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、Simpson discusses both the definition of market liquidity and how to assess market quality. Are her statements correct?【單選題】

A.Only the market liquidity statement is correct.

B.Only the market quality statement is correct.

C.Both statements are correct.

正確答案:B

答案解析:The factors listed by Simpson that make a market liquid are not all correct. The major factors that contribute to making a 

2、【單選題】

A.typically leads to return distributions that are positively skewed.

B.should not lead to higher returns because FX markets are efficient.

C.often leads to higher returns through carry trades, but comes with higher 

正確答案:C

答案解析:C is correct. Emerging market currencies are often the investment currencies in the carry 

3、Which of these statements is most accurate regarding Kapoor’s two-part approach to achieving excess returns from non-UK bonds?【單選題】

A.Part 1 is appropriate, but Part 2 is inappropriate.

B.Part 1 is inappropriate, but Part 2 is appropriate.

C.Both parts are appropriate.

正確答案:B

答案解析:Low correlations will reduce the overall risk of the portfolio but not produce higher expected returns. Currency selection can add value. Currency appreciation relative to the British pound, if achieved, will produce excess returns.

4、【單選題】

A.misconduct.

B.misrepresentation.

C.performance presentation.

正確答案:C

答案解析:C is correct. As Khadri provides the corrected information in her letter to the client, she is least likely 

5、Given Vertex's interest rate volatility and yield curve forecasts in Statement 4, compared with bullet structures, callable structures and putable structures, respectively, will most likely:【單選題】

A.Callable Structures: Underperform and Putable Structure: Outperform

B.Callable Structures: Outperform and Putable Structures: Outperform

C.Callable Structures: Outperform and Putable Structure: Underperform

正確答案:B

答案解析:Spong's fourth statement indicates that Vertex expects a 25 bp rise in short-term rates and a 75 bp increase in long-term rates—that is, the yield curve is expected to steepen. In this environment callables and putables will outperform bullet structures. As rates rise, given low implied interest rate volatility, the probability of a call diminishes as does the value of the call option. Consequently, callables will outperform bullets. As rates rise the put option becomes more valuable, furthermore the put allows the investor to put the option back at par, thus avoiding losses. For these reasons, the value of the putable structure can be expected to increase. In contrast, the bullet structure will decline in value. Thus, putables also outperform bullets.

6、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.

7、When recommending Komm, does Riser violate any CFA Institute Standards?【單選題】

A.No.

B.Yes, relating to duties to employer.

C.Yes, relating to disclosure of conflicts.

正確答案:A

答案解析:A is correct. No violation occurred. Riser’s recommendation is based on his knowledge of Komm and 

8、Does the Fund's disclosure to its clients regarding the renewal of the license most likely comply with the Asset Manager Code of Professional Conduct?【單選題】

A.Yes, the disclosure included the termination of the fund manager

B.No

C.Yes, the disclosure included the out-of-court settlement and payment of fine

正確答案:B

答案解析:The Asset Manager Code calls for complete disclosures regarding significant changes in personnel and any regulatory or disciplinary action taken against the Fund. Although the

9、【單選題】

A.No.

B.Yes, because he does not have a reasonable basis.

C.Yes, because the account is unsuitable for Vanderon.

正確答案:A

答案解析:

10、【單選題】

A.0.275%.

B.0.85%.

C.0.90%.

正確答案:B

答案解析:B is correct. The highest potential return, 0.85%, reflects borrowing USD for 6 months and buying the UK 5-year bond.