備考CFA考試，一定要多刷題，多練習。2022年CFA考試《CFA一級》考試共240題，以下是幫考網為您準備的練習題，附答案解析，供您備考練習。

1、A commodity market is in contango when futures prices are:【單選題】

A.lower than the spot price.

B.higher than the spot price.

C.the same as the spot price.

正確答案:B

答案解析:“Investing in Commodities”, Global Perspectives on Investment Management: Learning from the Leaders, edited by Rodney N. Sullivan, CFA

2011 Modular Level I, Volume 6, pp. 262

Study Session 18-75-a

Explain the relationship between spot prices ａｎｄ expected future prices in terms of contango ａｎｄ backwardation.

B is correct. When a commodity market is in contango, futures prices are higher than the spot price because market participants believe the spot price will be higher in the future.

2、When analyzing the value of a single normally distributed populations variance,the most appropriate test is a(n) :【單選題】

A.chi-squared test.

B.paired comparison test.

C.F-test.

正確答案:A

答案解析:檢驗單個總體方差是否等于某個數值用開方檢驗。檢驗兩個正態分布的總體方差是否相等用F檢驗。檢驗兩個非獨立總體的均值之差用配對檢驗。

3、The behavioral bias in which investors tend to avoid realizing losses but rather seek to realize gains is best described as:【單選題】

A.mental accounting.

B.the disposition effect.

C.the gambler’s fallacy.

正確答案:B

答案解析:Behavioral biases in which investors tend to avoid realizing losses but, rather, seek to realize gains is the disposition effect.

2014 CFA Level I

“Market Efficiency,” by W. Sean Cleary, Howard J. Atkinson, ａｎｄ Pamela Peterson Drake

Section 5.3

4、An analyst does researchabout lease.When compared to a leasor, which of thefollowing is most appropriate adjustment to the balance sheet of a leasee?【單選題】

A.increasing assets ａｎｄ liabilities by the sum of future lease payments.

B.increasing assets ａｎｄ liabilities by the present value of future leased payments.

C.decreasing assets ａｎｄ liabilities by the present value of future leased payments.

正確答案:B

答案解析:對于經營性租賃(operating lease)：資產負債表沒有變化，直接產生租賃費用。對于資本性租賃(capital lease)：在租期一開始，在資產負債表上的長期資產和負債中分別加上未來租金的現值。

5、The liquidity premium can be best described as compensation to investors fｏｒthe:【單選題】

A.risk of loss relative to an investment’s fair value if the investment needs to be converted to cash quickly.

B.increased sensitivity of the market value of debt to a change in market interest rates as maturity is extended.

C.possibility that the borrower will fail to make a promised payment at the contracted time ａｎｄ in the contracted amount.

正確答案:A

答案解析:“The Time Value of Money,” Richard A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, ａｎｄ David E. Runkle, CFA

2013 Modular Level I, Vol. 1, Reading 5, Section 2

Study Session 2–5–b

Explain an interest rate as the sum of a real risk-free rate ａｎｄ premiums that compensate investors fｏｒbearing distinct types of risk.

A is correct. “The liquidity premium compensates investors fｏｒthe risk of loss relative to an investment’s fair value if the investment needs to be converted to cash quickly.”

6、A Canadian printing company which prepares its financial statements according to IFRS has experienced a decline in the demａｎｄ fｏｒits products. The following information relates to the company’s printing equipment as of 31 December 2010.

The impairment loss (in C$) is closest to:【單選題】

A.0.

B.60,000.

C.70,000.

正確答案:B

答案解析:"Long-lived Assets,” Elaine Henry, CFA, ａｎｄ Elizabeth A. Gordon
2011 Modular Level I, Vol.3, pp.434-436
Study Session: 9-37-h
Discuss the impairment of property, plant, ａｎｄ equipment, ａｎｄ intangible assets.
Under IFRS, an asｓｅｔis considered to be impaired when its carrying amount exceeds its recoverable amount (the higher of fair value less cost to sell ｏｒvalue in use).
Fair value less costs to sell: 480,000 – 50,000 = 430,000
Value in use = 440,000
Recoverable amount (higher value) = 440,000
Impairment loss under IFRS = Carrying value – recoverable amount = 500,000 – 440,000 = 60,000

7、Assume that the nominal spot exchange rate (USD/EUR) increases by 7.5%, the eurozone price level decreases by 4%, ａｎｄ the U.S. price level increases by 2.5%. The change in the real exchange rate (%) is closest to:【單選題】

A.14.8%.

B.0.7%.

C.–6.3%.

正確答案:B

答案解析:Real exchange rate = Nominal spot exchange rate × CPI of the foreign country / CPI of the domestic country
Change in the real exchange rate = [(1 + change in exchange rate) × (1 + change in price level in foreign country)] / (1 + Change in price level in domestic country) –1

2014 CFA Level I
“Currency Exchange Rates,” by William A. Barker, Paul D. McNelis, ａｎｄ Jerry Nickelsburg
Section 2

8、Consider two countries, A ａｎｄ B. Country A is a closed country with a relative abundance of labｏｒａｎｄ holds a comparative advantage in the production of textiles. Country B has a relative abundance of capital. When the textile trade is opened between the two countries, Country A will most likely experience a favorable impact on:【單選題】

A.labor.

B.capital.

C.both capital ａｎｄ labor.

正確答案:A

答案解析:“International Trade ａｎｄ Capital Flows,” Usha Nair-Reichert ａｎｄ Daniel Robert Witschi
2012 Modular Level I, Vol. 2, pp. 450–452
Study Session 6-20-b, c, d
Distinguish between comparative advantage ａｎｄ absolute advantage.
Explain the Ricardian ａｎｄ Heckscher–Ohlin models of trade ａｎｄ the source(s) of comparative advantage in each model.
Compare types of trade ａｎｄ capital restrictions ａｎｄ their economic implications.A is correct. As a country opens up to trade, the benefit accrues to the abundant factor, which is labｏｒin Country A.

9、The least likely way to terminate a swap is to:【單選題】

A.purchase ａｎｄ exercise a swaption.

B.pay the market value to the counterparty.

C.sell an offsetting swap listed on an exchange.

正確答案:C

答案解析:“Swap Markets ａｎｄ Contracts,” Don M. Chance
2011 Modular Level I, Vol. 6, pp. 133–134
Study Session 17-64-a
Describe the characteristics of swap contracts, ａｎｄ explain how swaps are terminated.
C is correct because swaps are not listed on an exchange.

10、An analyst does research aboutembedded options.Which of the following embeddedoptions is least likely to increase in value when interest rates increase?【單選題】

A.The right toput an issue.

B.The cap on a floater.

C.An accelerated sinking fund provision.

正確答案:C

答案解析:由于利率上升，對于浮動利率債券的利率頂的價值上升，因為更有可能超過其所設定的利率頂，而超過利率頂時，購買者就能得到報償。由于利率上升，可回售債券價格下跌，被回售的可能性增加了，所以回售債券的權利增加價值了。加速沉沒資金條款是公司可以選擇提前償還全部或部分本金，在利率下跌的情況下，該條款更有價值，因為可以更低成本進行融資，所以在利率上升的情況下，該權利減少價值。

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