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 book value and gathers the following informationfrom a company's balance sheet (in millions):

The company's book value per share is closest to:【单选题】

A.$1.67

B.$2.27

C.$2.73

正确答案:B

答案解析:公司每股净资产 = 公司净资产（普通股）/发行在外的普通股股数 = （$150 - $25）/（75 - 20） = $2.27。

2、An analyst does research about asset-backed securities.Which of the followingstatements is most accurate? A corporation that raises funds through use of anasset-backed security:【单选题】

A.creates a special purpose vehicle that is a subsidiary of the corporation.

B.no longer owns the assets that serve as collateral for the asset-backed security.

C.uses credit enhancement in the reduction in funding cost compared withthe cost of enhancement.

正确答案:C

答案解析:特殊目的机构（SPV）不是公司的附属机构，而是作为担保的独立机构，与公司无关，公司破产并不会影响该机构，所以创设一个SPV能够提高短期融资的信用评级；资产支持证券（ABS）的抵押品仍然属于公司，如果不是创立一个SPV的话；公司会使用信用提升来降低融资成本，与此同时要权衡信用提升的成本。

3、If a company has a deferred tax asset reported on its statement of financial position and the taxauthorities reduce the tax rate, which of the following statements is most accurate concerning theeffect of the change? The existing deferred tax asset will:【单选题】

A.not be affected.

B.decrease in value.

C.increase in value.

正确答案:B

答案解析:A decrease in the tax rate will result in a decrease in the previously reported amounts of deferred taxassets. That is, the value of the future tax assets, based on the new lower rate, is reduced foroffsetting future tax payments.
CFA Level I
"Income Taxes," Elbie Antonites and Michael A. Broihahn
Section 3.3

4、An analyst does research about duration.If the interest rate falls by 25 basispoints, the price of a bond will be $ 106.5, and if interest rate rises by 25 basispoints, the price of the bond will be $ 98.8.If the current price of thebond is $ 101.2, the duration is closest to:【单选题】

A.7.61

B.15.22

C.30.44

正确答案:B

答案解析:$ (106.5 - 98.8)/(2 × $ 101.2 × 0.0025) = $ 15.22。

5、When calculated for the same data and provided there is variability in the observations, the geometric mean will most likely be:【单选题】

A.equal to the arithmetic mean.

B.less than the arithmetic mean.

C.greater than the arithmetic mean.

正确答案:B

答案解析:“Statistical Concepts and Market Returns,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2011 Modular Level I, Vol. 1, p. 374
Study Session 2-7-e
Define, calculate and interpret measures of central tendency, including the population mean, sample mean, arithmetic mean, weighted average or mean (including a portfolio return viewed as a weighted mean), geometric mean, harmonic mean, median, and mode.
As stated in the reading, “In fact, the geometric mean is always less than or equal to the arithmetic mean. The only time the two means will be equal is when there no variability in the observations.”