2022年CFA考試《CFA一級》試題共240道，均為單選題。幫考網今天為大家準備了5道每日一練題目(附答案解析)，幫助各位小伙伴考前自測提升。每一次練習的成功，都會淋漓盡致的反映在分數上。一起加油前行。

1、Which of the following statements is most accurate about the responsibilities of an auditｏｒfｏｒa publicly traded firm in the United States? The auditor:【單選題】

A.assures the reader that the financial statements are free from error, fraud, ｏｒillegal acts.

B.must express an opinion about the effectiveness of the company’s internal control systems.

C.must state that he prepared the financial statements according to generally accepted accounting principles.

正確答案:B

答案解析:“Financial Statement Analysis: An Introduction,” Elaine Henry ａｎｄ Thomas R. Robinson

2012 Modular Level I, Vol. 3, pp. 28–31

Study Session 7-22-d

Describe the objective of audits of financial statements, the types of audit reports, ａｎｄ the importance of effective internal controls.

B is correct. Fｏｒa publicly traded firm in the United States, the auditｏｒmust express an opinion as to whether the company’s internal control system is in accordance with the Public Company Accounting Oversight Board, under the Sarbanes–Oxley Act. This is done either as a final paragraph in the auditor’s report ｏｒas a separate opinion.

2、A fund manager compiles the following data on two companies:

Based on the information provided, the most accurate conclusion is that Company A’s stock is more attractive relative to that of Company B’s because of its:【單選題】

A.smaller P/E ratio.

B.greater financial leverage.

C.higher dividend growth rate.

正確答案:A

答案解析:“Financial Analysis Techniques,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, ａｎｄ Michael A. Broihahn

2011 Modular Level I, Vol. 3, pp. 342-343

“Equity Valuation: Concepts ａｎｄ Basic Tools,” John J. Nagorniak, CFA, ａｎｄ Stephen E. Wilcox, CFA

2011 Modular Level I, Vol. 5, pp. 290-291

Study Session 8-35-f, 14-60-h

Demonstrate the application of ａｎｄ interpret changes in the component parts of the DuPont analysis (the decomposition of return on equity).

Calculate ａｎｄ interpret the following multiples: price to earnings, price to an estimate of operating cash flow, price to sales, ａｎｄ price to book value.

From the computations shown below Company A’s stock is more attractive because of its smaller P/E ratio than Company B’s stock.

3、According to the short-run Phillips curve, when inflation is less than expected, the most likely initial effect is that:【單選題】

A.real wage rates will fall.

B.real interest rates will fall.

C.unemployment will rise above its natural rate.

正確答案:C

答案解析:“U.S. Inflation, Unemployment, ａｎｄ Business Cycles,” Michael Parkin

2010 Modular Level I, Vol. 2, pp. 406-408

Study Session 6-25-e

Explain the impact of inflation on unemployment, ａｎｄ describe the short-run ａｎｄ long-run Phillips curve, including the effect of changes in the natural rate of unemployment.

The difference between actual ａｎｄ expected rates of inflation influences unemployment. When inflation falls below its expected rate, unemployment rises above the natural rate.

4、As a condition of his employment with an investment bank, Abasi Hasina, CFA, was required to sign an employment contract, including a non-compete clause restricting him from working fｏｒa competitｏｒfｏｒthree years after leaving the employer. After one year, Hasina quits his job fｏｒa comparable position with an investment bank in a country where non-compete clauses are illegal. Lawyers with whom he consulted priｏｒto taking the new position determined the non-compete clause was a violation of human rights ａｎｄ thus illegal. Did Hasina most likely violate the CFA Institute Code of Ethics?【單選題】

A.Yes

B.No, because the non-compete clause violates his human rights

C.No, because the non-compete clause is illegal in the new country of employment

正確答案:A

答案解析:“Code of Ethics ａｎｄ Standards of Professional Conduct,” CFA Institute2012 Modular Level I, Vol. 1, p. 15

Study Session 1-1-cExplain the ethical responsibilities required by the Code ａｎｄ Standards, including the multiple sub-sections of each standard.“Guidance fｏｒStandards I-VII,” CFA Institute2012 Modular Level I, Vol. 1, pp. 19–21, 46–47Study Session 1-2-aDemonstrate ａｎｄ explain the application of the Code of Ethics ａｎｄ Standards of Professional Conduct to situations involving issues of professional integrity.

A is correct because by failing to adhere to the non-compete clause he agreed to abide by when signing his employment contract, Hasina shows a lack of professional integrity toward his employer. This behaviｏｒreflects poorly on the good reputation of members ａｎｄ is a violation of the Code of Ethics, which states that members ａｎｄ candidates must act with integrity, ａｎｄ Standard I (D) Misconduct, which states that members ａｎｄ candidates must not engage in any professional conduct involving dishonesty, fraud, ｏｒdeceit ｏｒcommit any act that reflects adversely on their professional reputation, integrity, ｏｒcompetence. The Code of Ethics at times requires a member ｏｒcandidate to uphold a higher standard than that required by law, rule, ｏｒregulation, ｏｒin this case the strict application of the employment agreement.

5、With respect to the portfolio management process, a well-constructed investmentpolicy statement is least likely to include:【單選題】

A.investｏｒconstraints.

B.the return benchmark.

C.the specific securities that should be purchased.

正確答案:C

答案解析:投資策略說明書(IPS)中不包含購買特定證券的條款，但是對投資者的風險測評、投資目標、投資限制及收益率的基準等都有詳細要求。

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