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、Johannes Meir, CFA, is a compliance officer for Family Estate Planning, LLC, a private-wealth consulting firm. Many of his colleagues have family members who have started their own retail businesses. Some of Meir’s colleagues have been asked by relatives to serve as non-executive directors or advisors to their companies. Meir should most likely recommend which of the following policies to ensure compliance with the CFA Institute Standards?【单选题】

A.Prohibit employees from becoming directors or advisors

B.Require employees to declare all income sources annually

C.Require employees to declare all outside business interests

正确答案:C

答案解析:“Guidance for Standards I–VII,” CFA InstituteC is correct because the Standards require the disclosure of conflicts (Standard VI (A)). For Meir to understand what potential conflicts of interest employees may have with the firm and with their clients, he would need to know the outside interests of each staff member. The staff members themselves may not know enough about the company and its clients to disclose those interests that would present a potential conflict. Therefore, it may be best to have all employees declare their outside business interests on an annual basis so Meir can make the determination as to what outside business interests need to be disclosed to clients.

2、A subset of a population is best described as a:【单选题】

A.sample.

B.statistic.

C.conditional distribution.

正确答案:A

答案解析:“Statistical Concepts and Market Returns,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleA is correct. A sample is a subset of a population.

3、A firm's before-tax costs of debt, preferred stock, and equity are 12%, 17%, and 20% respectively. Assuming equal funding from each source and a marginal tax rate of 40%, the weighted average cost of capital (%) is closest to:【单选题】

A.13.9%.

B.9.8%.

C.14.7%.

正确答案:C

答案解析:WACC=weight of debt*before-tax costs of debt*(1-tax rate)+weight of preferred stock*costs of preferred stock+weight of equity *costs of equity.

4、The post-audit performed as part of the capital budgeting process is least likely to include the:【单选题】

A.provision of future investment ideas.

B.indication of systematic errors.

C.rescheduling and prioritizing of projects.

正确答案:C

答案解析:Rescheduling and prioritizing projects is part of the planning stage of the capital budgeting process, not the post-audit. The post-audit's purpose is to explain any differences between the actual and predicted results of a capital budgeting project. This process can aid in indicating systematic errors, improve business operations, and provide concrete ideas for future investment opportunities.Section 2

5、A company entered into a three-year construction project with a total contract price of $10.6 million and an expected total cost of $8.8 million. The following table provides cash flow information relating to the contract:If the company uses the percentage-of-completion method, the amount of revenue recognized (in millions) in Year 2 is closest to:【单选题】

A.$3.5.

B.$5.6.

C.$7.2.

正确答案:C

答案解析:“Understanding Income Statements,” Elaine Henry and Thomas R. RobinsonIn Year 2: (6.0 ÷ 8.8) × 10.6 = 7.2.

6、Information about a company’s planned capital expenditures is most likely found in the:【单选题】

A.proxy statement.

B.notes to the financial statements.

C.management discussion and analysis.

正确答案:C

答案解析:“Financial Statement Analysis: An Introduction,” Elaine Henry, CFA and Thomas R. Robinson, CFAC is correct. Forward-looking information such as those about planned capital expenditures is typically provided in the management discussion and analysis (MD&A).

7、Which date in the chronology of a dividend payment is most likely determined by a Securities Exchange? The:【单选题】

A.declaration date.

B.ex-dividend date.

C.holder-of-record date.

正确答案:B

答案解析:“Dividends and Share Repurchases: Basics,” George H. Troughton, CFA and Gregory Noronha, CFAB is correct. The ex-dividend date is normally determined by the Securities Exchange on which the shares are listed. The corporation determines the holder-of-record date and declaration date.

8、Which of the following statements most accurately describes the weak-form Efficient Market Hypothesis (EMH)? The weak-form EMH assumes that current security prices:【单选题】

A.fully reflect all information from public and private sources.

B.fully reflect all security market information, including transactions by exchange specialists.

C.adjust rapidly to the release of all public information; that is, security prices fully reflect all public information.

正确答案:B

答案解析:“Efficient Capital Markets,” Frank K. Reilly, CFA and Keith C. Brown, CFAThe weak-form EMH assumes that current stock prices fully reflect all security market information, including transactions by exchange specialists.

9、An industry experiencing slow growth, high prices, and volumes insufficient to achieve economies of scale is most likely in the:【单选题】

A.mature stage.

B.shakeout stage.

C.embryonic stage.

正确答案:C

答案解析:“Introduction to Industry and Company Analysis,” Patrick W. Dorsey, CFA, Anthony M. Fiore, CFA, and Ian Rossa O’Reilly, CFAAn embryonic industry is one that is just beginning to develop and is characterized by slow growth, high prices, volumes not yet sufficient to achieve meaningful economies of scale, developing distribution channels, and low brand loyalty as there is low customer awareness of the industry’s product.

10、The surplus value that results when a particular resource or product is fixed insupply and market price is higher than what is required to bring the resource orproduct onto the market and sustain its use can be defined as:【单选题】

A.normal profit.

B.economic rent.

C.consumer surplus.

正确答案:B

答案解析:资源所有人获得的收入超过其提供该资源的机会成本时，其差额称为经济租金，题目中的解释就是经济租金的标准定义。