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 collects data relating to five commonly used measures of use of debt (leverage) and interest coverage for a randomly chosen sample of 300 firms. The data comes from those firms’ fiscal year 2011 annual reports. This data is best characterized as:【单选题】

A.time-series data.

B.longitudinal data.

C.cross-sectional data.

正确答案:C

答案解析:“Sampling and Estimation,” Richard A. Defusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleStudy Session 3-10-dDistinguish between time-series and cross-sectional data.C is correct. Data on some characteristics of companies at a single point in time are cross-sectional data.

2、Assume the U.S. Federal Reserve system (the Fed) has decided to lower interest rates in the economy. To carry out this policy, the Fed will most likely:【单选题】

A.sell securities.

B.buy securities.

C.increase required reserve ratios.

正确答案:B

答案解析:“Money, the Price Level, and Inflation,” Michael ParkinWhen the Fed purchases securities, the Fed increases the reserves held by the banking system. These increased reserves lead to a reduction in the federal funds rate and, ultimately, to a reduction in other interest rates in the economy.

3、Selected information from a company’s recent income statement and balance sheets is presented below.The company operates in an industry in which suppliers offer terms of 2/10, net 30. The payables turnover for the average company in the industry is 8.5 times. Which of the following statements is most accurate? In 2011, the company on average:【单选题】

A.took advantage of early payment discounts.

B.paid its accounts within the payment terms provided.

C.paid its accounts more promptly than the average firm in the industry.

正确答案:C

答案解析:“Financial Analysis Techniques,” Elaine Henry, Thomas R. Robinson, and Jan Hendrik van GreuningThe firm’s days in payables is 39.9 days; therefore, it appears the firm does not normally take supplier-provided discounts (paying in 10 days) nor pay its accounts within the 30-day terms provided. However, on average, the firm is paying faster than the average firm in the industry (42.9 days).

4、An analyst does research about cash flow statement and gathers the following informationabout an IT company (in millions).Which of the following transactions, on its own, best explains the change in cashflows from the beginning of the year? The company:【单选题】

A.issued $ 47 millions in bonds in 2011.

B.repurchased $ 47 millions of its stock in 2011.

C.increased long-term assets by $ 47 millions in 2011.

正确答案:B

答案解析:2011 年融资性现金流（cash flows from financing activities）= $ 505 - $ 490 - $ 32 -$ 30 = - $ 47(million)，说明2011年有 $ 47million的融资性现金流流出。题干中已经给出了经营性现金流（cash flows from operating activities）和投资性现金流（cashflows from investing activities），如果融资性现金流为0的话，则年末现金应该是$ 490+ $32 + $30 = $552（million）。但是当年年末的现金余额是$505million，说明融资性现金流有$47million的流出。A选项发行债券是融资性现金流入（financing inflow），而不是融资性现金流出（financing outflow），所以A错。B选项回购股票属于融资性现金流出，所以B及正确答案。C选项购买长期资产属于投资性现金流出（investingoutflow)，所以C错。

5、With respect to the capital budgeting, which of the following occurs when an investmenttakes customers and sales away from another part of the company?【单选题】

A.Opportunity cost.

B.Externality.

C.Cannibalization.

正确答案:C

答案解析:沉没成本（sunk cost）：过去已经发生的成本，例如前期的调研费用。今天的决策应根据现在和将来的现金流，而不应受沉没成本的影响。机会成本（opportunity cost）：例如前几年投资的土地，在资本预算时要以现行市价（currentmarket value）考虑，而不应以账面价值（book value）考虑。又如出售一台旧机器，它的机会成本就是这台旧机器所能产生的现金流。