2020年CFA考試《CFA一級》考試共240題，分為單選題。小編為您整理精選模擬習題10道，附答案解析，供您考前自測提升！

1、An analyst does research about Nash Equilibrium.With respect to game theory,which of the following describes the condition that two colluding firms in an oligopolymarket are a Nash Equilibrium?【單選題】

A.Neither firm cheats.

B.Only one firm cheats.

C.Both firm cheat.

正確答案:C

答案解析:納什均衡（Nash Equilibrium）是指寡頭企業(yè)最終達到的均衡。市場中，兩個寡頭企業(yè)希望通過勾結(jié)來獲得行業(yè)的最大經(jīng)濟利潤，但其中一個寡頭企業(yè)可能會違反協(xié)議增加產(chǎn)量，以增加其自身的經(jīng)濟利潤，而另一個寡頭企業(yè)有可能發(fā)生經(jīng)濟虧損，但如果每個企業(yè)都違反協(xié)議，則最終會達到一種均衡。

2、With respect to verification, which of the following statements is most accurate accordingto the Global Investment Performance Standards (GAPS?)?【單選題】

A.Verification must be performed by the firm in order to claim compliance.

B.Verification brings additional credibility and confidence to a firm's claimof compliance.

C.Verification guarantees the accuracy of a specific composite presentation.

正確答案:B

答案解析:認證或者核查（verification）并不能保證任意特定組合群業(yè)績的準確性，GAPS?建議公司要認證或者核査，但并不是必須要核查，認證或者核査是自愿的。認證或者核查可增加公司合規(guī)的可信度，對客戶來講，對于其所公布的業(yè)績也會更具有信心。

3、An analyst does research about financial principles.Which of the followingfinancial principles is most accurate to describe the requirement that eachmaterial class of similar items should be shown separately on the financialstatements?【單選題】

A.Aggregation.

B.Comparative information.

C.No offsetting.

正確答案:A

答案解析:重要性和匯總原則規(guī)定，包含相似事項的賬戶應(yīng)當在財務(wù)報表上一起列示，不相似的事項分開列示。

4、An analyst does research about security market indices.The number of freelyfloating share available is component of which of the following index weightingschemes?【單選題】

A.Fundamental weighting.

B.Price weighting.

C.Market-capitalization weighting.

正確答案:C

答案解析:市值法中有按照流通股票數(shù)量來調(diào)整的指數(shù)，對此需要知道流通股票的數(shù)量來決定權(quán)重。

5、A portfolio manager holds the following three bonds, which are option free and have the indicated durations.

The portfolio’s duration is closest to:【單選題】

A.4.75.

B.5.20.

C.5.33.

正確答案:A

答案解析:“Introduction to the Measurement of Interest Rate Risk,” Frank J. Fabozzi, CFA
2013 Modular Level I, Vol. 5, Section 4.8
Study Session 16-58-g
Calculate the duration of a portfolio, given the duration of the bonds comprising the portfolio, and explain the limitations of portfolio duration.
A is correct because the portfolio’s duration is a weighted average of the durations of the individual holdings, computed as:
(12/24) × (3.0) + (6/24) × (7.0) + (6/24) × (6.0) = 4.75.

6、Tom Stafford, CFA, is a part of team within Appleton Investment Management(AIM) responsible for managing a pool of assets for Open Air Bank.AIM isrecognized as a specialist in identifying investment opportunities in small-capitalizationstocks.The firm's assets have grown rapidly in recent years, and to enhanceliquidity, senior management recently made the decision to lift the maximumpermissible market-cap ceiling from $ 500 million to $ 2 billion.At thesame time, management changed the group responsible for selecting stocks to beadded to the firm's "approved" list from individual portfolio managers to a committeeconsisting of the firm's chief investment officer and four senior portfoliomanagers.Has Stafford violated the Professional Conduct Standards relating tocommunication with clients and prospective clients if he doesn't notify his clientsabout the changes in the:【單選題】

A.

B.

C.

正確答案:C

答案解析:所列兩項都屬于重大的投資流程的改變，根據(jù)與客戶及潛在客戶溝通的專業(yè)行為標準，需要告知客戶這兩項變化。

7、A company is buying back its common shares to offset the dilution of earnings from its stock option program. Which of the following statements best describes the effect on the financial statements of the amount spent to buy back the stocks? The amount spent reduces:【單選題】

A.cash from operating activities.

B.net income.

C.cash from financing activities.

正確答案:C

答案解析:The amount spent to buy back stocks to offset dilution is classified as a financing activity on the cash flow statement, and therefore cash from financing decreases.
2014 CFA Level 1
"Understanding the Cash Flow Statement," by Elaine Henry, Thomas R. Robinson, Jan Hendrik van Greuning and Michael A. Broihahn
Section 2.1
"Accounting Shenanigans on the Cash Flow Statement," by Marc A. Siegel Section 7

8、Lynn Hampton, CFA, is a well-respected private wealth manager in her communitywith a diversified client base.The local government decides to construct alarge factory manufacturing chemical raw materials near her community, whichresults in a demonstration protesting the decision.She is arrested and convincedof her conduct, and immediately released.After she pays a fine, she returns towork.She is most likely violated the Professional Conduct Standards?【單選題】

A.No.

B.Yes, relating to misconduct.

C.Yes, relating to knowledge of the law.

正確答案:A

答案解析:錯誤行為主要針對個人專業(yè)行為，與個人的意識形態(tài)、宗教信仰等都沒有關(guān)系，所以Hampton沒有違反任何標準。

9、For a 90-day US Treasury bill selling at a discount, which of the following methods most likely resultsin the highest yield?【單選題】

A.Money market yield (MMY)

B.Bond equivalent yield (BEY)

C.Discount-basis yield (DBY)

正確答案:B

答案解析:The face value is greater than the purchase price because the T-bill sells at a discount.

CFA Level I
"Working Capital Management," Edgar A. Norton, Jr., Kenneth L. Parkinson, and Pamela PetersonDrake
Section 4.1.1

10、Jack Smith, CFA, manages the Heaven Foundation Portfolio and does researchabout yield calculation.Which of the following yields considers an annualizedrate of return that accounts for the impact of interest on interest for differentfrequencies of compounding?【單選題】

A.Holding period yield.

B.Effective annual yield.

C.Money market yield.

正確答案:B

答案解析:有效年利率（Effective annual yield）是指考慮利息的再投資收益，且假設(shè)年天數(shù)為365天的年化收益率。持有期收益率（Holding period yield）是指只考慮在持有期限內(nèi)的收益率，不考慮利息的再投資收益。
貨幣市場收益率（Money market yield）是指假設(shè)年天數(shù)為360天的年化的持有期收益率，但不考慮利息的再投資收益。