2022年《CFA三級》考試共240道單選題。咱們幫考網為大家帶來了精選模擬習題10道，附答案解析，供大家考前自測提升！

1、The NEXT Index data most likely reflects:【單選題】

A.volatility clustering.

B.transcription errors.

C.survivorship bias.

正確答案:C

答案解析:Survivorship bias arises when a data series only reflects companies that exist at a given moment in time ａｎｄ　not companies that may have left priｏｒto the given moment in time (i.e., only the surviving firms are in the data). The NEXT Index has survivorship bias as evidenced by the frequent change in its component firms because of failure ａｎｄ　acquisition by larger non-index firms.

2、Quest////\'s justification fｏｒthe alternative investments in the WM portfolio is most likely correct with respect to:【單選題】

A.private equity.

B.real estate.

C.hedge funds.

正確答案:B

答案解析:The real estate investment is in REITs, which are publicly traded securities ａｎｄ　liquid. REITs can also provide diversification benefits when included in a portfolio of traditional investments, such as stocks ａｎｄ　bonds. Private equity investments have low liquidity ａｎｄ　provide low diversification benefits. Hedge funds provide strong diversification benefits but have low liquidity.

3、The realized return earned on Berio////\'s strategy of investing solely in the 20-year U.S. Treasury bonds is closest to:【單選題】

A.8.04%.

B.10.94%.

C.12.21%.

正確答案:B

答案解析:E/R = sum of the following components

4、【單選題】

A.historical data.

B.reverse optimization.

C.Black–Litterman inputs.

正確答案:A

答案解析:A is correct. The allocations in Exhibit 1 are most likely from an MVO model using historical data inputs. MVO tends to result in 

5、Statement 4 is most consistent with:【單選題】

A.the adaptive markets hypothesis.

B.a behavioral approach to asｓｅｔpricing.

C.Savage’s subjective expected utility theory.

正確答案:B

答案解析:B is correct. Statement 4 indicates that markets can be influenced by the emotions of others 

6、Which of Brooks////\'s comments about price benchmark measures can likely be characterized as a disadvantage of volume-weighted average price?【單選題】

A.Comment C

B.Comment B

C.Comment A

正確答案:C

答案解析:Gaming (trade delaying) is a disadvantage of VWAP. The VWAP is partly determined at different points of time in the day. Having that knowledge, a trader can compare the current price with an estimate of that day////\'s VWAP ａｎｄ　decide to trade that day ｏｒwait until the next day. Another disadvantage of VWAP (trade size) is that it is less informative fｏｒtrades that represent a large fraction of volume. In extreme cases, if a single trading desk were responsible fｏｒall the buys in a security during a day, that desk////\'s average price would equal the VWAP ａｎｄ　thus appear to be good, regardless of how high the prices paid. Despite these disadvantages, an advantage of the VWAP is that it is readily obtainable ａｎｄ　is a useful measure of quality of execution fｏｒsmaller trades in non-trending markets.

7、【單選題】

A.Only Characteristic 1

B.Only Characteristic 2

C.Both Characteristic 1 ａｎｄ　Characteristic 2

正確答案:A

答案解析:A is correct. The factors commonly used in the factor-based approach generally have low correlations with the market ａｎｄ　with 

8、In her statement regarding input data, Basco is least likely correct with respect to:【單選題】

A.fair value.

B.settlement date accounting.

C.accrual accounting.

正確答案:B

答案解析:The GIPS standards require that firms use trade-date accounting fｏｒthe purpose of performance measurement fｏｒperiods beginning 1 January 2005 (Provision I.1.A.5). The principle behind requiring trade-date accounting is to ensure that no significant lag occurs between a trade////\'s execution ａｎｄ　its reflection in the portfolio////\'s performance.

9、One of the discretionary accounts managed by Farnsworth is the Jones Corporation employee profit-sharing plan. Jones, the company president, recently asked Farnsworth to vote the shares in the profit-sharing plan in favｏｒof the slate of directors nominated by Jones Corporation ａｎｄ　against the directors sponsored by a dissident stockholder group. Farnsworth does not want to lose this account because he directs all the account’s trades to a brokerage firm that provides Farnsworth with useful information about tax-free investments.【單選題】

A.Violated the Standards in voting the shares in the manner requested by Jones but not in directing trades to the brokerage firm.

B.Did not violate the Standards in voting the shares in the manner requested by Jones ｏｒin directing trades to the brokerage firm.

C.Violated the Standards in directing trades to the brokerage firm but not in voting the shares as requested by Jones.

正確答案:B

答案解析:The correct answer is B. This question relates to Standard III(A)—Loyalty, Prudence, ａｎｄ　Care—specifically, a member’s ｏｒcandidate’s responsibility fｏｒvoting proxies ａｎｄ　the use of client brokerage. According to the facts stated in the question, Farnsworth did not violate Standard III(A). Although the company president asked Farnsworth to vote the shares of the Jones Corporation profit-sharing plan a certain way, Farnsworth investigated the issue ａｎｄ　concluded, independently, the best way to vote. Therefore, even though his decision coincided with the wishes of the company president, Farnsworth is not in violation of his responsibility to be loyal ａｎｄ　to provide care to his clients. In this case, the participants ａｎｄ　the beneficiaries of the profitsharing plan are the clients, not the company’s management. Had Farnsworth not investigated the issue ｏｒhad he yielded to the president’s wishes ａｎｄ　voted fｏｒa slate of directors that he had determined was not in the best interest of the company, Farnsworth would have violated his responsibilities to the beneficiaries of the plan. In addition, because the brokerage firm provides the lowest commissions ａｎｄ　best execution fｏｒsecurities transactions, Farnsworth has met his obligations to the client in using this brokerage firm. It does not matter that the brokerage firm also provides research information that is not useful fｏｒthe account generating the commission 

10、【單選題】

A.Expected returns

B.Correlation of returns

C.Standard deviations of returns

正確答案:B

答案解析:B is correct. After-tax portfolio optimization requires adjusting each asｓｅｔclass’s 
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