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、With respect to gross-of-fees returns, Note 4 is least likely compliant with GIPS required standards in its treatment of:【单选题】

A.month-end account value.

B.performance fees.

C.trading expenses.

正确答案:C

答案解析:Only direct trading expenses should be deducted in calculating gross-of-fees returns. Custodial fees cannot be considered a component of direct trading expenses.

2、【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 

3、A client has funds in a tax deferred account and a taxable account. Which of the following assets would be most appropriate in a taxable account in a Flat and Heavy Tax Regime, in which dividends and capital gains are taxed at ordinary rates and interest income is tax exempt? Assume that all assets are held in a client’s overall portfolio.【单选题】

A.Bonds.

B.Actively traded stocks.

C.High dividend paying stocks.

正确答案:A

答案解析:A is correct. Tax-exempt assets are not appropriate for tax deferred accounts. In a Flat and Heavy Tax Regime, dividends and capital gains are taxed at ordinary rates and are not the best choices for taxable accounts.

4、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.

5、With respect to Client A, Allison's most appropriate conclusion is the futures transaction used to adjust the beta of the portfolio was:【单选题】

A.ineffective because the effective beta on the portfolio was 1.27.

B.effective.

C.ineffective because the effective beta on the portfolio was 1.64.

正确答案:A

答案解析:The effective beta is the (hedged) return on the portfolio divided by the return on the market. The return on the market is –3.5%. The return on the portfolio is –5.1% plus the return on the futures position. The return on the (short) futures position relative to the unhedged portfolio is –25 × (119,347 – 124,450)/20,000,000 = +0.0064. Effective beta = (–0.051 + 0.0064)/–0.035 = 1.27.

6、Townsend was recently appointed to the board of directors of a youth golf program that is the local chapter of a national not-for- profit organization. The program is beginning a new fund-raising 【单选题】

A.Townsend did not violate the Code and Standards.

B.Townsend violated the Code and Standards by soliciting donations from her clients through the newsletter.

C.Townsend violated the Code and Standards by not getting approval of the organization before soliciting her clients.

正确答案:A

答案解析:Answer A is correct. Townsend has not provided any information about her clients to the leaders or managers of the golf program; thus, she has not violated Standard III(E)—Preservation of Confidentiality. Providing contact information about her clients for a direct-mail solicitation would have been a violation. Answer B is incorrect because the notice in the newsletter does not violate Standard III(E). Answer C is incorrect because the golf program’s fund-raising campaign had already begun, so discussing the opportunity to donate was appropriate.

7、【单选题】

A.–$1.57.

B.$0.42.

C.$1.00.

正确答案:B

答案解析:B is correct. The butterfly strategy consists of buying a call option with a low strike price ($65), selling 2 

8、The explicit cost component of the total implementation shortfall for the Nano Corporation trade is closest to:【单选题】

A.0.15%.

B.0.25%.

C.0.35%.

正确答案:A

答案解析:Implementation shortfall can be decomposed into explicit costs, realized profit/loss, delay costs, and missed trade 

9、【单选题】

A.Yes.

B.No, because Khadri used an inappropriate benchmark.

C.

正确答案:C

答案解析:C is correct. Khadri violates the Standard relating to Performance Presentation because he does not 

10、【单选题】

A.$4.8 million.

B.$8.4 million.

C.$9.3 million.

正确答案:C

答案解析:C is correct. The notional principals for the swap, based upon the prevailing given rates, are