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 a correct answer. Morningstar calculates a score for value and growth on a scale of 0 to 100 

2、When recommending Komm, does Riser violate any CFA Institute Standards?【单选题】

A.No.

B.Yes, relating to duties to employer.

C.Yes, relating to disclosure of conflicts.

正确答案:A

答案解析:A is correct. No violation occurred. Riser’s recommendation is based on his knowledge of Komm and 

3、Are Clarke's statements about direct investment in an acquired company most likely correct?【单选题】

A.Yes.

B.No, because of payments in the event of liquidation.

C.No, because of payments in the event of a sale at a favorable price.

正确答案:C

答案解析:In the event of a sale at a favorable price, convertible preferred stock typically converts to common equity and is therefore equal in value.

4、【单选题】

A.volatility trading.

B.technical analysis.

C.economic fundamentals.

正确答案:B

答案解析:B is correct. Umlauf develops a market view based on underlying fundamentals in 

5、Pietro, president of Local Bank, has hired the bank’s market maker, Vogt, to seek a merger partner. Local is currently not listed on a stock exchange and has not reported that it is seeking strategic alternatives. Vogt has discussed the possibility of a merger with several firms, but they have all decided to wait until after the next period’s financial data are available. The potential buyers believe?【单选题】

A.Pietro could instruct Local Bank to issue a press release announcing that it has retained Vogt to find a merger partner.

B.Pietro could place a buy order for 2,000 shares (or four times the average weekly volume) through Vogt for his personal account.

C.After confirming with Local’s chief financial officer, Pietro could instruct Local to issue a press release reaffirming the firm’s prior announced earnings guidance for the full fiscal year.

正确答案:B

答案解析:Answer B is correct. Through placing a personal purchase order that is significantly greater than the average volume, Pietro is violating Standard IIB—Market Manipulation. He is attempting to manipulate an increase in the share price and thus bring a buyer to the negotiating table. The news of a possible merger and confirmation of the firm’s earnings guidance may also have positive effects on the price of Local Bank, but Pietro’s actions in instructing the release of the information does not represent a violation through market manipulation. Announcements of this nature are common and practical to keep investors informed. Thus, answers A and C are incorrect.