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、A 20-year $1,000 fixed-rate non-callable bond with 8% annual coupons currently sells for $1,105.94.Assuming a 30% marginal tax rate and an additional risk premium for equity relative to debt of 5%,the cost of equity using the bond-yield-plus-risk-premium approach is closest to:【单选题】

A.9.9%

B.13.0%

C.12.0%

正确答案:C

答案解析:First, determine the yield to maturity, which is the discount rate that sets the bond price to $1,105.94and is equal to 7%. This calculation can be done with a financial calculator:
FV=-$1,000, PV=$1,105.94, N=20, PMT=-$80, solve for i, which will equal 7%.
The bond-yield-plus-risk-premium approach is calculated by adding a risk premium to the cost of debt(i.e., the yield to maturity for the debt), making the cost of equity 12.00% (=7%+5%).
CFA Level I
"Cost of Capital, Yves Courtois, Gene C. Lai, and Pamela Peterson Drake
Sections 3.1.1, 3.3.3

2、Carlos Cruz, CFA, is one of two founders of an equity hedge fund. Cruz manages the fund’s assets, and the other co-founder, Brian Burkeman, CFA, is responsible for fund sales and marketing. Cruz notices the most recent sales material used by Burkeman indicates assets under management are listed at a higher value than the current market value. Burkeman justifies the discrepancy by stating recent market declines account for the difference. In order to comply with the CFA Institute Standards of Professional Conduct, Cruz should least likely take which of the following actions?【单选题】

A.Correct the asset information and provide updates to prospective clients.

B.Report the discrepancy to CFA Institute’s Professional Conduct Program.

C.Provide a disclaimer within marketing material indicating prices are as of a specific date.

正确答案:B

答案解析:“Guidance for Standards I-VII”, CFA Institute
2013 Modular Level I, Vol. 1, Reading 2, Standard I (A) Knowledge of the Law, Guidance
Study Session 1-2-c
Recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.
B is correct because a violation of Standard I (A) Knowledge of the Law is likely to occur unless the asset base information is corrected. Cruz has yet to violate any CFA Institute standards, so he need not report a violation. If Cruz does not take action, he will be in violation of the standards, and at that point, he would need to report this violation because Standard I (A) applies; the member should know his conduct may contribute to a violation of applicable laws, rules, regulations, or the Code and Standards related to the inaccurate sales materials. Cruz should seek to have the information corrected and accurate information provided to prospective clients. It may also be prudent to seek the advice of legal counsel.

3、The most likely initial (short-run) effect of demand-pull inflation is an increase in:【单选题】

A.employee wages.

B.finished good prices.

C.commodity prices.

正确答案:C

答案解析:The effect of demand-pull inflation is an increase in the aggregate demand, which, in turn, leads to an increase (initially) in commodity prices.
2014 CFA Level I
“Understanding Business Cycles,” by Michele Gambera, Milton Ezrati, and Bolong Cao
Sections 4.2.4–4.2.4.2

4、With respect to the Standards of Professional Conduct relating to priority of transaction,which of the following prerequisites is least accurate when conflicts between theclient's interests and an investment professional's personal interests occur?【单选题】

A.The client is not disadvantaged by the trade taken for the investment professional.

B.The investment professional doesn't enter into personal transaction that runcounter to current clients' holdings.

C.The investment professional complies with applicable regulatory requirements.

正确答案:B

答案解析:在优先交易权里并没有规定CFA会员和考生不能参与与当前客户配置反向的个人交易。但是，如果客户与个人交易有冲突，则必须满足以下3个先决条件：（1）客户不被个人交易损害；（2） CFA会员不通过为客户交易谋取自己的私利；（3） CFA会员遵守了所适用的法律、法规的要求。满足这3个条件后，个人可以从事相关交易。

5、According to the Professional Conduct Standards relating to referral fees, anycompensation, consideration, or benefit paid to members for the recommendationof products or services are required to be disclosed:【单选题】

A.only to current and potential clients, as appropriate.

B.only to their employer and current clients, as appropriate.

C.to both current and potential clients and their employer, as appropriate.

正确答案:C

答案解析:对于推荐(产品或服务）费用的披露，要向当前或者潜在客户，以及雇主披露，在专业行为标准中对此有明确的要求。