2020年CFA考試《CFA一級(jí)》考試共240題，分為單選題。小編每天為您準(zhǔn)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(xí)的成功，都會(huì)淋漓盡致的反映在分?jǐn)?shù)上。一起加油前行。

1、A 20-year $1,000 fixed-rate non-callable bond with 8% annual coupons currently sells for $1,105.94.Assuming a 30% marginal tax rate and an additional risk premium for equity relative to debt of 5%,the cost of equity using the bond-yield-plus-risk-premium approach is closest to:【單選題】

A.9.9%

B.13.0%

C.12.0%

正確答案:C

答案解析:First, determine the yield to maturity, which is the discount rate that sets the bond price to $1,105.94and is equal to 7%. This calculation can be done with a financial calculator:
FV=-$1,000, PV=$1,105.94, N=20, PMT=-$80, solve for i, which will equal 7%.
The bond-yield-plus-risk-premium approach is calculated by adding a risk premium to the cost of debt(i.e., the yield to maturity for the debt), making the cost of equity 12.00% (=7%+5%).
CFA Level I
"Cost of Capital, Yves Courtois, Gene C. Lai, and Pamela Peterson Drake
Sections 3.1.1, 3.3.3

2、Carlos Cruz, CFA, is one of two founders of an equity hedge fund. Cruz manages the fund’s assets, and the other co-founder, Brian Burkeman, CFA, is responsible for fund sales and marketing. Cruz notices the most recent sales material used by Burkeman indicates assets under management are listed at a higher value than the current market value. Burkeman justifies the discrepancy by stating recent market declines account for the difference. In order to comply with the CFA Institute Standards of Professional Conduct, Cruz should least likely take which of the following actions?【單選題】

A.Correct the asset information and provide updates to prospective clients.

B.Report the discrepancy to CFA Institute’s Professional Conduct Program.

C.Provide a disclaimer within marketing material indicating prices are as of a specific date.

正確答案:B

答案解析:“Guidance for Standards I-VII”, CFA Institute
2013 Modular Level I, Vol. 1, Reading 2, Standard I (A) Knowledge of the Law, Guidance
Study Session 1-2-c
Recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.
B is correct because a violation of Standard I (A) Knowledge of the Law is likely to occur unless the asset base information is corrected. Cruz has yet to violate any CFA Institute standards, so he need not report a violation. If Cruz does not take action, he will be in violation of the standards, and at that point, he would need to report this violation because Standard I (A) applies; the member should know his conduct may contribute to a violation of applicable laws, rules, regulations, or the Code and Standards related to the inaccurate sales materials. Cruz should seek to have the information corrected and accurate information provided to prospective clients. It may also be prudent to seek the advice of legal counsel.

3、The most likely initial (short-run) effect of demand-pull inflation is an increase in:【單選題】

A.employee wages.

B.finished good prices.

C.commodity prices.

正確答案:C

答案解析:The effect of demand-pull inflation is an increase in the aggregate demand, which, in turn, leads to an increase (initially) in commodity prices.
2014 CFA Level I
“Understanding Business Cycles,” by Michele Gambera, Milton Ezrati, and Bolong Cao
Sections 4.2.4–4.2.4.2

4、With respect to the Standards of Professional Conduct relating to priority of transaction,which of the following prerequisites is least accurate when conflicts between theclient's interests and an investment professional's personal interests occur?【單選題】

A.The client is not disadvantaged by the trade taken for the investment professional.

B.The investment professional doesn't enter into personal transaction that runcounter to current clients' holdings.

C.The investment professional complies with applicable regulatory requirements.

正確答案:B

答案解析:在優(yōu)先交易權(quán)里并沒有規(guī)定CFA會(huì)員和考生不能參與與當(dāng)前客戶配置反向的個(gè)人交易。但是，如果客戶與個(gè)人交易有沖突，則必須滿足以下3個(gè)先決條件：（1）客戶不被個(gè)人交易損害；（2） CFA會(huì)員不通過(guò)為客戶交易謀取自己的私利；（3） CFA會(huì)員遵守了所適用的法律、法規(guī)的要求。滿足這3個(gè)條件后，個(gè)人可以從事相關(guān)交易。

5、According to the Professional Conduct Standards relating to referral fees, anycompensation, consideration, or benefit paid to members for the recommendationof products or services are required to be disclosed:【單選題】

A.only to current and potential clients, as appropriate.

B.only to their employer and current clients, as appropriate.

C.to both current and potential clients and their employer, as appropriate.

正確答案:C

答案解析:對(duì)于推薦(產(chǎn)品或服務(wù)）費(fèi)用的披露，要向當(dāng)前或者潛在客戶，以及雇主披露，在專業(yè)行為標(biāo)準(zhǔn)中對(duì)此有明確的要求。