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，每一次練習的成功，都會淋漓盡致的反映在分數(shù)上。一起加油前行。

1、Which of the following statements most accurately describes the weak-form Efficient Market Hypothesis (EMH)? The weak-form EMH assumes that current security prices:【單選題】

A.fully reflect all information from public and private sources.

B.fully reflect all security market information, including transactions by exchange specialists.

C.adjust rapidly to the release of all public information; that is, security prices fully reflect all public information.

正確答案:B

答案解析:“Efficient Capital Markets,” Frank K. Reilly, CFA and Keith C. Brown, CFAThe weak-form EMH assumes that current stock prices fully reflect all security market information, including transactions by exchange specialists.

2、Which of the following is the most appropriate reason for using a free-cash-flow-to-equity (FCFE) model to value equity of a company?【單選題】

A.FCFE is a measure of the firm’s dividend paying capacity.

B.FCFE models provide more accurate valuations than the dividend discount models.

C.A firm’s borrowing activities could influence dividend decisions but they would not impact FCFE.

正確答案:B

答案解析:“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak, CFA and Stephen E. Wilcox, CFAA is correct. FCFE is a measure of the firm’s dividend paying capacity.

3、Giselle Holt is a staff of the Professional Conduct Program of CFA Institute.Inorder to be compliance with the Code of Ethics and Standards of ProfessionalConduct, Holt is most directly responsible for which of the following activities:【單選題】

A.conducting investigations on CFA members or candidates who may haveviolated the Code of Ethics and Standards of Professional Conduct.

B.conducting hearing panel relating to proposed sanctions on CFA membersor candidates.

C.updating the code of ethics and the professional conduct annually to ensurethey are effective.

正確答案:A

答案解析:如果CFA會員或考生違反了法律法規(guī)或者倫理道德標準，由CFA協(xié)會的專業(yè)行為項目(Professional Conduct Program，簡稱PCP)的員工負責對他們的行為進行調(diào)查，該員工也被稱為授權(quán)的官員（Designated Officer）。CFA協(xié)會的紀律審查委員會（Disciplinary ReviewCommittee，簡稱DRC)負責保持和更新倫理道德與專業(yè)行為標準，以確保其是有效的。如果CFA會員或考生不接受所施加的懲罰，該行為會啟動聽證會（Hearing Panel），且聽證會的成員由紀律審查委員會的成員和附屬于紀律審查委員會的CFA協(xié)會會員中的志愿者組成。

4、Consider a $100 par value bond, with an 8% coupon paid annually, maturing in 20 years. If the bondcurrently sells for $96.47, the yield to maturity is closest to:【單選題】

A.8.37%.

B.8.29%.

C.7.41%.

正確答案:A

答案解析:A security with a present value of 96.47, 19 interest payments of 8, and a 20th payment of principalplus interest (108) has a yield to maturity of 8.37%.Section 3

5、An analyst does research about efficient frontier.Which statement is the leastlikely the character of the efficient frontier?【單選題】

A.Minimize risk for a given return target.

B.Slope decrease along the curve.

C.Have the same utility for investors.

正確答案:C

答案解析:有效前沿(efficient frontier)是指風險性資產(chǎn)在給定收益的情況下風險最小，而且隨著風險的不斷增加有效前沿的斜率不斷減小。同時，有效前沿對于不同投資者而言，其效用是不一樣的。