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、For a retired 65-year-old investor, with moderate risk tolerance and adequate insurance and cash reserves, the appropriate portfolio will most likely have the following mix of bonds and stocks:【单选题】

A.

B.

C.

正确答案:A

答案解析:“The Asset Allocation Decision”, Frank K. Reilly and Keith C. Brown.
2010 Modular Level I, Vol. 4, p. 222
Study Session 12-49-c, d
Describe the return objectives of capital preservation, capital appreciation, current income, and total return.
Describe the investment constraints of liquidity, time horizon, tax concerns, legal and regulatory factors, and unique needs and preferences.
A is correct. A moderately risk tolerant retired 65-year-old can structure his or her portfolio so that it provides income and some principal growth. The principal growth is needed because the time horizon is still fairly long. Such a portfolio could have an allocation of 55-65% in bonds and 35-45% in stocks.

2、Which of the following statements about the Global Investment PerformanceStandards ( GAPS?) is NOT accurate? The GAPS? standards require that acomposite:【单选题】

A.is selected according to pre-established criteria.

B.is an aggregation of one or more portfolios managed according to a similarinvestment mandate, objective or strategy.

C.include a statement referring to the performance of a single, existing clientportfolio as being "calculated in accordance with the Global InvestmentPerformance Standards".

正确答案:C

答案解析:因为遵守GAPS?已经遵守其所规定的计算方法，所以无须说明“是根据GAPS?来计算的”。GAPS?要求组合群的构建是根据之前所设定好的标准，题目中选项B是对组合群的定义。

3、Three firms operate under perfect competition, producing 900 units of the same product but usingdifferent production technologies. Each company's cost structure is indicated in the table:

Which of the following statements is most accurate ? lf the unit selling price is:【单选题】

A.$4.50, all firms should continue to operate in the short run, but exit the market in the long run ifthese conditions are expected to persist.

B.$3.00, Firm X should continue to operate in the short run, but Firms Y and Z should shut downproduction.

C.$6,00, all firms should exit the market in the long run.

正确答案:B

答案解析:
CFA Level I
"Demand and Supply Analysis: The Firm," Gary L. Arbogast and Richard V, Eastin
Section 3.1.3

4、If a probability distribution is very similar to a normal distribution, then the kurtosis is best described as:【单选题】

A.leptokurtic.

B.mesokurtic.

C.platykurtic.

正确答案:B

答案解析:“Statistical Concepts and Market Returns,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2010 Modular Level I, Vol. 1, page 330
Study Session 2-7-k
Define and interpret measures of sample skewness and kurtosis.Normal distributions are mesokurtic. Leptokurtic distributions are more peaked than normal distributions while platykurtic distributions are less peaked than normal distributions.

5、Which of the following types of unemployment is most likely caused by long-runchanges that eliminate some jobs while generating others for which unemployedworkers are not qualified?【单选题】

A.Frictional.

B.Structural.

C.Cyclical.

正确答案:B

答案解析:摩擦性失业（frictional unemployment）是指有工作能力的人由于信息不充分等原因暂时没有找到合适的工作。结构性失业（structural unemployment）是指由于长期的经济结构调整而没有合适的技能导致失业。周期性失业（cyclical unemployment）是指有效需求不足而导致的失业。