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

2、interestsofotherclients'accounts.B. Turndowntheadditionalcompensationbecauseitwillcreateunduepressureonhertoachievestrongshort-termperformance.C. Obtainpermissionfromheremployerpriortoacceptingthecompensationarrangement.正確答案:C答案侶軍析:ThecorrectanswerisC.ThisquestioninvolvesStandardIV(B)AdditionClo

3、mpensationArrangements.ThearrangementdescribedinthequestionwherebyJurgenwouldbecompensatedbeyondthecompensationprovidedbyherfirm,onthebasisofanaccount'performanceisnotaviolationoftheStandardsaslongasJurgendisclosesthearrangementinwritingtoheremployerandobtainspermissionfromheremployerpriortoente

4、ringintothearrangement.AnswersAandBareincorrect;althoughtheprivatecompensationarrangementcouldconflictwiththeinterestsofotherclientsandleadtoshort-termperformancepressures,membersandcandidatesmayenterintosuchagreementsaslongastheyhavedisclosedthearrangementstotheiremployerandobtainedpermissionforthe

5、arrangementfromtheiremployer.2、ABCInvestmentManagementacquiresanew,verylargeaccountwithtwoconcentratedpositions.Thefirm'scurrentpolicyistoaddnewapurposeofperformancecalculationafterthefirstfullmonthofmanagement.Cuppisresponsibleforcalculatingthefirm'sperforrendoftheinitialmonth,Cuppnoticesth

6、atoneofthesignificantholdingsofthenewaccountsisacquiredbyanothercompany,causingthevalueoftheinvestmenttodouble.Becauseofthisholding,Cuppdecidestoaccountforthenewportfolioasofthedateoftransfer,therebyallowingABCInvestmenttoreapthepositiveimpactofthatmonth'sportfolWiieSm.A. CuppdidnotviolatetheCod

7、eandStandardsbecausetheGIPSstandardsallowcompositestobeupdatedonthedateoflargeexternalcashflows.B. CuppdidnotviolatetheCodeandStandardsbecausecompaniesareallowedtodeterminewhentoincorporatenewaccountsintotheircompositecalculation.C. CuppviolatedtheCodeandStandardsbecausetheinclusionofthenewaccountpr

8、oducesaninaccuratecalculationofthemonthlyresultsaccordingtothefirm'sstatedpolicies.正確答案:C答案侶軍析:AnswerCiscorrect.CuppviolatedStandardIII(D)PerformancePresentationswhenhedeviatedfromthefirmthegainfromtheholdingbeingacquired.AnswerAisincorrectbecausethefirmdoesnotclaimGIPScomplianceandtheGIPSstanda

9、rdsrequireexternalcashflowstobetreatedinaconsistentmannerwiththefirm'sdocumentedpolicies.AnswerBisincorrectbecausethefirmdoesnotstatethatitisupdaitscompositepolicies.Ifsuchachangeweretooccur,allcashflowsforthemonthwouldhavetobereviewedtoensuretheirconsistenttreatmentunderthenewpolicy.A. 3、【單選題】P

10、ortfolio1Portfolio2Portfolio3正確答案:C答案侶軍析:Ciscorrect.Ofthethreeportfolios,Portfolio3hasthelowestcashholdingandthelowestfees.Asa4、【單選題】-2.56%.B. 0.54%.C. 5.66%.A. 正確答案:B答案侶軍析:Biscorrect.Therollingyieldisthesumoftheyieldincomeandtherolldownreturn.Yieldincomeis5、Raye'sapproachtorebalancingglobalequi

11、tiesisconsistentwith:【單選題】theLaws'beingriskaverse.B. globalequities'havinghighertransactioncoststhanotherassetclasses.C. globalequities'havinglowercorrelationswithotherassetclasses.正確答案:B答案解析:Biscorrect.Usingthecost-benefitapproach,highertransactioncostsforanassetclass6、Withregardtotheus

12、eofaninterestrateswap,isBazlamitcorrectwithregardtothetypeofinterestrateswapandtheeffectoninterestsensitivityoftheoverallposition?【單選題】Typeofinterestrateswap:YESandInterestRateSensitivity:YESTypeofinterestrateswap:NOandInterestRateSensitivity:NOTypeofinterestrateswap:YESandInterestRateSensitivity:NO

13、正確答案:C答案侶軍析:Bazlamitiscorrectwithregardtothetypeofinterestrateswapbutincorrectwithregardtotheimpactoftheswapontheinterestratesensitivityoftheoverallposition.BecauseViewmontCorporationhasavariablerateloan,enteringintoaninterestrateswaptopayafixedreceiveavariableinterestratewouldstabilizecashoutflowsa

14、ndthushedgethefirm'sinterestraterisk.But,theswapconvertsthevariablerateloantoafixedrateloan.Becausethedurationofthefixed-rateloanwillexceedthedurationofthevariablerateloan,theinterestratesensitivityoftheoverallpositionincreases.A. 7、ThemostappropriateapproachforBaysidetoachieveObjective2istoinve

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

16、curatestatementisthatactualdirecttradingexpensesdonotinclude:【單選題】spreadsfrominternalbrokers.B. brokeragecommissions.C. custodyfeeschargedpertransaction.A. 正確答案:C答案解析:Ciscorrect.TheGIPSGlossarydefinestradingexpensesas“theactualcostsofbuyingorsellinginvestmentstheformofbrokeragecommissions,exchangefeesand/ortaxes,and/orbid-offerspreadsfromeitherinternalorexternalbrokers.Custodialfeeschargedpertransactionshouldbeconsideredcustodyfeesandnottradingexpenses.”9、【單選題】40million.B. 160million.C. 240million.正確答案:B答案解析:10、WhichofBoshe'sMTLstrategiesleastlikelydescribesastagedexitstrategy?MTLStrat