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、Darden Crux, CFA, a portfolio manager at SWIFT Asset Management Ltd., (SWIFT) calls a friend to join him for dinner. The friend, a financial analyst at Cyber Kinetics (CK) declines the invitation and explains she is performing due diligence on Orca Electronics, a company CK is about to acquire. After the phone call, Crux searches the Internet for any news of the acquisition but finds nothing. Upon verifying Orca is on SWIFT’s approved stock list, Crux purchases Orca’s common stock and call options for selective SWIFT clients. Two weeks later, CK announces its intention to acquire Orca. The next day, Crux sells all of the Orca securities, giving the fund a profit of $3 million. What action should Crux most likely take to avoid violating any CFA Institute Standards of Professional Conduct?【单选题】

A.Refuse to trade based on the information.

B.Purchase the stock and call options for all clients.

C.Trade only after analyzing the stock diligently and thoroughly.

正确答案:A

答案解析:CFA Institute StandardsA is correct as members/candidates who possess material nonpublic information that could affect the value of an investment should not act or cause others to act on the information. Crux traded on the material information that Orca is about to be acquired by Cyber Kinetics. The information is non-public because it is not publicly available, which was verified when Crux researched Orca on the Internet and found nothing about the acquisition. Standard II (A).

2、Thomas Turkman recently hired Georgia Viggen, CFA, as a portfolio manager for North South Bank. Although Viggen worked many years for a competitor, West Star Bank, the move was straightforward because she did not have a non-compete agreement with her previous employer. Once Viggen starts working for Turkman, the first thing she does is to bring a trading software package she developed and used at West Star to her new employer. Using public information, Viggen contacts all of her former clients to convince them to move with her to North South. Viggen also convinces one of the analysts she worked with at West Star to join her at her new employer. Viggen most likely violated the CFA Institute Code of Ethics and Standards of Professional Conduct concerning her actions involving:【单选题】

A.clients.

B.the analyst.

C.trading software.

正确答案:C

答案解析:“Guidance for Standards I-VII”, CFA InstituteC is correct because the portfolio manager violated Standard IV (A) Loyalty by taking proprietary trading software from her former employer. Although the manager created the software, it was during a period of time when West Star employed her, so the software is not her property to take with her to her new employer. The member contacted clients using public information, so she did not violate Standard IV (A) Loyalty. Because Viggen was not obligated to abide by a non-compete agreement that would likely restrict recruitment of former colleagues, Viggen is most likely free to recruit the analyst from her former employer.

3、Information about the 2009 actual results for a company and its projected sales, cost of goods sold and assets for 2010 are presented below:Based on the projected sales increase, the best estimate of 2010 projected current assets (in ?- 000s) is closest to:【单选题】

A.1,890.

B.1,980.

C.2,070.

正确答案:B

答案解析:“Financial Statement Analysis,” Pamela P. Peterson, CFACurrent assets are sales driven and hence would be expected to increase by 10%, the same amount as sales. The increase in sales is (9,900,000 – 9,000,000)/9,000,000 = 10%. Therefore, projected current assets are 1.10 x 1,800,000 = 1,980,000.

4、An analyst does research about marginal cost and average cost.In the short run,when a firm's output increases beyond the point at which marginal cost equalsaverage variable cost, average fixed cost:【单选题】

A.and average total cost both increase.

B.decreases and average variable cost increases.

C.decreases and average total cost increases.

正确答案:B

答案解析:当边际收益和平均可变成本（AVC)相交时，此交点A为AVC的最低点，随后AVC增加，但是由于边际收益和平均总成本（ATC)的交点B在边际收益和平均可变成本相交点A的右边，所以当产量超过交点A而没有达到交点B时，平均总成本仍然是下降的，只有达到交点B后，（ATC)才会随着产量的增加而增加。平均固定成本（AFC)总是减少的，因为FC是固定的，产量增加以后会减少AFC。

5、An analyst does research about equity indices and gathers the following informationfor a market-capitalization-weighted index consisting of the shares in threecompanies :The total return of the index is closest to:【单选题】

A.2.54%

B.4.02%

C.4.13%

正确答案:C

答案解析:总收益（total return）（包含股利）计算如下： = $36 × 2 300 + $22 × 3 200 + $29 × l 500 = $196 700, = $39 × 2 300 + $20 ×3 200 + $32 × 1 500 = $201 700, D = $0.10 × 2 300 + $0.55 × 3 200 + 0.75 × 1 500 =$3 115，总收益 = （$201 700 - $196 700 + $3 115）/$196 700 = 4.13%.