NO.PZ201812020100000105
问题如下：
Is Cécile correct
with respect to key features of liability-based mandates?
选项：
A.Yes.
B.No, only Feature 1 is correct.
C.No, only Feature 2 is correct.
解释：
A is correct. Liability-based mandates are investments that take an investor’s future obligations into consideration. Liability-based mandates are managed to match expected liability payments with future projected cash inflows. These types of mandates are structured in a way to ensure that a liability or a stream of liabilities can be covered and that any risk of shortfalls or deficient cash inflows for a company is minimized.
minimize cash flow deficient risk不是CF match才有的特点吗，但这道题只说是liability base approach
