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上。一起加油前行。

1、Which of the following will most likely result in an increase in a company’s sustainable growth rate?【單選題】

A.Higher tax burden ratio

B.Lower interest burden ratio

C.Higher dividend payout ratio

正確答案:A

答案解析:“Financial Analysis Techniques,” Elaine Henry, Thomas R. Robinson, and Jan Hendrik van GreuningA higher tax burden ratio (Net income/Earnings before tax) implies that the company can keep a higher percentage of pretax profits; this implies a lower tax rate and a higher ROE. The interest burden ratio is earnings before tax to EBIT, and a lower ratio means that the company has higher borrowing costs (it gets to keep a lower pre-tax income from a given EBIT), implying a lower ROE and sustainable growth.

2、When interest rates fall, the price of a callable bond will:【單選題】

A.fall less than an option-free bond.

B.rise less than an option-free bond.

C.rise more than an option-free bond.

正確答案:B

答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi, CFAB is correct because when interest rates fall, the price of the embedded call option increases. Since, price of a callable bond = price of option-free bond – price of embedded call option, the price of the callable bond will not increase as much as an option-free bond since the price of the call option is increasing. As interest rates fall, the bond is more likely to be called, limiting the upside price increase potential.

3、An pharmaceutical industry analyst gathers the following information about acompany during 2011.The net income is $ 23 000.The total assets are$ 140 000 on January 1, 2011.The total assets are $ 180 000 on 31 December, 2011.The cash dividends paid on common stock this year are $ 8 000,and the financial leverage is 2.5.The company's sustainable growth rate isclosest to:【單選題】

A.9.4%

B.20.8%

C.23.4%

正確答案:C

答案解析:average total assets = ( $ 140 000 + $ 180 000)/2 = $ 160 000g = [ $ 23 000/ $ 160 000] ×2.5 ×(1 - $ 8 000/ $ 23 000) = 14.375% ×2.5 × 0.652 =23.4%。

4、In a strategic asset allocation, assets within a specific asset class are least likely to have:【單選題】

A.low paired correlations.

B.low correlations with other asset classes.

C.similar risk and return expectations.

正確答案:A

答案解析:In a strategic asset allocation, assets within a specific asset class have high paired correlations andlow correlations with other asset classes.Section 3.2

5、An investor has a portfolio that lies on the capital market line (CML) , and theportfolio's expected return is more than expected return on the market portfolio.That investor's portfolio is best described as:【單選題】

A.a lending portfolio.

B.a borrowing portfolio.

C.having more unsystematic risk than the market portfolio.

正確答案:B

答案解析:根據CML，一部分資產投資于無風險證券，另一部分投資于市場組合，此時的收益率介于無風險收益率與市場組合收益率之間，這類投資組合稱為出借組合（lendingportfolio)。以無風險收益率進行融資，并且全部投資于市場組合，此時的收益率大于市場組合收益率，該類投資組合稱為融資組合（borrowing portfolio），此時的總風險高于市場組合，而不是非系統性風險高于市場組合。