2019年CFA考試《CFA一級(jí)》考試共240題，分為單選題。小編每天為您準(zhǔn)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(xí)的成功，都會(huì)淋漓盡致的反映在分?jǐn)?shù)上。一起加油前行。

1、On 7 January 2008, an investor purchases 100 shares of stock for $32.50 a share. On 7 January 2009, the investor purchases 100 more shares of the same stock for $36.70 a share. On 7 January 2010, the investor sells all 200 shares of the stock for $42.00 a share. The internal rate of return for this investment is best described as an example of a:【單選題】

A.geometric mean return.

B.time-weighted rate of return.

C.money-weighted rate of return.

正確答案: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 money-weighted return is the internal rate of return for the portfolio.

2、An investment fund owns 8 percent of the outstanding voting shares of a public company. There are several larger voting blocks of shares such that the investment fund is not assured of being able to elect representation on the board of directors. Which type of shareholder voting right would be most beneficial in allowing the investment fund to ensure their interests are represented on the board?【單選題】

A.Proxy

B.Cumulative

C.Confidential

正確答案:B

答案解析:“The Corporate Governance of Listed Companies: A Manual for Investors,” 2010 Modular Level I, Vol. 4, pp. 193-195Cumulative voting enhances the likelihood that minority interests are represented on the board

3、In what way is the payoff of a forward rate agreement (FRA) most likely different from the payoff of an interest rate option?【單選題】

A.It is based on a fixed exercise rate.

B.It is based on a notional principal amount.

C.It is paid immediately when the contract expires.

正確答案:C

答案解析:“Option Markets and Contracts”, Don M. ChanceThe payoff of a FRA is paid immediately when the contract expires. If at expiration the option is in-the-money and exercised, the payoff of an option is not paid immediately at expiration; it is paid at the end of the term of the underlying interest rate.

4、When considering two mutually exclusive capital budgeting projects with conflicting rankings, the most appropriate conclusion is to choose the project with the:【單選題】

A.higher net present value (NPV).

B.shorter payback.

C.higher internal rate of return (IRR).

正確答案:A

答案解析:The project with the higher NPV should be undertaken because it measures the increase in wealth as a result of taking the project. For mutually exclusive projects, IRR may give incorrect decisions as a result of scale and/or cash flow timing effects. Payback is not an economically sound method for evaluation of capital projects.Section 4

5、An analyst does research aboutembedded options.Which of the following embeddedoptions is least likely to increase in value when interest rates increase?【單選題】

A.The right toput an issue.

B.The cap on a floater.

C.An accelerated sinking fund provision.

正確答案:C

答案解析:由于利率上升，對(duì)于浮動(dòng)利率債券的利率頂?shù)膬r(jià)值上升，因?yàn)楦锌赡艹^其所設(shè)定的利率頂，而超過利率頂時(shí)，購(gòu)買者就能得到報(bào)償。由于利率上升，可回售債券價(jià)格下跌，被回售的可能性增加了，所以回售債券的權(quán)利增加價(jià)值了。加速沉沒資金條款是公司可以選擇提前償還全部或部分本金，在利率下跌的情況下，該條款更有價(jià)值，因?yàn)榭梢愿统杀具M(jìn)行融資，所以在利率上升的情況下，該權(quán)利減少價(jià)值。