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、Teresa Staal, CFA is an investment officer in a bank trust department. She manages money for celebrities and public figures, including an influential local politician. She receives a request from the politician’s political party headquarters to disclose his stock holdings. The request indicates local law requires the disclosure. What steps should Staal most likely take to ensure she does not violate any CFA Institute Standards of Professional Conduct?【单选题】

A.Provide the information and inform her client.

B.Send the requested documents and inform her supervisor.

C.Check with her firm's compliance department to determine her legal responsibilities.

正确答案:C

答案解析:"Guidance for Standards I-VII CFA Institute"C is correct. In order to avoid violating Standard III (E) Staal should determine if applicable securities regulations require disclosing the records before she provides the confidential information concerning her client's investments.

2、According to International Financial Reporting Standards, which of the following conditions should be satisfied in order to report revenue on the income statement?【单选题】

A.Payment has been received.

B.Costs can be reliably measured.

C.Goods have been delivered to the customer.

正确答案:B

答案解析:“Understanding Income Statements,” Elaine Henry and Thomas R. RobinsonB is correct. The IFRS conditions that should be met include that the costs incurred can be reliably measured, and it is likely that the economic benefits will flow to the entity, not the actual receipt of any payment, and that the significant risks and rewards of ownership have been transferred, which is normally when the goods have been delivered, but not always.

3、Euribor would most likely be the interest rate quoted on a large:【单选题】

A.euro time deposit in Toronto.

B.dollar time deposit in Frankfurt.

C.euro dollar time deposit in the United States.

正确答案:A

答案解析:“Forward Markets and Contracts,” Don M. ChanceA is correct because Euribor is the interest rate on large euro currency time deposits traded in most major world cities.

4、An investment banking firm offers a corporation a binding bid to purchase an amount of new debt securities to be issued by the corporation with a specified coupon rate and maturity. The corporation can accept or reject this bid. This type of security distribution is best described as:【单选题】

A.best efforts.

B.bought deal.

C.competitive bidding.

正确答案:B

答案解析:“Overview of Bond Sectors and Instruments,” Frank J. Fabozzi, CFAB is correct because bought deal underwriting occurs when an underwriter solicits securities from an issuer and the issuer accepts the offer.

5、All else being equal, which of the following most likely increase credit quality?A company decreases its:【单选题】

A.margin stability.

B.retained cash flow.

C.dividend payout ratio.

正确答案:C

答案解析:派发给股东的股利越少，在公司里留给债权人的现金就越多，对债权人也越有利，并会增加公司的信用质量；减少利润率的稳定性和留存的现金流，都会降低公司的信用质量。

6、An analyst does research about depreciation and gathers the following informationabout a company.The company sells a price of fixed asset thathas original cost of$9 000 and has accumulated depreciation of $5 000.If there is a loss to thesale of $1 500, the selling price of the fixed asset is closest to:【单选题】

A.$2 500

B.$5 500

C.$6 500

正确答案:A

答案解析:账面价值（book value） = $9 000 - $5 000 = $4 000。销售价格（selling price） = $4 000 - $1 500 = $2 500。

7、An analyst does research about execution mechanisms.With respect to marketstructures, currencies are most likely traded in a market that is:【单选题】

A.quote driven.

B.brokered.

C.order driven.

正确答案:A

答案解析:报价驱动型市场(quote driven market)是指客户直接与交易商进行交易。订单驱动型市场(order driven market)是指交易所的订单匹配系统根据交易规则将客户所提交的订单进行撮合交易。经纪商市场（brokered market）是指经纪商安排他们的客户之间进行交易。

8、Which of the following policy tools is least frequently used by the U.S.FederalReserve?【单选题】

A.Changing the discount rate.

B.Engaging in open market operations.

C.Changing bank reserve requirements.

正确答案:C

答案解析:美联储比较常用的货币政策工具包括：调整折现率和公开市场操作；不常用的货币政策工具包括：调整存款准备金制度和说服银行加紧或者放松信贷政策。

9、An analyst does research about a callable bond.All else being equal, is a callablebond most likely to exhibit negative convexity when the prevailing market yieldfor that bond is relatively:【单选题】

A.

B.

C.

正确答案:C

答案解析:当市场利率低于息票率时，更有可能触及到可赎回价格，这时体现价格和收益率的相互关系的曲线显示出负凸性。

10、An analyst does research about correlations and gathered information about threeeconomic variables.He noted that whenever variable × increased by one unit,variable Y increased by 0.5 units but variable Z decreased by 0.5 units.The correlationbetween variables × and Y and the correlation between variables × andZ, respectively, are closest to:【单选题】

A.

B.

C.

正确答案:C

答案解析:X和Y是完全正相关（相关系数为1），因为X上升1个单位，Y总是上升0.5个单位；而X和Z是完全负相关（相关系数为-1），因为X上升1个单位，Y总是下降0.5个单位。题目中要注意相关系数和斜率的关系。