PRACTICE BY UNIT
CFA Level I — Fixed Income: 144 practice questions
144 original CFA Level I questions on Fixed Income, each with an explanation and its source. Topics: Fixed-Income Instruments, Issuance and Markets, Bond Valuation and Yield Measures, Term Structure and Yield Spreads, Interest Rate Risk and Return, Credit Risk and Credit Analysis, Securitization: ABS and MBS. One free sample is below; the rest of the questions are available with a paid plan.
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FREE SAMPLE
One Fixed Income question with explanations
Open a question, choose an answer in your head, then open the explanation.
Q1 Fixed-Income Instruments, Issuance and Markets（債券の特性・発行・市場）Fixed-Income Instruments, Issuance and Markets
A bond issue has a sinking fund provision that allows the issuer to retire part of the issue each year by calling bonds at par. When interest rates have fallen sharply, bondholders are most likely exposed to:
- reinvestment risk, because bonds trading above par can be retired at par.
- greater credit risk, because the issuer must repay more debt.
- no additional risk, because a sinking fund always benefits bondholders.
Show the answer and explanation
Answer: A. A is correct. A sinking fund reduces credit risk, but when rates fall the issuer can call bonds at par, exposing holders to reinvestment risk.
Sources: CFA Institute, 2026 Level I Topic Outlines (Learning Outcome Statements)
That's the free sample. The rest of the questions are available with a paid plan.
That's the free sample. The rest is available with a plan.
See plansTopics in Fixed Income
- Fixed-Income Instruments, Issuance and Markets（債券の特性・発行・市場）Fixed-Income Instruments, Issuance and Markets 26
- Bond Valuation and Yield Measures（債券の評価と利回り）Bond Valuation and Yield Measures 28
- Term Structure and Yield Spreads（金利の期間構造とスプレッド）Term Structure and Yield Spreads 21
- Interest Rate Risk and Return（金利リスクとリターン）Interest Rate Risk and Return 38
- Credit Risk and Credit Analysis（信用リスクと信用分析）Credit Risk and Credit Analysis 16
- Securitization: ABS and MBS（証券化・ABS・MBS）Securitization: ABS and MBS 15
FAQ
Are these CFA Level 1 Fixed Income questions free?
The sample question on this page is free to read, with the answer and sources. The full set of 144 Fixed Income questions is in the paid plans.
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No. Every question is original and written by Sakakikaen Co., Ltd. examplat is not affiliated with or endorsed by the organisation that runs CFA Level I. Check its website for the current syllabus.
OTHER UNITS
CFA Level I practice questions by unit
- Ethical and Professional Standards（倫理・職業行為基準）Ethical and Professional Standards 203
- Quantitative Methods（定量分析）Quantitative Methods 85
- Economics（経済学）Economics 85
- Financial Statement Analysis（財務諸表分析）Financial Statement Analysis 144
- Corporate Issuers（コーポレート・イシュアー）Corporate Issuers 85
- Equity Investments（株式投資）Equity Investments 144
- Derivatives（デリバティブ）Derivatives 76
- Alternative Investments（オルタナティブ投資）Alternative Investments 98
- Portfolio Management（ポートフォリオ・マネジメント）Portfolio Management 116
All about CFA Level I on examplat
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