2020年CFA考试《CFA三级》考试共题，分为。小编为您整理Performance Evaluation5道练习题，附答案解析，供您备考练习。

1、Regarding the disclosures contained in the notes to Exhibit 1, the notes most likely required are:【单选题】

A.6, 7 and 9.

B.2, 7 and 8.

C.1, 5 and 6.

正确答案:A

答案解析:The currency used to express performance, whether any fees other than trading expenses are deducted from gross-of-fees returns, whether any fees other than trading expenses and management fees are deducted from net-of-fees returns, the fee schedule, and a measure of internal dispersion are all required disclosures for compliance with the GIPS standards.

2、Are the statements made by Gano consistent with the requirements of GIPS?【单选题】

A.Yes.

B.No, only statement 1 is correct.

C.No, both statements are incorrect.

正确答案:B

答案解析:Statement 1 is consistent with GIPS. GIPS requires at least monthly valuation and on the date of large external cash flows. 

3、Ord Capital Management, an investment management firm that claims to comply with the GIPS standards, manages a global equity portfolio for a pension plan sponsored by Chimie bio-industrielle.?【单选题】

A.31 March.

B.15 April.

C.30 April.

正确答案:A

答案解析:A is correct. Provision I.3.A.6 states, “Terminated portfolios must be included in the historical performance of the composite up to the last full measurement period that each portfolio was under management.” The last full measurement period that the Chimie bio-industrielle portfolio was under the management of Ord Capital Management was the month of March.

4、Is WCM most likely compliant with GIPS standards required for composite construction as disclosed in Note 2?【单选题】

A.Yes

B.No, because of how the large-cap model portfolio is treated

C.No, because of how nondiscretionary portfolios are treated

正确答案:A

答案解析:The composite consists of all actual fee-paying portfolios that are managed on a discretionary basis. It is therefore in compliance with GIPS standards.

5、Which policy regarding return calculation methodologies most likely requires revision?【单选题】

A.Policy 5

B.Policy 4

C.Policy 6

正确答案:C

答案解析:The GIPS standards require cash and cash equivalents to be included in total return calculations for all asset classes.