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 the following is closest to the monthly VaR Fluellen will calculate for the large cap growth portfolio?【单选题】

A.$4 million.

B.$7 million.

C.$17 million.

正确答案:B

答案解析:

2、【单选题】

A.less than Kirk’s.

B.the same as Kirk’s.

C.greater than Kirk’s.

正确答案:A

答案解析:A is correct. The income volatility adjustment reflects the fact that income from different 

3、Which of the Kohler Foundation investment committee's three standards is least consistent with strategic asset allocation?【单选题】

A.Standard 3

B.Standard 2

C.Standard 1

正确答案:A

答案解析:Standard 3 is not consistent with strategic asset allocation; it is tactical asset allocation that is based on short-term expectations and perceived short-term disequilibriums in markets. Strategic asset allocation sets an investor’s desired long-term exposures to systematic risk. Investment objectives and constraints are inputs in determining strategic asset allocation.

4、The Barboa Fund can be best described as a fund segmented by:【单选题】

A.size/style.

B.geography.

C.economic activity.

正确答案:C

答案解析:C is correct. The Barboa Fund invests solely in the equity of companies in the oil production and 

5、Which of Adams's and Boshe's comments about counterparty risk is most accurate? The comment made by:【单选题】

A.Adams about the short sale against the box.

B.Boshe about her proposed strategies.

C.Adams about the total return equity swap.

正确答案:A

答案解析:Adams's statement about the short sale against the box is correct because it creates a riskless position. Although the forward conversion with options avoids counterparty risk, the equity forward sale and the total return equity swap use a derivatives dealer and thus include counterparty risk.