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、Joan Tasha, CFA, a supervisor at Olympia Advisors (OA), wrote and implemented compliance policies at her firm. A long time OA employee, Derek Longtree, recently changed the asset allocation of a client, which is inconsistent with her financial needs and objectives and with OA’s policies. Until now Longtree has never violated OA’s policies. Tasha discusses the issue with Longtree but takes no further action. Do Tasha's actions concerning Longtree most likely violate any CFA Institute Standards of Professional Conduct?【单选题】

A.No.

B.Yes, because she failed to detect Longtree’s actions.

C.Yes, because she did not take steps to ensure that the violation will not be repeated.

正确答案:C

答案解析:"Guidance for Standards I-VII,” CFA InstituteC is correct.. Once a supervisor learns that an employee has violated or may have violated the law or the Code and Standards, the supervisor must promptly initiate an investigation to ascertain the extent of the wrongdoing. Relying on an employee’s statements about the extent of the violation or assurances that the wrongdoing will not recur is not enough. Reporting the misconduct up the chain of command and warning the employee to cease the activity are also not enough. Pending the outcome of the investigation, a supervisor should take steps to ensure that the violation will not be repeated, such as placing limits on the employee’s activities or increasing the monitoring of the employee’s activities.

2、Charles Mbuwanga, a Level III CFA Candidate, is the business development manager for Sokoza Investment Group, an investment management firm with high-net-worth retail clients throughout Africa. Sokoza introduced listed Kenyan Real Estate Investment Trusts (REITs) to its line of investment products based on new regulations introduced in Kenya so as to diversify its product offering to clients. The product introduction comes after months of researching Kenyan property correlations with other property markets and asset classes in Africa. Sokoza assigns Mbuwanga as part of the sales team in introducing this product to its clients across Africa. Mbuwanga subsequently determines most of Sokoza’s clients’ portfolios would benefit from having a small Kenyan property exposure to help diversify their investment portfolios. By promoting the Kenyan REITs for Sokoza’s client portfolios as planned, Mbuwanga would least likely violate which of the following standards?【单选题】

A.Suitability

B.Knowledge of the Law

C.Independence and Objectivity

正确答案:C

答案解析:“Guidance for Standards I–VII,” CFA InstituteC is correct because there is no indication Mbuwanga’s recommendation is based on any compensation package based on sales targets as being part of the sales team. If he had a sales target as part of his responsibility to promote the new product, it could be conceived that his independence and objectively was in question. Mbuwanga does, however, seem to be in violation of Standard III (C) Suitability in that, although research with regard to correlation was undertaken, an analysis based on each individual client’s return and risk objectives was notdone. He may also be in violation of Standard I (A) Knowledge of the Law in that he would need to determine if the Kenyan REIT product is allowable in each of the countries where his clients reside.

3、In a period of rising prices, when compared to a company that uses weighted average cost for inventory, a company using FIFO will most likely report higher values for its:【单选题】

A.return on sales.

B.inventory turnover.

C.debt-to-equity ratio.

正确答案:A

答案解析:“Inventories,” Michael A. Broihahn, CFAIn periods of rising prices FIFO results in a higher inventory value and a lower cost of goods sold and therefore a higher net income. The higher net income increases return on sales. The higher reported net income also increases retained earnings, and therefore results in a lower debt-to-equity ratio not a higher one. The combination of higher inventory and lower cost of goods sold decreases inventory turnover (CGS/inventory).

4、In what way is the payoff of a forward rate agreement most likely different from the payoff of an interest rate option? It is:【单选题】

A.paid immediately when the contract expires.

B.based on a notional principal amount.

C.based on a fixed exercise rate.

正确答案:A

答案解析:The payoff of a FRA is paid immediately when the contract expires. If at expiration the option is in the money and exercised, the payoff of the option is not paid immediately at expiration; it is paid at the end of the term of the underlying interest rate.Section 4.1.4

5、Consider three bonds that have the same yield to maturity and maturity. The bond with the greatest reinvestment risk is most likely the one selling at:【单选题】

A.par.

B.a discount.

C.a premium.

正确答案:C

答案解析:“Yield Measures, Spot Rates, and Forward Rates,” Frank J. FabozziC is correct because yield to maturity is based on the assumption a bond is held to maturity, does not default, and has its coupon payments reinvested at the yield to maturity. The bond selling at a premium has the highest coupon rate and is expected to earn the most reinvestment income from reinvesting those coupon payments at the yield to maturity. If the reinvestment rate falls, this bond will suffer the greatest loss.

6、Jefferson Piedmont, CFA, a portfolio manager for Park Investments, plans to manage the portfoliosof several family members in exchange for a percentage of each portfolio's profits. Because hisfamily members have extensive portfolios requiring substantial attention, they have requested thatPiedmont provide the services outside of his employment with Park, Piedmont notifies his employerin writing of his prospective outside employment. Two weeks later, Piedmont begins managing thefamily members' portfolios. By managing these portfolios, which of the following CFA InstituteStandards of Professional Conduct has Piedmont violated?【单选题】

A.Conflicts of Interest

B.Additional Compensation

C.Both Additional Compensation and Conflicts of Interest

正确答案:C

答案解析:According to Standard IV(B) and Standard VI(A), members should disclose all potential conflicts ofinterest, should disclose the substantial time involved in managing family accounts and, whenengaging in independent practice for compensation, should not render services until receiving writtenconsent from all parties.

7、Which of the following statements is NOT compliance with the Global InvestmentPerformance Standards (GAPS?)?【单选题】

A.A firm must have its performance results verified by an independent thirdparty.

B.A firm must make every reasonable effort to provide a compliant presentationto all prospective clients.

C.A firm must provide a complete list of composite descriptions to any prospectiveclient that make such a request.

正确答案:A

答案解析:遵守全球投资业绩标准（GAPS?）的公司并不被要求对于其业绩表现进行认证，认证是自愿的。公司为了遵守GAPS?的声明，B项和C项都是其必须要做的。

8、According to the Standards of Practice Handbook, which of the following ismost directly responsible for enforcement of the Code of Ethics and ProfessionalConduct Standards?【单选题】

A.CFA Institute Disciplinary Review Committee.

B.CFA Institute member volunteers affiliated with disciplinary Review Committee.

C.CFA Institute Designated Officer.

正确答案:A

答案解析:CFA协会纪律审查委员会是负责伦理道德和专业行为标准具体实施的。专业行为项目(Professional Conduct Program)的授权官员（其实是CFA协会的员工）是对会员的违规行为进行调查的。CFA协会管理委员会是整体负责专业行为项目的。

9、A company incurs the following costs related to its inventory during the year:The amount charged to inventory cost (in millions) is closest to:【单选题】

A.￥177,000.

B.￥175,000.

C.￥185,000.

正确答案:B

答案解析:The costs to include in inventories are all costs of purchase, costs of conversion, and other costsincurred in bringing the inventories to their present location and condition. It does not includeabnormal waste costs or storage of finished product.Section 2

10、The following information is available about a hedge fund:No deposits to the fund or withdrawals from the fund occurred during the year. Management fees arecalculated using end-of-period valuation. Management fees and incentive fees are calculatedindependently. The net-of-fees return of the investor is closest to:【单选题】

A.5.8%.

B.7.4%.

C.7.8%.

正确答案:A

答案解析:The soft hurdle rate is surpassed, because the return of the fund is 10%. For that reason, the full fee,based on the full performance, is due.Section 3.3