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、The dollar discount on a U.S. Treasury bill with 91 days until maturity is $2,100. The face value of the bill is $100,000. The bank discount yield of the bill is closest to:【单选题】

A.8.31%.

B.8.40%.

C.8.58%.

正确答案:A

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. 327Study Session 2-6-eCalculate and interpret the bank discount yield, holding period yield, effective annual yield, and money market yield for a U.S. Treasury bill.Solve for bank discount yield using:

2、On 1 January 2011 the market rate of interest on a company’s bonds is 5% and it issues a bond with the following characteristics:If the company uses IFRS, its interest expense (in millions) in 2011 is closest to:【单选题】

A.€1.846.

B.€2.307.

C.€2.386.

正确答案:B

答案解析:“Non-Current (Long-Term) Liabilities,” Elizabeth A Gordon and Elaine HenryInterest expense = Liability value × Market rate at issuance: 0.05 × €46.140 = €2.307.

3、A research report produced by a dealer includes the following exchange rates:The most accurate calculation of the expected appreciation (%) of the Canadian dollar (CAD) relative to the British pound (GBP) is:【单选题】

A.2.99%

B.0.7%.

C.-2.04%

正确答案:A

答案解析:Section 3.2

4、An office building with net operating income of $75,000 recently sold for $937,500. Financial data for a comparable building that is currently on the market for sale is presented in the table below.The estimated value for the building being sold using the income approach is closest to?【单选题】

A.$2,825,000.

B.$2,975,000.

C.$3,228,500.

正确答案:A

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeaveyA is correct because to arrive at the estimated value of the property, subtract operating expenses from gross income (300,000 – (4% x300,000 or 12,000) – 27,000 – 14,000 – 21,000 = 226,000). Then divide the net operating income by the cap rate which is derived from the recent transaction (226,000/(75,000/937,500) = 226,000/.08 = 2,825,000). Note that neither depreciation nor financing costs are deducted as operating expenses.

5、Which of the following statements is least likely an advantage of investing in hedge funds through a fund of funds? Funds of funds provide:【单选题】

A.an increase in expected return through diversification.

B.expertise in selecting funds and conducting due diligence.

C.access to successful funds that may otherwise be closed to new investors.

正确答案:A

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeaveyA is correct because diversification results in risk reduction, not return enhancement. Further, the fees charged by the fund of funds manager will likely reduce returns relative to direct hedge fund investment.

6、For periods beginning on or after 1 January 2011, the Global Investment PerformanceStandards (GAPS?) require that total firm assets be defined as the aggregatefair value of all:【单选题】

A.discretionary assets in fee-paying portfolios managed by the firm.

B.discretionary and non-discretionary assets in fee-paying portfolios managedby the firm.

C.discretionary and non-discretionary assets in fee-paying and non-fee-payingportfolios managed by the firm.

正确答案:C

答案解析:公司总资产包括公司管理的其自由决断和非自由决断资产，这些自由决断和非自由决断资产包含在真实付费和非真实付费的组合中。

7、An analyst does research about cash flow statement and gathers the following informationabout an IT company (in millions).Which of the following transactions, on its own, best explains the change in cashflows from the beginning of the year? The company:【单选题】

A.issued $ 47 millions in bonds in 2011.

B.repurchased $ 47 millions of its stock in 2011.

C.increased long-term assets by $ 47 millions in 2011.

正确答案:B

答案解析:2011 年融资性现金流（cash flows from financing activities）= $ 505 - $ 490 - $ 32 -$ 30 = - $ 47(million)，说明2011年有 $ 47million的融资性现金流流出。题干中已经给出了经营性现金流（cash flows from operating activities）和投资性现金流（cashflows from investing activities），如果融资性现金流为0的话，则年末现金应该是$ 490+ $32 + $30 = $552（million）。但是当年年末的现金余额是$505million，说明融资性现金流有$47million的流出。A选项发行债券是融资性现金流入（financing inflow），而不是融资性现金流出（financing outflow），所以A错。B选项回购股票属于融资性现金流出，所以B及正确答案。C选项购买长期资产属于投资性现金流出（investingoutflow)，所以C错。

8、An investor does research about forward rate agreement and takes a $1 millionshort position in a forward rate agreement 3 × 9 quoted at 5% according to LIBOR.At expiration, the investor gathers the following rates:The payoff for this investor is closest to:【单选题】

A.$495.62

B.$500.00

C.$660.83

正确答案:A

答案解析:FRA 3 × 9说明该远期利率协议是3个月的期限，针对6个月的LIBOR，所以取5.3%作为到期结算的LIBOR。[1 000 000 × （5.30% - 5%） × 60/360]/（1 + 5.30% × 60/360） = 500/1.00883 = 495.62。

9、An analyst does research about option-free bond price change due to both durationand convexity impacts.The duration of an option-free bond is 9.92, andthe convexity measure for that bond is 63.8.If interest rates increase by 200 basispoints, the bond's percentage price change is closest to:【单选题】

A.-22.39%

B.-18.56%

C.-17.29%

正确答案:C

答案解析:-9.92 ×2% +63.8 × = -17.29%。

10、An analyst does research about yield spreads difference between a callable bondand a putable bond.Compared to an otherwise identical option-free bond, marketparticipants would most likely require that yield spreads be:【单选题】

A.larger for both a callable bond and a putable bond.

B.larger for a callable bond and smaller for a putable bond.

C.smaller for a callable bond and larger for a putable bond.

正确答案:B

答案解析:可赎回权利属于发行人，当价格上升到一定程度时，发行人可以赎回该债券，这对持有人不利，增加了其风险，所以相对于不含权的债券必须要有更高的收益率溢价作为补偿。可回售权利属于持有人，对持有人有利，所以相对于不含权的债券，必须要有更低的收益率折价作为该权利的代价。