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 enterprise value and gathers the following informationabout a company:

The company's enterprise value is closest to:【单选题】

A.$975 million.

B.$1 173 million.

C.$1 215 million.

正确答案:C

答案解析:EV = market value of common and preferred stocks + market value of debt - cash and shortterminvestments，代入数据得：
EV = $28 × 40 million + $120 million - $25 million = $1 215 million。

2、A security market with price continuity is most accurately characterized as a market in which:【单选题】

A.assets can be bought or sold quickly with minimal transaction costs.

B.prices change rapidly from one transaction to the next in response to new information.

C.prices do not change much from one transaction to the next in the absence of new information.

正确答案:C

答案解析:“Organization and Functioning of Securities Markets,” Frank K. Reilly, CFA and Keith C. Brown, CFA
2010 Modular Level I, Vol. 5, pp. 6-7
Study Session 13-52-a
Describe the characteristics of a well-functioning securities market.
Price continuity means that prices do not change much from one transaction to the next unless substantial new information becomes available.

3、An analyst does research about diluted earnings per share and gathers the followinginformation about a company for 2011:
● Net income is $1 275 000
● Common shock dividends is $55 000
● Average number of common shares outstanding is 150 000
● 20 000 preferred shares outstanding
● Preferred dividends per share is $18.00
If each preferred share is convertible into 2 shares of common stock, thecompany's reported diluted EPS is closest to:【单选题】

A.$6.10

B.$6.42

C.$6.71

正确答案:A

答案解析:basic EPS = （$1 275 000 - $18 × 20 000）/150 000 = 6.10。
diluted EPS = $1 275 0001（150 000 + 2 × 20 000） = 6.71，由于diluted EPS = 6.71比basic EPS = 6.10大，说明存在反稀释（anti-diluted），因此diluted EPS = basicEPS = 6.10。

4、Teresa Staal, CFA is an investment officer in a bank trust department. She manages money for celebrities and public figures, including an influential local politician. She receives a request from the politician’s political party headquarters to disclose his stock holdings. The request indicates local law requires the disclosure. What steps should Staal most likely take to ensure she does not violate any CFA Institute Standards of Professional Conduct?【单选题】

A.Provide the information and inform her client.

B.Send the requested documents and inform her supervisor.

C.Check with her firm's compliance department to determine her legal responsibilities.

正确答案:C

答案解析:"Guidance for Standards I-VII CFA Institute"
2011 Modular Level I, Vol. 1, pp. 88-89
Study Session 1-2-c
Recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.
C is correct. In order to avoid violating Standard III (E) Staal should determine if applicable securities regulations require disclosing the records before she provides the confidential information concerning her client's investments.

5、Gus Hayden, CFA, has developed a mutual fund selection product based onhistorical information from 2000 - 2010 period and performs a hypothesis testabout performances of different styles.In order to minimize the probability ofboth Type I and Type II error, Hayden should increase the:【单选题】

A.the power of a test.

B.level of significance.

C.sample size.

正确答案:C

答案解析:同时减少第一类去真错误和第二类存伪错误的办法只有增加样本的容量。检验效力(the power of a test)是1减去犯第二类存伪错误的概率。