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 margin transaction.An investor purchases a stockpriced at $80 by borrowing the maximum amount under a 65% initial marginrequirement.If the maintenance margin requirement is 30% , the security pricebelow which the investor will first receive a margin call is closest to:【單選題】

A.$37

B.$40

C.$52

正確答案:B

答案解析:需要追加保證金時股價的公式為：margin call price = × （1 - initial margin）/（1 - maintenancemargin)，且 = initial purchase price。
因此，需要追加保證金時的股價 = $80 × （1 - 65%）/（1 - 30%） = $40。

2、Which of the following bonds is most likely to trade at a lower price relative to an otherwise identicaloption-free bond?【單選題】

A.Convertible bond

B.Callable bond

C.Putable bond

正確答案:B

答案解析:A callable bond benefits the issuer because it gives the issuer the right to redeem all (or part) of thebonds before the maturity date. Thus, the price of a callable bond will typically be lower than the priceof an otherwise identical non-callable bond.
CFA Level I
"Fixed-Income Securities: Defining Elements," Moorad Choudhry and Stephen E. Wilcox
Section 5.1

3、During a period of rising price and stable inventory levels, using the LIFO inventoryaccounting method results in cost of goods sold (COGS) that is:【單選題】

A.less than COGS using the FIFO method.

B.equal to COGS using the FIFO method.

C.greater than COGS using the FIFO method.

正確答案:C

答案解析:當物價上漲并且存貨數(shù)量穩(wěn)定時，后進先出法（LIFO）相對于先進先出法（聊）有更高的銷貨成本，因為后買進來的價格高的存貨先作為成本統(tǒng)計。

4、An analyst does research about financial statements.Which of the following bestdescribes the firm's financial performance over a period of time?【單選題】

A.Balance sheet.

B.Income statement.

C.Cash flow statement.

正確答案:B

答案解析:對于一個企業(yè)來說，主要的3張財務報表分別是：資產負債表（balance sheet）、利潤表（income statement）和現(xiàn)金流量表（cash flow statement）。資產負債表是某個時間點的企業(yè)的財務狀況（financial position）的反映。利潤表反映的則是兩個時間點，或者說一個時間段內的企業(yè)的盈利/虧損情況和盈利能力?，F(xiàn)金流量表反映的是兩個時間點，或者說一個時間段內企業(yè)的經營性、融資性和投資性的現(xiàn)金流情況。

5、The null hypothesis is most likely to be rejected when the p-value of the test statistic:【單選題】

A.exceeds a specified level of significance.

B.is negative.

C.falls below a specified level of significance.

正確答案:C

答案解析:If the p-value is less than the specified level of significance, the null hypothesis is rejected.
CFA Level I
"Hypothesis Testing," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E.Runkle
Section 2

6、Which of the following is the most appropriate reason for using a free-cash-flow-to-equity (FCFE) model to value equity of a company?【單選題】

A.FCFE is a measure of the firm’s dividend paying capacity.

B.FCFE models provide more accurate valuations than the dividend discount models.

C.A firm’s borrowing activities could influence dividend decisions but they would not impact FCFE.

正確答案:B

答案解析:“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak, CFA and Stephen E. Wilcox, CFA
2013 Modular Level I, Vol. 5, Reading 51, Section 4
Study Session 14-51-c
Explain the rationale for using present-value of cash flow models to value equity and describe the dividend discount and free-cash-flow-to-equity models.
A is correct. FCFE is a measure of the firm’s dividend paying capacity.

7、An analyst gathered the following information about a company and thatcompany's common stock:
● Weighted average cost of capital is 14%
● Intrinsic value per share is $22
● Market price per share is $28
The company's investment projects for the year are expected to return 16 to 18percent.Which of the following best characterizes the company and thecompany's common stock?【單選題】

A.Growth company and growth stock.

B.Growth company and speculative stock.

C.Speculative company and growth stock.

正確答案:B

答案解析:公司的期望投資收益率大于公司的加權平均資本成本（WACC），所以是成長性股票。公司股票的市場價格大于內在價值，所以是投機性股票。

8、An analyst does research about foreign investments.Which of the following isleast likely to increase estimated required rate of return by foreign investors topurchase domestic securities?【單選題】

A.Exchange rate risk.

B.Real GDP growth rate.

C.Capital liquidity limitation.

正確答案:B

答案解析:匯率風險和資本流動性障礙會增加國外投資者投資于本國的必要回報率，必要回報率等于名義無風險回報率加上風險溢價，而真實的GDP增長率并不會直接反映在必要回報率中。

9、An American call has a strike price of $60 and expires in 1.5 years.The currentprice of the underlying is $58.5 and the risk-free rate is 3.5%.The minimumvalue of this call is:【單選題】

A.$0

B.$0.53

C.$1.52

正確答案:C

答案解析:

10、An analyst does research about depreciation and gathers the following informationabout a company.The company sells a price of fixed asset thathas original cost of$9 000 and has accumulated depreciation of $5 000.If there is a loss to thesale of $1 500, the selling price of the fixed asset is closest to:【單選題】

A.$2 500

B.$5 500

C.$6 500

正確答案:A

答案解析:賬面價值（book value） = $9 000 - $5 000 = $4 000。
銷售價格（selling price） = $4 000 - $1 500 = $2 500。