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、Jan Loots, CFA, quit his job as a portfolio manager at an investment firm with whom he had a non-solicitation agreement he signed several years ago. Loots received permission to take his investment performance history with him and also took a copy of the firm’s software-trading platform. Subsequently, Loots sent out messages on social media sites announcing he was looking for clients for his new investment management firm. Access to Loots’ social media sites is restricted to friends, family, and former clients. Loots least likely violated the CFA Institute Standards of Professional Conduct concerning his:【单选题】

A.trading software.

B.non-solicitation agreement.

C.investment performance history.

正确答案:C

答案解析:CFA Institute StandardsC is correct because the portfolio manager received permission to use his investment performance history from his prior employer. The member violated his non-solicitation agreement by indicating his availability to new clients on several social media sites accessible by clients of his former employer, a violation of Standard IV(A) Loyalty, because he did not act for the benefit of his former employer. In this case, the member may cause harm to his former employer if his weekend messages result in clients moving to his new business from his former employer. The member also violated this standard by taking his employer’s property, trading software.

2、A company's balance sheet shows the following values (€):The company’s cash ratio is closest to:【单选题】

A.0.46.

B.0.97.

C.0.37.

正确答案:A

答案解析:The cash ratio isSection 4.3.1

3、A buyer would face the greatest risk of default with:【单选题】

A.a farmer making physical delivery on a short soybean futures position.

B.an investment bank making cash settlement on a short euro futures position.

C.a multinational firm making cash settlement on a short U.S. dollar forward contract.

正确答案:C

答案解析:“Futures Markets and Contracts,” Don M. ChanceC is correct because in a forward contract, each party assumes the risk that the other party will default.

4、An investor does research about investment return and gathers the followinginformation about a portfolio:If the investor contributed new funds to the portfolio at the beginning of eachyear, the time-weighted rate of return is most likely:【单选题】

A.less than the money-weighted rate of return.

B.the same as the money-weighted rate of return.

C.greater than the money-weighted rate of return.

正确答案:C

答案解析:每年年初该投资组合都会加入新的资金，由于资金流人和流出时间对于货币加权收益率有很大的影响，而且由题意可知，随着资金的不断增加，每年的收益率却在不断减少，因而会造成货币加权收益率小于时间加权收益率。时间加权收益率不受资金流入和流出时间对其的影响。

5、Compared with investment-grade bonds, the spread movements on high-yield bonds are influenced:【单选题】

A.less by interest rate changes and exhibit a greater correlation with movements in equity markets.

B.more by interest rate changes and exhibit a greater correlation with movements in equity markets.

C.less by interest rate changes and exhibit a lower correlation with movements in equity markets.

正确答案:A

答案解析:High-yield bonds can be thought of as a hybrid between investment-grade bonds and equitysecurities. Their spread movements are less influenced by interest rate changes than are investment-gradebonds and they exhibit greater correlation with movements in equity markets.Section 7.1