2020年CFA考试《CFA三级》模拟试题
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.Fund A.
B.Fund B.
C.Fund C.
正确答案:A
答案解析:A is correct. Use of a longer measurement interval will help to lower annualized volatility estimates; illiquid assets or stale prices
2、【单选题】
A.exhibit characteristics of multiple investor types.
B.retain the same emotional biases as they become older.
C.exhibit primarily emotional or cognitive biases, but not both.
正确答案:A
答案解析:A is correct. A limitation of behavioral models is that individual investors do frequently
3、The decision to add variables to the oil-related industry analysis will most likely lead to a(n):【单选题】
A.regime-switching bias.
B.data-mining bias.
C.appraisal bias.
正确答案:B
答案解析:A data-mining bias occurs when variables are added to an analysis without any predictive merit (i.e., there is no causal relationship for adding the variables). In this case, the variables are not added to enhance prediction but to thwart the predictive relationship between other variables.
4、【单选题】
A.Statement about an
B.
C.
正确答案:B
答案解析:B is correct. Kreuzer’s statement about an advantage of VaR is wrong because the VaR for
5、【单选题】
A.Herrschaft Asset Management Corporation claims compliance with the
B.
C.Herrschaft Asset Management Corporation has prepared and presented this
正确答案:A
答案解析:A is correct. Answer A presents the prescribed wording of the GIPS Advertising Guidelines compliance statement.
6、【单选题】
A.Buy 417 contracts.
B.Sell 298 contracts.
C.Sell 417 contracts.
正确答案:C
答案解析:In order to adjust the allocation of an existing equity portfolio, two futures contracts are needed. The first contract should
7、【单选题】
A.temporarily switch the Hartford portfolio to the firm’s miscellaneous
B.
C.exclude the Hartford portfolio from the core-plus
正确答案:C
答案解析:C is correct. Provision I.3.A.9 states in pertinent part, “If the firm sets a minimum asset level for portfolios to be included in
8、Based on Exhibit 2, relative to Portfolio C, Portfolio B:【单选题】
A.has higher cash flow reinvestment risk.
B.is a more desirable portfolio for liquidity management.
C.provides less protection from yield curve shifts and twists.
正确答案:B
答案解析:B is correct. Portfolio B is a laddered portfolio with maturities spread more or less evenly over the yield
9、Sigma can most likely reduce credit risk in its OTC derivatives positions by changing which of the following practices?【单选题】
A.Netting
B.Frequency of marking to market
C.Limiting counterparty exposure
正确答案:B
答案解析:Sigma typically enters two-year contracts and does not mark to market until expiration of the contract. Increasing the frequency of the marking to market will decrease credit risk. When a contract is marked to market, the party for whom the contract has a positive value receives payment from the counterparty, thus eliminating credit risk. Consequently, more frequent marking to market decreases credit risk.
10、【单选题】
A.Yes.
B.No, Khadri’s policy is not consistent.
C.No, Vinken’s policy is not consistent.
正确答案:A
答案解析:A is correct. The policies of both Khadri and Vinken are consistent with Standard V(C)—Record