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、In early 2011, the British pound (GBP) to New Zealand dollar (NZD) spot exchange rate was 2.0979. LIBOR interest rates, quoted on a 360-day year basis, were 1.6025% for the British pound and 3.2875% for the New Zealand dollar. The 180-day forward points (scaled up by four decimal places) in GBP/NZD would be closest to:【單選題】

A.–343.

B.–173.

C.176.

正確答案:B

答案解析:“Currency Exchange Rates,” William A. Barker, CFA, Paul D. McNelis, and Jerry NickelsburgForward points = (Forward – Spot) × 10,000 = (2.0806 – 2.0979) × 10,000 = –173.0.

2、Data that helps to compute expected growth rates of companies are furnished below:Which of the following best describes the expected growth rate of Company 1? The expected growth rate of Company 1 compared to Company 2 is:【單選題】

A.lower.

B.higher.

C.the same.

正確答案:C

答案解析:“An Introduction to Security Valuation,” Frank K. Reilly, CFA and Keith C. Brown, CFACompany 2: ROE = 10% x 2.0 = 20.0%; g = (1 – 0.400) x 20.0 = 12%

3、An analyst determines that a 5.50 percent coupon option-free bond, maturing in 7 years, would experience a 3 percent decrease in price if market interest rates rise by 50 basis points. If market interest rates instead fall by 50 basis points, the bond’s price would increase by:【單選題】

A.exactly 3%.

B.less than 3%.

C.more than 3%.

正確答案:C

答案解析:“Introduction to the Measurement of Interest Rate Risk,” Frank J. FabozziThe bond is option-free and will therefore exhibit positive convexity. An equal change in rates will produce a greater percentage gain when rates decrease than the percentage loss produced when rates increase.

4、Which of the following statements regarding inventory valuation is most accurate?【單選題】

A.IFRS defines market value as net realizable value less a normal profit margin.

B.Both IFRS and U.S. GAAP allow the reversal of write-downs back to the original cost.

C.Both IFRS and U.S. GAAP allow agricultural inventories to be valued at net realizable value.

正確答案:C

答案解析:Both IFRS and U.S. GAAP allow agricultural to be valued at net realizable value.Section 4

5、Which of the following is most likely a feature of a defined contribution pension plan? The【單選題】

A.employer accepts the investment risk.

B.employer provides a specified retirement benefit.

C.employee accepts the investment risk.

正確答案:C

答案解析:In a defined contribution pension plan, the employee accepts the investment risk and is responsible for ensuring that the plan contains enough funds to meet retirement needs.Section 3