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、The point of tangency between the capital allocation line (CAL) and the efficient frontier of riskyassets most likely identifies the:【單選題】

A.global minimum-variance portfolio.

B.optimal risky portfolio.

C.optimal investor portfolio.

正確答案:B

答案解析:The optimal risky portfolio lies at the point of tangency between the capital allocation line and theefficient frontier of risky assets.
CFA Level I
"Portfolio Risk and Return: Part I," Vijay Singal
Section 5.4

2、Using the firm’s income statement presented, its degree of financial leverage is closest to:
【單選題】

A.1.5.

B.1.7.

C.2.6.

正確答案:A

答案解析:“Measures of Leverage,” Pamela Peterson Drake, Raj Aggarwal, Cynthia Harrington, and Adam Kobor
2012 Modular Level I, Vol. 4, pp. 103–105
Study Session 11-38-b
Calculate and interpret the degree of operating leverage, the degree of financial leverage, and the degree of total leverage.
A is correct. DFL = (Operating income) ÷ (Operating income – Interest expense)
or operating income divided by pretax earnings
= $3.6 ÷ ($3.6 – $1.2)
= 1.50.

3、An analyst does research about real GDP.Holding all else constant, a decrease inwhich of the following is most likely to result in an increase in the quantity of realGDP demanded?【單選題】

A.Import.

B.Export.

C.Government expenditure.

正確答案:A

答案解析:真實(shí)GDP的需求主要是由消費(fèi)、投資、政府支出和凈出口（出口減去進(jìn)口）組成，如果進(jìn)口增加的話，會(huì)減少凈出口，并會(huì)減少真實(shí)GDP。

4、An analyst does research about forward products.Which of the following statementsis the most effective way to terminate a forward contract prior to expiration?【單選題】

A.One party of the forward contract closes the position with a local exchange.

B.One party of the forward contract closes the position with the same counterparty.

C.One party of the forward contract closes the position with the other counterpartywith AAA credit rating.

正確答案:B

答案解析:遠(yuǎn)期合約提前終止不會(huì)與交易所，因?yàn)檫h(yuǎn)期合約都在場(chǎng)外交易，最有效的是原來對(duì)手方簽定反向頭寸的協(xié)議以終止，此時(shí)沒有額外的信用風(fēng)險(xiǎn)，如果與其他第三方簽定反向頭寸的協(xié)議會(huì)增加信用風(fēng)險(xiǎn)。

5、An analyst does research about operating lease and capital lease and notes that thefootnotes to the financial statements for a lessee company indicate that the companyleases a substantial portion of the facilities required for efficient operation.The present value of lease payments is $35 million for facilities leased undercapital leases and $25 million for facilities leased under operating leases.Othercompanies in the same industry own their facilities.Before the analyst comparesthe company's financial ratios with the industry's ratios, the most appropriate adjustmentsto that company's balance sheet would be to increase:【單選題】

A.both liabilities and assets by $25 million.

B.both liabilities and assets by $60 million.

C.liabilities by $25 million and decrease equity by $25 million.

正確答案:A

答案解析:因?yàn)樾袠I(yè)內(nèi)其他公司都是自己擁有該項(xiàng)資產(chǎn)的，所以總資產(chǎn)水平會(huì)比較高，而該公司是租賃這種資產(chǎn)的。其中，$35million現(xiàn)值是資本化租賃，說明已經(jīng)通過同時(shí)增加資產(chǎn)和負(fù)債反映了該項(xiàng)資產(chǎn)；而其中還有$25million現(xiàn)值是經(jīng)營(yíng)性租賃，說明還未反映到資產(chǎn)負(fù)債表中，所以在與其他公司比較前，應(yīng)將資產(chǎn)和負(fù)債都加上$25million。