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、Valuation of a swap during its life will least likely involve the:【单选题】

A.use of replication.

B.investor's risk aversion.

C.application of the principle of no arbitrage.

正确答案:B

答案解析:Risk neutrality, not risk aversion, is a key element of derivatives pricing, including swaps.
CFA Level I
"Basics of Derivative Pricing and Valuation," Don M. Chance
Section 1

2、A company purchased a €2,000 million long-term asset in 2009 when the corporate tax rate was 30 percent.

On January 15, 2010 the government lowered the corporate tax rate to 25 percent for 2010 and beyond. The deferred tax liability (€) as at 31 December 2010 is closest to:【单选题】

A.130.

B.156.

C.205.

正确答案:A

答案解析:“Income Taxes,” Elbie Antonites, CFA and Michael A. Broihahn, CFA
2010 Modular Level I, Vol. 3, pp. 477-478, 483-484
Study Session: 9-38-d
Calculate income tax expense, income taxes payable, deferred tax assets, and deferred tax liabilities, and calculate and interpret the adjustment to the financial statements related to a change in the income tax rate.
The deferred tax liability equals the difference between the value for accounting and the value for tax times the current tax rate in effect. (1,800 – 1,280) x 0.25 = 520 x 0.25 = 130

3、Ravioli Capital Management Company wants to claim compliance with GlobalInvestment Performance Standards ( GAPS?), which of the following statementsis most accurate?【单选题】

A.Rivoli's input data should be consistent in order to establish full, fair andcomparable investment performance presentations.

B.Rivoli must have an independent third party verification report for the entirefirm.

C.Rivoli must perform periodic internal GIPS? compliance checks at leastannually.

正确答案:A

答案解析:遵守GAPS?规定的公司不需要独立第三方认证，是否选择认证是自愿的，也不需要进行周期性内部核规检查，但是自愿宣称遵守GAPS?的企业必须满足GAPS?的所有要求，其中就包括为了建立充分、公允和可比的投资业绩陈述，公司采集的数据应该保持统一。

4、An analyst does research about efficient frontier.Which statement is the leastlikely the character of the efficient frontier?【单选题】

A.Minimize risk for a given return target.

B.Slope decrease along the curve.

C.Have the same utility for investors.

正确答案:C

答案解析:有效前沿(efficient frontier)是指风险性资产在给定收益的情况下风险最小，而且随着风险的不断增加有效前沿的斜率不断减小。同时，有效前沿对于不同投资者而言，其效用是不一样的。

5、During a period of rising inventory costs, a company decides to change its inventory method from FIFO to the weighted average cost method. Which of the following financial ratios will most likely increase as a result of this change?【单选题】

A.Current

B.Debt-to-equity

C.Number of days in inventory

正确答案:B

答案解析:“Inventories,” Michael A Broihahn, CFA
2013 Modular Level I, Vol. 3, Section 6, Example 5
Study Session: 9-29-h
Calculate and interpret ratios used to evaluate inventory management.
B is correct. All else held constant, in a period of rising costs the ending inventory would be lower under weighted average and cost of goods sold (CGS) will be higher (compared to FIFO) resulting in lower net income and retained earnings. There will be no impact on the debt level, current or long-term. Therefore the debt-to-equity ratio (Total debt ÷ Total shareholder’s equity) will increase due to the decrease in retained earnings (and lower shareholders’ equity).