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、【单选题】

A.a description of the benchmark.

B.the benchmark construction rules.

C.how often the benchmark is rebalanced.

正确答案:A

答案解析:A is correct. GIPS Provision III.B.8 states, “All advertisements that include a claim of compliance with the GIPS standards 

2、The most appropriate response to Gregory’s balance sheet question is:【单选题】

A.the economic balance sheet only.

B.the traditional balance sheet only.

C.both the economic and the traditional balance sheets.

正确答案:A

答案解析:A is correct. The present value of expected future earnings is reflected on an economic 

3、With respect to Lange preparing to set up his own business, Lange violated the standards:【单选题】

A.in his communication with his friend.

B.in his communication with his cousin.

C.

正确答案:B

答案解析:Lange violated loyalty to employer by contacting his cousin and advising him. This is because his cousin could potentially be 

4、Based on Delta's statement, the contribution to the portfolio's overall duration from UK bonds is closest to:【单选题】

A.0.99.

B.1.54.

C.1.49.

正确答案:A

答案解析:The duration of the UK bonds is 4.5, and the country beta is estimated to be 0.55 relative to Germany. Thus, the duration contribution to a German domestic portfolio is 4.50 × 0.55 = 2.475. Because a portfolio's duration is a weighted average of the duration of the bonds in the portfolio, the contribution to the portfolio's duration is equal to the adjusted UK bond duration of 2.475 multiplied by its weight in the portfolio: 2.475 × 0.40 = 0.99.

5、【单选题】

A.No.

B.Yes, for value weighting only.

C.Yes, for transaction costs only.

正确答案:B

答案解析:B is correct. Value weighting may result in a particular index taking on the return characteristics of the best-performing hedge funds