CFA考试三级模拟试题精选0402-11(附详解)

1、CFA考试三级模拟试题精选 0402-11（附详解）In finishing the CFA Pr1、Quinn sat for the Level III CFA exam this past weekend. He updates his resume with the following statement: skills related to researching investments and managing portfolios. I will be eligible for the CFA charter upon completion of the required wor

2、k experience.选题】A. Quinn violated the Code and Standards by claiming he improved his skills through the CFA Program.B. Quinn violated the Code and Standards by incorrectly stating that he is eligible for the CFA charter.C. Quinn did not violate the Code and Standards with his resume update.正确答案 :B答案

3、解析 :Answer B is correct. According to Standard VII(B) Reference to CFA Institute, the CFA Designation, and the CFA Program, Quinn cahave finished the CFA Program or be eligible for the CFA charter until he officially learns that he has passed the Level III exam. Until the results for the most recent

4、 exam are released, those who sat for the exam should continue to refer to themselves as “ candidates. Thu”s, answer C is incorrect. Answer A is incorrect because members and candidates may discuss areas of practice in which they believe the CFA Program improved their personal skills.2、【单选题】8A.less

5、than Kirks.B.the same as Kirks.C.greater than Kirks.正确答案 :A答案解析 :A is correct. The income volatility adjustment reflects the fact that income from different 3、【单选题】A. Yes.B. No, indirect commodity investments have been the most effective.C.正确答案 :C答案解析 :C is correct. Historically, direct commodity in

6、vestments that are (directly) related to the intensity of economic activity have had 4、【单选题】A. 0%.B. 50%.C. 100%.正确答案 :A答案解析 :A is correct. Guten believes that, due to efficient currency markets, there should not be5、The whole life insurance policy feature described by Lansky is a: 【单选题】A. non -forf

7、eitureB.B. guaranteed insurability rider.正确答案 :A答案解析 :A is correct. The whole life insurance policy feature described is a non -forfeiture clause,6、Which of the limitations of VaR analysis given by Reinfeldt is most likely correct? 【单选题】A. Limitation 1B. Limitation 3C. Limitation 2正确答案 :C单选题】答案解析 :V

8、aR fails to incorporate positive results into its risk profile and, therefore, may provide an incomplete picture of overall exposures7、Which of the following is least likely to be considered an advertisement for the purposes of the GIPS Advertising Guidelines?A. A letter addressed to prospective cli

9、ents.B. Written material used in one -on -one presentations.C. A quarterly report e -mailed to multiple existing clients.?正确答案 :B答案解析 :B is correct. The following definition ofadvertisement” is provided in the GIPS Advertising Guidelines:advertisement includes any materials that are distributed to o

10、r designed for use in newspapers, magazines, firm brochures, letters, media, or any other-on -one presentations and individual clientwritten or electronic material addressed to more than one prospective client. Any written material, other than one reporting, distributed to maintain existing clients

11、or solicit new clients for a firm is considered an advertisement.8、【单选题】A. Portfolio XB. Portfolio YC. Portfolio Z正确答案 :A答案解析 :A is correct. Well -constructed portfolios should have low idiosyncratic (unexplained) risk 9、【单选题】A. ?673,247.B. ?683,247.C. ?690,747.正确答案 :B答案解析 :B is correct. The after t

12、ax wealth accumulation for deferred capital gains is10、Consider a portfolio that is generally appreciating in value. Active trading is most likely to be least attractive in a:A. taxable account.B. tax deferred account.C. tax exempt account.正确答案 :A单选题】-exempt account, all else equal. If a portfolio答案解析 :A is correct. Active trading would generate annually taxed income and is most appropriate for a tax contains unrealized losses, however, a certain amount of trading activity is required to harvest ta