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、The current potential credit loss of the bank's call option position is closest to:【单选题】

A.$0.

B.$30.

C.$35.

正确答案:C

答案解析:A failure (e.g., bankruptcy) of the option seller would mean the option holder (the bank) would lose the entire market value of $35.

2、To implement Client F's request, Allison's most appropriate course of action is to:【单选题】

A.sell U.S. Treasury bond futures contracts and buy S&P 500 Index futures contracts.

B.buy U.S. Treasury bond futures contracts and buy S&P 500 Index futures contracts.

C.buy stocks in the S&P 500 Index and sell U.S. Treasury bond futures contracts.

正确答案:B

答案解析:Buying U.S. Treasury bond futures and S&P 500 Index futures creates synthetic bond position and synthetic stock index fund positions, respectively. Client F is long $10 million in cash, which can be used to fund the purchases.

3、The total implementation shortfall for the Nano Corporation trade is closest to:【单选题】

A.4%.

B.7%.

C.10%.

正确答案:C

答案解析:

4、DAM is most likely to be characterized as:【单选题】

A.

B.

C.

正确答案:A

答案解析:A is correct. Value-motivated traders are patient, infrequent traders driven by differences between 

5、【单选题】

A.0%.

B.50%.

C.100%.

正确答案:A

答案解析:A is correct. Guten believes that, due to efficient currency markets, there should not be 

6、Which of Neal’s statements regarding the taxation of investments is correct?【单选题】

A.Statement 1 only

B.Statement 2 only

C.Both Statement 1 and Statement 2

正确答案:A

答案解析:A is correct. Taxes alter the distribution of returns by both reducing the expected mean 

7、Park is very frustrated after taking her Level II exam. While she was studying for the exam, to supplement the curriculum provided, she ordered and used study material from a third-party provider. Park believes the additional material focused her attention on specific topic areas that were not tested while ignoring other areas. She posts the following statement on the provider’s discussion board: “I am very dissatisfied with your firm’s CFA Program Level II material. I found the exam extremely difficult and myself unprepared for specific questions after using your product. How could your service provide such limited instructional resources on the analysis of inventories and taxes when the exam had multiple questions about them? I will not recommend your products to other candidates.”【单选题】

A.Park violated the Code and Standards by purchasing third-party review material.

B.Park violated the Code and Standards by providing her opinion on the difficulty of the exam.

C.Park violated the Code and Standards by providing specific information on topics tested on the exam.

正确答案:C

答案解析:Answer C is correct. Standard VII(A)—Conduct as Members and Candidates in the CFA Program prohibits providing information to candidates or the public that is considered confidential to the CFA Program. In revealing that questions related to the analysis of inventories and analysis of taxes were on the exam, Park has violated this standard. Answer B is incorrect because the guidance for the standard explicitly acknowledges that members and candidates are allowed to offer their opinions about the CFA Program. Answer A is incorrect because candidates are not prohibited from using outside resources.

8、【单选题】

A.Deferred fixed

B.Deferred variable

C.Immediate variable

正确答案:B

答案解析:B is correct. The Barksdales want an annuity with a deferred payout (beginning at 

9、【单选题】

A.XIU.

B.SPY.

C.EFA.

正确答案:C

答案解析:C is correct. An index that contains a large number of constituents will tend to create higher tracking 

10、【单选题】

A.Yes.

B.

C.No, because the plan only provides for contacting and communicating with 

正确答案:B

答案解析:B is correct. According to the guidance provided in Section D(6) of the Asset Manager Code, the