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、Fｏｒperiods beginning on ｏｒafter 1 January 2011, firms must not value portfolios:【單選題】

A.when objective, observable market prices are unavailable.

B.more frequently than required by the composite-specific valuation policy.

C.as of the last business day of the month unless it is the calendar month-end.

正確答案:B

答案解析:B is correct. Provision 1.1.A.3.c states that portfolios must be valued “no more frequently than required by the valuation policy.” The definition of fair value includes the statement, “In the absence of an objective, observable, unadjusted quoted market price fｏｒan identical investment in an active market on the measurement date, the valuation must represent the firm’s best estimate of the market value.” Provision 1.1.A.4 states, “Fｏｒperiods beginning on ｏｒafter 1 January 2010, firms must value portfolios as of the calendar month end ｏｒthe last business day of the month.”

2、To carry out the proposed adjustment to the KPM Inc. pension portfolio, the number of S&P 400 MidCap futures Bing would need to sell ａｎｄ　the number of Barclays US Aggregate Bond Index futures she would need to buy, respectively, are closest to:【單選題】

A.76 S&P 400 MidCap Futures ａｎｄ　265 Barclays US Bond Futures

B.99 S&P 400 MidCap Futures ａｎｄ　287 Barclays US Bond Futures

C.128 S&P 400 MidCap Futures ａｎｄ　312 Barclays US Bond Futures

正確答案:C

答案解析:$950,000,000 ? 0.05 = $47,500,000 to be converted from equity to cash to bonds.

3、Which one of the following actions will help to ensure the fair treatment of brokerage firm clients when a new investment recommendation is made?【單選題】

A.Informing all people in the firm in advance that a recommendation is to be disseminated.

B.Distributing recommendations to institutional clients priｏｒto individual accounts.

C.Minimizing the time between the decision ａｎｄ　the dissemination of a recommendation.

正確答案:C

答案解析:The correct answer is C. This question, which relates to Standard III(B)—Fair Dealing, tests the knowledge of the procedures that will assist members ａｎｄ　candidates in treating clients fairly when making investment recommendations. The step listed in C will help ensure the fair treatment of clients. Answer A may have negative effects on the fair treatment of clients. The more people who know about a pending change, the greater the chance that someone will inform some clients before the information’s release. The firm should establish policies that ｌｉｍｉｔthe number of people who are aware in advance that a recommendation is to be disseminated. Answer B, distributing recommendations to institutional clients before distributing them to individual accounts, discriminates among clients on the basis of size ａｎｄ　class of assets ａｎｄ　is a violation of Standard III(B).

4、Based upon Exhibit 1, ａｎｄ　assuming the market price of Walnut’s shares at expiration is $66, the profit ｏｒloss, on a per share basis, from investing in Strategy 3, is closest to:【單選題】

A.–$1.57.

B.$0.42.

C.$1.00.

正確答案:B

答案解析:B is correct. The butterfly strategy consists of buying a call option with a low strike price ($65), selling 2 call options with a higher strike price ($67.50), ａｎｄ　buying another call option with an even higher strike price ($70). The market price fｏｒthe $65 call option is $3.65 per share, the market price fｏｒthe $70 call option is $0.91 per share, ａｎｄ　selling the two call options generates an inflow of $3.98 per share (market price of $1.99 per share × 2 contracts). Thus, the initial net cost of the butterfly position is $3.65 + $0.91 – $3.98 = $0.58 per share. If Walnut shares are $66 at expiration, the $67.50 strike option ａｎｄ　$70 strike option are both out-of-the-money ａｎｄ　therefore worthless. The $65 call option is in the money by $1.00 per share, ａｎｄ　after deducting the cost of $0.58 per share to initiate the butterfly position, the net profit is $0.42 per share.

5、Which of Avelyn’s comments regarding considerations in the bottom-up approach is most accurate?【單選題】

A.Comment 1

B.Comment 2

C.Comment 3

正確答案:C

答案解析:C is correct. When an issuer announces a new corporate bond issue, the issuer’s existing bonds often decline in value ａｎｄ　their spreads widen. This dynamic is often explained by market participants as an effect of increased supply. A related reason is that because demａｎｄ　is not perfectly elastic, new issues are often given a price concession to entice borrowers to buy the new bonds. This price concession may result in all of an issuer’s existing bonds repricing based on the new issue’s relatively wider spread. A third reason is that more debt issuance may signal an increase in an issuer’s credit risk.

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