2020年CFA考试《CFA三级》考试共题，分为。小编为您整理Private Wealth Management (1)5道练习题，附答案解析，供您备考练习。

1、Which of the statements made about meeting Gladys' stated goal is most accurate? The statement regarding:【单选题】

A.fixed annuity products

B.revised asset allocation

C.variable annuity products

正确答案:C

答案解析:A jointly owned variable payout lifetime annuity product would provide cash flows until the end of the surviving spouse's lifetime. Therefore, the Jones family will not outlive the assets. It is true there is less certainty regarding the cash flows because they are linked to the performance of the underlying investments.

2、【单选题】

A.€673,247.

B.€683,247.

C.€690,747.

正确答案:B

答案解析:B is correct. The after tax wealth accumulation for deferred capital gains is

3、In the previous question, suppose DiCenzo sells the securities in the current tax year and replaces them with securities having the same returns. He will then sell the new securities in the next tax year. What is the total tax savings assuming DiCenzo does not reinvest the tax savings?【单选题】

A.€0.

B.€7,500.

C.€15,000.

正确答案:A

答案解析:A is correct. Assuming DiCenzo does not reinvest the tax savings, tax loss harvesting does not reduce the total tax paid over time. It only defers taxes because recognizing the loss resets the cost basis to a lower figure which will ultimately increase the gain realized late by the same amount. Tax loss harvest can augment return by postponing tax liabilities. Reinvesting the current year’s tax savings increases the after-tax principal investment, which can augment the value of tax loss harvesting further.

4、What is Motelli’s average tax rate on ordinary income?【单选题】

A.22.5%.

B.27.5%.

C.35.0%

正确答案:B

答案解析:B is correct. Motelli’s tax liability on ordinary income is €20,000 (on the first €100,000, 

5、【单选题】

A.€196,438.

B.€220,521.

C.€230,521.

正确答案:C

答案解析:C is correct. The taxable account will accumulate to