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.

B.buyer in a credit default swap.

C.buyer of a put option on a corporate bond.

正确答案:A

答案解析:A is correct. In a credit default swap, the protection seller would make payments to the protection 

2、In his statement to Lafite, Gatchell is least likely correct with respect to:【单选题】

A.periodic rollover.

B.redemption.

C.cost.

正确答案:B

答案解析:Gatchell is correct that stock index futures and equity swaps are low-cost alternatives to equity index mutual funds. He is also correct that a drawback of stock index futures is that they have to be rolled over periodically. He is incorrect about the pricing of mutual funds: They are priced once daily

3、Michelieu tells a prospective client, “I may not have a long-term track record yet, but I’m sure that you’ll be very pleased with my recommendations and service. In the three years that I’ve been in the business, my equity-oriented clients have averaged a total return of more than 26% a year.” The statement is true, but Michelieu only has a few clients, and one of his clients took a large position in 【单选题】

A.No, because Michelieu is not promising that he can earn a 26% return in the future.

B.No, because the statement is a true and accurate description of Michelieu’s track record.

C.Yes, because the statement misrepresents Michelieu’s track record.

正确答案:B

答案解析:The correct answer is C. This question relates to Standard I(C)—Misrepresentation. Although Michelieu’s statement about the total return of his clients’ accounts on average may be technically true, it is misleading because the majority of the gain resulted from one client’s large position taken against Michelieu’s advice. Therefore, this statement misrepresents the investment performance the member is responsible for. He has not taken steps to present a fair, accurate, and complete presentation of performance. Answer B is thus incorrect. Answer A is incorrect because although Michelieu is not guaranteeing future results, his words are still a misrepresentation of his performance history.

4、【单选题】

A.incorrect, because high-frequency data tend to produce lower correlation estimates.

B.incorrect, because high-frequency data are less sensitive to asynchronism.

C.correct.

正确答案:A

答案解析:O'Reilly's answer is incorrect with respect to correlation estimates. High-frequency data are more sensitive to asynchronism across variables and, as a result, tend to produce lower correlation estimates.

5、The decision to add variables to the oil-related industry analysis will most likely lead to a(n):【单选题】

A.regime-switching bias.

B.data-mining bias.

C.appraisal bias.

正确答案:B

答案解析:A data-mining bias occurs when variables are added to an analysis without any predictive merit (i.e., there is no causal relationship for adding the variables). In this case, the variables are not added to enhance prediction but to thwart the predictive relationship between other variables.

6、If Rioja rebalances the portfolio as he proposes in his statement to Priorat, the dollar duration of the assets relative to the dollar duration of the liabilities is most likely to:【单选题】

A.fall well short.

B.be far exceeded.

C.be nearly matched.

正确答案:C

答案解析:

7、【单选题】

A.

B.

C.

正确答案:C

答案解析:C is correct. As a general rule, the portion of a taxable asset owner’s assets that are 

8、Smith's concerns regarding immunization as a strategy are best addressed by:【单选题】

A.decreasing the dispersion of cash flows around the horizon date.

B.matching assets to liabilities by using functional duration and targeting a cushion spread.

C.increasing the dispersion of cash flows around the horizon date and targeting a cushion spread.

正确答案:B

答案解析:Applying functional duration or key rate durations allows durations along the yield curve to match those of the liabilities. A nonparallel shift in the yield curve will affect assets and liabilities in an offsetting manner. In addition, the portfolio could allow for active management to generate additional returns—for an incremental difference between the minimum acceptable return and the higher possible immunized rate, which is referred to as the "cushion spread."

9、An appropriate element of the investment policy statement for CHM Corporation’s pension plan is most likely a specification of:【单选题】

A.investment alternatives.

B.return objectives.

C.strategic asset allocation.

正确答案:A

答案解析:For participant-directed defined contribution pension plans, such as the one offered by CHM Corporation, the investment policy statement describes the investment alternatives offered. It does not describe risk and return objectives, constraints, or strategic asset allocation; those decisions are made by the plan participants.

10、【单选题】

A.Straddle.

B.Bull spread using puts.

C.Reverse butterfly spread using calls and puts.

正确答案:A

答案解析:Both calls and puts increase in value if volatility increases. A straddle is composed of a long call and put with the same strike