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 tradingsessions.Which of the following statementsis most accurate to describe the characteristics of a call market?【单选题】

A.Dealers who provide securities liquidity engage in proprietary trading.

B.Gathering all trades to the same place at the same time makes it easier forbuyers to find sellers and vice versa.

C.A willing buyer and seller can trade at anytime the market is open.

正确答案:B

答案解析:集合竞价市场(call market)主要是撮合买卖订单来决定单一价格，该价格往往在一些小的市场或者一些大的市场决定开盘价格时使用。连续交易市场（continuous trading market)在开盘中的任何时间，交易都能够被执行。

2、A 180-day U.S. Treasury bill has a holding period yield (HPY) of 2.375%. The bank discount yield (in %) is closest to :【单选题】

A.4.640.

B.4.750.

C.4.875.

正确答案:A

答案解析:“Discounted Cash Flow Applications,” Richard A. Defusco CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2010 Modular Level I, Vol. 1, pp. 253-257
Study Session 2-6-d, e
Calculate and interpret the bank discount yield, holding period yield, effective annual yield, and money market yield for a U.S. treasury bill
Convert among holding period yields, money market yields, effective annual yields, and bond equivalent yields.

3、The aggregate demand and supply functions for the local market for pizza, along with some relevantdata, is provided in the following table.

The number of units of excess demand for pizza is closest to:【单选题】

A.2,358.

B.1,471.

C.2,072.

正确答案:A

答案解析:
CFA Level I
"Demand and Supply Analysis: Introduction," Richard V. Eastin and Gary L. Arbogast
Section 3.6

4、A consultant starts a project today that will last for three years. Her compensation package includes the following:

If she expects to invest these amounts at an annual interest rate of 3%, compounded annually until her retirement 10 years from now, the value at the end of 10 years is closest to:【单选题】

A.$566,466.

B.$618,994.

C.$460,590.

正确答案:A

答案解析:Calculate the future value (FV) of each of the cash flows to the end of 10 years:

2014 CFA Level I
“The Time Value of Money,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
Section 4.2

5、Which of the following statements concerning the use of industry analysis is most accurate? Industry analysis is most useful for:【单选题】

A.portfolio performance attribution.

B.evaluating market efficiency.

C.sector allocations in passive equity portfolios.

正确答案:A

答案解析:Portfolio performance attribution, which addresses the sources of a portfolio’s returns, usually in relation to the portfolio’s benchmark, includes industry or sector selection. Industry classification schemes play a role in such performance attribution.
2014 CFA Level I
“Introduction to Industry and Company Analysis,” by Patrick W. Dorsey, Anthony M. Fiore, and Ian Rossa O’Reilly
Sections 1–2