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(xí)題10道，附答案解析，供您考前自測提升！

1、The following financial information is available at the end of the year.

The diluted EPS is closest to:【單選題】

A.$2.91.

B.$2.93.

C.$3.08.

正確答案:A

答案解析:“Understanding the Income Statement,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFA
2011 Modular Level 1, Vol.3, pp.170-175
Study Session:8-32-g, h
Describe the components of earnings per share and calculate a company’s earnings per share (both basic and diluted earnings per share) for both a simple and complex capital structure.
Differentiate between dilutive and antidilutive securities, and discuss the implications of each for the earnings per share calculation.

2、The bonds issued by ALS Corp. are currently priced at 108.00 and are option free. Based on a portfolio manager’s valuation model, a 10 basis points rise in interest rates will result in the bond price falling to 106.50 while a 10 basis points fall in interest rates will result in the bond price rising to 110.00. The market value of the portfolio manager’s holdings of ALS bonds is $2 million. The expected change in the market value of this holding for a 100 basis point change in interest rates will be closest to:【單選題】

A.$124,000.

B.$322,600.

C.$645,200.

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, Section 2.5
Study Session 15-53-f
Calculate and interpret the duration and dollar duration of a bond.
B is correct because the bond’s duration is computed using:

The approximate percent change in the value of the holdings (the dollar duration) is:
0.1613 × 2,000,000 = $322,600.

3、An analyst does research about market structures.With respect to traditional oligopolymodel, which of the following is least accurate? The kinked demandcurve model assumes:【單選題】

A.that there is a break in the marginal revenue curve.

B.that the price decreases by one firm is followed by its peers.

C.that the price and quantity are sensitive to small cost changes.

正確答案:C

答案解析:彎曲的需求曲線是在寡頭壟斷的情況下，造成有兩條需求線和兩條邊際收益線的情形，上面一條需求線彈性比較大，因為該理論假設(shè)每個寡頭公司認(rèn)為，如果他提高價格，其他人并不會跟隨，所以他的需求量會大幅度下降；下面一條需求線彈性比較小，因為該理論假設(shè)每個寡頭公司認(rèn)為，如果他降低價格，其他公司也會跟隨著降低價格，所以他的需求量上升幅度比較小。兩條需求線所決定的兩條邊際收益線中間有斷開，并不是連續(xù)的。兩條需求線的交點決定了最優(yōu)的價格和產(chǎn)量，只有邊際成本與兩條邊際收益線相交的情況下，公司才會改變他們的最優(yōu)價格和產(chǎn)量，所以價格和產(chǎn)量對于成本較小的變化十分敏感這句話是錯誤的。

4、A firm’s estimated costs of debt, preferred stock, and common stock are 12%, 17%, and 20%, respectively. Assuming equal funding from each source and a 40% tax rate, the weighted average cost of capital is closest to:【單選題】

A.13.9%.

B.14.7%.

C.16.3%.

正確答案:B

答案解析:“Cost of Capital,” Yves Courtois, Gene C. Lai, and Pamela Peterson Drake
2012 Modular Level I, Vol. 4, pp. 41–42
Study Session 11-37-a, b
Calculate and interpret the weighted average cost of capital (WACC) of a company.
Describe how taxes affect the cost of capital from different capital sources.
B is correct:

5、An analyst has calculated the following ratios for a company:

The company’s return on equity (ROE) is closest to:【單選題】

A.4.8%.

B.15.2%.

C.22.7%.

正確答案:B

答案解析:“Financial Analysis Techniques,” Elaine Henry, Thomas R. Robinson, and Jan Hendrik van Greuning
2012 Modular Level I, Vol. 3, pp. 374–375
Study Session 8-28-d
Demonstrate the application of the DuPont analysis of return on equity, and calculate and interpret the effects of changes in its components.
B is correct. Using DuPont analysis, there are two ways to calculate ROE from the information provided:
ROE = Net profit margin × Asset turnover × Financial leverage 11.7 × 0.89 × 1.46 15.2
ROE = ROA × Financial leverage 10.4 × 1.46 15.2

6、An analyst does research about capital budgeting and gathers the following informationabout two independent projects:

If there is no capital rationing and the company' s cost of capital is 10.5% , thecompany should invest in:【單選題】

A.Project 1.

B.Project.

C.both Project 1 and Project 2.

正確答案:C

答案解析:由于是獨立項目，項目的決策不相互影響，只要項目的凈現(xiàn)值大于零都可以選擇。

7、The convergence of global accounting standards has advanced to a degree that the Securities &Exchange Commission in the United States now mandates that foreign private issuers who useIFRS may report under:【單選題】

A.U.S. GAAP or under IFRS with a reconciliation to U.S. GAAP.

B.U.S. GAAP or under IFRS.

C.U.S. GAAP with voluntary supplemental reporting under IFRS.

正確答案:B

答案解析:Historically, the Securities & Exchange Commission required reconciliation for foreign private issuersthat did not prepare financial statements in accordance with U.S. GAAP. However the reconciliationrequirement was eliminated as of 2008 for companies that prepared their financial statements underIFRS.
CFA Level I
"Financial Reporting Standards," Elaine Henry, Jan Hendrik van Greuning and Thomas R. Robinson
Sections 4, 7

8、A market structure characterized by homogeneous/standardized product differentiation is best described as:【單選題】

A.monopolistic competition.

B.perfect competition and oligopoly.

C.monopoly.

正確答案:B

答案解析:Perfect competition and oligopoly are characterized by homogeneous/standardized product differentiation.

2014 CFA Level I
"The Firm and Market Structures," by Richard G. Fritz and Michele Gambera
Section 2.2

9、An analyst does research about redeemed bonds.A company issues bonds at adiscount, and reports their amortized historical cost.The company redeems thebonds before maturity, when they are trading at a premium.Which of the followingstatements is most accurate?【單選題】

A.Bonds payable is reduced by the amount of the bonds' market value.

B.Bonds payable is increased by the amount of the bonds' face value.

C.Bonds payable is reduced by the amount of the bonds' carrying value.

正確答案:C

答案解析:根據(jù)規(guī)定：應(yīng)付債務(wù)減少額度與已贖回債務(wù)的賬面價值(carrying value)有關(guān)。

10、An analyst does research about equity swap.An investor enters into a three-monthequity swap on a notional principal of $ 1 000 000 with the followingterms:
·The investor pays the return on an equity index, which is 2 308.55 at inception.
·The investor receives a fixed rate of 8.00% with a 30/360 count convention.
If the ending equity index value is 2 059.15, the net cash flow to the investor isclosest to:【單選題】

A.$ 47 008

B.$ 88 033

C.$ 128 033

正確答案:C

答案解析:收益=[8% ×3/12 - (2 059.15 -2 308.55)/ 2 308.55] × $ 1 000 000≈ $ 128 033。因為股票指數(shù)下跌，投資者收到固定的利息外，還可能得到本金乘以股票指數(shù)下跌的比例部分。