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、In describing the three major issues relating to a performance evaluation policy, Subramanium is least accurate with respect to performance:【单选题】

A.management.

B.attribution.

C.appraisal.

正确答案:B

答案解析:Subramanium is least accurate with respect to performance attribution. Performance attribution investigates the sources of the account's performance relative to a specific investment benchmark, not a manager's past performance.

2、Jamison is a junior research analyst with Howard & Howard, a brokerage and investment banking firm. Howard & Howard’s mergers and acquisitions department has represented the Britland Company in all of its acquisitions for the past 20 years. Two of Howard & Howard’s senior officers are directors of various Britland subsidiaries. Jamison has been asked to write a research report on 【单选题】

A.Jamison may write the report but must refrain from expressing any opinions because of the special relationships between the two companies.

B.Jamison should not write the report because the two Howard & Howard officers serve as directors for subsidiaries of Britland.

C.Jamison may write the report if she discloses the special relationships with the company in the report.

正确答案:C

答案解析:The correct answer is C. This question involves Standard VI(A)—Disclosure of Conflicts. The question establishes a conflict of interest in which an analyst, Jamison, is asked to write a research report on a company that is a client of the analyst’s employer. In addition, two directors of the company are senior officers of Jamison’s employer. Both facts establish that there are conflicts of interest that must be disclosed by Jamison in her research report. Answer B is incorrect because an analyst is not prevented from writing a report simply because of the special relationship the analyst’s employer has with the company as long as that relationship is disclosed. Answer A is incorrect because whether or not Jamison expresses any opinions in the report is irrelevant to her duty to disclose a conflict of interest. Not expressing opinions does not relieve the analyst of the responsibility to disclose the special relationships between the two companies.

3、Based on Exhibit 1, Kiest’s liabilities would be classified as:【单选题】

A.Type I.

B.Type II.

C.Type III.

正确答案:A

答案解析:A is correct. Type I liabilities have cash outlays with known amounts and timing. The dates and amounts 

4、Which of the following emotional biases has Jordan most likely exhibited?【单选题】

A.Endowment.

B.Regret aversion.

C.Overconfidence.

正确答案:C

答案解析:C is correct. Jordan exhibits overconfidence in several ways. She ignores the analysis 

5、Given the manager's goal, what approach should Dodson most likely recommend for the $50 million portfolio of the Susquehanna Industries' pension fund?【单选题】

A.Full replication

B.Optimization

C.Stratified sampling

正确答案:C

答案解析:The portfolio contains small-cap stocks, which indicates an approach other than full replication, and the desire to minimize transaction costs indicates stratified sampling rather than optimization.