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、A major investment data service provides information on analysts’ performance using the following scale:The most appropriate test to determine whether the analysts’ average performance differed between two consecutive 10-year periods is a:【单选题】

A.sign test.

B.Mann-Whitney U-test.

C.Wilcoxon signed-rank test.

正确答案:B

答案解析:The Mann-Whitney U-test is most appropriate for tests of differences in means for nonparametric data such as analysts’ rankings.Section 5

2、Consider a $100 par value bond, with an 8% coupon paid annually, maturing in 20 years. If the bond currently sells for $96.47, the yield to maturity is closest to:【单选题】

A.7.41%.

B.8.29%.

C.8.37%.

正确答案:C

答案解析:“Yield Measures, Spot Rates, and Forward Rates,” Frank J. FabozziC is correct because a security with a present value of 96.47, 19 interest payments of 8, and a 20th payment of principal plus interest (108) has a yield to maturity of 8.37%.

3、Information about three stocks is provided below:If the expected market return is 9.5% and the average risk-free rate is 1.2%, according to the capital asset pricing model (CAPM) and the security market line (SML), which of the three stocks is most likely overvalued?【单选题】

A.Heisen Inc.

B.Booraem Inc.

C.Gutmann Inc.

正确答案:B

答案解析:“Portfolio Risk and Return Part II,” Vijay Singal0.1365 = 0.012 + 1.5(0.095 – 0.012).

4、Adira Badawi, CFA, who owns a research and consulting company, is an independent boardmember of a leading cement manufacturer in a small local market. Because of Badawi's expertise inthe cement industry, a foreign cement manufacturer looking to enter the local market has hired himto undertake a feasibility study. Under what circumstances can Badawi most likely undertake theassignment without violating the CFA Institute Code of Ethics and Standards of ProfessionalConduct?【单选题】

A.He makes full disclosure to both companies.

B.He signs confidentiality agreements with both companies.

C.He receives written permission from the local company.

正确答案:A

答案解析:Making full and fair disclosure of all matters that could reasonably be expected to impair one'sindependence and objectivity or interfere with respective duties to one's clients is required byStandard VI(A)-Disclosure of Conflicts.Standard VI(A)-Disclosure of Conflicts

5、An analyst does research about kurtosis.Compared to a normal distribution, adistribution with excess kurtosis of zero is best described as:【单选题】

A.less peaked.

B.equally peaked.

C.greater peaked.

正确答案:B

答案解析:正态分布的峰度是3，超峰度（excess kurtosis） = 峰度（kurtosis）- 3，如果超峰度为零的话，说明该分布的峰度和正态分布是一样的。

6、Michael Papis, CFA, does research about fiscal policy.According to the toolsof fiscal policy, adjustments to direct taxes are most likely:【单选题】

A.less difficult to implement quickly than adjustments to indirect taxes.

B.equally difficult to implement quickly compared with adjustments to indirecttaxes.

C.more difficult to implement quickly than adjustments to indirect taxes.

正确答案:C

答案解析:间接税主要基于产品和服务征税，直接税主要基于收入和财产征税。间接税相比直接税实施起来更为迅速，此时政府可以增加收入而不产生额外的成本。

7、Which of the following statements is most accurate? An intangible asset with afinite useful life is:【单选题】

A.amortized.

B.tested for impairment at least annually.

C.amortized and tested for impairment at least annually.

正确答案:A

答案解析:对于有固定使用年限的无形资产（intangible assets with a finite useful life），例如特许经营权，要进行摊销，不用做减值测试，摊销费用应该等于该期限内资产的经济价值损耗的比例。对于无固定使用年限的无形资产（intangible assets with an infinite useful life），例如商誉（goodwill），不进行摊销，但至少每年应做减值测试。如果资产价值被减值了，则减值费用等于在利润表上减值的金额。

8、An analyst does research about capital structure.The optimal capital structure fora company is best described as the capital structure to maximize that company's:【单选题】

A.stock price.

B.earnings per share.

C.dividends per share.

正确答案:A

答案解析:最优的资本结构能够使公司的价值最大化，即能使股票价格最高。

9、An analyst does research about currency swap and gathers the followinginformation about a dollar-euro currency swap in which both parties pay afixed rate:If both payments are quarterly and made on the basis of 30 days per month and365 days per year, the final amount exchanged at the end of the swap areclosest to:【单选题】

A.$ 90 million and € 70 million.

B.$ 91.15 million and € 71.10 million.

C.$ 91.42 million and € 70.89 million.

正确答案:B

答案解析:最后交换时要加上每期的支付，即 $ 90 million ×(1 +5.1%/4) = $ 91.15 million，另一方则是€70 million × (1 +6.3%/4) =€71.10 million。

10、An analyst does research about moneyness of an option.An investor owns aput option with the following terms:If the underlying is currently priced at $ 75.21, the moneyness of the optionfor this investor is closest to:【单选题】

A.- $ 0.73

B.$ 0

C.$ 6.55

正确答案:C

答案解析:期权的价值(moneyness)要看其行权价和当前价格，以及该期权是看涨还是看跌，不考虑期权本身的价格。$ 81.76 - $ 75.21 = $ 6.55。