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 aggregate demand.Aggregate demand of a countrywill least likely increase following with:【單選題】

A.increase in consumer expectations of future income.

B.increase in capacity utilization.

C.appreciation in the domestic currency.

正確答案:C

答案解析:本題考查的是使總需求（aggregate demand）向右平移的因素。這些因素包括：（1）消費(fèi)者財(cái)富的增加；（2）更為樂觀的商業(yè)預(yù)期；（3）消費(fèi)者預(yù)期未來的收入上升；（4）更高的產(chǎn)能利用率；（5）擴(kuò)張性的財(cái)政政策；（6）擴(kuò)張性的貨幣政策；（7）貨幣的貶值。

2、An analyst does research about income statement and gathers the followinginformation about a company:
● Revenue during this year is $250 000
● Cost of goods sold is $150 000
● Selling, general, and administrative expense is $25 000
● Depreciation expense is $15 000
● Interest expense is 5 000
The company's operating profit is closest to:【單選題】

A.$55 000

B.$60 000

C.$75 000

正確答案:B

答案解析:operating profit = revenue - COGS - selling, general, and administrative expense - depreciationexpense = $250 000 - $150 000 - $25 000 - $15 000 = $60 000。

3、A trader buys 500 shares of a stock on margin at $36 a share using an initial leverage ratio of 1.66. The maintenance margin requirement for the position is 30 percent. The stock price at which the margin call will occur is closest to:【單選題】

A.$20.57.

B.$25.20.

C.$30.86.

正確答案:A

答案解析:“Market Organization and Structure,” Larry Harris
2013 Modular Level I, Vol. 5, Reading 46, Section 5.2, Example 20
Study Session 13-46-f
Calculate and interpret the leverage ratio, the rate of return on a margin transaction, and the security price at which the investor would receive a margin call.
A is correct.
Initial equity (%) in the margin transaction = 1/Leverage ratio = 1/1.66 = 0.60;
Initial equity per share at the time of purchase = $36 × 0.60 = $21.60;
Price at which margin call occurs:
Equity per share/Price per share = Maintenance margin %
= ($21.60 + P - $36) ÷ P = 0.30;
0.7P = $14.40;
P = $20.57.

4、Which of the following statements is NOT compliance with the Global InvestmentPerformance Standards (GAPS?)?【單選題】

A.A firm must have its performance results verified by an independent thirdparty.

B.A firm must make every reasonable effort to provide a compliant presentationto all prospective clients.

C.A firm must provide a complete list of composite descriptions to any prospectiveclient that make such a request.

正確答案:A

答案解析:遵守全球投資業(yè)績標(biāo)準(zhǔn)（GAPS?）的公司并不被要求對(duì)于其業(yè)績表現(xiàn)進(jìn)行認(rèn)證，認(rèn)證是自愿的。公司為了遵守GAPS?的聲明，B項(xiàng)和C項(xiàng)都是其必須要做的。

5、Which of the following is most likely considered an example of matrix pricing when determining thecost of debt?【單選題】

A.Debt-rating approach only.

B.Yield-to-maturity approach only.

C.Both the yield-to-maturity and the debt-rating approaches.

正確答案:A

答案解析:The debt-rating approach is an example of matrix pricing.
CFA Level I
"Cost of Capital," Yves Courtois, Gene C. Lai, and Pamela Peterson Drake
Section 3.1.1, 3.1.2