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，每一次練習的成功，都會淋漓盡致的反映在分數上。一起加油前行。

1、A moral obligation bond is also known as:【單選題】

A.a prerefunded bond.

B.a general obligation debt.

C.an appropriation-backed obligation

正確答案:C

答案解析:“Overview of Bond Sectors and Instruments,” Frank J. Fabozzi
2010 Modular Level I, Vol. 5, pp. 321-323
Study Session 15-62-g
Describe the types of securities issued by municipalities in the United States and distinguish between tax-backed debt and revenue bonds.
Some municipal bonds include a nonbinding pledge of additional tax revenue to make up any shortfalls; however legislative approval is required for the additional appropriation. These are known as moral obligation bonds. They are a form of general obligation debt, but most general obligation debt does not include such a pledge. In contrast, a prerefunded bond is backed by a trust of riskless securities that provide cash flows sufficient to pay the interest and principal payments of the bond.

2、If an investor uses derivatives to make a long investment in commodities, the return earned on margin is best described as:【單選題】

A.price return.

B.collateral yield.

C.convenience yield.

正確答案:B

答案解析:“Investing in Commodities,” Ronald G. Layard-Liesching
2013 Modular Level I, Vol. 6, Reading 67, Section 1
Study Session 18-67-b
Describe the sources of return and risk for a commodity investment and the effect on a portfolio of adding an allocation to commodities.
B is correct. Collateral yield is the return on cash used as margin on derivatives used to gain commodity exposure.

3、An investor who wants to estimate the enterprise value multiple (EV/EBITDA) of a company has gathered the following data:

The company’s EV/EBITDA multiple is closest to:【單選題】

A.2.5.

B.3.5.

C.5.8.

正確答案:B

答案解析:“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak, CFA and Stephen E. Wilcox, CFA
2013 Modular Level I, Vol. 5, Reading 51, Section 5.4
Study Session 14-51-i
Explain the use of enterprise value multiples in equity valuation and demonstrate the use of enterprise value multiples to estimate equity value.
B is correct. Enterprise value (EV) = Market capitalization + MV of debt + MV of preferred stock – Cash and short-term investments.
EV = 45 + 10 – 2.5 = 52.5; EV/EBITDA = 52.5/15 = 3.5

4、An analyst does research about debt covenants.Which of the following leastlikely lowers the risk to creditors? A debt covenant specifying a minimum level ofthe borrower's:【單選題】

A.current ratio.

B.dividend payout ratio.

C.interest coverage ratio.

正確答案:B

答案解析:current ratio = current assets/current liabilities
interest coverage ratio = earnings before interest and taxes/interest payments
設定流動比率（current ratio）和利息保障倍數（interest coverage ratio）的最小值，有利于保持發行人的償債能力，降低了債權人的風險；而設定最低的派息率，會將更多的股利分配給股東，從而減少了公司現金，增加了債權人的風險。

5、An analyst does research about cash conversion cycle and gathers the followinginformation about two companies from the same industry:

All else being equal, the cash conversion cycle of company 1 is most likely:【單選題】

A.less than that of company 2.

B.equal to that of company 2.

C.more than that of company 2.

正確答案:B

答案解析:現金周轉期（cash conversion cycle）（Company 1） = 應收賬款回收天數（days of receivables）+ 存貨周轉天數（days of inventory）- 應付賬款償還天數（days of payables） = 18+ 22 - 10 = 30。
現金周轉期（cash conversion cycle）（Company 2） = 20 + 27 - 17 = 30。