2020年CFA考试《CFA三级》考试共题，分为。小编每天为您准备了5道每日一练题目（附答案解析），一步一步陪你备考，每一次练习的成功，都会淋漓尽致的反映在分数上。一起加油前行。

1、【单选题】

A.present five years of annual composite returns.

B.present a measure of dispersion of individual portfolio returns.

C.disclose whether performance is shown gross or net of investment management 

正确答案:C

答案解析:C is correct. GIPS Provision III.B.6 states, “All advertisements that include a claim of compliance with the GIPS standards 

2、【单选题】

A.

B.

C.

正确答案:C

答案解析:

3、Based on the data in Exhibit 2 and the calculation of Tobin's q, the market is best described as:【单选题】

A.undervalued.

B.fairly valued.

C.overvalued.

正确答案:A

答案解析:Tobin's q is calculated as follows: (Liabilities at market value + Equities at market value) ÷ Assets at replacement cost(14,954 + 9,046) ÷ 26,000 = 0.92 With a Tobin's q less than 1.0, the market would be considered undervalued.

4、【单选题】

A.lower volatility of the US equity market.

B.

C.higher correlation of US equity market with international equity markets.

正确答案:C

答案解析:C is correct. A higher correlation of the US equity market with international equity markets 

5、Based on Exhibit 1, the effective spread for the executed ABC stock trade is most likely:【单选题】

A.equal to the quoted bid–ask spread.

B.greater than the quoted bid–ask spread.

C.less than the quoted bid–ask spread.

正确答案:C

答案解析:Effective spread is a measure of execution costs that captures both the effects of price improvements and market impact. The effective spread is two times the deviation of the actual execution price from the midpoint of the market quote at the time an order is entered.