2022年CFA《CFA三級(jí)》考試馬上就要來(lái)了，小伙伴們準(zhǔn)備好了嗎?沒準(zhǔn)備好也沒有關(guān)系，咱們幫考網(wǎng)為大家?guī)?lái)了Private Wealth Management (1)的5道練習(xí)題，附答案解析，供大家備考練習(xí)。

1、Jose DiCenzo has some securities worth €50,000 that have a cost basis of €75,000. If he sells those securities ａｎｄ　can use the realized losses to offｓｅｔother realized gains, how much can DiCenzo reduce his taxes in the current tax year assuming capital gains are taxed at 30 percent?【單選題】

A.€7,500.

B.€15,000.

C.€17,500.

正確答案:A

答案解析:A is correct. DiCenzo has a €75,000 - €50,000 = €25,000 unrealized loss. Assuming that realizing this loss will decrease his taxable gains by the same amount, his tax bill in the current year will be reduced by 0.30 × €25,000 = €7,500.

2、Which of the statements made about meeting Gladys///////\' stated goal is most accurate? The statement regarding:【單選題】

A.fixed annuity products

B.revised asｓｅｔallocation

C.variable annuity products

正確答案:C

答案解析:A jointly owned variable payout lifetime annuity product would provide cash flows until the end of the surviving spouse///////\'s lifetime. Therefore, the Jones family will not outlive the assets. It is true there is less certainty regarding the cash flows because they are linked to the performance of the underlying investments.

3、The best answer to Reyder///////\'s question about validated questionnaires relates to the investor///////\'s:【單選題】

A.behavioral links to risk taking.

B.wealth ａｎｄ　stage of life.

C.rational risk–return choices.

正確答案:A

答案解析:A questionnaire is used to assess risk based on behavioral factors. A predictive link must exist from the questionnaire responses to the resulting personality typing that is derived, as well as to the subsequent investment behaviｏｒthat occurs.

4、How much after-tax wealth would Motelli accumulate assuming the same facts as in Question 4 except that 50 percent of all capital gains are recognized each year?【單選題】

A.€640,747.

B.€665,747.

C.€678,158.

正確答案:C

答案解析:C is correct.r* = r(1 – pcgtcg)= 0.075(1 – (0.5)(0.10)) = 0.075(1 – 0.05) = 0.07125T* = tcg(1 – pcg)/(1 – pcgtcg)= 0.10[(1 – 0.5)/(1 – 0.5 × 0.10)] = 0.052632FVIFTaxable = (1 + r*)n(1 – T*) + T* – (1 – B)tcg, B = 1FV = €250,000 × [(1 + 0.07125)15(1 – 0.052632) + 0.052632]= €678,158

5、In the previous question, suppose DiCenzo sells the securities in the current tax year ａｎｄ　replaces them with securities having the same returns. He will then sell the new securities in the next tax year. What is the total tax savings assuming DiCenzo does not reinvest the tax savings?【單選題】

A.€0.

B.€7,500.

C.€15,000.

正確答案:A

答案解析:A is correct. Assuming DiCenzo does not reinvest the tax savings, tax loss harvesting does not reduce the total tax paid over time. It only defers taxes because recognizing the loss resets the cost basis to a lower figure which will ultimately increase the gain realized late by the same amount. Tax loss harvest can augment return by postponing tax liabilities. Reinvesting the current year’s tax savings increases the after-tax principal investment, which can augment the value of tax loss harvesting further.

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