2022年CFA考試《CFA三級》共240道單選題。幫考網(wǎng)為大家每天準(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，都會清晰的反映在分?jǐn)?shù)上。一起加油前行!

1、【單選題】

A.exhibit characteristics of multiple investｏｒtypes.

B.retain the same emotional biases as they become older.

C.exhibit primarily emotional ｏｒcognitive biases, but not both.

正確答案:A

答案解析:A is correct. A limitation of behavioral models is that individual investors do frequently

2、Which of Schumacher//////\\'s three outcomes is most likely consistent with the ALM approach?【單選題】

A.Outcome 1

B.Outcome 3

C.Outcome 2

正確答案:A

答案解析:Outcome 1 is consistent with the ALM approach. The ALM approach to strategic asｓｅｔallocation, which involves explicitly modeling liabilities ａｎｄ adopting the optimal asｓｅｔallocation in relation to funding liabilities, characteristically results in a higher allocation to fixed-income instruments than an asset-only (AO) approach. Compared with AO, an ALM approach affords much more precision in controlling risk related to the funding of liabilities. The global market equilibrium portfolio is the default strategic asｓｅｔallocation fｏｒthe Black–Litterman AO approach.

3、Are Wilson’s closing remarks consistent with recommended practices ａｎｄ procedures designed to prevent violations of the AsｓｅｔManager Code of Professional Conduct?【單選題】

A.Yes

B.No, with regard to disclosure of the firm’s risk management process

C.No, with regard to the business continuity plan

正確答案:C

答案解析:At a minimum, Section D, Risk Management, Compliance, ａｎｄ Support, of the AsｓｅｔManager Code recommends that a business continuity plan include plans fｏｒcontacting ａｎｄ communicating with clients during a period of extended disruption. Wilson’s continuity plan includes no such strategy. Wilson’s recommendation fｏｒdisclosing the firm’s risk management process to both clients ａｎｄ regulators goes beyond the code recommendation, which is to disclose the risk management process only to clients.

4、Schumacher//////\\'s concern about international investments that Roth might find advantageous most likely pertains to:【單選題】

A.conditional correlation.

B.the efficient frontier.

C.market integration.

正確答案:C

答案解析:The lack of market integration (ｏｒthe absence of free cross-bｏｒｃｅｒcapital flows) can be an advantage if it increases market segmentation ａｎｄ helps prevent correlations with other markets from rising. Increased integration of markets can decrease diversification benefits, whereas returns in segmented markets will be influenced mostly by a specific country’s own macroeconomy ａｎｄ will be less subject to changes in correlations when volatility increases. Global correlations tend to increase in times of increased volatility ａｎｄ even appear to be conditional on global volatility. The efficient frontier ａｎｄ traditional mean–variance analysis using unconditional correlations would not apply because correlations remain low when returns are high but become high when returns are negative.

5、Assuming Silva//////\\'s advice is followed ａｎｄ Libｏｒrates are 5% ａｎｄ 6% on 15 October 2013 ａｎｄ 15 December 2013, respectively, the effective annual interest rate on Short Hills Corporation//////\\'s loan is closest to:【單選題】

A.3.50%.

B.5.42%.

C.4.64%.

正確答案:B

答案解析:The effective annual rate is calculated as follows:

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