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、An analyst determines that 60% of all U.S. pension funds hold hedge funds. In evaluating this probability, a random sample of 10 U.S. pension funds is taken. Using the binomial probability function, the probability that exactly 6 of the 10 firms in the sample hold hedge funds is closest to:【單選題】

A.11.2%.

B.25.1%.

C.60.0%.

正確答案:B

答案解析:The number of trials is 10 (n), the number of successes is 6 (x), and the probability of success is 0.60(p). Using the following formula: and the values given,2014 CFA Level I“Common Probability Distributions,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 2.2

2、An investor purchases a 5 percent coupon bond maturing in 3 years for $102.80, providing a yield-to-maturity of 4 percent. At what rate must the coupon payments be reinvested to generate the 4 percent yield?【單選題】

A.0%

B.4%

C.5%

正確答案:B

答案解析:“Yield Measures, Spot Rates, and Forward Rates”, Frank J. Fabozzi, CFAB is correct since the yield-to-maturity measure assumes that the coupon payments can be reinvested at an interest rate equal to the yield-to-maturity, in this case 4%.

3、Which of the following statements is NOT compliance with the Global InvestmentPerformance Standards (GAPS?)?【單選題】

A.A firm must have its performance results verified by an independent thirdparty.

B.A firm must make every reasonable effort to provide a compliant presentationto all prospective clients.

C.A firm must provide a complete list of composite descriptions to any prospectiveclient that make such a request.

正確答案:A

答案解析:遵守全球投資業(yè)績(jī)標(biāo)準(zhǔn)（GAPS?）的公司并不被要求對(duì)于其業(yè)績(jī)表現(xiàn)進(jìn)行認(rèn)證，認(rèn)證是自愿的。公司為了遵守GAPS?的聲明，B項(xiàng)和C項(xiàng)都是其必須要做的。

4、With respect to the cash flow statement, which of the following activities can bepresented using both the direct method and the indirect method?【單選題】

A.Operating,

B.Investing.

C.Financing.

正確答案:A

答案解析:融資性現(xiàn)金流（CFF）和投資性現(xiàn)金流（CFI）都只可以用直接法計(jì)算，而經(jīng)營(yíng)性現(xiàn)金流（CFO）既可以用間接法也可以用直接法計(jì)算。

5、Valuation of a swap during its life will least likely involve the:【單選題】

A.use of replication.

B.investor's risk aversion.

C.application of the principle of no arbitrage.

正確答案:B

答案解析:Risk neutrality, not risk aversion, is a key element of derivatives pricing, including swaps.Section 1