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、A company’s taxable income is 17.1% of sales. Assuming taxes of 42% and a dividend payout of 50%, the net profit margin is closest to:【单选题】

A.5.0%.

B.7.2%.

C.9.9%.

正确答案:C

答案解析:“Financial Statement Analysis,” Pamela Peterson Drake

2、Which of the following embedded options most likely provides a right to the issuer?【单选题】

A.Call feature

B.Conversion provision

C.Put feature

正确答案:A

答案解析:The right to call the issue is beneficial to the issuer when interest rates fall.Section 6.3.5

3、With respect to the Standards of Professional Conduct relating to reference toCFA Institute, the CFA Designation and the CFA Program, which of the followingis least likely a proper reference to the CFA Designation?【单选题】

A.CFA, 2012, CFA Institute.

B.I passed all three levels of the CFA Program and will be eligible for theCFA charter upon completion of the required work experience.

C.Gordon and Mandeville are the only CFAs in our company.

正确答案:C

答案解析:CFA只可以作为形容词，不可以作为名词，所以C错。A是说他是在2012年获得了CFA协会颁发的CFA资格，是正确的表达。B也是正确表达。

4、With respect to the Standards of Professional Conduct relating to priority of transaction,which of the following prerequisites is least accurate when conflicts between theclient's interests and an investment professional's personal interests occur?【单选题】

A.The client is not disadvantaged by the trade taken for the investment professional.

B.The investment professional doesn't enter into personal transaction that runcounter to current clients' holdings.

C.The investment professional complies with applicable regulatory requirements.

正确答案:B

答案解析:在优先交易权里并没有规定CFA会员和考生不能参与与当前客户配置反向的个人交易。但是，如果客户与个人交易有冲突，则必须满足以下3个先决条件：（1）客户不被个人交易损害；（2） CFA会员不通过为客户交易谋取自己的私利；（3） CFA会员遵守了所适用的法律、法规的要求。满足这3个条件后，个人可以从事相关交易。

5、An analyst does research about the income elasticity of demand.As income risesfrom $500 per week to $1 500 per week, the quantity demanded for a product increasesfrom 1 100 units to 1 500 units, the income elasticity of demand is closest to:【单选题】

A.0.25

B.0.31

C.0.40

正确答案:B

答案解析:[（1 500 - 1 100）/（1 500 + 1100）/2]/[（$1 500 - $500）/（$1 500 + $500）/2] =0.3077/1 = 0.3077。