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、For a retired 65-year-old investor, with moderate risk tolerance and adequate insurance and cash reserves, the appropriate portfolio will most likely have the following mix of bonds and stocks:【單選題】

A.

B.

C.

正確答案:A

答案解析:“The Asset Allocation Decision”, Frank K. Reilly and Keith C. Brown.
2010 Modular Level I, Vol. 4, p. 222
Study Session 12-49-c, d
Describe the return objectives of capital preservation, capital appreciation, current income, and total return.
Describe the investment constraints of liquidity, time horizon, tax concerns, legal and regulatory factors, and unique needs and preferences.
A is correct. A moderately risk tolerant retired 65-year-old can structure his or her portfolio so that it provides income and some principal growth. The principal growth is needed because the time horizon is still fairly long. Such a portfolio could have an allocation of 55-65% in bonds and 35-45% in stocks.

2、Which of the following statements about the Global Investment PerformanceStandards ( GAPS?) is NOT accurate? The GAPS? standards require that acomposite:【單選題】

A.is selected according to pre-established criteria.

B.is an aggregation of one or more portfolios managed according to a similarinvestment mandate, objective or strategy.

C.include a statement referring to the performance of a single, existing clientportfolio as being "calculated in accordance with the Global InvestmentPerformance Standards".

正確答案:C

答案解析:因為遵守GAPS?已經(jīng)遵守其所規(guī)定的計算方法，所以無須說明“是根據(jù)GAPS?來計算的”。GAPS?要求組合群的構(gòu)建是根據(jù)之前所設(shè)定好的標(biāo)準(zhǔn)，題目中選項B是對組合群的定義。

3、Three firms operate under perfect competition, producing 900 units of the same product but usingdifferent production technologies. Each company's cost structure is indicated in the table:

Which of the following statements is most accurate ? lf the unit selling price is:【單選題】

A.$4.50, all firms should continue to operate in the short run, but exit the market in the long run ifthese conditions are expected to persist.

B.$3.00, Firm X should continue to operate in the short run, but Firms Y and Z should shut downproduction.

C.$6,00, all firms should exit the market in the long run.

正確答案:B

答案解析:
CFA Level I
"Demand and Supply Analysis: The Firm," Gary L. Arbogast and Richard V, Eastin
Section 3.1.3

4、If a probability distribution is very similar to a normal distribution, then the kurtosis is best described as:【單選題】

A.leptokurtic.

B.mesokurtic.

C.platykurtic.

正確答案:B

答案解析:“Statistical Concepts and Market Returns,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2010 Modular Level I, Vol. 1, page 330
Study Session 2-7-k
Define and interpret measures of sample skewness and kurtosis.Normal distributions are mesokurtic. Leptokurtic distributions are more peaked than normal distributions while platykurtic distributions are less peaked than normal distributions.

5、Which of the following types of unemployment is most likely caused by long-runchanges that eliminate some jobs while generating others for which unemployedworkers are not qualified?【單選題】

A.Frictional.

B.Structural.

C.Cyclical.

正確答案:B

答案解析:摩擦性失業(yè)（frictional unemployment）是指有工作能力的人由于信息不充分等原因暫時沒有找到合適的工作。結(jié)構(gòu)性失業(yè)（structural unemployment）是指由于長期的經(jīng)濟結(jié)構(gòu)調(diào)整而沒有合適的技能導(dǎo)致失業(yè)。周期性失業(yè)（cyclical unemployment）是指有效需求不足而導(dǎo)致的失業(yè)。