Tải bản đầy đủ (.pdf) (24 trang)

CFA 2018 level 3 schweser practice exam CFA 2018 level 3 question bank 12 a

Bạn đang xem bản rút gọn của tài liệu. Xem và tải ngay bản đầy đủ của tài liệu tại đây (1.02 MB, 24 trang )

1ÿ
97ÿ2ÿ113ÿÿ52ÿ

0123ÿ567ÿ89




123ÿ
ÿÿ8


 !"#$%&ÿ()*ÿ+,-.,/

67$87ÿ%9ÿ#7!ÿ9%::%;$&<ÿ"#=#!>!&#"ÿ?!<=?@$&<ÿ=&ÿ!8%&%>$8ÿA7%:$"#$8BÿC=:=&8!ÿ"7!!#ÿ$"ÿDEFGÿ8%??!8#H
0 12I!#ÿ;!=:#7ÿ8=&&%#ÿC!ÿ&!<=#$J!ÿ%?ÿ!:"!ÿ=&ÿ$&@$J$@ =:ÿ;% :@ÿC!ÿC=&K?L#M
3 42N:=&&!@ÿC!O !"#"ÿ=?!ÿ=ÿ:$=C$:$#PM
0 52Qÿ@!9$&!@ÿ8%&#?$C #$%&ÿL:=&ÿC=:=&8!ÿ$"ÿ&%#ÿ$&8:@!@ÿ$&ÿ=ÿ#?=@$#$%&=:ÿC=:=&8!ÿ"7!!#ÿC #ÿ$"
$&ÿ=&ÿ!8%&%>$8ÿC=:=&8!ÿ"7!!#M

RSL:=&=#$%&
TUVWWXYÿ[X\]XFGFÿ=?!ÿ8%&"$@!?!@ÿ=ÿ:$=C$:$#Pÿ%&ÿ=&ÿ!8%&%>$8ÿC=:=&8!ÿ"7!!#ÿC #ÿ&%#ÿ%&ÿ=ÿ#?=@$#$%&=:ÿC=:=&8!ÿ"7!!#MÿQÿYX^_WXY
`EWGa_[]G_EWÿbUVWÿC=:=&8!ÿ$"ÿ:$K!:Pÿ#%ÿC!ÿ$&8:@!@ÿ$&ÿ=ÿ#?=@$#$%&=:ÿC=:=&8!ÿ"7!!#Mÿc7!ÿ"#=#!>!&#ÿ;% :@ÿ7=J!ÿC!!&ÿ#?!ÿ9%?ÿ#7!
$&@$J$@ =:d"ÿ@!9$&!@ÿC!&!9$#ÿL:=&ÿJ=:!MÿeXfVG_gXÿWXGÿhXVUGiÿ$"ÿL%""$C:!ÿ=&@ÿ$#ÿ@%!"ÿ&%#ÿ&!8!""=?$:Pÿ>!=&ÿ#7=&ÿ=&ÿ$&@$J$@ =:ÿ$"
C=&K?L#Mÿj?%>ÿ#7!ÿL!?"L!8#$J!ÿ%9ÿ=&ÿ!8%&%>$8ÿC=:=&8!ÿ"7!!#kÿ$#ÿ>%?!ÿ:$K!:Pÿ"<<!"#"ÿ#7=#ÿ#7!ÿ$&@$J$@ =:d"ÿ8%&">L#$%&ÿ=&@
C!O !"#ÿL:=&"ÿ=?!ÿ&?!=:$"#$8Mÿl?ÿ&!<=#$J!ÿ&!#ÿ;!=:#7ÿ8% :@ÿC!ÿ=&ÿ!"#$>=#$%&ÿ!??%?ÿ@ !ÿ#%ÿ#7!ÿ@$99$8:#Pÿ%9ÿJ=:$&<ÿ#7!ÿ=@@$#$%&=:
$#!>"ÿ%&ÿ#7!ÿ!8%&%>$8ÿC=:=&8!ÿ"7!!#ÿ"87ÿ="ÿ9#?!ÿ:=C%?ÿ$&8%>!ÿ=&@ÿL!&"$%&"M
m!9!?!&8!"
123ÿn7ÿo!""$%&ÿpÿqÿm!=@$&<ÿrsÿqÿtloÿ@
131ÿ317
u!Pÿv%&8!L#"ÿCPÿtlo



