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、A company's balance sheet shows the following values (€):The company’s cash ratio is closest to:【单选题】

A.0.46.

B.0.97.

C.0.37.

正确答案:A

答案解析:The cash ratio isSection 4.3.1

2、A company is long an interest rate swap with a current market value of $125,000. The company wants to terminate this swap before the expiration date. From a credit risk perspective, which is the least attractive way to terminate the swap?【单选题】

A.Sell the swap to a third party.

B.Short an offsetting swap with a third party.

C.Agree to terminate the swap and receive its market value from the counterparty.

正确答案:B

答案解析:“Swap Markets and Contracts,” Don M. ChanceBoth the initial and the offsetting swap remain in effect, exposing the company to potential default risk with two different counterparties.

3、Alex Burl is an investment advisor at Helpful Investments, a local investment advisoryfirm.Helpful Investments requires its employees to invest in the samestocks which Helpful Investments recommends to its clients.Helpful Investmentsalso has established strict procedures determining when trades can be executed inits employees' own portfolios to avoid any conflict of interests with its clients.This procedure is most likely in place to help Burl avoid violations of the Standardsof Professional Conduct relating to:【单选题】

A.only material non-public information.

B.only priority of transactions.

C.both independence and material non-public information.

正确答案:B

答案解析:个人交易应该在为客户交易和雇主交易之后，公司规定员工个人交易的时间是为了避免员工在为客户交易前进行交易，从而避免了违反优先交易权操作方法，该题与重大的非公开信息无关。

4、According to put-call parity, if a fiduciary call expires in the money, the payoff is most likely equal tothe:【单选题】

A.market value of the asset.

B.face value of the risk-free bond.

C.difference between the market value of the asset and the face value of the risk-free bond.

正确答案:A

答案解析:A fiduciary call, defined as a long position in a call and in a risk-free bond, generates a payoff that isequal to the market value of the asset if it expires in the money.Section 4.1.9

5、An analyst is doing research about the change of bond value to the passage oftime and gathered the following information about an option-free bond.Thebond has 6 percent coupon and an annual discount rate of 5 percent, pays interestsemiannually, matures in five years, and is valued at $ 1 043.76.Oneyear later, the annual discount rate for that bond is 4.5 percent.At this time,the change in value for this bond that is attributable only to change of interestrate is closest to:【单选题】

A.- $ 18.50

B.$ 7.91

C.$ 18.50

正确答案:C

答案解析:N = 8, I/Y = 5, PMT = $1 000 × 6%/2 = $30, FV = $1 000，求出PV = $1035.85，当利率改变时，N = 8，I/Y = 4.5，PMT = $1 000 × 6%/2 = $30，FV = $1 000，求出PV =$1 054.35，因此利率从5%变化为4.5%时，价格上升了$1 054.35 - $1035.85 =$18.50。