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 security market indices.The number of freelyfloating share available is component of which of the following index weightingschemes?【单选题】

A.Fundamental weighting.

B.Price weighting.

C.Market-capitalization weighting.

正确答案:C

答案解析:市值法中有按照流通股票数量来调整的指数，对此需要知道流通股票的数量来决定权重。

2、An analyst does research about yield spread.All other factors being equal, willthe yield spread for an option-free corporate bond over the benchmark bond mostlikely decrease :【单选题】

A.

B.

C.

正确答案:C

答案解析:当经济处于衰退期时，人们对于风险更加厌恶，投资者会要求有更高的收益率溢价。当债券的信用评级被调低时，则该债券有更大的风险，投资者会要求有更高的收益率溢价。

3、The following tables present excerpts from financial statements for two merchandising companies following the format found in each of their annual reports.

Which of the companies most likely prepares its financial statements in accordance with U.S. GAAP?【单选题】

A.Both companies

B.Only Company A

C.Only Company B

正确答案:C

答案解析:Company A prepares its financial statements under IFRS whereas company B uses U.S. GAAP. IFRS does not specify the order of presentation of current and noncurrent assets. Under U.S. GAAP, current assets are presented before long-term assets and current liabilities before long-term ones.
2014 CFA Level 1
"Understanding Balance Sheets," by Elaine Henry and Thomas R. Robinson
Section 2.1

4、An analyst does research about weighted average cost of capital and gathers thefollowing information about a company:

Based on the information above, if the company's marginal tax rate is 35%, itsweighted average cost of capital is closest to:【单选题】

A.7.0%

B.7.6%

C.8.1%

正确答案:B

答案解析:先算出各种资金来源的比例：

WACC = × (l - t) + × + × =0.3 ×5% ×(1-35%) +0.1 ×6% +0.6× 10% =7.575%。

5、Which of the following is most consistent with real business cycle (RBC) models? The arguments and recommendations of RBC models suggest that:【单选题】

A.monetary variables have a major impact on GDP growth.

B.persons are unemployed because their asking wages are too high.

C.governments should intervene when the economy is in contraction.

正确答案:B

答案解析:“Understanding Business Cycles,” Michele Gambera, CFA, Milton Ezrati, and Bolong Cao, CFA
2013 Modular Level I, Vol. 2, Reading 18, Section 3.3.1
Study Session 5–18–c
Describe theories of the business cycle.
B is correct. As suggested particularly by the earliest RBC models, a person is unemployed because he or she is asking for wages that are too high, or in other words, this person’s utility function is maximized by having more leisure (e.g., free time to visit museums, watch games on TV, and enjoy time with friends) and less consumption (which could be increased by giving up some leisure and finding a job).