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、The best answer to Reyder's question about validated questionnaires relates to the investor's:【單選題】

A.behavioral links to risk taking.

B.wealth and stage of life.

C.rational risk–return choices.

正確答案:A

答案解析:A questionnaire is used to assess risk based on behavioral factors. A predictive link must exist from the questionnaire responses to the resulting personality typing that is derived, as well as to the subsequent investment behavior that occurs.

2、【單選題】

A.Yes.

B.No, because Khadri may not claim partial compliance.

C.No, because Khadri fails to disclose the areas of noncompliance.

正確答案:B

答案解析:B is correct. Khadri is in violation of Standard III(D). When claiming compliance with GIPS, firms 

3、Which policy regarding return calculation methodology is least likely compliant with the GIPS standards?【單選題】

A.Policy 1

B.Policy 3

C.Policy 2

正確答案:B

答案解析:A GIPS requirement is that returns from cash and cash equivalents held in portfolios must be included in total return calculations (Provision I.2.A.3). A primary purpose of performance measurement is to enable prospective clients and, by extension, their consultants to appraise an investment management firm's results. Within the constraints established by a client's investment policy statement, active managers often have discretion to decide what portion of a portfolio's assets to hold in cash or cash equivalents.

4、To adjust the beta of the $321 million Wellington Academy Endowment portfolio, the number of small-cap futures contracts Bing would need to buy is closest to:【單選題】

A.1,402.

B.467.

C.54.

正確答案:B

答案解析:The number of futures, Nf, is calculated as follows:

5、In considering the venture capital timeline, the most suitable financing stage for the Arbuckel family is most likely:【單選題】

A.the first stage.

B.the second stage.

C.the third stage.

正確答案:B

答案解析:Venture Capital that supports the initial expansion of a company already producing and selling a product is considered Second-Stage financing.