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、On a cash flow statement prepared using the indirect method, which of the following would most likely increase the cash from investing activities?【單選題】

A.Sale of a long-term receivable

B.Sale of held-for-trading securities

C.Securitization of accounts receivable

正確答案:A

答案解析:“Understanding Cash Flow Statements,” Elaine Henry, CFA, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, and Michael A. Broihahn, CFA
2013 Modular Level I, Vol. 3, Reading 27, Section 2.1
“Accounting Shenanigans on the Cash Flow Statement,” Marc A. Siegel
2013 Modular Level 1, Vol. 3, Reading 34, Section 5
Study Session 8-27-a, 10-34-a
Compare cash flows from operating, investing, and financing activities and classify cash flow items as relating to one of those three categories given a description of the items.
Analyze and describe the following ways to manipulate the cash flow statement: stretching out payables; financing of payables; securitization of receivables; and using stock buybacks to offset dilution of earnings.
A is correct. The sale of a long-term receivable would increase cash from investing activities; the other two activities mentioned are operating activities.

2、An analyst does research about company's breakeven point and operatingbreakeven point.If a company's degree of financial leverage is 1.6, thecompany's breakeven point is most likely:【單選題】

A.less than the company's operating breakeven point.

B.equal to the company's operating breakeven point.

C.greater than the company's operating breakeven point.

正確答案:C

答案解析:公司盈虧平衡點： = (fixed operating costs + fixed financing costs)/ (price - variablecost per unit)
公司經(jīng)營性盈虧平衡點： = fixed operating costs/(price - variable cost per unit)
只要公司有融資成本（financing costs)，公司盈虧平衡點就要比公司經(jīng)營性盈虧平衡點高。

3、Information about the coupon rates on the various long-term fixed-rate debt issues of a company canmost likely be found in the:【單選題】

A.non-current liabilities section of the balance sheet.

B.Management Discussion & Analysis (MD&A).

C.notes to the financial statements.

正確答案:C

答案解析:Information about the coupon rates on the various long-term fixed-rate debt issues can usually befound in the notes to the financial statements. The MD&A is more likely to discuss interest rate trendsand/or current financing costs but not specific information on individual debt issues.
CFA Level I
"Non-Current (Long-Term) Liabilities," Elizabeth A. Gordon and Elaine Henry
Sections 2.6

4、An analyst does research about financial ratios.ALLIED company adoptedIFRS and recorded an initial upward revaluation of long-term assets.Nowthe analyst tries to compare ALLIED to BLUEPOINT company reporting under U.S.GAAP and made relevant adjustments.Which of the followingadjustments to BLUEPOINT reporting under U.S.GAAP is most appropriate?【單選題】

A.increases the profit margin.

B.increases the return on assets.

C.decreases the financial leverage.

正確答案:C

答案解析:由于在國際財務報告準則（IFRS)下，ALLIED公司向上調整重估值，會導致更大的總資產(chǎn)和更多的股東權益，所以ALLIED公司相對于BLUEPOINT公司有更低的杠桿比率、更低的資產(chǎn)回報率，而利潤卻沒有變化；對于BLUEPOINT公司的財務比率來說，將有更高的杠桿比率和更高的資產(chǎn)回報率，如果要進行調整的話，應該保持利潤率不變，而調低資產(chǎn)回報率和杠桿比率。

5、An analyst does research about retirement plan.An individual retiring today requiresan annual income of $12 million.Inflation is expected to be 3.5% peryear for the first ten year, followed by 4.5% per year thereafter.The annual incomerequirement in 25 years from today for this individual is closest to:【單選題】

A.$31.22 million.

B.$32.76 million.

C.$36.07 million.

正確答案:B

答案解析:

6、An analyst does research about free cash flow to the firm and gathers the followinginformation about a company:
● Cash flow from operations is $1 600
● Interest paid is $300
● Capital expenditures is $900
● Depreciation is $200
● Tax rate is 35%
Under U.S.Generally Accepted Accounting Principles (U.S.GAAP) , free cashflow to the firm is closest to:【單選題】

A.$795

B.$895

C.$1 095

正確答案:B

答案解析:企業(yè)的自由現(xiàn)金流計算如下：
FCFF = CFO + [int × （1 - tax rate）] - FCInv = $1 600 + $300 × （1 - 35%） - $900 = $895。

7、An analyst does research about portfolio management.Which of the followingstatements is least accurate when an investor diversifies a portfolio?【單選題】

A.Systematic risk is eliminated.

B.The variance of the portfolio declines.

C.The portfolio will have a higher correlation with the market portfolio.

正確答案:A

答案解析:分散化投資可以減少非系統(tǒng)性風險，但無法減少系統(tǒng)性風險，同時組合的方差會降低，另外投資越分散，該組合與市場組合的表現(xiàn)越接近。

8、Arbitrage activity will most likely be higher in securities markets:【單選題】

A.that are efficient.

B.with no restrictions on short selling.

C.with high information-acquisition costs.

正確答案:B

答案解析:“Market Efficiency,” W. Sean Cleary, Howard J. Atkinson, and Pamela Peterson Drake
2012 Modular Level I, Vol. 5, pp. 130–134
Study Session 13-49-a, c
Explain market efficiency and related concepts, including their importance to investment practitioners.
Explain factors affecting a market’s efficiency.
B is correct. Short selling helps in price discovery. Arbitrageurs benefit from pricing discrepancies (inefficiencies); therefore, arbitrage activity will be higher in markets with no restrictions on short selling.

9、An analyst does research about duration and gathered the following informationabout an option-free bond with $10 000 000 face value, $9 500 000 market valueand a duration of 3.2.If the yield on this bond immediately increased by 25base points, the new price of this bond based solely on duration would be closestto:【單選題】

A.$9 196 000

B.$9 424 000

C.$9 920 000

正確答案:B

答案解析:$9 500 000 × （1 - 0.25% × 3.2） = $9 424 000。

10、David Bravoria, CFA, is an independent financial advisor for a high net worth client with whom he had not had contact in over two years. During a recent brief telephone conversation, the client states he wants to increase his risk exposure. Bravoria subsequently recommends and invests in several high-risk funds on behalf of the client. Bravoria continues, as he has done in the past, to send to his client monthly, detailed itemized investment statements. Did Bravoria most likely violate any CFA Standards?【單選題】

A.No.

B.Yes, with regard to investment statements.

C.Yes, with regard to purchasing venture capital funds.

正確答案:C

答案解析:“Guidance for Standards I-VII,” CFA Institute
2011 Modular Level I, Vol. 1, pp. 65-67
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 Bravoria violated Standard III – Duties to Clients in not exercising Loyalty, Prudence and Care. Bravoria had not updated his client’s profile in over two years thus should not have made further investments, particularly in high risk investments until such time as he updated the client’s risk and return objectives, financial constraints and financial position. Bravoria provided his client with investment statements more frequently than that which is required; i.e. quarterly so was not in violation of regular account information.