CFA考试《CFA一级》历年真题精选14(附详解)

CFA考试《CFA一级》历年真题精选14（附
详解）
1、Demand for a good is most likely to be more elastic when:【单选题】
A.the good is a necessity.
B.a lesser proportion of income is spent on the good.
C.the adjustment to a price change takes a longer time.
正确答案:C
答案解析:“Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. ArbogastC is correct. The longer the time that has elapsed since a price change, the more elastic demand is. For example, if gas prices rise, consumers cannot quickly change their mode of transportation but will likely do so in the longer run.
2、Which of the following statements describes the most appropriate treatment of cash flows in capital budgeting?【单选题】
A.A project is evaluated using its incremental cash flows on an after-tax basis.
B.Interest costs are included in the project's cash flows to reflect financing costs.
C.Sunk costs and externalities should not be included in the cash flow estimates.
正确答案:A
答案解析:All of the incremental cash flows arising from a project should be analyzed on an after-tax basis.Section 3
3、A company entered into a three-year construction project with a total contract price of $5.3 million and an expected total cost of $4.4 million. The following table provides cash flow information relating to the contract:If the company uses the percentage-of-completion method, the amount of revenue (in $) recognized in Year 2 will be closest to:【单选题】
A.2,800,000.
B.3,372,727.
C.3,616,636.
正确答案:C
答案解析:“Understanding The Income Statement”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFAThe revenue reported is equal to the percentage of the contract that is completed in that period, where percentage completion is based on costs. In Year 2, the percent completed is $3,000,000/$4,400,000 = 68.2%, resulting in 68.2% x 5,300,000 = 3,616,636 revenue being recognized.
4、A company issued $2,000,000 of bonds with a 20 year maturity at 96. Seven years later, the company called the bonds at 103 when the unamortized discount was $39,000. The company would most likely report a loss of:【单选题】
A.$60,000.
B.$99,000.
C.$138,000.
正确答案:B
答案解析:“Non-Current (Long-term) Liabilities,” Elizabeth A. Gordon and Elaine Henry, CFA
5、Which of the following is least likely to appear in a company’s proxy statement?【单选题】
pensation arrangements for management and directors
B.Significant events and contingencies that may affect future operations
C.Potential conflicts of interest between management, directors, and shareholders
正确答案:B
答案解析:“Financial Statement Analysis: An Introduction,” Elaine Henry and Thomas R. RobinsonB is correct. Significant events, conditions, trends, and contingencies that may affect future operations are contained in the Management’s Discussion and Analysis. Compensation agreements for directors and management and their potential conflicts of interest are required in the proxy statement.
6、All else equal, the difference between the nominal spread and the Z-spread for a non-Treasurysecurity will most likely be larger when the:【单选题】
A.yield curve is flat.
B.yield curve is steep.
C.security has a bullet maturity rather than an amortizing structure.
正确答案:B
答案解析:“Yield Measures, Spot Rates, and Forward Rates”, Frank J. Fabozzi, CFAB is correct because the main factor causing any difference between the nominal spread and theZ-spread is the shape of the Treasury spot rate curve. The steeper the spot rate curve, thegreater the difference.
7、Using the following information and assuming coupons are paid annually, the G-spread of the Steel Co. bond
is closest to:
【单选题】
A.100 bps.
B.36 bps.
C.94 bps.
正确答案:B
答案解析:The yield for Steel Co. bond is calculated as:Section 5.1
8、James Simone, CFA, the chief financial officer of a publicly listed company, seeks to improve thequality of his company's communication with institutional fund managers. He holds an investorbriefing with this group the evening before the company earnings are announced. The company'squarterly earnings are broadcast in a press release the next day before the market opens. Theearnings information in the investor briefing is
identical to that in the press release. Did Simone mostlikely violate the CFA Institute Standards of Professional Conduct?【单选题】
A.Yes
B.No, because the company releases information while the market is closed
C.No, because investor briefing and press release information are identical
正确答案:A
答案解析:Simone violated Standard II(A)-Material Nonpublic Information by giving institutional fund managersaccess to material nonpublic information prior to public dissemination (i.e., the press release). Byreleasing earnings results to a select group of institutional fund managers prior to a public pressrelease, Simone allows the institutional fund managers a time advantage over other investors notinvited to the investor briefing.Standard II(A)-Material Nonpublic Information
9、Because of significant changes in the marketplace, the demand for a company's product has fallenand is not expected to recover to previous levels. The following information is related to the patentunder which the product is produced:Which of the following statements is most accurate? The patent is impaired under:【单选题】
A.IFRS only.
B.both IFRS and US GAAP.
GAAP only.
正确答案:A
答案解析:Under IFRS (International Financial Reporting Standards), first determine the recoverable amount,which is the higher ofSections 5.1, 5.2
10、An analyst doesresearch about security market indices.Which of the followingstatements is least accurate to explain that a fixed-income market index is moredifficult to create and compute than a stock market index?【单选题】
A.The universe of fixed-income securities is changing constantly.
B.Fixed-income markets are predominantly dealer markets.
C.The number of fixed-income securities is much less than the number ofequity securities.
正确答案:C
答案解析:固定收益指数比股票指数更加难以编制，其中一个原因是债券的种类总处在不断变化中，如是否到期限、是否转换，等等。

固定收益指数比股票指数更加难以编制的另一个原因是，固定收益市场主要是交易商市场，无法通过公开市场交易而获得价格信息。

另外，固定收益证券的数量要远远超过股票的数量，固定收益证券有不同的发行人、不同的特征以及不同的期限。