2020年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理Portfolio Management5道练习题，附答案解析，供您备考练习。

1、A key difference between a wrap account and a mutual fund is that wrap accounts:【单选题】

A.have a lower required minimum investment.

B.can not be tailored to the tax needs of a client.

C.have assets that are owned directly by the individual.

正确答案:C

答案解析:“Portfolio Management: An Overview,” Robert M. Conroy, CFA, and Alistair Byrne, CFA
2011 Modular Level I, Vol. 4, p. 305
Study Session 12-51-d
Describe, compare, and contrast mutual funds and other forms of pooled investments.
C is correct. The key difference between a wrap account and a mutual fund is that in a wrap account the assets are owned directly by the individual.

2、A financial advisor gathers the following information about a new client:
· The client is a successful economics professor at a major university
· The client plans to work full time for seven years and then will work part time for 3 years before retiring
· The client owns two homes and does not have any outstanding debt
· The client has accumulated retirement savings of approximately $ 2 million through their employer’s retirement plan and will have anticipated retirement spending needs of $60,000 per year
· The client reads numerous financial publications and follows markets closely
· While concerned about the current health of the global economy, the client maintains that he is a long-term investor
Based on the above information, which of the following best describes this client?【单选题】

A.low ability to take risk, but a high willingness to take risk

B.high ability to take risk, but a low willingness to take risk

C.high ability to take risk and a high willingness to take risk

正确答案:C

答案解析:“Basics of Portfolio Planning and Construction” by Alistair Byrne, CFA and Frank E. Smudde, CFA
Modular Level I, Vol. 4, Reading 45, Section 2.2.1
Study Session 12-45-d, e
Distinguish between the willingness and the ability (capacity) to take risk in analyzing an investor’s financial risk tolerance.
Describe the investment constraints of liquidity, time horizon, tax concerns, legal and regulatory factors, and unique circumstances and their implications for the choice of portfolio assets.
C is correct. The client is in a strong financial situation (stable job, no debt), has a reasonably long time horizon before needing any liquidity (10 years), and reasonable retirement spending needs relative to total assets. These factors indicate a high ability to take risk. In addition, the client’s knowledge of financial markets, experience, and focus on the long term also indicates a high willingness to take risk.

3、An analyst does research about asset classes.When an investor defines an assetclass for the purpose of asset allocation, which of the following statements ismost accurate? The investor should ensure that assets in one class:【单选题】

A.have high paired correlations with other asset classes and relatively homogeneous.

B.have low paired correlations with other asset classesand relatively heterogeneous.

C.have low paired correlations with other asset classesand relatively homogeneous.

正确答案:C

答案解析:当定义资产类别时，同类别资产是相对同质的，而与其他资产类别只有比较低的相关性。

4、Which of the following is most likely a feature of a defined contribution pension plan? The【单选题】

A.employer accepts the investment risk.

B.employer provides a specified retirement benefit.

C.employee accepts the investment risk.

正确答案:C

答案解析:In a defined contribution pension plan, the employee accepts the investment risk and is responsible for ensuring that the plan contains enough funds to meet retirement needs.
2014 CFA Level I
"Portfolio Management: An Overview," by Robert M. Conroy and Alistair Byrne
Section 3

5、The least likely reason for constructing an investment policy statement is that it:【单选题】

A.minimizes the costs of portfolio construction.

B.helps investors create realistic investment goals.

C.establishes a performance benchmark to judge manager performance.

正确答案:A

答案解析:“The Asset Allocation Decision”, Frank K. Reilly and Keith C. Brown.
2010 Modular Level I, Vol. 4, pp. 215-217
Study Session 12-49-a
Describe the steps in the portfolio management process and explain the reasons for a policy statement.
A is correct. This is not a reason for constructing an investment policy statement. The two reasons are: 1) it helps investors create realistic investment goals, and 2) it identifies a benchmark portfolio that will be used to judge the performance of the portfolio manager.