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、An analyst determines that 60% of all U.S. pension funds hold hedge funds. In evaluating this probability, a random sample of 10 U.S. pension funds is taken. Using the binomial probability function, the probability that exactly 6 of the 10 firms in the sample hold hedge funds is closest to:【单选题】

A.11.2%.

B.25.1%.

C.60.0%.

正确答案:B

答案解析:The number of trials is 10 (n), the number of successes is 6 (x), and the probability of success is 0.60(p). Using the following formula: and the values given,2014 CFA Level I“Common Probability Distributions,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 2.2

2、An investor purchases a 5 percent coupon bond maturing in 3 years for $102.80, providing a yield-to-maturity of 4 percent. At what rate must the coupon payments be reinvested to generate the 4 percent yield?【单选题】

A.0%

B.4%

C.5%

正确答案:B

答案解析:“Yield Measures, Spot Rates, and Forward Rates”, Frank J. Fabozzi, CFAB is correct since the yield-to-maturity measure assumes that the coupon payments can be reinvested at an interest rate equal to the yield-to-maturity, in this case 4%.

3、Which of the following statements is NOT compliance with the Global InvestmentPerformance Standards (GAPS?)?【单选题】

A.A firm must have its performance results verified by an independent thirdparty.

B.A firm must make every reasonable effort to provide a compliant presentationto all prospective clients.

C.A firm must provide a complete list of composite descriptions to any prospectiveclient that make such a request.

正确答案:A

答案解析:遵守全球投资业绩标准（GAPS?）的公司并不被要求对于其业绩表现进行认证，认证是自愿的。公司为了遵守GAPS?的声明，B项和C项都是其必须要做的。

4、With respect to the cash flow statement, which of the following activities can bepresented using both the direct method and the indirect method?【单选题】

A.Operating,

B.Investing.

C.Financing.

正确答案:A

答案解析:融资性现金流（CFF）和投资性现金流（CFI）都只可以用直接法计算，而经营性现金流（CFO）既可以用间接法也可以用直接法计算。

5、Valuation of a swap during its life will least likely involve the:【单选题】

A.use of replication.

B.investor's risk aversion.

C.application of the principle of no arbitrage.

正确答案:B

答案解析:Risk neutrality, not risk aversion, is a key element of derivatives pricing, including swaps.Section 1