2020年CFA考试《CFA三级》考试共题，分为。小编为您整理Trading5道练习题，附答案解析，供您备考练习。

1、Simpson discusses both the definition of market liquidity and how to assess market quality. Are her statements correct?【单选题】

A.Only the market liquidity statement is correct.

B.Only the market quality statement is correct.

C.Both statements are correct.

正确答案:B

答案解析:The factors listed by Simpson that make a market liquid are not all correct. The major factors that contribute to making a 

2、【单选题】

A.a limit order.

B.a market order.

C.an iceberg order.

正确答案:B

答案解析:B is correct. The portfolio manager wanted the order executed quickly and the order would have 

3、In executing the DEF stock trade, were Placid's execution costs most likely less than its target per share cost based on the target trading cost components provided in Exhibit 2?【单选题】

A.No, because of market impact

B.Yes

C.No, because of the bid–ask spread

正确答案:A

答案解析:Placid did not execute the DEF stock transaction at its target execution cost because of the market impact cost of 7 cents, which exceeded Placid's 5 cent target for market impact cost. The limit order created a missed trade opportunity cost of 4 cents, which was below Placid's 5 cent target for missed trade opportunity cost. The remaining explicit costs (commissions) and implicit costs (bid–ask spread) were equal to the target.

4、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)

5、【单选题】

A.$0.02.

B.$0.03.

C.$0.07.

正确答案:C

答案解析:C is correct. The effective spread is two times the deviation of the actual execution price from the