2022年CFA考試《CFA一級》試題共240道，均為單選題。幫考網(wǎng)今天為大家準(zhǔn)備了5道每日一練題目(附答案解析)，幫助各位小伙伴考前自測提升。每一次練習(xí)的成功，都會淋漓盡致的反映在分?jǐn)?shù)上。一起加油前行。

1、A publicly listed company has a 12-person Board of Directors whose composition is as follows: the Chairman, who is the past president of the company ａｎｄ was named Chairman on his retirement date four years ago, five members of seniｏｒmanagement including the current president, ａｎｄ six outside directors.

Each member is elected fｏｒa two-year term ａｎｄ one-half of the positions stａｎｄ fｏｒelection every year. The three members of the Audit Committee are all outside directors ａｎｄ have relevant financial experience. The Remuneration Committee is composed of the Chairman ａｎｄ two outside directors. Which of the following actions would provide the greatest improvement in the corporate governance of this company?【單選題】

A.The Chairman of the Board should be an independent director.

B.All members of the Board of Directors should stａｎｄ fｏｒelection every year.

C.The company’s Vice-President of Finance should be a member of the audit committee.

正確答案:A

答案解析:“The Corporate Governance of Listed Companies: A Manual fｏｒInvestors,”

2010 Modular Level I, Vol. 4, pp. 174-185

Study Session 11-48-b, c

Discuss ａｎｄ critique characteristics ａｎｄ practices related to board ａｎｄ committee independence, experience, compensation, external consultants ａｎｄ frequency of elections ａｎｄ determine whether they are supportive of shareowner protection.

Describe board independence ａｎｄ explain the importance of independent board members in corporate governance.

If the chair of the board is a former chief executive of the company, it may hamper efforts to undo the mistakes made by him ｏｒher as chief executive. It is not clear if it is better to have all members elected annually (more flexibility to meet changes in the marketplace) ｏｒif it is better to have staggered board terms (better continuity of board expertise). All members of the audit committee should be independent members of the board.

2、Lee Chu, a CFA candidate, develops a new quantitative security ｓｅｌｅｃｔion model exclusively through back-testing on the Chinese equity market. Chu is asked to review marketing materials that include an overview of the conceptual framework fｏｒhis model, provide back-tested performance results, ａｎｄ list the top holdings. Chu directs the marketingｇｒｏｕｐto remove the description of his model because of concerns that competitors may attempt to replicate his investment philosophy. He also instructs the marketingｇｒｏｕｐto remove the list of the top holdings because it shows that the top holding represents 30% of the back-tested model. Which of the following actions is least likely to result in a violation of the Code ａｎｄ Standards? Chu///////////////\\'s:【單選題】

A.failure to disclose that the top holding represents such a large allocation in the model

B.failure to adequately describe the investment process to prospective clients

C.use of back-tested results in communication with prospective clients

正確答案:C

答案解析:The use of back-tested results is not prohibited, provided it is appropriately disclosed.

2014 CFA Level I

"Guidance fｏｒStandards I-VII," CFA Institute

Standard V(B)

3、With respect to the Standards of Professional Conduct relating to conflicts of interests,CFA members are required to fully disclose to clients, prospective clients,ａｎｄ employers:【單選題】

A.only all actual conflicts of interests.

B.only all potential conflicts of interests.

C.both all actual ａｎｄ potential conflicts of interests.

正確答案:C

答案解析:CFA協(xié)會要求會員向其雇主、客戶和潛在客戶披露所有潛在的或者事實上的利益沖突。

4、Michael Papis, CFA, does research about fiscal policy.According to the toolsof fiscal policy, adjustments to direct taxes are most likely:【單選題】

A.less difficult to implement quickly than adjustments to indirect taxes.

B.equally difficult to implement quickly compared with adjustments to indirecttaxes.

C.more difficult to implement quickly than adjustments to indirect taxes.

正確答案:C

答案解析:間接稅主要基于產(chǎn)品和服務(wù)征稅，直接稅主要基于收入和財產(chǎn)征稅。間接稅相比直接稅實施起來更為迅速，此時政府可以增加收入而不產(chǎn)生額外的成本。

5、Companies pursuing cost leadership will most likely:【單選題】

A.invest in productivity-improving capital equipment.

B.engage in defensive pricing when the competitive environment is one of high rivalry.

C.establish strong market research teams to match customer needs with product development.

正確答案:A

答案解析:“Introduction to Industry ａｎｄ Company Analysis,” Patrick W. Dorsey, Anthony M. Fiore, ａｎｄ Ian Rossa O’Reilly

2012 Modular Level I, Vol. 5, pp. 250–251

Study Session 14-51-k

Describe the elements that should be covered in a thorough company analysis.

A is correct. Companies pursuing cost leadership must be able to invest in productivity-improving capital equipment in ｏｒｃｅｒto be low-cost producers ａｎｄ maintain efficient operating systems.

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