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(cè)提升！

1、When comparing investing in exchanged traded funds (ETFs) to investing in open-end mutual funds, which of these is most likely not an advantage of ETFs? ETFs:【單選題】

A.provide lower exposure to taxes related to capital gains distribution.

B.trade throughout the entire trading day at market prices that are continuously updated.

C.are a more cost effective way for large institutional investors to invest in less liquid markets.

正確答案:C

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey
2010 Modular Level I, Vol. 6, pp. 195-197
Study Session 18-73-b,c
Distinguish among style, sector, index, global, and stable value strategies in equity investment and among exchange traded funds (ETFs), traditional mutual funds, and closed end funds.
Explain the advantages and risks of ETFs.
Some sector and international ETFs have large bid-ask spreads and substantial expense ratios compared to managed portfolios, which may provide a more cost efficient alternative to ETFs, particularly for large institutional investors.

2、Using the following information about three mutually exclusive capital projects tomake an investment decision.

Assumed each project has the same initial outlay and required return, the mostappropriate investment is :【單選題】

A.Project 1.

B.Project 2.

C.Project 3.

正確答案:B

答案解析:當(dāng)選擇互斥項(xiàng)目（mutually exclusive projects）時(shí)，如果使用凈現(xiàn)值（NPO）與內(nèi)部收益率作決策有沖突的話，選擇有最高的NPV的項(xiàng)目。非傳統(tǒng)項(xiàng)目（non-conventional projects）可能會(huì)給出不同的內(nèi)部收益率，如項(xiàng)目開始后，仍然有負(fù)的現(xiàn)金流。

3、An investor has gathered the following data, presented on an annual basis, for an apartment complex that is being considered for purchase:

The annual net operating income (NOI) for the apartment complex is closest to:【單選題】

A.$116,000.

B.$121,000.

C.$137,000.

正確答案:C

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey
2010 Modular Level I, Vol. 6, pp. 205-207
Study Session 18-73-f
Calculate the net operating income (NOI) from a real estate investment, the value of a property using the sales comparison and income approaches, and the after-tax cash flows, net present value, and yield of a real estate investment
NOI = $180,000 - $15,000 - $10,000 - $18,000 = $137,000.

4、Which of the following is most likely a depreciation method in which the allocationof cost corresponds to the actual use of an asset in a particular period?【單選題】

A.Accelerated method.

B.Weighted average method.

C.Units-of-production method.

正確答案:C

答案解析:折舊（depreciation）費(fèi)用的3種計(jì)算方法如下：
● 直線折舊法[ straight-line（sl） method]：[初始成本（original cost） - 殘值（residualvalue)]/應(yīng)折舊年限（depreciable life）。
● 加速折舊法（accelerated method）：例如，雙倍余額遞減法[double-declining balance（DDB） method]，其計(jì)算公式中沒有殘值（salvage value），故在計(jì)算最后一年折舊費(fèi)用時(shí)要注意折舊費(fèi)用不能超過殘值，depreciation in year × = （2/ depreciable life） ×book value at the beginning of year × ，如果此公式中2改為1，就是單倍余額遞減法。
● 單位產(chǎn)出法（units-of-production method）：生產(chǎn)中耗用了多少，就按其比例計(jì)算多少折舊費(fèi)用。

5、The free-rider problem, an obstacle to efficiency, is most likely associated with:【單選題】

A.monopolies.

B.public goods.

C.subsidies and quotas.

正確答案:B

答案解析:“Efficiency and Equity,” Michael Parkin
2010 Modular Level I, Vol. 2, p. 50
Study Session 4-14-e
Explain 1) how efficient markets ensure optimal resource utilization and 2) the obstacles to efficiency and the resulting underproduction or overproduction, including the concept of deadweight loss.
Public goods can be consumed simultaneously by everyone and it is in each person’s interest to free ride on everyone else and avoid paying for her or his share of a public good.

6、An U.S.Treasury bill (T-bill) with a face value of $100 000 matures in 270days.If the T-bill is currently selling for $96 910, the bank discount yield isclosest to :【單選題】

A.2.32%

B.3.09%

C.4.12%

正確答案:C

答案解析:（$100 000 - $96 910）/$100 000 × 360/270 = $3 090/$100 000 × 360/270 = 4.12%.

7、Which of the following theories suggests that both aggregate demand and aggregatesupply are primarily driven by changes in technology over time?【單選題】

A.Neoclassical school.

B.Keynesian school.

C.Austrian school.

正確答案:A

答案解析:新古典學(xué)派認(rèn)為，總供給和總需求長(zhǎng)期來講主要由科學(xué)水平的變化所主導(dǎo)，而凱恩斯學(xué)派認(rèn)為，總需求的變化是由于市場(chǎng)參與者預(yù)期的改變進(jìn)而引起經(jīng)濟(jì)周期，奧地利學(xué)派認(rèn)為，經(jīng)濟(jì)周期是由于政府對(duì)于經(jīng)濟(jì)的干預(yù)所引起的。

8、An analyst does research about risk management applications of option strategies.With respect to option strategies, the shape of the graph that illustrates both thevalue at expiration and profit for buying a call is most similar in shape to thegraph for:【單選題】

A.selling a put.

B.a covered call position.

C.a protective put position.

正確答案:C

答案解析:有保護(hù)的看跌期權(quán)（protective put position）是購(gòu)買一股股票的同時(shí)再買人針對(duì)該股票的一個(gè)看跌期權(quán)，當(dāng)股票價(jià)格上漲時(shí)股票可以獲利，看跌期權(quán)沒有價(jià)值；而如果股票價(jià)格下跌股票損失時(shí)，看跌期權(quán)則可以獲利，所以從圖形上來看其收益類似于購(gòu)買了一個(gè)看漲期權(quán)。

9、Thomas Turkman recently hired Georgia Viggen, CFA, as a portfolio manager for North South Bank. Although Viggen worked many years for a competitor, West Star Bank, the move was straightforward because she did not have a non-compete agreement with her previous employer. Once Viggen starts working for Turkman, the first thing she does is to bring a trading software package she developed and used at West Star to her new employer. Using public information, Viggen contacts all of her former clients to convince them to move with her to North South. Viggen also convinces one of the analysts she worked with at West Star to join her at her new employer. Viggen most likely violated the CFA Institute Code of Ethics and Standards of Professional Conduct concerning her actions involving:【單選題】

A.clients.

B.the analyst.

C.trading software.

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 IV (A) Loyalty, Guidance
Study Session 1-2-b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
C is correct because the portfolio manager violated Standard IV (A) Loyalty by taking proprietary trading software from her former employer. Although the manager created the software, it was during a period of time when West Star employed her, so the software is not her property to take with her to her new employer. The member contacted clients using public information, so she did not violate Standard IV (A) Loyalty. Because Viggen was not obligated to abide by a non-compete agreement that would likely restrict recruitment of former colleagues, Viggen is most likely free to recruit the analyst from her former employer.

10、A firm with a marginal tax rate of 40% has a weighted average cost of capital of 7.11%. The before-tax cost of debt is 6%, and the cost of equity is 9%. The weight of equity in the firm's capital structure is closest to:【單選題】

A.79%.

B.37%.

C.65%.

正確答案:C

答案解析:WACC=weight of debt*before-tax cost of debt*(1-tax rate)+weight of equity*cost of equity.