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、Bob Thompson, CFA, is an analyst at Government Brokers, Inc., which is abrokerage firm specializing in government bond trading.Which of the followingstatements complies with the CFA Institute Code of Ethics and Standards of ProfessionalConduct?【单选题】

A.Thompson must notify Government Brokers, Inc.of his responsibility toabide by the CFA Institute Code of Ethics and Standards of ProfessionalConduct.

B.Thompson must be responsible for the ethical actions of other investmentprofessionals in Government Brokers, Inc..

C.Thompson must practice and encourage others to practice in a professionaland ethical manner that will reflect credit on themselves and the profession.

正确答案:C

答案解析:行使并鼓励他人行使专业的和符合道德规范的行为来彰显其自身和该行业的声誉是伦理道德六条总纲之一。通知雇主遵守伦理道德和专业行为标准，以及为公司其他投资专业人士的道德行为负责任并不是必要的。

2、At the initiation of a contract, the value of a swap is:【单选题】

A.the present value of the fixed payments.

B.the notional value.

C.zero.

正确答案:C

答案解析:When a swap is initiated, neither party pays any amount to the other. Therefore, a swap has zero value at the start of the contract.
2014 CFA Level I
"Swap Markets and Contracts," by Don M. Chance
Section 1.2

3、Which of the following is least consistent with the goals of accounting standards developed under the joint conceptual framework project of the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB)? Accounting standards should be:【单选题】

A.developed independently.

B.internally consistent.

C.principles based.

正确答案:A

答案解析:Under the joint conceptual framework project of the IASB and the FASB, accounting standards should be principles based, internally consistent and converged. The goal of the joint framework is to move away from the independent development of accounting standards.
2014 CFA Level I
“Financial Reporting Standards,” by Elaine Henry, Jan Hendrik van Greuning, and Thomas R. Robinson
Section 2

4、The following selected information is from a company’s most recent financial statements:

The 2009 cash conversion cycle, in days, is closest to:【单选题】

A.23.

B.26.

C.28.

正确答案:A

答案解析:“Financial Analysis Techniques”, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFA
2010 Modular Level I, Vol. 3, pp. 329-330
“Working Capital Management,” Edgar A. Norton, Jr., CFA, Kenneth L. Parkinson, and Pamela P. Peterson, CFA
2010 Modular Level I, Vol. 4 pp.89-93
Study Session 8-35-d, 11-46-c
Calculate, classify and interpret activity, liquidity, solvency, profitability, and valuation ratios.
Evaluate overall working capital effectiveness of a company, using the operating and cash conversion cycles, and compare its effectiveness with other peer companies.

5、If a government increases its spending on domestically produced goods by an amount that is financed by the same increase in taxes, the aggregate demand will most likely:【单选题】

A.increase.

B.decrease.

C.remain unchanged.

正确答案:A

答案解析:“Monetary and Fiscal Policy,” Andrew Clare and Stephen Thomas
2012 Modular Level I, Vol. 2, pp. 410–411
Study Session 5-19-l, n, o
Describe the tools of fiscal policy, including their advantages and disadvantages.
Explain the implementation of fiscal policy and the difficulties of implementation.
Determine whether a fiscal policy is expansionary or contractionary.A is correct. Aggregate demand rises when the government increases spending by the same amount as it raises taxes because the marginal propensity to spend out of disposable income is less than 1, and hence for every dollar less in disposable income, spending only falls by c (where c is the marginal propensity to consume in dollars). Aggregate spending will fall less than the tax rise by a factor c. This additional output will, in turn, lead to further increases in income and output through the multiplier effect.