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 is most accurate?【单选题】

A.The first quintile generally exceeds the median.

B.The first quintile generally exceeds the first decile.

C.The first quintile generally exceeds the first quartile.

正确答案:B

答案解析:“Statistical Concepts and Market Returns,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAThe first quintile is the 20th percentile. The first decile is the 10th percentile, the first quartile is the 25th percentile, and the median is the 50th percentile. While it is possible that these various percentiles or some subsets of them might be equal (for example the 10th percentile possibly could be equal to the 20th percentile), in general the order from smallest to largest would be: first decile, first quintile, first quartile, median.

2、Which of the following most accurately describes the basis for construction of nearly all bond market indices?【单选题】

A.Dealer prices

B.Model prices

C.Market prices

正确答案:A

答案解析:Firms (dealers) are assigned to specific securities and are responsible for creating liquid markets for those securities by purchasing and selling them from their inventory. In addition, many securities do not trade frequently and, as a result, are relatively illiquid. As a result, index providers must contact dealers to obtain current prices on constituent securities to update the index, or they must estimate the prices of constituent securities using the prices of traded fixed-income securities with similar characteristics.Section 6.1

3、DMT Corp. issued a five-year floating-rate note (FRN) that pays a quarterly coupon of three-month LIBOR plus 125 bps. The FRN is priced at 96 per 100 of par value. Assuming a 30/360 day-count convention, evenly spaced periods, and constant three-month LIBOR of 5%, the discount margin for the FRN is closest to:【单选题】

A.221 bps.

B.180 bps.

C.400 bps.

正确答案:A

答案解析:The interest payment each period per 100 of par value is:Section 3.4

4、An analyst does research about goodwill.Which of the following statementsabout goodwill created in a business combination is least accurate?【单选题】

A.Goodwill is amortized.

B.Goodwill is tested annually for impairment.

C.Goodwill is capitalized.

正确答案:A

答案解析:从商业并购中获得的商誉（goodwill）在资产负债表上进行资本化时，每年都要进行减值测试（impairment test），而不是摊销（amortization）。

5、An analyst does research about cash flow statement.When a company financesaccounts payable, an immediate effect on its cash flow statement is mostlikely to:【单选题】

A.decrease operating cash flow.

B.increase operating cash flow.

C.shift cash outflow from operation to a later time period.

正确答案:C

答案解析:安排第三方金融公司支付公司当期的应收账款，然后公司会在下一期间归还这些款项给该第三方金融公司（很可能以服务费的形式出现），当时并不影响经营性现金流，而这样就可以平滑季节性的经营性现金流，将经营性现金流的流出延缓至未来的某个时间。