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、Information about the 2009 actual results for a company and its projected sales, cost of goods sold and assets for 2010 are presented below:

Based on the projected sales increase, the best estimate of 2010 projected current assets (in ?- 000s) is closest to:【單選題】

A.1,890.

B.1,980.

C.2,070.

正確答案:B

答案解析:“Financial Statement Analysis,” Pamela P. Peterson, CFA
2010 Modular Level I, Vol. 4, pp. 153-159
Study Session 11-47
The candidate should be able to demonstrate the use of pro forma income and balance sheet statements.
Current assets are sales driven and hence would be expected to increase by 10%, the same amount as sales. The increase in sales is (9,900,000 – 9,000,000)/9,000,000 = 10%. Therefore, projected current assets are 1.10 x 1,800,000 = 1,980,000.

2、An analyst does research aboutembedded options.Which of the following embeddedoptions is least likely to increase in value when interest rates increase?【單選題】

A.The right toput an issue.

B.The cap on a floater.

C.An accelerated sinking fund provision.

正確答案:C

答案解析:由于利率上升，對于浮動利率債券的利率頂的價值上升，因為更有可能超過其所設定的利率頂，而超過利率頂時，購買者就能得到報償。由于利率上升，可回售債券價格下跌，被回售的可能性增加了，所以回售債券的權利增加價值了。加速沉沒資金條款是公司可以選擇提前償還全部或部分本金，在利率下跌的情況下，該條款更有價值，因為可以更低成本進行融資，所以在利率上升的情況下，該權利減少價值。

3、The crowding-out effect is most likely associated with:【單選題】

A.falling real interest rates.

B.government budget deficits.

C.government budget surpluses.

正確答案:B

答案解析:“Fiscal Policy,” Michael Parkin
2011 Modular Level I, Vol. 2, pp. 440-441
Study Session 6-26-b
Discuss the sources of investment finance and the influence of fiscal policy on capital markets, including the crowding-out effect.
The tendency for a government budget deficit to decrease private investment is called the crowding-out effect.

4、The bond-equivalent yield for a semi-annual pay bond is most likely:【單選題】

A.equal to the effective annual yield.

B.more than the effective annual yield.

C.equal to double the semi-annual yield to maturity.

正確答案:C

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. 255-257
Study Session 2-6-e
Convert among holding period yields, money market yields, effective annual yields, and bond equivalent yields.
The bond equivalent yield for a semi-annual pay bond is equal to double the semiannual yield to maturity (page 257).

5、An investor purchases 100 shares of stock at a price of $40 per share. The investor holds the stock for exactly one year and then sells the 100 shares at a price of $41.50 per share. On the date of sale, the investor receives dividends totaling $200. The holding period return on the investment is closest to:【單選題】

A.3.75%.

B.8.43%.

C.8.75%.

正確答案:C

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
2011 Modular Level I, Vol. 1, p. 319
Study Session 2-6-c
Define, calculate, and interpret a holding period return (total return).