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 does research about deferred tax asset and liability and gathers thefollowing information about a company:

Assuming there are no other differences between accounting and tax profit, thecompany most likely records:【单选题】

A.A deferred tax asset of $ 315.

B.A deferred tax liability of $ 315.

C.A deferred tax liability of $ 585.

正确答案:B

答案解析:财务报表与税单上的折旧差异造成了递延所得税负债（DTL)，DTL在数值上等于折旧之差再乘以税率。DTL = ( $ 3 000 - $ 2 100 ) ×0.35 = $ 315，税单上因为多计了折旧而少计了利润，所以应该增加递延所得税负债。所得税费用（income tax expense）=应纳所得税（taxes payable）+ (△DTL - △DTA)。

2、An analyst does research about financial ratios and gathers the following informationabout CBN Manufacturing Inc.(in millions):

Based on this information, which of the following ratios most likely decreases in2011 over 2010?【单选题】

A.Return on equity.

B.Financial leverage.

C.Total asset turnover.

正确答案:C

答案解析:

3、Tamlorn Mager, CFA, is an analyst at Pyallup Portfolio Management. CFA Institute recently notified Mager that his CFA Institute membership was suspended for a year because he violated the CFA Code of Ethics. A hearing panel also came to the same conclusion. Mager subsequently notified CFA Institute he does not accept the sanction, or the hearing panel’s conclusion. Which of the following actions by Mager is most consistent with the CFA Institute Professional Conduct Program?【单选题】

A.Presenting himself to the public as a CFA charterholder

B.Providing evidence for his position to an outside arbitration panel

C.Using his CFA designation upon expiration of the suspension period

正确答案:C

答案解析:“Code of Ethics and Standards of Professional Conduct”, CFA Institute
2013 Modular Level I, Vol. 1, Reading 1, Code of Ethics and Standards of Professional Conduct CFA Institute Professional Conduct Program
Study Session 1-1-a
Describe the structure of the CFA Institute Professional Conduct Program and the disciplinary review process for the enforcement of the Code of Ethics and Standards of Professional Conduct.
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 because the Designated Officer may impose a summary suspension on a member or candidate, which may be rejected or accepted by the member or candidate. If the member or candidate does not accept the proposed sanction, the matter is referred to a hearing panel composed of DRC members and CFA Institute member volunteers affiliated with the DRC. In this case, the hearing panel also affirmed the suspension decision by the Designated Officer, and therefore, the member loses the right to use his designation for a one-year period. Upon expiration of the suspension period, the analyst would be able to use his CFA designation.

4、When Jefferson Piedmont, CFA, joined Branch Investing, Branch began using a quantitative stock selection model Piedmont had developed on his own personal time prior to his employment with Branch. One year later when Piedmont left the firm, he found the original copy of the model he had developed in a file at his home and presented it to his new employer, who immediately began using the model. According to the Standards of Practice Handbook, did Piedmont violate any CFA Institute Standards of Professional Conduct?【单选题】

A.No.

B.Yes, because he misappropriated property now belonging to Branch.

C.Yes, because he failed to inform his new employer the model was the same one used by his previous employer.

正确答案:A

答案解析:“Guidance for Standards I-VII”, CFA Institute
2010 Modular Level I, Vol. 1, pp. 69-71
Study Session 1-2-a
Demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.
Although departing employees may not take employer property when departing (Standard IV (A) – Duties to Employers (Loyalty), the model Piedmont presented to his new employer was not Branch’s property. It was created by Piedmont prior to his employment with Branch. The model was not created for Branch in the course of his employment, but was adopted by Branch.

5、Carol Corky, CFA, is a senior portfolio manager for Universal Management.Universal Management manages five funds, each with a large-capitalization investmentstrategy.When choosing portfolios under its large-capitalization investmentstrategy for the purpose of achieving compliance with the Global InvestmentsPerformance Standards (GAPS?) , which of the following is most accurate?Universal Management is most likely required to include:【单选题】

A.all discretionary portfolios currently managed under the large-capitalizationinvestment strategy.

