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、An analyst gathers the following information ($ millions) about the performance of a portfolio:The portfolio’s annual time-weighted rate of return (%) is closest to:【單選題】

A.8.

B.27.

C.32.

正確答案:C

答案解析:“Discounted Cash Flow Applications,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAThe time-weighted rate of return is calculated by computing the quarterly holding period returns and linking those returns into an annual return. In this case, the quarterly holding periods are 2.4/2.2 = 1.0909, 2.6/2.8 = 0.9286, 3.2/2.4 = 1.3333, and 4.1/4.2 = 0.9762. The time-weighted return is thus (1.0909 × 0.9286 × 1.3333 × 0.9762) - 1 = 1.3185 – 1 = 0.3185 or 31.85%.

2、A twenty-year $1,000 fixed rate non-callable bond with 8% annual coupons currently sells for $1,105.94. Assuming a 30% marginal tax rate and an additional risk premium for equity relative to debt of 5%, the cost of equity using the bond-yield-plus-risk-premium approach is closest to:【單選題】

A.9.9%.

B.12.0%.

C.13.0%.

正確答案:B

答案解析:“Cost of Capital,” Yves Courtois, CFA, Gene Lai, and Pamela Peterson Drake, CFAThe bond-yield-plus-risk-premium approach is calculated by adding a risk premium to the cost of debt (i.e. the yield-to-maturity for the debt) making the cost of equity 12.00% (= 7% +5%).

3、A company incurs the following costs related to its inventory during the year:The amount charged to inventory cost (in millions) is closest to:【單選題】

A.￥177,000.

B.￥175,000.

C.￥185,000.

正確答案:B

答案解析:The costs to include in inventories are all costs of purchase, costs of conversion, and other costsincurred in bringing the inventories to their present location and condition. It does not includeabnormal waste costs or storage of finished product.Section 2

4、An analyst does research about commodity market.Which of the following isleast likely a motivation of investing in commodities?【單選題】

A.Commodity markets have lower volatility than the equity markets.

B.Commodities have a positive correlation with the unexpected inflation.

C.Commodities have a negative correlation with the stock and bond returns.

正確答案:A

答案解析:商品市場的價格波動很大，不亞于股票市場。商品的投資與未預期的通貨膨脹呈正相關，與傳統(tǒng)的股票和債券回報呈負相關。

5、An analyst does research about bond yield and gathers the following informationabout the call structure for a 7 percent coupon bond that pays interest semiannuallyand matures in ten years:If the bond is correctly priced at $ 102.75, the bond's yield to first call isclosest to:【單選題】

A.3.34%

B.6.35%

C.6.68%

正確答案:C

答案解析:用計算器計算，N = 10，PV= - $ 102.75，PMT = $ 100 × 7%/2 =3.5，F(xiàn)V = $ 102，求得I/Y=3.34%，第一次行看漲權的收益率為：3.34% ×2=6.68%。