2020年CFA考試《CFA三級》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，都會淋漓盡致的反映在分?jǐn)?shù)上。一起加油前行。

1、【單選題】

A.model risk.

B.spread risk.

C.counterparty credit risk.

正確答案:A

答案解析:A is correct. Soto believes that any shift in the yield curve will be parallel. Model risk arises whenever 

2、【單選題】

A.No.

B.Yes, with respect to priority of client interests only.

C.

正確答案:C

答案解析:C is correct. Schmidt is on the board of a company whose stock is in microcap indexes. This is a 

3、【單選題】

A.volatility trading.

B.technical analysis.

C.economic fundamentals.

正確答案:B

答案解析:B is correct. Umlauf develops a market view based on underlying fundamentals in 

4、Based on information provided by Zola, a higher risk tolerance for CGI Products’ pension plan is least likely supported by:【單選題】

A.Zola's proposed modification to the current pension plan.

B.the ratio of debt to total assets.

C.earnings expectations for the company.

正確答案:A

答案解析:Zola would like CGI to introduce an early retirement provision that allows for lump-sum distributions. This increases immediate liquidity requirements and reduces the level of risk tolerance. In contrast, the company's expected growth in earnings and the low debt to total asset ratio imply a higher risk tolerance.

5、Based on Exhibit 1 and Statement 1, Smithers's investment strategy is best described as:【單選題】

A.active management.

B.enhanced indexing.

C.pure bond indexing.

正確答案:B

答案解析:In Exhibit 1, the contributions to spread duration for the credit sector (1.6) and for the mortgage sector (1.6) are slightly higher than the corresponding contributions to spread duration in the benchmark—that is, there are minor risk factor mismatches. But note, however that the portfolio duration of the benchmark and the Smithers portfolio is 4.7. Thus, the strategy followed by Smithers is best described as an enhanced indexed strategy with minor risk factor mismatches. Also, in Statement 1, Spong states "Smithers has minor risk factor mismatches with the benchmark."