2019年CFA考試《CFA一級》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，都會淋漓盡致的反映在分?jǐn)?shù)上。一起加油前行。

1、A company's balance sheet shows the following values (€):The company’s cash ratio is closest to:【單選題】

A.0.46.

B.0.97.

C.0.37.

正確答案:A

答案解析:The cash ratio isSection 4.3.1

2、A company is long an interest rate swap with a current market value of $125,000. The company wants to terminate this swap before the expiration date. From a credit risk perspective, which is the least attractive way to terminate the swap?【單選題】

A.Sell the swap to a third party.

B.Short an offsetting swap with a third party.

C.Agree to terminate the swap and receive its market value from the counterparty.

正確答案:B

答案解析:“Swap Markets and Contracts,” Don M. ChanceBoth the initial and the offsetting swap remain in effect, exposing the company to potential default risk with two different counterparties.

3、Alex Burl is an investment advisor at Helpful Investments, a local investment advisoryfirm.Helpful Investments requires its employees to invest in the samestocks which Helpful Investments recommends to its clients.Helpful Investmentsalso has established strict procedures determining when trades can be executed inits employees' own portfolios to avoid any conflict of interests with its clients.This procedure is most likely in place to help Burl avoid violations of the Standardsof Professional Conduct relating to:【單選題】

A.only material non-public information.

B.only priority of transactions.

C.both independence and material non-public information.

正確答案:B

答案解析:個(gè)人交易應(yīng)該在為客戶交易和雇主交易之后，公司規(guī)定員工個(gè)人交易的時(shí)間是為了避免員工在為客戶交易前進(jìn)行交易，從而避免了違反優(yōu)先交易權(quán)操作方法，該題與重大的非公開信息無關(guān)。

4、According to put-call parity, if a fiduciary call expires in the money, the payoff is most likely equal tothe:【單選題】

A.market value of the asset.

B.face value of the risk-free bond.

C.difference between the market value of the asset and the face value of the risk-free bond.

正確答案:A

答案解析:A fiduciary call, defined as a long position in a call and in a risk-free bond, generates a payoff that isequal to the market value of the asset if it expires in the money.Section 4.1.9

5、An analyst is doing research about the change of bond value to the passage oftime and gathered the following information about an option-free bond.Thebond has 6 percent coupon and an annual discount rate of 5 percent, pays interestsemiannually, matures in five years, and is valued at $ 1 043.76.Oneyear later, the annual discount rate for that bond is 4.5 percent.At this time,the change in value for this bond that is attributable only to change of interestrate is closest to:【單選題】

A.- $ 18.50

B.$ 7.91

C.$ 18.50

正確答案:C

答案解析:N = 8, I/Y = 5, PMT = $1 000 × 6%/2 = $30, FV = $1 000，求出PV = $1035.85，當(dāng)利率改變時(shí)，N = 8，I/Y = 4.5，PMT = $1 000 × 6%/2 = $30，F(xiàn)V = $1 000，求出PV =$1 054.35，因此利率從5%變化為4.5%時(shí)，價(jià)格上升了$1 054.35 - $1035.85 =$18.50。