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、A low price range in which buying activity is sufficient to stop a price decline is best described as:【單選題】

A.support.

B.resistance.

C.change in polarity.

正確答案:A

答案解析:“Technical Analysis,” Barry M. Sine and Robert A. StrongA is correct. Support is defined as a low price range in which buying activity is sufficient to stop the decline in price.

2、A company’s data are furnished below:The weighted average cost of capital (WACC) is closest to:【單選題】

A.11.5%.

B.13.0%.

C.14.0%.

正確答案:B

答案解析:“Cost of Capital,” Yves Courtois, Gene C. Lai, and Pamela Peterson Drake

3、A portfolio manager enters into an equity swap with a swap dealer. The portfolio manager agrees to pay the return on the Value index and receive the return on the Growth index. The swap’s notional principal is $50 million and the payments will be made semi-annually. The levels of the equity indices are as follows:The net amount due to the portfolio manager after 6 months is closest to:【單選題】

A.$587,158.

B.$1,007,326.

C.$1,427,494.

正確答案:C

答案解析:“Swap Markets and Contracts,” Don M. ChanceNet payment to portfolio manager = $420,168 – (–$1,007,326) = $1,427,494.

4、Duration is most accurate as a measure of interest rate risk for a bond portfolio when the slope of the yield curve:【單選題】

A.increases.

B.decreases.

C.stays the same.

正確答案:C

答案解析:“Risks Associated with Investing in Bonds,” Frank J. FabozziC is correct because duration measures the change in the price of a portfolio of bonds if the yields for all maturities change by the same amount; that is, it assumes the slope of the yield curve stays the same.

5、An investor notices that the price of an American call option is above the price of a European calloption with otherwise identical features. What is the most likely reason for this difference?【單選題】

A.The options are deep-in-the-money.

B.The underlying will go ex-dividend.

C.The options are close to expiration.

正確答案:B

答案解析:American call prices can differ from European call prices only if there are cash flows on theunderlying.Section 4.3