2020年CFA考试《CFA三级》考试共题，分为。小编为您整理精选模拟习题10道，附答案解析，供您考前自测提升！

1、For Subscriber 1, the most significant factor to consider would be:【单选题】

A.margin requirements.

B.transaction costs of using futures contracts.

C.different quoting conventions for future contracts.

正确答案:A

答案解析:

2、Statement 1 is:【单选题】

A.correct.

B.incorrect, because the Sharpe ratio accommodates a skewed distribution.

C.

正确答案:A

答案解析:A is correct. The Sharpe ratio is based on a normality assumption, and hedge fund returns typically have negative skewness and high 

3、With respect to gross-of-fees returns, Note 4 is least likely compliant with GIPS required standards in its treatment of:【单选题】

A.month-end account value.

B.performance fees.

C.trading expenses.

正确答案:C

答案解析:Only direct trading expenses should be deducted in calculating gross-of-fees returns. Custodial fees cannot be considered a component of direct trading expenses.

4、Is Bazlamit's statement on the type of currency risk faced by Viewmont Corporation and the proposed hedge most likely correct?【单选题】

A.No, she is incorrect with regard to the type of forward contract.

B.No, she is incorrect about the type of currency risk.

C.Yes

正确答案:B

答案解析:Since the fear is that the U.S. dollar will weaken against the Brazilian real, the appropriate hedge is to enter into a long forward contract to lock in the purchase price of the real. She is correct in this regard. But Bazlamit is incorrect about the type of currency risk. The currency risk faced here is best described as transaction exposure, not translation exposure.

5、【单选题】

A.Statement 1

B.Statement 2

C.Statement 3

正确答案:A

答案解析:A is correct. Global credit managers do use currency swaps and invest in pegged currencies to hedge foreign 

6、Using the data provided in Exhibit 1 and assuming perfect markets, the calculated beta for U.S. real estate is closest to:【单选题】

A.1.08.

B.0.58.

C.0.38.

正确答案:B

答案解析:β

7、Which of the following notes about the DoGood Fund is correct?【单选题】

A.Only Note 2

B.Only Note 3

C.Both Note 2 and Note 3

正确答案:B

答案解析:B is correct because the fund becomes a free-rider if it allows other shareholders to engage in 

8、Among the three countries examined by the investment team, which is in the most attractive phase of the business cycle for equity returns?【单选题】

A.Hungary

B.Ireland

C.Spain

正确答案:A

答案解析:The most favorable phases when considering equity returns are initial recovery and early upswing whereas the late upswing, slowdown, and recession phases carry the greater risk for equities.

9、【单选题】

A.$16.6 million.

B.$20.4 million.

C.$25.0 million.

正确答案:C

答案解析:C is correct. The GIPS Glossary defines the PIC Multiple (real estate and private equity) as “since inception paid-in capital 

10、Is WCM most likely correct in claiming compliance based on the verification report?【单选题】

A.No, because of the level at which verification is claimed

B.No, because of the time frame for which verification is claimed

C.Yes

正确答案:A

答案解析:For GIPS compliance, a single verification report must be issued with respect to the whole firm. Verification cannot be carried out only on a composite and, accordingly, does not provide assurance about the investment performance of any specific composite. The Standards stress that firms must not state or imply that a particular composite has been "verified."