CFA考試三級(jí)模擬試題精選0402-18(附詳解)

1、CFA考試三級(jí)模擬試題精選 0402-18（附詳解）1、 The decision to add variables to the oil -related industry analysis will most likely lead to a(n): 【單選題】A. regime -switching bias.B. data -mining bias.C. appraisal bias.正確答案 :B答案解析 :A data -mining bias occurs when variables are added to an analysis without any predictive

2、 merit (i.e., there is no causal relationship for adding the variables). In this case, the variables are not added to enhance prediction but to thwart the predictive relationship between other variables.2、【單選題】A. Yes.B. No, because Khadri may not claim partial compliance.C. No, because Khadri fails

3、to disclose the areas of noncompliance.正確答案 :B答案解析 :B is correct. Khadri is in violation of Standard III(D). When claiming compliance with GIPS, firms 3、When implementing the shift from value to growth stocks for Client B, the number of S&P/Barra Value future contracts Allison shorts will be clo

4、sest to:選題】A. 182.B. 177.C. 187.正確答案 :C單選題】答案解析 :To convert $22 million of the value -stock portfolio to cash (beta = 0) will require: 4、 Is Burg correct with regard to his recommendations to the committee regarding benchmarks for the pension and endowment respectively?A. Pension: Correct, Endowment

5、: IncorrectB. Pension: Incorrect, Endowment: CorrectC. Pension: Correct, Endowment: Correct正確答案 :B答案解析 :The investor with liabilities will measure success by whether the portfolio generates the funds necessary to pay out the cash outflows associated with the liabilities -in this case, a defined bene

6、fit pension plan. Meeting the liability is the investment objective; as such, it also becomes the benchmark forthe portfolio. The endowment is focused on measuring the success of its fixed-income managers and does not have a specific liability to meet, therefore a6bond market index is an appropriate

7、 benchmark.5、 Which of Kim's changes made as a result of having more assets under management is consistent with the CFA Institute Standards of Professional Conduct?單選題】A.Use of an outside adviserB.Client communicationsC.Her new research reports正確答案 :A答案解析：standard V(A) - Diligenaed a Reasonable

8、Basis requires members and candidates to ensure that their firms have standardized criteria forreviewing external advisers, which Kim has done. Kim is in violation of Standard V(B)- Communication with Clients and Prospective Clients becanot communicated the changes in her investment process to clien

9、ts. By presenting the third-party research as her own, Kim has also violated standard I(C)Misrepresentation.6、【單選題】A.B.C.正確答案 ：A答案解析 ：A is correct. The incentive fee applies to the difference between the ending period net asset value and the net assets at the high-water7、【單選題】A.less than Kirks.B.the

10、 same as Kirks.C.greater than Kirks.正確答案 :A答案解析 :A is correct. The income volatility adjustment reflects the fact that income from different8、 Regarding the disclosures contained in the notes to Exhibit 1, the notes most likely required are:【單選題】A. 6, 7 and 9.B. 2, 7 and 8.C. 1, 5 and 6.正確答案 :A-of -

11、fees returns, whether any答案解析 :The currency used to express performance, whether any fees other than trading expenses are deducted from gross fees other than trading expenses and management fees are deducted from net -of-fees returns, the fee schedule, and a measure of internal dispersion are all

12、9;s concerns about the A3【單選題】nd is a:required disclosures for compliance with the GIPS standards.9、 The credit derivative that would best mitigate KapoorA. credit forward.B. binary credit option.C. credit spread option.正確答案 :B答案解析 :Kapoor is concerned about losses associated with a particular credi

13、t event; in this case, a downgrade. Binary credit options provide payoffs單選題】contingent on the occurrence of a specified negative credit event.10、In comparing MF's investment policy with a property and casualty insurance company's investment policy, Kuzmych is most likely correct about:A. liquidity requirements.B. tax considerations.C. the timing of outlays.正確答案 :B答案解析 :As a US-base