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 monopoly industry, a firm is most likely to earn an economic profit in:【單選題】

A.short-run equilibrium only.

B.long-run equilibrium only.

C.both short-run and long-run equilibrium.

正確答案:C

答案解析:完全壟斷行業(yè)中只有一個(gè)企業(yè)，產(chǎn)品沒(méi)有很好的替代品，而且行業(yè)的進(jìn)入門檻非常高，企業(yè)可以在短期或者長(zhǎng)期內(nèi)都獲得經(jīng)濟(jì)利潤(rùn)。相對(duì)來(lái)說(shuō)，完全競(jìng)爭(zhēng)行業(yè)由于進(jìn)出壁壘很低，市場(chǎng)價(jià)格超過(guò)其平均總成本則產(chǎn)生經(jīng)濟(jì)利潤(rùn)，但一旦有經(jīng)濟(jì)利潤(rùn)（超額利潤(rùn)）產(chǎn)生，就會(huì)有企業(yè)進(jìn)入該行業(yè)，這樣導(dǎo)致經(jīng)濟(jì)利潤(rùn)只可能在短期內(nèi)發(fā)生，長(zhǎng)期的經(jīng)濟(jì)利潤(rùn)則為零。

2、An analyst uses a stock screener and selects the following metrics: a global equity index, P/E ratio lower than the median P/E ratio, and a price-book value ratio lower than the median price-book value ratio. The stocks so selected would be most appropriate for portfolios of which type of investors?【單選題】

A.Value investors.

B.Growth investors.

C.Market-oriented investors.

正確答案:A

答案解析:“Financial Statement Analysis: Applications,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFA
2011 Modular Level I, Vol. 3, pp. 608-611
“Security Market Indices,” Paul D. Kaplan, CFA, and Dorothy C. Kelly, CFA
2011 Modular Level I, Vol. 5, pp. 105
Study Session: 10-42-d; 13-56-k
Discuss the use of financial statement analysis in screening for potential equity investments.
Compare and contrast the types of security market indices
Metrics such as low P/E and low price-book are aimed at selecting value companies; therefore the portfolio is most appropriate for value investors.

3、A project has the following cash flows (￡):

Assuming a discount rate of 11% annually, the discounted payback period (in years) is closest to:【單選題】

A.3.4.

B.3.9.

C.4.0.

正確答案:B

答案解析:“Capital Budgeting,” John D. Stowe, CFA and Jacques R. Gagne, CFA
2013 Modular Level I, Vol.4, Reading 36, Section 4.4.
Study Session 11-36-d
Calculate and interpret the results using each of the following methods to evaluate a single capital project: net present value (NPV), internal rate of return (IRR), payback period, discounted payback period, and profitability index (PI).
B is correct. The discounted cash flows and their cumulative sum are:


After three years, $821.02 of the $1,525 investment is recovered, leaving $703.98 left to recover in the fourth year. Proportionately, only 0.88 (= $703.98/$800.36) of the cash flow in the fourth year is necessary to recover all of the investment. This makes the discounted payback equal to 3.9 years (rounded up from 3.88).

4、An investor does research about forward rate agreement and takes a $1 millionshort position in a forward rate agreement 3 × 9 quoted at 5% according to LIBOR.At expiration, the investor gathers the following rates:

The payoff for this investor is closest to:【單選題】

A.$495.62

B.$500.00

C.$660.83

正確答案:A

答案解析:FRA 3 × 9說(shuō)明該遠(yuǎn)期利率協(xié)議是3個(gè)月的期限，針對(duì)6個(gè)月的LIBOR，所以取5.3%作為到期結(jié)算的LIBOR。
[1 000 000 × （5.30% - 5%） × 60/360]/（1 + 5.30% × 60/360） = 500/1.00883 = 495.62。

5、An analyst does research about earnings quality.With respect to U.S.GAAP,which of the following is least likely an accounting warning sign for a company?【單選題】

A.the use of short useful lives for amortization.

B.a decrease in the last-in, first-out (LIFO) reserve.

C.the use of high discount rates for pension plan liabilities.

正確答案:A

答案解析:對(duì)攤銷使用更短的使用年限會(huì)使得攤銷費(fèi)用變大，凈利潤(rùn)變小，這是一種保守的做法，并不是警示信號(hào)。LIFO準(zhǔn)備（reserve）下降，有可能是由于LIFO清算（liquidation)引起的，造成銷貨成本（COGS)虛假下降，凈利潤(rùn)虛假上升，是警示信號(hào)。對(duì)于養(yǎng)老金用更高的折現(xiàn)率，使得預(yù)計(jì)給付義務(wù)（projected benefit obligation)變小，能夠使負(fù)債虛假變小，也是警示信號(hào)。