2022年CFA考試《CFA一級》試題共240道，均為單選題。幫考網今天為大家準備了5道每日一練題目(附答案解析)，幫助各位小伙伴考前自測提升。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 commodity markets.Which of the followingstatements about investing in commodities is least accurate?【單選題】

A.Investing in commodity futures is the most common strategy fｏｒ commodityinvesting.

B.A collateralized futures position consists entirely of long position in futuresfｏｒa given amount of underlying value.

C.Commodities tend to have a low to negative correlation with stock ａｎｄ  bondreturns ａｎｄ a desired positive correlation with inflation.

正確答案:B

答案解析:通過期貨合約來投資于商品是一種低成本的投資辦法，也是商品投資最普遍的方法，所以選項A是正確的。抵押商品期貨頭寸(collateralized futures position)包括期貨合約多頭頭寸和與頭寸等值的國債，所以選項B是錯誤的。商品與股票和債券的回報的相關性低或者是負相關，與通貨膨脹是正相關，商品投資是一種很好的分散化風險和抵御通貨膨脹的投資。

2、Fｏｒa 10-year floating-rate security, if market interest rates change by 1%, the change in the value of the security will most likely be:【單選題】

A.zero.

B.related to the security’s coupon reｓｅｔfrequency.

C.similar to an otherwise identical fixed-rate security.

正確答案:B

答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi

2012 Modular Level I, Vol. 5, pp. 356–357

Study Session 15-54-e

Explain the interest rate risk of a floating-rate security ａｎｄ why its price may differ from par value.

B is correct because the interest rate sensitivity of a floating-rate security comes primarily from the time remaining until its next coupon reset.

3、The following selected balance sheet ａｎｄ ratio data are available fｏｒa company:

Which of the following ratios decreased between 2011 ａｎｄ 2012?【單選題】

A.Cash

B.Quick

C.Current

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

Study Session: 8-26-i

Calculate ａｎｄ interpret liquidity ａｎｄ solvency ratios.

B is correct.

4、An analyst does research about capital asｓｅｔpricing model ａｎｄ gathers the followinginformation:

If the covariance of the returns on the stock with the returns on the market portfoliois equal to the variance of the returns on the market portfolio, theanalyst\\\\\\\\\\\\\\\\'s most appropriate conclusion is that the stock is:【單選題】

A.overvalued.

B.properly valued.

C.undervalued because the required rate of return fｏｒthe stock is greaterthan 9.5%.

正確答案:A

答案解析:因為股票與市場組合的協方差等于市場組合的方差，所以必要回報 = 3.5% + 1 ×9.5% = 13%>12%的預期回報，因此股票被高估了。注意，題目中用的是市場風險溢價(market risk premium)，而不是市場回報(market return)，所以公式中不需要再減去無風險收益率。

5、Which of the following most accurately describes the computation of nearly all bond market indices, U.S. ａｎｄ global?【單選題】

A.Model priced

B.Trader priced

C.Market priced

正確答案:B

答案解析:“Security-Market Indexes,” Frank K. Reilly, CFA ａｎｄ Keith C. Brown, CFA

2010 Modular Level I, Vol. 5, pp. 54-60

Study Session 13-53-b

Compare ａｎｄ contrast majｏｒstructural features of domestic ａｎｄ global stock indices, bond indices, ａｎｄ composite stock-bond indices.

According to Exhibit 13 (pp.58-59), 11 out of the 12 majｏｒbond indexes are trader priced ａｎｄ only one index (Ryan Treasury) is market priced. Two other indices, Lehman Brothers ａｎｄ Merrill Lynch, are both trader priced ａｎｄ model priced.

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