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、In the discussion of carve-outs, Ng is least likely correct in her statement regarding the:【单选题】

A.compliance of the composite.

B.disclosure of the percentage of composite assets.

C.disclosure of the cash allocation policy.

正确答案:A

答案解析:For periods after 1 January 2010, carve-outs must include their own cash balance in order to be included in a composite, so a cash allocation policy for periods after 1 January 2010 would not be GIPS compliant.

2、Statement 2 is:【单选题】

A.correct.

B.

C.

正确答案:B

答案解析:B is correct. In distressed debt arbitrage the investor buys the distressed company’s debt at steep discount and shorts its equity. 

3、In comparing MF's investment policy with a property and casualty insurance company's investment policy, Kuzmych is most likely correct about:【单选题】

A.liquidity requirements.

B.tax considerations.

C.the timing of outlays.

正确答案:B

答案解析:As a US-based private foundation, MF is essentially considered a tax-exempt investor. This status differs from a property and casualty insurance company, which is subject to income, capital gains, and other types of taxes.

4、【单选题】

A.owner.

B.insured.

C.beneficiary.

正确答案:B

答案解析:B is correct. The policy would be on Kirk’s life; his death would trigger the insurance 

5、During 2009, the "misfit" active return earned by Briggs's investments was closest to:【单选题】

A.0.4%.

B.0.7%.

C.0.3%.

正确答案:C

答案解析:A "misfit" active return is equal to the return of the manager's normal benchmark minus the return of the investor's benchmark: 0.3% = 12% – 11.7%, where 12% is the return on the STI fund and 11.7% is the return on the MSCI Singapore Free Index.

6、In Statement 1, CleanTech management most likely violated the CFA Institute Standards of Professional Conduct with regard to their comments on:【单选题】

A.clean technology sector returns.

B.investment analytics software.

C.solar power company investment.

正确答案:C

答案解析:The performance return claim is a violation of Standard V(B): Communication with Clients and Prospective Clients, which requires opinion to be separated from fact. In addition, Standard I(C): Misrepresentation prohibits members and candidates from guaranteeing clients any specific return on volatile investments. In the case of complex analyses, such as proprietary investment analytics software used by CleanTech, analysts must clearly separate fact from statistical conjecture and should identify the known limitations of an analysis, which has been done.

7、【单选题】

A.Labor input.

B.Capital stock.

C.Total factor productivity.

正确答案:C

答案解析:C is correct. The contributions from total factor productivity are 2.5 percent and 2.8 percent, 

8、The credit derivative that would best mitigate Kapoor’s concerns about the A3 rated bond is a:【单选题】

A.credit forward.

B.binary credit option.

C.credit spread option.

正确答案:B

答案解析:Kapoor is concerned about losses associated with a particular credit event; in this case, a downgrade. Binary credit options provide payoffs contingent on the occurrence of a specified negative credit event.

9、【单选题】

A.–2.56%.

B.0.54%.

C.5.66%.

正确答案:B

答案解析:B is correct. The rolling yield is the sum of the yield income and the rolldown return. Yield income is

10、Gloria Vander is pursuing a buy-and-hold equity strategy on non-dividend paying stocks. She expects her €400,000 portfolio to experience no turnover over the next 10 years but expects to liquidate it at that time. The cost basis is currently equal to market value. If Vander expects an 8 percent pretax return and capital gains are taxed at 20 percent, what is her accrual equivalent return over that time period?【单选题】

A.6.40%.

B.6.78%.

C.4.60%.

正确答案:B

答案解析:B is correct.