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 swap contracts likely has the highest credit risk?【单选题】

A.Contract A.

B.Contract B.

C.Contract C.

正确答案:C

答案解析:The swap with the highest credit risk is swap C. At the beginning of a swap's life, the parties would not enter into the contract 

2、Jose DiCenzo has some securities worth €50,000 that have a cost basis of €75,000. If he sells those securities and can use the realized losses to offset other realized gains, how much can DiCenzo reduce his taxes in the current tax year assuming capital gains are taxed at 30 percent?【单选题】

A.€7,500.

B.€15,000.

C.€17,500.

正确答案:A

答案解析:A is correct. DiCenzo has a €75,000 - €50,000 = €25,000 unrealized loss. Assuming that realizing this loss will decrease his taxable gains by the same amount, his tax bill in the current year will be reduced by 0.30 × €25,000 = €7,500.

3、Are the statements made by Gano consistent with the requirements of GIPS?【单选题】

A.Yes.

B.No, only statement 1 is correct.

C.No, both statements are incorrect.

正确答案:B

答案解析:Statement 1 is consistent with GIPS. GIPS requires at least monthly valuation and on the date of large external cash flows. 

4、Which policy regarding return calculation methodologies most likely requires revision?【单选题】

A.Policy 5

B.Policy 4

C.Policy 6

正确答案:C

答案解析:The GIPS standards require cash and cash equivalents to be included in total return calculations for all asset classes.

5、Are the seminar speaker’s Statements 1 and 2, respectively, correct?【单选题】

A.Statement 1: No. Statement 2: No.

B.Statement 1: No. Statement 2: Yes.

C.Statement 1: Yes. Statement 2: No.

正确答案:B

答案解析:B is correct. The first statement is incorrect and the second statement is correct. What is legal is not