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.Liquidity

B.Allocation

C.Index weight

正确答案:A

答案解析:A is correct. The maximum position size in shares of Pasliant Corporation (PC) is 

2、Which of the following statements clearly conflicts with the recommended procedures for compliance presented in the CFA Institute Standards of Practice Handbook?【单选题】

A.Firms should disclose to clients the personal investing policies and procedures established for their employees.

B.Prior approval must be obtained for the personal investment transactions of all employees.

C.For confidentiality reasons, personal transactions and holdings should not be reported to employers unless mandated by regulatory organizations.

正确答案:C

答案解析:The correct answer is C. This question asks about compliance procedures relating to personal investments of members and candidates. The statement in answer C clearly conflicts with the recommended procedures in the Standards of Practice Handbook. Employers should compare personal transactions of employees with those of clients on a regular basis regardless of the existence of a requirement by any regulatory organization. Such comparisons ensure that employees’ personal trades do not conflict with their duty to their clients, and the comparisons can be conducted in a confidential manner. The statement in answer A does not conflict with the procedures in the Handbook. Disclosure of such policies will give full information to clients regarding potential conflicts of interest on the part of those entrusted to manage their money. Answer B is incorrect because firms are encouraged to establish policies whereby employees clear their personal holdings and transactions with their employers.

3、With regard to Green Note's five-year investment performance history, Kim is inconsistent with the CFA Institute Standards of Professional Conduct concerning which of the following?【单选题】

A.Performance as a hedge fund manager

B.Simulated performance of current strategy

C.Performance when she was an equity portfolio manager

正确答案:C

答案解析:Showing past performance of funds managed at a prior firm as part of a performance track record is permissible under Standard III(D)–Performance Presentation only as long as showing that record is accompanied by appropriate disclosures about where the performance took place and the person's specific role in achieving that performance, which Kim did not do. In addition, the material used to create this performance record is the property of Kim's former employer, so to use this record, she should have obtained permission to do so but did not as required by Standard IV(A)–Loyalty.

4、The style of the Canadian equities portfolio manager is most likely:【单选题】

A.growth.

B.market oriented.

C.value.

正确答案:B

答案解析:The portfolio manager is willing to buy both value and growth stocks (regardless of P/E). He focuses solely on whether the stock is trading below its intrinsic value. This approach is also known as a blend or core style with reference to equity investing, which is an intermediate grouping for investment disciplines that cannot be clearly categorized as value or growth.

5、【单选题】

A.is unaffected by stocks splits.

B.

C.holds the same number of shares in each component stock.

正确答案:C

答案解析:C is correct. The initial benchmark used for the US large-cap allocation is a price-weighted index. In a 

6、Based on Exhibit 1, and meeting the Barksdales’ target equity allocation for 【单选题】

A.35.0%.

B.54.5%.

C.56.1%.

正确答案:C

答案解析:C is correct. The equity allocation of the Barksdale’s financial capital is calculated as 

7、Regarding the approaches to economic forecasting, the statement by which analyst is most accurate?【单选题】

A.Poulsen

B.Tuoc

C.Spenser

正确答案:C

答案解析:Spenser's statement is most accurate. In the economic indicators approach, for example, the composite of leading economic indicators is based on an analysis of its forecasting usefulness in past cycles. The indicators are intuitive, simple to construct, require only a limited number of variables, and third-party versions are also available.

8、【单选题】

A.$55.

B.$67.50.

C.$80.

正确答案:B

答案解析:B is correct. The $67.50 call option is approximately at-the-money, as Walnut share price is currently 

9、Which of Radia's points regarding the choice of a benchmark is the most accurate? His point regarding the:【单选题】

A.median manager or fund.

B.absolute return objective.

C.style index.

正确答案:C

答案解析:The ability of style indexes to pass tests of benchmark validity can be problematic as the definition of investment style implied in the benchmark may be ambiguous or inconsistent with the investment process of the manager being evaluated.

10、【单选题】

A.custom benchmark weights and components.

B.presence, use, and extent of leverage or derivatives.

C.date and reasons for the change in the composite name.

正确答案:A

答案解析:A is correct. GIPS Provision I.4.A.31 states, “If a custom benchmark or combination of multiple benchmarks is used, the