2022年CFA考试《CFA三级》共240道单选题。帮考网为大家每天准备了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，都会清晰的反映在分数上。一起加油前行!

1、Convenable Capital Management manages an equity portfolio fｏｒthe Flender Company. Cash held in the portfolio is invested by the Flender’s existing custodial bank. Must Convenable include cash ａｎｄ　cash equivalents in the portfolio return calculations?【单选题】

A.Yes.

B.No; the cash is not invested by Convenable.

C.No; Convenable does not have discretion over the ｓｅｌｅｃｔion of the custodian.

正确答案:A

答案解析:A is correct. Provision 1.2.A.3 states, “Returns from cash ａｎｄ　cash equivalents held in portfolios must be included in all return calculations.” Lawton writes, “Cash ａｎｄ　cash equivalents must be included in the total return calculation even if the cash is not actually invested by the same person ｏｒgroup.” Whether the custodian is ｓｅｌｅｃｔed by the client ｏｒthe manager is pertinent to the calculation of total firm assets but irrelevant to this question. (See Section 3.5 of the reading.)

2、【单选题】

A.fee schedule fｏｒperiods priｏｒto 1 January 2004.

B.investment management ａｎｄ　administrative fees on a segregated basis.

C.

正确答案:C

答案解析:C is correct. GIPS Provision I.5.A.7 states, “If a composite includes portfolios with bundled fees, the firm must present the

3、Based on Houston’s comment regarding international interest rates, the contribution to the portfolio’s overall duration from German bonds is closest to:【单选题】

A.0.68.

B.2.17.

C.0.43.

正确答案:C

答案解析:The duration of the German bonds is 3.5, ａｎｄ　the country beta is estimated to be 0.62 relative to the United States. The duration contribution to a US domestic portfolio is 3.50 × 0.62 = 2.17. Because a portfolio’s duration is a weighted average of the duration of the bonds in the portfolio, the contribution to the portfolio’s duration is equal to the adjusted German bond duration of 2.17 multiplied by its weight in the portfolio: 2.17 × 0.20 = 0.43.

4、The option strategy that Singh is most likely to recommend to French is a:【单选题】

A.straddle.

B.butterfly.

C.box spread.

正确答案:A

答案解析:A is correct. The straddle strategy is a strategy based upon the expectation of high volatility in the

5、【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.

水滴石穿，相信CFA考试在各位考试的用心备考下很快就会掌控自如，但是千万别欺骗自己，结果都会以你最终的分数展现出来，加油!