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 price-to-earnings ratio.With respect to pricemultipliers based on fundamentals, and all else being equal, an increase in whichof the following inputs most likely will cause the price-to-earnings ratio to increase?【單選題】

A.Retention ratio.

B.Required rate of return.

C.Growth rate of earnings.

正確答案:C

答案解析:以基本面為基礎得到的市盈率公式為：。其中：代表股利發放比率，也等于1減去股利留存比率；k代表必要收益率；g代表盈利增長率。因此，當股利留存比率變大時，股利發放比率變小，會使得P/E比率降低；必要收益率增加也會使得P/E 比率降低；盈利增長率增大時，k - g會變小，P/E會增加。

2、All else being equal, a decrease in expected yield volatility would most likelycause the price of:【單選題】

A.both a callable bond and a putable bond to decrease.

B.a callable bond to increase and the price of a putable bond to decrease.

C.a callable bond to decrease and the price of a putable bond to increase.

正確答案:B

答案解析:收益波動降低會同時減少call和put的價值，而提高callable bond的價值，降低putablebond的價值。

3、Ileana Inkster, CFA, was recently offered a senior management position within the trust departmentat a regional bank. The department is new, but the bank has plans to expand it significantly over thenext few months. Inkster has been told she will be expected to help grow the client base of the trustdepartment. She is informed that the trust department plans to conduct educational seminars andpursue the attendees as new clients. Inkster notices that recent seminar advertisements prepared bythe bank's marketing department do not mention investment products will be for sale at the seminar.The ads indicate attendees can "learn how to immediately add $100,000 to their net worth." Whatshould Inkster most likely do to avoid violating any CFA Institute Standards of Professional Conduct?【單選題】

A.Decline to accept the new position

B.Accept the position and inform senior management of inadequate compliance procedures

C.Accept the position and revise the marketing material

正確答案:A

答案解析:The prospective supervisor's first step should be to not take the position. Accepting the position withinadequate procedures in place or improper marketing material would leave Inkster at risk of incurringa violation of Standard IV(C)-Responsibilities of Supervisors. She could agree to be hired as aninterim consultant with the bank in order to implement adequate procedures before taking on anysupervisory role.
CFA Level I
"Guidance for Standards I-VII"
Standard IV(C)-Responsibilities of Supervisors

4、A company’s $100 par value perpetual preferred stock has a dividend rate of 7% and a required rate of return of 11%. The company’s earnings are expected to grow at a constant rate of 3% per year. If the market price per share for the preferred stock is $75, the preferred stock is most appropriately described as being:【單選題】

A.overvalued by $11.36.

B.undervalued by $15.13.

C.undervalued by $36.36.

正確答案:A

答案解析:Value of perpetual preferred stock

The stock is overvalued by $75.00 – 63.64 = $11.36.
2014 CFA Level I
“Equity Valuation: Concepts and Basic Tools,” by John J. Nagorniak and Stephen E. Wilcox
Section 4.1

5、An analyst does research about the accrual method.Which of the following ismost likely to record warranty expense for products a company sells in the periodof the sale under to the matching principle?【單選題】

A.Warranty expense is accrued only.

B.Warranty expense is estimated only.

C.Warranty expense is both accrued and estimated.

正確答案:C

答案解析:保修費用（warranty expense)的計量是預提的’且日后在保修期內進行攤銷，運用預估法來預測保修費用。