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.Yes

B.No, it is incorrect regarding cash flow risk

C.No, it is incorrect regarding market value risk

正确答案:C

答案解析:C is correct because although converting the loan from a floating rate to a fixed rate using the swap reduces AI’s cash flow risk (because the firm’s loan payments become known), it increases the firm’s market value risk because the value of the firm will be negatively impacted if market interest rates decrease.

2、【单选题】

A.herding.

B.home bias.

C.halo effect.

正确答案:B

答案解析:B is correct. Home bias occurs when investors exhibit a strong bias in favor of domestic 

3、【单选题】

A.Yes.

B.No, it violates the standards only with respect to allocation reviews.

C.No, it violates the standards only with respect to interest adjustments.

正确答案:A

答案解析:A is correct. Client suitability for an investment must be reviewed prior to allocation, not afterward. 

4、Are Sarkar’s statements on the methods that can be used to implement the investment approach for Hayes Endowment correct?【单选题】

A.No, Method 2 is incorrect.

B.No, Method 1 is incorrect.

C.Yes.

正确答案:A

答案解析:Method 2 is incorrect. Semiactive strategies are appropriate for the Hayes Endowment. They come in two forms: a derivatives-based strategy (Method 1) and a stock-based strategy (Method 2). The derivatives-based strategy is described accurately by Sarkar. But the description of Method 2, the stock-based strategy, is incorrect. In a stock-based strategy, all decisions regarding stock holdings are made relative to the benchmark weight. That is, if the manager has no opinion on the stock, then he will hold it in his portfolio at the benchmark weight. If he has a negative opinion, then he will underweight it relative to the benchmark weight. The manager will overweight the stock in his portfolio if he has a positive expectation for the stock. Sarkar is incorrect when he states: “Here the manager will only invest in stocks expected to outperform the index. If the manager has no opinion on a stock, or if the stock is expected to underperform, then the stock will not be included in the investment portfolio.”

5、Based on information provided by Zola, a higher risk tolerance for CGI Products’ pension plan is least likely supported by:【单选题】

A.Zola's proposed modification to the current pension plan.

B.the ratio of debt to total assets.

C.earnings expectations for the company.

正确答案:A

答案解析:Zola would like CGI to introduce an early retirement provision that allows for lump-sum distributions. This increases immediate liquidity requirements and reduces the level of risk tolerance. In contrast, the company's expected growth in earnings and the low debt to total asset ratio imply a higher risk tolerance.