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、Ron Dunder, CFA, is the CIO for Bling Trust (BT), an investment advisor. Dunder recently assigned one of his portfolio managers, Doug Chetch, to manage several accounts that primarily invest in thinly traded micro-cap stocks. Dunder soon notices that Chetch places many stock trades for these accounts on the last day of the month, towards the market’s close. Dunder finds this trading activity unusual and speaks to Chetch who explains that the trading activity was completed at the client’s request. Dunder does not investigate further. Six months later regulatory authorities sanction BT for manipulating micro-cap stock prices at month end in order to boost account values. Did Dunder violate any CFA Institute Standards of Professional Conduct?【单选题】

A.No.

B.Yes, because he failed to reasonably supervise Chetch.

C.Yes, because he did not report his findings to regulatory authorities.

正确答案:B

答案解析:“Guidance for Standards I-VII”, CFA InstituteB is correct because the CFA Institute Standard on Responsibilities of Supervisors, Standard IV (C), requires members/candidates to take steps to detect and prevent violations of laws, rules and regulations. Dunder failed in his supervisory role when he accepted Chetch’s explanation of the unusual trading activity. Dunder should have reviewed the client’s goals and objectives, and records, to see if they in fact requested month-end trading. Regardless of the explanation provided by Chetch Dunder should have investigated further.

2、An investor who has a 42% marginal tax rate is analyzing a tax-exempt bond that offers a yield of 3.74%. The taxable-equivalent yield of the bond is closest to:【单选题】

A.5.31%.

B.6.45%.

C.8.90%.

正确答案:B

答案解析:“Understanding Yield Spreads,” Frank J. Fabozzi, CFA

3、Verification of compliance with the Global Investment Performance Standards(GAPS?):【单选题】

A.may be performed on a single composite.

B.is required for a firm to claim GAPS? compliance.

C.requires the verification report to be issued for the entire firm.

正确答案:C

答案解析:GAPS?的认证（verification）是企业自愿的，并不是必须的，而且如果企业做认证，则必须选择独立第三方进行，认证必须针对整个公司范围，而不是某个组合群（composite）。

4、Wesley Whitcomb, CFA, participated as a CFA examination grader in 2012.Prior to participating in grading CFA examinations, Whitcomb was required tosign a CFA Institute Grader Agreement drafted by CFA Institute stating that gradersare not to reveal or discuss the exam materials with anyone except CFA Institutestaff and other graders.Several weeks after the conclusion of the CFA examgrading, Whitcomb returns to his office and is having dinner with several colleaguessome of who are the level III candidates in the CFA Program.One of thecandidates mentions that he is very disappointed about his examination this timeand afraid of failing for the exam because he unintentionally made a calculationmistake when answering the first essay question of investment policy statement.Whitcomb responds by telling the candidate that he was a grader for the 2012 examinationand that it would be unfortunate if the candidate did give wrong answerto that question because most candidates scored very well on that question.DidWhitcomb violate the Standards of Professional Conduct when he told the candidatethat:【单选题】

A.

B.

C.

正确答案:A

答案解析:作为CFA考卷的阅卷人，可以告知考生自己是阅卷人，但不能披露关于批改考卷中的任何情况。

5、A two-year spot rate of 5% is most likely the:【单选题】

A.yield to maturity on a zero-coupon bond maturing at the end of Year 2.

B.yield to maturity on a coupon-paying bond maturing at the end of Year 2.

C.coupon rate in Year 2 on a coupon-paying bond maturing at the end of Year 4.

正确答案:A

答案解析:A spot rate is defined as the yield to maturity on a zero-coupon bond maturing at the date of that cashflow.Section 2.4