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、If the quantity demanded of pears falls by 4% when the price of apples decreases by 3%, then apples and pears are best described as:【單選題】

A.substitutes.

B.complements.

C.inferior goods.

正確答案:A

答案解析:“Elasticity,” Michael Parkin
2011 Modular Level I, Vol. 2, pp. 19, 21
Study Session 4-13-a
Calculate and interpret the elasticities of demand (price elasticity, cross elasticity, and income elasticity) and the elasticity of supply and discuss the factors that influence each measure.
The cross elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in the price of a substitute or complement. If the cross elasticity of demand is positive, the goods are substitutes. In this case, the 4 % decline in quantity of pears is divided by the 3 % decline in the price of apples, which is a positive number, -4 / -3 = +1.333333.

2、Which of the following is closest to the value of a 10-year, 6% coupon, $100 par value bond with semi-annual payments assuming an annual discount rate of 7%?【單選題】

A.$92.89

B.$99.07

C.$107.44

正確答案:A

答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi
2012 Modular Level I, Vol. 5, pp. 496–498
Study Session 16-57-c
Calculate the value of a bond (coupon and zero coupon).
A is correct because a security with 19 semi-annual payments of $3 interest and a 20th payment of $103 (interest plus return of face value) with a semi-annual discount rate of 3.5% is $92.89 or

3、An analyst does research about intangible assets.Expenditures on research aremost appropriately:【單選題】

A.expensed in the year incurred.

B.capitalized as intangible assets and amortized over the life of the asset.

C.capitalized as intangible assets and tested annually for impairment of value.

正確答案:A

答案解析:IFRS要求用于研究的支出（或在一個內部項目的研究階段的支出）應該費用化而不是資本化。研究成本（research cost）是指發現新的科學技術知識，并加以理解的過程中發生的成本。然而，開發成本（development cost）是資本化。開發成本是指將研究發現轉化為一個新產品或新工藝流程的計劃或設計的過程中發生的成本。在U.S.GAAP下，研究和開發成本一般都費用化，唯一例外的是軟件開發成本（software developmentcost)。

4、A security market in which all the bids and asks for a stock are gathered to arrive at a single price that satisfies most of the orders is best described as a:【單選題】

A.call market.

B.dealer market.

C.primary market.

正確答案:A

答案解析:“Organization and Functioning of Securities Markets,” Frank K. Reilly, CFA and Keith C. Brown, CFA
2010 Modular Level I, Vol. 5, pp. 13-15
Study Session 13-52-c
Distinguish between call and continuous markets.
A call market is a market in which all the bids and asks for a stock are gathered to arrive at a single price where the quantity demanded is as close as possible to the quantity supplied.

5、Using the following US Treasury forward rates, the value of a -year $100 par value Treasury bondwith a 5% coupon rate is closest to:
【單選題】

A.$101.52.

B.$104.87.

C.$106.83.

正確答案:C

答案解析:The value of the bond is

CFA Level I
"Introduction to Fixed-Income Valuation," James F. Adams and Donald J. Smith
Section 4