123ÿ9ÿÿ8


 !"#$%&ÿ()*ÿ+,-.,+

(&ÿ;7$87ÿ9$&=&8$=:ÿ"#=<!ÿ%9ÿ:$9!ÿ;% :@ÿ=&ÿ$&@$J$@ =:d"ÿ$&J!"#>!&#ÿ?$"Kÿ#%:!?=&8!ÿDEFGÿU_wXUxÿC!ÿ$&8?!="$&0 12N?!?!#$?!>!&#M
3 42v=?!!?ÿ@!J!:%L>!&#M
0 52N!=Kÿ=88> :=#$%&M
RSL:=&=#$%&
) ?$&<ÿ`VaXXaÿYXgXUEbDXWGkÿ=&ÿ$&@$J$@ =:d"ÿ8=?!!?ÿ7="ÿC!!&ÿ!"#=C:$"7!@ÿ=&@ÿ#7!ÿy%Cÿ"K$::"ÿ=?!ÿ:$K!:Pÿ#%ÿ!SL=&@ÿ#%L;=?@ÿ>%C$:$#PMÿQ"ÿ=ÿ?!":#kÿ$&J!"#>!&#ÿ?$"Kÿ#%:!?=&8!ÿ$"ÿ:$K!:Pÿ#%ÿ$&8?!="!ÿ@ ?$&<ÿ8=?!!?ÿ@!J!:%L>!&#Mÿ) ?$&<ÿbXVwÿV``]D]UVG_EW
A=C% #ÿ#7!ÿ@!8=@!ÿC!9%?!ÿ?!#$?!>!&#Bkÿ$&J!"#>!&#ÿ?$"Kÿ#%:!?=&8!ÿ>=Pÿ"#=?#ÿ@!8?!="$&<ÿ$&ÿ=&#$8$L=#$%&ÿ%9ÿ?!#$?!>!&#Mÿ) ?$&<
baXaXG_aXDXWGkÿ#7!?!ÿ$"ÿ=&ÿ!J!&ÿ<?!=#!?ÿ:$K!:$7%%@ÿ#7=#ÿ$&J!"#>!&#ÿ?$"Kÿ#%:!?=&8!ÿ;$::ÿ@!8?!="!ÿ#%9%?ÿ?!#$?!>!&#M
m!9!?!&8!"
123ÿn7ÿo!""$%&ÿpÿqÿm!=@$&<ÿrsÿqÿtloÿ8
131ÿ317


)*ÿ+,-ÿ.*ÿ/01

01234567ÿ9
ÿ6 ÿ


ÿÿ

23ÿ45647ÿÿ6ÿ78769:ÿÿ;693<ÿ;3,3ÿ6=ÿÿ>?@Aÿ6,,46BÿCÿ6ÿ78769:ÿ3=6ÿ,6-69ÿÿCD7ÿ,=E9F

34ÿC6,69ÿ-4C9
  397ÿ.ÿ;537ÿÿÿ-,C,ÿ;6*ÿ36ÿÿ4967ÿÿ34ÿ3=6ÿ,6-69G
! " =6*ÿ.ÿ;537ÿ=4ÿ3689*ÿ;647ÿ4F*ÿ6G
 # 397ÿ.ÿ;537ÿ;3ÿ=964ÿE4F*ÿCD7ÿ,=ÿ6G
HD-966
Iÿ78769:ÿC6,69ÿ-4C9ÿ,6ÿ.ÿ;537ÿ=4ÿ3689*ÿ;647ÿ4F*ÿ6ÿCÿ34ÿ3=6ÿ,6-69ÿÿCD7ÿ,=E9FGÿC
6ÿ78769ÿ36ÿ6ÿ,4ÿJ.ÿ;3ÿ6ÿ669ÿ6964*<ÿ3*ÿ64ÿ6.9ÿÿ6,,-ÿ=4ÿ4Fÿÿ34ÿC6,69ÿ-4C9ÿ,ÿ34ÿ3=6
,6-69ÿ36ÿ84*ÿ9;ÿ4FG
KC4,
01234567ÿLM6NOÿ1ÿ&ÿPÿK675ÿ'QÿPÿ/01ÿF
R2ST42UÿVT42M5TSO
)*ÿ+,-ÿ.*ÿ/01

01234567ÿ9$ÿ6 ÿ


ÿÿ%&''

W3ÿ8969*ÿCÿ3=6ÿ,6-69ÿ67ÿ3ÿ7=67ÿC4ÿ9Cÿ46,ÿ64
!  5689*ÿ,44967G
 " -89*ÿ,44967G
 # ,44967G
HD-966
X=6ÿ,6-69ÿ8969*ÿ67ÿ7=67ÿC4ÿ9Cÿ46,ÿ64ÿ5689*ÿ,44967Gÿ/Cÿ46,ÿ6,ÿ6ÿ6ÿ.ÿC4ÿ3=6
,6-69<ÿÿÿC6,ÿ869ÿ7-7ÿÿ3ÿ-4,87ÿ869ÿCÿ3ÿ3=6ÿ,6-69ÿÿ4-96,GÿCÿ3ÿ3=6ÿ,6-69ÿ36ÿ353ÿ8969*
YZ*E9F[<ÿ6ÿ3534ÿ7,ÿ46ÿÿ7ÿÿ=6ÿÿ-4ÿ869GÿW3<ÿ3=6ÿ,6-69ÿ;3ÿ353ÿ8969*ÿ36ÿ6ÿ=6994
-4ÿ869ÿ36ÿ3=6ÿ,6-69ÿ;3ÿ9;ÿ8969*G
KC4,
01234567ÿLM6NOÿ1ÿ&ÿPÿK675ÿ'QÿPÿ/01ÿC
R2ST42UÿVT42M5TSO

)*ÿ+,-ÿ.*ÿ/01

01234567ÿ9
ÿ6 ÿ


ÿÿ(&'

ÿ,4,5ÿ6ÿ:39,ÿ.696,ÿ3:ÿC4ÿ6ÿ*5ÿ78769<ÿ;3,3ÿCÿ3ÿC99;5ÿÿ9F9*ÿÿ.ÿ3ÿ9645ÿ96.9*B


0 12'(ÿ)*ÿ+,-.
3 42/(-0-ÿÿ1.
3 522,ÿ30.
4)*300
51ÿ*(ÿ603ÿ+ÿ+(ÿ)*7,ÿ+38ÿ,ÿÿ3+93ÿ)*ÿ83,ÿ3:39ÿ;ÿ1ÿ30(-ÿ30;39ÿÿ0ÿ7<7
=137=ÿ;0307ÿ1ÿ+(ÿ<ÿ,6,03.ÿ51ÿ9-(ÿ*(ÿ<09ÿ(ÿ<09ÿÿ106ÿ)*37ÿ,;ÿ71ÿ0ÿ,ÿ30ÿ(ÿ0
<(-0->ÿ;ÿ6ÿ+ÿ19ÿ,ÿ1ÿ?@ÿ+ÿ1(ÿ+(ÿ36-ÿ)*ÿ+(ÿ1(ÿ(<0-ÿ3+ÿ83,ÿ3:39ÿ;ÿ30(-(.
A+(7
6789

