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-discount rate relationship.With respect tothe price-discount rate relationship, which of the following statements is leastaccurate?【单选题】

A.The shape of the price-discount rate relationship for an option-free bond isreferred as negative convex.

B.If the discount rate rises, the price of a putable bond declines by less thanthe price of an option-free bond.

C.If the discount rate falls, the price of acallable bond increases by less thanthe price of an option-free bond.

正确答案:A

答案解析:根据凸性的定义，对于putable bond，当利率上升时价格比option-free bond下跌得少，对于callable bond，当利率下跌时价格比option-free bond上涨得少，都被put price和callprice给限制了。不含权的债券的价格与折现率的关系反映的是一种正凸性。

2、David Bravoria, CFA, is an independent financial advisor for a high net worth client with whom he had not had contact in over two years. During a recent brief telephone conversation, the client states he wants to increase his risk exposure. Bravoria subsequently recommends and invests in several high-risk funds on behalf of the client. Bravoria continues, as he has done in the past, to send to his client monthly, detailed itemized investment statements. Did Bravoria most likely violate any CFA Standards?【单选题】

A.No.

B.Yes, with regard to investment statements.

C.Yes, with regard to purchasing venture capital funds.

正确答案:C

答案解析:“Guidance for Standards I-VII,” CFA Institute
2011 Modular Level I, Vol. 1, pp. 65-67
Study Session 1–2–b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
C is correct because Bravoria violated Standard III – Duties to Clients in not exercising Loyalty, Prudence and Care. Bravoria had not updated his client’s profile in over two years thus should not have made further investments, particularly in high risk investments until such time as he updated the client’s risk and return objectives, financial constraints and financial position. Bravoria provided his client with investment statements more frequently than that which is required; i.e. quarterly so was not in violation of regular account information.

3、If the minimum efficient scale of a single producer is small relative to the demand for an undifferentiated good, the market structure of the producer is best described as being:【单选题】

A.an oligopoly.

B.perfect competition.

C.monopolistic competition.

正确答案:B

答案解析:“The Firm and Market Structures,” Richard G. Fritz and Michele Gambera
2012 Modular Level I, Vol. 2, pp. 157–160
Study Session 4-16-a
Describe the characteristics of different market structures: perfect competition, monopolistic competition, oligopoly, and pure monopoly.
B is correct. Perfect competition involves the sale of a homogeneous product by many sellers; monopolistic competition may also involve many sellers, but its product involves differentiation.

4、An analyst does research about capitalbudgeting.Which of the following capitalinvestment categories is least likely associated with the greatest decision-makinguncertainty?【单选题】

A.Replacement projects.

B.Expansion projects.

C.New products or markets projects.

正确答案:A

答案解析:在项目分类中，重置项目（Replacement projects）为维持运营或者减少成本，其不确定性较低，扩张性项目（Expansion projects）有一定的不确定性，而新产品项目或新市场项目（New products or markets projects）的不确定性更高。

5、An analyst does research about liquidity.Liquidity in financial markets is bestdescribed as the ability to purchase or sell an asset:【单选题】

A.at a low transaction cost.

B.quickly at a known price.

C.quickly and easily at a price close to fair market value.

正确答案:C

答案解析:流动性是指在金融市场中迅速而便捷地按市场公允价格买卖资产的能力，选项C是符合定义的。