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、An observation that stocks with above average price-to-earnings ratios have consistently underperformed those with below average price-to-earnings ratios least likely contradicts which form of the market efficiency?【單選題】

A.Weak form

B.Strong form

C.Semi-strong form

正確答案:B

答案解析:“Market Efficiency,” W. Sean Cleary, Howard J. Atkinson, and Pamela Peterson DrakeB is correct. The observation that stocks with high above-average price-to-earnings ratios have consistently underperformed those with below-average price-to-earnings ratios is a cross-sectional anomaly. It is a contradiction to the semi-strong form of market efficiency and weak-form market efficiency because all the information used to categorize stocks by their price-to-earnings ratios is publicly available.

2、According to the Standards of Professional Conduct relating to record retention,if local regulatory guidance is in place and requires at least 5 years ofmaintenances, CFA members should keep records for at least:【單選題】

A.5 years.

B.7 years.

C.10 years.

正確答案:A

答案解析:如果當(dāng)?shù)氐姆伞⒎ㄒ?guī)沒(méi)有明確的規(guī)范，CFA協(xié)會(huì)推薦保留記錄至少是7年，但如果當(dāng)?shù)氐姆伞⒎ㄒ?guī)有明確的規(guī)范，CFA協(xié)會(huì)則要求會(huì)員遵守當(dāng)?shù)氐谋O(jiān)管要求。這里并不適用在當(dāng)?shù)氐姆?、法?guī)和CFA協(xié)會(huì)的倫理道德與專業(yè)行為標(biāo)準(zhǔn)中遵守一個(gè)更加嚴(yán)格的要求。

3、Which of the following reports is least likely to be filed with the US SEC?【單選題】

A.Proxy statement

B.Form 10-K

C.Annual report

正確答案:C

答案解析:The annual report is not a requirement of the SEC.Section 3.2.2

4、Which of the following statements is least accurate concerning differences in the pricing of forwardsand futures?【單選題】

A.Pricing differences can arise if futures prices and interest rates are uncorrelated.

B.Interest rate volatility can explain pricing differences.

C.Differences in the pattern of cash flows of forwards and futures can explain pricing differences.

正確答案:A

答案解析:If futures prices and interest rates are uncorrelated, the prices of forwards and futures will beidentical.Section 3.2

5、An analyst does research about calculating the expected standard deviation of returns.An investor estimates that the return from a security over his holding periodwill be either 12 percent or 16 percent and that each of the two potential returns has an equal probability of occurrence.The expected standard deviation ofreturns for that security over the investor's holding period is closest to:【單選題】

A.0.020

B.0.028

C.0.040

正確答案:A

答案解析:E（p） = 12% × 0.5 + 16% × 0.5 = 14%標(biāo)準(zhǔn)差 = [1669201704111-image/240.jpg] = 0.02