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、Preeta Singh, a CFA Candidate, is an asset manager employed by a fund management company managing very large segregated pension funds. In her spare time outside of working hours, Singh likes to provide management-consulting services to small companies to help grow their businesses, focusing on strategic planning. Singh is paid for the consulting services and has also provided her employer information about these outside activities. Does Singh most likely violate the CFA Code of Ethics with regard to Duties to Employers?【单选题】

A.No.

B.Yes, with regard to loyalty.

C.Yes, with regard to additional compensation arrangements.

正确答案:A

答案解析:“Guidance for Standards I-VII,” CFA InstituteA is correct because Singh does not violate any Standard relating to Duties to Employers. She conducts unrelated non-competitive services to clients outside of business hours and thus does not deprive her employer of the advantage of her skills and abilities, nor is there any indication she divulges confidential information or otherwise causes harm to her employer. She has informed her employers about her outside activities.

2、A company wants to determine the cost of equity to use in calculating its weighted average cost of capital. The controller has gathered the following informationUsing the capital asset pricing model (CAPM) approach, the cost of equity (%) for the company is closest to:【单选题】

A.7.5.

B.12.6.

C.13.1.

正确答案:C

答案解析:“Cost of Capital,” Yves Courtois, CFA, Gene C. Lai, and Pamela P. Peterson, CFAThe cost of equity using the CAPM = Risk Free Rate + Beta x Market Equity Risk Premium= 3.5 + 1.6 x (6.0) = 13.1%.

3、A retailer that prepares its financial statements in accordance with IFRS has 100 office chairs in its inventory with a suggested retail price of $240 each.· The supplier has also lowered its price to $160 in response to the low demand. The total carrying amount of these 100 office chairs on the retailer’s balance sheet would be closest to:【单选题】

A.$16,000.

B.$17,000.

C.$18,000.

正确答案:B

答案解析:IFRS measures inventory at the lower of cost and net realizable value.Section 4

4、David Beckham, CFA, is a portfolio manager at a hedge fund company.Davidhas an arrangement with a close friend who is an investment consultant,whereby he refers clients who need investment advice to the friend, who inturn refers clients to Beckham.Beckham believes there is no referral fees involved,and he does not disclose this arrangement to his existing or prospectiveclients.Has Beckham most likely violated the Standards?【单选题】

A.No.

B.Yes, only by failing to disclose the arrangement to his prospective clients.

C.Yes, both by failing to disclose the arrangement to his existing clients andto his prospective clients.

正确答案:C

答案解析:根据推荐(产品或服务）费的相关条款，会员和考生必须向他们的雇主、客户和潜在客户披露，其由于推荐产品或服务而从他人处收到的或支付给他人的任何报酬、津贴或利益，不管该报酬、津贴或利益是金钱上的还是非金钱上的。该题中虽然是利益交换并不涉及金钱，但CFA会员和考生也要向客户和潜在客户披露其由于推荐给他人服务所获得的好处。

5、The following table shows data for the stock of JKU and a market index.Based on the capital asset pricing model (CAPM), JKU is most likely:【单选题】

A.overvalued.

B.fairly valued.

C.undervalued.

正确答案:C

答案解析:=0.75 × 0.2/0.15=1.0 and =RFR+=0.05+1 ×(0.12-0.05)=0.12. The required rate of return of JKU is 12%, and the expected return of JKU is15%. Therefore, JKU is undervalued relative to the security market line (SML); the risk-returnrelationship lies above the SML.Section 4