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 least likely to be a type of embedded option in a bond issue granted tobondholders? The right to:【单选题】

A.put the issue.

B.call the issue.

C.convert the issue.

正确答案:B

答案解析:The right to call an issue is a type of embedded option granted to issuers, not bondholders. The othertwo rights are embedded options granted to bondholders.
CFA Level I
"Fixed-Income Securities: Defining Elements," Moorad Choudhry and Stephen E. Wilcox
Section 5.1

2、An analyst does research about reinvestment risk.Which of the following securitiesis most likely to be subject to reinvestment risk during the period of time betweenissuance and maturity?【单选题】

A.Treasury bills.

B.Treasury notes.

C.Treasury coupon strips.

正确答案:B

答案解析:Treasury bills是美国国库券，是短期债券，而且是完全折价债券，到期前没有利息，到期时一次还本，所以没有再投资风险；Treasury coupon strips是美国本息剥离的国债，投资银行将美国的中长期国债的每一笔利息和本金拆分成不同期限的完全折价债券，所以也没有再投资风险；而Treasury notes是美国中期国债，每半年发放一次利息，会有再投资风险。

3、Bonds issued by a country's central government are referred to as sovereignbonds.Which of the following methods is used by central governments to issuesovereign bonds when it determines market conditions are advantageous?【单选题】

A.Regular cycle auction (multiple price).

B.An ad hoc auction system.

C.A tap system.

正确答案:B

答案解析:在市场适合的情况下，选择发行债券属于特别的拍卖系统。

4、A graphic depiction of a continuous distribution that shows the left tail to be longer than the right tail is best described as having:【单选题】

A.lepto-kurtosis.

B.positive skewness.

C.negative skewness.

正确答案:C

答案解析:“Statistical Concepts and Market Returns,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
2012 Modular Level I, Vol. 1, p. 401
Study Session 2-7-j
Explain skewness and the meaning of a positively or negatively skewed return distribution.
C is correct. A negatively skewed distribution appears as if the left tail has been pulled away from the mean.

5、The following selected data are available for a firm:

If the firm’s tax rate is 40%, the free cash flow to the firm (FCFF) is closest to:【单选题】

A.57.9.

B.74.7.

C.87.7.

正确答案:B

答案解析:“Understanding Cash Flow Statements,” Elaine Henry, CFA, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, and Michael A Broihahn, CFA
2013 Modular Level I, Vol. 3, Section 4.3
Study Session: 8–27-i
Calculate and interpret free cash flow to the firm, free cash flow to equity, and performance and coverage cash flow ratios.
B is correct.
Calculate FCFF: