2020年CFA考試《CFA三級》考試共題，分為。小編為您整理精選模擬習(xí)題10道，附答案解析，供您考前自測提升！

1、What response would Hackett most likely give to Jardins' senior management regarding their risk management process? The firm should:【單選題】

A.define its risk tolerance before identifying the risks it faces.

B.identify the risks it faces before setting policies and procedures.

C.measure its risk levels before defining its risk tolerance.

正確答案:A

答案解析:The risk management process is as follows: (1) set policies and procedures, (2) define risk tolerance, (3) identify risks, (4) measure risks, and (5) adjust the level of risk.

2、【單選題】

A.8.

B.11.

C.69.

正確答案:C

答案解析:

3、【單選題】

A.Current Portfolio

B.Pro Forma Portfolio 1

C.Pro Forma Portfolio 2

正確答案:C

答案解析:C is correct. Given Edgarton’s expectation for a steepening yield curve, the best strategy is to shorten the portfolio duration 

4、【單選題】

A.Yes.

B.No, because Khadri used an inappropriate benchmark.

C.

正確答案:C

答案解析:C is correct. Khadri violates the Standard relating to Performance Presentation because he does not 

5、【單選題】

A.Only Statement 1

B.Only Statement 2

C.Both Statement 1 and Statement 2

正確答案:C

答案解析:C is correct. Both Statement 1 and Statement 2 are correct. 

6、【單選題】

A.concentrate risk exposure.

B.be based on the efficient market hypothesis.

C.overweight stocks that recently experienced large price decreases.

正確答案:A

答案解析:A is correct. Compared with broad-market-cap weighting, passive factor-based strategies tend to 

7、【單選題】

A.at-the-money and close to expiration.

B.at-the-money and not close to expiration.

C.deep in-the-money and close to expiration.

正確答案:A

答案解析:

8、Based on Exhibit 2, which position most likely represents an indirect commodity investment?【單選題】

A.Position 1

B.Position 2

C.Position 3

正確答案:B

答案解析:Position 2 is an indirect commodity investment. The Global Energy Equity Index Fund, although correlated with commodity price movements, is not a direct exposure to commodities because it is made up of stocks.

9、Based on the data in Exhibit 1, the duration of equity in the leveraged portfolio is closest to:【單選題】

A.4.50.

B.10.0.

C.5.00.

正確答案:B

答案解析:

10、Is Walter's response to McGourn's inquiry regarding WCM's valuation hierarchy most likely correct?【單選題】

A.No, the valuation hierarchy should be reordered as Item 2, Item 1, Item 3, and Item 4

B.Yes

C.No, Item 4 from the valuation hierarchy should be excluded

正確答案:B

答案解析:The valuation hierarchy presented by Walter is GIPS compliant.