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.Straddle.

B.Bull spread using puts.

C.Reverse butterfly spread using calls and puts.

正确答案:A

答案解析:Both calls and puts increase in value if volatility increases. A straddle is composed of a long call and put with the same strike 

2、Smith, a research analyst with a brokerage firm, decides to change his recommendation for the common stock of Green Company, Inc., from a “buy” to a “sell.” He mails this change in investment advice to all the firm’s clients on Wednesday. The day after the mailing, a client calls with a buy order for 500 shares of Green Company. In this circumstance, Smith should:【单选题】

A.Accept the order.

B.Advise the customer of the change in recommendation before accepting the order.

C.Not accept the order because it is contrary to the firm’s recommendation.

正确答案:B

答案解析:The correct answer is B. This question involves Standard III(B)—Fair Dealing. Smith disseminated a change in the stock recommendation to his clients but then received a request contrary to that recommendation from a client who probably had not yet received the recommendation. Prior to executing the order, Smith should take additional steps to ensure that the customer has received the change of recommendation. Answer A is incorrect because the client placed the order prior to receiving the recommendation and, therefore, does not have the benefit of Smith’s most recent recommendation. Answer C is also incorrect; simply because the client request is contrary to the firm’s recommendation does not mean a member can override a direct request by a client. After Smith contacts the client to ensure that the client has received the changed recommendation, if the client still wants to place a buy order for the shares, Smith is obligated to comply with the client’s directive.

3、Huanca's comment about using options to manage the risk of his Urubamba common stock position is least likely correct regarding:【单选题】

A.establishing a minimum value.

B.reduction of volatility.

C.return enhancements.

正确答案:A

答案解析:Although a protective put establishes a minimum value for the position when the price of the underlying stock declines, a covered call does not. Therefore, Huanca's statement is incorrect.

4、【单选题】

A.No.

B.Yes, with respect to priority of client interests only.

C.

正确答案:C

答案解析:C is correct. Schmidt is on the board of a company whose stock is in microcap indexes. This is a 

5、To meet the objectives of the Hayes University Endowment, the most appropriate investment approach is an:【单选题】

A.index approach using stratified sampling.

B.enhanced index approach.

C.active market–oriented approach.

正确答案:B

答案解析:The Hayes University Endowment seeks to maximize the information ratio while controlling tracking error. The appropriate investment approach is semiactive management or enhanced indexing. Because of the strict control of tracking error, enhanced indexing tends to have the highest information ratio compared with indexing and active investment management.

6、The recent technical analysis department memo is most likely evidence of:【单选题】

A.anchoring.

B.a confirmation bias.

C.the gambler’s fallacy.

正确答案:C

答案解析:C is correct. The gambler’s fallacy is a cognitive behavioral bias in which an analyst 

7、The levered portfolio return for Aschel is closest to:【单选题】

A.7.25%.

B.7.71%.

C.8.96%.

正确答案:B

答案解析:B is correct. The return for Aschel is 7.71%, calculated as follows.

8、In her supervisory duties, does Finnegan violate any CFA Standards?【单选题】

A.No.

B.Yes, because she fails to ensure that compliance procedures are enforced.

C.

正确答案:B

答案解析:B is correct. Finnegan violates Standard IV(C)—Responsibilities of Supervisors by failing to ensure 

9、【单选题】

A.No.

B.Yes, because he allowed political factors to influence his decision.

C.Yes, because he is obligated to immediately suspend NGM until he finishes 

正确答案:A

答案解析:A is correct. Until Locke’s investigation is complete, he has no obligation to suspend the manager or 

10、Is Gatchell's statement regarding true active return and misfit active return correct?【单选题】

A.Yes

B.No, he is incorrect about misfit active return

C.No, he is incorrect about true active return

正确答案:B

答案解析:The definition of misfit active return is incorrect. Misfit active return is the difference between the normal benchmark and the investor's benchmark.