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、Darden Crux, CFA, a portfolio manager at SWIFT Asset Management Ltd., (SWIFT) calls a friend to join him for dinner. The friend, a financial analyst at Cyber Kinetics (CK) declines the invitation and explains she is performing due diligence on Orca Electronics, a company CK is about to acquire. After the phone call, Crux searches the Internet for any news of the acquisition but finds nothing. Upon verifying Orca is on SWIFT’s approved stock list, Crux purchases Orca’s common stock and call options for selective SWIFT clients. Two weeks later, CK announces its intention to acquire Orca. The next day, Crux sells all of the Orca securities, giving the fund a profit of $3 million. What action should Crux most likely take to avoid violating any CFA Institute Standards of Professional Conduct?【單選題】

A.Refuse to trade based on the information.

B.Purchase the stock and call options for all clients.

C.Trade only after analyzing the stock diligently and thoroughly.

正確答案:A

答案解析:CFA Institute StandardsA is correct as members/candidates who possess material nonpublic information that could affect the value of an investment should not act or cause others to act on the information. Crux traded on the material information that Orca is about to be acquired by Cyber Kinetics. The information is non-public because it is not publicly available, which was verified when Crux researched Orca on the Internet and found nothing about the acquisition. Standard II (A).

2、Thomas Turkman recently hired Georgia Viggen, CFA, as a portfolio manager for North South Bank. Although Viggen worked many years for a competitor, West Star Bank, the move was straightforward because she did not have a non-compete agreement with her previous employer. Once Viggen starts working for Turkman, the first thing she does is to bring a trading software package she developed and used at West Star to her new employer. Using public information, Viggen contacts all of her former clients to convince them to move with her to North South. Viggen also convinces one of the analysts she worked with at West Star to join her at her new employer. Viggen most likely violated the CFA Institute Code of Ethics and Standards of Professional Conduct concerning her actions involving:【單選題】

A.clients.

B.the analyst.

C.trading software.

正確答案:C

答案解析:“Guidance for Standards I-VII”, CFA InstituteC is correct because the portfolio manager violated Standard IV (A) Loyalty by taking proprietary trading software from her former employer. Although the manager created the software, it was during a period of time when West Star employed her, so the software is not her property to take with her to her new employer. The member contacted clients using public information, so she did not violate Standard IV (A) Loyalty. Because Viggen was not obligated to abide by a non-compete agreement that would likely restrict recruitment of former colleagues, Viggen is most likely free to recruit the analyst from her former employer.

3、Information about the 2009 actual results for a company and its projected sales, cost of goods sold and assets for 2010 are presented below:Based on the projected sales increase, the best estimate of 2010 projected current assets (in ?- 000s) is closest to:【單選題】

A.1,890.

B.1,980.

C.2,070.

正確答案:B

答案解析:“Financial Statement Analysis,” Pamela P. Peterson, CFACurrent assets are sales driven and hence would be expected to increase by 10%, the same amount as sales. The increase in sales is (9,900,000 – 9,000,000)/9,000,000 = 10%. Therefore, projected current assets are 1.10 x 1,800,000 = 1,980,000.

4、An analyst does research about marginal cost and average cost.In the short run,when a firm's output increases beyond the point at which marginal cost equalsaverage variable cost, average fixed cost:【單選題】

A.and average total cost both increase.

B.decreases and average variable cost increases.

C.decreases and average total cost increases.

正確答案:B

答案解析:當邊際收益和平均可變成本（AVC)相交時，此交點A為AVC的最低點，隨后AVC增加，但是由于邊際收益和平均總成本（ATC)的交點B在邊際收益和平均可變成本相交點A的右邊，所以當產量超過交點A而沒有達到交點B時，平均總成本仍然是下降的，只有達到交點B后，（ATC)才會隨著產量的增加而增加。平均固定成本（AFC)總是減少的，因為FC是固定的，產量增加以后會減少AFC。

5、An analyst does research about equity indices and gathers the following informationfor a market-capitalization-weighted index consisting of the shares in threecompanies :The total return of the index is closest to:【單選題】

A.2.54%

B.4.02%

C.4.13%

正確答案:C

答案解析:總收益（total return）（包含股利）計算如下： = $36 × 2 300 + $22 × 3 200 + $29 × l 500 = $196 700, = $39 × 2 300 + $20 ×3 200 + $32 × 1 500 = $201 700, D = $0.10 × 2 300 + $0.55 × 3 200 + 0.75 × 1 500 =$3 115，總收益 = （$201 700 - $196 700 + $3 115）/$196 700 = 4.13%.