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、Gabrielle Gabbe, CFA has been accused of professional misconduct by one of her competitors. The allegations concern Gabbe's personal bankruptcy filing ten years ago when she was a college student and had a large amount of medical bills she could not pay. By not disclosing the bankruptcy filing to her clients, did Gabbe most likely violate any CFA Institute Standards of Professional Conduct?【单选题】

A.No.

B.Yes, related to Misconduct.

C.Yes, related to Misrepresentation.

正确答案:A

答案解析:"Guidance for Standards I-VII CFA Institute"A is correct as a personal bankruptcy does not necessarily constitute a violation of Standard I (D). If the circumstances of the bankruptcy involved fraudulent or deceitful business conduct then failing to disclose it may constitute a violation of the Standards.

2、The free-rider problem, an obstacle to efficiency, is most likely associated with:【单选题】

A.monopolies.

B.public goods.

C.subsidies and quotas.

正确答案:B

答案解析:“Efficiency and Equity,” Michael ParkinPublic goods can be consumed simultaneously by everyone and it is in each person’s interest to free ride on everyone else and avoid paying for her or his share of a public good.

3、Which of the following is the least appropriate accounting treatment for marketable securities under IAS No. 39?【单选题】

A.

B.

C.

正确答案:C

答案解析:“International Standards Convergence,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFAAll categories treat realized gains or losses in the same way - they are reported on the income statement. It is the unrealized gains and losses that are included in other comprehensive income (in equity) for available for sale securities carried at market value.

4、Income statements for two companies (A and B) and the common-sized income statement forthe industry are provided below:The best conclusion an analyst can make is that:【单选题】

A.Company B’s interest rate is lower than the industry average.

B.both companies’ tax rates are higher than the industry average.

C.Company A earns a higher gross margin than both Company B and the industry.

正确答案:C

答案解析:“Understanding Income Statements,” Elaine Henry, CFA, and Thomas R. Robinson, CFA,The interest rate is not a function of sales and cannot be analyzed on a common-sized income statement. Tax rates are determined based on taxes ÷ pretax earnings, not as a percentage of sales (as shown in common-sized analysis).

5、An investor opens a margin account with an initial deposit of $5,000. He then purchases 300 shares of a stock at $30 each on margin, and his account requires a maintenance margin of 30%. Ignoring commissions and interest, the price at which the investor will receive a margin call is closest to:【单选题】

A.$19.05.

B.$23.08.

C.$23.81

正确答案:A

答案解析:Section 5.2

6、All else equal, a decrease in the expected rate of inflation will most likely result in a decrease in:【单选题】

A.the real risk-free rate.

B.the nominal risk-free rate.

C.both real and nominal risk-free rates.

正确答案:B

答案解析:“An Introduction to Security Valuation,” Frank K. Reilly, CFA and Keith C. Brown, CFAThe nominal risk-free rate of return includes both the real risk-free rate of return and the expected rate of inflation. A decrease in inflation expectations would decrease the nominal risk-free rate of return, but would have no effect on the real risk-free rate of return.

7、The following information is from a company’s most recent financial statements:The company uses the LIFO inventory method. The footnotes to the financial statements indicate that if the company had used the FIFO method, the inventory balance would have been $45 million higher than the amount reported on the company’s most recent financial statements. If the company’s common stock is currently selling for $59 per share, the company’s adjusted price-to book-value ratio is closest to:【单选题】

A.1.67.

B.1.79.

C.1.89.

正确答案:C

答案解析:“Inventories,” Elbie Antonites, CFA and Michael Broihahn, CFAAdj. price to book value ratio = $59 / $31.20 = 1.89.

8、Louis Perkowski, CFA, is an investment advisor for institutional clients inSarkozi Securities.To comply with the Standards of Professional Conduct relatingto diligence and reasonable basis, when selecting external advisors,Perkowski must:【单选题】

A.ensure that Sarkozi Securities has standardized criteria for reviewing externaladvisors.

B.ensure that the external advisors have the lowest management fee relativeto others.

C.ensure that the external advisors have the best historical performance relativeto others.

正确答案:A

答案解析:在选择外部咨询时，CFA会员和考生需要保证自己所在的公司有一套对外部投资管理人的评估标准吗，该标准包括但不限于以下几点：（1）审核外部投资管理人的道德准则；（2）了解外部投资管理人的合规性和内部控制流程；（3）评估其对市场所公布信息的质量；（4）审核外部投资管理人是否遵守所制定的策略，并不是仅仅选择一个收取最低管理费或者历史收益表现最好者，CFA会员和考生对此应该综合考虑，寻找性价比最高的外部投资管理人。

9、An analyst does research about the covariance of returns and gathers the followinginformation about the returns of two securities:The covariance of returns between Security 1 and Security 2 is closest to:【单选题】

A.-36

B.-64

C.-96

正确答案:C

答案解析:Security 1 的平均收益=0.6 × 0% + 0.4 × 20% = 8% , Security 2 的平均收益=0.6 ×20% +0.4×0% =12%，协方差=0.6 ×（0-8) × (20 - 12) + 0.4 × (20 - 8) × (0 - 12)= -96。

10、An analyst does research about pro forma net income and gathers the followinginformation about a company for 2011 (in millions):In 2012, the company's interest expense is expected to grow by 5%, and taxrate is expected to remain the same.All other components of the income statementvary in direct proportion to sales.If the company's revenues are expectedto grow by 12%, the company's pro forma net income for 2012 is closest to:【单选题】

A.$ 141 million.

B.$ 143 million.

C.$ 156 million.

正确答案:B

答案解析:[$360 × （1 + 12%）–$140 × （1 + 12%）- $40 × （1 + 5%）] × （1 - 30%） = $143。