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.buying a call.

B.selling a call.

C.buying a put.

正確答案:A

答案解析:A is correct. A protective put combines a long stock position with a long put. The put effectively 

2、【單選題】

A.Both managers are using active currency management.

B.Both managers are using passive currency management.

C.

正確答案:C

答案解析:Matching the benchmark is passive, and choosing to vary from the benchmark is active.

3、Pearson's clarification of the meaning of the VaR measure in Varnet's monthly report is most likely:【單選題】

A.correct.

B.incorrect because over a full year, the VaR will be exceeded on five or fewer days.

C.incorrect because VaR represents a maximum loss that will not be exceeded.

正確答案:A

答案解析:Assuming 250 trading days per year, if daily VaR at 95% confidence level (violated 5% of the time) is $1 million, over one year, a daily loss exceeding $1 million should occur approximately 5% of 250 days, or 12.5 days.

4、Which of Peterson’s comments is inconsistent with the Asset Manager Code of Professional Conduct?【單選題】

A.Comment 3

B.Comment 1

C.Comment 2

正確答案:B

答案解析:Section B(6)(b), Investment Process and Actions, requires clients to be treated equitably, not equally. Clients have different investment objectives and risk tolerances, so treating clients equally would be inconsistent with the Asset Manager Code.

5、Based on the Yardeni Model, Lipscomb would most likely conclude that the equity index is:【單選題】

A.overvalued.

B.undervalued.

C.fairly valued.

正確答案:B

答案解析: