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 liquidity.Which of the following changes willleast likely improve a company's liquidity position?【单选题】

A.Supplies increase credit terms.

B.Bank line of credit limit decreases.

C.Number of days of receivable decrease.

正确答案:B

答案解析:供应商增加了信用期限，使得企业可以更多地以赊账的方式购买原材料，增加了公司的流动性，所以选项A是提高了公司的流动性。银行信用额度（line of credit）减少，意味着向银行借钱越来越困难，公司的流动性变差，所以选项B没有提高公司的流动性。应收账款的回收期减少，说明公司应收账款减少，所以选项C增加了公司的流动性。

2、Which of the following is least likely to appear in a company’s proxy statement?【单选题】

A.Compensation arrangements for management and directors

B.Significant events and contingencies that may affect future operations

C.Potential conflicts of interest between management, directors, and shareholders

正确答案:B

答案解析:“Financial Statement Analysis: An Introduction,” Elaine Henry and Thomas R. Robinson
2012 Modular Level I, Vol. 3, pp. 27, 31
Study Session: 7-22-c, e
Describe the importance of financial statement notes and supplementary information—including disclosures of accounting policies, methods, and estimates—and management’s commentary.
Identify and explain information sources that analysts use in financial statement analysis besides annual financial statements and supplementary information.
B is correct. Significant events, conditions, trends, and contingencies that may affect future operations are contained in the Management’s Discussion and Analysis. Compensation agreements for directors and management and their potential conflicts of interest are required in the proxy statement.

3、The bonds of Apex Corporations have a par value of $10,000 each and an annual required rate of return of 10%. The bonds make quarterly coupon payments at an annual rate of 6% and have two years remaining until maturity. The current market price of each bond is closest to:【单选题】

A.$9,283.

B.$10,749.

C.$9,306.

正确答案:A

答案解析:Using the quarterly coupon payment of $150 [= (0.06 × 10000)/4] over eight quarters and a quarterly required rate of return of 2.5%, we calculate the bond's price as:

2014 CFA Level I
"Introduction to Fixed-Income Valuation," by James F. Adams and Donald J. Smith
Section 2.1

4、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。

5、Roger Smith is a retail broker for TNT Securities, a small regional brokerfirm.As a CFA member, according to the Code of Ethics and Standards ofProfessional Conduct relating to knowledge of the law, he is most likely requiredto:【单选题】

A.report violations of the Code of Ethics and Standards of Professional Conductto appropriate regulatory organization.

B.dissociate from any activity that is believed to be illegal or unethical.

C.report violations of the Code of Ethics and Standards of Professional Conductto CFA Institute.

正确答案:B

答案解析:CFA会员道德行为标准规定：CFA会员或考生必须在任何时候远离任何非法的或者不道德的行为，而向CFA协会和合适的监管机构报告并不是必须的。CFA协会并不要求会员或考生将他们已经知道的违法违规行为向合适的监管机构进行报告，而且这种报告在某些情况下是审慎的，如果法律有要求，有可能会成为必须。CFA协会也并不要求会员或考生将他们已经知道的违法违规行为向CFA协会进行报告，但CFA协会鼓励会员或考生这么做。