CFA考试题库Level历年真题考试题库

CFA考试题库Level历年真题
考试题库
1. Adam Schute, CFA, is on a conference call with the CFO of an investment banking client with his phone speaker on and his door open. As a result, salesmen and traders overhear the CFO describing problems with production target dates that have not been publicly disclosed. The salesmen relay this information to clients and the traders reduce their positions in the stock. With respect to the Standard on material nonpublic information, Schute has:
A. not violated the Standard because he has not acted on the information, but the traders and salesmen have violated the Standard.
B. violated the Standard because he should have taken steps to prevent the dissemination of the information.
C. violated the Standard by not making the information public when he realized others had overheard the call.
【答案】B
2. Peter Wellington references his status as a "CFA candidate" in current client presentation materials. Wellington completed the Level II CFA examination two years ago, regularly reads research materials prepared by CFA Institute, and attends continuing education seminars for employees who are CFA charterholders. Wellington plans to register for the Level III CFA exam next year. Wellington's reference to his status as a
CFA candidate in presentation materials:
A. does not violate any CFA Institute Standards of Professional Conduct.
B. violates the Standard on conduct as a CFA Institute Member or CFA Candidate.
C. violates the Standard on reference to the CFA Institute, the CFA Designation, and the CFA Program.
【答案】C
3. Which of the following statements relating to the Global Investment Performance Standards (GIPS?) is least accurate?
A. Only investment management firms may claim compliance with GIPS.
B. GIPS represent standards to which members of CFA Institute and CFA candidates must adhere.
C. To claim GIPS compliance, a firm must present at least five years (or since its inception if less than five years) of annual investment performance that complies with GIPS.
【答案】B
4. When Ed Michaels, CFA, accepted the compliance officer position at a broker-dealer two years ago, he wrote compliance procedures and made all covered employees aware of the procedures. A report by an external auditor found that on several occasions over the past two years,
two different employees traded in recommended securities ahead of trades made in managed client accounts. Michaels fires both employees and recirculates the written compliance procedures that explain clearly which activities are prohibited. Michaels has violated the Standard concerning:
A. loyalty by firing the employees instead of restricting their activities.
B. misconduct because he was associated with the unethical activity.
C. responsibilities of supervisors by failing to implement reasonable procedures to detect violations.
【答案】C
5. Ralph Malone, CFA, is an investment adviser at a multinational finance corporation. He has many wealthy individuals among his clients, including a trust account that benefits three of his immediate family members. The research department of Malone's firm issues a "buy" recommendation on a stock-that would be a suitable investment for several client accounts, including the family trust account. Which of the following would be considered a violation of the Standard concerning priority of transactions?
A. The firm gives clients time to act on the new recommendation, but does not make its recommendation public before buying 100,000
shares for its own account.
B. Malone trades on the family account shortly after his firm's clients have been informed of the buy recommendation.
C. Malone waits to trade for the family account until four days after his firm's clients have been informed of the buy recommendation.
【答案】C
6. Tom Wu, CFA, is the owner and sole employee of two companies,
a public relations firm and a financial research firm. The public relations firm entered into a contract with Merrylin Enterprises to provide public relations services. According to the contract, Tom Wu received 40,000 shares of Merrylin stock in payment for his services. Over the next 10 days, the public relations firm issued several press releases that discussed Merrylin’s excellent growth prospects. Tom Wu, through his financial research firm, also published a research report recommending Mallory stock as a buy. According to the Standards of Practice Handbook, was Tom Wu required to disclose his ownership of Merrylin stock in the: Press release?Research report?
A. NO YES
B. YES NO
C. YES YES
【答案】C
7. Wang Gang, CFA, is a bank industry research analyst for a large
broker and dealer firm. He is attending a company presentation for Mellon Bank with a small group of analysts from other companies. A company official at Mellon Bank comments to the group during the meeting, “Yesterday, management made the decision to implement a large share repurchase plan which we plan to announce in a press release early next week.”According to the Standards of Practice Handbook, Wang Gang:
A. must refrain from discussing the information with anyone else.
B. may act on this information as it is no longer material, non-public information when public.
C. should encourage the company that issued the information to make it public as soon as possible.
【答案】C
8. ZhongYi Xie, CFA, a portfolio manager for PIA Investments, plans to manage the portfolios of several family members in exchange for a percentage of each portfolio’s profits. As his family members have requested that ZhongYi Xie provide the service outside his employment with PIA, he notifies his employer in writing of his prospective outside employment. Two weeks later, ZhongYi Xie has received no response from his employer and begins managing the family members’portfolios. By managing these portfolios, did ZhongYi Xie violate any CFA Institute Standards of Professional Conduct?
