CFA考试《CFA一级》历年真题精选10(附详解)

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CFA考试《CFA一级》历年真题精选10（附详解）

1、Yip Wai Yin, a CFA Candidate, is an independent mutual fund sales agent. For every front-end load product

she promotes, Yip receives a portion of the front-end fee as commission, at the time of sale. For every

back-end load fund she sells, Yip receives a smaller commission paid at the end of the year. Yip always informs

her clients she is paid a commission as an agent, but does not provide details of the compensation structure.

When pitching her favored front-end load product line she tells clients 20% of her commission is always

invested in the same fund as proof of her confidence in the fund she recommends. Which CFA Code of

Standards with regard to Conflicts of Interest does Yip least likely violate?【单选题】

A.Referral Fees.

B.Disclosure of Conflicts.

C.Priority of Transactions.

正确答案:C

答案解析:“Guidance for Standards I-VII,” CFA InstituteC is correct because Yip’s investments do not adversely

affect the interest of the clients and therefore do not violate the Priority of Transactions requirement. A

Candidate having the same investment positions does not always create a conflict of interest and in some

instances, having an aligned investment portfolio can be beneficial to the client.

2、The Global Investment Performance Standards least likely require:【单选题】

A.nondiscretionary portfolios to be included in composites.

posites to be defined according to similar investment objectives and/or strategies.

C.non-fee-paying portfolios to be excluded in the returns of appropriate composites.

正确答案:A

答案解析:Composites (Standard IV – Composites) must be defined according to similar investment objectives

and/or strategies. Terminated portfolios must be included in the historical returns of appropriate composites,

and only fee-paying portfolios are to be included in composites. Non-discrectionary portfolios must not be

included in a firm's composites. 2014 CFA Level I "Introduction to the Global Investment Performance

Standards (GIPS)," CFA Institute

3、Assuming no short selling, diversification benefit is most likely to occur when the correlations among the

securities contained in the portfolio are:【单选题】

A.equal to positive one.

B.less than positive one.

C.greater than positive one.

正确答案:B

答案解析:“Probability Concepts,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and

David E. Runkle, CFAWhen we do not reject a false null hypothesis we have a Type II error.

4、A firm with a marginal tax rate of 40% has a weighted average cost of capital of 7.11%. The before-tax cost of

debt is 6%, and the cost of equity is 9%. The weight of equity in the firm's capital structure is closest to:【单选2

题】

A.79%.

B.37%.

C.65%.

正确答案:C

答案解析:WACC=weight of debt*before-tax cost of debt*(1-tax rate)+weight of equity*cost of equity.

5、The following information is available about a company ($ millions):During 2009 the company most likely

decreased the:【单选题】

A.proportion of sales made on a cash basis.

B.inventory, anticipating lower demand for its products in 2010.

C.proportion of interest-bearing debt relative to trade accounts payable.

正确答案:A

答案解析:“Understanding the Cash Flow Statement”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA,

R. Elaine Henry, CFA, and Michael A. Broihahn, CFASales, net income, and net margin are relatively constant for

the two years. The substantial drop in cash flow from operations could be attributed to an increase in

receivables and/or inventory. A decrease in the proportion of cash sales implies an increase in the proportion

of credit sales, increasing accounts receivable. An increase in accounts receivable would decrease cash flow

from operations.

6、Providing information about the performance of a company, its financial position, and changes in financial

position that is useful to a wide range of users is most accurately described as the role of:【单选题】

A.financial reporting.

B.the auditor’s report.

C.financial statement analysis.

正确答案:A

答案解析:“Financial Statement Analysis: An Introduction,” Elaine Henry and Thomas R. RobinsonA is correct.

The role of financial reporting is to provide information about the performance of a company, its financial

position, and changes in financial position that is useful to a wide range of users in making economic decisions.

7、Which of the following is closest to the value of a 10-year, 6% coupon, $100 par value bond with semi-annual

payments assuming an annual discount rate of 7%?【单选题】

A.$92.89

B.$99.07

C.$107.44

正确答案:A

答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi