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、The point of tangency between the capital allocation line (CAL) and the efficient frontier of riskyassets most likely identifies the:【单选题】

A.global minimum-variance portfolio.

B.optimal risky portfolio.

C.optimal investor portfolio.

正确答案:B

答案解析:The optimal risky portfolio lies at the point of tangency between the capital allocation line and theefficient frontier of risky assets.
CFA Level I
"Portfolio Risk and Return: Part I," Vijay Singal
Section 5.4

2、Using the firm’s income statement presented, its degree of financial leverage is closest to:
【单选题】

A.1.5.

B.1.7.

C.2.6.

正确答案:A

答案解析:“Measures of Leverage,” Pamela Peterson Drake, Raj Aggarwal, Cynthia Harrington, and Adam Kobor
2012 Modular Level I, Vol. 4, pp. 103–105
Study Session 11-38-b
Calculate and interpret the degree of operating leverage, the degree of financial leverage, and the degree of total leverage.
A is correct. DFL = (Operating income) ÷ (Operating income – Interest expense)
or operating income divided by pretax earnings
= $3.6 ÷ ($3.6 – $1.2)
= 1.50.

3、An analyst does research about real GDP.Holding all else constant, a decrease inwhich of the following is most likely to result in an increase in the quantity of realGDP demanded?【单选题】

A.Import.

B.Export.

C.Government expenditure.

正确答案:A

答案解析:真实GDP的需求主要是由消费、投资、政府支出和净出口（出口减去进口）组成，如果进口增加的话，会减少净出口，并会减少真实GDP。

4、An analyst does research about forward products.Which of the following statementsis the most effective way to terminate a forward contract prior to expiration?【单选题】

A.One party of the forward contract closes the position with a local exchange.

B.One party of the forward contract closes the position with the same counterparty.

C.One party of the forward contract closes the position with the other counterpartywith AAA credit rating.

正确答案:B

答案解析:远期合约提前终止不会与交易所，因为远期合约都在场外交易，最有效的是原来对手方签定反向头寸的协议以终止，此时没有额外的信用风险，如果与其他第三方签定反向头寸的协议会增加信用风险。

5、An analyst does research about operating lease and capital lease and notes that thefootnotes to the financial statements for a lessee company indicate that the companyleases a substantial portion of the facilities required for efficient operation.The present value of lease payments is $35 million for facilities leased undercapital leases and $25 million for facilities leased under operating leases.Othercompanies in the same industry own their facilities.Before the analyst comparesthe company's financial ratios with the industry's ratios, the most appropriate adjustmentsto that company's balance sheet would be to increase:【单选题】

A.both liabilities and assets by $25 million.

B.both liabilities and assets by $60 million.

C.liabilities by $25 million and decrease equity by $25 million.

正确答案:A

答案解析:因为行业内其他公司都是自己拥有该项资产的，所以总资产水平会比较高，而该公司是租赁这种资产的。其中，$35million现值是资本化租赁，说明已经通过同时增加资产和负债反映了该项资产；而其中还有$25million现值是经营性租赁，说明还未反映到资产负债表中，所以在与其他公司比较前，应将资产和负债都加上$25million。