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 statements is most accurate?【單選題】

A.The first quintile generally exceeds the median.

B.The first quintile generally exceeds the first decile.

C.The first quintile generally exceeds the first quartile.

正確答案:B

答案解析:“Statistical Concepts and Market Returns,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFAThe first quintile is the 20th percentile. The first decile is the 10th percentile, the first quartile is the 25th percentile, and the median is the 50th percentile. While it is possible that these various percentiles or some subsets of them might be equal (for example the 10th percentile possibly could be equal to the 20th percentile), in general the order from smallest to largest would be: first decile, first quintile, first quartile, median.

2、Which of the following most accurately describes the basis for construction of nearly all bond market indices?【單選題】

A.Dealer prices

B.Model prices

C.Market prices

正確答案:A

答案解析:Firms (dealers) are assigned to specific securities and are responsible for creating liquid markets for those securities by purchasing and selling them from their inventory. In addition, many securities do not trade frequently and, as a result, are relatively illiquid. As a result, index providers must contact dealers to obtain current prices on constituent securities to update the index, or they must estimate the prices of constituent securities using the prices of traded fixed-income securities with similar characteristics.Section 6.1

3、DMT Corp. issued a five-year floating-rate note (FRN) that pays a quarterly coupon of three-month LIBOR plus 125 bps. The FRN is priced at 96 per 100 of par value. Assuming a 30/360 day-count convention, evenly spaced periods, and constant three-month LIBOR of 5%, the discount margin for the FRN is closest to:【單選題】

A.221 bps.

B.180 bps.

C.400 bps.

正確答案:A

答案解析:The interest payment each period per 100 of par value is:Section 3.4

4、An analyst does research about goodwill.Which of the following statementsabout goodwill created in a business combination is least accurate?【單選題】

A.Goodwill is amortized.

B.Goodwill is tested annually for impairment.

C.Goodwill is capitalized.

正確答案:A

答案解析:從商業并購中獲得的商譽（goodwill）在資產負債表上進行資本化時，每年都要進行減值測試（impairment test），而不是攤銷（amortization）。

5、An analyst does research about cash flow statement.When a company financesaccounts payable, an immediate effect on its cash flow statement is mostlikely to:【單選題】

A.decrease operating cash flow.

B.increase operating cash flow.

C.shift cash outflow from operation to a later time period.

正確答案:C

答案解析:安排第三方金融公司支付公司當期的應收賬款，然后公司會在下一期間歸還這些款項給該第三方金融公司（很可能以服務費的形式出現），當時并不影響經營性現金流，而這樣就可以平滑季節性的經營性現金流，將經營性現金流的流出延緩至未來的某個時間。