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、Which of the following least likely forms the basic structure for enforcement of the CFA Institute Professional Conduct Program?【单选题】

A.Bylaws

B.Rules of Procedure

C.Board of Governors

正确答案:C

答案解析:Code of Ethics and Standards of Professional Conduct, CFA InstituteC is correct. Although the Board of Governors maintains oversight and responsibility for the Professional Conduct Program, the Institute's Bylaws and Rules of Procedure form the basic structure for enforcement of the Code and Standards.

2、An analyst determines that approximately 99 percent of the observations of daily sales for a company are within the interval from $230,000 to $480,000 and that daily sales for the company are normally distributed. The standard deviation of daily sales (in $) for the company is closest to:【单选题】

A.41,667.

B.62,500.

C.83,333.

正确答案:A

答案解析:“Common Probability Distributions,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAMean = ($230,000 + 480,000) / 2 = $355,000. 99 percent of observations under a normal distribution will be plus/minus three standard deviations. Thus, ($355,000 - $230,000)/3.0 = $41,667. It is also the case that ($480,000 - $355,000)/3.0 = $41,667.

3、An analyst gathers the following data about a company and the market:Using the dividend discount model the company’s price per share (in $) is closest to:【单选题】

A.16.00.

B.16.82.

C.18.28.

正确答案:B

答案解析:“An Introduction to Asset Pricing Models,” Frank K. Reilly, CFA and Keith C. Brown, CFANote: The notation of Ein p. 279 (Vol. 4) is the same as k in p. 142 (Vol. 5).

4、With respect to the portfolio management process, asset allocation decisions are made in the:【单选题】

A.planning step.

B.feedback step.

C.execution step.

正确答案:C

答案解析:“Portfolio Management: An Overview,” Robert M. Conroy, CFA and Alistair Byrne, CFAC is correct. Asset allocation decisions are made in the execution step.

5、Timothy Holt, CFA, is a portfolio manager for the Toro Aggressive GrowthFund, a large mutual fund with an aggressive-growth mandate in Fechtman Investments.While having lunch with his colleagues, Holt overheards the managerof Fechtman Investments' trading desk discussing a large sell order for shares ofSamuel Corporation that will take the rest of this week to process.Samuel Corporationstocks take a dominant position in the Toro Aggressive Growth Fund.Toprotect his clients' interests, Holt immediately heads to his office and sells all theSamuel Corporation stocks held in his fund.Has Holt most likely violated theStandards of Professional Conduct?【单选题】

A.No.

B.Yes, relating only to material nonpublic information.

C.Yes, relating both to material nonpublic information and priority of transactions.

正确答案:B

答案解析:在听到公司交易部门要出售大量的某只股票时，基金经理马上将基金中的该股票卖出，明显违反了重大的非公开信息即内幕消息披露条款，但并没有违反优先交易权的条款，因为其本人或其受益人并没有进行任何交易。