2020年CFA考试《CFA三级》模拟试题
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、When comparing investment objectives and constraints, Alpha and Omega most likely have similar:【单选题】
A.return objectives.
B.risk tolerances.
C.legal and regulatory constraints.
正确答案:C
答案解析:Both Alpha and Omega are mutual funds, a type of investment company. They would share similar legal and regulatory constraints, such as a need to describe their objectives, constraints, and costs in legally prescribed formats (e.g., a prospectus). However, they would have different risk and return objectives that would match different needs in investor portfolios.
2、Is Bazlamit's statement on the type of currency risk faced by Viewmont Corporation and the proposed hedge most likely correct?【单选题】
A.No, she is incorrect with regard to the type of forward contract.
B.No, she is incorrect about the type of currency risk.
C.Yes
正确答案:B
答案解析:Since the fear is that the U.S. dollar will weaken against the Brazilian real, the appropriate hedge is to enter into a long forward contract to lock in the purchase price of the real. She is correct in this regard. But Bazlamit is incorrect about the type of currency risk. The currency risk faced here is best described as transaction exposure, not translation exposure.
3、Regarding the session about the influence of psychological risk profiles on decisions, Reyder's comments about which of the Jones family members is most accurate?【单选题】
A.Gladys
B.the proposed life insurance purchase adequately protects against Peter's mortality risk.
C.that the family's risks are appropriately addressed because the mean–variance model accounts for both financial market and longevity risks.
D.Peter
E.Mark
正确答案:D
答案解析:The comment about Peter is most accurate. As an individualist, he is less risk averse than Gladys, who is a methodical investor. Peter is thus more likely to want to increase equity exposure than Gladys. Mark (spontaneous) bases his decisions on feelings, whereas Gladys (methodical) decides based on logical thought. Gladys is not the most self-assured-that is a characteristic of the individualist.
4、Which policy regarding input data is least likely compliant with the GIPS standards?【单选题】
A.Policy 2
B.Policy 3
C.Policy 1
正确答案:A
答案解析:The GIPS standards require all transactions to be recognized on the trade date and not the settlement date. Trade date is when the transaction takes place, whereas settlement date is when the exchange of cash, securities, and paperwork involved in a transaction is completed.
5、The risk specific to MBS that Jones is most likely concerned about is:【单选题】
A.interest rate risk.
B.contingent claim risk.
C.cap risk.
正确答案:B
答案解析:When such assets as MBS have a contingent claim provision, explicit or implicit, there is an associated risk. As rates fall, the security could have coupons halted and principal repaid. The result is reinvestment risk. It also limits any potential upside that would be generated by a non-callable security.
6、Based on Monts's Statement 1, the extension of classical immunization theory that Monts will use to meet Lerida's investment objective is best described as:【单选题】
A.symmetrical cash flow matching.
B.multiple liability immunization.
C.contingent immunization.
正确答案:C
答案解析:An extension of classical immunization is to integrate immunization strategies with elements of active management strategies. The difference between the 6.75% yield to maturity and 6.25% required rate is the cushion spread. As long as there is a spread cushion, the manager can actively manage part of or the entire portfolio.
7、The leveraged return for the bond portfolio in Figure 2 is closest to:【单选题】
A.4.55%.
B.5.13%.
C.5.55%.
正确答案:A
答案解析:The leveraged return can be computed as the return on the portfolio less the cost of borrowed funds divided by the equity
8、The duration of the swap in Watanabe's first proposal to Kondo is closest to:【单选题】
A.–2.00.
B.–2.75.
C.–1.75.
正确答案:A
答案解析:A pay-fixed (receive-floating) position in an interest rate swap is similar to issuing a fixed-rate bond and buying a floating-rate bond with the proceeds. The duration of the fixed-rate bond is approximately 75% of the maturity, and the swap is short this duration. The duration of the floating-rate bond is approximately half its repricing frequency, and the swap is long this duration. Therefore, the duration of the three-year swap with semi-annual payments is (0.5 × 0.5) – (0.75 × 3) = –2.00.
9、【单选题】
A.43.
B.46.
C.49.
正确答案:A
答案解析:Demonstrate the use of futures to adjust the allocation of a portfolio across equity sectors and
10、【单选题】
A.€640,747.
B.€665,747.
C.€690,747.
正确答案:C
答案解析:C is correct. The after tax wealth accumulation for deferred capital gains is