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、Bob Thompson, CFA, is an analyst at Government Brokers, Inc., which is abrokerage firm specializing in government bond trading.Which of the followingstatements complies with the CFA Institute Code of Ethics and Standards of ProfessionalConduct?【單選題】

A.Thompson must notify Government Brokers, Inc.of his responsibility toabide by the CFA Institute Code of Ethics and Standards of ProfessionalConduct.

B.Thompson must be responsible for the ethical actions of other investmentprofessionals in Government Brokers, Inc..

C.Thompson must practice and encourage others to practice in a professionaland ethical manner that will reflect credit on themselves and the profession.

正確答案:C

答案解析:行使并鼓勵他人行使專業(yè)的和符合道德規(guī)范的行為來彰顯其自身和該行業(yè)的聲譽(yù)是倫理道德六條總綱之一。通知雇主遵守倫理道德和專業(yè)行為標(biāo)準(zhǔn)，以及為公司其他投資專業(yè)人士的道德行為負(fù)責(zé)任并不是必要的。

2、At the initiation of a contract, the value of a swap is:【單選題】

A.the present value of the fixed payments.

B.the notional value.

C.zero.

正確答案:C

答案解析:When a swap is initiated, neither party pays any amount to the other. Therefore, a swap has zero value at the start of the contract.
2014 CFA Level I
"Swap Markets and Contracts," by Don M. Chance
Section 1.2

3、Which of the following is least consistent with the goals of accounting standards developed under the joint conceptual framework project of the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB)? Accounting standards should be:【單選題】

A.developed independently.

B.internally consistent.

C.principles based.

正確答案:A

答案解析:Under the joint conceptual framework project of the IASB and the FASB, accounting standards should be principles based, internally consistent and converged. The goal of the joint framework is to move away from the independent development of accounting standards.
2014 CFA Level I
“Financial Reporting Standards,” by Elaine Henry, Jan Hendrik van Greuning, and Thomas R. Robinson
Section 2

4、The following selected information is from a company’s most recent financial statements:

The 2009 cash conversion cycle, in days, is closest to:【單選題】

A.23.

B.26.

C.28.

正確答案:A

答案解析:“Financial Analysis Techniques”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFA
2010 Modular Level I, Vol. 3, pp. 329-330
“Working Capital Management,” Edgar A. Norton, Jr., CFA, Kenneth L. Parkinson, and Pamela P. Peterson, CFA
2010 Modular Level I, Vol. 4 pp.89-93
Study Session 8-35-d, 11-46-c
Calculate, classify and interpret activity, liquidity, solvency, profitability, and valuation ratios.
Evaluate overall working capital effectiveness of a company, using the operating and cash conversion cycles, and compare its effectiveness with other peer companies.

5、If a government increases its spending on domestically produced goods by an amount that is financed by the same increase in taxes, the aggregate demand will most likely:【單選題】

A.increase.

B.decrease.

C.remain unchanged.

正確答案:A

答案解析:“Monetary and Fiscal Policy,” Andrew Clare and Stephen Thomas
2012 Modular Level I, Vol. 2, pp. 410–411
Study Session 5-19-l, n, o
Describe the tools of fiscal policy, including their advantages and disadvantages.
Explain the implementation of fiscal policy and the difficulties of implementation.
Determine whether a fiscal policy is expansionary or contractionary.A is correct. Aggregate demand rises when the government increases spending by the same amount as it raises taxes because the marginal propensity to spend out of disposable income is less than 1, and hence for every dollar less in disposable income, spending only falls by c (where c is the marginal propensity to consume in dollars). Aggregate spending will fall less than the tax rise by a factor c. This additional output will, in turn, lead to further increases in income and output through the multiplier effect.