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、Valuation of a swap during its life will least likely involve the:【單選題】

A.use of replication.

B.investor's risk aversion.

C.application of the principle of no arbitrage.

正確答案:B

答案解析:Risk neutrality, not risk aversion, is a key element of derivatives pricing, including swaps.
CFA Level I
"Basics of Derivative Pricing and Valuation," Don M. Chance
Section 1

2、A company purchased a €2,000 million long-term asset in 2009 when the corporate tax rate was 30 percent.

On January 15, 2010 the government lowered the corporate tax rate to 25 percent for 2010 and beyond. The deferred tax liability (€) as at 31 December 2010 is closest to:【單選題】

A.130.

B.156.

C.205.

正確答案:A

答案解析:“Income Taxes,” Elbie Antonites, CFA and Michael A. Broihahn, CFA
2010 Modular Level I, Vol. 3, pp. 477-478, 483-484
Study Session: 9-38-d
Calculate income tax expense, income taxes 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.
The deferred tax liability equals the difference between the value for accounting and the value for tax times the current tax rate in effect. (1,800 – 1,280) x 0.25 = 520 x 0.25 = 130

3、Ravioli Capital Management Company wants to claim compliance with GlobalInvestment Performance Standards ( GAPS?), which of the following statementsis most accurate?【單選題】

A.Rivoli's input data should be consistent in order to establish full, fair andcomparable investment performance presentations.

B.Rivoli must have an independent third party verification report for the entirefirm.

C.Rivoli must perform periodic internal GIPS? compliance checks at leastannually.

正確答案:A

答案解析:遵守GAPS?規定的公司不需要獨立第三方認證，是否選擇認證是自愿的，也不需要進行周期性內部核規檢查，但是自愿宣稱遵守GAPS?的企業必須滿足GAPS?的所有要求，其中就包括為了建立充分、公允和可比的投資業績陳述，公司采集的數據應該保持統一。

4、An analyst does research about efficient frontier.Which statement is the leastlikely the character of the efficient frontier?【單選題】

A.Minimize risk for a given return target.

B.Slope decrease along the curve.

C.Have the same utility for investors.

正確答案:C

答案解析:有效前沿(efficient frontier)是指風險性資產在給定收益的情況下風險最小，而且隨著風險的不斷增加有效前沿的斜率不斷減小。同時，有效前沿對于不同投資者而言，其效用是不一樣的。

5、During a period of rising inventory costs, a company decides to change its inventory method from FIFO to the weighted average cost method. Which of the following financial ratios will most likely increase as a result of this change?【單選題】

A.Current

B.Debt-to-equity

C.Number of days in inventory

正確答案:B

答案解析:“Inventories,” Michael A Broihahn, CFA
2013 Modular Level I, Vol. 3, Section 6, Example 5
Study Session: 9-29-h
Calculate and interpret ratios used to evaluate inventory management.
B is correct. All else held constant, in a period of rising costs the ending inventory would be lower under weighted average and cost of goods sold (CGS) will be higher (compared to FIFO) resulting in lower net income and retained earnings. There will be no impact on the debt level, current or long-term. Therefore the debt-to-equity ratio (Total debt ÷ Total shareholder’s equity) will increase due to the decrease in retained earnings (and lower shareholders’ equity).