- CFA Exams
 - CFA Level I Exam
 - Topic 9. Portfolio Management
 - Learning Module 4. Basics of Portfolio Planning and Construction
 - Subject 3. Investment Constraints
 
CFA Practice Question
Taxes are an important investment constraint for ______.
B. banks
C. endowments
A. individuals
B. banks
C. endowments
Correct Answer: A
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