2019年CFA考試《CFA一級》考試共240題，分為單選題。小編每天為您準備了5道每日一練題目（附答案解析），一步一步陪你備考，每一次練習的成功，都會淋漓盡致的反映在分數(shù)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?【單選題】

A.Bylaws

B.Rules of Procedure

C.Board of Governors

正確答案: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:【單選題】

A.41,667.

B.62,500.

C.83,333.

正確答案: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:【單選題】

A.16.00.

B.16.82.

C.18.28.

正確答案: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:【單選題】

A.planning step.

B.feedback step.

C.execution step.

正確答案: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?【單選題】

A.No.

B.Yes, relating only to material nonpublic information.

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

正確答案:B

答案解析:在聽到公司交易部門要出售大量的某只股票時，基金經(jīng)理馬上將基金中的該股票賣出，明顯違反了重大的非公開信息即內(nèi)幕消息披露條款，但并沒有違反優(yōu)先交易權的條款，因為其本人或其受益人并沒有進行任何交易。