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 fund manager would like to estimate the probability of a daily loss higher than 5% on the fund he manages. He decides to employ a method that uses the relative frequency of occurrence based on historical data. The resulting probability is best known as:【单选题】

A.a priori probability.

B.empirical probability.

C.subjective probability.

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, CFAB is correct. An empirical probability is “a probability estimated from data as a relative frequency of occurrence.”

2、A company, which prepares its financial statements in accordance with IFRS is in the process of developing a more efficient production process for one of its primary products. The most appropriate accounting treatment for those costs incurred in the project is to:【单选题】

A.expense them as incurred.

B.capitalize costs directly related to the development.

C.expense costs until technical feasibility has been established.

正确答案:C

答案解析:“Long-Lived Assets,” Elaine Henry, CFA, and Elizabeth A. GordonUnder IFRS research and development costs are expensed until certain criteria are met, including that technical feasibility has been established and the company intends to use it.

3、If the prices of substitute resources decrease, the demand for a given resource will most likely:【单选题】

A.increase.

B.decrease.

C.remain unchanged.

正确答案:B

答案解析:A decrease in the price of a substitute resource would encourage producers to use the substitute resource thus reducing demand for the resource in question.Section 4.1

4、Compared to its market-value-weighted counterpart, a fundamentally weighted index will least likely have a:【单选题】

A.value tilt.

B.contrarian “effect.”

C.momentum “effect.”

正确答案:C

答案解析:“Security Market Indices,” Paul D. Kaplan and Dorothy C. KellyC is correct. Momentum “effect” is a characteristic of a market-value-weighted index, not a fundamentally weighted index.

5、Gabrielle Gabbe, CFA has been accused of professional misconduct by one of her competitors. Theallegations concern Gabbe's personal bankruptcy filing 10 years ago when she was a collegestudent and had a large amount of medical bills she could not pay. By not disclosing the bankruptcyfiling to her clients, did Gabbe most likely violate any CFA Institute Standards of ProfessionalConduct?【单选题】

A.No

B.Yes, related to Misconduct

C.Yes, related to Misrepresentation

正确答案:A

答案解析:A personal bankruptcy does not necessarily constitute a violation of Standard l(C)-Misrepresentationor Standard l(D)-Misconduct. If the circumstances of the bankruptcy involved fraudulent or deceitfulbusiness conduct, then failing to disclose it may constitute a violation of the Standards of ProfessionalConduct.Standard l(C)-Misrepresentation, Standard l(D)-Misconduct

6、Which of the following is NOT a recommended procedure for complying with theStandards of Professional Conduct relating to priority of transactions?【单选题】

A.Limit participation in equity IPOs.

B.Establish blackout or restricted periods.

C.Disclose all personal securities holding to public.

正确答案:C

答案解析:向公众公开所有个人的证券持股情况并不是推荐的做法，严格限制个人参与私募和股票的IPO都是推荐的做法。另外，应该在给客户交易之前建立交易限制时期，这样基金经理不能提前于客户交易。

7、With respect to long-lived assets, which of the following statements is least accurate?The cost model for long-lived assets:【单选题】

A.must be used under U.S.GAAP.

B.must be used for all classes of intangible assets under IFRS.

C.may be used for some classes of assets while the revaluation model may be used for other classes under IFRS.

正确答案:B

答案解析:IFRS允许企业既可以使用成本模型（cost model），也可以使用重估模型（revaluationmodel)。成本模型使用历史成本减去累计折旧或摊销。重估模型使用公允价值。相对地，U.S.GAAP要求采用成本模型。同时，IFRS允许公司对于一些资产类别使用成本模型，对于另外一些资产类别使用重估模型，但是公司必须对于已经分类的资产类别应用同样的模型，并且必须重新评估所有在已经分类的资产类别中的项目，以避免选择性的重新估值。

8、Participating preference shares are least likely to entitle the shareholders to participate in:【单选题】

A.additional distribution of the company's assets upon liquidation.

B.corporate decisions through voting rights.

C.additional dividends if the company's profits exceed a predetermined level.

正确答案:B

答案解析:Participating preference shares do not entitle the shareholders to participate in corporate decisionsthrough voting rights. But they do entitle them to (1) an additional dividend if the company's profitsexceed a prespecified level and (2) additional distribution of the company's assets upon liquidation,above the par.Section 3.2

9、An analyst does research about bond yield and gathers the following informationabout the call structure for a 7 percent coupon bond that pays interest semiannuallyand matures in ten years:If the bond is correctly priced at $ 102.75, the bond's yield to first call isclosest to:【单选题】

A.3.34%

B.6.35%

C.6.68%

正确答案:C

答案解析:用计算器计算，N = 10，PV= - $ 102.75，PMT = $ 100 × 7%/2 =3.5，FV = $ 102，求得I/Y=3.34%，第一次行看涨权的收益率为：3.34% ×2=6.68%。

10、A zero-coupon bond issued 3 years ago with a par value of $1 000 has 7 yearsremaining to maturity.If the annual rate associated with the bond is 8 percent,the value of the bond is closest to:【单选题】

A.$577

B.$583

C.$790

正确答案:A

答案解析:N = 7 × 2 = 14，FV = $1 000，I/Y = 8/2 = 4，PMT = 0，通过计算可得：PV = -$577。注意，零息债券是半年付息一次。