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 option moneyness.An investor paid $5 for a putoption that was in-the-money $3.If the price of the underlying was $59 at thetime the investor purchased the put option, the exercise price of that put optionwas closest to :【單選題】

A.$51

B.$56

C.$62

正確答案:C

答案解析:因?yàn)槭强吹跈?quán)，只有當(dāng)前價(jià)格低于行權(quán)價(jià)格，該看跌期權(quán)才是價(jià)內(nèi)的，并且與期權(quán)成本無(wú)關(guān)。題目中，期權(quán)當(dāng)前價(jià)格是$59，只有當(dāng)行權(quán)價(jià)為$62時(shí)，該看跌期權(quán)才是價(jià)內(nèi)$3。

2、In competitive markets, when the efficient quantity is produced, the least likely result is to:【單選題】

A.maximize total surplus.

B.generate underproduction.

C.minimize deadweight loss.

正確答案:B

答案解析:“Efficiency and Equity,” Michael Parkin
2011 Modular Level I, Vol. 2, pp. 45-46, 48-49
Study Session 4-14-a, d, e
Explain the various means of markets to allocate resources, describe marginal benefit and marginal cost, and demonstrate why the efficient quantity occurs when marginal benefit equals marginal cost.
Discuss the relationship between consumer surplus, producer surplus, and equilibrium.
Explain 1) how efficient markets ensure optimal resource utilization and 2) the obstacles to efficiency and the resulting underproduction or overproduction, including the concept of deadweight loss.
When the efficient quantity is produced, total surplus (the sum of consumer surplus and producer surplus) is maximized. Deadweight loss reduces total surplus and occurs when there is either underproduction or overproduction, i.e. when the quantity produced differs from the efficient quantity. When the efficient quantity is produced, underproduction does not occur.

3、Using the firm’s income statement presented, its degree of financial leverage is closest to:
【單選題】

A.1.5.

B.1.7.

C.2.6.

正確答案:A

答案解析:“Measures of Leverage,” Pamela Peterson Drake, Raj Aggarwal, Cynthia Harrington, and Adam Kobor
2012 Modular Level I, Vol. 4, pp. 103–105
Study Session 11-38-b
Calculate and interpret the degree of operating leverage, the degree of financial leverage, and the degree of total leverage.
A is correct. DFL = (Operating income) ÷ (Operating income – Interest expense)
or operating income divided by pretax earnings
= $3.6 ÷ ($3.6 – $1.2)
= 1.50.

4、Which of the following is the least likely outcome when a monopolist adopts first-degree price discrimination because of customers' differing demand elasticities?【單選題】

A.The monopolist shares the total surplus with consumers.

B.The price for a marginal unit decreases to less than the price for other units.

C.The output increases to the point at which price equals the marginal cost.

正確答案:A

答案解析:In a monopoly, perfect price discrimination results in the total surplus being kept by the producer, the monopolist.
2014 CFA Level I
“The Firm and Market Structures,” by Richard G. Fritz and Michele Gambera
Section 6.4

5、An analyst does research about financial reporting quality.An incentive for acompany's management reporting lower earnings is least likely to:【單選題】

A.remain in compliance with lending covenants.

B.obtain trade relief in the form of quotas or protective tariffs.

C.negotiate favorable terms from creditors.

正確答案:A

答案解析:本題考查的是財(cái)務(wù)報(bào)告質(zhì)量（financial reporting quality）中管理層操縱盈利的動(dòng)機(jī)。管理層試圖提高凈利潤(rùn)的動(dòng)機(jī)包括：
·Meet earnings expectations.（實(shí)現(xiàn)盈利目標(biāo)。）
·Remain in compliance with lending covenants.（遵守貸款合約。）
·Receive higher incentive compensation.（獲得更高的激勵(lì)性薪酬。）
管理層試圖降低凈利潤(rùn)的動(dòng)機(jī)包括：
·Obtain trade relief in the form of quotas or protective tariffs.（獲得貿(mào)易限額或者保護(hù)性關(guān)稅。）
·Negotiate favorable terms from creditors.（獲得債權(quán)人給予的優(yōu)惠性條款。）
·Negotiate favorable labor union contracts.（從工會(huì)取得優(yōu)惠的勞動(dòng)條款。）