问题如下：
1. Which of the following best describes Santalucia’s current risk tolerance and liquidity constraint? Santalucia’s risk tolerance is:
选项：
A.below average, and his liquidity constraint is significant.
B.above average, and his liquidity constraint is significant.
C.above average, and his liquidity constraint is insignificant.
解释：
A is correct.
Santalucia’s lifestyle and business career (speedboats, mountain climbing, real estate speculation, turnarounds) show a willingness to take risks. His current ability to take risks is diminished, given his total assets and his expected divorce settlement, his current income/spending situation, and upcoming college bills. When an investor’s willingness to accept risk exceeds the ability to do so, ability prudently places a limit on the amount of risk the investor should assume. Santalucia’s pending divorce and college education bills create a significant liquidity constraint.
考点：IPS
解析：risk tolerance: 客户的willingness较高，因为业余爱好和从事行业都是高风险的，但是ability较低，因为支出大于收入，资产规模不大，且离婚和教育费用将进一步减少资产规模。所以risk tolerance是below average。
即将被离婚分出的财产和下一年的教育费用导致客户的流动性需求较高，所以liquidity constraints significant.
这是二级的题么？怎么没听老师讲过类似的内容啊？
