2020年CFA考试《CFA三级》考试共题，分为。小编为您整理Private Wealth Management (2)5道练习题，附答案解析，供您备考练习。

1、Using the planning framework that Richards suggests, which person's estimate for the after-tax primary capital is most accurate?【单选题】

A.Boshe

B.Adams

C.Richards

正确答案:B

答案解析:Primary capital is the sum of assets that fall into the personal and market risk buckets. It includes the residence, municipal bond portfolio, global equity fund and cash equivalents. It excludes the values of MTL and the concentrated positions in CTAS public stock and the warehouse (investment real estate) – those are considered aspirational.

2、Which of Boshe's MTL strategies least likely describes a staged exit strategy? MTL Strategy:【单选题】

A.1

B.3

C.2

正确答案:C

答案解析:MTL Strategy 2 is not a staged exit strategy because it does not provide for two specific liquidity events: cash up front and a sale or monetization of the remainder of Richards’s ownership in the future. Strategies 1 and 3 are staged exit strategies that provide for two liquidity events.

3、Which of Adams's and Boshe's comments about counterparty risk is most accurate? The comment made by:【单选题】

A.Adams about the short sale against the box.

B.Boshe about her proposed strategies.

C.Adams about the total return equity swap.

正确答案:A

答案解析:Adams's statement about the short sale against the box is correct because it creates a riskless position. Although the forward conversion with options avoids counterparty risk, the equity forward sale and the total return equity swap use a derivatives dealer and thus include counterparty risk.

4、【单选题】

A.any occupation.

B.Adrian’s regular occupation.

C.any occupation for which Adrian is suited by education and experience.

正确答案:B

答案解析:B is correct. The most comprehensive policy would define disability as the inability to 

5、【单选题】

A.A$0.

B.A$331,267.

C.A$2,078,101.

正确答案:B

答案解析: