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、Are Pearson's statements regarding the disadvantages of the historical method for estimating VaR most likely correct?【單選題】

A.No, the second statement is not a disadvantage.

B.No, the first statement is not a disadvantage.

C.Yes.

正確答案:B

答案解析:The nonparametric feature of the historical method is an advantage, not a disadvantage. The historical method requires minimal probability-distribution assumptions compared with other methods.

2、【單選題】

A.execute the trade immediately.

B.

C.execute the trade only after consulting the firm’s legal 

正確答案:A

答案解析:Since Blackmore is Lange's supervisor and well experienced (including holding the CFA designation), and Lange has no 

3、The whole life insurance policy feature described by Lansky is a:【單選題】

A.non-forfeiture 

B.

C.guaranteed insurability rider.

正確答案:A

答案解析:A is correct. The whole life insurance policy feature described is a non-forfeiture clause, 

4、With respect to the relative merits of internal dispersion measures, Walter is least likely correct about:【單選題】

A.high–low range.

B.standard deviation.

C.interquartile range.

正確答案:C

答案解析:Walter is correct about the high–low range, which is skewed by outliers. He is also correct that the standard deviation allows for comparability across investment firms. He is incorrect, however, about the interquartile range. Because this measure includes only the middle 50% of portfolio returns, thus excluding extreme observations, it is not affected by outliers.

5、【單選題】

A.all composites.

B.total firm assets.

C.

正確答案:A

答案解析:A is correct. The client’s prior approval authority for security transactions appears to render the portfolio non-discretionary.