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、Based on Monts's Statement 1, the extension of classical immunization theory that Monts will use to meet Lerida's investment objective is best described as:【单选题】

A.symmetrical cash flow matching.

B.multiple liability immunization.

C.contingent immunization.

正确答案:C

答案解析:An extension of classical immunization is to integrate immunization strategies with elements of active management strategies. The difference between the 6.75% yield to maturity and 6.25% required rate is the cushion spread. As long as there is a spread cushion, the manager can actively manage part of or the entire portfolio.

2、【单选题】

A.100% of Bond 1.

B.100% of Bond 2.

C.50% of Bond 1 and 50% of Bond 2.

正确答案:A

答案解析:A is correct. The optimal strategy for Villash is the sale of 100% of Bond 1, which Perreaux considers 

3、For Subscriber 1, the most significant factor to consider would be:【单选题】

A.margin requirements.

B.transaction costs of using futures contracts.

C.different quoting conventions for future contracts.

正确答案:A

答案解析:

4、【单选题】

A.Yes.

B.No, because Khadri used an inappropriate benchmark.

C.

正确答案:C

答案解析:C is correct. Khadri violates the Standard relating to Performance Presentation because he does not 

5、In her meeting with Rayne supervisors, Mutini is least likely correct with regard to:【单选题】

A.undertaking periodic reviews.

B.communicating with staff.

C.enforcing investment-related policies.

正确答案:C

答案解析:A member or candidate with supervisory responsibility should enforce investment-related and non-investment-related policies equally (i.e., not concentrate on investment-related over non-investment-related policies).