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 gathers the following information ($ millions) about the performance of a portfolio:The portfolio’s annual time-weighted rate of return (%) is closest to:【单选题】

A.8.

B.27.

C.32.

正确答案:C

答案解析:“Discounted Cash Flow Applications,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAThe time-weighted rate of return is calculated by computing the quarterly holding period returns and linking those returns into an annual return. In this case, the quarterly holding periods are 2.4/2.2 = 1.0909, 2.6/2.8 = 0.9286, 3.2/2.4 = 1.3333, and 4.1/4.2 = 0.9762. The time-weighted return is thus (1.0909 × 0.9286 × 1.3333 × 0.9762) - 1 = 1.3185 – 1 = 0.3185 or 31.85%.

2、A twenty-year $1,000 fixed rate non-callable bond with 8% annual coupons currently sells for $1,105.94. Assuming a 30% marginal tax rate and an additional risk premium for equity relative to debt of 5%, the cost of equity using the bond-yield-plus-risk-premium approach is closest to:【单选题】

A.9.9%.

B.12.0%.

C.13.0%.

正确答案:B

答案解析:“Cost of Capital,” Yves Courtois, CFA, Gene Lai, and Pamela Peterson Drake, CFAThe bond-yield-plus-risk-premium approach is calculated by adding a risk premium to the cost of debt (i.e. the yield-to-maturity for the debt) making the cost of equity 12.00% (= 7% +5%).

3、A company incurs the following costs related to its inventory during the year:The amount charged to inventory cost (in millions) is closest to:【单选题】

A.￥177,000.

B.￥175,000.

C.￥185,000.

正确答案:B

答案解析:The costs to include in inventories are all costs of purchase, costs of conversion, and other costsincurred in bringing the inventories to their present location and condition. It does not includeabnormal waste costs or storage of finished product.Section 2

4、An analyst does research about commodity market.Which of the following isleast likely a motivation of investing in commodities?【单选题】

A.Commodity markets have lower volatility than the equity markets.

B.Commodities have a positive correlation with the unexpected inflation.

C.Commodities have a negative correlation with the stock and bond returns.

正确答案:A

答案解析:商品市场的价格波动很大，不亚于股票市场。商品的投资与未预期的通货膨胀呈正相关，与传统的股票和债券回报呈负相关。

5、An analyst does research about bond yield and gathers the following informationabout the call structure for a 7 percent coupon bond that pays interest semiannuallyand matures in ten years:If the bond is correctly priced at $ 102.75, the bond's yield to first call isclosest to:【单选题】

A.3.34%

B.6.35%

C.6.68%

正确答案:C

答案解析:用计算器计算，N = 10，PV= - $ 102.75，PMT = $ 100 × 7%/2 =3.5，FV = $ 102，求得I/Y=3.34%，第一次行看涨权的收益率为：3.34% ×2=6.68%。