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、Tamlorn Mager, CFA, is an analyst at Pyallup Portfolio Management. CFA Institute recently notified Mager that his CFA Institute membership was suspended for a year because he violated the CFA Code of Ethics. A hearing panel also came to the same conclusion. Mager subsequently notified CFA Institute he does not accept the sanction, or the hearing panel’s conclusion. Which of the following actions by Mager is most consistent with the CFA Institute Professional Conduct Program?【单选题】

A.Presenting himself to the public as a CFA charterholder

B.Providing evidence for his position to an outside arbitration panel

C.Using his CFA designation upon expiration of the suspension period

正确答案:C

答案解析:“Code of Ethics and Standards of Professional Conduct”, CFA InstituteC is correct because the Designated Officer may impose a summary suspension on a member or candidate, which may be rejected or accepted by the member or candidate. If the member or candidate does not accept the proposed sanction, the matter is referred to a hearing panel composed of DRC members and CFA Institute member volunteers affiliated with the DRC. In this case, the hearing panel also affirmed the suspension decision by the Designated Officer, and therefore, the member loses the right to use his designation for a one-year period. Upon expiration of the suspension period, the analyst would be able to use his CFA designation.

2、The effective annualized cost (%) of a banker’s acceptance that has an all-inclusive annual rate of 5.25% for a one-month loan of $2,000,000 is closest to:【单选题】

A.5.27.

B.5.38.

C.5.54.

正确答案:A

答案解析:“Working Capital Management,” Edgar A. Norton, Jr., CFA, Kenneth L. Parkinson, and Pamela Peterson Drake, CFA 2013 Modular Level I, Vol. 4, Reading 40, Section 8.4., Example 7[1664201704061-image/0539.jpg]

3、If Investor A has a lower risk aversion coefficient than Investor B, on the capital allocation line, will Investor B’s optimal portfolio have a higher expected return?【单选题】

A.Yes.

B.No, since Investor B has a lower risk tolerance.

C.No, since Investor B has a higher risk tolerance.

正确答案:B

答案解析:“Portfolio Risk and Return: Part I,” Vijay Singal, CFAB is correct. Investor B has a higher risk aversion coefficient, therefore a lower risk tolerance and a lower expected return on the capital allocation line.

4、Dispersion is defined as the variability around the central tendency and can bedivided into absolute dispersion and relative dispersion.Which of the followingis NOT described as a measure of relative dispersion?【单选题】

A.Range.

B.Sharpe ratio.

C.Coefficient of variation.

正确答案:A

答案解析:B项夏普比率和C项变化系数都是表达相对偏离程度，而A项间距是表达绝对偏离程度，即用最大值减去最小值。

5、An analyst does research about security market indices and gathers the followinginformation about market-capitalization-weighted index consisting of the sharesof three companies:The price return on the index is closest to:【单选题】

A.-16.55%

B.-8.00%

C.0.55%

正确答案:B

答案解析:初值：$ 26 × 300 + $ 51 × 300 + $ 11 × 400 = $ 27 500，终值：$ 21 × 300 + $ 46 × 300 +$ 13 × 400 = $ 25 300，指数价格回报率= (25 300 - 27 500)/27 500= -8%。指数价格回报率只考虑价格变化，而总回报率还要考虑发放的股利。