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、Sanjay Gupta, CFA, is interviewed by the First Faithful Church to manage the church’s voluntary retirement plan’s equity portfolio based upon his superior return history. Each church staff member chooses whether to opt in or out of the retirement plan according to his or her own investment objectives. The plan trustees tell Gupta that stocks of companies involved in the sale of alcohol, tobacco, gambling, or firearms are not acceptable investments given the objectives and constraints of the portfolio. Gupta tells the trustees he cannot reasonably execute his strategy with these restrictions and that all his other accounts hold shares of companies involved in these businesses because he believes they have the highest alpha. By agreeing to manage the account according to the Trustees’ wishes, does Gupta violate the CFA Institute Standards of Professional Conduct?【單選題】

A.No

B.Yes, because the manager was hired based upon his previous investment strategy

C.Yes, because the restrictions provided by the Trustees are not in the best interest of the members

正確答案:A

答案解析:“Guidance for Standards I-VII”, CFA InstituteA is correct. According to Standard III (A) Loyalty, Prudence, and Care, Gupta’s duty of loyalty, prudence, and care is owed to the participants and beneficiaries (members) of the pension plan. As a church plan, the restrictions are appropriate given the objectives and constraints of the portfolio.

2、An analyst has established the following prior probabilities regarding a company’s next quarter’s earnings per share (EPS) exceeding, equaling, or being below the consensus estimate.Several days before releasing its earnings statement, the company announces a cut in its dividend. Given this information, the analyst revises his opinion regarding the likelihood that the company will have EPS below the consensus estimate. He estimates the likelihoods the company will cut the dividend given that EPS exceed/meet/fall below consensus as reported below.Bayes’ formula:Updated probability of event given the new informationUsing Bayes’ formula (given above), the updated (posterior) probability that the company’s EPS are below the consensus is closest to:【單選題】

A.24%.

B.72%.

C.85%.

正確答案:B

答案解析:“Probability Concepts,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle= [0.85 ÷ 0.2375] × 0.20 = 0.71579 ~ 72%.

3、Using the above data, an analyst is trying to test the null hypothesis that the population variances are equalTable of the F-DistributionPanel A: Critical values for right-hand tail areas equal to 0.05Panel B: Critical values for right-hand tail areas equal to 0.025Which of the following statements is most appropriate? The critical value is:【單選題】

A.6.39 and reject the null.

B.7.15 and do not reject the null.

C.9.60 and do not reject the null.

正確答案:C

答案解析:“Hypothesis Testing,” Richard A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAC is correct. The test statistic is the ratio of the variances, with the larger variance in the numerator. Here, the test statistic is 28 ÷ 4 = 7. The degrees of freedom are 4 by 4. Because it is a two-tailed test, the correct critical value at α = 5% is 9.60. And because the test statistic is less than the critical value, we cannot reject the null hypothesis. We thus accept the null hypothesis.

4、A company is deciding to repurchase 5 million shares of stock that has a current price of $49.50. Below is the forecasted information of shares available for purchase. Which of the following repurchase methods will most likely result in the average repurchased cost being $49.80?【單選題】

A.Dutch auction

B.Open market repurchase

C.Fixed-price tender offer

正確答案:A

答案解析:A Dutch auction uncovers the minimum price at which the company can buy back the desired number of shares with the company paying that price to all qualifying bids. Here the qualifying bids are from $49.50 to $49.80 to satisfy the required 5 million share requirement. Under a Dutch auction, 5 million shares can be purchased for $49.80 because at that price point, sufficient volume is available in the shares.Section 4.1

5、The following international trade information is available for a hypothetical economy:Following a 12% depreciation in the DCU, the trade balance will be closest to:【單選題】

A.-1,674.

B.-1,648.

C.-1,726.

正確答案:B

答案解析:Section 5.1