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、An analyst does research about price-to-earnings ratio.With respect to pricemultipliers based on fundamentals, and all else being equal, an increase in whichof the following inputs most likely will cause the price-to-earnings ratio to increase?【单选题】

A.Retention ratio.

B.Required rate of return.

C.Growth rate of earnings.

正确答案:C

答案解析:以基本面为基础得到的市盈率公式为：。其中：代表股利发放比率，也等于1减去股利留存比率；k代表必要收益率；g代表盈利增长率。因此，当股利留存比率变大时，股利发放比率变小，会使得P/E比率降低；必要收益率增加也会使得P/E 比率降低；盈利增长率增大时，k - g会变小，P/E会增加。

2、All else being equal, a decrease in expected yield volatility would most likelycause the price of:【单选题】

A.both a callable bond and a putable bond to decrease.

B.a callable bond to increase and the price of a putable bond to decrease.

C.a callable bond to decrease and the price of a putable bond to increase.

正确答案:B

答案解析:收益波动降低会同时减少call和put的价值，而提高callable bond的价值，降低putablebond的价值。

3、Ileana Inkster, CFA, was recently offered a senior management position within the trust departmentat a regional bank. The department is new, but the bank has plans to expand it significantly over thenext few months. Inkster has been told she will be expected to help grow the client base of the trustdepartment. She is informed that the trust department plans to conduct educational seminars andpursue the attendees as new clients. Inkster notices that recent seminar advertisements prepared bythe bank's marketing department do not mention investment products will be for sale at the seminar.The ads indicate attendees can "learn how to immediately add $100,000 to their net worth." Whatshould Inkster most likely do to avoid violating any CFA Institute Standards of Professional Conduct?【单选题】

A.Decline to accept the new position

B.Accept the position and inform senior management of inadequate compliance procedures

C.Accept the position and revise the marketing material

正确答案:A

答案解析:The prospective supervisor's first step should be to not take the position. Accepting the position withinadequate procedures in place or improper marketing material would leave Inkster at risk of incurringa violation of Standard IV(C)-Responsibilities of Supervisors. She could agree to be hired as aninterim consultant with the bank in order to implement adequate procedures before taking on anysupervisory role.
CFA Level I
"Guidance for Standards I-VII"
Standard IV(C)-Responsibilities of Supervisors

4、A company’s $100 par value perpetual preferred stock has a dividend rate of 7% and a required rate of return of 11%. The company’s earnings are expected to grow at a constant rate of 3% per year. If the market price per share for the preferred stock is $75, the preferred stock is most appropriately described as being:【单选题】

A.overvalued by $11.36.

B.undervalued by $15.13.

C.undervalued by $36.36.

正确答案:A

答案解析:Value of perpetual preferred stock

The stock is overvalued by $75.00 – 63.64 = $11.36.
2014 CFA Level I
“Equity Valuation: Concepts and Basic Tools,” by John J. Nagorniak and Stephen E. Wilcox
Section 4.1

5、An analyst does research about the accrual method.Which of the following ismost likely to record warranty expense for products a company sells in the periodof the sale under to the matching principle?【单选题】

A.Warranty expense is accrued only.

B.Warranty expense is estimated only.

C.Warranty expense is both accrued and estimated.

正确答案:C

答案解析:保修费用（warranty expense)的计量是预提的’且日后在保修期内进行摊销，运用预估法来预测保修费用。