2020年CFA考试《CFA三级》考试共240题，分为单选题。小编为您整理Fixed-Income Portfolio Management (1)5道练习题，附答案解析，供您备考练习。

1、Strategy 2 is most likely preferred to Strategy 1 for meeting the objective of:【单选题】

A.protecting inflation.

B.funding future liabilities.

C.

正确答案:A

答案解析:A is correct. Floating-coupon bonds provide inflation protection for the interest income because the 

2、The leveraged return for the bond portfolio in Figure 2 is closest to:【单选题】

A.4.55%.

B.5.13%.

C.5.55%.

正确答案:A

答案解析:The leveraged return can be computed as the return on the portfolio less the cost of borrowed funds divided by the equity 

3、Is Whitney's approach to rebalancing a portfolio using dollar duration most likely correct?【单选题】

A.No, the steps do not provide the amount of cash needed for rebalancing

B.No, there is no need to move forward in time

C.Yes

正确答案:C

答案解析:Whitney has correctly outlined the three steps necessary to rebalance a portfolio to reestablish a desired dollar duration.

4、Is Smith's assertion about cash flow matching most likely correct?【单选题】

A.No, he is incorrect regarding the interest rate assumption

B.Yes

C.No, he is incorrect regarding cash balances

正确答案:C

答案解析:Cash flow matching requires a relatively conservative rate-of-return assumption for short-term cash, and cash balances may occasionally be substantial. In contrast, an immunized portfolio is essentially fully invested at the remaining horizon duration. Funds from a cash flow–matched portfolio must be available when each liability is due.

5、【单选题】

A.Characteristic 1

B.Characteristic 2

C.Characteristic 3

正确答案:B

答案解析:B is correct. The use of an index as a widely accepted benchmark requires clear, transparent rules for