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、The current ratio for an industry is 3.2. Data for a firm in the industry is presented below:

Using the current ratio, when compared with the industry, the firm is best described as being:【單選題】

A.as liquid.

B.less liquid.

C.more liquid.

正確答案:B

答案解析:“Understanding Balance Sheets,” Elaine Henry, CFA and Thomas R. Robinson, CFA
2013 Modular Level I, Vol. 3, Section 7.2, Exhibit 19, Example 8
“Working Capital Management,” Edgar A. Norton, Jr., CFA, Kenneth L. Parkinson, and Pamela Peterson Drake, CFA 2013 Modular Level I, Vol. 4, Reading 40, Sections 2.2.
Study Session 8-26-i, 11-40-b
Calculate and interpret liquidity and solvency ratios.
Compare a company’s liquidity measures with those of peer companies.
B is correct. Current ratio = Current assets ÷ Current liabilities

The higher the current ratio the more liquid the company. Thus, with a current ratio of 2.6 (1,800 ÷ 700), the company is less liquid than the industry, with a current ratio of 3.2.

2、As a monetary policy tool, quantitative easing (QE) will most likely help revive an ailing economy in which of the following environments?【單選題】

A.Liquidity trap

B.Deflationary trap

C.Declining bank reserves and economic activity

正確答案:C

答案解析:“Monetary and Fiscal Policy,” Andrew Clare, PhD and Stephen Thomas, PhD
2013 Modular Level I, Vol. 2, Reading 19, Section 2.5
Study Session 5-19-b
Describe functions and definitions of money.
C is correct. Quantitative easing (QE) is an “unconventional” approach to monetary policy and is operationally similar to open market purchase operations but conducted on a much larger scale. The additional reserves created by central banks in a policy of quantitative easing can be used to buy any asset. The idea was that this additional reserve would kick-start lending, causing broad money growth to expand, which would eventually lead to an increase in real economic activity.

3、With respect to the Global Investments Performance Standards (GAPS?) , whichof the following statements is least accurate? Verification:【單選題】

A.ensure the accuracy of composite presentations.

B.improve the consistency and quality of the firm's compliance presentations.

C.provide improved internal processes and procedures as well as marketing advantagesto the firm.

正確答案:A

答案解析:核查并不能保證任何一個組合群業績陳述的準確性，所以選項A是錯誤的說法。選項B和選項C都是對于核查正確的說法。

4、An analyst gathers the following data about a company and the market:

Using the dividend discount model the company’s price per share (in $) is closest to:【單選題】

A.16.00.

B.16.82.

C.18.28.

正確答案:B

答案解析:“An Introduction to Asset Pricing Models,” Frank K. Reilly, CFA and Keith C. Brown, CFA
2010 Modular Level I, Vol. 4, pp. 277-279
“An Introduction to Security Valuation,” Frank K. Reilly, CFA and Keith C. Brown, CFA
2010 Modular Level I, Vol. 5, pp. 142-143
Study Session 12-51-e, 14-56-c
Calculate, using the SML, the expected return on a security and evaluate whether the security is overvalued, undervalued, or properly valued.
Calculate and interpret the value of both a preferred stock and a common stock using the dividend discount model (DDM).

k = 4.20 + 5.60(1.50) = 12.60%;
V = 1.20(1.051) / (0.126 – 0.051) = $16.82
Note: The notation of Ein p. 279 (Vol. 4) is the same as k in p. 142 (Vol. 5).

5、A minimum wage above the equilibrium wage is best characterized as a:【單選題】

A.price floor.

B.price ceiling.

C.means of minimizing unemployment.

正確答案:A

答案解析:“Markets in Action,” Michael Parkin
2011 Modular Level I, Vol. 2, p. 75
Study Session 4-15-b
Describe labor market equilibrium and explain the effects and inefficiencies of a minimum wage above the equilibrium wage.
When a price floor is applied to labor markets, it is called a minimum wage. Being above the equilibrium wage is irrelevant.