2019年CFA考试《CFA一级》考试共240题，分为单选题。小编每天为您准备了5道每日一练题目（附答案解析），一步一步陪你备考，每一次练习的成功，都会淋漓尽致的反映在分数上。一起加油前行。

1、David Bravoria, CFA, is an independent financial advisor for a high net worth client with whom he had not had contact in over two years. During a recent brief telephone conversation, the client states he wants to increase his risk exposure. Bravoria subsequently recommends and invests in several high-risk funds on behalf of the client. Bravoria continues, as he has done in the past, to send to his client monthly, detailed itemized investment statements. Did Bravoria most likely violate any CFA Standards?【单选题】

A.No.

B.Yes, with regard to investment statements.

C.Yes, with regard to purchasing venture capital funds.

正确答案:C

答案解析:“Guidance for Standards I-VII,” CFA Institute
2011 Modular Level I, Vol. 1, pp. 65-67
Study Session 1–2–b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
C is correct because Bravoria violated Standard III – Duties to Clients in not exercising Loyalty, Prudence and Care. Bravoria had not updated his client’s profile in over two years thus should not have made further investments, particularly in high risk investments until such time as he updated the client’s risk and return objectives, financial constraints and financial position. Bravoria provided his client with investment statements more frequently than that which is required; i.e. quarterly so was not in violation of regular account information.

2、Which is least likely to be a component of a developing country’s equity premium?【单选题】

A.Sovereign yield spread

B.Annualized standard deviation of the developing country’s equity index

C.Annualized standard deviation of the sovereign bond market in terms of the developing country’s currency

正确答案:C

答案解析:“Cost of Capital,” Yves Courtois, CFA, Gene C. Lai, and Pamela P. Peterson, CFACountry equity premium = sovereign yield spread * (annualized standard deviation of equity index ÷ annualized standard deviation of the sovereign bond market in terms of the developed market currency)

3、A trader buys 500 shares of a stock on margin at $36 a share using an initial leverage ratio of 1.66. The maintenance margin requirement for the position is 30 percent. The stock price at which the margin call will occur is closest to:【单选题】

A.$20.57.

B.$25.20.

C.$30.86.

正确答案:A

答案解析:“Market Organization and Structure,” Larry HarrisP = $20.57.

4、The Zera Company has borrowed capital by issuing a number of different securities. Which of the following most likely ranks the highest with respect to priority of payments?【单选题】

A.Third lien debt

B.Subordinate loan

C.Senior unsecured bond

正确答案:A

答案解析:Third lien debt is secured debt. It has a secured interest in the pledged assets and ranks higher than all other unsecured debts.Section 3.2

5、Which of the following is not a recommended procedure for compliance with theStandards of Professional Conduct relating to material nonpublic information?【单选题】

A.Conduct appropriate interdepartmental communications.

B.Establish Proprietary trading procedures.

C.Avoid public dissemination of material nonpublic information.

正确答案:C

答案解析:执行部门之间恰当的沟通和建立做市商交易流程都是CFA协会推荐的避免违反重大的非公开信息规定的做法，因为投资银行部门以及做市商都有可能接触到重大的非公开信息。如果会员或考生确认有重大的非公开信息，则会员或考生应该作出合理的努力以实现该信息的公开发布，而不是避免发布。