2020年CFA考試《CFA一級》考試共240題，分為單選題。小編每天為您準備了5道每日一練題目（附答案解析），一步一步陪你備考，每一次練習的成功，都會淋漓盡致的反映在分數(shù)上。一起加油前行。

1、Capital provided for companies beginning operation but before commercial manufacturing and sales have occurred best describes which stage in venture capital investing?【單選題】

A.Seed-stage

B.Early-stage

C.Later-stage

正確答案:B

答案解析:“Alternative Investments”, Global Investments, Sixth Edition, by Bruno Solnik and Dennis McLeavey, CFA
2011 Modular Level I, Volume 6, p. 214
Study Session 18-74-g
Explain the stages in venture capital investing, venture capital investment characteristics, and challenges to venture capital valuation and performance measurement.
B is correct. Early-stage financing is capital provided for companies moving into operation and before commercial manufacturing and sales have occurred.

2、Lynn Moody is an investment officer at the Lester Trust Company (LTC).If acurrent or former client of LTC has not permitted the disclosure of confidentialinformation and disclosure of clients’ confidential information does not conflictwith local law, which of the following statements is most accurate? According tothe Professional Conduct Standards, a member will breach his duties bydisclosing confidential client information that relates to:【單選題】

A.an individual client who ended the client relationship with LTC ten years ago.

B.illegal activities on the part of an individual who is a current client of LTC.

C.information requested by the CFA Institute Professional Conduct Programduring the course of an investigation into that member's conduct by designedofficer.

正確答案:A

答案解析:在任何情況下都要保守過去、當前、潛在客戶的秘密，除非屬于以下的4個例外情況：法律上要求公開，客戶允許公開，包含非法行為及接受CFA協(xié)會調(diào)查。即使當?shù)胤蓻]有限制披露客戶的保密信息，會員或考生也應該遵守專業(yè)行為標準更加嚴格地保守客戶的秘密。

3、For an investment portfolio, the coefficient of variation of the returns on the portfolio is best described as measuring:【單選題】

A.risk per unit of mean return.

B.mean return per unit of risk.

C.mean excess return per unit of risk.

正確答案:A

答案解析:“Statistical Concepts and Market Returns,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2010 Modular Level I, Vol. 1, pp. 319-320
Study Session 2-7-i
Define, calculate, and interpret the coefficient of variation and the Sharpe ratio.
The coefficient of variation is defined as the standard deviation of the portfolio (a measure of risk) divided by the mean return on the portfolio (i.e., risk per unit of mean return).

4、All else being equal, a decrease in expected yield volatility would most likelycause the price of:【單選題】

A.both a callable bond and a putable bond to decrease.

B.a callable bond to increase and the price of a putable bond to decrease.

C.a callable bond to decrease and the price of a putable bond to increase.

正確答案:B

答案解析:收益波動降低會同時減少call和put的價值，而提高callable bond的價值，降低putablebond的價值。

5、An analyst collects the following set of past stock returns: -2.3%, -5.1%, 7.6%, 8.2%, 9.1%, and 9.8%. Which of the following measures of return is most likely the highest?【單選題】

A.Median return

B.Geometric mean return

C.Arithmetic mean return

正確答案:A

答案解析:“Statistical Concepts and Market Returns,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2010 Modular Level I, Vol. 1, pp. 283-299
Study Session 2-7-e
Define, calculate, and interpret measures of central tendency, including the population mean, sample mean, arithmetic mean, weighted average or mean (including a portfolio return viewed as a weighted mean), geometric mean, harmonic mean, median, and mode.