A. No.
B. Yes, because he failed to obtain written consent from his employer.
C. Yes, because he failed to disclose the outside employment to his existing clients.
【答案】B
9. John Harris has passed Level I of the CFA exam. Although he registered for the Level II exam, he failed to sit for the exam due to a business emergency. John plans to re-register for the exam. According to the Code and Standards, in communications with prospective clients, John is allowed to:
A. state that he has passed Level I of the exam.
B. refer to himself as a candidate in the CFA program.
C. refer to himself as a CFA I.
【答案】A
10. William Wong, CFA, is an equity analyst with Hayswick Securities. Based on his fundamental analysis, Wong concludes that the stock of a company he follows, Nolvec Inc., is substantially undervalued and will experience a large price increase. He delays revising his recommendation on the stock from “hold”to “buy”to allow his brother to buy shares at a lower price. According to the Standards of Practice Handbook, William Wong is least likely to violate the professional Conduct that
relates to:
A. Duty to clients.
B. Reasonable basis.
C. Duty to his employer.
【答案】B
11. Which of the following statements concerning requirements under Standard V(B)-communication with Clients and Prospective Clients is least likely accurate? This standard requires members and candidates to:
A. divulge the number of investment related personnel responsible for external communication.
B. distinguish between fact and opinion in the presentation of investment analysis and recommendations.
C. disclose the basic format and general principles of the investment process.
【答案】A
12. Gabrielle Gabbe, CFA has been accused of professional misconduct by one of her competitors. The allegations concern Gabbe's personal bankruptcy filing 10 years ago when she was a college student and had a large amount of medical bills she could not pay. By not disclosing the bankruptcy filing to her clients, did Gabbe most likely violate any CFA Institute Standards of Professional Conduct?
A. No
B. Yes, related to Misconduct
C. Yes, related to Misrepresentation
【答案】A
13. Chan Liu, CFA, is the new research manager at the Pacific MicroCap Fund. Liu observed the following activities after she published a research report on a thinly traded micro-cap stock that included a "buy" recommendation:
·Pacific traders purchased the stock for Pacific's proprietary account and then purchased the same stock for all client accounts;
·And Pacific marketing department employees disseminated positive, but false, information about the stock in widely read internet forums.
Liu notes the stock's price increased more than 50% within a period of two days and was then sold for Pacific's account. Which of the following steps is most appropriate for Liu to take to avoid violating the CFA Institute Standards of Professional Conduct?
A. Remove her name from the micro-cap stock research report.
B. Publicly refute the false information posted on internet forums.
C. Report the observed activities to her employer.
【答案】C
14. Francesca Ndenda, CFA, and Grace Rutabingwa work in the
same department for New Age Managers, with Rutabingwa reporting to Ndenda. Ndenda learns that Rutabingwa received a Notice of Enquiry from the Professional Conduct Program at CFA Institute regarding a potential cheating violation when she sat for the CFA exam in June. As Rutabingwa's supervisor, Ndenda is afraid that Rutabingwa's behavior will be seen as a violation of the Code and Standards. Does Ndenda most likely have cause for concern?
A. No, not until Rutabingwa is found guilty of cheating
B. Yes
C. No, because her responsibilities do not apply
【答案】C
15. According the GIPS standards, for periods beginning on or after 1 January 2011, the aggregate fair value of total firm assets most likely includes all:
A. fee-paying discretionary accounts.
B. fee- and non-fee-paying discretionary accounts.
C. fee-and non-fee-paying discretionary and non-discretionary accounts.
【答案】C
16. Country X requires firms to present performance information using only realized returns, while the GIPS standards require calculations to be based on both realized and unrealized returns. A firm located in
country X:
A. Cannot claim compliance with GIPS unless it fully meets all GIPS requirements.
B. Should follow the country’s guidelines, and is allowed to claim compliance with GIPS as long as all other GIPS requirements are met.
