2020年CFA考试《CFA三级》考试共240题，分为单选题。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 Radia's points regarding the choice of a benchmark is the most accurate? His point regarding the:【单选题】

A.median manager or fund.

B.absolute return objective.

C.style index.

正确答案:C

答案解析:The ability of style indexes to pass tests of benchmark validity can be problematic as the definition of investment style implied in the benchmark may be ambiguous or inconsistent with the investment process of the manager being evaluated.

2、【单选题】

A.decrease.

B.remain unchanged.

C.increase.

正确答案:A

答案解析:A is correct. The original funding ratio is the market value of assets divided by the present value of liabilities. This plan’s ratio is 

3、The clients of Statement 5 most likely exhibit:【单选题】

A.loss-aversion.

B.bounded rationality.

C.mental accounting bias.

正确答案:C

答案解析:C is correct. The clients discussed in Statement 5 exhibit mental accounting bias because they 

4、Ward is scheduled to visit the corporate headquarters of Evans Industries. Ward expects to use the information he obtains there to complete his research report on Evans stock. Ward learns that Evans plans to pay all of Ward’s expenses for the trip, including costs of meals, hotel room, and air transportation. Which of the following actions would be the best course for Ward to take under the Code 【单选题】

A.Accept the expense-paid trip and write an objective report.

B.Pay for all travel expenses, including costs of meals and incidental items.

C.Accept the expense-paid trip but disclose the value of the services accepted in the report.

正确答案:B

答案解析:The correct answer is B. The best course of action under Standard I(B)—Independence and Objectivity is to avoid a conflict of interest whenever possible. Therefore, for Ward to pay for all his expenses is the correct answer. Answer C details a course of action in which the conflict would be disclosed, but the solution is not as appropriate as avoiding the conflict of interest. Answer A would not be the best course because it would not remove the appearance of a conflict of interest; even though the report would not be affected by the reimbursement of expenses, it could appear to be.

5、With respect to the DB pension fund for Green International, Blackmore's fiduciary duty is:【单选题】

A.owed primarily to the management and stockholders of 

B.owed to the participants and beneficiaries of the 

C.owed equally to the participants and beneficiaries of the 

正确答案:B

答案解析:This question relates to Loyalty, Prudence, and Care. Blackmore's primary duty is to the participants and beneficiaries of the