2019年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理精选模拟习题10道，附答案解析，供您考前自测提升！

1、Millicent Plain has just finished taking Level II of the CFA examination. Upon leaving the examination site, she meets with four Level III candidates who also just sat for their exams. Curious about their examination experience, Plain asks the candidates how difficult the Level III exam was and how they did on it. The candidates say the essay portion of the examination wasmuch harder than they had expected and they were not able to complete all questions as a result. The candidates go on to tell Plain about broad topic areas that were tested and complain about specific formulas they had memorized what did not appear on the exam. The Level III candidates least likely violated the CFA Institute Standards of Professional Conduct by discussing:【单选题】

A.specific formulas.

B.broad topic areas.

C.the examination essays.

正确答案:C

答案解析:“Guidance for Standards I–VII,” CFA InstituteC is correct because discussing the level of difficulty of the essay portion of the examination did not violate Standard VII (A) Conduct as Members and Candidates in the CFA Program. Standard VII (A) and the Candidate Pledge were violated by candidates revealing broad topical areas and formulas tested or not tested on the exam.

2、A company reports that to maintain good relations with its suppliers, it has entered into a financing arrangement with a bank whereby it will periodically have the bank pay its suppliers the amounts owed and it will then repay the bank in the following period. The motivation for the company’s behavior is most likely to:【单选题】

A.improve its current ratio.

B.improve its relations with its suppliers.

C.manage the timing of operating cash flows.

正确答案:C

答案解析:“Accounting Shenanigans on the Cash Flow Statement,” Marc A. SiegelThe company can choose when to enter into the short-term borrowing with the bank and reclassify its accounts payable into short-term financing. It will likely do so when cash flows are seasonally strong, thereby reducing operating cash flows but increasing financing cash flows. On repayment, the cash outflow is treated as a financing activity (loan repayment) not an operating cash flow. The result is that the company can manipulate the timing of reported cash flows since the timing and extent of vendor financing is at management’s discretion.

3、An investor gathers the following information about a company:Using the dividend discount model, the value of the company's stock is closest to:【单选题】

A.$73.67.

B.$40.13.

C.$37.50.

正确答案:B

答案解析:Correct.Section 4.2

4、An analyst determines that a 5.50 percent coupon option-free bond, maturing in 7 years, would experience a 3 percent decrease in price if market interest rates rise by 50 basis points. If market interest rates instead fall by 50 basis points, the bond’s price would increase by:【单选题】

A.exactly 3%.

B.less than 3%.

C.more than 3%.

正确答案:C

答案解析:“Introduction to the Measurement of Interest Rate Risk,” Frank J. FabozziThe bond is option-free and will therefore exhibit positive convexity. An equal change in rates will produce a greater percentage gain when rates decrease than the percentage loss produced when rates increase.

5、An analyst does research about inventory methods.A company with no initialinventory on hand made the following purchases of inventory in 2011:At the end of 2011, the company had 5 000 units of inventory on hand.Undera periodic inventory system, ending inventory using the weighted average costmethod is closest to:【单选题】

A.$ 43 000 less than using the FIFO method.

B.$ 32 000 more than using the FIFO method.

C.$ 43 000 more than using the FIFO method.

正确答案:A

答案解析:average price of one unit = (7 000 × $ 76 + 10 100 × $ 80 + 8 000 × $ 91)/(7 000 + 10 100+ 8 000) = $ 82.4。inventory ( weighted average cost ) - inventory ( FIFO ) = $ 412 000 - $ 455 000= - $ 43 000。

6、An analyst does research about financial statements.Which of the following bestdescribes the firm's financial performance over a period of time?【单选题】

A.Balance sheet.

B.Income statement.

C.Cash flow statement.

正确答案:B

答案解析:对于一个企业来说，主要的3张财务报表分别是：资产负债表（balance sheet）、利润表（income statement）和现金流量表（cash flow statement）。资产负债表是某个时间点的企业的财务状况（financial position）的反映。利润表反映的则是两个时间点，或者说一个时间段内的企业的盈利/亏损情况和盈利能力。现金流量表反映的是两个时间点，或者说一个时间段内企业的经营性、融资性和投资性的现金流情况。

7、An analyst gathered the following financial statement information about a company:The analyst also determined that the company uses the LIFO inventory method,but most companies in the industry use the FIFO method.The footnotes to the financialstatements indicate that if the company had used the FIFO method, the inventorybalance would have been $40 million higher than the amount reported onthe company's most recent financial statements.The most appropriate book valueper share to use in computing the company's price to book value ratio is:【单选题】

A.$42.5

B.$43.7

C.$47.5

正确答案:A

答案解析:每股净资产（book value per share） = [90 + 307 + 40 × （1 - 30%） ]/10 = 42.5，这里需要考虑本公司采用的是LIFO，而其他公司采用的是FIFO，如果该公司用聊的话，会增加存货价值，同时该公司的COGS也会减少，从而利润增加，但要扣除税收的影响。

8、An analyst does research about price-discount rate relationship.With respect tothe price-discount rate relationship, which of the following statements is leastaccurate?【单选题】

A.The shape of the price-discount rate relationship for an option-free bond isreferred as negative convex.

B.If the discount rate rises, the price of a putable bond declines by less thanthe price of an option-free bond.

C.If the discount rate falls, the price of acallable bond increases by less thanthe price of an option-free bond.

正确答案:A

答案解析:根据凸性的定义，对于putable bond，当利率上升时价格比option-free bond下跌得少，对于callable bond，当利率下跌时价格比option-free bond上涨得少，都被put price和callprice给限制了。不含权的债券的价格与折现率的关系反映的是一种正凸性。

9、An analyst does research about theories of the term structure of interest rate.Which of the following theories of the term structure of interest rate best describeswithin the different maturity sectors of the yield curve that the supplyand demand for funds determine the interest rate for that sector?【单选题】

A.Pure expectation theory.

B.Liquidity preference theory.

C.Market segmentation theory.

正确答案:C

答案解析:市场分割理论认为，在不同期限内的资金的供求决定了该期限内的利率。持有期限比较长的债券需要更高的收益作为补偿，这就是流动性偏好理论。完全预期理论说明，投资者对于未来利率的预期决定了利率曲线。

10、The correlation between the historical returns of Stock A and Stock B is 0.75. lf the variance of StockA is 0.16 and the variance of Stock B is 0.09, the covariance of returns of Stock A and Stock B isclosest to:【单选题】

A.0.16.

B.0.09.

C.0.01.

正确答案:B

答案解析:Cov(A,B)==0.75 × 0.4 × 0.3=0.09.Section 2.3.3