CFA Level 3 Exam 204 Questions with Answers 2023,100% CORRECT
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CFA Level 3
CFA Level 3 Exam 204 Questions with Answers 2023
bounded rationality - CORRECT ANSWER individuals act as rationally as possible but are constrained by a lack of knowledge and cognitive ability
satisfice - CORRECT ANSWER making a reasonable but not necessarily optimal decision
the price i...
bounded rationality - CORRECT ANSWER individuals act as rationally as possible
but are constrained by a lack of knowledge and cognitive ability
satisfice - CORRECT ANSWER making a reasonable but not necessarily optimal
decision
the price is right - CORRECT ANSWER asset prices reflect and instantly adjust to all
available information
weak-form efficiency - CORRECT ANSWER prices inncoporate all past price and
volume data
semi-strong form efficient - CORRECT ANSWER prices reflect all public information
strong-form efficient - CORRECT ANSWER all information reflected in prices. no
one can consistently earn excess returns
framing (consumption and savings) - CORRECT ANSWER the way income is framed
affects whether it is saved or consumed
self-control bias (consumption and savings) - CORRECT ANSWER favor current
consumption rather than saving income for future goals
mental accounting (consumption and savings) - CORRECT ANSWER assigning
different portions of wealth to meet different goals
sentiment premium (behavioral asset pricing) - CORRECT ANSWER added to
discount rate; causes price deviation from fundamental values
behavioral portfolio theory - CORRECT ANSWER investors structure their
portfolios in layers according to their goals
,adaptive markets hypothesis - CORRECT ANSWER apply heuristics until they no
longer work, then adjust them. must adapt to survive
cognitive errors - CORRECT ANSWER result from incomplete information or
inability to analyze
emotional errors - CORRECT ANSWER spontaneous reactions that affect how
individuals see information
conservatism bias (cognitive) - CORRECT ANSWER emphasizing information used
in original forecast over new data
confirmation bias (cognitive) - CORRECT ANSWER seeking data to support beliefs;
discounting contradictory facts
representativeness bias (cognitive) - CORRECT ANSWER if-then stereotype
heuristic used to classify new information
base rate neglect (cognitive) - CORRECT ANSWER too little weight on the base rate
sample size neglect (cognitive) - CORRECT ANSWER inferring too much from a
small new sample of information
control bias (cognitive) - CORRECT ANSWER individuals feel they have more
control over outcomes than they actually have
hindsight bias (cognitive) - CORRECT ANSWER perceiving actual outcomes as
reasonable and expected
anchoring and adjustment (cognitive) - CORRECT ANSWER fixating on a target
number once investor has it in mind
mental accounting (cognitive) - CORRECT ANSWER each goal, and corresponding
wealth, is considered separately
framing (cognitive) - CORRECT ANSWER viewing information differently
depending on how it is received
, availability bias (cognitive) - CORRECT ANSWER future probabilities are impacted
by memorable past events
loss aversion (emotional) - CORRECT ANSWER placing more "value" on losses than
on gains of the same magnitude
myopic loss aversion (emotional) - CORRECT ANSWER if individuals systematically
avoid equity to avoid potential short run declines in value (loss aversion), equity
prices will be biased downward (and future returns upward)
overconfidence (emotional) - CORRECT ANSWER illusion of having superior
information or ability to interpret
prediction overconfidence (emotional) - CORRECT ANSWER leads to setting
confidence intervals too narrow
certainty overconfidence (emotional) - CORRECT ANSWER overstated probabilities
of success
self enhancing bias (emotional) - CORRECT ANSWER individuals take all the credit
for success
self protecting bias (emotional) - CORRECT ANSWER placing the blame for failure
on someone or something else
self control bias (emotional) - CORRECT ANSWER suboptimal savings due to focus
on short term over long term goals
status quo bias (emotional) - CORRECT ANSWER individuals tendency to stay in
their current investments
endowment bias (emotional) - CORRECT ANSWER valuing an asset already held
higher than if it were not already held
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