2020年CFA考試《CFA三級》考試共240題，分為單選題。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.a description of the benchmark.

B.the benchmark construction rules.

C.how often the benchmark is rebalanced.

正確答案:A

答案解析:A is correct. GIPS Provision III.B.8 states, “All advertisements that include a claim of compliance with the GIPS standards 

2、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 

3、With respect to Lange preparing to set up his own business, Lange violated the standards:【單選題】

A.in his communication with his friend.

B.in his communication with his cousin.

C.

正確答案:B

答案解析:Lange violated loyalty to employer by contacting his cousin and advising him. This is because his cousin could potentially be 

4、Based on Delta's statement, the contribution to the portfolio's overall duration from UK bonds is closest to:【單選題】

A.0.99.

B.1.54.

C.1.49.

正確答案:A

答案解析:The duration of the UK bonds is 4.5, and the country beta is estimated to be 0.55 relative to Germany. Thus, the duration contribution to a German domestic portfolio is 4.50 × 0.55 = 2.475. Because a portfolio's duration is a weighted average of the duration of the bonds in the portfolio, the contribution to the portfolio's duration is equal to the adjusted UK bond duration of 2.475 multiplied by its weight in the portfolio: 2.475 × 0.40 = 0.99.

5、【單選題】

A.No.

B.Yes, for value weighting only.

C.Yes, for transaction costs only.

正確答案:B

答案解析:B is correct. Value weighting may result in a particular index taking on the return characteristics of the best-performing hedge funds