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 investor purchases a 3-month put option on a stock with an exercise price of $35. The risk free rate is 4.50%. At expiration, the stock price is $33.50. The option’s payoff is closest to:【單選題】

A.$0.

B.$1.48.

C.$1.50.

正確答案:C

答案解析:“Option Markets and Contracts”, Don M. Chance
2010 Modular Level I, Vol. 6, pp. 98-101
Study Session 17-70-f
Compute and interpret option payoffs, and explain how interest rate option payoffs differ from the payoffs of other types of options.
The put option is worth the greater of $0 or (exercise price – spot price at expiration). Since the exercise price is greater than the spot price at expiration, the put is worth (35-33.50) = $1.50.

2、Holly Baker, CFA is explaining the CFA Institute Code of Ethics to a client. Which of the following statements could Baker make to most likely reflect disciplinary sanctions the CFA Institute may impose? Sanctions include:【單選題】

A.fines for violations.

B.revocation of membership.

C.banishment from the industry.

正確答案:B

答案解析:Code of Ethics and Standards of Professional Conduct, CFA Institute
2011 Modular Level I, Vol. 1, pp. 8-9
Study Session 1-1-a
Describe the structure of the CFA Institute Professional Conduct Program and the process for the enforcement of the Code and Standards
B is correct as the CFA Institute may revoke membership for violations of the Institute Code of Ethics.

3、A security market in which all the bids and asks for a stock are gathered to arrive at a single price that satisfies most of the orders is best described as a:【單選題】

A.call market.

B.dealer market.

C.primary market.

正確答案:A

答案解析:“Organization and Functioning of Securities Markets,” Frank K. Reilly, CFA and Keith C. Brown, CFA
2010 Modular Level I, Vol. 5, pp. 13-15
Study Session 13-52-c
Distinguish between call and continuous markets.
A call market is a market in which all the bids and asks for a stock are gathered to arrive at a single price where the quantity demanded is as close as possible to the quantity supplied.

4、Holding all other characteristics the same, the bond exposed to the greatest level of reinvestment risk is most likely the one selling at:【單選題】

A.par.

B.a discount.

C.a premium.

正確答案:C

答案解析:“Yield Measures, Spot Rates, and Forward Rates,” Frank J. Fabozzi, CFA
2011 Modular Level I, Vol. 5, pp. 543-544
Study Session 16-66-c
Explain the importance of reinvestment income in generating the yield computed at the time of purchase, calculate the amount of income required to generate that yield, and discuss the factors that affect reinvestment risk.
C is correct because a bond selling at a premium has a higher coupon rate and, all else the same, bonds with higher coupon rates face higher reinvestment risk. This is because the higher the coupon rate, the more dependent the bond’s total dollar return will be on the reinvestment of the coupon payments in order to produce the yield to maturity at the time of purchase.

5、Assume the U.S. Federal Reserve system (the Fed) has decided to lower interest rates in the economy. To carry out this policy, the Fed will most likely:【單選題】

A.sell securities.

B.buy securities.

C.increase required reserve ratios.

正確答案:B

答案解析:“Money, the Price Level, and Inflation,” Michael Parkin
2011 Modular Level I, Vol. 2, p. 376
“Monetary Policy,” Michael Parkin
2011 Modular Level I, Vol. 2, pp. 468, 475
Study Session 6-24-d, 6-27-a, b
Explain the goals of the U.S. Federal Reserve (Fed) in conducting monetary policy and how the Fed uses its policy tools to control the quantity of money, and describe the assets and liabilities on the Fed’s balance sheet.
Discuss the goals of U.S. monetary policy and the Federal Reserve’s (Fed’s) means for achieving the goals, including how the Fed operationalizes those goals.
Describe how the Fed conducts monetary policy and explain the Fed’s decision-making strategy, including an instrument rule, a targeting rule, open-market operations, and the market for reserves.
When the Fed purchases securities, the Fed increases the reserves held by the banking system. These increased reserves lead to a reduction in the federal funds rate and, ultimately, to a reduction in other interest rates in the economy.