2020年CFA考试《CFA三级》模拟试题0413

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、Is Walter's response to McGourn's inquiry regarding WCM's valuation hierarchy most likely correct?【单选题】

A.No, the valuation hierarchy should be reordered as Item 2, Item 1, Item 3, and Item 4

B.Yes

C.No, Item 4 from the valuation hierarchy should be excluded

正确答案:B

答案解析:The valuation hierarchy presented by Walter is GIPS compliant.

2、Greene Springs Asset Management complies with the GIPS standards but has not been verified. The firm wishes to prepare an advertisement that includes a claim of compliance. Which of the following is the correct wording of the GIPS compliance statement for advertisements?【单选题】

A.“Greene Springs Asset Management claims compliance with the Global Investment Performance Standards (GIPS).”

B.“Greene Springs Asset Management claims compliance with the Global Investment Performance Standards (GIPS). The firm’s compliance has not been independently verified.”

C.“Greene Springs Asset Management claims compliance with the Global Investment Performance Standards (GIPS). A list of composite descriptions is available upon request.”

正确答案:A

答案解析:A is correct. Chapter III.B.3 of the GIPS Advertising Guidelines provides the correct wording of the compliance statement that must be used in advertisements that include a claim of compliance. The advertisements must also state how prospective client can obtain a compliant presentation and/or the firm’s list of composite descriptions, but that disclosure is not a part of the GIPS compliance statement for advertisements.

3、Based on the correlation that Li's team believes to exist between the CCIRP and TELIRP, the new volatility for the SCIRP is closest to:【单选题】

A.56.4%.

B.31.8%.

C.49.1%.

正确答案:A

答案解析:

4、Which of the summary points regarding real estate provisions is correct?【单选题】

A.Statement 3.

B.Statement 4.

C.Statement 5.

正确答案:C

答案解析:Statement 3 is incorrect in applying the special real estate provisions to private debt. Both private and public debt 

5、The Elmer fund’s management strategy is:【单选题】

A.active.

B.passive.

C.blended.

正确答案:B

答案解析:B is correct. The fund is managed assuming that the market is efficient, and investments are 

6、【单选题】

A.forward points.

B.exchange rate volatility.

C.

正确答案:C

答案解析:C is correct. A cross hedge exposes the fund to basis risk; that is, the risk that the hedge 

7、Bronson provides investment advice to the board of trustees of a private university endowment fund. The trustees have provided Bronson with the fund’s financial information, including planned expenditures. Bronson receives a phone call on Friday afternoon from Murdock, a prominent alumnus, requesting that Bronson fax him comprehensive financial information about the fund. According to Murdock, he has a potential contributor but needs the information that day to close the deal and cannot contact any of the trustees. Based on the CFA Institute Standards, Bronson should:【单选题】

A.Send Murdock the information because disclosure would benefit the client.

B.Not send Murdock the information to preserve confidentiality.

C.Send Murdock the information, provided Bronson promptly notifies the trustees.

正确答案:B

答案解析:The correct answer is B. This question relates to Standard III(A)—Loyalty, Prudence, and Care and Standard III(E)—Preservation of Confidentiality. In this case, the member manages funds of a private endowment. Clients, who are, in this case, the trustees of the fund, must place some trust in members and candidates. Bronson cannot disclose confidential financial information to anyone without the permission of the fund, regardless of whether the disclosure may benefit the fund. Therefore, answer A is incorrect. Answer C is incorrect because Bronson must notify the fund and obtain the fund’s permission before publicizing the information.

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

A.Boshe

B.Adams

C.Richards

正确答案: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.

9、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.

10、Willier is the research analyst responsible for following Company X. All the information he has accumulated and documented suggests that the outlook for the company’s new products is poor, so the stock should be rated a weak “hold.” During lunch, however, Willier overhears a financial analyst from another firm whom he respects offer opinions that conflict with Willier’s forecasts and expectations. Upon returning to his office, Willier releases a strong “buy” recommendation to the public. Willier:【单选题】

A.Violated the Standards by failing to distinguish between facts and opinions in his recommendation.

B.Violated the Standards because he did not have a reasonable and adequate basis for his recommendation.

C.Was in full compliance with the Standards.

正确答案:B

答案解析:The correct answer is B. This question relates to Standard V(A)—Diligence and Reasonable Basis. The opinion of another financial analyst is not an adequate basis for Willier’s action in changing the recommendation. Answer C is thus incorrect. So is answer A because, although it is true that members and candidates must distinguish between facts and opinions in recommendations, the question does not illustrate a violation of that nature. If the opinion overheard by Willier had sparked him to conduct additional research and investigation that justified a change of opinion, then a changed recommendation would be appropriate.