2020年CFA考試《CFA一級》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，都會淋漓盡致的反映在分?jǐn)?shù)上。一起加油前行。

1、An analyst does research about impact to option due to interest rate and volatilityof the underlying.Which of the following statements best describes the effect ofthe level of interest rates and volatility of the underlying on the price of options?All else being equal, prices for:【單選題】

A.put options are positively related to the level of interest rates.

B.call options are positively related to the level of interest rates.

C.put options are negatively related to the volatility of the underlying.

正確答案:B

答案解析:當(dāng)利率越高時，更多的人會選擇投資看漲期權(quán)，因為可以延后購買資產(chǎn)的時間，即現(xiàn)在只要付一部分期權(quán)費就可以買入將來購買這項資產(chǎn)的權(quán)利，所以看漲期權(quán)與利率正相關(guān)。相反地，當(dāng)利率越高時，更多的人會選擇賣出看跌期權(quán)，導(dǎo)致看跌期權(quán)價格下跌，所以看跌期權(quán)與利率負(fù)相關(guān)。資產(chǎn)的波動性與看漲期權(quán)及看跌期權(quán)的價格都是正相關(guān)。

2、An analyst does research about efficient frontier.Which statement is the leastlikely the character of the efficient frontier?【單選題】

A.Minimize risk for a given return target.

B.Slope decrease along the curve.

C.Have the same utility for investors.

正確答案:C

答案解析:有效前沿(efficient frontier)是指風(fēng)險性資產(chǎn)在給定收益的情況下風(fēng)險最小，而且隨著風(fēng)險的不斷增加有效前沿的斜率不斷減小。同時，有效前沿對于不同投資者而言，其效用是不一樣的。

3、Which of the following is most likely under a company's management control?【單選題】

A.Operating risk.

B.Financial risk.

C.Systematic risk.

正確答案:B

答案解析:商業(yè)風(fēng)險（business risk）包括銷售風(fēng)險（sale risk）和經(jīng)營性風(fēng)險（operating risk）。
銷售風(fēng)險受產(chǎn)品需求彈性、銷售周期性，以及行業(yè)競爭等因素影響。
經(jīng)營性風(fēng)險受固定成本和變動成本的比例影響。固定成本比例越高，經(jīng)營性風(fēng)險越大。
財務(wù)風(fēng)險（financial risk）受公司固定的利息成本（interest cost）的影響，固定利息成本越大，財務(wù)風(fēng)險越高，而財務(wù)風(fēng)險是公司的管理層最能夠控制的。
系統(tǒng)性風(fēng)險（systematic risk）是與整個宏觀經(jīng)濟(jì)有關(guān)的，也是管理層無法控制的。

4、A company issued a $50,000 seven-year bond for $47,565. The bonds pay 9% per annum, and the yield to maturity at issue was 10%. The company uses the effective interest rate method to amortize any discounts or premiums on bonds. After the first year, the yield to maturity on bonds equivalent in risk and maturity to these bonds is 9%. The amount of the bond discount amortization recorded in the first year is closest to:【單選題】

A.$0.

B.$348.

C.$257.

正確答案:C

答案解析:
2014 CFA Level I
"Non-Current (Long-Term) Liabilities," by Elizabeth A. Gordon and Elaine Henry
Section 2.2
2014 CFA Level I
"Non-Current (Long-Term) Liabilities," by Elizabeth A. Gordon and Elaine Henry
Section 2.2

5、The weak-form market efficiency most accurately assumes that current security prices:【單選題】

A.adjust rapidly to the release of all public information.

B.fully reflect all past market information, including transactions by exchange specialists.

C.fully reflect all information from public and private sources.

正確答案:B

答案解析:In the weak-form efficient market hypothesis, security prices fully reflect all past market data including transactions by exchange specialists.
2014 CFA Level I
“Market Efficiency,” W. Sean Cleary, Howard J. Atkinson, and Pamela Peterson Drake
Section 3