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 investor currently has a portfolio valued at $700,000. The investor’s objective is long-term growth, but the investor will need $30,000 by the end of the year to pay her son’s college tuition and another $10,000 by year-end for her annual vacation. The investor is considering three alternative portfolios:

Using Roy’s safety-first criterion, which of the alternative portfolios most likely minimizes the probability that the investor’s portfolio will have a value lower than $700,000 at year-end?【单选题】

A.Portfolio 1

B.Portfolio 2

C.Portfolio 3

正确答案:C

答案解析:“Common Probability Distributions,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2010 Modular Level I, Vol. 1, pp. 445-446
Study Session 3-9-l
Define shortfall risk, calculate the safety-first ratio, and select an optimal portfolio using Roy’s safety-first criterion.
The investor requires a minimum return of $40,000/$700,000 or 5.71 percent. Roy’s safety-first model uses the excess of each portfolio’s expected return over the minimum return and divides that excess by the standard deviation for that portfolio. The highest safety-first ratio is associated with Portfolio 3: (14% – 5.71%)/22% = 0.3768.

2、A market index contains the following two securities:

The total return on an equal-weighted basis is closest to:【单选题】

A.-1.75%.

B.2.78%.

C.2.25%.

正确答案:C

答案解析:
CFA Level I
"Security Market Indices," Paul D. Kaplan and Dorothy C. Kelly
Section 3.2

3、A fund manager compiles the following data on two companies:

Based on the information provided, the most accurate conclusion is that Company A’s stock is more attractive relative to that of Company B’s because of its:【单选题】

A.smaller P/E ratio.

B.greater financial leverage.

C.higher dividend growth rate.

正确答案:A

答案解析:“Financial Analysis Techniques,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn
2011 Modular Level I, Vol. 3, pp. 342-343
“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak, CFA, and Stephen E. Wilcox, CFA
2011 Modular Level I, Vol. 5, pp. 290-291
Study Session 8-35-f, 14-60-h
Demonstrate the application of and interpret changes in the component parts of the DuPont analysis (the decomposition of return on equity).
Calculate and interpret the following multiples: price to earnings, price to an estimate of operating cash flow, price to sales, and price to book value.
From the computations shown below Company A’s stock is more attractive because of its smaller P/E ratio than Company B’s stock.

4、During the last month, a food company located in the United States had the following transactions:

These transactions will most likely increase the U.S. current account by:【单选题】

A.$17.0 million.

B.$15.0 million.

C.$14.5 million.

正确答案:B

答案解析:Note that the borrowing from a bank in Singapore is not a current account transaction.


2014 CFA Level I
"International Trade and Capital Flows,” by Usha Nair-Reichert and Daniel Robert Witschi
Sections 4.2–4.3

5、A 180-day U.S. Treasury bill has a holding period yield (HPY) of 2.375%. The bank discount yield (in %) is closest to :【单选题】

A.4.640.

B.4.750.

C.4.875.

正确答案:A

答案解析:“Discounted Cash Flow Applications,” Richard A. Defusco CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2010 Modular Level I, Vol. 1, pp. 253-257
Study Session 2-6-d, e
Calculate and interpret the bank discount yield, holding period yield, effective annual yield, and money market yield for a U.S. treasury bill
Convert among holding period yields, money market yields, effective annual yields, and bond equivalent yields.

6、The convergence of global accounting standards has advanced to a degree that the Securities &Exchange Commission in the United States now mandates that foreign private issuers who useIFRS may report under:【单选题】

A.U.S. GAAP or under IFRS with a reconciliation to U.S. GAAP.

B.U.S. GAAP or under IFRS.

C.U.S. GAAP with voluntary supplemental reporting under IFRS.

正确答案:B

答案解析:Historically, the Securities & Exchange Commission required reconciliation for foreign private issuersthat did not prepare financial statements in accordance with U.S. GAAP. However the reconciliationrequirement was eliminated as of 2008 for companies that prepared their financial statements underIFRS.
CFA Level I
"Financial Reporting Standards," Elaine Henry, Jan Hendrik van Greuning and Thomas R. Robinson
Sections 4, 7

7、An analyst does research about long-run equilibrium in monopoly markets.Withrespect to the regulation of a natural monopoly, a government subsidies sufficientto compensate the natural monopoly firm implies setting:【单选题】

A.price equal to average cost.

B.price equal to marginal cost.

C.output where marginal cost equals marginal revenue.

正确答案:B

答案解析:对于自然垄断行业，其监管主要有平均价格监管和边际价格监管，平均价格监管使价格等于平均成本，从而使企业没有任何经济利润，即经济利润为零。边际成本定价是使价格等于边际成本，但这个时候的价格很可能低于平均总成本，政府对此会给予被监管企业一定的补贴来进行补偿，从而避免该企业离开这个行业。如果不进行监管的话，企业就会根据边际收益等于边际成本来决定其最优的产量，再根据需求线来决定其价格，企业一般会保留经济利润。

8、A company recently purchased a warehouse property and related equipment (shelving, forklifts, etc.) for €50 million, which were valued by an appraiser as follows: Land €10 million, building €35 million, and equipment €5 million. The company incurred the following additional costs in getting the warehouse ready to use:
● €2.0 million for repairs to the building’s roof and windows
● €0.5 million to modify the interior layout to meet their needs (moving walls and doors, inserting and removing partitions, etc.)
● €0.1 million on an orientation and training session for employees to familiarize them with the facility
The cost to be capitalized to the building account (in millions) for accounting purposes is closest to:【单选题】

A.€37.0.

B.€37.5.

C.€38.5.

正确答案:B

答案解析:“Long-Lived Assets,” Elaine Henry and Elizabeth A. Gordon
2012 Modular Level I, Vol. 3, pp. 444–446
Study Session 9-30-a
Distinguish between costs that are capitalized and costs that are expensed in the period in which they are incurred.
B is correct. The capitalized cost of the building would include the other costs that are directly attributable to the building and are involved in extending its life or getting it ready to use:
Initial cost €35.00
Repairs to roof and windows 2.00
Modifications to interiors
Total cost €37.5 million

9、A zero-coupon bond issued 3 years ago with a par value of $1 000 has 7 yearsremaining to maturity.If the annual rate associated with the bond is 8 percent,the value of the bond is closest to:【单选题】

A.$577

B.$583

C.$790

正确答案:A

答案解析:N = 7 × 2 = 14，FV = $1 000，I/Y = 8/2 = 4，PMT = 0，通过计算可得：PV = -$577。注意，零息债券是半年付息一次。

10、A company manufactures aluminum cans for the beverage industry and prepares its financial statements in accordance with IFRS. During its latest full fiscal year, the company recorded the following data:


The total costs included in inventory (in €) for the year are closest to:【单选题】

A.149,820.

B.150,460.

C.150,980.

正确答案:B

答案解析:“Inventories,” Michael A Broihahn, CFA
2013 Modular Level I, Vol. 3, Section 2, Example 1
Study Session: 9-29-a
Distinguish between costs included in inventories and costs recognized as expenses in the period in which they are incurred.
B is correct. Total inventory costs are as follows:

Abnormal waste, storage of finished goods, and administrative overhead are expensed.