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、Which of the following is most likely a part of the feedback step in the portfolio management process?【单选题】

A.Portfolio construction

B.Performance measurement

C.Developing the investment policy statement

正确答案:B

答案解析:“Portfolio Management: An Overview”, by Robert M. Conroy and Alistair Byrne.
2011 Modular Level I, Vol. 4, pp. 292-296
Study Session 12-51-c Describe the steps in the portfolio management process.
B is correct. Performance measurement along with portfolio monitoring and rebalancing is part of the feedback loop.

2、An analyst does research about diluted earnings per share and gathers the followinginformation about a company:

Using the treasury stock method, the number of incremental shares that should beused to compute diluted earnings per share is closest to:【单选题】

A.4 000

B.5 455

C.16 000

正确答案:A

答案解析:股票期权和权证只有在它们的行权价格比当年股票的市场价格低的时候才有稀释作用。如果股票期权和权证有稀释作用，则利用库藏股票法（treasury stock method）来计算增加的股票数量。题目中，只有权证的价格低于股票当年的平均市场价格，即只有权证有稀释作用。
20 000 - $40 × 20 000/$50 = 20 000 - 16 000 = 4 000。

3、The following information is from a company’s most recent financial statements:

The company uses the LIFO inventory method. The footnotes to the financial statements indicate that if the company had used the FIFO method, the inventory balance would have been $45 million higher than the amount reported on the company’s most recent financial statements. If the company’s common stock is currently selling for $59 per share, the company’s adjusted price-to book-value ratio is closest to:【单选题】

A.1.67.

B.1.79.

C.1.89.

正确答案:C

答案解析:“Inventories,” Elbie Antonites, CFA and Michael Broihahn, CFA
2010 Modular Level I, Vol. 3, pp. 396-402
“Introduction to Price Multiples,” John D. Stowe, CFA, Thomas R. Robinson, CFA, Jerald E. Pinto, CFA, and Dennis W. McLeavey, CFA
2010 Modular Level I, Vol. 5, pp. 207-212
Study Session 9-36-g, 14-59-a, b
Calculate adjustments to reported financial statements related to inventory assumptions to aid in comparing and evaluating companies.
Discuss the rationales for, and the possible drawbacks to, the use of price to earnings (P/E), price to book value (P/BV), price to sales (P/S), and price to cash flow (P/CF) in equity valuation;
Calculate and interpret P/E, P/BV, P/S, and P/CF.
Adjusted book value equals shareholders' equity adjusted for equity claims that are senior to common stock and inventory method, and other adjustments related to pension and retirement plans. Dividing by the number of outstanding common shares results in the adjusted book value per share.
Adj. price to book value ratio = Current stock price / Adj. book value per share
Adj. book value per share = [$325 – $40 + $45(0.6)] / 10 = $31.20
Adj. price to book value ratio = $59 / $31.20 = 1.89.

4、A variation of which real estate valuation approach is most likely to use slope coefficients derived from a statistical analysis to estimate the value of a property?【单选题】

A.Cost approach.

B.Income approach.

C.Sales comparison approach.

正确答案:C

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey
2010 Modular Level I, Vol. 6, pp. 202-206
Study Session 18-73-e
Describe the various approaches to the valuation of real estate.
One variation of the sales comparison approach (hedonic price estimation) uses recent transactions in the area to derive an equation that weights various property attributes to determine a value for the property.

5、Gardner Knight, CFA, is a product development specialist at an investment bank. Knight is responsible for creating and marketing collateralized debt obligations (CDOs) consisting of residential mortgage bonds. In the marketing brochure for his most recent CDO, Knight provided a list of the mortgage bonds that the CDO was created from. The brochure also states “an independent third party, the collateral manager, had sole authority over the selection of all mortgage bonds used as collateral in the CDO.” However, Knight met with the collateral manager and helped her select the bonds for the CDO. Knight is least likely to be in violation of which of the following CFA Institute Standards of Professional Conduct?【单选题】

A.Suitability

B.Conflicts of Interest

C.Client Communication

正确答案:A

答案解析:CFA Institute Standards
2012 Modular Level I, Vol. 1, pp. 78, 116–117, 123–125
Study Session 1-2-b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
A is correct because there is no indication the investment is unsuitable for investors and in violation of Standard III (C) Suitability.

6、A consultant starts a project today that will last for three years. Her compensation package includes the following:

If she expects to invest these amounts at an annual interest rate of 3%, compounded annually until her retirement 10 years from now, the value at the end of 10 years is closest to:【单选题】

A.$566,466.

B.$618,994.

C.$460,590.

正确答案:A

答案解析:Calculate the future value (FV) of each of the cash flows to the end of 10 years:

2014 CFA Level I
“The Time Value of Money,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
Section 4.2

7、If a portfolio manager wants to sell a stock at a price above current marketprice, the best type of order to use is a:【单选题】

A.limit order.

B.market order.

C.stop sell order.

正确答案:A

答案解析:希望以一个高于当前市场成交价的价格卖出股票，应该挂出限价卖出订单。市价订单是按照市场价格迅速成交的订单。止损卖出订单是当价格下跌到一定幅度，为了避免损失扩大而执行的订单。

8、An investor gathers the following data.

To estimate the stock's justified forward P/E, the investor prefers to use the compounded annual earnings growth and the average of the payout ratios over the relevant period (i.e., 2008–2011). If the investor uses 11.5% as her required rate of return, the stock's justified forward P/E is closest to:【单选题】

A.10.

B.12.

C.21.

正确答案:C

答案解析:“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak and Stephen E. Wilcox
2012 Modular Level I, Vol. 5, pp. 276, 281, 289–291
Study Session 14-52-h
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.
C is correct.

Payout ratio (p) computation (for example, 2011) = 1.92/3.20 = 0.60.
Average payout ratio = (0.60 + 0.50 + 0.70 + 0.64)/4 = 0.61.

9、The following information is available for a firm.
Market Risk Premium:
7.0%
Risk-free Rate:
2.0%
Comparable Firm Return:
10.4%
Comparable Firm Debt-to-Equity Ratio:
1.0
Comparable Firm Tax Rate:
40.0%
The firm’s unlevered beta is closest to:【单选题】

A.0.75.

B.1.05.

C.1.20.

正确答案:A

答案解析:“Cost of Capital,” Yves Courtois, CFA, Gene Lai, and Pamela Peterson Drake, CFA
2011 Modular Level I, Vol. 4, pp. 60-62
Study Session 11-45-h, i
Calculate and interpret the cost of equity capital using the capital asset pricing model approach, the dividend discount model approach, and the bond-yield-plus-risk-premium approach.
Calculate and interpret the beta and cost of capital for a project.
Find the comparable firm’s beta: (10.4% - 2.0%) ÷ 7.0% = 1.20.

10、According to behavioral finance, observed overreaction in securities markets most likely occurs due to:【单选题】

A.loss aversion.

B.gambler’s fallacy.

C.disposition effect.

正确答案:A

答案解析:“Market Efficiency,” W. Sean Cleary, Howard J. Atkinson, and Pamela Peterson Drake
2012 Modular Level I, Vol. 5, pp. 148–149
Study Session 13-49-g
Contrast the behavioral finance view of investor behavior with that of traditional finance.
A is correct. According to loss aversion related arguments in behavioral theories, investors dislike losses more than they like comparable gains. Thus, such a behavioral bias can explain observed overreaction in markets.