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、An analyst does research about tradingsessions.Which of the following statementsis most accurate to describe the characteristics of a call market?【單選題】

A.Dealers who provide securities liquidity engage in proprietary trading.

B.Gathering all trades to the same place at the same time makes it easier forbuyers to find sellers and vice versa.

C.A willing buyer and seller can trade at anytime the market is open.

正確答案:B

答案解析:集合競價市場(call market)主要是撮合買賣訂單來決定單一價格，該價格往往在一些小的市場或者一些大的市場決定開盤價格時使用。連續交易市場（continuous trading market)在開盤中的任何時間，交易都能夠被執行。

2、A 180-day U.S. Treasury bill has a holding period yield (HPY) of 2.375%. The bank discount yield (in %) is closest to :【單選題】

A.4.640.

B.4.750.

C.4.875.

正確答案:A

答案解析:“Discounted Cash Flow Applications,” Richard A. Defusco CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2010 Modular Level I, Vol. 1, pp. 253-257
Study Session 2-6-d, e
Calculate and interpret the bank discount yield, holding period yield, effective annual yield, and money market yield for a U.S. treasury bill
Convert among holding period yields, money market yields, effective annual yields, and bond equivalent yields.

3、The aggregate demand and supply functions for the local market for pizza, along with some relevantdata, is provided in the following table.

The number of units of excess demand for pizza is closest to:【單選題】

A.2,358.

B.1,471.

C.2,072.

正確答案:A

答案解析:
CFA Level I
"Demand and Supply Analysis: Introduction," Richard V. Eastin and Gary L. Arbogast
Section 3.6

4、A consultant starts a project today that will last for three years. Her compensation package includes the following:

If she expects to invest these amounts at an annual interest rate of 3%, compounded annually until her retirement 10 years from now, the value at the end of 10 years is closest to:【單選題】

A.$566,466.

B.$618,994.

C.$460,590.

正確答案:A

答案解析:Calculate the future value (FV) of each of the cash flows to the end of 10 years:

2014 CFA Level I
“The Time Value of Money,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
Section 4.2

5、Which of the following statements concerning the use of industry analysis is most accurate? Industry analysis is most useful for:【單選題】

A.portfolio performance attribution.

B.evaluating market efficiency.

C.sector allocations in passive equity portfolios.

正確答案:A

答案解析:Portfolio performance attribution, which addresses the sources of a portfolio’s returns, usually in relation to the portfolio’s benchmark, includes industry or sector selection. Industry classification schemes play a role in such performance attribution.
2014 CFA Level I
“Introduction to Industry and Company Analysis,” by Patrick W. Dorsey, Anthony M. Fiore, and Ian Rossa O’Reilly
Sections 1–2