2020年CFA考试《CFA一级》模拟试题

2020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、
Based on the above information about a company’s trade receivables, the bad debt expense (in millions) for 2012 is closest to:【单选题】

A.￡36.

B.￡84.

C.￡120.

正确答案:C

答案解析:“Understanding Balance Sheets," Elaine Henry, CFA, and Thomas R. Robinson, CFA
2012 Modular Level 1, Vol.3, Reading 26, Section 3.1.3
Study Session: 8-26-e
Describe different types of assets and liabilities and the measurement bases of each.
C is correct. The allowance for doubtful accounts increases by the bad debt expense recognized for the year and decreases by the amounts written off during the year.

2、A security market with price continuity is most accurately characterized as a marketwhich:【单选题】

A.assets can be bought or sold quickly.

B.an asset's price reflects all available information about the asset.

C.prices do not change much from one transaction to the next in the absence ofnew information.

正确答案:C

答案解析:良好运作的证券市场应该有价格持续性的特征，具备此特征说明从一个证券交易变为下一个证券交易时，交易价格并不会发生大幅变化，除非有重大的新信息改变了资产的价值。

3、According to the CFA Institute Code of Ethics and Standards of Professional Conduct, trading on material nonpublic information is least likely to be prevented by establishing:【单选题】

A.fire-walls.

B.watch lists.

C.selective disclosure.

正确答案:C

答案解析:CFA Institute Standards
2010 Modular Level I, Vol. 1, pp. 36-42
Study Session 1-2-c
Recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct
C is correct as selective disclosure occurs when companies discriminate in making material nonpublic information public. Corporations that disclose information on a limited basis create the potential for insider-trading violations. Standard II (A).

4、Three firms operate under perfect competition, producing 900 units of the same product but using different production technologies. Each company’s cost structure is indicated below:

Which of the following statements is most accurate? If the unit selling price is:【单选题】

A.$6.00, all firms should exit the market in the long run.

B.$3.50, firm X should continue to operate in the short run, but firms Y and Z should shut down production.

C.$4.50, all firms should continue to operate in the short run, but exit the market in the long run if these conditions are expected to persist.

正确答案:B

答案解析:“Demand and Supply Analysis: The Firm,” Gary L. Arbogast, CFA and Richard V. Eastin
2013 Modular Level I, Vol. 2, Reading 15, Section 3.1.3, Example 6
Study Session 4–15–d, e, h
Calculate and interpret total, average, marginal, fixed, and variable costs.
Determine and describe breakeven and shutdown points of production.
Distinguish between short-run and long-run profit maximization.
B is correct.

5、An investor with $1 500 000 does research about Roy's safety-first criterion andgathers the following information about three portfolios with normally distributedreturns :

The investor would like to withdraw $90 000 per year without invading principal.According to Roy's safety-first criterion, which of the following portfoliosis most appropriate?【单选题】

A.Portfolio 1.

B.Portfolio 2.

C.Portfolio 3.

正确答案:A

答案解析:计算基准回报率：$90 000/$1 500 000 = 6%。,最大，于是应选A。

6、Which of the following measures of interest rate risk is most appropriate forbonds with prepayment option?【单选题】

A.Effective duration.

B.Modified duration.

C.Macaulay duration.

正确答案:A

答案解析:对于有内含权或者提前偿付权的债券而言，由于现金流是不确定的，故应该用有效久期测量利率风险，而不能用修正久期或麦考利久期。

7、A company entered into a three-year construction project with a total contract price (all figures in ‘000s) of $5,300 and expected costs of $4,400. The company recognizes revenue using the percentage of completion method. The data below relate to the contract.

The amount of revenue (in $‘000s) the company will recognize in Year 2 is closest to:【单选题】

A.1,766.

B.2,409.

C.3,000.

正确答案:B

答案解析:“Understanding Income Statements,” Elaine Henry, CFA and Thomas R. Robinson, CFA
2013 Modular Level I, Vol. 3, Reading 25, Section 3.2.1, Example 2
Study Sessions: 8-25-b
Describe the general principles of revenue recognition and accrual accounting, specific revenue recognition applications (including accounting for long-term contracts, installment sales, barter transactions, gross and net reporting of revenue), and the implications of revenue recognition principles for financial analysis.
B is correct.

8、All U.S. Treasury coupon strips are:【单选题】

A.zero-coupon securities.

B.issued directly by the U.S. Treasury.

C.created from pooled coupon payments of U.S. Treasury securities.

正确答案:A

答案解析:“Overview of Bond Sectors and Instruments,” Frank J. Fabozzi
2010 Modular Level I, Vol. 5, p. 309
Study Session 15-62-c
Describe how stripped Treasury securities are created and distinguish between coupon strips and principal strips.
Although the U.S. Treasury does not issue zero-coupon securities, it has created the STRIPS program through which securities that are stripped from the principal or interest payments of U.S. Treasury securities become direct obligations of the U.S. government.

9、An analyst does research about market structures.With respect to traditional oligopolymodel, which of the following is least accurate? The kinked demandcurve model assumes:【单选题】

A.that there is a break in the marginal revenue curve.

B.that the price decreases by one firm is followed by its peers.

C.that the price and quantity are sensitive to small cost changes.

正确答案:C

答案解析:弯曲的需求曲线是在寡头垄断的情况下，造成有两条需求线和两条边际收益线的情形，上面一条需求线弹性比较大，因为该理论假设每个寡头公司认为，如果他提高价格，其他人并不会跟随，所以他的需求量会大幅度下降；下面一条需求线弹性比较小，因为该理论假设每个寡头公司认为，如果他降低价格，其他公司也会跟随着降低价格，所以他的需求量上升幅度比较小。两条需求线所决定的两条边际收益线中间有断开，并不是连续的。两条需求线的交点决定了最优的价格和产量，只有边际成本与两条边际收益线相交的情况下，公司才会改变他们的最优价格和产量，所以价格和产量对于成本较小的变化十分敏感这句话是错误的。

10、Using the debt-rating approach to find the cost of debt is most appropriate when market prices for a company’s debt are:【单选题】

A.stable.

B.unreliable.

C.below par value.

正确答案:B

答案解析:“Cost of Capital,” Yves Courtois, CFA, Gene Lai, and Pamela Peterson Drake, CFA
2011 Modular Level I, Vol. 4, p. 48
Study Session 11-45-f
Calculate and interpret the cost of fixed rate debt capital using the yield-to-maturity approach and the debt-rating approach.
The debt-rating approach is used when the market prices for debt are unreliable or non-existent.