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、In the statement of cash flows, a company is allowed to classify interest paid:【单选题】

A.in either the operating or financing section under IFRS.

B.in either the operating or financing section under U.S. GAAP.

C.only in the financing section under both IFRS and U.S. GAAP.

正确答案:A

答案解析:“Understanding the Cash Flow Statement,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA and Michael A. Broihahn, CFAUS GAAP requires that interest paid be classified as an operating cash flow; IFRS allows interest paid to be classified as either an operating or financing activity.

2、An analyst has calculated the following ratios for a company:The company’s return on equity (ROE) is closest to:【单选题】

A.4.8%.

B.15.2%.

C.22.7%.

正确答案:B

答案解析:“Financial Analysis Techniques,” Elaine Henry, Thomas R. Robinson, and Jan Hendrik van GreuningROE = ROA × Financial leverage 10.4 × 1.46 15.2

3、The market value of an 18-year zero-coupon bond with a maturity value of $1,000 discountedat a 12% annual interest rate with semi-annual compounding is closest to:【单选题】

A.$122.74.

B.$130.04.

C.$192.86.

正确答案:A

答案解析:“Introduction to the Valuation of Debt Securities”, Frank J. Fabozzi, CFA[1667201704061-image/0551.jpg]

4、For a portfolio consisting of two assets and the correlation coefficient between these two assets is +1.0, it is most likely that portfolio risk is:【单选题】

A.greater than the weighted average of the risk of the two assets in the portfolio.

B.equal to the weighted average of the risk of the two assets in the portfolio.

C.less than the weighted average of the risk of the two assets in the portfolio.

正确答案:B

答案解析:With a correlation coefficient of +1.0, no diversification benefits are obtained and the portfolio risk is equal to the weighted average of the risk of the two assets in the portfolio.Section 4.1.3

5、If yield increases by 8 basis points, the percentage price change of an option-freebond that has duration of 15 is closest to:【单选题】

A.-0.12%

B.0.12%

C.-1.2%

正确答案:C

答案解析:-0.0008 × 15 × 100% = -1.2%.