ÿBC
DEÿ2ÿ"ÿFÿA0,-ÿ#$ÿFÿGH2ÿ,
I8JK
8LÿMK
8C KJE
N9ÿO7*ÿ;9ÿGH2

6789


ÿÿ
ÿ

ÿÿ!"#$%

P171ÿ+ÿ1ÿ+338-ÿÿQH5ÿ0ÿ,(08;07:ÿÿ0ÿ+),ÿ09R
3 1251ÿ(03ÿ603ÿ+ÿ1ÿ701ÿ+38ÿ<09ÿ,73ÿ6(ÿ<.
0 4251ÿ701ÿ+38ÿ73,ÿ;ÿS(ÿ+ÿ1ÿ,(39-ÿ0ÿ((ÿÿ-06ÿ+(ÿ1
6<ÿ*(,.
3 5251ÿ6(ÿ0339ÿ70ÿ6,ÿ1ÿ7(07.
4)*300
O01ÿ+38ÿ(76,ÿÿ0ÿTUVWUXYZÿ\U]ÿU^^_W`]ÿaÿ+),ÿ09bÿ0(ÿ;0,ÿÿ1ÿ*(+(<07ÿ+ÿ0ÿ,(39-ÿ+,ÿ(ÿÿ+
+,ÿ37,ÿ;9ÿ1ÿ6(ÿ0,ÿ1ÿ1ÿ701ÿ+38ÿ0(ÿ60(0;3ÿ0,ÿ73,ÿ;ÿS(ÿ+ÿ1ÿ*(+(<07ÿ+ÿ1ÿ,(39-ÿ+,
ÿ-06ÿ+(ÿ1ÿ6<ÿ*(,.ÿ(08;07:ÿÿ+),ÿ0ÿ0(
701ÿ+38ÿ0(ÿ+),ÿ0,ÿ,ÿÿ7(0ÿ81ÿ1ÿ(0ÿ+ÿ+30ÿ1ÿ1ÿ(03ÿ603ÿ+ÿ1ÿ701ÿ+38ÿ,7(0ÿ6(ÿ<.
701ÿ+38ÿ0(ÿ;0,ÿÿ1ÿ363ÿ+ÿ(ÿ(0ÿ0ÿ1ÿ<ÿ1ÿ09ÿ-ÿÿ++7.ÿ+ÿ(ÿ(0ÿ0(ÿ38ÿ81ÿ1
7(07ÿ-ÿÿ++7ÿ1ÿ83,ÿ37:ÿÿ0ÿ38ÿ(0ÿ+ÿ((ÿÿ1ÿ6(.
1ÿ09ÿÿ33c,ÿ0,ÿ,++73ÿÿ-ÿÿ+ÿ1ÿ7(07.
A+(7
6789

ÿBC
DEÿ2ÿ"ÿFÿA0,-ÿ#$ÿFÿGH2ÿ
I8JK
8LÿMK
8C KJE
N9ÿO7*ÿ;9ÿGH2

6789


ÿ&ÿ
ÿ

'0703ÿ8031ÿ0,ÿ1ÿ,<0,ÿ+(ÿ3+ÿ(07ÿ106
0 120ÿ-06ÿ(301*.
3 420ÿ*6ÿ(301*.

ÿÿ!"##%


0 12'(ÿ)ÿ*+ÿ(ÿ)ÿ,)+ÿ(-)'*ÿ.*.,ÿ*ÿ'ÿ.+.)-/ÿ-+-ÿ0
1)-'2
34*-))
5)6)-ÿ1)-'ÿ).ÿ'ÿ.7).ÿ0(ÿ-0ÿ()6ÿ')+ÿ)ÿ,)+ÿ(-)'*ÿ1'6'ÿ7)ÿ0ÿ)ÿ*(ÿ')ÿ)ÿ-ÿ0ÿ0)6)1)-'ÿ'(ÿ.ÿ0(ÿ-0ÿ()6ÿÿ7)--ÿ).ÿ+)ÿ+()2
80(6
3456789
ÿ9:9;<ÿ=ÿÿ>ÿ8).,ÿ?@ÿ>ÿAB=ÿ0
C5DE75FÿGE75:8ED<
HIÿJ6*ÿKIÿAB=

3456789
ÿ
ÿ9ÿ

ÿÿ !

