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 emotional biases has Jordan most likely exhibited?【单选题】

A.Endowment.

B.Regret aversion.

C.Overconfidence.

正确答案:C

答案解析:C is correct. Jordan exhibits overconfidence in several ways. She ignores the analysis 

2、【单选题】

A.cumulative composite and benchmark returns.

B.the percentage of the total firm assets represented by the composite.

C.

正确答案:C

答案解析:C is correct. The composite description indicates that the composite contains both fee-paying and non-fee-paying portfolios. 

3、Consider a portfolio that is generally appreciating in value. Active trading is most likely to be least attractive in a:【单选题】

A.taxable account.

B.tax deferred account.

C.tax exempt account.

正确答案:A

答案解析:A is correct. Active trading would generate annually taxed income and is most appropriate for a tax-exempt account, all else equal. If a portfolio contains unrealized losses, however, a certain amount of trading activity is required to harvest tax losses. That is, tax-efficient management of stocks in taxable accounts does not require passive management. It requires passively allowing gains to grow unharvested, but actively realizing losses.

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、Which of Schumacher's three outcomes is most likely consistent with the ALM approach?【单选题】

A.Outcome 1

B.Outcome 3

C.Outcome 2

正确答案:A

答案解析:Outcome 1 is consistent with the ALM approach. The ALM approach to strategic asset allocation, which involves explicitly modeling liabilities and adopting the optimal asset allocation in relation to funding liabilities, characteristically results in a higher allocation to fixed-income instruments than an asset-only (AO) approach. Compared with AO, an ALM approach affords much more precision in controlling risk related to the funding of liabilities. The global market equilibrium portfolio is the default strategic asset allocation for the Black–Litterman AO approach.