CFA考試三級模擬試題精選04022附詳解

1、CFA考試三級模擬試題精選0402-22（附詳解）1、 Jurgenisaportfoliomanager.Oneofherfirm'sclientshastoldJurgenthathewillcompensateherbeyondthecompensationprovidedbyherfirmonthebasisofthecapitalappreciationofhisportfolioeachyear.Jurgenshould:【單選題】A.Turndowntheadditionalcompensationbecauseitwillresultinconflictswiththe

2、interestsofotherclients'accounts.B.Turndowntheadditionalcompensationbecauseitwillcreateunduepressureonhertoachievestrongshort-termperformance.C.Obtainpermissionfromheremployerpriortoacceptingthecompensationarrangement.正確答案:C答案解析:ThecorrectanswerisC.ThisquestioninvolvesStandardIV(B)AdditionClompe

3、nsationArrangements.ThearrangementdescribedinthequestionwherebyJurgenwouldbecompensatedbeyondthecompensationprovidedbyherfirm,onthebasisofanaccount'performanceisnotaviolationoftheStandardsaslongasJurgendisclosesthearrangementinwritingtoheremployerandobtainspermissionfromheremployerpriortoenterin

4、gintothearrangement.AnswersAandBareincorrect;althoughtheprivatecompensationarrangementcouldconflictwiththeinterestsofotherclientsandleadtoshort-termperformancepressures,membersandcandidatesmayenterintosuchagreementsaslongastheyhavedisclosedthearrangementstotheiremployerandobtainedpermissionforthearr

5、angementfromtheiremployer.2、 ABCInvestmentManagementacquiresanew,verylargeaccountwithtwoconcentratedpositions.Thefirm'scurrentpolicyistoaddnewapurposeofperformancecalculationafterthefirstfullmonthofmanagement.Cuppisresponsibleforcalculatingthefirm'sperforrendoftheinitialmonth,Cuppnoticesthat

6、oneofthesignificantholdingsofthenewaccountsisacquiredbyanothercompany,causingthevalueoftheinvestmenttodouble.Becauseofthisholding,Cuppdecidestoaccountforthenewportfolioasofthedateoftransfer,therebyallowingABCInvestmenttoreapthepositiveimpactofthatmonth'sportfolS：iretirh.A.CuppdidnotviolatetheCod

7、eandStandardsbecausetheGIPSstandardsallowcompositestobeupdatedonthedateoflargeexternalcashflows.B.CuppdidnotviolatetheCodeandStandardsbecausecompaniesareallowedtodeterminewhentoincorporatenewaccountsintotheircompositecalculation.C.CuppviolatedtheCodeandStandardsbecausetheinclusionofthenewaccountprod

8、ucesaninaccuratecalculationofthemonthlyresultsaccordingtothefirmsstatedpolicies.正確答案:C答案解析:AnswerCiscorrect.CuppviolatedStandardIII(D)PerformancePresentationswhenhedeviatedfromthefirmthegainfromtheholdingbeingacquired.AnswerAisincorrectbecausethefirmdoesnotclaimGIPScomplianceandtheGIPSstandardsrequi

9、reexternalcashflowstobetreatedinaconsistentmannerwiththefirm'sdocumentedpolicies.AnswerBisincorrectbecausethefirmdoesnotstatethatitisupdaitscompositepolicies.Ifsuchachangeweretooccur,allcashflowsforthemonthwouldhavetobereviewedtoensuretheirconsistenttreatmentunderthenewpolicy.3、【單選題】A.Portfolio1

10、B.Portfolio2C.Portfolio3正確答案:C答案解析:Ciscorrect.Ofthethreeportfolios,Portfolio3hasthelowestcashholdingandthelowestfees.Asa4、【單選題】A.-2.56%.B.0.54%.C.5.66%.正確答案:B答案解析：Biscorrect.Therollingyieldisthesumoftheyieldincomeandtherolldownreturn.Yieldincomeis5、 Raye'sapproachtorebalancingglobalequitiesiscon

11、sistentwith:【單選題】A.theLaws'beingriskaverse.B.globalequities'havinghighertransactioncoststhanotherassetclasses.C.globalequities'havinglowercorrelationswithotherassetclasses.正確答案:B答案解析:Biscorrect.Usingthecost一benefitapproach,highertransactioncostsforanassetclass6、 Withregardtotheuseofanint

12、erestrateswap,isBazlamitcorrectwithregardtothetypeofinterestrateswapandtheeffectoninterestsensitivityoftheoverallposition?【單選題】A.Typeofinterestrateswap:YESandInterestRateSensitivity:YESB.Typeofinterestrateswap:NOandInterestRateSensitivity:NOC.Typeofinterestrateswap:YESandInterestRateSensitivity:NO正確

13、答案:C答案解析:Bazlamitiscorrectwithregardtothetypeofinterestrateswapbutincorrectwithregardtotheimpactoftheswapontheinterestratesensitivityoftheoverallposition.BecauseViewmontCorporationhasavariablerateloan,enteringintoaninterestrateswaptopayafixedreceiveavariableinterestratewouldstabilizecashoutflowsandt

14、hushedgethefirm'sinterestraterisk.But,theswapconvertsthevariablerateloantoafixedrateloan.Becausethedurationofthefixed-rateloanwillexceedthedurationofthevariablerateloan,theinterestratesensitivityoftheoverallpositionincreases.7、ThemostappropriateapproachforBaysidetoachieveObjective2istoinvestinsm

15、all-capstocksusinga:【單選題】A.long-onlystrategy.B.market-neutrallongshortstrategy.C.shortextensionstrategy.正確答案:B答案解析:Amarket-neutrallongshoWategyimplementedbyusingsmall-capstockswillhelpBaysideearnalphaassociatedwithsmall-capstocksbutwithoutbetaexposuretothe8、UndertheGIPSstandards,themostaccuratestate

16、mentisthatactualdirecttradingexpensesdonotinclude:【單選題】A.spreadsfrominternalbrokers.B.brokeragecommissions.C.custodyfeeschargedpertransaction.正確答案:C“theactualcostsofbuyingorsellinginvestments答案解析:Ciscorrect.TheGIPSGlossarydefinestradingexpensesaspertransactionshouldbeconsideredcustodyfeesandnottradingexpenses.theformofbrokeragecommissions,exchangefeesand/ortaxes,and/orbid-offerspreadsfromeitherinternalorexternalbrokers.Custodialfeescharged9、【單選題】A.40million.B.160million.C.240million.正確答案:B答案解析:10、WhichofBoshe'sMTLstrategiesleastlikelydescribesastagedexitstrategy?MTLStrategy:【單