備考CFA考試，一定要多刷題，多練習。2021年CFA考試《CFA一級》試題共240道，以下是幫考網為大家準備的練習題，附答案解析，供各位小伙伴備考練習。

1、An analyst does research about price elasticity of demａｎｄ ａｎｄ determines that when the price of a product increases from $15 to $17, the quantity demanded decreases from 51 units to 45 units.The product////\\\'s price elasticity of demａｎｄ is best described as:【單選題】

A.inelastic.

B.unit elastic.

C.elastic.

正確答案:B

答案解析:本題考查的是需求價格彈性(price elasticity of demand)的基本公式。只需要將數值代人以下公式即可。

2、An analyst does research about fund manger performance.In an efficient stockmarket, a list of appropriate policies fｏｒa portfolio manager who does not havesuperiｏｒability to analyze is least likely to include the:【單選題】

A.use of index funds.

B.elimination of systematic risk.

C.minimization of transaction cost.

正確答案:B

答案解析:對于沒有超強分析能力的基金經理來說，應該買人指數基金或者是減少交易成本，或者通過分散化投資來消除非系統性風險，注意基金經理是無法消除系統性風險的。

3、Fractional unemployment is best described as:【單選題】

A.from normal labｏｒturnover.

B.from changes in the skills needed to perform jobs.

C.due to fluctuating unemployment over the business cycle.

正確答案:A

答案解析:正常的勞動力工作的轉變會導致摩擦性失業。結構性失業是指由于經濟結構調整，原有工作能力無法滿足現有工作需要而造成的失業。經濟周期的調整會使得有效需求不足而造成周期性失業。

4、An analyst does research about exchange trade funds (ETFs).Which of thefollowing statements is least accurate to describe exchange trade funds////\\\' characteristics?【單選題】

A.Portfolio holdings of ETFs are transparent.

B.ETF////\\\'s structure prevents a significant premium ｏｒdiscount to NAV.

C.Dividends are reinvested annually fｏｒopen-end ETFs.

正確答案:C

答案解析:ETF不收取申購和贖回費用，可以賣空或者融資交易，同時組合的持倉是透明的。ETF的申購和贖回機制使得其交易價格十分接近凈資產值，沒有顯著的溢價或折價。開放式ETF的股利會被立即進行再投資，而不是每年。

5、The price of a good falls from $15 to $13. Given this decline in price, the quantity demanded of the good rises from 100 units to 120 units. The price elasticity of demａｎｄ fｏｒthe good is closest to:【單選題】

A.1.3.

B.1.5.

C.10.0.

正確答案:A

答案解析:“Elasticity,” Michael Parkin2011 Modular Level I, Vol. 2, pp. 10-11Study Session 4-13-aCalculate ａｎｄ interpret the elasticities of demａｎｄ (price elasticity, cross elasticity, ａｎｄ income elasticity) ａｎｄ the elasticity of supply ａｎｄ discuss the factors that influence each measure.Price elasticity of demａｎｄ is calculated as:Price elasticity of demａｎｄ = %ΔQ / %ΔP = (ΔQ / Qave) / (ΔP / Pave)In this case, (20 / 110) / (2 / 14) = 1.27 rounded to 1.3

6、An investｏｒpurchases a 5 percent coupon bond maturing in 3 years fｏｒ$102.80, providing a yield-to-maturity of 4 percent. At what rate must the coupon payments be reinvested to generate the 4 percent yield?【單選題】

A.0%

B.4%

C.5%

正確答案:B

答案解析:“Yield Measures, Spot Rates, ａｎｄ Forward Rates”, Frank J. Fabozzi, CFA2010 Modular Level I, Vol. 5, pp. 451Study Session 16-65-bCompute ａｎｄ interpret the traditional yield measures fｏｒfixed-rate bonds ａｎｄ explain their limitations ａｎｄ assumptions.B is correct since the yield-to-maturity measure assumes that the coupon payments can be reinvested at an interest rate equal to the yield-to-maturity, in this case 4%.

7、An analyst does research about asemiannual-pay callable bond.The bond witha face value of $ 1 000 ａｎｄ a coupon rate of 5% is callable in 4 years at 1020.If the bond matures in 7 years ａｎｄ is currently priced as $ 980, the yield toworst is closest to:【單選題】

A.3.01%

B.5.35%

C.6.02%

正確答案:B

答案解析:先計算持有到期收益率(yield to maturity，簡稱 YTM)：N = 14, PV=980, PMT=1 000 ×5%/2=25, FV = 1 000, CPT I/Y =2.6731，YTM =2.6731% ×2 = 5.3463%。再算持有到贖回收益率(yield to call，簡稱 YTC):N =8，PV =980, PMT = 1 000 × 5%/2 =25, FV=1 020, CPT I/Y =3.0099，YTC =3.0099% ×2=6.0197%。最后計算最差收益率(yield to worst，簡稱WTW)，這是上述兩者中較小的，所以WTW =5.3463%。

8、A buyer would face the greatest risk of default with:【單選題】

A.a farmer making physical delivery on a short soybean futures position.

B.an investment bank making cash settlement on a short euro futures position.

C.a multinational firm making cash settlement on a short U.S. dollar forward contract.

正確答案:C

答案解析:“Futures Markets ａｎｄ Contracts,” Don M. Chance2011 Modular Level I, Vol. 6, p. 53Study Session 17-62-bCompare futures contracts ａｎｄ forward contracts.C is correct because in a forward contract, each party assumes the risk that the other party will default.

9、The following information is available fｏｒa manufacturing company:If the company is using International Financial Reporting Standards (IFRS) instead of US GAAP, itscost of goods sold (in millions) is most likely.【單選題】

A.$0.3 lower.

B.the same.

C.$0.3 higher.

正確答案:A

答案解析:Under IFRS, the inventory would be written down to its net realizable value ($4.1 million), whereasunder US GAAP, market value is defined as current replacement cost ａｎｄ thus would be writtendown to its current replacement cost ($3.8 million). The smaller write-down under IFRS will reducethe amount charged to the cost of goods sold compared with US GAAP ａｎｄ result in a lower cost ofgoods sold of $0.3 million.CFA Level I"Inventories," Michael A. BroihahnSection 4

10、An analyst does research about cost of capital.All else being equal, if a U.S.company////\\\'s marginal tax rate decreases, the company////\\\'s weighted average cost ofcapital will most likely:【單選題】

A.decrease.

B.remain unchanged.

C.increase.

正確答案:C

答案解析:加權平均資本成本。其中，是普通股股東的必要回報率，是優先股股東的必要回報率，是公司發行新債券的必要收益率，所以稅率t減小，WACC會增大。

希望以上練習題對各位小伙伴的復習有所幫助，最后幫考網預祝各位考生順利通過考試!