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、Statement 4 is:【單選題】

A.correct.

B.incorrect, because it would be better to use rolling returns.

C.incorrect, because it would be better to use the downside deviation.

正確答案:B

答案解析:B is correct. Rolling returns can provide an understanding into the consistency and cyclicality of hedge fund returns.

2、Regarding the disclosures contained in Exhibit 1, the GIPS standards would most likely:【單選題】

A.require Columns 3 and 7 and recommend Column 6.

B.require Column 6 and recommend Columns 4 and 7.

C.require Columns 2 and 5 and recommend Column 1.

正確答案:C

答案解析:The presentation of firm assets (or percentage of firm assets represented by the composite) is required. Firms are required to present either net-of-fees performance or gross-of-fees performance. If one or the other is presented, then it is recommended that the remaining also be presented. For example, if net-of-fees performance is disclosed, then it is recommended that gross-of-fees performance also be disclosed.

3、【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 

4、The most appropriate response to Gregory’s balance sheet question is:【單選題】

A.the economic balance sheet only.

B.the traditional balance sheet only.

C.both the economic and the traditional balance sheets.

正確答案:A

答案解析:A is correct. The present value of expected future earnings is reflected on an economic 

5、【單選題】

A.No.

B.

C.

正確答案:B

答案解析:B is correct. Investment decision-making due to speed or based on third-party research alone is