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、An analyst makes the appropriate adjustments to the financial statements of retail companies that are lessees using a substantial number of operating leases. Compared to ratios computed from the unadjusted statements, the ones computed from the adjusted statements would most likely be higher for:【单选题】

A.the debt-equity ratio but not the interest coverage ratio.

B.the interest coverage ratio but not the debt-equity ratio.

C.both the debt-equity ratio and the interest coverage ratio.

正确答案:A

答案解析:“Long-term Liabilities and Leases,” Elizabeth A. Gordon and R. Elaine Henry, CFA
2010 Modular Level I, Vol. 3, pp. 537, 544-547
Study Session 9-39-g
Determine the effects of finance and operating leases on the financial statements and ratios of the lessees and lessors.
The adjustments to convert operating leases into capital leases would increase the amount of total debt in the debt-equity ratio thus increasing the ratio; the portion of the lease payment estimated to be lease interest expense would lower the interest coverage ratio.

2、An investor might consider investments in commodities because, historically, commodity returns have had a higher positive correlation with:【单选题】

A.inflation.

B.bond returns.

C.stock returns.

正确答案:A

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey
2012 Modular Level I, Vol. 6, pp. 235–236
Study Session 18-66-q
Explain the motivation for investing in commodities, commodities derivatives, and commodity-linked securities.
A is correct because commodity returns have had a positive correlation with inflation, as opposed to their low to negative correlation with bond and stock returns.

3、A trader seeking to sell a very large block of stock, or a piece of urban real estate property, for her client will most likely execute the trade in a(n):【单选题】

A.brokered market.

B.order-driven market.

C.quote-driven market.

正确答案:A

答案解析:“Market Organization and Structure,” Larry E. Harris
2012 Modular Level I, Vol. 5, pp. 58–61
Study Session 13-47-j
Describe how securities, contracts, and currencies are traded in quote-driven markets, order-driven markets, and brokered markets.
A is correct. Instruments that are infrequently traded and expensive to carry as inventory (e.g., very large blocks of stock, real estate properties, fine art masterpieces, and liquor licenses) are executed in brokered markets. Organizing order-driven markets for such instruments is not sensible because too few traders would submit orders to them.

4、An analyst does research about weighted average cost of capital and gathers thefollowing information about a company:

Based on the information above, if the company's marginal tax rate is 35%, itsweighted average cost of capital is closest to:【单选题】

A.7.0%

B.7.6%

C.8.1%

正确答案:B

答案解析:先算出各种资金来源的比例：

WACC = × (l - t) + × + × =0.3 ×5% ×(1-35%) +0.1 ×6% +0.6× 10% =7.575%。

5、An analyst does research about confidence interval.The range of a confidence intervalis most likely determined by the product of the reliability factor and the:【单选题】

A.standard error.

B.mean.

C.degree of confidence.

正确答案:A

答案解析:置信区间是由均值加和减依赖因子（根据显著性水平和置信度确定）乘以标准误差来确定的，因此它们的间距（最大值和最小值的差）就等于两倍的依赖因子乘以标准误差。

6、Meshack Bradovic, CFA, was recently hired as a credit analyst at a credit rating agency whose major clients include publicly listed companies on the local stock exchange. One of the clients is currently preparing to issue a new bond to finance a major factory project. Analysts are speculating that without the new factory the company will not survive the onslaught of competition from increasing imports; therefore, the company is counting on an upgraded credit rating to enhance the subscription level of the issue. Bradovic’s research suggests the creditworthiness of the company has severely deteriorated over the last year due to negative operating cash flows. Without conducting extensive research, Bradovic’s boss puts pressure on him to upgrade the credit rating to an investment grade rating. What course of action is most appropriate for Bradovic to prevent any violation of the CFA Code or Standards?【单选题】

A.Quit his position with the firm.

B.Upgrade the rating but note his objections in writing.

C.Disassociate with the credit rating report, the bond issue and the client.

正确答案:A

答案解析:“Guidance for Standards I-VII,” CFA Institute
2011 Modular Level I, Vol. 1, pp. 108,110
Study Session 1–2–c
Recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.
A is correct as the boss’ insistence that all credit ratings be given an investment grade rating irrespective of the analysis undertaken indicates a systemic disregard for due diligence, reasonable basis and true representation. This shows a total disregard for the CFA Standards. Bradovic’s best course of action consequently is to resign, as the company’s current practice of giving false credit ratings is likely to continue.

7、An equity index consists of three securities with market information as follows:


The price-weighted total return index is closest to:【单选题】

A.6.7%.

B.10.7%.

C.9.5%.

正确答案:B

答案解析:
BOP = Beginning of period
EOP = Ending of period
2014 CFA Level I
“Security Market Indices,” by Paul D. Kaplan and Dorothy C. Kelly
Section 3.2

8、During a period of rising inventory costs, a company decides to change its inventory method from FIFO to the weighted average cost method. Which of the following financial ratios will most likely increase as a result of this change?【单选题】

A.Current

B.Debt-to-equity

C.Number of days in inventory

正确答案:B

答案解析:“Inventories,” Michael A Broihahn, CFA
2013 Modular Level I, Vol. 3, Section 6, Example 5
Study Session: 9-29-h
Calculate and interpret ratios used to evaluate inventory management.
B is correct. All else held constant, in a period of rising costs the ending inventory would be lower under weighted average and cost of goods sold (CGS) will be higher (compared to FIFO) resulting in lower net income and retained earnings. There will be no impact on the debt level, current or long-term. Therefore the debt-to-equity ratio (Total debt ÷ Total shareholder’s equity) will increase due to the decrease in retained earnings (and lower shareholders’ equity).

9、For periods beginning on or after 1 January 2011, the Global Investment PerformanceStandards (GAPS?) require that total firm assets be defined as the aggregatefair value of all:【单选题】

A.discretionary assets in fee-paying portfolios managed by the firm.

B.discretionary and non-discretionary assets in fee-paying portfolios managedby the firm.

C.discretionary and non-discretionary assets in fee-paying and non-fee-payingportfolios managed by the firm.

正确答案:C

答案解析:公司总资产包括公司管理的其自由决断和非自由决断资产，这些自由决断和非自由决断资产包含在真实付费和非真实付费的组合中。

10、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.