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、Which of the following factors will most likely drive the repo margin lower?【單選題】

A.Lower quality of the collateral

B.Lower credit quality of the counterparty

C.Shorter supply of the collateral

正確答案:C

答案解析:If the collateral is in short supply or if there is a high demand for it, repo margins are lower. Repo margin is the difference between the market value of the security used as collateral and the value of the loan.
2014 CFA Level I
"Fixed-Income Markets: Issuance, Trading, and Funding," by Moorad Choudhry, Steve V. Mann, and Lavone F. Whitmer
Section 7.3.2

2、Which of the following theories suggests that both aggregate demand and aggregatesupply are primarily driven by changes in technology over time?【單選題】

A.Neoclassical school.

B.Keynesian school.

C.Austrian school.

正確答案:A

答案解析:新古典學派認為，總供給和總需求長期來講主要由科學水平的變化所主導，而凱恩斯學派認為，總需求的變化是由于市場參與者預期的改變進而引起經濟周期，奧地利學派認為，經濟周期是由于政府對于經濟的干預所引起的。

3、The execution step of the portfolio management process includes:【單選題】

A.finalizing the asset allocation.

B.monitoring the portfolio performance.

C.preparing the investment policy statement.

正確答案:A

答案解析:“Portfolio Management: An Overview,” Robert M. Conroy and Alistair Byrne
2012 Modular Level I, Vol. 4, pp. 296–300
Study Session 12-43-c
Describe the steps in the portfolio management process.
A is correct. Asset allocation occurs in the execution step.

4、Which of the following statements is least likely an advantage of investing in hedge funds through a fund of funds? Funds of funds provide:【單選題】

A.an increase in expected return through diversification.

B.expertise in selecting funds and conducting due diligence.

C.access to successful funds that may otherwise be closed to new investors.

正確答案:A

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey
2011 Modular Level I, Vol.6, pp. 223-224
Study Session 18-74-j
Explain the benefits and drawbacks to fund of funds investing.
A is correct because diversification results in risk reduction, not return enhancement. Further, the fees charged by the fund of funds manager will likely reduce returns relative to direct hedge fund investment.

5、An analyst does research about calculating relative yield spread and gathered thefollowing yield information about two bonds:

The relative yield spread between these two bonds is closest to:【單選題】

A.4.5%

B.19.7%

C.24.5%

正確答案:C

答案解析:relative yield spread = （6.35% - 5.10%）/5.10% = 24.5%.