2020年CFA考试《CFA一级》考试共240题，分为单选题。小编每天为您准备了5道每日一练题目（附答案解析），一步一步陪你备考，每一次练习的成功，都会淋漓尽致的反映在分数上。一起加油前行。

1、Margin in the futures market is most accurately described as a:【单选题】

A.down payment from the futures trader.

B.loan to the futures trader.

C.requirement set by federal regulators.

正确答案:A

答案解析:It is the amount of money that must be deposited into an account by a trader when opening a futures position. The money helps ensure that the trader fulfills his obligations.
2014 CFA Level I
“Futures Markets and Contracts,” by Don M. Chance
Section 3

2、With respect to the capital budgeting, which of the following occurs when an investmenttakes customers and sales away from another part of the company?【单选题】

A.Opportunity cost.

B.Externality.

C.Cannibalization.

正确答案:C

答案解析:沉没成本（sunk cost）：过去已经发生的成本，例如前期的调研费用。今天的决策应根据现在和将来的现金流，而不应受沉没成本的影响。
外部性（externality）：项目投资对公司其他业务会有影响，做资本预算时需要加以考虑，因为该投资对未来现金流有影响，有正向的也有负向的。自损（cannibalization）是属于外部性的一种，是指一项投资减少了公司其他部分的客户和收入。
机会成本（opportunity cost）：例如前几年投资的土地，在资本预算时要以现行市价（currentmarket value）考虑，而不应以账面价值（book value）考虑。又如出售一台旧机器，它的机会成本就是这台旧机器所能产生的现金流。

3、Which of the following statements most accurately describes a valuation allowance for deferred taxes? A valuation allowance is required under:【单选题】

A.IFRS on revaluation of capital assets.

B.U.S. GAAP if there is doubt about recovering a deferred tax asset.

C.both IFRS and U.S. GAAP on tax differences arising from the translation of foreign operations.

正确答案:B

答案解析:“Income Taxes,” Elbie Antonites, CFA and Michael A. Broihahn, CFA
2013 Modular Level 1, Vol. 3, Reading 31, Section 6.1
Study Session, 9-31-g
Describe the valuation allowance for deferred tax assets—when it is required and what impact it has on financial statements.
B is correct. A valuation allowance is required under U.S. GAAP if there is doubt about whether a deferred tax asset will be recovered. Under IFRS the deferred tax asset is written down directly.

4、Which of the following is the least likely outcome when a monopoly adopts perfect price discrimination because of the customers’ differing demand elasticities?【单选题】

A.The monopolist shares the total surplus with consumers.

B.The price for marginal unit becomes less than the price for other units.

C.The output increases to the point at which price equals the marginal cost.

正确答案:A

答案解析:“Monopoly,” Michael Parkin
2010 Modular Level I, Vol. 2, pp. 206-208
Study Session 5-19-c, d
Explain price discrimination, and why perfect price discrimination is efficient.
Explain how consumer and producer surplus are redistributed in a monopoly, including the occurrence of deadweight loss and rent seeking.
In a monopoly, perfect price discrimination results in the total surplus being kept by the producer, the monopolist.

5、Based on best practices in corporate governance procedures, it is most appropriate for a company’s compensation committee to:【单选题】

A.include a retired executive from the firm.

B.link compensation with long-term objectives.

C.include a representative from the firm’s external auditor.

正确答案:B

答案解析:“The Corporate Governance of Listed Companies: A Manual for Investors,” Kurt Schacht, James C. Allen, and Matthew Orsagh
2012 Modular Level I, Vol. 4, pp. 250–253
Study Session 11-42-e
Describe the responsibilities of the audit, compensation, and nominations committees and identify factors an investor should consider when evaluating the quality of each committee.
B is correct. Under appropriate corporate governance procedures, the compensation committee should link compensation with long-term objectives.