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、In comparing MF's investment policy with a property and casualty insurance company's investment policy, Kuzmych is most likely correct about:【单选题】

A.liquidity requirements.

B.tax considerations.

C.the timing of outlays.

正确答案:B

答案解析:As a US-based private foundation, MF is essentially considered a tax-exempt investor. This status differs from a property and casualty insurance company, which is subject to income, capital gains, and other types of taxes.

2、【单选题】

A.GBP 7,000,000 spot.

B.GBP 7,000,000 forward to December 1.

C.SEK 74,812,500 forward to December 1.

正确答案:B

答案解析:B is correct. The GBP value of the assets has declined, and hence the hedge needs to be 

3、【单选题】

A.

B.

C.illusion of knowledge bias.

正确答案:B

答案解析:B is correct. Self-attribution is a bias in which people take credit for successes and assign 

4、The real estate index bias indicated by Clyburn is most likely an:【单选题】

A.overestimation of the return volatility.

B.underestimation of the return volatility.

C.overweighting of residential real estate.

正确答案:B

答案解析:B is correct. The returns on the NCREIF Index are based on appraisals that 26. underestimate the volatility in underlying values.

5、The Magnolia Foundation's approach to portfolio construction is best described as:【单选题】

A.using a completeness fund.

B.a portable alpha strategy.

C.a core–satellite structure.

正确答案:C

答案解析:A large portion of the portfolio is invested with a manager that is expected to match the portfolio's benchmark (zero alpha, zero tracking error), forming the core of the portfolio.

6、The NEXT Index data most likely reflects:【单选题】

A.volatility clustering.

B.transcription errors.

C.survivorship bias.

正确答案:C

答案解析:Survivorship bias arises when a data series only reflects companies that exist at a given moment in time and not companies that may have left prior to the given moment in time (i.e., only the surviving firms are in the data). The NEXT Index has survivorship bias as evidenced by the frequent change in its component firms because of failure and acquisition by larger non-index firms.

7、Will Lehigh's purchase of US large-cap futures contracts most likely result in the committee's beta objective for the US large-cap investment being attained?【单选题】

A.No, because the beta will be above the target

B.Yes

C.No, because the beta will be below the target

正确答案:C

答案解析:

8、Quinn sat for the Level III CFA exam this past weekend. He updates his resume with the following statement: “In finishing the CFA Program, I improved my skills related to researching investments and managing portfolios. I will be eligible for the CFA charter upon completion of the required work experience.”【单选题】

A.Quinn violated the Code and Standards by claiming he improved his skills through the CFA Program.

B.Quinn violated the Code and Standards by incorrectly stating that he is eligible for the CFA charter.

C.Quinn did not violate the Code and Standards with his resume update.

正确答案:B

答案解析:Answer B is correct. According to Standard VII(B)—Reference to CFA Institute, the CFA Designation, and the CFA Program, Quinn cannot claim to have finished the CFA Program or be eligible for the CFA charter until he officially learns that he has passed the Level III exam. Until the results for the most recent exam are released, those who sat for the exam should continue to refer to themselves as “candidates.” Thus, answer C is incorrect. Answer A is incorrect because members and candidates may discuss areas of practice in which they believe the CFA Program improved their personal skills.

9、Which risk listed by Reinfeldt is most likely a source of financial risk?【单选题】

A.Risk 3

B.Risk 2

C.Risk 1

正确答案:B

答案解析:Liquidity risk is considered a financial risk.

10、【单选题】

A.Country 1.

B.Country 2.

C.Country 3.

正确答案:B

答案解析:To determine the country with the highest expected real GDP growth rate, use the following formula to solve for the expected