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 is a recommended procedure for compliance with theStandards of Professional Conduct relating to additional compensation arrangements?Members :【单选题】

A.obtain written permission for only pecuniary additional compensation arrangementfrom their employers.

B.have details of the additional compensation arrangement confirmed in writingby the party offering the additional compensation.

C.make a written report of the additional compensation arrangement to theiremployer after completion of services for the party of offering the additionalcompensation.

正确答案:B

答案解析:CFA协会会员提交额外报酬安排的书面报告一定是在会员提供服务之前，所以c错。CFA协会会员在获得额外的报酬时需要得到雇主的同意，而并不仅仅是获得金钱上的报酬才需要披露，所以A错。CFA协会会员提出具体的额外报酬安排需要提供报酬方进行确认，是推荐的做法。

2、A company accrued wages of $2,000 and collected accounts receivable of $10,000. Which of the following best describes the effect of these two transactions on the company?【单选题】

A.Net income will increase

B.Current ratio will decrease

C.Cash from operations will decrease

正确答案:B

答案解析:“Understanding the Cash Flow Statement”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA and Michael A. Broihahn, CFA
2010 Modular Level I, Vol. 3, pp. 267-269, 275-276
“Financial Analysis Techniques”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFA
2010 Modular Level I, Vol. 3, pp. 328-329
Study Session 8-34-g, 8-35-d
Analyze and interpret a cash flow statement using both total currency amounts and common-size cash flow statements.
Calculate, classify, and interpret activity, liquidity, solvency, profitability, and valuation ratios.
Accruing wages increases current liabilities and expenses, but collecting receivables has no effect on current assets or sales therefore the current ratio and net income both decrease. Collecting accounts receivable increases cash flow from operations and accruing wages increases current liabilities, which also increases cash flow from operations so cash from operations will increase not decrease.

3、The most important interest rate used in U.S.monetary policy is the federalfunds rate.All else being equal, the federal funds rate will least likely change ina response to a change in the:【单选题】

A.real long-term interest rate.

B.supply of real loanable funds.

C.amount of reserves in the banking system.

正确答案:A

答案解析:联邦基金利率是银行间进行相互短期资金借贷时所使用的利率，所以会受到真实可贷资金供给的影响，也会受到银行系统可贷资金余额的影响，但真实的长期利率与联邦基金利率的关联度最小。

4、Which of the following is least likely an interest rate policy tool available to the U.S. Federal Reserve?【单选题】

A.A change in capital gains tax rates

B.Conducting open market operations

C.A change in bank reserve requirements

正确答案:A

答案解析:“Understanding Yield Spreads” Frank J. Fabozzi, CFA
2013 Modular Level I, Vol. 5, Reading 55, Section 2
Study Session 15-55-a
Identify the interest rate policy tools available to a central bank (e.g., the U.S. Federal Reserve).
A is correct because the capital gain tax is not one of the Federal Reserve’s interest rate policy tools.

5、A descriptive measure of a population characteristic is best described as a:【单选题】

A.parameter.

B.frequency distribution.

C.sample statistic.

正确答案:A

答案解析:Any descriptive measure of a population characteristic is called a parameter.
CFA Level I
"Statistical Concepts and Market Returns," Richard A. DeFusco, Dennis W. McLeavey, Jerald E.Pinto, and David E. Runkle
Section 2.2