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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、Simpson discusses both the definition of market liquidity and how to assess market quality. Are her statements correct?【单选题】
A.Only the market liquidity statement is correct.
B.Only the market quality statement is correct.
C.Both statements are correct.
正确答案:B
答案解析:The factors listed by Simpson that make a market liquid are not all correct. The major factors that contribute to making a
2、【单选题】
A.typically leads to return distributions that are positively skewed.
B.should not lead to higher returns because FX markets are efficient.
C.often leads to higher returns through carry trades, but comes with higher
正确答案:C
答案解析:C is correct. Emerging market currencies are often the investment currencies in the carry
3、Which of these statements is most accurate regarding Kapoor’s two-part approach to achieving excess returns from non-UK bonds?【单选题】
A.Part 1 is appropriate, but Part 2 is inappropriate.
B.Part 1 is inappropriate, but Part 2 is appropriate.
C.Both parts are appropriate.
正确答案:B
答案解析:Low correlations will reduce the overall risk of the portfolio but not produce higher expected returns. Currency selection can add value. Currency appreciation relative to the British pound, if achieved, will produce excess returns.
4、【单选题】
A.misconduct.
B.misrepresentation.
C.performance presentation.
正确答案:C
答案解析:C is correct. As Khadri provides the corrected information in her letter to the client, she is least likely
5、Given Vertex's interest rate volatility and yield curve forecasts in Statement 4, compared with bullet structures, callable structures and putable structures, respectively, will most likely:【单选题】
A.Callable Structures: Underperform and Putable Structure: Outperform
B.Callable Structures: Outperform and Putable Structures: Outperform
C.Callable Structures: Outperform and Putable Structure: Underperform
正确答案:B
答案解析:Spong's fourth statement indicates that Vertex expects a 25 bp rise in short-term rates and a 75 bp increase in long-term rates—that is, the yield curve is expected to steepen. In this environment callables and putables will outperform bullet structures. As rates rise, given low implied interest rate volatility, the probability of a call diminishes as does the value of the call option. Consequently, callables will outperform bullets. As rates rise the put option becomes more valuable, furthermore the put allows the investor to put the option back at par, thus avoiding losses. For these reasons, the value of the putable structure can be expected to increase. In contrast, the bullet structure will decline in value. Thus, putables also outperform bullets.
6、With respect to Viewmont's goal of borrowing at the lowest cost and hedging currency risk, who is most likely correct?【单选题】
A.Kemigisa
B.Bazlamit
C.Montero
正确答案:C
答案解析:Montero is correct. Viewmont can reduce its overall borrowing costs by borrowing in U.S. dollars and engaging in a currency swap for Brazillian reals. This swap not only reduces borrowing costs but also hedges currency exposure.
7、When recommending Komm, does Riser violate any CFA Institute Standards?【单选题】
A.No.
B.Yes, relating to duties to employer.
C.Yes, relating to disclosure of conflicts.
正确答案:A
答案解析:A is correct. No violation occurred. Riser’s recommendation is based on his knowledge of Komm and
8、Does the Fund's disclosure to its clients regarding the renewal of the license most likely comply with the Asset Manager Code of Professional Conduct?【单选题】
A.Yes, the disclosure included the termination of the fund manager
B.No
C.Yes, the disclosure included the out-of-court settlement and payment of fine
正确答案:B
答案解析:The Asset Manager Code calls for complete disclosures regarding significant changes in personnel and any regulatory or disciplinary action taken against the Fund. Although the
9、【单选题】
A.No.
B.Yes, because he does not have a reasonable basis.
C.Yes, because the account is unsuitable for Vanderon.
正确答案:A
答案解析:
10、【单选题】
A.0.275%.
B.0.85%.
C.0.90%.
正确答案:B
答案解析:B is correct. The highest potential return, 0.85%, reflects borrowing USD for 6 months and buying the UK 5-year bond.
What are the indices for a skewed distribution?:What are the indices for a skewed distribution?
What are the responsibilities of the members in reference to the CFA Institute?:Once accepted as a member:每年交述职报告和年费but must not over promise the competency and future investment results.Case
What members and candidates should notice in CFA examinations?:or security of the CFA examinations.(不能恶心CFA),考试不能作弊:考试内容要保密:A. No.:Responsibilities as a CFA Institute Member.right④Case
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