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、An analyst gathered the following information about a company that expects to fund its capital budget without issuing any additional shares of common stock
1661201704061-image/0565.jpg]
If no significant size or timing differences exist among the project(s) and both projects have the same risk as the company's existing projects, which project(s) should be accepted?
1661201704061-image/0566.jpg]【單選題】

A.Both projects

B.The equipment project only

C.The warehouse project only

正確答案:B

答案解析:The company’s weighted average cost of capital (WACC) is calculated as WACC=0.5(6%)+ 0.1(10%)+ 0.4(15%)= 10%. In this scenario, the company should accept projects that have an internal rate of return greater than the cost of capital. The equipment project’s IRR exceeds the WACC. The warehouse project does not.
2014 CFA Level I
“Capital Budgeting,” by John D. Stowe and Jacques R. Gagné Sections 4.1–4.2 “Cost of Capital,” by Yves Courtois, Gene C. Lai, and Pamela Peterson Drake
Sections 2–2.1

2、A company that reports in accordance with International Financial Reporting Standards (IFRS) doesnot use the cost model to value its investment properties and property, plant, and equipment.Information related to an investment property and a plant is as follows:

On its income statement for the year, the company will most likely recognize a gain (in thousands) of:【單選題】

A.€200.

B.€300.

C.€100.

正確答案:C

答案解析:The fair value model would be used for the investment property and the €100 thousand gain shouldbe recognized on the company's income statement. The revaluation model would be used for theplant, and the €200 thousand gain should be recognized in the revaluation surplus account on thebalance sheet with no impact on net income. Therefore, only the €100 thousand will affect netincome.
CFA Level I
"Long-Lived Assets," Elaine Henry and Elizabeth A. Gordon
Section 8

3、An analyst does research about calculating reinvestment income to achieve desiredyield.An 8 percent coupon bond with seven years to maturity makessemiannual interest payment and has a maturity value of $ 1 000.The bond iscurrently selling at $ 1 112.96 to provide a 6 percent yield.The amount of reinvestmentincome required to generate this yield is closest to:【單選題】

A.$ 110.48

B.$ 123.45

C.$ 226.44

正確答案:B

答案解析:$1112.96 × - $1 000 × 8%/2 × 14 - $1 000 = $123.45。

4、The tenor of a swap is best described as the:【單選題】

A.size of the contract.

B.original time to maturity.

C.net amount owed by one party to the other.

正確答案:B

答案解析:“Swap Markets and Contracts,” Don M. Chance, CFA
2013 Modular Level I, Vol. 6, Reading 64, Section 1.1
Study Session 17-64-a
Describe the characteristics of swap contracts and explain how swaps are terminated.
B is correct. The original time to maturity is referred to as the tenor of the swap.

5、Which of the following is least likely to be a type of embedded option in a bond issue grantedto bondholders? The right to:【單選題】

A.put the issue.

B.call the issue.

C.convert the issue.

正確答案:B

答案解析:“Features of Debt Securities,” Frank J. Fabozzi, CFA
2013 Modular Level I, Vol. 5, Section 6.1, and Section 10.1
Study Session 15-52-e
Identify common options embedded in a bond issue, explain the importance of embedded options, and identify whether an option benefits the issuer or the bondholder.
B is correct because this is a type of embedded option granted to issuers, not bondholders.