B.all discretionary portfolios currently and historically managed under thelarge-capitalization investment strategy.

C.all discretionary and non-discretionary portfolios currently and historicallymanaged under the large-capitalization investment strategy.

正确答案:B

答案解析:在大市值策略的合成账户里面应该包括所有自由决断（discretionary）的投资组合，当前的和历史的在该策略下管理的投资组合。自由决断是指基金经理可以自主进行投资操作，反映了基金经理的投资能力，而非自由决断的投资组合并不反映投资经理的决断，所以不应该加入在公布的业绩中，同时在该策略下管理的历史的投资组合业绩记录也应该加入在业绩统计中。

6、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.

7、A moral obligation bond is also known as:【单选题】

A.a prerefunded bond.

B.a general obligation debt.

C.an appropriation-backed obligation

正确答案:C

答案解析:“Overview of Bond Sectors and Instruments,” Frank J. Fabozzi
2010 Modular Level I, Vol. 5, pp. 321-323
Study Session 15-62-g
Describe the types of securities issued by municipalities in the United States and distinguish between tax-backed debt and revenue bonds.
Some municipal bonds include a nonbinding pledge of additional tax revenue to make up any shortfalls; however legislative approval is required for the additional appropriation. These are known as moral obligation bonds. They are a form of general obligation debt, but most general obligation debt does not include such a pledge. In contrast, a prerefunded bond is backed by a trust of riskless securities that provide cash flows sufficient to pay the interest and principal payments of the bond.

8、Due to global oversupply in the micro-chip industry a company wrote down its 2009 inventory by €4.0 million from €12.0 million. The following year, due to a change in competitive forces in the industry the market price of these chips rose sharply to 10% above their original 2009 value. If the company prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), its 2010 inventory (in €-millions) will most likely be reported as:【单选题】

A.8.0.

B.12.0.

C.13.2.

正确答案:B

答案解析:“Inventories,” Elbie Antonites, CFA and Michael Broihahn, CFA
2010 Modular Level 1, Vol. 3, pp. 380-381
“International Standards Convergence,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA and Michael A. Broihahn, CFA
2010 Modular Level 1, Vol. 3, pp. 653-654
Study Session 9-36-b, 10-43-a
Discuss how inventories are reported in the financial statements and how the lower of cost or net realizable value is used and applied.
Identify and explain the major international accounting standards for each asset and liability category on the balance sheet and the key differences from U.S. generally accepted accounting principles (GAAP).
Although IFRS does require write-downs, it also allows revaluations, but not to exceed the original value, i.e., 12. The exception to this, where gains are allowed, is in producers of agricultural, forest and resource products.

9、In generating an estimate of a population parameter, a larger sample size is most likely to improve the estimator’s:【单选题】

A.efficiency.

B.consistency.

C.unbiasedness.

正确答案:B

答案解析:“Sampling and Estimation,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2011 Modular Level I, Vol. 1, pp. 560-561
Study Session 3-10-g
Identify and describe the desirable properties of an estimator (unbiased, efficient, consistent).
Unbiasedness and efficiency are properties of an estimator’s sampling distribution that hold for any size sample. A consistent estimator is one for which the probability of estimates close to the value of the population parameter increases as sample size increases.

10、In regard to the aggregate demand curve and an increase in one of its associated factors, which of the following relationships is least accurate?【单选题】

A.

B.

C.

正确答案:A

答案解析:“Aggregate Output, Prices, and Economic Growth,” Paul R. Kutasovic and Richard G. Fritz
2012 Modular Level I, Vol. 2, pp. 247–254
Study Session 5-17-h
Describe the causes of shifts in and movements along aggregate demand and supply curves.
A is correct. If stock prices rise, the aggregate demand curve will shift to the right (increase in AD) because of higher consumption (wealth effect), not lower investments.