CFA考试三级模拟试题精选0402-20(附详解)

1、CFA考试三级模拟试题精选 0402-20（附详解）1、【单选题】A. AschelB. PermotC. Rosaiso正确答案 :B答案解析 :B is correct. Permot has the highest percentage of floating -coupon bonds and inflation -linked bonds.2、The decision to add variables to the oil -related industry analysis will most likely lead to a(n): 【单选题】A. regime -switchi

2、ng bias.B. data -mining bias.C. appraisal bias.正确答案 :B答案解析 :A data -mining bias occurs when variables are added to an analysis without any predictive merit (i.e., there is no causal relationship for adding the单选题】variables). In this case, the variables are not added to enhance prediction but to thwa

3、rt the predictive relationship between other variables.3、The expected volatility of the S&P 500, relative to market expectations, is least likely to be a factor in the decision to implement:A. Strategy A.B. Strategy C.C. Strategy B.正确答案 :B答案解析 :Strategy C is a collar, which is a directional stra

4、tegy; that is, its performance is dependent on the direction of the movement of the underlying (in this instance, the S&P 500). The performance of Strategy A (butterfly spread) and Strategy B (straddle) are based on the expected volatility (relative to the rest of the market) of the S&P 500.

5、4、Which of Donaldson's statements is corr【单选题】A. Only Statement 1B. Only Statement 2C. Both Statements 1 and 2正确答案 :B答案解析 :B is correct. Statement 2 is correct: If yields rise, a portfolio of a given duration with higher convexity will experience less5、【单选题】A. Observation 1B. Observation 2C. Obs

6、ervation 3正确答案 :C答案解析 :C is correct. The OAS for Bond 2 is close to the bond' s other spread levels and thus indicates that there is76、Did Litman violate any CFA Institute Standards of Professional Conduct in regard to his performance reviews for Twain clients? 【单选题】A. NoB. Yes, with respect to

7、the frequency of reviews for his 10 largest clientsC. Yes, with respect to his recent review for the client with the inheritance正确答案 :A答案解析 :Standard III(C) Suitability requires that members make a reasonable inquiry into a client or prosp ective clientreturn objectives, and financial constraints pr

8、ior to making any investment recommendations or taking investment action and must update this information regularly. Such an inquiry should be repeated at least annually and prior to material changes to specific investment recommendations or decisions on behalf of the client. The Code and Standards

9、do not require clients to be treated the same.7、With regard to managing portfolios for Twain as well as for his friends, Litman should most likely undertake which of the following to ensure compliance with CFA Institute Standards of Professional Conduct? He should: 【单选题】A. inform his immediate super

10、visor.B. obtain written consent from Twain and his friends.C. do nothing further.正确答案 :B答案解析 :According to Standard IV(B) Additional Comp ensation Agreements because Litman must obtain written p ermission from all p arties involved whenconflicts of interest are present.8、【单选题】A. InvestibleB. MeasurableC. Unambiguous正确答案 :B答案解析 :B is correct. The return for benchmark Option 2 is measurable.9、【单选题】A. 0.90%.B. 2.20%.C. 3.76%.正确答案 :B答案解析 :B is correct. The total exp