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、Which of the following statements most accurately describes the weak-form Efficient Market Hypothesis (EMH)? The weak-form EMH assumes that current security prices:【单选题】

A.fully reflect all information from public and private sources.

B.fully reflect all security market information, including transactions by exchange specialists.

C.adjust rapidly to the release of all public information; that is, security prices fully reflect all public information.

正确答案:B

答案解析:“Efficient Capital Markets,” Frank K. Reilly, CFA and Keith C. Brown, CFAThe weak-form EMH assumes that current stock prices fully reflect all security market information, including transactions by exchange specialists.

2、Which of the following is the most appropriate reason for using a free-cash-flow-to-equity (FCFE) model to value equity of a company?【单选题】

A.FCFE is a measure of the firm’s dividend paying capacity.

B.FCFE models provide more accurate valuations than the dividend discount models.

C.A firm’s borrowing activities could influence dividend decisions but they would not impact FCFE.

正确答案:B

答案解析:“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak, CFA and Stephen E. Wilcox, CFAA is correct. FCFE is a measure of the firm’s dividend paying capacity.

3、Giselle Holt is a staff of the Professional Conduct Program of CFA Institute.Inorder to be compliance with the Code of Ethics and Standards of ProfessionalConduct, Holt is most directly responsible for which of the following activities:【单选题】

A.conducting investigations on CFA members or candidates who may haveviolated the Code of Ethics and Standards of Professional Conduct.

B.conducting hearing panel relating to proposed sanctions on CFA membersor candidates.

C.updating the code of ethics and the professional conduct annually to ensurethey are effective.

正确答案:A

答案解析:如果CFA会员或考生违反了法律法规或者伦理道德标准，由CFA协会的专业行为项目(Professional Conduct Program，简称PCP)的员工负责对他们的行为进行调查，该员工也被称为授权的官员（Designated Officer）。CFA协会的纪律审查委员会（Disciplinary ReviewCommittee，简称DRC)负责保持和更新伦理道德与专业行为标准，以确保其是有效的。如果CFA会员或考生不接受所施加的惩罚，该行为会启动听证会（Hearing Panel），且听证会的成员由纪律审查委员会的成员和附属于纪律审查委员会的CFA协会会员中的志愿者组成。

4、Consider a $100 par value bond, with an 8% coupon paid annually, maturing in 20 years. If the bondcurrently sells for $96.47, the yield to maturity is closest to:【单选题】

A.8.37%.

B.8.29%.

C.7.41%.

正确答案:A

答案解析:A security with a present value of 96.47, 19 interest payments of 8, and a 20th payment of principalplus interest (108) has a yield to maturity of 8.37%.Section 3

5、An analyst does research about efficient frontier.Which statement is the leastlikely the character of the efficient frontier?【单选题】

A.Minimize risk for a given return target.

B.Slope decrease along the curve.

C.Have the same utility for investors.

正确答案:C

答案解析:有效前沿(efficient frontier)是指风险性资产在给定收益的情况下风险最小，而且随着风险的不断增加有效前沿的斜率不断减小。同时，有效前沿对于不同投资者而言，其效用是不一样的。