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、Prices of a futures contract for five consecutive trading-days are provided in the table below. The initial margin requirement is set at $6.00 per contract and the maintenance margin is $3.60 per contract.

On day 0, a trader enters into a short position for 15 contracts. The ending balance for the margin account on day 5 is closest to:【单选题】

A.$15.

B.$60.

C.$210.

正确答案:B

答案解析:“Futures Markets and Contracts”, Don M. Chance, CFA
2011 Modular Level I, Vol. 6, pp. 55-59
Study Session 17-70-c, d
Differentiate between margin in the securities markets and margin in the futures markets, and explain the role of initial margin, maintenance margin, variation margin, and settlement in futures trading.
Describe price limits and the process of marking to market, and calculate and interpret the margin balance, given the previous day’s balance and the change in the futures price.
B is correct. The calculations are provided in the table below:


On day 0, the trader must deposit an initial margin of $90 (= $6 × 15). Subsequent gains and losses on the short position are reflected in the ending margin balance for the day. The ending balance on day 4 is $45, which is below the maintenance margin of $54 (= $3.60 × 15). On any day in which the amount of money in the margin account at the end of the day falls below the maintenance margin requirement, the trader must deposit sufficient funds to bring the balance back up to the initial margin requirement. Therefore, the trader must deposit $45 on day 5 to bring the margin balance up to $90. After reflecting a loss of $30, the ending balance on day 5 is $60.

2、What type of risk does the bid-ask spread most closely measure?【单选题】

A.Default risk

B.Inflation risk

C.Liquidity risk

正确答案:C

答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi, CFA
2011 Modular Level I, Vol. 5, pp. 369-371
Study Session 15-62-k
Explain liquidity risk and why it might be important to investors even if they expect to hold a security to the maturity date.
C is correct because the size of the spread between the bid price and the ask price is the primary measure of liquidity of the issue. Liquidity risk is the risk that the investor will have to sell a bond below its indicated value. The wider the bid-ask spread, the greater the liquidity risk.

3、In the statement of cash flows, interest paid by a company is most likely included in:【单选题】

A.only the financing section under both IFRS and US GAAP.

B.either the operating or financing section under U.S. GAAP.

C.either the operating or financing section under IFRS.

正确答案:C

答案解析:U.S. GAAP requires that interest paid be classified as an operating cash flow; IFRS allows interest paid to be classified as either an operating or financing activity.
2014 CFA Level I
“Understanding Cash Flow Statements,” by Elaine Henry, Thomas R. Robinson, Jan Hendrik van Greuning, and Michael A. Broihahn
Sections 2.1, 2.2

4、An analyst does research about accounting standards.Which of the following isNOT a goal of the International Accounting Standards Board?【单选题】

A.Promoting the use of global accounting standards.

B.Accounting for the needs of developed markets and big firms when implementingglobal accounting standards.

C.Develop global accounting standards requiring transparency, comparability,and high quality in financial statements.

正确答案:B

答案解析:IASB的4个目标如下：
（1） 使依据国际会计准则可编制出更透明、更可比及更高质量的财务报表。
（2） 促进国际会计准则的使用。
（3） 使用国际会计准则时，能更好地考虑新兴市场和小公司的需求。
（4） 使国际会计准则和不同国家的会计准则能够逐渐趋同。
（5） 选项B中说考虑成熟市场和大公司的需求，明显是错误的。

5、The following information (in millions) on a company is available:

The amount of cash (in millions) that the company paid to its suppliers is closest to:【单选题】

A.$505.

B.$495.

C.$445.

正确答案:B

答案解析:
CFA Level I
"Understanding Cash Flow Statements," Elaine Henry, Thomas R. Robinson, Jan Hendrik vanGreuning, and Michael A. Broihahn
Section 3.2.1.2