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.

B.

C.

正确答案:C

答案解析:C is an incorrect statement. Although Tokra is a factor manager, and although it uses a value proxy 

2、To avoid violating the Standards of Professional Conduct, Halawi's most appropriate action with regard to the regional marketing trip is to:【单选题】

A.act for the benefit of Sahara.

B.not attend any marketing trip.

C.disclose how she is compensated.

正确答案:C

答案解析:To avoid violating Standard I(B)–Independence and Objectivity when undertaking issuer-paid research, members and candidates must fully disclose potential conflicts of interest, including the nature of their compensation, to avoid misleading investors. The Standards of Professional Conduct do not forbid Halawi from participating in the regional marketing meetings as long as she discloses all potential and actual conflicts of interest, including her compensation package. Although CFA charterholders and candidates are required to put the interests of their clients before their own, in this case, it is pertinent to determine who the client actually is. At times, the client may be the investing public as a whole—in which case, the goals of independence and objectivity of research surpass the goal of loyalty to a single organization.

3、【单选题】

A.Low dividend paying stock.

B.Tax exempt bonds.

C.Taxable bonds.

正确答案:C

答案解析:C is correct. In this regime, interest would be taxed heavily and is most appropriate for a 

4、Using the data provided in Exhibit 1 and Grey's recommended approach and assumed correlation, the expected return for U.S. real estate is closest to:【单选题】

A.6.3%.

B.6.9%.

C.4.3%.

正确答案:A

答案解析:Grey recommends the Singer–Terhaar approach and a correlation of 0.39 between real estate and the market. Use these steps to solve for the expected return:

5、Is WCM most likely correct in claiming compliance based on the verification report?【单选题】

A.No, because of the level at which verification is claimed

B.No, because of the time frame for which verification is claimed

C.Yes

正确答案:A

答案解析:For GIPS compliance, a single verification report must be issued with respect to the whole firm. Verification cannot be carried out only on a composite and, accordingly, does not provide assurance about the investment performance of any specific composite. The Standards stress that firms must not state or imply that a particular composite has been "verified."