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.Butterfly: short barbell, long bullet

C.Butterfly: long barbell, short bullet

正确答案:C

答案解析:C is correct. McLaughlin expects interest rate volatility to be high and the yield curve to experience an increase in the 

2、According to CFA Institute's Standards of Practice Handbook, which of the following additional pieces of information would Litman least likely be required to supply to Twain to comply with his duty to employer? The:【单选题】

A.names of his friends who are his clients.

B.duration of the investment management agreements with friends.

C.amount and type of compensation received from friends.

正确答案:A

答案解析:According to the Standards of Practice Handbook IV(B), members should disclose the terms of any agreement under which a member will receive additional compensation. Terms include the nature of the compensation, the approximate amount of compensation, and the duration of the agreement. According to Standard III(E), members must keep information about current and prospective clients confidential. Client names would be considered confidential, particularly when tied to the other previously mentioned information to be given to the employer.

3、The expected volatility of the S&P 500, relative to market expectations, is least likely to be a factor in the decision to implement:【单选题】

A.Strategy A.

B.Strategy C.

C.Strategy B.

正确答案:B

答案解析:Strategy C is a collar, which is a directional strategy; that is, its performance is dependent on the direction of the movement of the underlying (in this instance, the S&P 500). The performance of Strategy A (butterfly spread) and Strategy B (straddle) are based on the expected volatility (relative to the rest of the market) of the S&P 500.

4、Based on DFC’s bond holdings and Exhibit 2, Compton should recommend:【单选题】

A.Benchmark 1.

B.Benchmark 2.

C.Benchmark 3.

正确答案:B

答案解析:B is correct. DFC has two types of assets, short term and intermediate term. For the short-term assets, a 

5、【单选题】

A.a concentration level of 4.29.

B.an effective number of stocks of approximately 35.

C.individual stocks held in approximately equal weights.

正确答案:B

答案解析:B is correct. The HHI measures stock concentration risk in a portfolio, calculated as the sum of the 

6、【单选题】

A.Yes.

B.

C.

正确答案:A

答案解析:A is correct. The performance reporting procedures described by the administrator are consistent 

7、【单选题】

A.Misrepresentation

B.Responsibilities of Supervisors

C.Loyalty

正确答案:B

答案解析:There is no indication that Remmy violated his responsibility as a supervisor under Standard IV(C): Responsibilities of Supervisors. He did, however, violate Standard I(C): Misrepresentation and Standard IV(A): Loyalty by plagiarizing his former employer's compliance manual. Work performed for an employer remains the asset of the employer and cannot be taken to another firm without permission.

8、Which portfolio in Figure 3 should be selected to immunize the multiple liabilities scenario described by Olamide?【单选题】

A.Portfolio P.

B.Portfolio Q.

C.Portfolio R.

正确答案:B

答案解析:Portfolio Q is optimal.

9、【单选题】

A.Yes, with regard to client status

B.Yes, with regard to type of information

C.No

正确答案:A

答案解析:Standard III(E): Preservation of Confidentiality requires information about former clients, as well as existing and prospective clients, to be kept confidential unless the law requires the disclosure or permission has been given to disclose the information. Jacaranda's policies cover only existing and prospective clients.

10、【单选题】

A.No, he is incorrect regarding duration

B.Yes

C.No, he is incorrect regarding the bond portfolio characteristics

正确答案:C

答案解析:To immunize a portfolio's target value or target yield against a change in the market yield, a manager must invest in a bond or a bond portfolio whose (1) duration is equal to the investment horizon and (2) initial present value of all cash flows equals the present value of the future liability. Thus, investing in a bond portfolio with a yield to maturity equal to the target yield and a maturity equal to the investment horizon does not assure that the target value will be achieved because of reinvestment risk.