2020年CFA考試《CFA三級(jí)》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(cè)提升！

1、The decision to add variables to the oil-related industry analysis will most likely lead to a(n):【單選題】

A.regime-switching bias.

B.data-mining bias.

C.appraisal bias.

正確答案:B

答案解析:A data-mining bias occurs when variables are added to an analysis without any predictive merit (i.e., there is no causal relationship for adding the variables). In this case, the variables are not added to enhance prediction but to thwart the predictive relationship between other variables.

2、【單選題】

A.Yes.

B.No, because Khadri may not claim partial compliance.

C.No, because Khadri fails to disclose the areas of noncompliance.

正確答案:B

答案解析:B is correct. Khadri is in violation of Standard III(D). When claiming compliance with GIPS, firms 

3、When implementing the shift from value to growth stocks for Client B, the number of S&P/Barra Value future contracts Allison shorts will be closest to:【單選題】

A.182.

B.177.

C.187.

正確答案:C

答案解析:To convert $22 million of the value-stock portfolio to cash (beta = 0) will require:

4、Is Burg correct with regard to his recommendations to the committee regarding benchmarks for the pension and endowment respectively?【單選題】

A.Pension: Correct, Endowment: Incorrect

B.Pension: Incorrect, Endowment: Correct

C.Pension: Correct, Endowment: Correct

正確答案:B

答案解析:The investor with liabilities will measure success by whether the portfolio generates the funds necessary to pay out the cash outflows associated with the liabilities-in this case, a defined benefit pension plan. Meeting the liability is the investment objective; as such, it also becomes the benchmark for the portfolio. The endowment is focused on measuring the success of its fixed-income managers and does not have a specific liability to meet, therefore a bond market index is an appropriate benchmark.

5、Which of Kim's changes made as a result of having more assets under management is consistent with the CFA Institute Standards of Professional Conduct?【單選題】

A.Use of an outside adviser

B.Client communications

C.Her new research reports

正確答案:A

答案解析:Standard V(A)–Diligence and a Reasonable Basis requires members and candidates to ensure that their firms have standardized criteria for reviewing external advisers, which Kim has done. Kim is in violation of Standard V(B)–Communication with Clients and Prospective Clients because she has not communicated the changes in her investment process to clients. By presenting the third-party research as her own, Kim has also violated Standard I(C)–Misrepresentation.

6、【單選題】

A.

B.

C.

正確答案:A

答案解析:A is correct. The incentive fee applies to the difference between the ending period net asset value and the net assets at the high-water 

7、【單選題】

A.less than Kirk’s.

B.the same as Kirk’s.

C.greater than Kirk’s.

正確答案:A

答案解析:A is correct. The income volatility adjustment reflects the fact that income from different 

8、Regarding the disclosures contained in the notes to Exhibit 1, the notes most likely required are:【單選題】

A.6, 7 and 9.

B.2, 7 and 8.

C.1, 5 and 6.

正確答案:A

答案解析:The currency used to express performance, whether any fees other than trading expenses are deducted from gross-of-fees returns, whether any fees other than trading expenses and management fees are deducted from net-of-fees returns, the fee schedule, and a measure of internal dispersion are all required disclosures for compliance with the GIPS standards.

9、The credit derivative that would best mitigate Kapoor’s concerns about the A3 rated bond is a:【單選題】

A.credit forward.

B.binary credit option.

C.credit spread option.

正確答案:B

答案解析:Kapoor is concerned about losses associated with a particular credit event; in this case, a downgrade. Binary credit options provide payoffs contingent on the occurrence of a specified negative credit event.

10、In comparing MF's investment policy with a property and casualty insurance company's investment policy, Kuzmych is most likely correct about:【單選題】

A.liquidity requirements.

B.tax considerations.

C.the timing of outlays.

正確答案:B

答案解析:As a US-based private foundation, MF is essentially considered a tax-exempt investor. This status differs from a property and casualty insurance company, which is subject to income, capital gains, and other types of taxes.