C. Should follow the country’s guidelines, and is allowed to claim compliance with GIPS as long as disclosure is made regarding the conflict.
【答案】C
17. Which of the following statements regarding the verification of a company’s claim to be in compliance with the GIPS standards is not true?
A. An initial verification must cover a minimum period of five years.
B. A verifier may accept the work of a previous verifier as part of the basis opinion.
C. Verification reports must confirm that the firm has complied with all GIPS requirements on a firm-wide basis.
【答案】A
18. Anna Cheung, CFA, the marketing director at First Financials, plans to be a leading investment advisor by marketing an exclusive investment advice letter to wealthy individuals relying on the firm’s reputations. Anna thinks that the major obstacle to clients’plan is the
complexity of First Financials’investment screening system, a combination of technical trading rules and portfolio optimization techniques designed to minimize risk. To simplify the newsletter, Anna decides to include only each week’s top ten buy and sell recommendations and exclude the information associated with the methods used to select securities. According to the Standards of Practice Handbook, would Anna’s actions with respect to the advice letter violate any CFA Institute Standards of Professional Conduct?
A. Yes, with respect to misrepresentation.
B. Yes, with respect to diligence and reasonable basis.
C. Yes, with respect to communication with clients and prospective clients.
【答案】C
19. Compared to a univariate normal distribution, the distinguishing feature of a multivariate normal distribution is the need to specify a parameter that is related to:
A. the mean of the individual random variables
B. the variance of the individual random variables
C. the correlation between individual random variables
【答案】C
20. An analyst gathered the following information about a stock index:
Mean net income for all companies in the index $3.2 million
Standard deviation of net income for all companies in the index $4.8 million
If the analyst takes a sample of 36 companies from the index, the standard error of the sample mean is closest to:
A. $88,889
B. $400,000
C. $800,000
【答案】C
21. Which of the following most accurately describes a distribution that is more peaked than normal?
A. Mesokurtotic
B. Platykurtotic
C. Leptokurtotic
【答案】C
22. Using the following sample results drawn as 25 paired observations from their underlying distribution s, test whether the m ean retu rns of the two portfolios differ from each other at the 1% level of statistical significance. Assume th e underlying distributions of returns for each portfolio are normal and that their population variances are not known.
Based on the paired comparisons test of the two portfolios, the most appropriate conclusion is that HL should be:
A. accepted because the computed test statistic is less than 2.807.
B. rejected because the computed test statistic exceeds 2.807.
C. accepted because the computed test statistic exceeds 2.807.
【答案】B
23. The null hypothesis is most likely to be rejected when the p-value of the test statistic:
A. exceeds a specified level of significance.
B. is negative.
C. falls below a specified level of significance.
【答案】C
24. Over the past four years, a portfolio experienced returns of -8%,4%,17%, and -12%. The geometric mean return of the portfolio over the four-year period is closest to:
A. 0.99%.
B. -0.37%.
C. 0.25%.
【答案】B
25.
A. equal.
B. greater.
C. smaller.
【答案】C
26. Jane Acompora is calculating equivalent annualized yields based on the 1.3% holding period yield of a 90-day loan. The correct ordering of the annual money market yield (MMY), effective annual yield (EAY), and bond equivalent yield (BEY) is:
A. MMY < EAY < BEY.
B. MMY < BEY < EAY.
C. BEY < EAY < MMY.
【答案】B
27. An analyst develops the following probability distribution for the states of the economy and market returns.
Which of the following statements about this probability distribution is least accurate?
A. The unconditional probability of a normal market is 0.30.
B. The joint probability of having a good economy and a bear
market is 0.20.
C. Given that the economy is poor, the probability of a normal or a bull market is 0.50.
【答案】B
28. An analyst estimates a stock has a 40% probability of earning a 10% return, a 40% probability of earning a 12.5% return, and a 20% probability of earning a 30% return. The stock's standard deviation of returns based on this returns model is closest to:
A. 3.74%.
B. 5.75%.
C. 7.58%.
【答案】C
29. An investment manager has a pool of five security analysts he can choose from to cover three different industries. In how many different ways can the manager assign one analyst to each industry?
