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、Which of the following would be most useful as a leading indicator to signal the start of an economic recovery?【单选题】

A.An increase in aggregate real personal income (less transfer payments)

B.A decrease in average weekly initial claims for unemployment insurance

C.The narrowing of the spread between the 10-year Treasury yield and the federal funds rate

正确答案:B

答案解析:“Understanding Business Cycles,” Michele Gambera, CFA, Milton Ezrati, and Bolong Cao, CFAB is correct. Average weekly initial claims for unemployment insurance is a leading indicator of economic activity and a decrease in it is an indicator of rehiring at the start of a recovery.

2、An analyst’s examination of the performance of a company is least likely to include an assessment of a company’s:【单选题】

A.profitability.

B.cash flow generating ability.

C.assets relative to its liabilities.

正确答案:C

答案解析:“Financial Statement Analysis: An Introduction,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A.Assessment of performance includes analysis of profitability and cash flow generating ability. The relationship between assets and liabilities is used to assess a company’s financial position, not its performance.

3、Which of the following statements is most accurate regarding cash flow statements prepared under IFRS and U.S. GAAP?【单选题】

A.Under U.S. GAAP, bank overdrafts should be classified as a financing cash flow.

B.Under IFRS, interest paid can be reported either as an operating or an investing cash flow.

C.Both the direct and indirect formats of cash flow statements are allowed under IFRS and U.S. GAAP, but indirect is encouraged under IFRS only.

正确答案:A

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, CFAUnder U.S. GAAP, bank overdrafts are not considered part of cash and cash equivalents and are classified as financing cash flows.

4、Using the company’s income statement presented, its degree of operating leverage is closest to:【单选题】

A.1.1.

B.1.7.

C.2.4.

正确答案:C

答案解析:“Measures of Leverage,” Pamela Peterson Drake, Raj Aggarwal, Cynthia Harrington, and Adam Kobor

5、Which of the following is most accurate concerning key characteristics of different types of preference shares?【单选题】

A.Preference shares have characteristics of both debt and equity securities.

B.Preference shareholders rank above subordinated bondholders with respect to claims on the company’s net assets upon liquidation.

C.The price of convertible preference shares tends to be more volatile than their underlying common shares because they do not allow investors to share in profits of the company.

正确答案:A

答案解析:“Overview of Equity Securities,” Ryan C. Fuhrmann, CFA, and Asjeet S. Lamba, CFAA is correct. Preference shares have characteristics of both debt securities and common shares. Similar to interest payments on debt securities, the dividends on preference shares are fixed but not contractual obligations. Similar to common shares, preference shares can be perpetual and can pay dividends indefinitely.

6、A "junk" bond is most likely a:【单选题】

A.bond with credit rating above BBB–.

B.high-yield bond.

C.supranational bond.

正确答案:B

答案解析:High-yield bonds are bonds with credit ratings below investment-grade levels, also known as speculative or junk bonds.Section 2.1

7、Ravioli Capital Management Company wants to claim compliance with GlobalInvestment Performance Standards ( GAPS?), which of the following statementsis most accurate?【单选题】

A.Rivoli's input data should be consistent in order to establish full, fair andcomparable investment performance presentations.

B.Rivoli must have an independent third party verification report for the entirefirm.

C.Rivoli must perform periodic internal GIPS? compliance checks at leastannually.

正确答案:A

答案解析:遵守GAPS?规定的公司不需要独立第三方认证，是否选择认证是自愿的，也不需要进行周期性内部核规检查，但是自愿宣称遵守GAPS?的企业必须满足GAPS?的所有要求，其中就包括为了建立充分、公允和可比的投资业绩陈述，公司采集的数据应该保持统一。

8、A two-tailed t-test of the hypothesis that the population mean differs from zero has a p-value of0.0275. Using a significance level of 5%, the most appropriate conclusion is:【单选题】

A.to accept the null hypothesis.

B.to reject the null hypothesis.

C.that the chosen significance level is too high.

正确答案:B

答案解析:The p-value is the smallest level of significance at which the null hypothesis can be rejected. In thiscase, the given p-value (0.0275) is less than the given level of significance (0.05); therefore, the nullhypothesis is rejected.Section 2

9、Information about the coupon rates on the various long-term fixed-rate debt issues of a company canmost likely be found in the:【单选题】

A.non-current liabilities section of the balance sheet.

B.Management Discussion & Analysis (MD&A).

C.notes to the financial statements.

正确答案:C

答案解析:Information about the coupon rates on the various long-term fixed-rate debt issues can usually befound in the notes to the financial statements. The MD&A is more likely to discuss interest rate trendsand/or current financing costs but not specific information on individual debt issues.Sections 2.6

10、Janice Grass, CFA, is a sell-side analyst from a local securities firm.Grassdoes research about cash conversion cycle and operating cycle.The cash conversioncycle for a company that buys inventory on credit is most likely:【单选题】

A.less than the operating cycle.

B.equal to the operating cycle.

C.greater than the operating cycle.

正确答案:A

答案解析:现金周转期（cash conversion cycle）=应收账款回收天数（average days of receivables）+存货周转天数（average days of inventory）-应付账款偿还天数（average days of payables）；0’因此现金周转期（cash conversion cycle）<经营周期（operating cycle）。