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、An analyst does research about liquidity.Which of the following changes willleast likely improve a company's liquidity position?【單選題】

A.Supplies increase credit terms.

B.Bank line of credit limit decreases.

C.Number of days of receivable decrease.

正確答案:B

答案解析:供應(yīng)商增加了信用期限，使得企業(yè)可以更多地以賒賬的方式購(gòu)買原材料，增加了公司的流動(dòng)性，所以選項(xiàng)A是提高了公司的流動(dòng)性。銀行信用額度（line of credit）減少，意味著向銀行借錢越來越困難，公司的流動(dòng)性變差，所以選項(xiàng)B沒有提高公司的流動(dòng)性。應(yīng)收賬款的回收期減少，說明公司應(yīng)收賬款減少，所以選項(xiàng)C增加了公司的流動(dòng)性。

2、Which of the following is least likely to appear in a company’s proxy statement?【單選題】

A.Compensation arrangements for management and directors

B.Significant events and contingencies that may affect future operations

C.Potential conflicts of interest between management, directors, and shareholders

正確答案:B

答案解析:“Financial Statement Analysis: An Introduction,” Elaine Henry and Thomas R. Robinson
2012 Modular Level I, Vol. 3, pp. 27, 31
Study Session: 7-22-c, e
Describe the importance of financial statement notes and supplementary information—including disclosures of accounting policies, methods, and estimates—and management’s commentary.
Identify and explain information sources that analysts use in financial statement analysis besides annual financial statements and supplementary information.
B is correct. Significant events, conditions, trends, and contingencies that may affect future operations are contained in the Management’s Discussion and Analysis. Compensation agreements for directors and management and their potential conflicts of interest are required in the proxy statement.

3、The bonds of Apex Corporations have a par value of $10,000 each and an annual required rate of return of 10%. The bonds make quarterly coupon payments at an annual rate of 6% and have two years remaining until maturity. The current market price of each bond is closest to:【單選題】

A.$9,283.

B.$10,749.

C.$9,306.

正確答案:A

答案解析:Using the quarterly coupon payment of $150 [= (0.06 × 10000)/4] over eight quarters and a quarterly required rate of return of 2.5%, we calculate the bond's price as:

2014 CFA Level I
"Introduction to Fixed-Income Valuation," by James F. Adams and Donald J. Smith
Section 2.1

4、An analyst does research about book value and gathers the following informationfrom a company's balance sheet (in millions):

The company's book value per share is closest to:【單選題】

A.$1.67

B.$2.27

C.$2.73

正確答案:B

答案解析:公司每股凈資產(chǎn) = 公司凈資產(chǎn)（普通股）/發(fā)行在外的普通股股數(shù) = （$150 - $25）/（75 - 20） = $2.27。

5、Roger Smith is a retail broker for TNT Securities, a small regional brokerfirm.As a CFA member, according to the Code of Ethics and Standards ofProfessional Conduct relating to knowledge of the law, he is most likely requiredto:【單選題】

A.report violations of the Code of Ethics and Standards of Professional Conductto appropriate regulatory organization.

B.dissociate from any activity that is believed to be illegal or unethical.

C.report violations of the Code of Ethics and Standards of Professional Conductto CFA Institute.

正確答案:B

答案解析:CFA會(huì)員道德行為標(biāo)準(zhǔn)規(guī)定：CFA會(huì)員或考生必須在任何時(shí)候遠(yuǎn)離任何非法的或者不道德的行為，而向CFA協(xié)會(huì)和合適的監(jiān)管機(jī)構(gòu)報(bào)告并不是必須的。CFA協(xié)會(huì)并不要求會(huì)員或考生將他們已經(jīng)知道的違法違規(guī)行為向合適的監(jiān)管機(jī)構(gòu)進(jìn)行報(bào)告，而且這種報(bào)告在某些情況下是審慎的，如果法律有要求，有可能會(huì)成為必須。CFA協(xié)會(huì)也并不要求會(huì)員或考生將他們已經(jīng)知道的違法違規(guī)行為向CFA協(xié)會(huì)進(jìn)行報(bào)告，但CFA協(xié)會(huì)鼓勵(lì)會(huì)員或考生這么做。