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、An analyst does research about security market indices.The number of freelyfloating share available is component of which of the following index weightingschemes?【單選題】

A.Fundamental weighting.

B.Price weighting.

C.Market-capitalization weighting.

正確答案:C

答案解析:市值法中有按照流通股票數(shù)量來(lái)調(diào)整的指數(shù)，對(duì)此需要知道流通股票的數(shù)量來(lái)決定權(quán)重。

2、An analyst does research about yield spread.All other factors being equal, willthe yield spread for an option-free corporate bond over the benchmark bond mostlikely decrease :【單選題】

A.

B.

C.

正確答案:C

答案解析:當(dāng)經(jīng)濟(jì)處于衰退期時(shí)，人們對(duì)于風(fēng)險(xiǎn)更加厭惡，投資者會(huì)要求有更高的收益率溢價(jià)。當(dāng)債券的信用評(píng)級(jí)被調(diào)低時(shí)，則該債券有更大的風(fēng)險(xiǎn)，投資者會(huì)要求有更高的收益率溢價(jià)。

3、The following tables present excerpts from financial statements for two merchandising companies following the format found in each of their annual reports.

Which of the companies most likely prepares its financial statements in accordance with U.S. GAAP?【單選題】

A.Both companies

B.Only Company A

C.Only Company B

正確答案:C

答案解析:Company A prepares its financial statements under IFRS whereas company B uses U.S. GAAP. IFRS does not specify the order of presentation of current and noncurrent assets. Under U.S. GAAP, current assets are presented before long-term assets and current liabilities before long-term ones.
2014 CFA Level 1
"Understanding Balance Sheets," by Elaine Henry and Thomas R. Robinson
Section 2.1

4、An analyst does research about weighted average cost of capital and gathers thefollowing information about a company:

Based on the information above, if the company's marginal tax rate is 35%, itsweighted average cost of capital is closest to:【單選題】

A.7.0%

B.7.6%

C.8.1%

正確答案:B

答案解析:先算出各種資金來(lái)源的比例：

WACC = × (l - t) + × + × =0.3 ×5% ×(1-35%) +0.1 ×6% +0.6× 10% =7.575%。

5、Which of the following is most consistent with real business cycle (RBC) models? The arguments and recommendations of RBC models suggest that:【單選題】

A.monetary variables have a major impact on GDP growth.

B.persons are unemployed because their asking wages are too high.

C.governments should intervene when the economy is in contraction.

正確答案:B

答案解析:“Understanding Business Cycles,” Michele Gambera, CFA, Milton Ezrati, and Bolong Cao, CFA
2013 Modular Level I, Vol. 2, Reading 18, Section 3.3.1
Study Session 5–18–c
Describe theories of the business cycle.
B is correct. As suggested particularly by the earliest RBC models, a person is unemployed because he or she is asking for wages that are too high, or in other words, this person’s utility function is maximized by having more leisure (e.g., free time to visit museums, watch games on TV, and enjoy time with friends) and less consumption (which could be increased by giving up some leisure and finding a job).