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 risk management applications of option strategies.With respect to option strategies, the shape of the graph that illustrates both thevalue at expiration and profit for buying a call is most similar in shape to thegraph for:【單選題】

A.selling a put.

B.a covered call position.

C.a protective put position.

正確答案:C

答案解析:有保護的看跌期權（protective put position）是購買一股股票的同時再買人針對該股票的一個看跌期權，當股票價格上漲時股票可以獲利，看跌期權沒有價值；而如果股票價格下跌股票損失時，看跌期權則可以獲利，所以從圖形上來看其收益類似于購買了一個看漲期權。

2、Robin Herring, CFA, is a government bond research analyst at an independent credit rating agency. A competitor credit rating agency just downgraded the bonds of a government Herring follows. Herring notes all of the information in the competitor’s report was covered in his analysis published last week. In the past, Herring has been slow to downgrade bonds, so he starts to doubt his own analysis after seeing the competitor’s report. Herring decides to reissue his credit rating of this government bond and match the competitor’s downgrade. In his revised report, Herring states that new information has been made available to justify the downgrade. Herring posts the revision on the credit rating agency’s website and provides it by e-mail to all clients who received the original. Herring’s rating change least likely violated which of the following CFA Institute Code of Ethics and Standards of Professional Conduct?【單選題】

A.Fair Dealing

B.Communication with Clients

C.Diligence and Reasonable Basis

正確答案:A

答案解析:CFA Institute Standards
2012 Modular Level I, Vol. 1, pp. 38, 71–72, 107–108, 116–117
Study Session 1-2-b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
A is correct because the analyst has dealt fairly with all clients by sending them an e-mail and posting his rating change on the credit rating agency’s website when making material changes to his prior investment recommendation; therefore, he has not violated Standard III (B) Fair Dealing. Clients should be treated fairly when material changes in a member’s or candidate’s prior investment recommendations are disseminated, which has been done.

3、A portfolio invested in two assets has an expected return of 11%. If expected returns for asset A and B, respectively, are 8% and 12%, then the portfolio weight of Asset B is closest to:【單選題】

A.25%.

B.75%.

C.50%.

正確答案:B

答案解析:
2014 CFA Level I "Portfolio Risk and Return: Part I," by Vijay Singal Section 2.1.7

4、The quantity theory of money is best described as the proposition that, in the long run, an increase in the quantity of money brings a percentage increase in the price level that is:【單選題】

A.equal.

B.lower.

C.higher.

正確答案:A

答案解析:"Money, the Price Level, and Inflation” Michael Parkin
2010 Modular Level I, Vol. 2, p. 385-387
Study Session 6-24-i
Discuss the quantity theory of money and its relation to aggregate supply and aggregate demand.
The quantity theory of money is the proposition that in the long run, an increase in the quantity of money brings an equal percentage increase in the price level.

5、An analyst does research about bond yield and gathers the following informationabout the call structure for a 7 percent coupon bond that pays interest semiannuallyand matures in ten years:
·not callable for the next 5 years
·first callable at beginning of year 6 (end of the fifth year) at $ 102
·first par call date at beginning of year 8 (end of the seventh year) at $ 100
If the bond is correctly priced at $ 102.75, the bond's yield to first call isclosest to:【單選題】

A.3.34%

B.6.35%

C.6.68%

正確答案:C

答案解析:用計算器計算，N = 10，PV= - $ 102.75，PMT = $ 100 × 7%/2 =3.5，FV = $ 102，求得I/Y=3.34%，第一次行看漲權的收益率為：3.34% ×2=6.68%。