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、Praful Chandarana, CFA, is starting a new business to offer investment-consulting services to pension fund trustees in response to a new regulation that requires all pension fund Investment Policy Statements (IPS) to be reviewed and approved by an independent CFA Charterholder. Prior to starting the new business, he meets with the pension fund regulator to clarify if the CFA Charterholder undertaking the IPS review should be a licensed financial advisor. A separate regulatory body grants the license to those giving investment advice to clients. The regulator states they do not require the CFA Charterholder to hold a financial advisor’s license, despite financial-related advice being given to the pension funds during any IPS review. Chandarana therefore, starts his new business to undertake IPS reviews without obtaining a financial advisors license. Subsequently when clients of his former employer contact him he informs them of his new company and the services he offers. Does Chandarana most likely violate the CFA Code and Standards?【单选题】

A.No.

B.Yes, with regard to Professionalism.

C.Yes, with regard to Duties to Employer.

正确答案:B

答案解析:“Code of Ethics and Standards of Professional Conduct,” CFA InstituteB is correct because the CFA Code of Ethics requires Chandarana to uphold the rules governing financial advisors. However, he failed to do so because he did not obtain a financial advisors license. The CFA Standards of Professional Conduct (I(A) – Professionalism – Knowledge of the Law) states that when rules or regulations are in conflict, Members must comply with the more strict law, in this case the requirement for financial advisors to be licensed.

2、A financial contract offers to pay €1,200 per month for five years with the first payment made today. Assuming an annual discount rate of 6.5%, compounded monthly, the present value of the contract is closest to:【单选题】

A.€61,330.

B.€61,663.

C.€63,731.

正确答案:B

答案解析:“The Time Value of Money,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle2) Find the PV of a 60-period ordinary annuity and multiply that value by one plus the monthly periodic interest rate (1.0054166667).

3、The following information (in millions) on a company is available:The amount of cash (in millions) that the company paid to its suppliers is closest to:【单选题】

A.$445.

B.$495.

C.$505.

正确答案:B

答案解析:"Understanding The Cash Flow Statement,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFA

4、A stock has a correlation of 0.45 with the market and a standard deviation of returns of 12.35%. If the market has a standard deviation of returns of 8.25%, then the beta of the stock is closest to:【单选题】

A.0.30.

B.0.67.

C.1.50.

正确答案:B

答案解析:“Portfolio Risk and Return Part II,” Vijay Singal

5、First-degree price discrimination is best described as pricing that allows producers to increase theireconomic profit while consumer surplus:【单选题】

A.increases.

B.decreases.

C.is eliminated.

正确答案:C

答案解析:In first-degree price discrimination, the entire consumer surplus is captured by the producer; theconsumer surplus falls to zero.Section 6.4

6、The aggregate demand and supply functions for the local market for pizza, along with some relevantdata, is provided in the following table.The number of units of excess demand for pizza is closest to:【单选题】

A.2,358.

B.1,471.

C.2,072.

正确答案:A

答案解析:

7、The following information (in millions) on a company is available:The amount of cash (in millions) that the company paid to its suppliers is closest to:【单选题】

A.$505.

B.$495.

C.$445.

正确答案:B

答案解析:Section 3.2.1.2

8、An analystdoes research about comprehensive income and gathers the followingannual information about a company (in millions):Assuming there was no issuance or repurchase of common stock during theyear, the company's comprehensive income (in millions) is:【单选题】

A.$ 130

B.$ 250

C.$ 400

正确答案:B

答案解析:Ending shareholders' equity = Beginning shareholders' equity + Net income - cash dividendspaid + Other comprehensive income。Comprehensive income = Other comprehensive income + Net income = 130 + 120 = 250。

9、In a repurchase agreement, the repo margin will be lower the:【单选题】

A.higher the quality of the collateral.

B.lower the demand for the collateral.

C.higher the supply of the collateral.

正确答案:A

答案解析:The higher the quality of the collateral, the lower the difference between the market value of thesecurity used as collateral and the value of the loan-that is, the repo margin.Section 7.3

10、Compared with investment-grade bonds, the spread movements on high-yield bonds are influenced:【单选题】

A.less by interest rate changes and exhibit a greater correlation with movements in equity markets.

B.more by interest rate changes and exhibit a greater correlation with movements in equity markets.

C.less by interest rate changes and exhibit a lower correlation with movements in equity markets.

正确答案:A

答案解析:High-yield bonds can be thought of as a hybrid between investment-grade bonds and equitysecurities. Their spread movements are less influenced by interest rate changes than are investment-gradebonds and they exhibit greater correlation with movements in equity markets.Section 7.1