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.–2.30%.

B.0.07%.

C.4.60%.

正確答案:C

答案解析:C is correct. The total expected return is calculated as follows:

2、For the example given in Spong's Statement 3, the one-year expected total return is closest to:【單選題】

A.4.35%.

B.4.50%.

C.4.84%.

正確答案:A

答案解析:The first step is to calculate the total coupon payments plus reinvestment income. Two coupon payments are received, one of which is reinvested at one-half the annual reinvestment rate, so: Income flow = $2.50 + ($2.50 × 1.01) = $5.025.

3、Which risk listed by Reinfeldt is most likely a source of financial risk?【單選題】

A.Risk 3

B.Risk 2

C.Risk 1

正確答案:B

答案解析:Liquidity risk is considered a financial risk.

4、Willier is the research analyst responsible for following Company X. All the information he has accumulated and documented suggests that the outlook for the company’s new products is poor, so the stock should be rated a weak “hold.” During lunch, however, Willier overhears a financial analyst from another firm whom he respects offer opinions that conflict with Willier’s forecasts and expectations. Upon returning to his office, Willier releases a strong “buy” recommendation to the public. Willier:【單選題】

A.Violated the Standards by failing to distinguish between facts and opinions in his recommendation.

B.Violated the Standards because he did not have a reasonable and adequate basis for his recommendation.

C.Was in full compliance with the Standards.

正確答案:B

答案解析:The correct answer is B. This question relates to Standard V(A)—Diligence and Reasonable Basis. The opinion of another financial analyst is not an adequate basis for Willier’s action in changing the recommendation. Answer C is thus incorrect. So is answer A because, although it is true that members and candidates must distinguish between facts and opinions in recommendations, the question does not illustrate a violation of that nature. If the opinion overheard by Willier had sparked him to conduct additional research and investigation that justified a change of opinion, then a changed recommendation would be appropriate.

5、Lehigh's response to Gulen is most likely correct when the option is:【單選題】

A.out of the money.

B.in the money.

C.at the money.

正確答案:C

答案解析:At expiration, at-the-money call options move very rapidly to a delta of 1 or 0. At this point, the gamma is the highest and it is very difficult to maintain a delta-hedged position.