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、【单选题】

A.sell a payer swaption.

B.buy a payer swaption.

C.buy a receiver swaption.

正确答案:B

答案解析:B is correct. The buyer of a payer swaption holds the right to become the pay-fixed, receive-floating 

2、Simpson discusses both the definition of market liquidity and how to assess market quality. Are her statements correct?【单选题】

A.Only the market liquidity statement is correct.

B.Only the market quality statement is correct.

C.Both statements are correct.

正确答案:B

答案解析:The factors listed by Simpson that make a market liquid are not all correct. The major factors that contribute to making a 

3、Dreschler's most appropriate response to Sorenson's question about the change in value of the EuroCountryX Index is that there was a decrease in the:【单选题】

A.long-term, real dividend growth rate.

B.discount rate over the period.

C.dividends paid.

正确答案:B

答案解析:The most likely cause of the price gain was a decrease in the discount rate over the period. Given the mature nature of the economy and companies in the Index, it is unlikely that the estimate of long-term real dividend growth or dividend payouts changed much, if at all.

4、When advising his clients, Wang is least likely to:【单选题】

A.educate Perez on the benefits on portfolio diversification.

B.

C.provide Patel with details like standard deviations and Sharpe ratios.

正确答案:C

答案解析:C is correct. This would not be an effective way to advise Patel. Given Patel’s 

5、Which of Molly’s statements about annuities is/are correct?【单选题】

A.Statement 1 only

B.Statement 2 only

C.Both Statement 1 and Statement 2

正确答案:B

答案解析:B is correct. Statement 2 is correct because, all else equal, the income yield is higher