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.Only Comment 1 is correct.

B.Only Comment 2 is correct.

C.Both Comment 1 and Comment 2 are correct.

正确答案:A

答案解析:The manager of Fund C is correct regarding the method of determining the delta hedge position (Comment 1), but is not 

2、【单选题】

A.$55.

B.$67.50.

C.$80.

正确答案:B

答案解析:B is correct. The $67.50 call option is approximately at-the-money, as Walnut share price is currently 

3、【单选题】

A.a description of the benchmark.

B.the benchmark construction rules.

C.how often the benchmark is rebalanced.

正确答案:A

答案解析:A is correct. GIPS Provision III.B.8 states, “All advertisements that include a claim of compliance with the GIPS standards 

4、If the security held by Sigma trades at $70, the credit risk is closest to:【单选题】

A.$5.00.

B.$3.35.

C.$8.50.

正确答案:C

答案解析:The amount at risk is the current value of the option, $8.50. Once the seller has sold the option, all the credit risk falls on the buyer. In this instance, the amount of credit risk is the value of the option because this amount is what the buyer stands to lose if the seller were to default immediately.

5、【单选题】

A.Long a bullet, short a barbell.

B.Short a ladder, long a bullet.

C.Long a barbell, short a bullet.

正确答案:C

答案解析:See the discussion to the previous question. Long the barbell is desirable because those bond prices will be relatively stable. Shorting 

6、【单选题】

A.free from systematic bias.

B.consistently applied over time.

C.unambiguous, investable, and measurable.

正确答案:B

答案解析:B is correct. GIPS Provision IV.B.2.a.vii states, “Verifiers must perform sufficient procedures to determine that: The 

7、Miller heads the research department of a large brokerage firm. The firm has many analysts, some of whom are subject to the Code and Standards. If Miller delegates some supervisory duties, which statement best describes her responsibilities under the Code and Standards?【单选题】

A.Miller’s supervisory responsibilities do not apply to those subordinates who are not subject to the Code and Standards.

B.Miller no longer has supervisory responsibility for those duties delegated to her subordinates.

C.Miller retains supervisory responsibility for all subordinates despite her delegation of some duties.

正确答案:C

答案解析:The correct answer is C. Under Standard IV(C)—Responsibilities of Supervisors, members and candidates may delegate supervisory duties to subordinates but such delegation does not relieve members or candidates of their supervisory responsibilities. As a result, answer B is incorrect. Moreover, whether or not Miller’s subordinates are subject to the Code and Standards is irrelevant to her supervisory responsibilities. Therefore, answer A is incorrect.

8、Based on Exhibit 1, for the year 2009, assuming no stock splits or stock dividends for the stock components and no rebalancing, which of these index structures would have most likely resulted in the largest return for the GSI?【单选题】

A.A value-weighted index

B.An equal-weighted index

C.A price-weighted index

正确答案:A

答案解析:This weighting methodology produced the largest return of 13.5% for the GSI. The return on a value-weighted index is the percentage change in the total market capitalization of the firms in the index, or

9、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.

10、【单选题】

A.

B.

C.

正确答案:A

答案解析:A is correct. Jollie’s transaction is a legitimate market order in a thinly-traded security, and Mahsud