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、Townsend was recently appointed to the board of directors of a youth golf program that is the local chapter of a national not-for- profit organization. The program is beginning a new fund-raising 【单选题】

A.Townsend did not violate the Code and Standards.

B.Townsend violated the Code and Standards by soliciting donations from her clients through the newsletter.

C.Townsend violated the Code and Standards by not getting approval of the organization before soliciting her clients.

正确答案:A

答案解析:Answer A is correct. Townsend has not provided any information about her clients to the leaders or managers of the golf program; thus, she has not violated Standard III(E)—Preservation of Confidentiality. Providing contact information about her clients for a direct-mail solicitation would have been a violation. Answer B is incorrect because the notice in the newsletter does not violate Standard III(E). Answer C is incorrect because the golf program’s fund-raising campaign had already begun, so discussing the opportunity to donate was appropriate.

2、Which one of the following actions will help to ensure the fair treatment of brokerage firm clients when a new investment recommendation is made?【单选题】

A.Informing all people in the firm in advance that a recommendation is to be disseminated.

B.Distributing recommendations to institutional clients prior to individual accounts.

C.Minimizing the time between the decision and the dissemination of a recommendation.

正确答案:C

答案解析:The correct answer is C. This question, which relates to Standard III(B)—Fair Dealing, tests the knowledge of the procedures that will assist members and candidates in treating clients fairly when making investment recommendations. The step listed in C will help ensure the fair treatment of clients. Answer A may have negative effects on the fair treatment of clients. The more people who know about a pending change, the greater the chance that someone will inform some clients before the information’s release. The firm should establish policies that limit the number of people who are aware in advance that a recommendation is to be disseminated. Answer B, distributing recommendations to institutional clients before distributing them to individual accounts, discriminates among clients on the basis of size and class of assets and is a violation of Standard III(B).

3、【单选题】

A.the replacement cost of the company’s assets is understated.

B.the company appears to be overvalued in the marketplace.

C.the company appears to be undervalued in the marketplace.

正确答案:C

答案解析:C is correct. A Tobin’s q value of less than 1, when 1 is used as a comparison point, indicates 

4、【单选题】

A.EUR490,714,000.

B.EUR490,876,000.

C.EUR491,038,000.

正确答案:B

答案解析:B is correct. Gide will invest the 65 billion yen for six months at 0.066% (refer to Exhibit 1). She 

5、【单选题】

A.Statement 1

B.Statement 2

C.Statement 3

正确答案:A

答案解析:A is correct. Global credit managers do use currency swaps and invest in pegged currencies to hedge foreign