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 impact to option due to interest rate and volatilityof the underlying.Which of the following statements best describes the effect ofthe level of interest rates and volatility of the underlying on the price of options?All else being equal, prices for:【单选题】

A.put options are positively related to the level of interest rates.

B.call options are positively related to the level of interest rates.

C.put options are negatively related to the volatility of the underlying.

正确答案:B

答案解析:当利率越高时，更多的人会选择投资看涨期权，因为可以延后购买资产的时间，即现在只要付一部分期权费就可以买入将来购买这项资产的权利，所以看涨期权与利率正相关。相反地，当利率越高时，更多的人会选择卖出看跌期权，导致看跌期权价格下跌，所以看跌期权与利率负相关。资产的波动性与看涨期权及看跌期权的价格都是正相关。

2、An analyst does research about efficient frontier.Which statement is the leastlikely the character of the efficient frontier?【单选题】

A.Minimize risk for a given return target.

B.Slope decrease along the curve.

C.Have the same utility for investors.

正确答案:C

答案解析:有效前沿(efficient frontier)是指风险性资产在给定收益的情况下风险最小，而且随着风险的不断增加有效前沿的斜率不断减小。同时，有效前沿对于不同投资者而言，其效用是不一样的。

3、Which of the following is most likely under a company's management control?【单选题】

A.Operating risk.

B.Financial risk.

C.Systematic risk.

正确答案:B

答案解析:商业风险（business risk）包括销售风险（sale risk）和经营性风险（operating risk）。
销售风险受产品需求弹性、销售周期性，以及行业竞争等因素影响。
经营性风险受固定成本和变动成本的比例影响。固定成本比例越高，经营性风险越大。
财务风险（financial risk）受公司固定的利息成本（interest cost）的影响，固定利息成本越大，财务风险越高，而财务风险是公司的管理层最能够控制的。
系统性风险（systematic risk）是与整个宏观经济有关的，也是管理层无法控制的。

4、A company issued a $50,000 seven-year bond for $47,565. The bonds pay 9% per annum, and the yield to maturity at issue was 10%. The company uses the effective interest rate method to amortize any discounts or premiums on bonds. After the first year, the yield to maturity on bonds equivalent in risk and maturity to these bonds is 9%. The amount of the bond discount amortization recorded in the first year is closest to:【单选题】

A.$0.

B.$348.

C.$257.

正确答案:C

答案解析:
2014 CFA Level I
"Non-Current (Long-Term) Liabilities," by Elizabeth A. Gordon and Elaine Henry
Section 2.2
2014 CFA Level I
"Non-Current (Long-Term) Liabilities," by Elizabeth A. Gordon and Elaine Henry
Section 2.2

5、The weak-form market efficiency most accurately assumes that current security prices:【单选题】

A.adjust rapidly to the release of all public information.

B.fully reflect all past market information, including transactions by exchange specialists.

C.fully reflect all information from public and private sources.

正确答案:B

答案解析:In the weak-form efficient market hypothesis, security prices fully reflect all past market data including transactions by exchange specialists.
2014 CFA Level I
“Market Efficiency,” W. Sean Cleary, Howard J. Atkinson, and Pamela Peterson Drake
Section 3