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、Which action is most likely considered a secondary source of liquidity?【單選題】

A.Increasing the availability of bank lines of credit

B.Increasing the efficiency of cash flow management

C.Renegotiating current debt contracts to lower interest payments

正確答案:C

答案解析:“Working Capital Management,” Edgar A. Norton, Jr., CFA, Kenneth L. Parkinson, and Pamela Peterson Drake, CFAC is correct. Renegotiating debt contracts is a secondary source of liquidity because it may affect the company’s operating and/or financial positions.

2、Helen Hawke, CFA, a verifier of the GAPS? standards.With respect to theGlobal Investment Performance Standards (the GAPS? Standards), which of thefollowing statements is least accurate? The GAPS? Standards:【單選題】

A.are ethical standards for investment performance presentation to ensure fairrepresentation and full disclosure of investment performance.

B.will ensure full disclosure and fair representation if minimum requirementsof the GAPS? standards are adhered.

C.rely on the integrity of input data.

正確答案:B

答案解析:只遵守GAPS?標(biāo)準(zhǔn)的最低要求并不能保證公允地陳述和充分地披露業(yè)績，公司應(yīng)該同時(shí)遵守推薦的做法來更好地計(jì)算和陳述業(yè)績，所以B錯(cuò)。選項(xiàng)A和C都是符合GAPS?標(biāo)準(zhǔn)定義的。

3、Which of the following is a recommended procedure for compliance with theStandards of Professional Conduct relating to additional compensation arrangements?Members :【單選題】

A.obtain written permission for only pecuniary additional compensation arrangementfrom their employers.

B.have details of the additional compensation arrangement confirmed in writingby the party offering the additional compensation.

C.make a written report of the additional compensation arrangement to theiremployer after completion of services for the party of offering the additionalcompensation.

正確答案:B

答案解析:CFA協(xié)會(huì)會(huì)員提交額外報(bào)酬安排的書面報(bào)告一定是在會(huì)員提供服務(wù)之前，所以c錯(cuò)。CFA協(xié)會(huì)會(huì)員在獲得額外的報(bào)酬時(shí)需要得到雇主的同意，而并不僅僅是獲得金錢上的報(bào)酬才需要披露，所以A錯(cuò)。CFA協(xié)會(huì)會(huì)員提出具體的額外報(bào)酬安排需要提供報(bào)酬方進(jìn)行確認(rèn)，是推薦的做法。

4、An analyst does research about sampling.Compared to estimates of parametersproduced from simple random sampling, estimates of parameters produced fromstratified random sampling most likely have:【單選題】

A.less precision.

B.the same precision.

C.greater precision.

正確答案:C

答案解析:分層隨機(jī)抽樣比簡單隨機(jī)抽樣要更加精確，因?yàn)樵诿總€(gè)分層中各個(gè)個(gè)體被抽到的比例仍然保持一致，但是可以涵蓋總體中的各個(gè)層次，所以減少了數(shù)據(jù)的遺漏。

5、All else being equal, in a rising interest rate environment, the price of a floating-ratesecurity will most likely decline if:【單選題】

A.there is no cap.

B.the margin required by investors declines.

C.the coupon is reset every six months rather than monthly.

正確答案:C

答案解析:如果沒有利率頂（CAP）就會(huì)降低利率風(fēng)險(xiǎn)，利率上升，息票率也隨之上升，價(jià)格不會(huì)下跌。如果投資者要求的收益差（margin）減少，會(huì)提高浮動(dòng)利率債券的價(jià)格，而不是降低。息票每6個(gè)月設(shè)定一次而不是每個(gè)月設(shè)定一次，在利率上升的情況下，浮動(dòng)利率證券無法反映最新的市場利率，會(huì)造成其價(jià)格下跌。