2020年CFA考试《CFA三级》考试共题，分为。小编为您整理Private Wealth Management (1)5道练习题，附答案解析，供您备考练习。

1、Consider a portfolio that is generally appreciating in value. Active trading is most likely to be least attractive in a:【单选题】

A.taxable account.

B.tax deferred account.

C.tax exempt account.

正确答案:A

答案解析:A is correct. Active trading would generate annually taxed income and is most appropriate for a tax-exempt account, all else equal. If a portfolio contains unrealized losses, however, a certain amount of trading activity is required to harvest tax losses. That is, tax-efficient management of stocks in taxable accounts does not require passive management. It requires passively allowing gains to grow unharvested, but actively realizing losses.

2、What is the accrual equivalent tax rate in the previous question?【单选题】

A.15.25%.

B.20.00%.

C.84.75%.

正确答案:A

答案解析:A is correct.

3、【单选题】

A.claims by creditors.

B.yielding control of resources.

C.trust distributions.

正确答案:A

答案解析:The statement about the claims by creditors is inaccurate because the trust assets cannot be reached by the beneficiary's creditors. The other statements are accurate.

4、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.

5、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.