2022年CFA考試《CFA一級》試題共240道，均為單選題。幫考網為大家整理了精選模擬習題10道，附答案解析，幫助各位小伙伴考前自測提升!

1、An analyst does research about trade restriction.A primary reason fｏｒa countryto adopt restrictions on international trade is that restrictions typically:【單選題】

A.improve short-run economic efficiency.

B.benefit consumers at the expense of producers.

C.provide concentrated benefits to a smallｇｒｏｕｐof people.

正確答案:C

答案解析:限制國際貿易并不能促進短期的經濟有效性，而是有利于生產廠商，并且會犧牲消費者的利益。但是，限制國際貿易為一小部分人提供了利益，如本地的生產廠商受到國外產品的競爭會減少，從而能夠獲得更多的利潤。

2、An analyst does research about deferred tax asｓｅｔａｎｄ liability ａｎｄ gathers thefollowing information about a company:

Assuming there are no other differences between accounting ａｎｄ tax profit, thecompany most likely records:【單選題】

A.A deferred tax asｓｅｔof $ 315.

B.A deferred tax liability of $ 315.

C.A deferred tax liability of $ 585.

正確答案:B

答案解析:財務報表與稅單上的折舊差異造成了遞延所得稅負債(DTL)，DTL在數值上等于折舊之差再乘以稅率。DTL = ( $ 3 000 - $ 2 100 ) ×0.35 = $ 315，稅單上因為多計了折舊而少計了利潤，所以應該增加遞延所得稅負債。所得稅費用(income tax expense)=應納所得稅(taxes payable)+ (△DTL - △DTA)。

3、An industry characterized by rapidly increasing demand, improving profitability, ａｎｄ falling prices is most likely in which of the following stages of life cycle?【單選題】

A.Growth

B.Maturity

C.Embryonic

正確答案:A

答案解析:A growth industry tends to be characterized by rapidly increasing demand, improving profitability, falling prices, ａｎｄ relativity low competition among companies in the industry.

2014 CFA Level I

“Introduction to Industry ａｎｄ Company Analysis,” by Patrick W. Dorsey, Anthony M. Fiore, ａｎｄ Ian Rossa O’Reilly

Section 5.1.5.1

4、Which of the following statements concerning the objectives of market regulation is least accurate?Regulators:【單選題】

A.ｓｅｔstandards to ensure that all agents acting in the market are skilled.

B.ensure systems are in place to prevent fraud.

C.promote fair ａｎｄ orderly markets.

正確答案:A

答案解析:Regulators help solve agency problems by setting minimum standards of competence, not skill, foragents ａｎｄ by defining ａｎｄ enforcing minimum standards of practice.

CFA Level I

"Market Organization ａｎｄ Structure," Larry Harris

Section 10

5、With respect to claiming compliance with the CFA Institute Code of Ethics andStandards of Professional Conduct, which of the following statements is least accurate?A firm :【單選題】

A.is encouraged to adopt the Code of Ethics ａｎｄ Standards of ProfessionalConduct as the company//////////////////\\'s code ａｎｄ ethics.

B.can claim compliance if its code of ethics has been verified by CFA Institute.

C.can claim compliance after ensuring its code of ethics meets the principlesof the Code of Ethics ａｎｄ Standards of Professional Conduct.

正確答案:B

答案解析:當公司的行為準則滿足了CFA協會的倫理道德與專業行為標準后，公司可以宣稱遵守了CFA協會的倫理道德與專業行為標準，但這并不需要CFA協會來核查，CFA協會也不會來核查公司是否遵守。公司被鼓勵采納CFA協會的倫理道德與專業行為標準，以此作為公司的道德準則。

6、If a monopolistically competitive industry becomes perfectly competitive, eachfirm//////////////////\\'s long-run average total cost per unit sold will most likely:【單選題】

A.decrease.

B.remain the same.

C.increase.

正確答案:A

答案解析:當壟斷競爭變為完全競爭后，由于產品沒有差異化，競爭會加劇，導致產品價格下降，產量上升，長期的平均總成本下降。

7、An analyst does research about the dividend discount model (DDM).All elsebeing equal, the earnings multiplier fｏｒa stock decreases with an increasein the:【單選題】

A.expected dividend growth rate.

B.expected dividend payout ratio.

C.estimated required rate of return on equity.

正確答案:C

答案解析:P/E = payout ratio/(k-g)，所以當預期的股利增長率或者預期的股利發放比率增加時，P/E比率都會上升，而如果估計的必要回報率增加的話，P/E比率則會下降。

8、An analyst does research about sustainable growth rate ａｎｄ gathers the followinginformation about a company fｏｒ2011:

● Net income is $2 000 000

● Common dividends paid is $900 000

● Average assets is $12 000 000

● Average liabilities is $3 500 000

The company//////////////////\\'s sustainable growth rate is closest to:【單選題】

A.9.17%

B.10.59%

C.12.94%

正確答案:C

答案解析:g = ROE × RR = [net income/(assets - liabilities)] × (1 - payout ratio):[$2 000 000/($12 000 000 - $3 5000 000)] × (1 - $900 000/$2 000 000) = 23.53% × 0.55 = 12.94%.

9、Fundamental AsｓｅｔManagers claims compliance with the CFA Institute Global Investment Performance Standards

ａｎｄ manages both discretionary ａｎｄ non-discretionary accounts. When constructing a single composite fｏｒFundamental, Juma Dzuya includes all discretionary, fee-paying accounts with both value ａｎｄ growth strategies. Does the composite constructed by Dzuya most likely meet GIPS criteria?【單選題】

A.Yes

B.No, because of non-similar investment strategies

C.No, because non-discretionary accounts are not included

正確答案:B

答案解析:“Introduction to the Global Investment Performance Standards

,” CFA Institute2012 Modular Level I, Vol. 1, p. 173Study Session 1-3-bExplain the construction ａｎｄ purpose of composites in performance reporting.B is correct because a composite must include all actual, fee-paying, discretionary portfolios managed in accordance with the same investment mandate, objective, ｏｒstrategy (Standards IV Composites).

By including both value ａｎｄ growth portfolios, the composite is made up of portfolios with different investment mandates ｏｒstrategies.

10、A company’s $100 par value perpetual preferred stock has a dividend rate of 7% ａｎｄ a required rate of return of 11%. The company’s earnings are expected to grow at a constant rate of 3% per year. If the market price per share fｏｒthe preferred stock is $75, the preferred stock is most appropriately described as being:【單選題】

A.overvalued by $11.36.

B.undervalued by $15.13.

C.undervalued by $36.36.

正確答案:A

答案解析:Value of perpetual preferred stock

The stock is overvalued by $75.00 – 63.64 = $11.36.

2014 CFA Level I

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

Section 4.1

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