2020年CFA考試《CFA三級(jí)》考試共題，分為。小編每天為您準(zhǔn)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(xí)的成功，都會(huì)淋漓盡致的反映在分?jǐn)?shù)上。一起加油前行。

1、The real estate index bias indicated by Clyburn is most likely an:【單選題】

A.overestimation of the return volatility.

B.underestimation of the return volatility.

C.overweighting of residential real estate.

正確答案:B

答案解析:B is correct. The returns on the NCREIF Index are based on appraisals that 26. underestimate the volatility in underlying values.

2、【單選題】

A.less than Kirk’s.

B.the same as Kirk’s.

C.greater than Kirk’s.

正確答案:A

答案解析:A is correct. The income volatility adjustment reflects the fact that income from different 

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、According to CFA Institute Standards, which of the following actions is the 【單選題】

A.disclose the information to the public.

B.terminate PIA’s relationship with FTI.

C.

正確答案:C

答案解析:C is correct. The information that Danko received is material non-public information. Disclosing the 

5、Which of Capara’s statements regarding tactical asset allocation is correct?【單選題】

A.Statement 1

B.Statement 2

C.Statement 3

正確答案:A

答案解析:A is correct. The Sharpe ratio is suitable for measuring the success of TAA relative to