2020年CFA考試《CFA三級》考試共題，分為。小編每天為您準備了5道每日一練題目（附答案解析），一步一步陪你備考，每一次練習的成功，都會淋漓盡致的反映在分數上。一起加油前行。

1、【單選題】

A.Low dividend paying stock.

B.Tax exempt bonds.

C.Taxable bonds.

正確答案:C

答案解析:C is correct. In this regime, interest would be taxed heavily and is most appropriate for a 

2、【單選題】

A.Indemnity plan

B.Preferred provider plan

C.Health maintenance organization plan

正確答案:C

答案解析:C is correct. A health maintenance organization plan is a type of medical insurance that 

3、A fixed-income portfolio is most likely to be considered non-discretionary if the client’s investment policy states that:【單選題】

A.securities held at a gain must not be sold.

B.the average credit quality must be investment grade.

C.securities held in the portfolio must be issued in developed markets.

正確答案:A

答案解析:A is correct. Such a restriction would most likely alter portfolio structure and would also be likely client specific. The restrictions in B and C are not necessarily client specific and could already be part of the investment strategy of the manager.

4、【單選題】

A.$63.24.

B.$65.24.

C.$69.49

正確答案:A

答案解析:A is correct. The straddle strategy consists of simultaneously buying a call option and buying a put option at 

5、Jurgen is a portfolio manager. One of her firm’s clients has told Jurgen that he will compensate her beyond the compensation provided by her firm on the basis of the capital appreciation of his portfolio each year. Jurgen should:【單選題】

A.Turn down the additional compensation because it will result in conflicts with the interests of other clients’ accounts.

B.Turn down the additional compensation because it will create undue pressure on her to achieve strong short-term performance.

C.Obtain permission from her employer prior to accepting the compensation arrangement.

正確答案:C

答案解析:The correct answer is C. This question involves Standard IV(B)—Additional Compensation Arrangements. The arrangement described in the question—whereby Jurgen would be compensated beyond the compensation provided by her firm, on the basis of an account’s performance—is not a violation of the Standards as long as Jurgen discloses the arrangement in writing to her employer and obtains permission from her employer prior to entering into the arrangement. Answers A and B are incorrect; although the private compensation arrangement could conflict with the interests of other clients and lead to short-term performance pressures, members and candidates may enter into such agreements as long as they have disclosed the arrangements to their employer and obtained permission for the arrangement from their employer.