2021年CFA考试《CFA一级》试题共240题，均为单选题。帮考网为大家整理了Fixed Income Investments5道练习题，附答案解析，供各位小伙伴备考练习。
1、An analyst does research about moneyness of stock options.With respect to stockoptions, the potential for an infinite loss exists for an investor who:【单选题】
A.sells a put option.
B.buys a put option.
C.sells a call option.
2、An investor purchases 10 futures contracts priced at $100 each. The initial margin is $20 per contract and the maintenance margin requirement is $10 per contract. The investor will most likely be required to post variation margin if the end-of-day prices over the next three days are:【单选题】A.
答案解析:“Derivative Markets and Instruments,” Don M. Chance
2011 Modular Level I, Vol. 6, pp 55-59
Study Session 17-70-d
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. $110 of variation margin is required since the $90 margin balance after Day 3 is below the $100 maintenance margin. The $110 variation margin will re-establish the $200 initial margin.
The calculation is below:
Day 1 activity: $260 closing margin balance results from $200 initial margin plus $60 gain ($6 increase X 10 contracts)
Day 2 activity: $180 closing margin balance results from $260 opening margin balance minus $80 loss ($8 decline X 10 contracts)
Day 3 activity: $90 closing margin balance results from $180 opening margin balance minus $90 loss ($9 decline X 10 contracts)
3、The intrinsic value of an option is always zero:【单选题】
B.when its time value is zero.
C.when it is out-of-the-money.
答案解析:“Option Markets and Contracts,” Don M. Chance
2011 Modular Level I, Vol. 6, pp. 98–100
Study Session 17-63-i
Define intrinsic value and time value, and explain their relationship.
C is correct because an out-of-the-money option will have an intrinsic value of zero at all times.
4、An analyst does research about difference between forward market and futuremarket.Compared with contracts in the forward market, contracts in the futuresmarket are least likely to be appropriately described as transactions that are:【单选题】
B.customized according to the counterparts\\\\\\\\\\\' requests.
C.based on an agreement to buy or sell an underlying asset at a future date at aprice agreed on today.
5、When purchasing a futures contract, the initial margin requirement refers to the:【单选题】
A.minimum account balance required as prices change.
B.performance bond ensuring fulfillment of the obligation.
C.amount needed to finance the purchase of the underlying asset.
答案解析:“Futures Markets and Contracts,” Don M. Chance
2011 Modular Level I, Vol. 6, pp. 55–56
Study Session 17-62-c
Distinguish 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.
B is correct because the initial margin required is a good faith deposit or performance bond.
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