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、On 7 January 2008, an investor purchases 100 shares of stock for $32.50 a share. On 7 January 2009, the investor purchases 100 more shares of the same stock for $36.70 a share. On 7 January 2010, the investor sells all 200 shares of the stock for $42.00 a share. The internal rate of return for this investment is best described as an example of a:【单选题】

A.geometric mean return.

B.time-weighted rate of return.

C.money-weighted rate of return.

正确答案:C

答案解析:“Discounted Cash Flow Applications,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAThe money-weighted return is the internal rate of return for the portfolio.

2、An investment fund owns 8 percent of the outstanding voting shares of a public company. There are several larger voting blocks of shares such that the investment fund is not assured of being able to elect representation on the board of directors. Which type of shareholder voting right would be most beneficial in allowing the investment fund to ensure their interests are represented on the board?【单选题】

A.Proxy

B.Cumulative

C.Confidential

正确答案:B

答案解析:“The Corporate Governance of Listed Companies: A Manual for Investors,” 2010 Modular Level I, Vol. 4, pp. 193-195Cumulative voting enhances the likelihood that minority interests are represented on the board

3、In what way is the payoff of a forward rate agreement (FRA) most likely different from the payoff of an interest rate option?【单选题】

A.It is based on a fixed exercise rate.

B.It is based on a notional principal amount.

C.It is paid immediately when the contract expires.

正确答案:C

答案解析:“Option Markets and Contracts”, Don M. ChanceThe payoff of a FRA is paid immediately when the contract expires. If at expiration the option is in-the-money and exercised, the payoff of an option is not paid immediately at expiration; it is paid at the end of the term of the underlying interest rate.

4、When considering two mutually exclusive capital budgeting projects with conflicting rankings, the most appropriate conclusion is to choose the project with the:【单选题】

A.higher net present value (NPV).

B.shorter payback.

C.higher internal rate of return (IRR).

正确答案:A

答案解析:The project with the higher NPV should be undertaken because it measures the increase in wealth as a result of taking the project. For mutually exclusive projects, IRR may give incorrect decisions as a result of scale and/or cash flow timing effects. Payback is not an economically sound method for evaluation of capital projects.Section 4

5、An analyst does research aboutembedded options.Which of the following embeddedoptions is least likely to increase in value when interest rates increase?【单选题】

A.The right toput an issue.

B.The cap on a floater.

C.An accelerated sinking fund provision.

正确答案:C

答案解析:由于利率上升，对于浮动利率债券的利率顶的价值上升，因为更有可能超过其所设定的利率顶，而超过利率顶时，购买者就能得到报偿。由于利率上升，可回售债券价格下跌，被回售的可能性增加了，所以回售债券的权利增加价值了。加速沉没资金条款是公司可以选择提前偿还全部或部分本金，在利率下跌的情况下，该条款更有价值，因为可以更低成本进行融资，所以在利率上升的情况下，该权利减少价值。