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、Fiduciary duty is a standard most likely to be upheld by members of a(n):【单选题】

A.employer.

B.profession.

C.not-for-profit body.

正确答案:B

答案解析:B is correct. Fiduciary duty is an obligation to deliver a high standard of care when acting for the benefit of another party. Professionals must act in the best interest of the client, exercising a reasonable level of care, skill, and diligence. Other entities—including employers, regulators, trade associations, and not-for-profit bodies—may also support an industry but are not the same as professional bodies. Unlike professions, these other entities generally do not exist to set and maintain professional standards.

2、For the pension plan offered by CHM Corporation, it is most likely true that :【单选题】

A.plan participants bear the risk of early termination.

B.the risk of investing is borne by the plan sponsor.

C.once vested, retirement assets are readily portable.

正确答案:C

答案解析:The pension plan offered by CHM Corporation is a defined contribution plan in which vested pension assets are readily portable by plan participants.

3、【单选题】

A.Disclosure of Conflicts.

B.Independence and Objectivity.

C.Additional Compensation Arrangements.

正确答案:C

答案解析:C is correct. Riser least likely violates Standard IV(B)—Additional Compensation Arrangements 

4、Using the data in Exhibits 1 and Sorenson's assumption about the appropriate discount rate, the fair value of the EuroCountryX Stock Index using the Gordon growth model is closest to:【单选题】

A.€3,677.

B.€4,415.

C.€3,595.

正确答案:A

答案解析:

5、【单选题】

A.decrease.

B.do not change.

C.increase.

正确答案:C

答案解析:C is correct. Increasing the correlations would likely increase the number of extremely unusual outcomes 

6、Grey recommends the purchase of a mutual fund that invests solely in long-term US Treasury bonds. He makes the following statements to his clients:【单选题】

A.Neither statement violated the Code and Standards.

B.Only statement I violated the Code and Standards.

C.Only statement II violated the Code and Standards.

正确答案:C

答案解析:The correct answer is C. This question involves Standard I(C)—Misrepresentation. Statement I is a factual statement that discloses to clients and prospects accurate information about the terms of the investment instrument. Statement II, which guarantees a specific rate of return for a mutual fund, is an opinion stated as a fact and, therefore, violates Standard I(C). If statement II were rephrased to include a qualifying statement, such as “in my opinion, investors may earn . . . ,” it would not be in violation of the Standards.

7、【单选题】

A.CFA Institute Code and Standards: No; CFA Institute Asset Manager Code 

B.CFA Institute Code and Standards: No; CFA Institute Asset Manager Code of Professional Conduct: Yes.

C.CFA Institute Code and Standards: Yes; CFA Institute Asset Manager Code of Professional Conduct: No.

正确答案:B

答案解析:B is correct. The CFA Code and Standards apply to individual members and candidates of CFA 

8、【单选题】

A.€578,664.

B.€586,547.

C.€642,960.

正确答案:B

答案解析:B is correct. The after tax wealth accumulation for annually taxable income is

9、【单选题】

A.lower volatility of the US equity market.

B.

C.higher correlation of US equity market with international equity markets.

正确答案:C

答案解析:C is correct. A higher correlation of the US equity market with international equity markets 

10、【单选题】

A.

B.

C.

正确答案:C

答案解析: