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、An analyst does research about collateralized mortgage obligation ( CMO).Which of the following statements is least accurate with respect to motivationfor creating a collateralized mortgage obligation?【單選題】

A.A collateralized mortgage obligation appeals to a wider audience and decreaseoverall borrowing costs.

B.A collateralized mortgage obligation creates securities with various maturityranges.

C.A collateralized mortgage obligation redistributes the prepayment risk prorata among investors.

正確答案:C

答案解析:抵押擔(dān)保債券(CMO)結(jié)構(gòu)的核心在于，根據(jù)支持資產(chǎn)未來(lái)每期所產(chǎn)生的收入的多寡而分別創(chuàng)設(shè)短、中、長(zhǎng)期不同級(jí)別的證券，從而達(dá)到重新分配投資者所面臨的提前償付風(fēng)險(xiǎn)的目的。提前償付風(fēng)險(xiǎn)并不是按比例在投資項(xiàng)目間進(jìn)行分配，而是低等級(jí)的CMO投資者先行獲得償付，當(dāng)?shù)偷燃?jí)的CMO投資者本金全部?jī)斶€后，再償還較高等級(jí)的CMO投資者，所以C錯(cuò)。CMO滿足了不同投資者的需要，并且降低了投資者的總體借貸成本，也創(chuàng)設(shè)了不同期限的債券，這些都是創(chuàng)設(shè)CMO的動(dòng)機(jī)。

2、Barnes Company issues a bond at a premium to fund a capital project.With respectto the effective interest method, in each subsequent year, the reportedannual interest expense for this bond will most likely:【單選題】

A.decrease.

B.remain the same.

C.increase.

正確答案:A

答案解析:溢價(jià)債券(premium bond)：在資產(chǎn)負(fù)債表中賬面價(jià)值大于其面值，賬面價(jià)值會(huì)隨著溢價(jià)的攤銷而減少，直到到期時(shí)等于其面值，期間利息費(fèi)用不斷減少。
折價(jià)債券(discount bond)：在資產(chǎn)負(fù)債表中賬面價(jià)值小于其面值，賬面價(jià)值會(huì)隨著溢價(jià)的攤銷而增大，直到到期時(shí)等于其面值，其間利息費(fèi)用不斷增加。

3、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

4、A trader who owns shares of a stock currently trading at $100 per share places a "GTC, stop $90,limit $85 sell" order (GTC means good till cancelled). Assuming the specified stop condition issatisfied and the order becomes executed, which of the following statements is most accurate?【單選題】

A.The trader faces a maximum realized loss of $15.

B.The order becomes a market order when the price falls below $85 and remains valid forexecution.

C.The order will be executed at either $90 or $85.

正確答案:A

答案解析:The order becomes valid when the price falls to, or below, $90. The "limit $85 sell indicates that thetrader is unwilling to sell below $85. Thus, the trader faces a maximum loss of $15 ($100-$85).
CFA Level I
"Market Organization and Structure, Larry Harris
Section 6.2

5、An analyst does research about real estate investment and gathered the followingannual information about a real estate investment:

If the property above is valued at $3 925 000 based on the income approach, thecapitalization rate is closest to:【單選題】

A.8.8%

B.12.1%

C.15.8%

正確答案:B

答案解析:在收入法之下，appraisal price = NOI/market cap rate，因而有：
$3 925 000 = $475 000/market cap rate，得出market capitalization rate = 12.1%.

6、The following information is from a company’s investment portfolio:
Investment

If the investment is reclassified as Available-for-sale as of 31 December 2010, the balance sheet carrying value of the company’s investment portfolio would most likely:【單選題】

A.remain the same.

B.decrease by $10,000.

C.decrease by $12,000.

正確答案:B

答案解析:"Understanding The Balance Sheet,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFA
2011 Modular Level I, Vol.3, p. 224
Study Session: 8-33-f
Demonstrate the appropriate classifications and related accounting treatments for marketable and nonmarketable financial instruments held as assets or owed by the company as liabilities.
Held-for-trading and available-for-sale securities are carried at market value, whereas held-to-maturity securities are carried at amortized cost. If the investment is reclassified as available-for-sale in 2010, the carrying amount should be adjusted to its market value, which is $10,000. Compared with the amortized cost of $20,000, it’s a decrease of $10,000.

7、An analyst does research about operating lease and financial lease.In the lateryears, reporting a lease as a financial lease rather than an operating lease mostlikely results in :【單選題】

A.higher net income for the lessee.

B.higher total cash flow for the lessee.

C.higher working capital for the lessee.

正確答案:A

答案解析:從lessee的角度看，capital lease（financial lease）和operating lease的對(duì)比如下：

8、An analyst determines that 60% of all U.S. pension funds hold hedge funds. In evaluating this probability, a random sample of 10 U.S. pension funds is taken. Using the binomial probability function, the probability that exactly 6 of the 10 firms in the sample hold hedge funds is closest to:【單選題】

A.11.2%.

B.25.1%.

C.60.0%.

正確答案:B

答案解析:The number of trials is 10 (n), the number of successes is 6 (x), and the probability of success is 0.60

2014 CFA Level I
“Common Probability Distributions,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
Section 2.2

9、The duration and convexity of an option-free bond priced at $90.25 are 10.34 and 75.80, respectively. If yields increase by 200 basis points, the percentage change of the price is closest to:【單選題】

A.–23.71%.

B.–20.68%.

C.–17.65%.

正確答案:C

答案解析:“Introduction to the Measurement of Interest Rate Risk” Frank J. Fabozzi, CFA
2013 Modular Level I, Vol. 5, Reading 58, Sections 4.2 and 5.1
Study Session 16-58-h
Describe the convexity measure of a bond and estimate a bond’s percentage price change, given the bond’s duration and convexity and a specified change in interest rates.

10、A pharmaceutical company has been very successful for the past several years, increasing its sales many-fold over that of its competition. It has been able to meet or beat analysts’ optimistic quarterly earnings estimates and consistently registers very high sales towards the end of each quarter. Most of the company’s sales are to two of its major wholesalers. The firm covers the carrying costs for these two wholesalers and guarantees them a return on investment until the wholesalers sell the products.
Which of the three risk factors related to fraudulent financial reporting would best explain the behavior of this company?【單選題】

A.Opportunities

B.Incentives/Pressures

C.Attitudes/Rationalizations

正確答案:B

答案解析:“Understanding the Income Statement,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA and Michael A. Broihahn, CFA
2010 Modular Level 1, Vol. 3, pp. 144-146
“Financial Reporting Quality: Red Flags and Accounting Warning Signs,” Thomas R. Robinson, CFA and Paul Munter
2010 Modular Level 1, Vol. 3, pp. 574-580
Study Session 8-32-b, 10-40-e
Explain the general principles of revenue recognition and accrual accounting, demonstrate specific revenue recognition applications (including accounting for long-term contracts, installment sales, barter transactions, and gross and net reporting of revenue), and discuss the implications of revenue recognition principles for financial analysis.
Describe common accounting warning signs and methods of detecting each.
The company is recognizing revenue for sales on shipment while the risks and rewards of ownership have not yet been transferred to the wholesalers. The motivation behind the activity is most likely the pressure to meet the expectations of investment analysts to meet ever increasing sales growth forecasts.