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

1、Given the data in the table below, the price of a 3% coupon corporate bond maturing in 2 years is closest to:
【單選題】

A.$97.19.

B.$98.12.

C.$100.04.

正確答案:A

答案解析:“Yield Measures, Spot Rates, and Forward Rates,” Frank J. Fabozzi, CFA
2010 Modular Level I, Vol. 5, pp. 468473
Study Session 16-65-e
Describe the methodology for computing the theoretical Treasury spot rate curve and compute the value of a bond using spot rates.
A is correct because the cash flows should be discounted using the appropriate spot rate plus spread :

2、To comply to the Standards of Professional Conduct relating to preservation ofconfidentiality, a member must keep former clients information confidential unlessthe information:【單選題】

A.is part of a professional conduct investigation by CFA Institute Designed Officer.

B.is related only to personal data, such as name and email address.

C.concerns a client's illegal activities, while applicable law still requires tomaintain confidentiality.

正確答案:A

答案解析:客戶信息需要加以保密，除非遇到以下4個(gè)例外：法律上要求公開，包含非法行為，客戶允許公開，以及接受CFA協(xié)會(huì)的調(diào)查。C選項(xiàng)中雖然包含非法行為，但是如果當(dāng)?shù)胤梢惨蟊Ｃ埽藭r(shí)會(huì)員就不能對(duì)客戶信息進(jìn)行披露。

3、Dilshan Kumar, CFA, is a world-renowned mining analyst based in London. Recently, he received an invitation from Cerberus Mining, a London Stock Exchange listed company with headquarters in Johannesburg, South Africa. Cerberus asked Kumar to join a group of prominent analysts from around the world on a tour of its mines in South Africa, some of which are in remote locations, not easily accessible. The invitation also includes an arranged wildlife safari to Krueger National Park for the analysts. Kumar accepts the invitation, planning to visit other mining companies he covers in Namibia and Botswana after the safari. To prevent violating any CFA Institute Standards of Professional Conduct, it is most appropriate for Kumar to only accept which type of paid travel arrangements from Cerberus?【單選題】

A.Ground transportation to Krueger National Park

B.Economy class round trip ticket from London to Johannesburg

C.Flights on a private airplane to the remote mining sites in South Africa

正確答案:C

答案解析:“Guidance for Standards I–VII,” CFA Institute
2013 Modular Level I, Vol. 1, Reading 2, Standard I (B) Independence and Objectivity
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 Standard I (B) Independence and Objectivity requires members and candidates to use reasonable care and judgment to maintain their independence and objectivity in their professional activities. Best practice dictates that Kumar only accept transportation to the remote mining sites in that it is unlikely he would be able to source commercial flights to the locations and ground transport may not be viable. Because Kumar would normally visit mining sites around the world as part of his job and because he is combining this trip with trip to other mine sites in different countries, it would be inappropriate for Cerberus to pay for the analyst’s travel expenses from London. Although Kumar could go on safari with the group of analysts, he should pay his own way so as to restrict any influence such a gift could possibly have when making his investment recommendations on Cerberus.

4、Dominic Morris, CFA, works for a small regional securities firm.Accordingto the Standards of Professional Conduct relating to additional compensation arrangements,which of the following is most accurate?【單選題】

A.Morris must not accept compensation for work that competes with hisfirm's interests.

B.Morris must not accept compensation for work that competes with hisfirm's interests without written consent from his firm.

C.Morris must not accept compensation for work that competes with hisfirm's interests without written consent from all parties involved.

正確答案:C

答案解析:根據(jù)額外的報(bào)酬安排條款，會(huì)員和考生不能接受可能與雇主利益相競爭或可能被合理地認(rèn)為與雇主利益相沖突的禮物、好處、報(bào)酬或津貼，除非已獲得參與各方的書面同意。

5、According to the industry life-cycle model, an industry in the shakeout stage is best characterized as experiencing:【單選題】

A.slowing growth and intense competition.

B.little or no growth and industry consolidation.

C.relatively high barriers to entry and periodic price wars.

