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、If a government increases its spending on domestically produced goods by an amount that is financed by the same increase in taxes, the aggregate demand will most likely:【单选题】

A.increase.

B.decrease.

C.remain unchanged.

正确答案:A

答案解析:“Monetary and Fiscal Policy,” Andrew Clare and Stephen ThomasDetermine whether a fiscal policy is expansionary or contractionary.A is correct. Aggregate demand rises when the government increases spending by the same amount as it raises taxes because the marginal propensity to spend out of disposable income is less than 1, and hence for every dollar less in disposable income, spending only falls by c (where c is the marginal propensity to consume in dollars). Aggregate spending will fall less than the tax rise by a factor c. This additional output will, in turn, lead to further increases in income and output through the multiplier effect.

2、During the past year, a company’s production facility was operating at 75% of capacity. The firm’s costs were as follows:The firm ended the year with no remaining work-in-process inventory. The total capitalized inventory cost (in $ millions) for the year is closest to:【单选题】

A.13.25.

B.15.25.

C.16.00.

正确答案:A

答案解析:“Inventories,” Elbie Antonites, CFA and Michael Broihahn, CFA

3、Which of the following will most likely increase a company’s operating cash flow? An increase in:【单选题】

A.days sales payable (DSP).

B.gains on the sale of long-term assets.

C.use of operating leases versus financing leases.

正确答案:A

答案解析:“Non-Current (Long-Term) Liabilities,” Elizabeth A. Gordon and Elaine HenryA is correct. An increase in the days sales payable would indicate the company is stretching out its payables, which would increase the cash from operations.

4、【单选题】

A.E.

B.G.

C.F+H.

正确答案:C

答案解析: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] =Section 3+.1

5、A company earned $3 a share last year and just paid a dividend of $2 a share. Thewilling to pay for this company’s stock (in $) today is closest to:【单选题】

A.58.68.

B.64.71.

C.66.63.

正确答案:B

答案解析:“An Introduction to Security Valuation,” Frank K. Reilly, CFA and Keith C.

6、A trader places a limit order to buy shares at a price of $49.94 with the stock trading at a market bid price of $49.49 and the bid-ask spread of 0.7%. The order will most likely be filled at:【单选题】

A.$49.49.

B.$49.84.

C.$49.94.

正确答案:B

答案解析:“Market Organization and Structure,” Larry HarrisB is correct. An order is filled at the best available price as long as this price is lower than the limit price. In this case, the best available price is the market ask price = $49.49 x (1+ 0.7%) = $49.84. Since this price is lower than the limit price of $49.94, the order will be filled at this price

7、The following ten observations are a sample drawn from an approximately normal population:The sample standard deviation is closest to:【单选题】

A.17.56.

B.18.58.

C.19.59.

正确答案:C

答案解析:The sample mean is calculated as follows:n is the number of observations in the sample.The sample variance is:The sample standard deviation is the (positive)square root of the sample variance:CFA Level I"Statistical Concepts and Market Returns," Richard A. DeFusco, Dennis W. McLeavey, Jerald E.Pinto, and David E. RunkleSections 5.1.2, 7.4.

8、A company is selling a long-lived asset with a carrying amount of $70,000 for $80,000. The originalcost of this asset was $120,000. In the year of sale, this event is most likely to be reported on theincome statement as:【单选题】

A.revenues of $80,000.

B.a gain of $10,000.

C.a loss of $40,000.

正确答案:B

答案解析:When a long lived asset is sold only the net gain or loss is reported on the income statement. Thegain or loss on a sale=sales proceeds-carrying amount=$80,000-$70,000=$10,000 gain.Section 6.1

9、An analyst does research about depreciation and gathers the following informationabout a company's property, plant, and equipment (PP&E):Based on this information, the remaining useful life of the company's PP&E isclosest to:【单选题】

A.4 years

B.5 years

C.9 years

正确答案:B

答案解析:剩余的有效使用年限等于PP&E的净值除以年折旧额：$60 000 / $ 12 000 = 5（年）。

10、An analyst does research about diluted earnings per share and gathers the followinginformation about a company:Using the treasury stock method, the number of incremental shares that should beused to compute diluted earnings per share is closest to:【单选题】

A.4 000

B.5 455

C.16 000

正确答案:A

答案解析:股票期权和权证只有在它们的行权价格比当年股票的市场价格低的时候才有稀释作用。如果股票期权和权证有稀释作用，则利用库藏股票法（treasury stock method）来计算增加的股票数量。题目中，只有权证的价格低于股票当年的平均市场价格，即只有权证有稀释作用。20 000 - $40 × 20 000/$50 = 20 000 - 16 000 = 4 000。