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2019年CFA考试《CFA一级》模拟试题
帮考网校2019-11-20 13:18
2019年CFA考试《CFA一级》模拟试题

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、An investor purchases 100 shares of stock at a price of $40 per share. The investor holds the stock for exactly one year and then sells the 100 shares at a price of $41.50 per share. On the date of sale, the investor receives dividends totaling $200. The holding period return on the investment is closest to:【单选题】

A.3.75%.

B.8.43%.

C.8.75%.

正确答案:C

答案解析:“Discounted Cash Flow Applications,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2011 Modular Level I, Vol. 1, p. 319Study Session 2-6-cDefine, calculate, and interpret a holding period return (total return).

2、A class of noncallable, nonconvertible preferred stock was issued at $45.00 per share with a dividend of $5.25. The preferred stock is now trading at $60.00 per share. Earnings of the company are growing at 3.00%. The cost of preferred stock is closest to:【单选题】

A.5.8%.

B.8.8%.

C.11.7%.

正确答案:B

答案解析:The cost of preferred stock=the preferred stock dividend per share ÷ the current preferred stock price per share=Section 3.

3、Assume a company has the following portfolio of marketable securities which was acquired at the end of 2009:If the company reports under IFRS instead of U.S. GAAP, its net income will most likely be:【单选题】

A.the same.

B.€500,000 lower.

C.€500,000 higher.

正确答案:A

答案解析:“Understanding the Income Statement,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFAWhether securities are classified as held for trading or available for sale, they are measured at their fair value on the balance sheet, but all gains/losses on held for trading securities are reported on the income statements. The unrealized gains/losses on available for sale securities are reported in equity. However, this treatment is the same for both IFRS and U.S. GAAP reporting.

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、Select information from a company that uses the FIFO inventory method is provided below.If the company used a perpetual system versus a periodic inventory system, the gross margin would most likely be:【单选题】

A.lower.

B.higher.

C.the same.

正确答案:C

答案解析:“Inventories,” Michael A. Broihahn, CFAC is correct. When using the FIFO inventory method the ending inventory, the cost of goods sold and the gross margin, are the same under either the perpetual or periodic methods. The use of a perpetual or periodic system makes a difference under weighted average, and LIFO.

6、In futures markets, contract performance is most likely guaranteed by:【单选题】

A.clearing houses.

B.regulatory agencies.

C.the futures exchanges.

正确答案:A

答案解析:“Market Organization and Structure,” Larry E. HarrisClearing houses arrange for financial settlement of trades. In futures markets, they guarantee contract performance.

7、Which of the following financial intermediaries are most likely to provide liquidity service to their clients?【单选题】

A.Dealers

B.Brokers

C.Exchanges

正确答案:A

答案解析:“Market Organization and Structure,” Larry HarrisA is correct. The service that dealers provide is liquidity. Liquidity is the ability to buy or sell with low transaction costs when you want to trade. By allowing their clients to trade when they want to trade, dealers provide liquidity to them.

8、According to the International Financial Reporting Standards framework, which of the following qualities of financial information is least likely cited as one of the two fundamental characteristics that make financial information useful?【单选题】

A.Relevance

B.Faithful representation

C.Accrual accounting

正确答案:C

答案解析:The two fundamental characteristics that contribute to the usefulness of financial information in decision making are relevance and faithful representation. Accrual accounting is not a qualitative characteristic; it is an underlying assumption.Sections 5.2, 5.4.1

9、Which of the following is least likely to be a type of embedded option in a bond issue grantedto bondholders? The right to:【单选题】

A.put the issue.

B.call the issue.

C.convert the issue.

正确答案:B

答案解析:“Features of Debt Securities,” Frank J. Fabozzi, CFAB is correct because this is a type of embedded option granted to issuers, not bondholders.

10、An unrealized gains on a marketable security classified as trading is most likelyreflected on:【单选题】

A.the balance sheet only.

B.the income statement only.

C.both the balance sheet and the income statement.

正确答案:B

答案解析:投资证券的分类对于财务报表的影响如下:

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