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、Sherry Buckner, CFA manages equity accounts for government entities whose portfolios are conservative and risk averse. Since the objective of her clients is to maximize returns with the lowest possible risk, Buckner considers adding to their holdings a new, thinly-traded, leveraged derivative product which she believes has the potential for high returns. To make her investment decision, Buckner relies upon comprehensive research from an investment bank that has a solid reputation for top quality research. After her review of that research, Buckner positions her accounts so that each has a 10% allocation to the derivative product. Did Buckner most likely violate any CFA Institute Standards of Professional Conduct by purchasing the derivative for her clients?【单选题】

A.No.

B.Yes, related to Suitability.

C.Yes, related to Loyalty, Prudence and Care.

正确答案:B

答案解析:"Guidance for Standards I-VII CFA Institute"B is correct as Buckner is in violation of Standard III (C) since she did not consider issues such as the limited liquidity or any potential leverage of this new product when she invested a substantial percentage of her client's portfolios in these instruments.

2、Based on put-call parity for European options, a synthetic put is most likely equivalent to a:【单选题】

A.long call, short underlying asset, long bond.

B.long call, long underlying asset, short bond.

C.short call, long underlying asset, short bond.

正确答案:A

答案解析:Derivative Markets and Instruments,” Don M. ChanceA is correct. A Synthetic Put is equivalent to a Long Call + Short Underlying + Long Bond.

3、A bank offers an effective annual rate (EAR) of 12%. Assuming quarterly compounding, the stated annual interest rate is closest to:【单选题】

A.11.66%.

B.12.55%.

C.11.49%.

正确答案:C

答案解析: Stated annual interest rate = Periodic interest rate × m = 2.873734% × 4 = 11.49%. 2014 CFA Level I “The Time Value of Money,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle Section 3.2

4、Brendan Witt, CFA, does research about the Fisher effect.Which of the followingstatements is most accurate about the Fisher effect in the long term?【单选题】

A.Changes in the nominal interest rate are the result of changes in the realinterest rate only.

B.Changes in the nominal interest rate are the result of changes in the expectedrate of inflation only.

C.Changes in the nominal interest rate are the result of changes in both thereal interest rate and the expected rate of inflation.

正确答案:C

答案解析:费希尔效应指出，名义利率等于真实利率加上预期的通货膨胀率。

5、An unrealized gains on a marketable security classified as trading is most likelyreflected on:【单选题】

A.the balance sheet only.

B.the income statement only.

C.both the balance sheet and the income statement.

正确答案:B

答案解析:投资证券的分类对于财务报表的影响如下：[1663201704111-image/238.jpg]