2020年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理Fixed Income Investments5道练习题，附答案解析，供您备考练习。

1、Which of the following factors will most likely drive the repo margin lower?【单选题】

A.Lower quality of the collateral

B.Lower credit quality of the counterparty

C.Shorter supply of the collateral

正确答案:C

答案解析:If the collateral is in short supply or if there is a high demand for it, repo margins are lower. Repo margin is the difference between the market value of the security used as collateral and the value of the loan.
2014 CFA Level I
"Fixed-Income Markets: Issuance, Trading, and Funding," by Moorad Choudhry, Steve V. Mann, and Lavone F. Whitmer
Section 7.3.2

2、Duration is most accurate as a measure of interest rate risk for a bond portfolio when the slope ofthe yield curve:【单选题】

A.stays the same.

B.increases.

C.decreases.

正确答案:A

答案解析:Duration measures the change in the price of a portfolio of bonds if the yields for all maturities changeby the same amount; that is, it assumes the slope of the yield curve stays the same.
CFA Level 1
"Understanding Fixed-Income Risk and Return," James F. Adams and Donald J. Smith
Section 3

3、An analyst does research about various risks of investing in bonds.Investors inU.S.Treasury Inflation-Protected Securities are most likely to be exposed to:【单选题】

A.credit risk.

B.reinvestment rate risk.

C.purchasing power risk.

正确答案:B

答案解析:美国政府的通货膨胀保护证券信用极好，所以没有违约风险。同时，由于通货膨胀保护证券的本金会随着通货膨胀率调整，所以大幅度减少了购买力风险。但通货膨胀保护证券所拿到的利息会面临再投资风险。

4、An analyst does research about interest rate risk.The duration of a bond with$1 000 face value is 4.5, and its current price is $990.Which of the followingis the best estimate of the bond price change if interest rates increase by 3% ?【单选题】

A.- $133.65

B.- $135.00

C.$133.65

正确答案:A

答案解析:-4.5 × 0.03 × $990 = -$133.65.

5、Which of the following terms in a bond issue most likely helps to reduce credit risk?【单选题】

A.Term maturity structure

B.Sinking fund arrangement

C.Floating rate note

正确答案:B

答案解析:A sinking fund arrangement is a way to reduce credit risk by making the issuer set aside funds overtime to retire the bond issue.
CFA Level 1
"Fixed-Income Markets: Issuance, Trading, and Funding," Moorad Choudhry, Steven V. Mann, andLavone F. Whitmer
Section 6.3.3