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、【单选题】

A.Statement 1 only.

B.Statement 2 only.

C.Both Statement 1 and Statement 2.

正确答案:C

答案解析:C is correct. Compton is correct that measurement error can arise even in immunization strategies for 

2、The pair of swaps Sharma should most likely describe are:【单选题】

A.Equity Swap: Pay Libor, Receive return on equity index, Fixed Income Swap: Pay Libor, Receive return on bond index

B.Equity Swap: Pay return on equity index, Receive Libor, Fixed Income Swap: Pay Libor, Receive return on bond index

C.

正确答案:B

答案解析:The correct combination of swaps is:

3、The buy order for the Technology Company shares has an average effective spread closest to:【单选题】

A.$0.10.

B.$0.15.

C.$0.20.

正确答案:C

答案解析:effective spread (buy order) = 2 × (actual execution price - midpoint of the market at the time an order is entered)

4、Miller heads the research department of a large brokerage firm. The firm has many analysts, some of whom are subject to the Code and Standards. If Miller delegates some supervisory duties, which statement best describes her responsibilities under the Code and Standards?【单选题】

A.Miller’s supervisory responsibilities do not apply to those subordinates who are not subject to the Code and Standards.

B.Miller no longer has supervisory responsibility for those duties delegated to her subordinates.

C.Miller retains supervisory responsibility for all subordinates despite her delegation of some duties.

正确答案:C

答案解析:The correct answer is C. Under Standard IV(C)—Responsibilities of Supervisors, members and candidates may delegate supervisory duties to subordinates but such delegation does not relieve members or candidates of their supervisory responsibilities. As a result, answer B is incorrect. Moreover, whether or not Miller’s subordinates are subject to the Code and Standards is irrelevant to her supervisory responsibilities. Therefore, answer A is incorrect.

5、【单选题】

A.Statement 3: No. Statement 4: No.

B.Statement 3: No. Statement 4: Yes.

C.Statement 3: Yes. Statement 4: No.

正确答案:B

答案解析:B is correct. Statement 3 is incorrect. The disclosure of a conflict should be made—prominently and in 

6、【单选题】

A.Portfolio A

B.Portfolio B

C.Portfolio C

正确答案:A

答案解析:A is correct. The two requirements to achieve immunization for multiple liabilities are for the money 

7、When shorting Tefla stock, does Garcia violate any CFA Institute Standards?【单选题】

A.No.

B.Yes, because he does not have a reasonable basis for the trade.

C.Yes, because he is in possession of material nonpublic information.

正确答案:C

答案解析:C is correct. Garcia is in possession of material nonpublic information and acted on it in violation of 

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、Based on Exhibit 1 and the method used by Li's team, the expected return for the consumer credit industry in 2012 was closest to:【单选题】

A.12.8%.

B.12.2%.

C.12.4%.

正确答案:B

答案解析:The bond-yield-plus-risk-premium method sets the expected return to the yield to maturity on a long-term government bond plus the equity risk premium (12.2% = 3.8% + 8.4%).

10、【单选题】

A.–0.5%.

B.–0.4%.

C.–0.1%.

正确答案:B

答案解析:B is correct. The return due to the portfolio manager’s style is Benchmark return – Market index return: