2020年CFA考试《CFA三级》考试共240题，分为单选题。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、In the previous question, suppose DiCenzo sells the securities in the current tax year and replaces them with securities having the same returns. He will then sell the new securities in the next tax year. What is the total tax savings assuming DiCenzo does not reinvest the tax savings?【单选题】

A.€0.

B.€7,500.

C.€15,000.

正确答案:A

答案解析:A is correct. Assuming DiCenzo does not reinvest the tax savings, tax loss harvesting does not reduce the total tax paid over time. It only defers taxes because recognizing the loss resets the cost basis to a lower figure which will ultimately increase the gain realized late by the same amount. Tax loss harvest can augment return by postponing tax liabilities. Reinvesting the current year’s tax savings increases the after-tax principal investment, which can augment the value of tax loss harvesting further.

2、【单选题】

A.13%

B.15%

C.80%

正确答案:A

答案解析:A is correct. The GIPS Glossary defines the Realization Multiple (DPI ) (real estate and private equity) as “since inception 

3、【单选题】

A.0.84.

B.1.19.

C.1.48.

正确答案:A

答案解析:A is correct. To execute Strategy 1, 216 contracts would have been sold three months ago on 15 

4、Given the manager's goal, what approach should Dodson most likely recommend for the $50 million portfolio of the Susquehanna Industries' pension fund?【单选题】

A.Full replication

B.Optimization

C.Stratified sampling

正确答案:C

答案解析:The portfolio contains small-cap stocks, which indicates an approach other than full replication, and the desire to minimize transaction costs indicates stratified sampling rather than optimization.

5、【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 

6、【单选题】

A.

B.

C.

正确答案:A

答案解析:A is correct. The Martins wish to maintain the same risk level for both retirement 

7、【单选题】

A.EUR740,026 and receives CHF400,000.

B.CHF400,000 and receives EUR740,026.

C.CHF800,000 and receives EUR900,901.

正确答案:B

答案解析:B is correct. In order to raise 100 million Swiss francs, Millau needs to issue bonds totaling 

8、Is Prater's second statement regarding the Solow residual correct?【单选题】

A.Yes.

B.

C.

正确答案:C

答案解析:

9、According to the CFA Institute Standards of Professional Conduct, after commencing employment with Harvest, Pena is least likely to have violated which standard with regard to his relationship with Mueller School?【单选题】

A.Misrepresentation

B.Additional Compensation

C.Conflicts of Interest

正确答案:A

答案解析:It does not appear that Pena has made any misrepresentations despite bragging about his value to the committee. But Pena must disclose benefits he receives in exchange for his services on the investment committee. According to Standard IV(B)—Additional Compensation Arrangements, members must not accept benefits or consideration that competes with or might reasonably be expected to create a conflict of interest with their employer's interest unless they obtain written consent from all parties involved. In addition, Pena must also disclose the potential conflicts of interest—Standard VI(A)—that may arise, given that Harvest potentially trades the same shares for its other clients as well as for Mueller's portfolio.

10、During a round of golf, Rodriguez, chief financial officer of Mega Retail, mentions to Hart, a local investment adviser and long-time personal friend, that Mega is having an exceptional sales quarter. Rodriguez expects the results to be almost 10% above the current estimates. The next day, Hart initiates the purchase of a large stake in the local exchange-traded retail fund for her personal account.【单选题】

A.Hart violated the Code and Standards by investing in the exchange-traded fund that included Mega Retail.

B.Hart did not violate the Code and Standards because she did not invest directly in securities of Mega Retail.

C.Rodriguez did not violate the Code and Standards because the comments made to Hart were not intended to solicit an investment in Mega Retail.

正确答案:A

答案解析:Answer A is correct. Hart’s decision to invest in the retail fund appears directly correlated with Rodriguez’s statement about the successful quarter of Mega Retail and thus violates Standard II(A)—Material Nonpublic Information. Rodriguez’s information would be considered material because it would influence the share price of Mega Retail and probably influence the price of the entire exchange-traded retail fund. Thus, answer B is incorrect. Answer C is also incorrect because Rodriguez shared information that was both material and nonpublic. Company officers regularly have such knowledge about their firms, which is not a violation. The sharing of such information, however, even in a conversation between friends, does violate Standard II(A).