2020年CFA考试《CFA三级》考试共240题，分为单选题。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、The best answer to Dunne's question about the family's risk exposure in retirement is:【单选题】

A.financial market risk remains, given the rate of return and withdrawal assumptions.

正确答案:A

答案解析:The family is still exposed to financial market risk because the constant real return assumption with systematic withdrawals may underestimate the effect of short-term market fluctuations early in retirement and cause the family to eventually run out of money.

2、Lorraine Newman is evaluating whether to save for retirement using a TDA or a tax-exempt account. The TDA permits tax-deductible contributions but withdrawals will be taxed at 30 percent. The tax-exempt account permits tax-free accumulation and withdrawals but contributions are taxable at a 40 percent tax rate. Assuming contribution limits do not affect Newman’s choice of accounts, 【单选题】

A.TDA.

B.Tax-exempt.

C.The choices are the same.

正确答案:A

答案解析:A is correct. The future accumulation of the TDA is (1 + r)n(1 - 0.30), whereas the future accumulation of the tax-exempt account is (1 + r)n(1 - 0.40). Therefore, the TDA will accumulate more wealth.

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、Jose DiCenzo has some securities worth €50,000 that have a cost basis of €75,000. If he sells those securities and can use the realized losses to offset other realized gains, how much can DiCenzo reduce his taxes in the current tax year assuming capital gains are taxed at 30 percent?【单选题】

A.€7,500.

B.€15,000.

C.€17,500.

正确答案:A

答案解析:A is correct. DiCenzo has a €75,000 - €50,000 = €25,000 unrealized loss. Assuming that realizing this loss will decrease his taxable gains by the same amount, his tax bill in the current year will be reduced by 0.30 × €25,000 = €7,500.

5、【单选题】

A.Low dividend paying stock.

B.Tax exempt bonds.

C.Taxable bonds.

正确答案:C

答案解析:C is correct. In this regime, interest would be taxed heavily and is most appropriate for a