2019年CFA考試《CFA一級(jí)》考試共240題，分為單選題。小編每天為您準(zhǔn)備了5道每日一練題目（附答案解析），一步一步陪你備考，每一次練習(xí)的成功，都會(huì)淋漓盡致的反映在分?jǐn)?shù)上。一起加油前行。

1、David Bravoria, CFA, is an independent financial advisor for a high net worth client with whom he had not had contact in over two years. During a recent brief telephone conversation, the client states he wants to increase his risk exposure. Bravoria subsequently recommends and invests in several high-risk funds on behalf of the client. Bravoria continues, as he has done in the past, to send to his client monthly, detailed itemized investment statements. Did Bravoria most likely violate any CFA Standards?【單選題】

A.No.

B.Yes, with regard to investment statements.

C.Yes, with regard to purchasing venture capital funds.

正確答案:C

答案解析:“Guidance for Standards I-VII,” CFA Institute
2011 Modular Level I, Vol. 1, pp. 65-67
Study Session 1–2–b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
C is correct because Bravoria violated Standard III – Duties to Clients in not exercising Loyalty, Prudence and Care. Bravoria had not updated his client’s profile in over two years thus should not have made further investments, particularly in high risk investments until such time as he updated the client’s risk and return objectives, financial constraints and financial position. Bravoria provided his client with investment statements more frequently than that which is required; i.e. quarterly so was not in violation of regular account information.

2、Which is least likely to be a component of a developing country’s equity premium?【單選題】

A.Sovereign yield spread

B.Annualized standard deviation of the developing country’s equity index

C.Annualized standard deviation of the sovereign bond market in terms of the developing country’s currency

正確答案:C

答案解析:“Cost of Capital,” Yves Courtois, CFA, Gene C. Lai, and Pamela P. Peterson, CFACountry equity premium = sovereign yield spread * (annualized standard deviation of equity index ÷ annualized standard deviation of the sovereign bond market in terms of the developed market currency)

3、A trader buys 500 shares of a stock on margin at $36 a share using an initial leverage ratio of 1.66. The maintenance margin requirement for the position is 30 percent. The stock price at which the margin call will occur is closest to:【單選題】

A.$20.57.

B.$25.20.

C.$30.86.

正確答案:A

答案解析:“Market Organization and Structure,” Larry HarrisP = $20.57.

4、The Zera Company has borrowed capital by issuing a number of different securities. Which of the following most likely ranks the highest with respect to priority of payments?【單選題】

A.Third lien debt

B.Subordinate loan

C.Senior unsecured bond

正確答案:A

答案解析:Third lien debt is secured debt. It has a secured interest in the pledged assets and ranks higher than all other unsecured debts.Section 3.2

5、Which of the following is not a recommended procedure for compliance with theStandards of Professional Conduct relating to material nonpublic information?【單選題】

A.Conduct appropriate interdepartmental communications.

B.Establish Proprietary trading procedures.

C.Avoid public dissemination of material nonpublic information.

正確答案:C

答案解析:執(zhí)行部門之間恰當(dāng)?shù)臏贤ê徒⒆鍪猩探灰琢鞒潭际荂FA協(xié)會(huì)推薦的避免違反重大的非公開信息規(guī)定的做法，因?yàn)橥顿Y銀行部門以及做市商都有可能接觸到重大的非公開信息。如果會(huì)員或考生確認(rèn)有重大的非公開信息，則會(huì)員或考生應(yīng)該作出合理的努力以實(shí)現(xiàn)該信息的公開發(fā)布，而不是避免發(fā)布。