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、Sherry Buckner, CFA manages equity accounts for government entities whose portfolios are conservative and risk averse. Since the objective of her clients is to maximize returns with the lowest possible risk, Buckner considers adding to their holdings a new, thinly-traded, leveraged derivative product which she believes has the potential for high returns. To make her investment decision, Buckner relies upon comprehensive research from an investment bank that has a solid reputation for top quality research. After her review of that research, Buckner positions her accounts so that each has a 10% allocation to the derivative product. Did Buckner most likely violate any CFA Institute Standards of Professional Conduct by purchasing the derivative for her clients?【单选题】

A.No.

B.Yes, related to Suitability.

C.Yes, related to Loyalty, Prudence and Care.

正确答案:B

答案解析:"Guidance for Standards I-VII CFA Institute"B is correct as Buckner is in violation of Standard III (C) since she did not consider issues such as the limited liquidity or any potential leverage of this new product when she invested a substantial percentage of her client's portfolios in these instruments.

2、The following relates to a company’s common equity over the course of the year:If the company’s net income for the year is $5,000,000, its diluted EPS is closest to:【单选题】

A.$2.17.

B.$2.20.

C.$2.22.

正确答案:C

答案解析:“Understanding Income Statements,” Elaine Henry, CFA and Thomas R. Robinson, CFA

3、Which of the following is most likely associated with secondary capital markets?【单选题】

A.Lead underwriters

B.Book building

C.Continuous trading

正确答案:C

答案解析:A secondary market is where investors continue to trade the securities among themselves. Continuous trading is typically associated with secondary capital markets.Sections 7.1 and 8

4、The unit contribution margin for a product is $20. A firm’s fixed costs of production of up to 300,000 units is $500,000. The degree of operating leverage (DOL) is most likely the lowest at which of the following production levels (in units)?【单选题】

A.100,000

B.200,000

C.300,000

正确答案:C

答案解析:“Measures of Leverage,” Pamela Peterson Drake, CFA, Raj Aggarwal, CFA, Cynthia Harrington, CFA, and Adam Kobor, CFAThe DOL is lowest at the 300,000 unit production level.

5、Roger Smith is a retail broker for TNT Securities, a small regional brokerfirm.As a CFA member, according to the Code of Ethics and Standards ofProfessional Conduct relating to knowledge of the law, he is most likely requiredto:【单选题】

A.report violations of the Code of Ethics and Standards of Professional Conductto appropriate regulatory organization.

B.dissociate from any activity that is believed to be illegal or unethical.

C.report violations of the Code of Ethics and Standards of Professional Conductto CFA Institute.

正确答案:B

答案解析:CFA会员道德行为标准规定：CFA会员或考生必须在任何时候远离任何非法的或者不道德的行为，而向CFA协会和合适的监管机构报告并不是必须的。CFA协会并不要求会员或考生将他们已经知道的违法违规行为向合适的监管机构进行报告，而且这种报告在某些情况下是审慎的，如果法律有要求，有可能会成为必须。CFA协会也并不要求会员或考生将他们已经知道的违法违规行为向CFA协会进行报告，但CFA协会鼓励会员或考生这么做。

6、An analyst does research about covariance and gathers the following joint probabilityfunction for the return of two securities.The covariance of returns between the two securities is closest to:【单选题】

A.-4.8

B.-7.2

C.-8.4

正确答案:B

答案解析:证券1的平均收益率：10% ×0.6 + 15% ×0.4=12%。0.6 × (10-12)(12-9.6) +0.4 × (15 - 12)(6 - 9.6) = -2.88 -4.32 = -7.2。

7、An analyst does research about comprehensive income and gathers the followinginformation about a company:According to U.S.GAAP, the company's comprehensive income is closest to:【单选题】

A.$150 000

B.$400 000

C.$750 000

正确答案:B

答案解析:$1 500 000 - $500 000 - $600 000 = $400 000.作为交易型证券的未实现的盈利$250 000已经包含在净收益（net income）中了，不需要再考虑计算。

8、An analyst does research about business combinations and deferred taxes.If a businesscombination results in the acquirer recording a deferred tax asset for the taxlosses of the acquiree, the offsetting credit is most likely to:【单选题】

A.equity.

B.liability.

C.goodwill.

正确答案:C

答案解析:在企业收购时，所收购资产和负债的公允价值是在收购日决定的，并可能与之前的净值不同。这种暂时性差异会影响递延税（deferred taxes）和商誉（goodwill）。

9、An analyst does research about gross profit margin and gathers the following informationabout a company in 2012 :The gross profit margin for the company is closest to:【单选题】

A.27%

B.31%

C.45%

正确答案:C

答案解析:inventory turnover ratio = cost of goods sold/ average inventory所以，边际毛利率的计算如下：（$20 000 - 5.5 × $2 000）/$20 000 = 45%。

10、An analyst does research about equity swap.An investor enters into a three-monthequity swap on a notional principal of $ 1 000 000 with the followingterms:If the ending equity index value is 2 059.15, the net cash flow to the investor isclosest to:【单选题】

A.$ 47 008

B.$ 88 033

C.$ 128 033

正确答案:C

答案解析:收益=[8% ×3/12 - (2 059.15 -2 308.55)/ 2 308.55] × $ 1 000 000≈ $ 128 033。因为股票指数下跌，投资者收到固定的利息外，还可能得到本金乘以股票指数下跌的比例部分。