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、A bank offers an effective annual rate (EAR) of 12%. Assuming quarterly compounding, the stated annual interest rate is closest to:【单选题】

A.11.66%.

B.12.55%.

C.11.49%.

正确答案:C

答案解析:
Stated annual interest rate = Periodic interest rate × m = 2.873734% × 4 = 11.49%.
2014 CFA Level I
“The Time Value of Money,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
Section 3.2

2、When an investigator wants to test whether a particular parameter is larger than a specific value, the null and alternative hypothesis are best defined as:【单选题】

A.

B.

C.

正确答案:B

答案解析:“Hypothesis Testing,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2011 Modular Level I, Vol. 1, pp. 592-593
Study Session 3-11-a
Define a hypothesis, describe the steps of hypothesis testing, interpret and discuss the choice of the null and alternative hypothesis, and distinguish between one-tailed and two-tailed tests of hypotheses.
A positive “hoped for” condition means that we will only reject the null (and accept the alternative) if the evidence indicates that the population parameter is greater thanis the correct statement of the null and alternative hypotheses.

3、Which of the following statements is most accurate in an efficient market?【单选题】

A.Securities market prices fully reflect their fundamental values.

B.Active strategies will lead to excess risk adjusted portfolio returns.

C.Securities market prices respond over time to changes in economic information.

正确答案:A

答案解析:In an efficient market, market participants will process available information and those with oppositeviews will trade among each other until securities market prices fully reflect their fundamental values.An efficient market is thus a market in which asset prices reflect all past and present information.
CFA Level I
"Market Efficiency," W. Sean Cleary, Howard J. Atkinson and Pamela Peterson Drake
Section 2.1

4、An investor opens a margin account with an initial deposit of $5,000. He then purchases 300 shares of a stock at $30. His margin account has a maintenance margin requirement of 30%. Ignoring commissions and interest, the price (in $) at which the investor receives a margin call is closest to:【单选题】

A.19.05.

B.23.08.

C.23.81.

正确答案:A

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. 26-28
Study Session 13-52-g
Describe the process of buying a stock on margin, compute the rate of return on a margin transaction, define maintenance margin, and determine the stock price at which the investor would receive a margin call.
Determine the stock price at which the investor receives a margin call by solving for the critical stock price, P, as:
[(#of shares x p) – margin loan] / (# of shares x P) = % of Maintenance Margin
(300P – $4,000) / 300P = .30;
P = $4,000 / 210 = $19.05

5、Given two otherwise identical bonds, when interest rates rise, the price of Bond A declines morethan the price of Bond B. Compared with Bond B, Bond A most likely.【单选题】

A.has a shorter maturity.

B.is callable.

C.has a lower coupon.

正确答案:C

答案解析:The lower the coupon rate, the more sensitive the bond's price is to changes in interest rates.
CFA Level I
"Introduction to Fixed-Income Valuation," James F. Adams and Donald J. Smith
Section 2.3