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CFA Level I Mock Test
A timed 25-question mock for the CFA Program Level I covering accounting & finance, simple & compound interest, probability & combinatorics, averages & statistics, economy & banking awareness. Answer, submit and review every question with its explanation; set negative marking to match your exam’s current scheme.
CFA Level I mock test
25 questions · 1 mark each · the timer starts with your first answer and the test submits itself when time runs out.
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Q1.Accounting & FinanceThe CAPM expected return equals:
Answer: D — Rf + β(Rm − Rf)
Capital Asset Pricing Model: risk-free rate + beta × market risk premium.
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Q2.Simple & Compound InterestFind the compound interest on $32,000 at 10% per annum for 2 years, compounded annually.
Answer: A — $6,720
A = P(1 + R/100)^T = 32,000 × 1.10^2 = 38,720; CI = A − P = $6,720.
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Q3.Probability & CombinatoricsIn how many ways can a committee of 2 be chosen from 8 people?
Answer: C — 28
Order does not matter → combinations: 8C2 = 8! / (2!·6!) = 28.
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Q4.Averages & StatisticsThe average of 12 numbers is 40. If 75 is added, what is the new average?
Answer: A — 42.69
Old total = 12 × 40 = 480. New total = 480 + 75 = 555; new average = 555/13 = 42.69.
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Q5.Economy & Banking AwarenessWhat does GDP stand for?
Answer: C — Gross Domestic Product
GDP measures the market value of final goods and services produced within a country.
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Q6.Accounting & FinanceFind the compound interest on $8,000 at 5% per annum for 3 years, compounded annually.
Answer: B — $1,261
A = P(1 + R/100)^T = 8,000 × 1.05^3 = 9,261; CI = A − P = $1,261.
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Q7.Simple & Compound InterestFind the compound interest on $21,000 at 5% per annum for 2 years, compounded annually.
Answer: B — $2,152.5
A = P(1 + R/100)^T = 21,000 × 1.05^2 = 23,152.5; CI = A − P = $2,152.5.
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Q8.Probability & CombinatoricsA card is drawn from a well-shuffled deck of 52. What is the probability that it is a king?
Answer: A — 1/13
There are 4 such cards in 52, so P = 4/52 = 1/13.
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Q9.Averages & StatisticsFind the mean of: 3, 40, 26, 39, 31, 12, 34
Answer: A — 26.43
Sum = 185, ÷ 7 = 26.43.
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Q10.Economy & Banking AwarenessThe ‘lender of last resort’ in an economy is usually the:
Answer: C — Central bank
Central banks provide emergency liquidity to banks.
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Q11.Accounting & FinanceWhich ratio measures short-term liquidity?
Answer: A — Current ratio
Current ratio = current assets ÷ current liabilities.
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Q12.Simple & Compound InterestFind the simple interest on $47,000 at 9% per annum for 4 years.
Answer: D — $16,920
SI = P × R × T / 100 = 47,000 × 9 × 4 / 100 = $16,920.
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Q13.Probability & CombinatoricsIn how many ways can the letters of the word TABLE be arranged?
Answer: D — 120
All 5 letters are different, so arrangements = 5! = 120.
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Q14.Averages & StatisticsFind the median of: 27, 7, 32, 33, 32, 28, 27
Answer: D — 28
Sorted: 7, 27, 27, 28, 32, 32, 33. The middle (4th) value is 28.
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Q15.Economy & Banking AwarenessWhich instrument is used for transferring money electronically in real time for large values in India?
Answer: A — RTGS
RTGS settles individual large-value transactions in real time.
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Q16.Accounting & FinanceFind the compound interest on $36,000 at 10% per annum for 2 years, compounded annually.
Answer: D — $7,560
A = P(1 + R/100)^T = 36,000 × 1.10^2 = 43,560; CI = A − P = $7,560.
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Q17.Simple & Compound InterestFind the simple interest on $58,000 at 6% per annum for 4 years.
Answer: D — $13,920
SI = P × R × T / 100 = 58,000 × 6 × 4 / 100 = $13,920.
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Q18.Probability & Combinatorics3 fair coins are tossed. What is the probability of at least one head?
Answer: C — 7/8
P(no head) = (1/2)^3 = 1/8; P(at least one head) = 1 − 1/8 = 7/8.
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Q19.Averages & StatisticsFind the range of: 39, 15, 37, 11, 29, 20, 2
Answer: B — 37
Range = max − min = 39 − 2 = 37.
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Q20.Economy & Banking AwarenessWhich body regulates the securities market in India?
Answer: B — SEBI
The Securities and Exchange Board of India (SEBI).
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Q21.Accounting & FinanceDepreciation is recorded to:
Answer: B — Allocate an asset’s cost over its useful life
Depreciation matches the cost of a long-lived asset to the periods it benefits.
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Q22.Simple & Compound InterestFind the simple interest on $20,000 at 6% per annum for 6 years.
Answer: B — $7,200
SI = P × R × T / 100 = 20,000 × 6 × 6 / 100 = $7,200.
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Q23.Probability & CombinatoricsTwo fair dice are thrown. What is the probability that the sum is 9?
Answer: A — 1/9
4 of the 36 equally likely outcomes give a sum of 9, so P = 4/36 = 1/9.
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Q24.Averages & StatisticsFind the mean of: 25, 4, 21, 27, 25, 11, 5
Answer: A — 16.86
Sum = 118, ÷ 7 = 16.86.
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Q25.Economy & Banking AwarenessWhich type of account typically earns no interest in India?
Answer: C — Current account
Current accounts for businesses usually pay no interest.
How the mock test works
- The timer starts with your first answer; the test submits itself when time runs out.
- Choose the negative marking that matches your exam (this test has no negative marking by default — check the official notification).
- After submitting you get your score, accuracy, time taken and a topic-wise breakdown, then every explanation.
- “New mock test” builds another paper — calculation questions get new numbers.
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.
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 |