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、In a period of rising prices, when compared with a company that uses weighted average cost forinventory, a company using FIFO will most likely report higher values for its:【單選題】

A.debt-to-equity ratio.

B.return on sales.

C.inventory turnover.

正確答案:B

答案解析:In periods of rising prices, FIFO results in a higher inventory value and a lower cost of goods sold andthus a higher net income. The higher net income increases return on sales. The higher reported netincome also increases retained earnings and thus results in a lower debt-to-equity ratio, not a higherone. The combination of higher inventory and lower cost of goods sold (CGS) decreases inventoryturnover (CGS/Inventory).
CFA Level I
"Inventories, Michael A. Broihahn
Sections 3.2, 3.3, 3.5, 3.7

2、An analyst does research about difference between Generally Accepted AccountingPrinciples (U.S.GAAP) and International Financial Reporting Standards (IFRS).The indirect method of presenting cash flow from operation is NOT allowed under?【單選題】

A.IFRS only.

B.U.S.GAAP only.

C.Neither IFRS nor U.S.GAAP.

正確答案:C

答案解析:無論是IFRS還是U.S.GAAP，都允許用間接法（indirect method）和直接法（direct method）編制現(xiàn)金流量表，但鼓勵(lì)用直接法。

3、Information about a portfolio that consists of two assets is provided below:


If the correlation coefficient between the two assets is 0.75, the standard deviation of the portfolio is closest to:【單選題】

A.12.37%.

B.14.39%.

C.15.00%.

正確答案:B

答案解析:
2014 CFA Level I
"Portfolio Risk and Return: Part I," by Vijay Singal
Sections 4.1.2, 4.1.3

4、Given a large random sample, which of the following types of data are least appropriately analyzed with nonparametric tests?【單選題】

A.Ranked data (e.g., 1st, 3rd)

B.Signed data (e.g., number of +'s and –'s)

C.Numerical values (e.g., 28.43, 79.11)

正確答案:C

答案解析:Nonparametric tests are primarily concerned with ranks, signs, or groups, and they are used when numerical parameters are not known or do not meet assumptions about distributions. Even if the underlying distribution is unknown, parametric tests can be used on numerical data if the sample is large.
2014 CFA Level I
“Hypothesis Testing,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
Section 5

5、An analyst does research about investment risk.In the context of capital markettheory and the capital asset pricing model, investors should most likely expecthigher returns for accepting increasing amounts of:【單選題】

A.total risk.

B.unique risk.

C.systematic risk.

正確答案:C

答案解析:總風(fēng)險(xiǎn)包括系統(tǒng)性風(fēng)險(xiǎn)和非系統(tǒng)性風(fēng)險(xiǎn)。獨(dú)特風(fēng)險(xiǎn)（unique risk）就是非系統(tǒng)性風(fēng)險(xiǎn)，且在市場投資組合中能被完全分散化，所以運(yùn)用資本市場理論和CAPM模型，要獲得高收益只有承擔(dān)更高的系統(tǒng)性風(fēng)險(xiǎn)。