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、Christina Ng, a Level I CFA candidate, defaulted on a bank loan she obtained to pay for her Master’s degree tuition when her wedding cost more than expected. A micro finance loan company lent her money to pay off the tuition loan in full, including penalties and interest. The micro finance loan company even extended further credit to pay for her parents’ outstanding medical bills. Unfortunately, her parents’ health problems escalated to the point where Ng had to take extensive time away from work to deal with the issues. She was subsequently fired and consequently defaulted on the second loan. Because she was no longer employed, Ng decided to file for personal bankruptcy. Do the loan defaults leading up to Ng’s bankruptcy most likely violate Standard I (D) Misconduct?【单选题】

A.No

B.Yes, with regard to the first loan default

C.Yes, with regard to the second loan default

正确答案:A

答案解析:“Guidance for Standards I–VII,” CFA Institute
2013 Modular Level I, Vol. 1, Reading 2, Standard I (D) Misconduct
Study Session 1–2–a
Demonstrate the application of the Code of Ethics and Standards of Professional Conduct to situations involving issues of professional integrity.
A is correct because although Ng’s first loan default, which played a part in the subsequent bankruptcy, is a result of poor financial choices (i.e. paying for higher wedding costs rather than her tuition loan), neither of the loan defaults or the bankruptcy involves fraudulent or deceitful business conduct but are based on unfortunate personal circumstances. Therefore, she would most likely not be in violation of Standard I (D) Misconduct.

2、An analyst does research about difference between forward market and futuremarket.Compared with contracts in the forward market, contracts in the futuresmarket are least likely to be appropriately described as transactions that are:【单选题】

A.public.

B.customized according to the counterparts' requests.

C.based on an agreement to buy or sell an underlying asset at a future date at aprice agreed on today.

正确答案:B

答案解析:期货市场是公开交易标准化的远期合约的，它与远期市场一样，都是约定在未来的某个时点按约定的价格买卖一项资产，但是期货市场是不能像远期市场那样，根据交易对手的要求来进行定制化。

3、In regard to the relation between output and costs in the short-run, a decline in the marginal cost most likely occurs at what level of production?【单选题】

A.Low output

B.High output

C.Profit-maximizing output

正确答案:A

答案解析:“Output and Costs,” Michael Parkin
2010 Modular Level I, Vol. 2, pp. 141-142
“Perfect Competition,” Michael Parkin
2010 Modular Level I, Vol. 2, pp. 166
Study Session 4-17-d, 5-18-b
Explain the company’s production function, its properties of diminishing returns and diminishing marginal product of capital, the relation between short-run and long-run costs, and how economies and diseconomies of scale affect long-run costs.
Determine the profit maximizing (loss minimizing) output for a perfectly competitive company and explain marginal cost, marginal revenue, and economic profit and loss.
Marginal cost, in the short-run, decreases at low level of outputs due to economies from greater specialization. However, at higher levels of production, it eventually increases because of the law of diminishing returns.

4、An analyst collects the following data on the return on equity (ROE) and the payout ratio for two companies, M and N. Using a required return of 12.4% for both companies, she computes the justified forward P/E ratios, which are also given below.

If Company M increases its dividend payout ratio to 40% and Company N decreases its dividend payout ratio to 30%, which of the following will most likely occur? The justified P/E ratio of:【单选题】

A.both companies would increase.

B.both companies would decrease.

C.Company M would increase but that of Company N would decrease.

正确答案:A

答案解析:“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak and Stephen E. Wilcox
2012 Modular Level I, Vol. 5, pp. 288–291
Study Session 14-52-g, h
Explain the rationale for using price multiples to value equity, and distinguish between multiples based on comparables versus multiples based on fundamentals.
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.
A is correct. Dividend growth rate = (1 – Payout ratio) × ROE;

Using the new payout ratios, the justified forward P/Es, calculated below, of both firms would increase.

