2022年CFA考試《CFA三級》共240道單選題。幫考網為大家每天準備了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，都會清晰的反映在分數上。一起加油前行!

1、Convenable Capital Management manages an equity portfolio fｏｒthe Flender Company. Cash held in the portfolio is invested by the Flender’s existing custodial bank. Must Convenable include cash ａｎｄ　cash equivalents in the portfolio return calculations?【單選題】

A.Yes.

B.No; the cash is not invested by Convenable.

C.No; Convenable does not have discretion over the ｓｅｌｅｃｔion of the custodian.

正確答案:A

答案解析:A is correct. Provision 1.2.A.3 states, “Returns from cash ａｎｄ　cash equivalents held in portfolios must be included in all return calculations.” Lawton writes, “Cash ａｎｄ　cash equivalents must be included in the total return calculation even if the cash is not actually invested by the same person ｏｒgroup.” Whether the custodian is ｓｅｌｅｃｔed by the client ｏｒthe manager is pertinent to the calculation of total firm assets but irrelevant to this question. (See Section 3.5 of the reading.)

2、【單選題】

A.fee schedule fｏｒperiods priｏｒto 1 January 2004.

B.investment management ａｎｄ　administrative fees on a segregated basis.

C.

正確答案:C

答案解析:C is correct. GIPS Provision I.5.A.7 states, “If a composite includes portfolios with bundled fees, the firm must present the

3、Based on Houston’s comment regarding international interest rates, the contribution to the portfolio’s overall duration from German bonds is closest to:【單選題】

A.0.68.

B.2.17.

C.0.43.

正確答案:C

答案解析:The duration of the German bonds is 3.5, ａｎｄ　the country beta is estimated to be 0.62 relative to the United States. The duration contribution to a US domestic portfolio is 3.50 × 0.62 = 2.17. 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 German bond duration of 2.17 multiplied by its weight in the portfolio: 2.17 × 0.20 = 0.43.

4、The option strategy that Singh is most likely to recommend to French is a:【單選題】

A.straddle.

B.butterfly.

C.box spread.

正確答案:A

答案解析:A is correct. The straddle strategy is a strategy based upon the expectation of high volatility in the

5、【單選題】

A.Yes

B.No, it is incorrect regarding cash flow risk

C.No, it is incorrect regarding market value risk

正確答案:C

答案解析:C is correct because although converting the loan from a floating rate to a fixed rate using the swap reduces AI’s cash flow risk (because the firm’s loan payments become known), it increases the firm’s market value risk because the value of the firm will be negatively impacted if market interest rates decrease.

水滴石穿，相信CFA考試在各位考試的用心備考下很快就會掌控自如，但是千萬別欺騙自己，結果都會以你最終的分數展現出來，加油!