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、According to the Global Investment Performance Standards (GIPS), which of the following is not a part of the verification process? Testing whether the:【单选题】

A.firm has complied with all the composite construction requirements.

B.verification is undertaken by the compliance department in the absence of a third party.

C.firm’s processes and procedures are designed to calculate results in compliance with GIPS standards.

正确答案:B

答案解析:Introduction to the Global Investment Performance StandardsCFA Institute, 2006Verification tests (Standard V) whether the investment firm has complied with all the composite construction requirements of GIPS on a firm-wide basis, and whether the firm’s processes and procedures are designed to calculate and present performance results in compliance with the GIPS Standards. Verification must be performed by an independent third party. A firm cannot perform its own verification.

2、Government policies to stimulate an economy suffering a recession and designed to reduce unemployment in the short run are most likely directed towards reducing which type of unemployment?【单选题】

A.Cyclical

B.Frictional

C.Structural

正确答案:A

答案解析:“Monitoring Jobs and the Price Level,” Michael ParkinThe fluctuating unemployment over the business cycle is called cyclical unemployment.

3、The following annual financial data are available for a company:Interest expense for the year is closest to:【单选题】

A.71.6.

B.97.4.

C.109.2.

正确答案:B

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

4、An analyst gathers the following information about a company:The analyst expects the information above to accurately reflect the future. If the company wants to achieve a growth rate of 15% without changing its capital structure or issuing new equity, the company’s maximum dividend payout ratio (in %) is closest to:【单选题】

A.25.

B.40.

C.60.

正确答案:B

答案解析:“Financial Analysis Techniques,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFAPayout ratio = 1 – 0.60 = 40.0%

5、An analyst does research about common probability distributions.Which of thefollowing provides the probability of a range of outcomes?【单选题】

A.Probability function.

B.Probability density function.

C.Bernoulli function.

正确答案:B

答案解析:描述一个区间结果的概率是用概率密度函数来表达的，并用于连续随机变量。概率函数在离散情况下是用于描述某个取值的概率，累计概率函数是描述小于或等于某个数值的概率。

6、Which of the following is most likely to cause a shift to the right in the aggregate demand curve?【单选题】

A.Increase in taxes

B.Decrease in real estate values

C.Boom in the stock market

正确答案:C

答案解析:A boom in the stock market increases the value of financial assets and household wealth. Anincrease in household wealth increases consumer spending and shifts the aggregate demand curveto the right.Section 3.3.1

7、If the cost of goods sold increases and inventory decreases, the number of daysof inventory most likely :【单选题】

A.decreases.

B.remains unchanged.

C.increases.

正确答案:A

答案解析:存货周转天数（number of days of inventory） = 365/[cogs/存货（inventory）]，所以COGS增加而存货减少，会导致存货周转天数减少。

8、An analyst does research about real estate investment.When estimating the valueof an industrial warehouse, which of the following real estate models most likelyrequires an adjustment to estimated market value of its benchmark?【单选题】

A.The cost approach.

B.The discounted after-tax cash flow approach.

C.The sales comparison approach.

正确答案:C

答案解析:成本法需要对土地的价值进行单独评估，并加上建筑成本等。收入法是将该房地产项目所能获得的收益除以必要回报率。税后现金流法是对该房地产项目未来所获得的税后现金流进行折现。销售比较法是根据相对应的基准的市场价格作必要的调整。

9、An analyst does research about interest rate risk of fixed income products.With respect to the interest rate risk in an option-free bond, which of the followingstatements is least accurate? All else being equal, the:【单选题】

A.lower the market yield, the lower the interest rate risk.

B.higher the coupon rate, the lower the interest rate risk.

C.longer the time to maturity, the greater the interest rate risk.

正确答案:A

答案解析:市场收益率越低，利率风险越高，因为此时随着市场利率的波动债券价格的波动会越来越剧烈。息票率越高，利率风险越小，因为现金比较多地发生在现在，而未来不确定性减小。债券的期限越长，利率风险越大。

10、An analyst does research about yield spread.With respect to yield spread on corporatebonds, which of the following statements is least accurate?【单选题】

A.The size of a bond issue is a factor in the determination of yield spreads.

B.Different sectors in the bond market require different spreads over Treasuries.

C.A bond with an embedded put option would require a wider spread than anotherwise comparable option-free bond.

正确答案:C

答案解析:债券的发行规模影响其流动性，从而会影响债券的收益率溢价，所以选项A正确。不同行业的风险不同，对于债券的收益率溢价也有不同的要求，所以选项B也是正确的。含有可回售权利的债券相对不含权的债券，对于投资者更有利，所以收益率溢价应该减小，而不是扩大。