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、Which of the following is most likely a limitation of the yield-to-maturity measure?【单选题】

A.It does not reflect the timing of the cash flows.

B.It assumes coupon payments can be invested at the yield to maturity.

C.It does not consider the capital gain or loss the investor will realize by holding the bond to maturity.

正确答案:B

答案解析:“Yield Measures, Spot Rates, and Forward Rates” Frank J. Fabozzi, CFA
2013 Modular Level I, Vol. 5, Reading 57, Section 3.2.2
Study Session 16-57-b
Calculate and interpret traditional yield measures for fixed-rate bonds and explain their limitations and assumptions.
B is correct because yield to maturity does consider reinvestment income; however, it assumes that the coupon payments can be reinvested at an interest rate equal to the yield to maturity. This is one of the limitations for the yield-to-maturity measure because the investor is facing re-investment risk (future interest rates will be less than the yield to maturity at the time the bond is purchased).

2、Albert Nyakenda, CFA, was driving to a client’s office where he was expected to close a multi-million dollar deal, when he was pulled over by a traffic policeman When Nyakenda, realized the policeman planned to wrongly ticket him for speeding, he offered to buy him “lunch” so that he could quickly get to his client’s office. The alternative was to go to the police station and file a complaint of being wrongly accused that would also involve going to court the next day to present his case. The lunch would cost significantly more than the ticket. Did Nyakenda violate the CFA Code of Ethics?【单选题】

A.Yes.

B.No, because he was wrongly accused.

C.No, because the cost of lunch is more than the ticket.

正确答案:A

答案解析:“Guidance for Standards I-VII”, CFA Institute
2010 Modular Level I, Vol. 1, p. 11
Study Session 1–2–a, b
Demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
Nyakenda was effectively trying to bribe the policeman so that he would not issue a speeding ticket. This action violates the Code of Ethics. Despite feeling he was wrongly accused, it is only his opinion, and may not based on fact or in a court of law. Nyakenda has a responsibility to act with integrity and in an ethical manual.

3、Sato Kashingaki, CFA, is a financial advisor who practices in multiple jurisdictions. In his resident country, Country A, he is not required by law to hold a financial advisors license but he is required to uphold a fiduciary duty to his clients. In Country B, authorities require him to hold a financial advisors license but he is not expected to uphold a fiduciary duty to his clients. In Country C, authorities require both a financial advisors license and an asset management license in addition to upholding a fiduciary responsibility towards clients. In which of the three countries does Kashangaki have the duty to adhere to the CFA Code and Standards over local laws?【单选题】

A.Country A.

B.Country B.

C.Country C.

正确答案:B

答案解析:“Code of Ethics and Standards of Professional Conduct,” CFA Institute
2011 Modular Level I, Vol. 1, pp. 22-23
Study Session 1–2–a
Demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.
B is correct because Standard I – Professionalism requires CFA Members and Candidates to comply with the more strict law, rule or regulation in the event of conflicts of any applicable laws, rules and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct). Country B does not require a financial advisor to uphold a fiduciary duty (as is required by Country A and C); i.e. put the client’s interest before their own, therefore the CFA Code of Ethics and Standards of Professional Conduct (Duty to Clients) would be applicable as it is the stricter of the two.

4、An analyst does research about put-call parity.Which of the following best representssynthetic put on a stock?【单选题】

A.Call - stock + risk-free bond.

B.Stock - call - risk-free bond.

C.Stock + call - risk-free bond.

正确答案:A

答案解析:对于欧式期权来说，同一行权日期和行权价格的看涨期权和看跌期权间存在以下等式：看涨期权价格（C) +行权价格现值[x/]=看跌期权价格（P）+股票价格(S)，可得：P = C+ X/-S。
其中，对于行权价格现值，我们可以用与之价值相等的无风险债券来代替。

5、An analyst does research about duration and gathers the following informationabout the price sensitivity of an option-free bond:

If the bond's current price is 93.8, the duration is closest to:【单选题】

A.3.73

B.7.46

C.14.92

正确答案:B

答案解析:久期≈(95.9 - 92.4)/(2 × 93.8 × 0.0025) =7.46。