正確答案:A

答案解析:“Introduction to Industry and Company Analysis,” Patrick W. Dorsey, Anthony M. Fiore, and Ian Rossa O’Reilly
2012 Modular Level I, Vol. 5, pp. 234–235
Study Session 14-51-g
Describe product and industry life-cycle models, classify an industry as to life-cycle phase (e.g., embryonic, growth, shakeout, maturity, or decline) based on a description of it, and discuss the limitations of the life-cycle concept in forecasting industry performance.
A is correct. The shakeout stage is usually characterized by slowing growth, intense competition, and declining profitability. During the shakeout stage, demand approaches market saturation levels because few new customers are left to enter the market. Competition is intense as growth becomes increasingly dependent on market share gains.

6、A company purchased equipment in 2010 for ￡25,000. The year-end values of the equipment for accounting purposes and tax purposes are as follows:

Which of the following statements best describes the effect of the change in the tax rate on the company’s 2011 financial statements? The deferred tax liability:【單選題】

A.increases by ￡250.

B.decreases by ￡200.

C.decreases by ￡800.

正確答案:B

答案解析:“Income Taxes,” Elbie Antonites, CFA and Michael A. Broihahn, CFA
2013 Modular Level 1, Vol. 3, Reading 31, Section 3.3
Study Session, 9-31-d, e
Calculate income tax expense, income taxes payable, deferred tax assets, and deferred tax liabilities, and calculate and interpret the adjustment to the financial statements related to a change in the income tax rate.
Evaluate the impact of tax rate changes on a company’s financial statements and ratios.
B is correct. Deferred tax liability = Taxable temporary difference × Tax rate.

7、An analyst is doing research about the change of bond value to the passage oftime and gathered the following information about an option-free bond.Thebond has 6 percent coupon and an annual discount rate of 5 percent, pays interestsemiannually, matures in five years, and is valued at $ 1 043.76.Oneyear later, the annual discount rate for that bond is 4.5 percent.At this time,the change in value for this bond that is attributable only to change of interestrate is closest to:【單選題】

A.- $ 18.50

B.$ 7.91

C.$ 18.50

正確答案:C

答案解析:N = 8, I/Y = 5, PMT = $1 000 × 6%/2 = $30, FV = $1 000，求出PV = $1035.85，當(dāng)利率改變時(shí)，N = 8，I/Y = 4.5，PMT = $1 000 × 6%/2 = $30，F(xiàn)V = $1 000，求出PV =$1 054.35，因此利率從5%變化為4.5%時(shí)，價(jià)格上升了$1 054.35 - $1035.85 =$18.50。

8、The following information relates to a futures contract (in U.S. dollars):

If no funds are withdrawn and margin calls are met at the beginning of the next day, the ending margin account balance on Day 3 for an investor with a short position of 10 contracts is closest to:【單選題】

A.$120.

B.$80.

C.$90.

正確答案:A

答案解析:At the end of Day 1, the balance in the account would be $20.
At the beginning of Day 2, the investor would deposit $40.
At the end of Day 2, the balance in the account would be $110.
At the end of Day 3, the balance in the account would be $120.
2014 CFA Level I
“Futures Markets and Contracts,” by Don M. Chance
Section 3

9、All other things being equal, a decrease in expected yield volatility most likely increases the price of:【單選題】

A.a putable bond.

B.a callable bond.

C.an option-free bond.

正確答案:B

答案解析:“Risks Associated with Investing in Bonds” Frank J. Fabozzi, CFA
2013 Modular Level I, Vol. 5, Reading 53, Section 10
Study Session 15-53-n
Explain how yield volatility affects the price of a bond with an embedded option and how changes in volatility affect the value of a callable bond and a putable bond.
B is correct because the price of a callable bond is equal to the value of an option-free bond minus the value of the embedded call option. A decrease in yield volatility will decrease the value of the call option and, therefore, increase the value of the callable bond.

10、A portfolio manager decides to temporarily invest more of a portfolio in equities than the investment policy statement prescribes, because he expects equities will generate a higher return than other asset classes. This decision is most likely an example of:【單選題】

A.rebalancing.

B.tactical asset allocation.

C.strategic asset allocation.

正確答案:B

答案解析:Basics of Portfolio Planning and Construction,” Alistair Byrne, CFA, and Frank E. Smudde, CFA
2011 Modular Level I, Vol. 4, pp. 450, 467, 477
Study Session 12-54-g
Discuss the principles of portfolio construction and the role of asset allocation in relation to the IPS.
B is correct. Tactical asset allocation is the decision to deliberately deviate from the policy exposures to systematic risk factors with the intent to add value based on forecasts of the near-term returns of those asset classes.