respect to the balanced budgetmultiplies, if a government simultaneously increases spending by $10 billion andraises the same amount in new taxes to finance the spending, the impact on GDPwill most likely be :【单选题】

A.negative.

B.neutral.

C.positive.

正确答案:C

答案解析:因为一般来讲，GDP会随着政府的支出和税收成比例变化，而政府的支出乘数要大于政府的税收乘数，所以如果在期限内平衡预算的话，最终的影响会使得GDP增加。

6、An analyst does research about market structures.In a perfectively competitionindustry, the long-run effect of a permanent increase in demand most likely resultsin an increase in:【单选题】

A.price.

B.output per firm.

C.the number of firms.

正确答案:C

答案解析:原来市场是平衡的，如果需求永久性增加，假设供给不变，会造成价格上升，则生产者会扩大产出，原来行业中的企业会产生经济利润，但竞争对手会进入这个行业，致使市场供给增加，价格回落到初始位置，此时每个企业仍然生产原来的产量，但是总体市场的供给量增加了，这是由于部分企业进入该行业造成企业数量增加的缘故。

7、An analyst does research about earnings quality.During 2011, a company reportedthe sale of accounts receivable but retained the effective credit risk for the uncollectedreceivables.That company's 2011 financial statements will most likelyoverstate :【单选题】

A.current assets.

B.cash flow from operating activities.

C.cash flow from financing activities.

正确答案:C

答案解析:出售应收账款：公司将其出售给第三方而保留无法回收账款的信用风险，其实这并不应属于应收账款的出售，而属于利用应收账款来融资，而这时流动资产和流动负债都被低估了，流动资产和流动负债要分别加上所出售的应收账款的金额才能反映这笔交易的实质。同时，这笔现金流被记为经营性现金流，而本来应该算作融资性现金流的，所以经营性现金流被高估了，故要减去这笔金额；而且融资性现金流被低估了，要加上这笔金额。

8、An analyst does research about cost of capital.All else being equal, if a U.S.company's marginal tax rate decreases, the company's weighted average cost ofcapital will most likely:【单选题】

A.decrease.

B.remain unchanged.

C.increase.

正确答案:C

答案解析:加权平均资本成本。其中，是普通股股东的必要回报率，是优先股股东的必要回报率，是公司发行新债券的必要收益率，所以税率t减小，WACC会增大。

9、An analyst does research about execution instructions.A trader who places abuy order at the best bid most likely:【单选题】

A.makes the market.

B.is inside the market.

C.takes the market.

正确答案:A

答案解析:考查基本定义。makes the market，是指以最高的买入价格作为报价的一个限价买入订单，或者以最低的卖出价格作为报价的一个限价卖出订单。inside the market，是指以最高的买入价格和最低的卖出价格之间的价格作为报价的限价买入或者限价卖出订单。takes the market，是指交易者接受现有报出的最优价格并迅速成交的情况，如交易者报出市价委托订单。

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。