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CFA Level I Practice Questions
Original practice questions for the CFA Program Level I (CFA Institute), mixed across 5 topics with instant answers and explanations. Practise by topic below or take the timed mock test.
CFA Level I mixed practice
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Q1.Accounting & FinanceRevenue is recognised under accrual accounting when:
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Answer: B — It is earned (performance obligation satisfied)
Under IFRS 15 / ASC 606 revenue is recognised as obligations are satisfied.
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Q2.Simple & Compound InterestFind the compound interest on $5,000 at 10% per annum for 3 years, compounded annually.
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Answer: C — $1,655
A = P(1 + R/100)^T = 5,000 × 1.10^3 = 6,655; CI = A − P = $1,655.
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Q3.Probability & CombinatoricsIn how many ways can the letters of the word TABLE be arranged?
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Answer: D — 120
All 5 letters are different, so arrangements = 5! = 120.
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Q4.Averages & StatisticsFind the median of: 7, 23, 14, 31, 19, 37, 15
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Answer: C — 19
Sorted: 7, 14, 15, 19, 23, 31, 37. The middle (4th) value is 19.
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Q5.Economy & Banking AwarenessOpportunity cost is:
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Answer: B — The value of the next best alternative forgone
It is the benefit given up by choosing one option over the next best.
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Q6.Accounting & Finance$17,000 is invested at 6% compounded annually. What is it worth after 7 years?
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Answer: D — $25,562
FV = PV(1 + r)ⁿ = 17,000 × 1.06^7 = $25,562.
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Q7.Simple & Compound InterestFind the simple interest on $14,000 at 4% per annum for 2 years.
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Answer: C — $1,120
SI = P × R × T / 100 = 14,000 × 4 × 2 / 100 = $1,120.
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Q8.Probability & CombinatoricsTwo fair dice are thrown. What is the probability that the sum is 4?
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Answer: D — 1/12
3 of the 36 equally likely outcomes give a sum of 4, so P = 3/36 = 1/12.
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Q9.Averages & StatisticsThe average of 10 numbers is 41. If 59 is added, what is the new average?
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Answer: A — 42.64
Old total = 10 × 41 = 410. New total = 410 + 59 = 469; new average = 469/11 = 42.64.
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Q10.Economy & Banking AwarenessWhat does GDP stand for?
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Answer: B — Gross Domestic Product
GDP measures the market value of final goods and services produced within a country.
About CFA Level I
CFA Program Level I — conducted by CFA Institute. Investment tools, quantitative methods, economics, ethics and financial reporting fundamentals.
Original practice questions written for this site in the style and difficulty of each exam’s syllabus. They are not past papers and the site is not affiliated with any exam body. Exam patterns, marking schemes and syllabi change — always check the latest official notification.
Practise by topic
- Accounting & Finance questions — Master the accounting equation, the three financial statements and time value of money: FV = PV(1 + r)ⁿ, PV of an annuity = PMT × [1 − (1 + r)⁻ⁿ]/r.
- Simple & Compound Interest questions — Simple interest grows linearly (PRT/100); compound interest multiplies by (1 + r/100) each period.
- Probability & Combinatorics questions — Probability = favourable ÷ total outcomes.
- Averages & Statistics questions — Average × count = total: most average questions are really about totals.
- Economy & Banking Awareness questions — Know what each regulator does (RBI, SEBI, IRDAI, PFRDA), the policy tools (repo, CRR, SLR) and the definitions behind GDP, inflation and fiscal deficit.
- CFA Level I mock test — 25 timed questions.
CFA Level I practice topics
| Topic | Section | Question source |
|---|---|---|
| Accounting & Finance | Finance | Calculated + question bank |
| Simple & Compound Interest | Quantitative aptitude | Calculated (new numbers every set) |
| Probability & Combinatorics | Mathematics | Calculated (new numbers every set) |
| Averages & Statistics | Quantitative aptitude | Calculated (new numbers every set) |
| Economy & Banking Awareness | General awareness | Question bank |