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 action is most likely considered a secondary source of liquidity?【单选题】

A.Increasing the availability of bank lines of credit

B.Increasing the efficiency of cash flow management

C.Renegotiating current debt contracts to lower interest payments

正确答案:C

答案解析:“Working Capital Management,” Edgar A. Norton, Jr., CFA, Kenneth L. Parkinson, and Pamela Peterson Drake, CFAC is correct. Renegotiating debt contracts is a secondary source of liquidity because it may affect the company’s operating and/or financial positions.

2、Helen Hawke, CFA, a verifier of the GAPS? standards.With respect to theGlobal Investment Performance Standards (the GAPS? Standards), which of thefollowing statements is least accurate? The GAPS? Standards:【单选题】

A.are ethical standards for investment performance presentation to ensure fairrepresentation and full disclosure of investment performance.

B.will ensure full disclosure and fair representation if minimum requirementsof the GAPS? standards are adhered.

C.rely on the integrity of input data.

正确答案:B

答案解析:只遵守GAPS?标准的最低要求并不能保证公允地陈述和充分地披露业绩，公司应该同时遵守推荐的做法来更好地计算和陈述业绩，所以B错。选项A和C都是符合GAPS?标准定义的。

3、Which of the following is a recommended procedure for compliance with theStandards of Professional Conduct relating to additional compensation arrangements?Members :【单选题】

A.obtain written permission for only pecuniary additional compensation arrangementfrom their employers.

B.have details of the additional compensation arrangement confirmed in writingby the party offering the additional compensation.

C.make a written report of the additional compensation arrangement to theiremployer after completion of services for the party of offering the additionalcompensation.

正确答案:B

答案解析:CFA协会会员提交额外报酬安排的书面报告一定是在会员提供服务之前，所以c错。CFA协会会员在获得额外的报酬时需要得到雇主的同意，而并不仅仅是获得金钱上的报酬才需要披露，所以A错。CFA协会会员提出具体的额外报酬安排需要提供报酬方进行确认，是推荐的做法。

4、An analyst does research about sampling.Compared to estimates of parametersproduced from simple random sampling, estimates of parameters produced fromstratified random sampling most likely have:【单选题】

A.less precision.

B.the same precision.

C.greater precision.

正确答案:C

答案解析:分层随机抽样比简单随机抽样要更加精确，因为在每个分层中各个个体被抽到的比例仍然保持一致，但是可以涵盖总体中的各个层次，所以减少了数据的遗漏。

5、All else being equal, in a rising interest rate environment, the price of a floating-ratesecurity will most likely decline if:【单选题】

A.there is no cap.

B.the margin required by investors declines.

C.the coupon is reset every six months rather than monthly.

正确答案:C

答案解析:如果没有利率顶（CAP）就会降低利率风险，利率上升，息票率也随之上升，价格不会下跌。如果投资者要求的收益差（margin）减少，会提高浮动利率债券的价格，而不是降低。息票每6个月设定一次而不是每个月设定一次，在利率上升的情况下，浮动利率证券无法反映最新的市场利率，会造成其价格下跌。