2022年CFA考試《CFA一級》試題共240題，均為單選題。幫考網為大家整理了Fixed Income Investments5道練習題，附答案解析，供各位小伙伴備考練習。

1、An analyst does research about moneyness of stock options.With respect to stockoptions, the potential fｏｒan infinite loss exists fｏｒan investｏｒwho:【單選題】

A.sells a put option.

B.buys a put option.

C.sells a call option.

正確答案:C

答案解析:賣出一個看漲期權，從理論上來講，當股票價格上升無窮大時，該賣方的損失也會無窮大；而賣出一個看跌期權，因為股票價格最低也就跌到零，所以該賣方的損失是有限的。對于看漲期權和看跌期權的買方來講，當不考慮期權成本時，不會發生虧損。

2、An investｏｒpurchases 10 futures contracts priced at $100 each. The initial margin is $20 per contract ａｎｄ the maintenance margin requirement is $10 per contract. The investｏｒwill most likely be required to post variation margin if the end-of-day prices over the next three days are:【單選題】

正確答案:B

答案解析:“Derivative Markets ａｎｄ Instruments,” Don M. Chance

2011 Modular Level I, Vol. 6, pp 55-59

Study Session 17-70-d

Describe price limits ａｎｄ the process of marking to market, ａｎｄ calculate ａｎｄ interpret the margin balance, given the previous day’s balance ａｎｄ the change in the futures price.

B is correct. $110 of variation margin is required since the $90 margin balance after Day 3 is below the $100 maintenance margin. The $110 variation margin will re-establish the $200 initial margin.

The calculation is below:

Day 1 activity: $260 closing margin balance results from $200 initial margin plus $60 gain ($6 increase X 10 contracts)

Day 2 activity: $180 closing margin balance results from $260 opening margin balance minus $80 loss ($8 decline X 10 contracts)

Day 3 activity: $90 closing margin balance results from $180 opening margin balance minus $90 loss ($9 decline X 10 contracts)

3、The intrinsic value of an option is always zero:【單選題】

A.at expiration.

B.when its time value is zero.

C.when it is out-of-the-money.

正確答案:C

答案解析:“Option Markets ａｎｄ Contracts,” Don M. Chance

2011 Modular Level I, Vol. 6, pp. 98–100

Study Session 17-63-i

Define intrinsic value ａｎｄ time value, ａｎｄ explain their relationship.

C is correct because an out-of-the-money option will have an intrinsic value of zero at all times.

4、An analyst does research about difference between forward market ａｎｄ futuremarket.Compared with contracts in the forward market, contracts in the futuresmarket are least likely to be appropriately described as transactions that are:【單選題】

A.public.

B.customized according to the counterparts//////////////\\' requests.

C.based on an agreement to buy ｏｒsell an underlying asｓｅｔat a future date at aprice agreed on today.

正確答案:B

答案解析:期貨市場是公開交易標準化的遠期合約的，它與遠期市場一樣，都是約定在未來的某個時點按約定的價格買賣一項資產，但是期貨市場是不能像遠期市場那樣，根據交易對手的要求來進行定制化。

5、When purchasing a futures contract, the initial margin requirement refers to the:【單選題】

A.minimum account balance required as prices change.

B.performance bond ensuring fulfillment of the obligation.

C.amount needed to finance the purchase of the underlying asset.

正確答案:B

答案解析:“Futures Markets ａｎｄ Contracts,” Don M. Chance

2011 Modular Level I, Vol. 6, pp. 55–56

Study Session 17-62-c

Distinguish between margin in the securities markets ａｎｄ margin in the futures markets, ａｎｄ explain the role of initial margin, maintenance margin, variation margin, ａｎｄ settlement in futures trading.

B is correct because the initial margin required is a good faith deposit ｏｒperformance bond.

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