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

1、【單選題】

A.Current Portfolio

B.Pro Forma Portfolio 1

C.Pro Forma Portfolio 2

正確答案:C

答案解析:C is correct. Given Edgarton’s expectation for a steepening yield curve, the best strategy is to shorten the portfolio duration 

2、【單選題】

A.18 stock index futures and 36 bond futures.

B.18 stock index futures and 38 bond futures.

C.19 stock index futures and 42 bond futures.

正確答案:C

答案解析:C is correct. Kayent wants to pre-invest $7 million in stock index futures with a beta of 1.50.

3、【單選題】

A.Recommendation 1 only

B.Recommendation 2 only

C.Both Recommendation 1 and Recommendation 2

正確答案:C

答案解析:C is correct. People with higher risk and potential volatility in income (human capital) 

4、In response to Gatera's actions, Bukenya should least likely recommend which of the following actions to prevent violations of the CFA Institute Standards of Professional Conduct?【單選題】

A.Increase supervision of Gatera

B.Investigate further

C.Report Gatera to CFA Institute

正確答案:C

答案解析:As Gatera is not a covered person, it is not required for Bukenya to report him to CFA Institute. However, because Bukenya is a supervisor, she does have the responsibility under Standard IV(C) Responsibility of Supervisors to conduct a thorough investigation of the activities to determine the scope of the wrongdoing. In addition, the supervisor should respond promptly and increase (not maintain) supervision.

5、【單選題】

A.forward points.

B.exchange rate volatility.

C.

正確答案:C

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

6、Using the Libor scenario shown in Exhibit 1 and under the assumption that the zero-cost collar is put in place, the effective interest due on AI's loan for the semiannual period ended on 31 December 2013 is closest to:【單選題】

A.PEN1,911,000

B.PEN1,365,000

C.PEN2,062,667

正確答案:A

答案解析:

7、With respect to Viewmont's goal of borrowing at the lowest cost and hedging currency risk, who is most likely correct?【單選題】

A.Kemigisa

B.Bazlamit

C.Montero

正確答案:C

答案解析:Montero is correct. Viewmont can reduce its overall borrowing costs by borrowing in U.S. dollars and engaging in a currency swap for Brazillian reals. This swap not only reduces borrowing costs but also hedges currency exposure.

8、The type of portfolio that Morris recommends to Smith to take advantage of both US and European equity market opportunities is most likely a(n):【單選題】

A.core satellite.

B.completeness fund.

C.alpha and beta separation.

正確答案:C

答案解析:Alpha and beta separation involve combining an index strategy with a market-neutral active strategy in order to earn a desired beta + alpha outcome. Smith's objective is to realize returns from the European market (beta) + MCAM's active return (alpha). In this case, by using the EURO STOXX 50 index strategy, MCAM is able to offer both strategies combined into an alpha and beta separation strategy for Smith.

9、Using the data provided in Exhibit 1 and assuming perfect markets, the calculated beta for U.S. real estate is closest to:【單選題】

A.1.08.

B.0.58.

C.0.38.

正確答案:B

答案解析:β

10、【單選題】

A.$320 million of the S&P 500 index and pays a return on $320 million of 

B.

C.

正確答案:B

答案解析:B is correct. 20% of the $600 million equity portfolio is $120 million, and 80% is $480 million.