CFA考試三級模擬試題精選0402-10

1、CFA考試三級模擬試題精選0402-10（附詳解）1、Whichofthefollowingbiasesleastlikelyprovidesbehavioralsupportforthefactorbeingaddedtothestockselectionmodel?【單選題】FramingAvailabilityHindsight正確答案:A答案侶軍析:Framingbiasisatypeofcognitiveerrorinwhichapersonanswersaquestiondifferentlybasedonthewayinwhichitisasked.Thisbehaviorisu

2、nlikelytoexplainthepersistenceofmomentum.Regretisatypeofhindsightbiasthatcanresultininvestorspurchasingsecuritiesafterasignificantrun-upinpricebecauseofafearofnotparticipating.Thisbiascouldexplainmomentum.Withavailabilitybias,alsoreferredtoastherecencyeffect,thetendencytorecallrecenteventsmorevividl

3、ycanresultininvestorsextrapolatingrecentpricegainsintothefuture.Thisbiascouldalsoexplainmomentum.A. 2、【單選題】ATMcalloption.B. ITMcalloptionandwriteanOTMcalloption.C. OTMputoptionandwriteanOTMcalloption.A. 正確答案:C答案解析:Ciscorrect.ThefundholdsCHF-denominatedassetsandhenceBjorkwantstoprotect3、【單選題】AssetAll

4、ocationA.B. AssetAllocationB.C. AssetAllocationC.正確答案:C答案侶軍析:Ciscorrect.Theriskaversioncoefficient（入）forMaryPerkinsis8.Theutilityofeachassetallocationiscalculatedasfollows:A. 4、Regardingthesessionabouttheinfluenceofpsychologicalriskprofilesondecisions,Reyder'scommentsaboutwhichoftheJonesfamilyme

5、mbersismostaccurate?【單選題】GladystheproposedlifeinsurancepurchaseadequatelyprotectsagainstPeter'smortalityrisk.B. thatthefamily'srisksareappropriatelyaddressedbecausethemean-variancemodelaccountsforbothfinancialmarketandlongevityrisks.PeterMark正確答案:D答案解析:ThecommentaboutPeterismostaccurate.Asan

6、individualist,heislessriskaversethanGladys,whoisamethodicalinvestor.PeteristhusmorelikelytowanttoincreaseequityexposurethanGladys.Mark(spontaneous)baseshisdecisionsonfeelings,whereasGladys(methodical)decidesbasedonlogicalthought.Gladysisnotthemostself-assured-thatisacharacteristicoftheindividualist.

7、5、ThepairofswapsSharmashouldmostlikelydescribeare:【單選題】EquitySwap:PayLibor,Receivereturnonequityindex,FixedIncomeSwap:PayLibor,ReceivereturnonbondindexEquitySwap:Payreturnonequityindex,ReceiveLibor,FixedIncomeSwap:PayLibor,ReceivereturnonbondindexC.正確答案:B答案解析:Thecorrectcombinationofswapsis:ed'sc

8、oncernsabouttheA3HiedbSndisa:A. 6、ThecreditderivativethatwouldbestmitigateKapoorcreditforward.B. binarycreditoption.C. creditspreadoption.正確答案:B答案侶軍析:Kapoorisconcernedaboutlossesassociatedwithaparticularcreditevent;inthiscase,adowngrade.Binarycreditoptionsprovidepayoffscontingentontheoccurrenceofasp

9、ecifiednegativecreditevent.A. 7、WhenresigningfromSwibank,doesRiserviolateanyCFAInstituteStandards?【單選題】No.B. Yes,becausehebreacheshisdutyofloyaltytohisemployer.C.正確答案:A答案侶軍析:Aiscorrect.Noviolationoccurred.Riserisnotrequiredtoresignhispositionwiththesubsidiary.A. 8、IsSilva'sresponsetoSamprasregar

10、dingreducingexposuretoEagleCorporationstockmostlikelycorrect?【單選題】No,heisincorrectaboutcoveredcallsNo,heisincorrectaboutprotectiveputsYes正確答案:A答案解析:Silvaisincorrectaboutcoveredcalls.Coveredcallsdonotprovideprotectionagainstdownsidelosses.Theydolimitupsidegains9、Chen'spreferredportfoliomanagement

11、approachwouldbebestdescribedas:【單選題】topdown.B. systematic.C. discretionary.A. 正確答案:C答案解析:Ciscorrect.Chenprefersanapproachthatemphasizessecurityspecificfactors,engagesin10、AccordingtoCFAInstitute'sStandardsofPracticeHandbook,whichofthefollowingadditionalpiecesofinformationwouldLitmanleastlikelybe

12、requiredtosupplytoTwaintocomplywithhisdutytoemployer?The:【單選題】namesofhisfriendswhoarehisclients.B. durationoftheinvestmentmanagementagreementswithfriends.C. amountandtypeofcompensationreceivedfromfriends.正確答案:A答案侶軍析:AccordingtotheStandardsofPracticeHandbookIV(B),membersshoulddisclosethetermsofanyagreementunderwhichamemberwillreceiveadditionalcompensation.Termsincludethenatureofthecompensation,theapproximateamountofcompensation,andthedurationoftheagreement.AccordingtoStandardIII(