備考CFA考試，一定要多刷題，多練習。2021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、Which of the following transactions is least likely to increase a company’s reported cash from operations?【單選題】

A.Securitizing accounts receivable

B.Delaying payments made to suppliers

C.Using short-term debt to reduce an existing account payable

正確答案:C

答案解析:“Accounting Shenanigans on the Cash Flow Statement,” Marc A. Siegel2010 Modular Level I, Vol. 3, pp. 592-595Study Session 10-41The candidate should be able to analyze ａｎｄ&emsp；discuss the following ways to manipulate the cash flow statement: ·stretching out payables ·financing of payables ·securitization of receivables ·using stock buybacks to offｓｅｔdilution of earnings.Using short-term debt to pay down payables will have no effect on the cash from operations. Payables will decrease which decreases cash from operations, but short-term debt will increase, which is an offsetting increase in cash from operations, resulting in no net effect on cash from operations.

2、Which statement is NOT a recommendation procedure fｏｒcompliance with theProfessional Conduct Standards relating to fair dealing? Member should:【單選題】

A.develop ａｎｄ&emsp；document trade allocation procedures.

B.ensure all clients receive the same level of service.

C.publish guidelines fｏｒpre-dissemination behavior.

正確答案:B

答案解析:保證所有客戶享受同樣的服務水平是不對的，可以針對不同客戶設置不同的服務等級。A和C都是推薦的做法。

3、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, CFA2011 Modular Level I, Volume 6, pp. 262Study Session 18-75-aExplain the relationship between spot prices ａｎｄ&emsp；expected future prices in terms of contango ａｎｄ&emsp；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.

4、The following information is available about a hedge fund:No deposits to the fund ｏｒwithdrawals from the fund occurred during the year. Management fees are calculated using end-of-period valuation. Management fees ａｎｄ&emsp；incentive fees are calculated independently. The net-of-fees return of the investｏｒis closest to:【單選題】

A.7.8%.

B.7.4%.

C.5.8%.

正確答案:C

答案解析:The soft hurdle rate is surpassed, because the return of the fund is 10%. Fｏｒthat reason, the full fee, based on the full performance, is due.Management fee: 2% of $110 million = $2.2 million.Incentive fee: 20% of $10 million = $2 million.Total fees: $4.2 million.Therefore, the fund assets at the end of the period after fees are $105.8 million. The return fｏｒthe investｏｒis 5.8%.2014 CFA Level I"Introduction to Alternative Investments," by Terri Duhon, George Spentzos, ａｎｄ&emsp；Scott D. StewartSection 3.3

5、A sample of 240 managed portfolios has a mean annual return of 0.11 ａｎｄ&emsp；a standard deviation ofreturns of 0.23. The standard errｏｒof the sample mean is closest to:【單選題】

A.0.00096.

B.0.00710.

C.0.01485.

正確答案:C

答案解析:Fｏｒa sample, the standard errｏｒof the mean is where s is the sample standard deviationａｎｄ&emsp；n is the sample size), which here is: 0.23√240=0.01485.CFA Level I"Sampling ａｎｄ&emsp；Estimation," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, ａｎｄ&emsp；David E.RunkleSection 3.1

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