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、Bonds issued by a country/////\\'s central government are referred to as sovereignbonds.Which of the following methods is used by central governments to issuesovereign bonds when it determines market conditions are advantageous?【單選題】

A.Regular cycle auction (multiple price).

B.An ad hoc auction system.

C.A tap system.

正確答案:B

答案解析:在市場適合的情況下，選擇發行債券屬于特別的拍賣系統。

2、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, CFA2013 Modular Level I, Vol. 3, Reading 27, Section 2.1“Accounting Shenanigans on the Cash Flow Statement,” Marc A. Siegel2013 Modular Level 1, Vol. 3, Reading 34, Section 5Study Session 8-27-a, 10-34-aCompare 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 offｓｅｔdilution 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.

3、Recording an estimate of uncollectible accounts will least likely:【單選題】

A.reduce revenues.

B.reduce net income.

C.increase expense.

正確答案:A

答案解析:未能收現的賬戶(uncollectible accounts)當作費用處理，并不會影響到收入，但會增加費用，并且會減少凈利潤。

4、Financial risk is most likely affected by:【單選題】

A.dividends.

B.long-term leases.

C.general ａｎｄ administrative costs.

正確答案:B

答案解析:“Measures of Leverage,” Pamela Peterson Drake, Raj Aggarwal, Cynthia Harrington, ａｎｄ Adam Kobor2012 Modular Level I, Vol. 4, p. 103Study Session 11-38-aDefine ａｎｄ explain leverage, business risk, sales risk, operating risk, ａｎｄ financial risk, ａｎｄ classify a risk, given a description.B is correct. As stated on p. 103, “By taking on fixed obligations, such as debt ａｎｄ long-term leases, the company increases its financial risk.”

5、Margin in the futures market is most accurately described as a:【單選題】

A.down payment from the futures trader.

B.loan to the futures trader.

C.requirement ｓｅｔby federal regulators.

正確答案:A

答案解析:It is the amount of money that must be deposited into an account by a trader when opening a futures position. The money helps ensure that the trader fulfills his obligations.2014 CFA Level I“Futures Markets ａｎｄ Contracts,” by Don M. ChanceSection 3

6、All else being equal, which of the following most likely increase credit quality?A company decreases its:【單選題】

A.margin stability.

B.retained cash flow.

C.dividend payout ratio.

正確答案:C

答案解析:派發給股東的股利越少，在公司里留給債權人的現金就越多，對債權人也越有利，并會增加公司的信用質量；減少利潤率的穩定性和留存的現金流，都會降低公司的信用質量。

7、An analyst does research about the impact of tax rate changes on a company/////////////////\\'s financialstatements.Fｏｒexisting deferred tax assets ａｎｄ liabilities, an increase inincome tax rate:【單選題】

A.increases both deferred tax assets ａｎｄ deferred tax liabilities.

B.decreases both deferred tax assets ａｎｄ deferred tax liabilities.

C.decreases deferred tax assets ａｎｄ increases deferred tax liabilities.

正確答案:A

答案解析:稅率的改變對于DTL和DTA的影響：稅率的改變不但對當期的income statement有影響，而且對在balance sheet中的DTA和DTL也會有影響。Tax rate上升，令資產負債表中的DTL上升和DTA上升。Tax rate下降，令資產負債表中的DTL下降和DTA下降。

8、An analyst does research about the treasury stock method ａｎｄ gathers the followinginformation about a company fｏｒ2011:● Net income is $1 360 000● Dividends paid on stocks is $80 000● Average number of shares outstanding is 400 000● Number of options outstanding is 15 000● Average price of common stocks during the year is $25● Exercise price of option is $15There are no other potentially diluted securities outstanding.The company/////////////////\\'s dilutedearnings per share in 2011 using the treasury stock method under U.S.GAAP is closest to :【單選題】

A.$3.28

B.$3.33

C.$3.35

正確答案:C

答案解析:先用庫藏股法算出期權稀釋的股份數量：[(stock price - option exercise price)/ stock price] × N = [($25 - $15)/$25] × 15 000 =6 000。然后，計算diluted EPS = $1 360 000/(400 000 + 6 000) = $3.35。

9、Using the U.S. Treasury forward rates provided below, the value of a 2?-year, $100 par value Treasury bond with a 5% coupon rate is closest to:【單選題】

A.$101.52.

B.$104.87.

C.$106.83.

正確答案:C

答案解析:“Yield Measures, Spot Rates, ａｎｄ Forward Rates,” Frank J. Fabozzi2012 Modular Level I, Vol. 5, pp. 572–575Study Session 16-58-gExplain a forward rate, ａｎｄ calculate spot rates from forward rates, forward rates from spot rates, ａｎｄ the value of a bond using forward rates.C is correct because the value of the bond is

10、Which of the following statements best describes an advantage of a forward contract over a futures contract? A forward contract:【單選題】

A.is essentially free of default risk.

B.can easily be offｓｅｔpriｏｒto expiration.

C.allows parties to enter into a customized transaction.

正確答案:C

答案解析:“Derivative Markets ａｎｄ Instruments,” Don M. Chance, CFA2013 Modular Level I, Vol. 6, Reading 60, Section 2.1Study Session 17-60-cDefine forward contracts, futures contracts, options (calls ａｎｄ puts), ａｎｄ swaps ａｎｄ compare their basic characteristics.C is correct. Unlike futures contracts, which have standardized features, forward contracts can be customized to suit the needs of the parties involved.

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