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 option moneyness.An investor paid $5 for a putoption that was in-the-money $3.If the price of the underlying was $59 at thetime the investor purchased the put option, the exercise price of that put optionwas closest to :【单选题】

A.$51

B.$56

C.$62

正确答案:C

答案解析:因为是看跌期权，只有当前价格低于行权价格，该看跌期权才是价内的，并且与期权成本无关。题目中，期权当前价格是$59，只有当行权价为$62时，该看跌期权才是价内$3。

2、In competitive markets, when the efficient quantity is produced, the least likely result is to:【单选题】

A.maximize total surplus.

B.generate underproduction.

C.minimize deadweight loss.

正确答案:B

答案解析:“Efficiency and Equity,” Michael Parkin
2011 Modular Level I, Vol. 2, pp. 45-46, 48-49
Study Session 4-14-a, d, e
Explain the various means of markets to allocate resources, describe marginal benefit and marginal cost, and demonstrate why the efficient quantity occurs when marginal benefit equals marginal cost.
Discuss the relationship between consumer surplus, producer surplus, and equilibrium.
Explain 1) how efficient markets ensure optimal resource utilization and 2) the obstacles to efficiency and the resulting underproduction or overproduction, including the concept of deadweight loss.
When the efficient quantity is produced, total surplus (the sum of consumer surplus and producer surplus) is maximized. Deadweight loss reduces total surplus and occurs when there is either underproduction or overproduction, i.e. when the quantity produced differs from the efficient quantity. When the efficient quantity is produced, underproduction does not occur.

3、Using the firm’s income statement presented, its degree of financial leverage is closest to:
【单选题】

A.1.5.

B.1.7.

C.2.6.

正确答案:A

答案解析:“Measures of Leverage,” Pamela Peterson Drake, Raj Aggarwal, Cynthia Harrington, and Adam Kobor
2012 Modular Level I, Vol. 4, pp. 103–105
Study Session 11-38-b
Calculate and interpret the degree of operating leverage, the degree of financial leverage, and the degree of total leverage.
A is correct. DFL = (Operating income) ÷ (Operating income – Interest expense)
or operating income divided by pretax earnings
= $3.6 ÷ ($3.6 – $1.2)
= 1.50.

4、Which of the following is the least likely outcome when a monopolist adopts first-degree price discrimination because of customers' differing demand elasticities?【单选题】

A.The monopolist shares the total surplus with consumers.

B.The price for a marginal unit decreases to less than the price for other units.

C.The output increases to the point at which price equals the marginal cost.

正确答案:A

答案解析:In a monopoly, perfect price discrimination results in the total surplus being kept by the producer, the monopolist.
2014 CFA Level I
“The Firm and Market Structures,” by Richard G. Fritz and Michele Gambera
Section 6.4

5、An analyst does research about financial reporting quality.An incentive for acompany's management reporting lower earnings is least likely to:【单选题】

A.remain in compliance with lending covenants.

B.obtain trade relief in the form of quotas or protective tariffs.

C.negotiate favorable terms from creditors.

正确答案:A

答案解析:本题考查的是财务报告质量（financial reporting quality）中管理层操纵盈利的动机。管理层试图提高净利润的动机包括：
·Meet earnings expectations.（实现盈利目标。）
·Remain in compliance with lending covenants.（遵守贷款合约。）
·Receive higher incentive compensation.（获得更高的激励性薪酬。）
管理层试图降低净利润的动机包括：
·Obtain trade relief in the form of quotas or protective tariffs.（获得贸易限额或者保护性关税。）
·Negotiate favorable terms from creditors.（获得债权人给予的优惠性条款。）
·Negotiate favorable labor union contracts.（从工会取得优惠的劳动条款。）