2020年CFA考試《CFA三級(jí)》考試共題，分為。小編為您整理精選模擬習(xí)題10道，附答案解析，供您考前自測(cè)提升！

1、If UK interest rates increase by 50 bps, the percentage change in the value of the German bonds that Kapoor is evaluating will be closest to:【單選題】

A.3.23%.

B.6.47%.

C.4.85%.

正確答案:A

答案解析:The percentage change in value for a 100 bps change in UK interest rates is the duration of the bonds multiplied by the country beta, so the change for a 50 bps change will be half that, or 0.50 × 0.44 × 14.7 = 3.23.

2、Which of the notes regarding the Elmer Fund is correct?【單選題】

A.Only Note 4

B.Only Note 5

C.Both Note 4 and Note 5

正確答案:A

答案解析:A is correct. For passively managed portfolios, management fees are typically low because of 

3、The strategy that is most likely to benefit from the environment described by Monts in Statement 3 is to:【單選題】

A.rotate from consumer non-cyclical to consumer cyclical sectors.

B.increase exposure to the crossover sector.

C.shift the portfolio’s positions to shorter duration corporate bonds.

正確答案:C

答案解析:

4、Which of the following portfolio strategies is Wolff most likely to have recommended last year?【單選題】

A.Buy convexity.

B.Sell convexity.

C.Convexity neutral.

正確答案:B

答案解析:The forecast last year was of a stable, unchanged yield curve. Bonds with high convexity are expensive to hold (i.e., have 

5、【單選題】

A.No.

B.Yes, for value weighting only.

C.Yes, for transaction costs only.

正確答案:B

答案解析:B is correct. Value weighting may result in a particular index taking on the return characteristics of the best-performing hedge funds 

6、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:【單選題】

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.

正確答案: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.

7、Using the planning framework that Richards suggests, which person's estimate for the after-tax primary capital is most accurate?【單選題】

A.Boshe

B.Adams

C.Richards

正確答案:B

答案解析:Primary capital is the sum of assets that fall into the personal and market risk buckets. It includes the residence, municipal bond portfolio, global equity fund and cash equivalents. It excludes the values of MTL and the concentrated positions in CTAS public stock and the warehouse (investment real estate) – those are considered aspirational.

8、Based on the data in Exhibit 2, modifying the duration of the fixed-income allocation to its target will require an interest rate swap that has notional principal closest to:【單選題】

A.$11,030,000.

B.$17,777,000.

C.$9,412,000.

正確答案:A

答案解析:

9、【單選題】

A.

B.

C.illusion of knowledge bias.

正確答案:B

答案解析:B is correct. Self-attribution is a bias in which people take credit for successes and assign 

10、Disregarding the initial cost of the Hop collar strategy, the value per share of 【單選題】

A.$26.05.

B.$26.20.

C.$26.90.

正確答案:C

答案解析:C is correct. If the stock price at expiration of the options is $26.90, the put will expire worthless,