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、Which of Reyder's additional notes from the discussion on human capital is most accurate? Her note about:【单选题】

A.the magnitude of loss of human capital

B.the risk tolerance of the combined portfolio

C.term life insurance versus annuities

正确答案:C

答案解析:The statement regarding term life insurance is most accurate. Life insurance is a perfect hedge against the loss of human capital in the event of death, whereas annuities address longevity risk. Although overall risk tolerance increases with human capital, overall risk tolerance decreases with greater wage risk. The magnitude of loss of human capital at younger ages is much more important than the higher probability of death at older ages.

2、【单选题】

A.6.25%.

B.4.70%.

C.5.88%.

正确答案:C

答案解析:The profit on the borrowed funds accrues to the equity; therefore, the rate of return increases from 5% in the all-equity case to 5.88% when leverage is used:

3、Which of Zefferman’s opening statements is inconsistent with the Asset Manager Code of Professional Conduct?【单选题】

A.Statement 1

B.Statement 2

C.Statement 3

正确答案:B

答案解析:Zefferman states the firm is responsible for putting clients’ interests above the firm’s when appropriate. The General Principles of Conduct embedded in the six components of the Asset Manager Code state that managers have the responsibility of acting for the benefit of clients. The code does not stipulate that this responsibility is applicable only when appropriate.

4、【单选题】

A.EUR740,026 and receives CHF400,000.

B.CHF400,000 and receives EUR740,026.

C.CHF800,000 and receives EUR900,901.

正确答案:B

答案解析:B is correct. In order to raise 100 million Swiss francs, Millau needs to issue bonds totaling 

5、【单选题】

A.Yes, with regard to client status

B.Yes, with regard to type of information

C.No

正确答案:A

答案解析:Standard III(E): Preservation of Confidentiality requires information about former clients, as well as existing and prospective clients, to be kept confidential unless the law requires the disclosure or permission has been given to disclose the information. Jacaranda's policies cover only existing and prospective clients.