A. 15.
B. 60.
C. 125.
【答案】B
30. Shortfall risk is best described as the probability:
A. of a credit rating downgrade due to possible earnings shortfalls.
B. of failing to make a contractually promised payment.
C. that portfolio value will fall below some minimum level at a future date.
【答案】C
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31. Which of the following is most likely used by technicians to measure inter-market relationships?
A. Fibonacci ratios.
B. Stochastic oscillators.
C. Relative strength analysis.
【答案】C
32. Which of the following would least likely be categorized as a multivariate distribution?
A. The days a stock traded and the days it did not trade.
B. The return of a stock and the return of the DJIA.
C. The days a stock traded and the days the DJIA went up.
【答案】A
33. According to the crowding-out model, persistent, large government budget deficits are most likely to be associated with a(n):
A. increase in net exports
B. decrease in private spending
C. decrease in the real rate of interest
【答案】B
34. Based on historical data and assuming less-than-full employment, periods of sharp acceleration in the growth rate of the money supply tend to be associated initially with:
A. an increase in the velocity of money
B. reductions in real gross domestic product
C. a rapid growth in gross domestic product
【答案】C
35. Allen Chen, CFA, stated that, for the typical company, accounting profit tends to be greater than economic profit because explicit costs are generally not included in calculating accounting profit. Is the analyst correct with respect to the:
Relationship between
accounting profit and economic profit?Inclusion of explicit costs?
A. No No
B. No Yes
C. Yes No
【答案】C
36. A consumer has a budget of $30 per month to spend on two types of fruit, priced as follows:
·Apples: $2.50 per pound.
·Bananas: $2.00 per pound.
Assuming the quantity of apples is measured on the vertical axis and bananas on the horizontal axis, the slope of the budget constraint is closest to:
A. 1.25.
B. -0.80.
C. -1.25.
【答案】B
37. Which of the following statements most accurately describes a valuation allowance for deferred taxes? A valuation allowance is required under:
A. IFRS on revaluation of capital assets
B. U.S. GAAP if there is doubt about recovering a deferred tax asset.
C. both IFRS and U.S. GAAP on tax differences arising from the translation of foreign operations.
【答案】B
38. The following information applies to a start-up company solely owned by an entrepreneur.
The company's economic profit is closest to:
A. $784,250
B. $318,750
C. $659,250
【答案】C
39. The diagram to the below illustrates a consumer's allocation of her budget between items X and Y. With an initial budget (BC1) she consumes Qa units of item Y. When the price of Y drops, she consumes Qc units of item Y. Lines BC2 and BC3 are parallel to one another.
The income effect arising from this change in the price of Y is best described as the distance between:
A. Qb and Qa.
B. Qc and Qa.
C. Qc and Qb.
【答案】C
40. Which of the followinq is most likely to cause a shift to the riqht in the aqqreqate demand curve?
A. Increase in taxes
B. Decrease in real estate values
C. Boom in the stock market
【答案】C
41. If a regulatory agency intervenes to reduce prices, a monopoly will most likely expand output to the level where:
A. Marginal cost equals supply.
B. Average cost equals marginal revenue.
C. Average cost equals demand.
【答案】C
42. Which of the following statements about price elasticity is most likely false?
A. The elasticity of demand of a good increase over time.
B. if the price of gasoline increases, total expenditures on gasoline will increase.
C. If the price of a brand of toilet paper increases, total expenditure on that brand of toilet paper will increase.
【答案】C
43. In regard to the relation between output and costs in the short-run, a decline in the marginal cost most likely occurs at what level of production?
