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、For a collateralized mortgage obligation (CMO), the first tranche of bonds most likely has the:【單選題】

A.highest level of prepayment risk and interest rate risk.

B.lowest level of prepayment risk and highest level of interest rate risk.

C.highest level of prepayment risk and lowest level of interest rate risk.

正確答案:C

答案解析:“Overview of Bond Sectors and Instruments,” Frank J. Fabozzi, CFA
2013 Modular Level I, Vol. 5, Reading 54, Section 4.2.3
Study Session 15-54-f
Explain the motivation for creating a collateralized mortgage obligation.
C is correct. The first tranche of bonds in a CMO receives all monthly principal first until it is paid off; thus, it has the shortest duration of all remaining tranches and, therefore, the lowest interest rate risk. The first tranche also absorbs all prepayments and, therefore, has the highest prepayment risk compared with the remaining tranches.

2、A small country has a comparative advantage in the production of pencils. The government establishes an export subsidy for pencils to promote economic growth. Which of the following will be the most likely result of this policy?【單選題】

A.As new domestic producers enter the pencils market, supply will increase and domestic prices will decline.

B.The increase in the domestic producer surplus will exceed the sum of the subsidy and the decrease in the domestic consumer surplus.

C.Although domestic producers will receive a net benefit, the policy will give rise to inefficiencies that cause a deadweight loss to the national welfare.

正確答案:C

答案解析:“International Trade and Capital Flows,” Usha Nair-Reichert and Daniel Robert Witschi
2012 Modular Level I, Vol. 2, pp. 456–457
Study Session 6-20-d
Compare types of trade and capital restrictions and their economic implications.
C is correct. Export subsidies interfere with the functioning of the free market and result in a deadweight loss to society. The deadweight loss arises on the producer side as the higher subsidized price causes inefficient producers to remain in the market; on the consumer side, the higher price causes those that would have purchased at the lower price to be shut out of the market.

3、Florence Zuelekha, CFA, is an equity portfolio manager at Grid Equity Management (GEM), a firm specializing in commodities. Zuelekha, who previously focused on alternative energy, recently attends her first commodity conference, sponsored in large part by GEM. Independent industry experts, argued commodities would increase in value and recommended investors hold at least 10% of their portfolio assets in commodities based on consistent increases in their values over the previous two years. Without doing any additional research, Zuelekha recommends to all her clients an immediate allocation of 5% of their portfolio into commodities. Over the next few weeks, Zuelekha moves her own portfolio to a 10% commodity allocation. Which of the CFA Standards did Zuelekha most likely violate?【單選題】

A.Priority of Transactions.

B.Independence and Objectivity.

C.Diligence and a Reasonable Basis.

正確答案:C

答案解析:"Guidance for Standards I-VII,” CFA Institute
2011 Modular Level I, Vol. 1, pp. 107-110
Study Session 1-2-b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
C is correct, as Standard (V) requires members and candidates to have a reasonable and adequate basis, supported by appropriate research and investigation, for any investment analysis, recommendation, or action. Relying solely upon attendance at a one-day conference listening to industry experts to make an investment recommendation, especially when the industry experts have based their recommendations upon price data only, would not meet the requirements of the Code and Standard with regard to Diligence and a Reasonable Basis.

4、Which of the following statements is the most appropriate treatment of floatation costs for capital budgeting purposes? Floatation costs should be:【單選題】

A.expensed in the current period.

B.incorporated into the estimated cost of capital.

C.deducted as one of the project’s initial-period cash flows.

正確答案:C

答案解析:“Cost of Capital,” Yves Courtois, CFA, Gene C. Lai, and Pamela Peterson Drake, CFA
2013 Modular Level I, Vol. 4, Reading 37, Section 4.4
Study Session 11-37-l
Explain and demonstrate the correct treatment of floatation costs.
C is correct. Floatation costs are an additional cost of the project and should be incorporated as an adjustment to the initial-period cash flows in the valuation computation.

5、An analyst is developing net present value (NPV) profiles for two investment projects. The only difference between the two projects is that Project 1 is expected to receive larger cash flows early in the life of the project, while Project 2 is expected to receive larger cash flows late in the life of the project. The sensitivities of the projects’ NPVs to changes in the discount rate is best described as:【單選題】

A.equal for the two projects.

B.lower for Project 1 than for Project 2.

C.greater for Project 1 than for Project 2.

正確答案:B

答案解析:“Capital Budgeting,” John D. Stowe, CFA and Jacques R. Gagné, CFA
2010 Modular Level I, Vol. 4, pp. 19-21
Study Session 11-44- e
Explain the NPV profile, compare and contrast the NPV and IRR methods when evaluating independent and mutually-exclusive projects, and describe the problems associated with each of the evaluation methods.
A delay in the receipt of cash flows (as in Project 2) will make a project’s net present value more sensitive to changes in the discount rate.