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、Carter works for Invest Today, a local asset management firm. A broker that provides Carter with proprietary research through client brokerage arrangements is offering a new trading service. The broker is offering low-fee, execution-only trades to complement its traditional full-service, execution-and- research trades. To entice Carter and other asset managers to send additional business its way, the broker will apply the commissions paid on the new service toward satisfying the brokerage commitment of the prior full-service arrangements.【單選題】

A.Carter can trade for his accounts that prohibit soft dollar arrangements under the new low-fee trading scheme.

B.Carter cannot use the new trading scheme because the commissions are prohibited by the soft dollar restrictions of the accounts.

C.Carter should trade only through the new low-fee scheme and should increase his trading volume to meet his required commission commitment.

正確答案:A

答案解析:Answer A is correct. The question relates to Standard III(A)—Loyalty, Prudence, and Care. Carter believes the broker offers effective execution at a fee that is comparable with those of other brokers, so he is free to use the broker for all accounts. Answer B is incorrect because the accounts that prohibit soft dollar arrangements do not want to fund the purchase of research by Carter. The new trading scheme does not incur additional commissions from clients, so it would not go against the prohibitions. Answer C is incorrect because Carter should not incur unnecessary or excessive “churning” of the portfolios (excessive trading) for the purpose of meeting the brokerage commitments of soft dollar arrangements.

2、【單選題】

A.$0.02.

B.$0.03.

C.$0.07.

正確答案:C

答案解析:C is correct. The effective spread is two times the deviation of the actual execution price from the 

3、Using the Libor scenario shown in Exhibit 1 and under the assumption that the zero-cost collar is put in place, the effective interest due on AI's loan for the semiannual period ended on 31 December 2013 is closest to:【單選題】

A.PEN1,911,000

B.PEN1,365,000

C.PEN2,062,667

正確答案:A

答案解析:

4、Which of the following best describes the accuracy of the VaR measure calculated for the Special Strategies Portfolio?【單選題】

A.

B.

C.

正確答案:A

答案解析:The VaR measure calculated for the Special Strategies Portfolio is accurate. At a 5% VaR, losses exceeding the threshold of 

5、What are the GIPS requirements for the Cypress University portfolio in the Global Equity Growth composite of Nigel 【單選題】

A.

B.

C.

正確答案:A

答案解析:The Cypress University portfolio is still a discretionary portfolio (i.e., the ethical investing restriction does not limit the ability