A. High output
B. Low output
C. Profit-maximizing output
【答案】B
44. The most likely objective of government regulation of a natural monopoly is to:
A. expand output so consumer demand is fully met.
B. provide incentives for potential competitors to enter the market.
C. reduce the product price to the supplier’s average total cost per unit of output.
【答案】C
45. An analyst checked the financial information of a profitable company named York Corporation. The company began offering a warranty on a new product introduced during the year, accruing warranty expenses of $400,000. The actual expenditures for repairs under this warranty during the year were $100,000. The company’s tax rate was 30 percent. With respect to the new product warranty only, the most likely amount and classification of deferred tax recorded was a(n):
A. $60,000 asset.
B. $60,000 liability.
C. $90,000 asset.
【答案】C
31. An analysis determined that approximately 99 percent of the observations of daily sales for a company were within the interval from $250,000 to $580,000 and that daily sales for the company were normally distributed. The mean daily sales and standard deviation of daily sales, respectively, for the company were closest to:
Mean daily sales Standard deviation of daily sales
A. $415,000$41,667
B. $415,000$55,000
C. $355,115$41,667
【答案】B
32. The joint probability of returns, for securities A and B, are as follows:
The covariance of returns of A and B is:
A. 6%
B. 12%
C. 24%
【答案】A
33. Does the quantity theory of money assume that in the long run:
Potential GDP is influenced the price level is influenced
by the quantity of money?by the quantity of money?
A. No No
B. No Yes
C. Yes No
【答案】B
34. Which of the following condition is least likely to be the obstacle to the efficient allocation of productive resources:
A. Price controls
B. Taxes and trade restrictions
C. Perfect competition
【答案】C
35. Which of the following condition is least likely to be the reason that a black market is generally inefficient:
A. Unenforceable contract
B. Increased prices required by suppliers due to the risk of prosecution
C. Intensive control by the government
【答案】C
51. For a company that prepares its financial statements under International Financial Reporting Standards (IFRS), for which of the following assets is it most likelythat the company could report using the fair value model?
A. Houses built by the company for sale to customers
B. A building owned by the company and leased out to tenants
C. A building the company owns and uses to house its administrative activities
【答案】B资料来源：文得学习网，更多考试资料题库视频，上文得学习网查找。

52. The method a high end custom-built motorcycle manufacturer uses to value its inventory results in the matching of the physical flow of
the particular items sold, and the items remaining in inventory, to their actual cost. Which of the following inventory valuation methods is the manufacturer most likely using?
A. FIFO
B. Weighted average cost
C. Specific identification
【答案】C
53. An analyst is reviewing the property, plant, and equipment disclosure related to a company's warehouse. The company uses the International Financial Reporting Standards (IFRS) revaluation model. The analyst would least likely be able to determine:
A. the carrying amount under the cost model.
B. the original date of acquisition.
C. how the fair value was obtained.
【答案】B
54. Selected information from a company's comparative income statement and balance sheet is presented below:
The cash collected from customers in 2013 is closest to:
A. $111,500.
B. $96,100.
C. $88,500.
【答案】C
55. The following information applies to a capital asset of a company:
This company uses the straight line depreciation method for this capital asset.
At the end of 2014, the expected remaining life of the capital asset, in years, is closest to:
A. 17.
B. 20.
C. 6.
【答案】A
56. During periods of rising prices:
A. LIFO COGS > Weighted Average COGS > FIFO COGS.
B. LIFO COGS > Weighted Average COGS < FIFO COGS.
C. LIFO COGS < Weighted Average COGS < FIFO COGS.
【答案】A
57. Which of the following statements about calculating earnings per share (EPS) in simple versus complex capital structures is least accurate?
A. If convertible bonds are dilutive, the numerator in the diluted EPS calculation is increased by the interest expense on the bonds.
B. If convertible preferred stock is dilutive, the convertible preferred dividends must be added back to the numerator to calculate diluted EPS.
C. The denominator in the basic EPS equation contains the number of shares of common stock issued, weighted by the days that the shares have been outstanding.
【答案】A
58. In the period when a firm makes an expenditure, capitalizing the expenditure instead of recognizing it as an expense will result in higher:
A. debt-to-equity and debt-to-assets ratios.
B. net income and have no effect on total cash flows.
C. cash flow from investing and lower cash flow from operations.
【答案】B
59. Which of the following ratios is a component of the original (three-part) DuPont equation?
A. Asset turnover.
B. Gross profit margin.
C. Debt-to-equity ratio.
【答案】A
60. Harding Corp. has a permanently impaired asset. The difference between its carrying value and the present value of its expected cash flows should be written down immediately and:
A. reported as an operating loss.
B. charged directly against retained earnings.
C. reported as a non-operating loss in other comprehensive income.
【答案】A。