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、In a monopoly industry, a firm is most likely to earn an economic profit in:【單選題】

A.short-run equilibrium only.

B.long-run equilibrium only.

C.both short-run and long-run equilibrium.

正確答案:C

答案解析:完全壟斷行業中只有一個企業，產品沒有很好的替代品，而且行業的進入門檻非常高，企業可以在短期或者長期內都獲得經濟利潤。相對來說，完全競爭行業由于進出壁壘很低，市場價格超過其平均總成本則產生經濟利潤，但一旦有經濟利潤（超額利潤）產生，就會有企業進入該行業，這樣導致經濟利潤只可能在短期內發生，長期的經濟利潤則為零。

2、An analyst uses a stock screener and selects the following metrics: a global equity index, P/E ratio lower than the median P/E ratio, and a price-book value ratio lower than the median price-book value ratio. The stocks so selected would be most appropriate for portfolios of which type of investors?【單選題】

A.Value investors.

B.Growth investors.

C.Market-oriented investors.

正確答案:A

答案解析:“Financial Statement Analysis: Applications,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFA
2011 Modular Level I, Vol. 3, pp. 608-611
“Security Market Indices,” Paul D. Kaplan, CFA, and Dorothy C. Kelly, CFA
2011 Modular Level I, Vol. 5, pp. 105
Study Session: 10-42-d; 13-56-k
Discuss the use of financial statement analysis in screening for potential equity investments.
Compare and contrast the types of security market indices
Metrics such as low P/E and low price-book are aimed at selecting value companies; therefore the portfolio is most appropriate for value investors.

3、A project has the following cash flows (￡):

Assuming a discount rate of 11% annually, the discounted payback period (in years) is closest to:【單選題】

A.3.4.

B.3.9.

C.4.0.

正確答案:B

答案解析:“Capital Budgeting,” John D. Stowe, CFA and Jacques R. Gagne, CFA
2013 Modular Level I, Vol.4, Reading 36, Section 4.4.
Study Session 11-36-d
Calculate and interpret the results using each of the following methods to evaluate a single capital project: net present value (NPV), internal rate of return (IRR), payback period, discounted payback period, and profitability index (PI).
B is correct. The discounted cash flows and their cumulative sum are:


After three years, $821.02 of the $1,525 investment is recovered, leaving $703.98 left to recover in the fourth year. Proportionately, only 0.88 (= $703.98/$800.36) of the cash flow in the fourth year is necessary to recover all of the investment. This makes the discounted payback equal to 3.9 years (rounded up from 3.88).

4、An investor does research about forward rate agreement and takes a $1 millionshort position in a forward rate agreement 3 × 9 quoted at 5% according to LIBOR.At expiration, the investor gathers the following rates:

The payoff for this investor is closest to:【單選題】

A.$495.62

B.$500.00

C.$660.83

正確答案:A

答案解析:FRA 3 × 9說明該遠期利率協議是3個月的期限，針對6個月的LIBOR，所以取5.3%作為到期結算的LIBOR。
[1 000 000 × （5.30% - 5%） × 60/360]/（1 + 5.30% × 60/360） = 500/1.00883 = 495.62。

5、An analyst does research about earnings quality.With respect to U.S.GAAP,which of the following is least likely an accounting warning sign for a company?【單選題】

A.the use of short useful lives for amortization.

B.a decrease in the last-in, first-out (LIFO) reserve.

C.the use of high discount rates for pension plan liabilities.

正確答案:A

答案解析:對攤銷使用更短的使用年限會使得攤銷費用變大，凈利潤變小，這是一種保守的做法，并不是警示信號。LIFO準備（reserve）下降，有可能是由于LIFO清算（liquidation)引起的，造成銷貨成本（COGS)虛假下降，凈利潤虛假上升，是警示信號。對于養老金用更高的折現率，使得預計給付義務（projected benefit obligation)變小，能夠使負債虛假變小，也是警示信號。