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、Ian O’Sullivan, CFA, is the owner and sole employee of two companies, a public relations firm and a financial research firm. The public relations firm entered into a contract with Mallory Enterprises to provide public relations services, with O’Sullivan receiving 40,000 shares of Mallory stock in payment for his services. Over the next 10 days, the public relations firm issued several press releases that discussed Mallory’s excellent growth prospects. O’Sullivan, through his financial research firm, also published a research report recommending Mallory stock as a “buy.” According to the CFA Institute Standards of Professional Conduct, O’Sullivan is most likely required to disclose his ownership of Mallory stock in the:【单选题】

A.press releases only.

B.research report only.

C.both the press release and the research report.

正确答案:C

答案解析:“Guidance for Standards I-VII”, CFA InstituteC is correct because members should disclose all matters that reasonably could be expected to impair the member’s objectivity. Standard I (B), Standard VI (A).

2、Other factors held constant, the reduction of a company’s average accounts payables due to suppliers offering less trade credit will most likely:【单选题】

A.reduce the operating cycle.

B.increase the operating cycle.

C.not affect the operating cycle.

正确答案:C

答案解析:"Financial Analysis Techniques," Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFAPayables are not part of the operating cycle calculation. Operating cash cycle includes inventory and accounts receivable.

3、In a sales-driven pro forma analysis, net income grows from $1.2 million to $1.26 million. Assuming a dividend payout ratio of 40%, the increase in retained earnings is closest to (in $ millions):【单选题】

A.0.720.

B.0.756.

C.1.260.

正确答案:B

答案解析:“Financial Statement Analysis,” Pamela Peterson Drake

4、The slope of the security market line (SML) represents the portion of an asset’s expected return attributable to:【单选题】

A.total risk.

B.market risk.

C.diversifiable risk.

正确答案:B

答案解析:“Portfolio Risk and Return Part II,” Vijay SingalB is correct. The slope of the SML is the market risk premium, E(Rm) – Rf. It represents the return of the market less the return of a risk-free asset. Thus, the slope represents the portion of expected return that reflects compensation for market or systematic risk.

5、Jenny Hein, CFA, is a research analyst covering a mining industry.Hein hasprepared a research report on one mining company based on research from a varietyof sources and other analysts.Hein combines these materials to form her ownopinion and completes the report without acknowledge her sources in her report.Then Hein distributes the report to her clients.Has Jenny most likely violated theStandards of Professional Conduct?【单选题】

A.No.

B.Yes, by failing to cite the work of others in her report.

C.Yes, by failing to have reasonable basis for her opinion.

正确答案:B

答案解析:因为Hein在研究报告中引用了别人的研究成果，对此必须注明出处，题目中并没有说她没有合理的证据，把其他分析师的研究加入其自己的研究报告，只要指明出处并不违反专业行为标准。

6、According to the Practice of Handbook, when an inquiry into a member's professionalconduct is initiated, which of the following most likely initially conductsthe investigation that may include requesting a written explanation form the memberor candidate?【单选题】

A.The CFA Institute Designated Officer.

B.The Disciplinary Review Committee.

C.The CFA Institute Professional Conduct staff.

正确答案:C

答案解析:如果会员或考生的不当行为引起CFA协会的调查，最初是由CFA协会专业行为部门的员工来负责进行，其调查内容包括：要求当事人提供书面的解释，约访当事人、举报人或第三方，以及搜集相关的文件和记录以支持其调查。然后，由CFA协会指定的官员审核这些在调查过程中所获得的材料，来决定对该会员或考生进行何种处罚。纪律审查委员会是负责实施伦理道德和专业行为标准的机构。

7、Which of the following are most likely handled prospectively, with the changeaffecting the financial statements for the period of change and future period?【单选题】

A.Changes in accounting policies.

B.Changes in accounting estimates.

C.Correction of an error for a prior period.

正确答案:B

答案解析:A.Changes in accounting principles不能仅仅调整当前的报表，在当前的报表中需要重新报告犯错误的那个期间的修

8、An analyst does research about asset beta and gathers the following informationabout a company:Assuming the company's debt has no market risk, the company's asset beta isclosest to:【单选题】

A.1.36

B.1.38

C.1.49

正确答案:B

答案解析:asset beta =2.3 × {1 / [1 + (1 -0.4) × (1 000 000/900 000) ]}=1.38，这里要用市场价值(market value)来计算。

9、An analyst doesresearch about security market indices.Which of the followingstatements is least accurate to explain that a fixed-income market index is moredifficult to create and compute than a stock market index?【单选题】

A.The universe of fixed-income securities is changing constantly.

B.Fixed-income markets are predominantly dealer markets.

C.The number of fixed-income securities is much less than the number ofequity securities.

正确答案:C

答案解析:固定收益指数比股票指数更加难以编制，其中一个原因是债券的种类总处在不断变化中，如是否到期限、是否转换，等等。固定收益指数比股票指数更加难以编制的另一个原因是，固定收益市场主要是交易商市场，无法通过公开市场交易而获得价格信息。另外，固定收益证券的数量要远远超过股票的数量，固定收益证券有不同的发行人、不同的特征以及不同的期限。

10、An analyst does research about book value and gathers the following informationfrom a company's balance sheet (in millions):The company's book value per share is closest to:【单选题】

A.$1.67

B.$2.27

C.$2.73

正确答案:B

答案解析:公司每股净资产 = 公司净资产（普通股）/发行在外的普通股股数 = （$150 - $25）/（75 - 20） = $2.27。