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、The most relevant definition for duration is:【單選題】

A.a security’s price sensitivity to changes in yield.

B.the first derivative of the security’s price with respect to yield.

C.the weighted-average time until receipt of the present value of cash flows.

正確答案:A

答案解析:“Introduction to the measurement of interest rate risk,” Frank J. Fabozzi, CFA
2010 Modular Level I, Vol. 5, pp. 542-543
Study Session 16-66-e
Distinguish among the alternative definitions of duration and explain why
effective duration is the most appropriate measure of interest rate risk for bonds
with embedded options.
This is the most relevant definition because users of duration are interested in a
security’s price sensitivity to changes in yield.

2、Using the following information about three mutually exclusive capital projects tomake an investment decision.

Assumed each project has the same initial outlay and required return, the mostappropriate investment is :【單選題】

A.Project 1.

B.Project 2.

C.Project 3.

正確答案:B

答案解析:當選擇互斥項目（mutually exclusive projects）時，如果使用凈現值（NPO）與內部收益率作決策有沖突的話，選擇有最高的NPV的項目。非傳統項目（non-conventional projects）可能會給出不同的內部收益率，如項目開始后，仍然有負的現金流。

3、Which of the following is the most appropriate reason for using a free-cash-flow-to-equity (FCFE) model to value equity of a company?【單選題】

A.FCFE is a measure of the firm’s dividend paying capacity.

B.FCFE models provide more accurate valuations than the dividend discount models.

C.A firm’s borrowing activities could influence dividend decisions but they would not impact FCFE.

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 4
Study Session 14-51-c
Explain the rationale for using present-value of cash flow models to value equity and describe the dividend discount and free-cash-flow-to-equity models.
A is correct. FCFE is a measure of the firm’s dividend paying capacity.

4、Holding all other factors constant, an increase in expected yield volatility will cause the price of a:【單選題】

A.putable bond to increase.

B.callable bond to increase.

C.putable bond to decrease.

正確答案:A

答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi
2010 Modular Level I, Vol. 5, p. 284
Study Session 15-61-n
Explain how yield volatility affects the price of a bond with an embedded option and how changes in volatility affect the value of a callable bond and a putable bond.
Increasing yield volatility increases the value of both put options and call options, which increases the value of a putable bond (which is long the put option) but decreases the value of a callable bond (which is short the call option.)

5、A company has recently revalued one of its depreciable properties and estimated that its remaining useful life would be another 20 years. The applicable tax rate for all years is 30% and the revaluation of the property is not recognized for tax purposes. Details related to this asset are provided in the table below, with all ￡-values in millions.

The deferred tax liability (in millions) as at the end of 2010 is closest to:【單選題】

A.￡690.

B.￡960.

C.￡1,650.

正確答案:A

答案解析:“Income Taxes,” Elbie Antonites, CFA, and Michael A. Broihahn, CFA
2011 Modular Level I, Vol. 3, pp. 477-480
Study Session: 9-38-c, d, h
Determine the tax base of a company’s assets and liabilities.
Calculate income tax expense, income tax payable, deferred tax assets, and deferred tax liabilities, and calculate and interpret the adjustment to the financial statements related to a change in the income tax rate.
Compare and contrast a company’s deferred tax items.