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 statements is most likely consistent with the CFA Institute Code of Ethics? CFA Institute members and CFA candidates must:【单选题】

A.promote the integrity of and uphold the rules governing capital markets.

B.practice the highest level of personal and professional integrity and always act in the best interest of their employers

C.maintain their professional competence and require investment professionals under their supervision to adopt the CFA Code of Ethics.

正确答案:A

答案解析:The Code of Ethics requires CFA Institute members and candidates for the CFA designation to promote the integrity of and uphold rules governing capital markets. Although the Code of Ethics requires members and candidates to act with integrity, and the interests of the client are paramount, not all client requests are appropriate to follow, particularly if considered unethical or illegal. The Code of Ethics does not require members and candidates to encourage others to pursue the CFA designation, only to encourage them to improve their professional competence. 2014 CFA Level I "Ethics and Professional Standards," CFA Institute The Code of Ethics

2、According to the Global Investment Performance Standards (GIPS), which of the following is not a part of the verification process? Testing whether the:【单选题】

A.firm has complied with all the composite construction requirements.

B.verification is undertaken by the compliance department in the absence of a third party.

C.firm’s processes and procedures are designed to calculate results in compliance with GIPS standards.

正确答案:B

答案解析:Introduction to the Global Investment Performance StandardsCFA Institute, 2006
2010 Modular Level I, Vol. 1, p. 131
Study Sessions 1-3-c
Explain the requirements for verification of compliance with GIPS standards.
Verification tests (Standard V) whether the investment firm has complied with all the composite construction requirements of GIPS on a firm-wide basis, and whether the firm’s processes and procedures are designed to calculate and present performance results in compliance with the GIPS Standards. Verification must be performed by an independent third party. A firm cannot perform its own verification.

3、A company’s $100 par value perpetual preferred stock has a dividend rate of 7% and a required rate of return of 11%. The company’s earnings are expected to grow at a constant rate of 3% per year. If the market price per share for the preferred stock is $75, the preferred stock is most appropriately described as being:【单选题】

A.overvalued by $11.36.

B.undervalued by $15.13.

C.undervalued by $36.36.

正确答案:A

答案解析:Value of perpetual preferred stock

The stock is overvalued by $75.00 – 63.64 = $11.36.
2014 CFA Level I
“Equity Valuation: Concepts and Basic Tools,” by John J. Nagorniak and Stephen E. Wilcox
Section 4.1

4、Which of the following performance measures most likely relies on systematic risk as opposed to total risk when calculating risk-adjusted return?【单选题】

A.M-squared

B.Sharpe ratio

C.Treynor ratio

正确答案:C

答案解析:“Portfolio Risk and Return: Part II" by Vijay Singal, CFA
Modular Level I, Vol. 4, Reading 44, Section 4.3.2
Study Session 12-44-h
Describe and demonstrate applications of the CAPM and the SML.
C is correct because the Treynor ratio measures the return premium of a portfolio versus the risk free asset relative to the portfolio’s beta which is a measure of systematic risk.

5、An analyst does research about earnings per share and gathers the following informationabout a company.The current stock price is $ 73, the sales pershare is $ 66, the operating profit margin is 13.5% , the expected dividendgrowth rate is 6%, and the net profit margin is 12%.The company's earningsper share is closest to:【单选题】

A.$ 7.92

B.$ 8.76

C.$ 8.91

正确答案:A

答案解析:每股收益（earnings per share）=每股销售额（sales per share）×净利润率（net profit margin)= $ 66 × l2% = $ 7.92。