New dividend growth rate = (1 – 0.3) x 14% = 9.8%;
New Justified forward P/E = 0.3/(0.124 – 0.098) = 11.5x.

5、An analyst does research about liquidity.Liquidity in financial markets is bestdescribed as the ability to purchase or sell an asset:【单选题】

A.at a low transaction cost.

B.quickly at a known price.

C.quickly and easily at a price close to fair market value.

正确答案:C

答案解析:流动性是指在金融市场中迅速而便捷地按市场公允价格买卖资产的能力，选项C是符合定义的。

6、In an economy, consumption is 70% of pre-tax income and the average tax rate is 25% of total income. If planned government expenditures are expected to increase by $1.25 billion, the increase in total incomes and spending ($ in billions) is closest to:【单选题】

A.$1.3.

B.$2.6.

C.$4.2.

正确答案:C

答案解析:“Monetary and Fiscal Policy,” Andrew Clare, PhD and Stephen Thomas, PhD
2013 Modular Level I, Vol. 2, Reading 19, Section 3.2.2
Study Session 5-19-o, q
Describe the tools of fiscal policy including their advantages and disadvantages.
Explain the implementation of fiscal policy and the difficulties of implementation.

7、The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period.

The security is most likely a(n):【单选题】

A.step-up note.

B.inverse floater.

C.deferred coupon bond.

正确答案:B

答案解析:“Features of Debt Securities,” Frank J. Fabozzi
2012 Modular Level I, Vol. 5, pp. 325–330
Study Session 15-53-b
Describe the basic features of a bond, the various coupon rate structures, and the structure of floating-rate securities.
B is correct because the security’s coupon rate moves in the opposite direction (inversely) with the risk free rate. (Specifically: Coupon rate = 12.00% – 2 × Risk free rate.)

8、An analyst does research about cost of capital and gathers the following informationabout a company's preferred stock.The preferred stock is nonconvertible,noncallable, and has a fixed dividend rate with no maturity date:
·3 million shares outstanding
·The par value per share is $ 15
·Total market value is $ 39 million
·Earnings per share is $ 2.1
·Annual dividend per share is $ 0.8
·Company's marginal tax rate is 30%.
The cost of preferred stock is closest to:【单选题】

A.4.31%

B.5.33%

C.6.15%

正确答案:C

答案解析:cost of preferred stock = dividend/（market value/number of preferred shares outstanding）,代入数据如下：$0.8/（$39 million/3 million） = 6.15%。

9、Jiro Sato, CFA, deputy treasurer for May College, manages the Student Scholarship Trust. Sato issued a Request for Proposal (RFP) for domestic equity managers. Pamela Peters, CFA, a good friend of Sato, introduces him to representatives from Capital Investments, who submitted a proposal. Sato selected Capital as a manager based on the firm’s excellent performance record. Shortly after the selection, Peters, who had outstanding performance as an equity manager with another firm, accepted a lucrative job with Capital. Which of the CFA Charterholders violated CFA Institute Standards of Professional Conduct?【单选题】

A.Both violated Standards.

B.Peters violated Standards.

C.Neither violated Standards.

正确答案:C

答案解析:“Guidance for Standards I-VII”, CFA Institute
2010 Modular Level I, Vol. 1, pp. 21-26
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.
Members should use reasonable care and judgment to maintain independence and objectivity (Standard I (B)). There is no indication of inappropriate behavior in selection of the equity manager or in the acceptance of employment with that manager; both decisions were based on the excellent performance records of the manager and the member, respectively.

10、Which attribute would a private equity firm most likely desire when deciding if a company isparticularly attractive as a leveraged buyout target?【单选题】

A.Efficient management

B.Market value exceeds intrinsic value

C.Sustainable cash flow

正确答案:C

答案解析:Private equity firms look for companies that have strong cash flows and a significant amount ofphysical assets. These physical assets can be used as security and borrowed against.
CFA Level I
"Introduction to Alternative Investments," Terri Duhon, George Spentzos, and Scott D. Stewart
Section 4.2.1.2