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、Based on the information in Exhibit 1, the maximum profit per contract for Strategy A is closest to:【单选题】

A.$9,015.

B.$5,855.

C.$2,545.

正确答案:C

答案解析:In the butterfly spread, using calls the investor goes long the $1,100 and $1,150 strikes and short two of the $1,125 strike. The maximum profit is when the index is at $1,125. The maximum profit per contract = Profit on long $1,100 + Profit on two short $1,125 + Profit on long $1,150 = ($1,125 – $1,100) – $95.85 + (2 × $80.50) – $64.70 = $25.45. The profit per contract = $25.45 × $100 = $2,545.

2、Which one of the following trader motivations best describes the Technology Company trade?【单选题】

A.Information-motivated.

B.Value-motivated.

C.Liquidity-motivated.

正确答案:A

答案解析:The Technology Company trade was based on information-motivated trading. Simpson's analyst must have obtained some 

3、A client has funds in a tax deferred account and a taxable account. Which of the following assets would be most appropriate in a taxable account in a Flat and Heavy Tax Regime, in which dividends and capital gains are taxed at ordinary rates and interest income is tax exempt? Assume that all assets are held in a client’s overall portfolio.【单选题】

A.Bonds.

B.Actively traded stocks.

C.High dividend paying stocks.

正确答案:A

答案解析:A is correct. Tax-exempt assets are not appropriate for tax deferred accounts. In a Flat and Heavy Tax Regime, dividends and capital gains are taxed at ordinary rates and are not the best choices for taxable accounts.

4、Strategy 2 is most likely preferred to Strategy 1 for meeting the objective of:【单选题】

A.protecting inflation.

B.funding future liabilities.

C.

正确答案:A

答案解析:A is correct. Floating-coupon bonds provide inflation protection for the interest income because the 

5、Are Sarkar’s statements on the methods that can be used to implement the investment approach for Hayes Endowment correct?【单选题】

A.No, Method 2 is incorrect.

B.No, Method 1 is incorrect.

C.Yes.

正确答案:A

答案解析:Method 2 is incorrect. Semiactive strategies are appropriate for the Hayes Endowment. They come in two forms: a derivatives-based strategy (Method 1) and a stock-based strategy (Method 2). The derivatives-based strategy is described accurately by Sarkar. But the description of Method 2, the stock-based strategy, is incorrect. In a stock-based strategy, all decisions regarding stock holdings are made relative to the benchmark weight. That is, if the manager has no opinion on the stock, then he will hold it in his portfolio at the benchmark weight. If he has a negative opinion, then he will underweight it relative to the benchmark weight. The manager will overweight the stock in his portfolio if he has a positive expectation for the stock. Sarkar is incorrect when he states: “Here the manager will only invest in stocks expected to outperform the index. If the manager has no opinion on a stock, or if the stock is expected to underperform, then the stock will not be included in the investment portfolio.”

6、【单选题】

A.100% of Bond 1.

B.100% of Bond 2.

C.50% of Bond 1 and 50% of Bond 2.

正确答案:A

答案解析:A is correct. The optimal strategy for Villash is the sale of 100% of Bond 1, which Perreaux considers 

7、Perrin’s Concern #2 identifies a risk related to:【单选题】

A.human capital only.

B.financial capital only.

C.both human and financial capital.

正确答案:C

答案解析:C is correct. The projected slowdown in his employer’s sales growth may result in 

8、What is the accrual equivalent tax rate in the previous question?【单选题】

A.15.25%.

B.20.00%.

C.84.75%.

正确答案:A

答案解析:A is correct.

9、Which of Reyder's additional notes from the discussion on human capital is most accurate? Her note about:【单选题】

A.the magnitude of loss of human capital

B.the risk tolerance of the combined portfolio

C.term life insurance versus annuities

正确答案:C

答案解析:The statement regarding term life insurance is most accurate. Life insurance is a perfect hedge against the loss of human capital in the event of death, whereas annuities address longevity risk. Although overall risk tolerance increases with human capital, overall risk tolerance decreases with greater wage risk. The magnitude of loss of human capital at younger ages is much more important than the higher probability of death at older ages.

10、Smith is a financial analyst with XYZ Brokerage Firm. She is preparing a purchase recommendation on JNI Corporation. Which of the following situations is most likely to represent a conflict of interest for Smith that would have to be disclosed?【单选题】

A.Smith frequently purchases items produced by JNI.

B.XYZ holds for its own account a substantial common stock position in JNI.

C.Smith’s brother-in-law is a supplier to JNI.

正确答案:B

答案解析:The correct answer is B. This question involves Standard VI(A)—Disclosure of Conflicts—specifically, the holdings of an analyst’s employer in company stock. Answers A and C do not describe conflicts of interest that Smith would have to disclose. Answer A describes the use of a firm’s products, which would not be a required disclosure. In answer C, the relationship between the analyst and the company through a relative is so tangential that it does not create a conflict of interest necessitating disclosure.