L'6'ÿI*ÿ0ÿ-0ÿ()6ÿ7*ÿ*(77ÿ')ÿKÿ(0-6ÿ'ÿ*(ÿ(Mÿ0ÿ.)'ÿ)ÿ)Iÿ*)(6-)(ÿ*ÿÿ7N
" #2O(7ÿ()62
0 $2P+()-ÿ-0ÿ()62
0 12L'-ÿ-0ÿ()62

34*-))
O'ÿ*(77ÿ0(ÿ)ÿ(7ÿ-0ÿ*-6Iÿ*(7)(-Iÿ(0-6ÿ'ÿ7()-Iÿ(Mÿÿ'ÿ.+.)-ÿ0(ÿ)ÿ'(Qÿ)--IÿÿI)(Qÿ*(.2
R()--Iÿ*)M,Qÿ(7ÿ-0ÿ*(77ÿ)(ÿ-1(ÿ)ÿI,(ÿ),ÿ).ÿ(ÿ+(ÿ7ÿÿ-ÿ1'ÿ'ÿ6(),ÿ(Mÿ0ÿ.)'2
S(6,ÿ0(ÿ'ÿ'(ÿ*(.6ÿÿ7(ÿ67*-4ÿ)ÿ'ÿ)-ÿ*(77ÿ)(ÿ','(ÿ).ÿ(0-6ÿ(Mÿ0ÿ.)'ÿ+(ÿ'ÿ4*6.ÿT).
-,(ÿ(7Uÿ0ÿ'ÿ*-6Iÿ).ÿÿVÿ0(ÿ)ÿ,-ÿ*(.2
80(6
3456789
ÿ9:9;<ÿ=ÿÿ>ÿ8).,ÿ?@ÿ>ÿAB=ÿ0
C5DE75FÿGE75:8ED<
HIÿJ6*ÿKIÿAB=

3456789
ÿ
%ÿ9ÿ

ÿÿ!!&

='(I-ÿ8Kÿÿ)ÿÿ.K-ÿÿW--I1.ÿ1'ÿ.ÿMÿÿ)ÿ-0ÿ()6ÿ*-6Iÿÿ'(2ÿL')ÿ(Mÿÿ'(ÿ.
)7*,ÿÿ7,)N
0 #23)(,ÿ(M2
0 $2A,+Iÿ(M2
" 12X()-Iÿ(M2
34*-))
O'ÿ.ÿÿ,ÿ-0ÿ()6ÿÿ'.,ÿ),)ÿ7()-Iÿ(MQÿ'ÿ(Mÿ0ÿ*(7)(ÿ.)'2ÿO')ÿ1)IQÿ'Iÿ1--ÿÿK)(ÿ'ÿ(M
0ÿ-ÿ67ÿ0ÿ'ÿ.ÿ1'-ÿ*(0(7,ÿ)ÿ2ÿ).Qÿ'Iÿ1--ÿ(6+ÿ'ÿ()6ÿ*(6.2ÿA,+Iÿ(Mÿÿ'ÿ(Mÿ0


%&'ÿ()ÿ*+,+%ÿ+-ÿ.+)'ÿ)/ÿÿ0ÿ)/ÿ0+ÿ1+%ÿ,2ÿÿ%3)ÿ0+ÿ41,5ÿ)ÿ5)15ÿ6(ÿ%'ÿ7
86ÿ5ÿÿ0+%09ÿ,2,9ÿ)ÿ0)ÿ,),2+,:*),
01234567ÿ;<6=>ÿ?ÿÿ@ÿ:+5'ÿÿ@ÿAB?ÿ

C2DE42FÿGE42<5ED>
H(ÿI,1ÿ6(ÿAB?

01234567ÿ9
ÿ6

×