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、An analyst does research about price-discount rate relationship.With respect tothe price-discount rate relationship, which of the following statements is leastaccurate?【單選題】

A.The shape of the price-discount rate relationship for an option-free bond isreferred as negative convex.

B.If the discount rate rises, the price of a putable bond declines by less thanthe price of an option-free bond.

C.If the discount rate falls, the price of acallable bond increases by less thanthe price of an option-free bond.

正確答案:A

答案解析:根據凸性的定義，對于putable bond，當利率上升時價格比option-free bond下跌得少，對于callable bond，當利率下跌時價格比option-free bond上漲得少，都被put price和callprice給限制了。不含權的債券的價格與折現率的關系反映的是一種正凸性。

2、David Bravoria, CFA, is an independent financial advisor for a high net worth client with whom he had not had contact in over two years. During a recent brief telephone conversation, the client states he wants to increase his risk exposure. Bravoria subsequently recommends and invests in several high-risk funds on behalf of the client. Bravoria continues, as he has done in the past, to send to his client monthly, detailed itemized investment statements. Did Bravoria most likely violate any CFA Standards?【單選題】

A.No.

B.Yes, with regard to investment statements.

C.Yes, with regard to purchasing venture capital funds.

正確答案:C

答案解析:“Guidance for Standards I-VII,” CFA Institute
2011 Modular Level I, Vol. 1, pp. 65-67
Study Session 1–2–b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
C is correct because Bravoria violated Standard III – Duties to Clients in not exercising Loyalty, Prudence and Care. Bravoria had not updated his client’s profile in over two years thus should not have made further investments, particularly in high risk investments until such time as he updated the client’s risk and return objectives, financial constraints and financial position. Bravoria provided his client with investment statements more frequently than that which is required; i.e. quarterly so was not in violation of regular account information.

3、If the minimum efficient scale of a single producer is small relative to the demand for an undifferentiated good, the market structure of the producer is best described as being:【單選題】

A.an oligopoly.

B.perfect competition.

C.monopolistic competition.

正確答案:B

答案解析:“The Firm and Market Structures,” Richard G. Fritz and Michele Gambera
2012 Modular Level I, Vol. 2, pp. 157–160
Study Session 4-16-a
Describe the characteristics of different market structures: perfect competition, monopolistic competition, oligopoly, and pure monopoly.
B is correct. Perfect competition involves the sale of a homogeneous product by many sellers; monopolistic competition may also involve many sellers, but its product involves differentiation.

4、An analyst does research about capitalbudgeting.Which of the following capitalinvestment categories is least likely associated with the greatest decision-makinguncertainty?【單選題】

A.Replacement projects.

B.Expansion projects.

C.New products or markets projects.

正確答案:A

答案解析:在項目分類中，重置項目（Replacement projects）為維持運營或者減少成本，其不確定性較低，擴張性項目（Expansion projects）有一定的不確定性，而新產品項目或新市場項目（New products or markets projects）的不確定性更高。

5、An analyst does research about liquidity.Liquidity in financial markets is bestdescribed as the ability to purchase or sell an asset:【單選題】

A.at a low transaction cost.

B.quickly at a known price.

C.quickly and easily at a price close to fair market value.

正確答案:C

答案解析:流動性是指在金融市場中迅速而便捷地按市場公允價格買賣資產的能力，選項C是符合定義的。