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 homogeneous and mutually exclusive asset class–based risk analysis.

B.a multifactor risk model to control systematic risk factors in asset allocation.

C.

正確答案:B

答案解析:B is correct. Raye believes the Laws’ previous financial adviser followed an asset 

2、With respect to the relative merits of internal dispersion measures, Walter is least likely correct about:【單選題】

A.high–low range.

B.standard deviation.

C.interquartile range.

正確答案:C

答案解析:Walter is correct about the high–low range, which is skewed by outliers. He is also correct that the standard deviation allows for comparability across investment firms. He is incorrect, however, about the interquartile range. Because this measure includes only the middle 50% of portfolio returns, thus excluding extreme observations, it is not affected by outliers.

3、Which of Winslow’s statements about carry trades is correct?【單選題】

A.Statement I

B.Statement II

C.Statement III

正確答案:A

答案解析:A is correct. Carry trades may or may not involve maturity mis-matches. Intra-market carry trades typically do involve 

4、【單選題】

A.Portfolio A

B.Portfolio B

C.Portfolio C

正確答案:A

答案解析:A is correct. The two requirements to achieve immunization for multiple liabilities are for the money 

5、Lorraine Newman is evaluating whether to save for retirement using a TDA or a tax-exempt account. The TDA permits tax-deductible contributions but withdrawals will be taxed at 30 percent. The tax-exempt account permits tax-free accumulation and withdrawals but contributions are taxable at a 40 percent tax rate. Assuming contribution limits do not affect Newman’s choice of accounts, 【單選題】

A.TDA.

B.Tax-exempt.

C.The choices are the same.

正確答案:A

答案解析:A is correct. The future accumulation of the TDA is (1 + r)n(1 - 0.30), whereas the future accumulation of the tax-exempt account is (1 + r)n(1 - 0.40). Therefore, the TDA will accumulate more wealth.