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、Margin in the futures market is most accurately described as a:【單選題】

A.down payment from the futures trader.

B.loan to the futures trader.

C.requirement set by federal regulators.

正確答案:A

答案解析:It is the amount of money that must be deposited into an account by a trader when opening a futures position. The money helps ensure that the trader fulfills his obligations.
2014 CFA Level I
“Futures Markets and Contracts,” by Don M. Chance
Section 3

2、With respect to the capital budgeting, which of the following occurs when an investmenttakes customers and sales away from another part of the company?【單選題】

A.Opportunity cost.

B.Externality.

C.Cannibalization.

正確答案:C

答案解析:沉沒成本（sunk cost）：過去已經發生的成本，例如前期的調研費用。今天的決策應根據現在和將來的現金流，而不應受沉沒成本的影響。
外部性（externality）：項目投資對公司其他業務會有影響，做資本預算時需要加以考慮，因為該投資對未來現金流有影響，有正向的也有負向的。自損（cannibalization）是屬于外部性的一種，是指一項投資減少了公司其他部分的客戶和收入。
機會成本（opportunity cost）：例如前幾年投資的土地，在資本預算時要以現行市價（currentmarket value）考慮，而不應以賬面價值（book value）考慮。又如出售一臺舊機器，它的機會成本就是這臺舊機器所能產生的現金流。

3、Which of the following statements most accurately describes a valuation allowance for deferred taxes? A valuation allowance is required under:【單選題】

A.IFRS on revaluation of capital assets.

B.U.S. GAAP if there is doubt about recovering a deferred tax asset.

C.both IFRS and U.S. GAAP on tax differences arising from the translation of foreign operations.

正確答案:B

答案解析:“Income Taxes,” Elbie Antonites, CFA and Michael A. Broihahn, CFA
2013 Modular Level 1, Vol. 3, Reading 31, Section 6.1
Study Session, 9-31-g
Describe the valuation allowance for deferred tax assets—when it is required and what impact it has on financial statements.
B is correct. A valuation allowance is required under U.S. GAAP if there is doubt about whether a deferred tax asset will be recovered. Under IFRS the deferred tax asset is written down directly.

4、Which of the following is the least likely outcome when a monopoly adopts perfect price discrimination because of the customers’ differing demand elasticities?【單選題】

A.The monopolist shares the total surplus with consumers.

B.The price for marginal unit becomes less than the price for other units.

C.The output increases to the point at which price equals the marginal cost.

正確答案:A

答案解析:“Monopoly,” Michael Parkin
2010 Modular Level I, Vol. 2, pp. 206-208
Study Session 5-19-c, d
Explain price discrimination, and why perfect price discrimination is efficient.
Explain how consumer and producer surplus are redistributed in a monopoly, including the occurrence of deadweight loss and rent seeking.
In a monopoly, perfect price discrimination results in the total surplus being kept by the producer, the monopolist.

5、Based on best practices in corporate governance procedures, it is most appropriate for a company’s compensation committee to:【單選題】

A.include a retired executive from the firm.

B.link compensation with long-term objectives.

C.include a representative from the firm’s external auditor.

正確答案:B

答案解析:“The Corporate Governance of Listed Companies: A Manual for Investors,” Kurt Schacht, James C. Allen, and Matthew Orsagh
2012 Modular Level I, Vol. 4, pp. 250–253
Study Session 11-42-e
Describe the responsibilities of the audit, compensation, and nominations committees and identify factors an investor should consider when evaluating the quality of each committee.
B is correct. Under appropriate corporate governance procedures, the compensation committee should link compensation with long-term objectives.