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(xí)的成功，都會淋漓盡致的反映在分數(shù)上。一起加油前行。

1、Suni Kioshi, CFA, is an analyst at Pacific Asset Management, where she covers small-capitalization companies. On her own time, Kioshi often speculates in low-price thinly traded stocks for her own account. Over the last three months, Kioshi has purchased 50,000 shares of Basic Biofuels Company, giving her a 5% ownership stake. A week after this purchase, Kioshi isasked to write a report on stocks in the biofuels industry, with a request to complete the report within two days. Kioshi wants to rate Basic as a “buy” in this report but is uncertain how to proceed. Concerning the research report, what action should Kioshi most likely take to prevent violating any of the CFA Institute Code of Ethics and Standards of Professional Conduct?【單選題】

A.Sell her shares.

B.Do not recommend a buy.

C.Disclose her stock ownership.

正確答案:C

答案解析:“Guidance for Standards I-VII”, CFA InstituteC is correct because the manager’s ownership stake is a potential conflict of interest, which should be disclosed as required by Standard VI (A) Disclosure of Conflicts, but there is no requirement to sell the shares. As long as the analyst has completed a well-informed investment recommendation consistent with Standard (V) Diligence and Reasonable Basis and disclosed her ownership position, she could include the buy recommendation in her report.

2、Which of the following is NOT a recommended procedure for compliance withthe Standards of Professional Conduct relating to misrepresentation? The firm:【單選題】

A.specifically designates which employees are authorized to speak on behalfof the firm.

B.discontinues using the work completed by a former member or candidate.

C.provides a written list of the firm's available services and a description ofthe firm's qualification.

正確答案:B

答案解析:公司特別指定哪個員工可以代表公司發(fā)言，提供書面形式的公司可服務(wù)類型以及對公司資質(zhì)進行描述，都是為了遵守禁止虛假陳述（misrepresentation）所推薦的做法。公司可以繼續(xù)使用過去員工的研究成果。

3、A sample has 64 observations with a mean of 30 and standard deviation of 20.Ifthe reliability factor is 2.05, the upper confidence limit for the population meanis closest to:【單選題】

A.30.64

B.32.50

C.35.13

正確答案:C

答案解析:對于上限：30 + 2.05 ×=35.13。

4、An analyst does research about financing liabilities.A company with no priordebt outstanding has issued a fixed-coupon bond with a coupon rate more than themarket rate at issuance.The coupon payment is:【單選題】

A.less than the interest expense reported on the issuer's income statement.

B.equal to the interest expense reported on the issuer's income statement.

C.greater than the interest expense reported on the issuer's income statement.

正確答案:C

答案解析:企業(yè)發(fā)行的債券息票率（coupon rate）大于市場利率（market rate），所以該債券是溢價發(fā)行，所支付的利息大于記錄在利潤表上的利息費用。利息費用的計算方式如下： coupon payment。

5、Which of the following statements is most accurate in an efficient market?【單選題】

A.Securities market prices fully reflect their fundamental values.

B.Active strategies will lead to excess risk adjusted portfolio returns.

C.Securities market prices respond over time to changes in economic information.

正確答案:A

答案解析:In an efficient market, market participants will process available information and those with oppositeviews will trade among each other until securities market prices fully reflect their fundamental values.An efficient market is thus a market in which asset prices reflect all past and present information.Section 2.1