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、Tammi Holmberg is enrolled to take the Level I CFA examination. While taking the CFA examination, the candidate on Holmberg's immediate right takes a stretch break and a piece of paper from his pocket falls onto Holmberg's desk. Holmberg glances at the paper and realizes there is information written on the paper, which includes a formula Holmberg needs for the question she is working on. Holmberg had not memorized this formula and could not complete the question without this information. Holmberg pushes the paper off her desk and uses the formula to complete the question. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, Holmberg most likely:【单选题】

A.compromised her exam.

B.was free to act on the information that fell on her desk.

C.is responsible for notifying exam proctors of her neighbor's violation.

正确答案:A

答案解析:"Guidance for Standards I-VII,” CFA InstituteA is correct because Holmberg's conduct compromised the validity of her exam and violated Standard VII (A). Her conduct was also a violation of the rules and regulations of the CFA Program, the Candidate pledge, and the CFA Institute Code and Standards.

2、A company determines that the quantity demanded of a product increases by 5% when price is reduced by 10%. The product’s price elasticity of demand is best described as:【单选题】

A.elastic.

B.inelastic.

C.perfectly elastic.

正确答案:B

答案解析:“Elasticity,” Michael ParkinWhen the price elasticity of demand is between 0 and 1, the good is said to have an inelastic demand. In this case, the price elasticity of demand is calculated as 5% / 10% = 0.5.

3、Two software companies that report their financial statements under U.S. GAAP (generally accepted accounting principles) are identical except as to how soon they judge a project to be technologically feasible. One firm does so very early in the development cycle while the other usually waits until just before the project is released to manufacturing. Compared to the company that judges technological feasibility early, the one that waits until closer to manufacturing will most likely report lower:【单选题】

A.financial leverage.

B.total asset turnover.

C.cash flow from operations.

正确答案:C

答案解析:“Long-Lived Assets,” R. Elaine Henry, CFA and Elizabeth GordonU.S. GAAP requires that a company expense costs related to software development until product feasibility is established and capitalize any costs thereafter. The company that capitalizes these software development costs reports the expenditures in the investing activities section of the statement of cash flows; the company that expenses software development costs reports the expenditures in the cash flow from operations.

4、A company has just completed the sale of a tract of land for €3.5 million which was originally acquired at a cost of €2.0 million. The purchaser made a down-payment of €200,000 with the remainder to be paid in equal installments over the next 10 years. A short time after the sale, significant doubt arose about the purchaser’s ability to meet the future obligations for the land purchase. When compared to the cost recovery method of revenue recognition, the profit (in €) that the company will recognize in the year of the sale under the installment method is most likely to be higher by:【单选题】

A.85,714.

B.114,286.

C.150,000.

正确答案:A

答案解析:“Understanding the Income Statement”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFAUnder the installment method, the portion of the total profit of the sale (3.5 – 2.0 = 1.5) that is recognized in each period is determined by the percentage of the total sales price for which the seller has received cash, which is €1.5/€3.5 x €200,000 = €85,714; under the cost recovery method, no profit is recognized until the cash amounts received have exceed the seller’s cost of the property.

5、In the evaluation of credit ratings, a company will most likely be assigned a higher credit rating if it has a:【单选题】

A.lower EBITDA/Interest ratio.

B.lower dividends-to-total-debt ratio.

C.higher five year average of its coefficient of variation of its operating margin.

正确答案:B

答案解析:“Statistical Concepts and Market Returns,” Richard A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAA lower dividend means more retention and increased equity: higher retained cash flow will result in a higher credit rating

6、In the current year, a company increased its deferred tax asset by $500,000. During the year, the company most likely:【单选题】

A.became entitled to a $500,000 tax refund.

B.reported a lower accounting profit than taxable income.

C.had permanent differences between accounting profit and taxable income.

正确答案:B

答案解析:“Income Taxes” Elbie Antonites, CFA and Michael A. Broihahn, CFAB is correct. Deferred tax assets represent taxes that have been paid (because of the higher taxable income) but have not yet been recognized on the income statement (because of the lower accounting profit).

7、Companies pursuing cost leadership will most likely:【单选题】

A.invest in productivity-improving capital equipment.

B.engage in defensive pricing when the competitive environment is one of high rivalry.

C.establish strong market research teams to match customer needs with product development.

正确答案:A

答案解析:“Introduction to Industry and Company Analysis,” Patrick W. Dorsey, Anthony M. Fiore, and Ian Rossa O’ReillyA is correct. Companies pursuing cost leadership must be able to invest in productivity-improving capital equipment in order to be low-cost producers and maintain efficient operating systems.

8、An analyst does research about opportunity cost and gathers the followinginformation about three fixed income products available for the public:If each fixed income product has the same maturity and default risk, the opportunitycost of investing in product 2 is closest to:【单选题】

A.0.0%

B.1.1%

C.2.2%

正确答案:C

答案解析:由于投资了第2个产品，意味着放弃了原来可以多收益2.2%的第3个产品，而且这些产品都是同样期限的和具有同样违约风险的。

9、An analyst does research about money-weighted rate of return and time-weightedrate of return.On 30 June 2010, an investor opened an account with$1 000 000.The account experienced the following activity over the next twoyears :As of 30 June 2012, the investor's money-weighted rate of return and time weightedrate of return:【单选题】

A.are both positive.

B.are both negative.

C.have different signs.

正确答案:C

答案解析:货币加权收益率（money-weighted rate of return）：时间加权收益率（time-weighted rate of return）：根据题意可知：所以，两种收益率是不同符号的。

10、An analyst does research about a forward agreement (FRA).A FRA is referredto as a 3 ×9.The terms of the agreement are a:【单选题】

A.3-month rate and a 6-month expiration.

B.3-month rate and a 9-month expiration.

C.6-month rate and a 3-month expiration.

正确答案:C

答案解析:本题考的是一个远期利率协议的基本概念，这里面的“3”指的是从现在起3个月之后协议截止，开始利率交换；“9”则指从现在起9个月之后利率交换全部结束，所以远期利率协议的期限是3个月，针对的是6个月的利率。