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、Which of the following statements is most accurate in describing total surpluswith respect to a product or service?【單選題】

A.Price minus marginal cost, summed over the quantity bought.

B.Marginal benefit minus price, summed over the quantity bought.

C.Marginal benefit minus marginal cost, summed over the quantity bought.

正確答案:C

答案解析:總剩余（total surplus）是消費(fèi)者剩余（consumer surplus）加上生產(chǎn)者剩余（producer surplus），即將邊際收益減去邊際成本，在所有購買量上的加總。消費(fèi)者剩余是邊際收益減去價(jià)格，在所有購買量上的加總。生產(chǎn)者剩余是價(jià)格減去邊際成本，在所有購買量上的加總。

2、The most likely initial (short-run) effect of demand-pull inflation is an increase in:【單選題】

A.employee wages.

B.finished good prices.

C.commodity prices.

正確答案:C

答案解析:The effect of demand-pull inflation is an increase in the aggregate demand, which, in turn, leads to an increase (initially) in commodity prices.
2014 CFA Level I
“Understanding Business Cycles,” by Michele Gambera, Milton Ezrati, and Bolong Cao
Sections 4.2.4–4.2.4.2

3、An analyst estimates that an initial investment of ￡500,000 in a venture capital project will pay ￡6 million at the end of five years if the project succeeds and that the probability the project survives to the end of the fifth year is 25 percent. The required rate of return for the project is 19 percent. The expected net present value of the venture capital investment is closest to:【單選題】

A.￡128,000.

B.￡1,125,000.

C.￡2,014,000.

正確答案:A

答案解析:”Alternative Investments,” Bruno Solnik and Dennis McLeavey
2010 Modular Level I, Vol. 6, pp. 216-218
Study Session 18-73-h
Calculate the net present value (NPV) of a venture capital project, given the project’s possible payoff and conditional failure probabilities.
The probability that the venture will pay 6 million at the end of five years is 25%. The probability of failure is 75%. The expected NPV if the project succeeds is 2,014,296 using FV = 6,000,000, I = 19%, n = 5 for a present value of 2,514,296 – 500,000 = 2,014,296.
The NPV of the project is 0.25(2,014,296) + 0.75(–500,000) = ￡128,574. The investment has a positive NPV and should be accepted.

4、An analyst does research about characteristics of market structures.Excess capacityin perfect competition is most likely:【單選題】

A.less than that in monopolistic competition.

B.equal to that in monopolistic competition.

C.greater than that in monopolistic competition.

正確答案:A

答案解析:壟斷競爭市場中，企業(yè)的需求曲線是向下傾斜的，而且需求彈性較大。與完全競爭市場相比，壟斷競爭市場中企業(yè)會(huì)提高價(jià)格并減少產(chǎn)量，從而造成剩余的產(chǎn)能，而完全競爭市場中企業(yè)會(huì)充分地利用資源，沒有剩余的產(chǎn)能。

5、The following information is available for a firm:

The firm's degree of total leverage (DTL) is closest to:【單選題】

A.1.43.

B.2.86.

C.2.00.

正確答案:B

答案解析:DTL=Revenue-Variable cost/Net income=￡800,000-￡400,000/￡140,000=2.86.
CFA Level I
"Measures of Leverage, Pamela Peterson Drake, Raj Aggarwal, Cynthia Harrington, and AdamKobor
Section 3.5

6、A share repurchase method that requires existing shareholders to indicate the number of shares they will tender over a range of prices is most likely an example of a:【單選題】

A.Dutch auction.

B.repurchase by direct negotiation.

C.purchase of shares on the open market.

正確答案:A

答案解析:“Dividends and Share Repurchases: Basics,” George H. Troughton, CFA and Gregory Noronha, CFA
2011 Modular Level I, Vol. 4, pp. 138-141
Study Session 11-47-c
Compare and contrast share repurchase methods.
In a Dutch auction, the company stipulates a range of acceptable prices. Shareholders indicate how many shares they will tender at the various prices.

7、A trader determines that a stock price formed a pattern with a horizontal trendline that connects the high prices and a trendline with positive slope that connects the low prices. Given the pattern formed by the stock price, the trader will most likely:【單選題】

A.purchase the stock because the pattern indicates a bullish signal.

B.avoid trading the stock because the pattern indicates a sideways trend.

C.sell the stock because the pattern indicates a bearish signal.

正確答案:A

答案解析:
2014 CFA Level I
“Technical Analysis,” by Barry M. Sine and Robert A. Strong
Section 3.3.2.1

8、Which statement is NOT a recommendation procedure for compliance with theProfessional Conduct Standards relating to fair dealing? Member should:【單選題】

A.develop and document trade allocation procedures.

B.ensure all clients receive the same level of service.

C.publish guidelines for pre-dissemination behavior.

正確答案:B

答案解析:保證所有客戶享受同樣的服務(wù)水平是不對(duì)的，可以針對(duì)不同客戶設(shè)置不同的服務(wù)等級(jí)。A和C都是推薦的做法。

9、Vishal Chandarana, an unemployed research analyst, recently registered for the CFA Level I exam.After two months of intense interviewing, he accepts a job with a stock brokerage company in adifferent region of the country. Chandarana posts on a blog how being a CFA candidate reallyhelped him get a job. He also notes how relieved he was when his new employer did not ask himabout being fired from his former employer. Which CFA Institute Standards of Professional Conductdid Chandarana least likely violate?【單選題】

A.Loyalty to Employers

B.Reference to CFA Institute, the CFA Designation, and the CFA Program

C.Misconduct

正確答案:B

答案解析:There is no evidence Chandarana violated Standard VII(B)-Reference to CFA Institute, the CFADesignation, and the CFA Program with regard to his being a CFA candidate. Specifically,Chandarana does not overstate his competency or imply he will achieve superior performance as aresult of his CFA designation. It does appear, however, Chandarana did not act with integrity when hehid information that could potentially harm his new employer s reputation, thus violating StandardI(D)-Misconduct and Standard IV(A)-Loyalty.
CFA Level I
"Guidance for Standards l-VII"
Standard VII(B)-Reference to CFA Institute, the CFA Designation, and the CFA Program, StandardI(D)-Professionalism, Standard IV(A)-Duty to Employers

10、According to the Professional Conduct Standards relating to referral fees, anycompensation, consideration, or benefit paid to members for the recommendationof products or services are required to be disclosed:【單選題】

A.only to current and potential clients, as appropriate.

B.only to their employer and current clients, as appropriate.

C.to both current and potential clients and their employer, as appropriate.

正確答案:C

答案解析:對(duì)于推薦(產(chǎn)品或服務(wù)）費(fèi)用的披露，要向當(dāng)前或者潛在客戶，以及雇主披露，在專業(yè)行為標(biāo)準(zhǔn)中對(duì)此有明確的要求。