CFA考试一级章节练习题精选0330-55(附详解)
CFA考试一级章节练习题精选0330-30(附详解)
CFA考试一级章节练习题精选0330-30（附详解）1、An analyst does research about expansionary fiscal policy.An increase in agovernment's spending and a decrease in a government's tax will most likelycause a decrease in:【单选题】A.private saving only.B.private investment only.C.both private saving and private investment.正确答案:B答案解析:本题考查的是挤出效应（crowding-out effect）的定义。
政府增加支出并且减少税收是一种扩张性的财政政策，会导致预算赤字的增加，而预算赤字增加会导致政府储蓄减少，从而导致市场利率上升，私人投资下降，这就是所谓的挤出效应，它不会导致私人储蓄下降。
2、Babu Dhaliwal, CFA, does research about foreign exchange market.The europer Argentine peso (EUR/ARS) spot rate is 0.178 9 and the forward rate is ata discount of 0.27%.The forward rate is closest to:【单选题】A.0.1741B.0.1784C.0.1794正确答案:B答案解析:0.1789 × (l -0.27%) =0.1784，说明阿根廷比索贬值，而欧元升值。
3、A new technology that reduces employee illness will most likely decrease:【单选题】A.demand-pull inflation.B.cost-push inflation.C.cost-pull inflation.正确答案:B答案解析:By reducing employee illness, the new technology will increase the output per hour per worker, which will decrease the unit labor cost. As the unit labor cost decreases, cost-push inflation decreases. The technology does not affect demand and accordingly should not affect demand-pull inflation.2014 CFA Level I"Understanding Business Cycles," by Michele Gambera, Milton Ezrati, and Bolong CaoSection 4.2.44、The crowding-out effect suggests that government borrowing to finance higher expenditures will most likely increase:【单选题】A.private investment.B.the real interest rate.C.the supply of loanable funds.正确答案:B答案解析:“Fiscal Policy,” Michael Parkin2010 Modular Level I, Vol. 2, pp. 443Study Session 6-26-bDiscuss the sources of investment finance and the influence of fiscal policy on capital markets, including the crowding-out effect.Government borrowing to finance budget deficits leads to a crowding-out effect which would in turn lead to an increase in the real interest rate, a decrease in the supply of loanable funds, and a decrease in private investment.5、Which of the following types of profit is most likely the level of accounting profitneeded to just cover the implicit opportunity costs ignored in accounting costs?【单选题】A.Normal profit.B.Economic profit.C.Accounting profit.正确答案:A答案解析:机会成本里面包含隐含的收益率以及企业所能获得的正常利润，经济利润为零并不代表没有利润，只是说明收入正好弥补了显性成本和隐性成本（两者相加代表机会成本），企业获得了正常利润。
CFA考试一级章节练习题精选0330-53(附详解)
CFA考试一级章节练习题精选0330-53（附详解）1、The following financial information is available at the end of the year.The diluted EPS is closest to:【单选题】A.$2.91.B.$2.93.C.$3.08.正确答案:A答案解析:“Understanding the Income Statement,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Elaine Henry, CFA, and Michael A. Broihahn, CFA 2011 Modular Level 1, Vol.3, pp.170-175Study Session:8-32-g, hDescribe the components of earnings per share and calculate a company’s earnings per share (both basic and diluted earnings per share) for both a simple and complex capital structure.Differentiate between dilutive and antidilutive securities, and discuss the implications of each for the earnings per share calculation.2、Selected information from a company’s comparative income statements and balance sheets is presented below.The cash collected from customers in 2011 is closest to:【单选题】A.$88,500.B.$96,100.C.$111,500.正确答案:A答案解析:“Understanding Cash Flow Statements,” Elaine Henry, Thomas R. Robinson, Jan Hendrik van Greuning, and Michael A. Broihahn2012 Modular Level I, Vol. 3, pp. 291–292Study Session 8-27-e, fDescribe how the cash flow statement is linked to the income statement and the balance sheet.Describe the steps in the preparation of direct and indirect cash flow statements, including how cash flows can be computed using income statement and balance sheet data.A is correct. Cash collected from customers = Revenues – Increase in accounts receivable = $100 – (25 – 13.5) = 88.5.3、The following data is available on a company:Under a common-size analysis, the value used for research & development expenses is closest to:【单选题】A.8.3%.B.4.2%.C.5.0%.正确答案:B答案解析:The appropriate base for a common-size income statement is revenue. As such, the value used forresearch & development expenses is $12 million+$282 million × 100=4.25%.CFA Level I"Understanding Income Statements," Elaine Henry and Thomas R. RobinsonSection 7.14、An analyst does research about cash flow statement and gathers the following informationabout an IT company (in millions).Which of the following transactions, on its own, best explains the change in cashflows from the beginning of the year? The company:【单选题】A.issued $ 47 millions in bonds in 2011.B.repurchased $ 47 millions of its stock in 2011.C.increased long-term assets by $ 47 millions in 2011.正确答案:B答案解析:2011 年融资性现金流（cash flows from financing activities）= $ 505 - $ 490 - $ 32 -$ 30 = - $ 47(million)，说明2011年有$ 47million的融资性现金流流出。
CFA考试一级章节练习题精选0330-48(附详解)
CFA考试一级章节练习题精选0330-48（附详解）1、With respect to capital project, if the discount rate decrease, which of the followingabout the internal rate of return (IRR) and net present value (NPV) aremost accurate?【单选题】A.Both IRR and NPV increase.B.IRR remains unchanged and NPV increases.C.Both IRR and NPV remain unchanged.正确答案:B答案解析:IRR的定义是，使得NPV = 0时的折现率，计算时与项目的必要回报率无关。
而项目的必要回报率下降，会导致项目的净现值上升。
1、An analyst gathers the following information about two mutually exclusive projectsof a company:If the cost of capital used is 10% , the most appropriate decision for the companyis to accept:【单选题】A.Project 1 only.B.Project 2 only.C.both Project 1 and Project 2.正确答案:A答案解析:对于独立项目（independent project），如果NPV > 0，就可以接受该项目；如果NPV 0的项目中选择NPV最大的项目。
当IRR与NPV对作决策有冲突时，以NPV为准。
1、A trader buys 500 shares of a stock on margin at $36 a share using an initial leverage ratio of 1,66.The maintenance margin requirement for the position is 30%. The stock price at which the margincall will occur is closest to:【单选题】A.$25.20.B.$30.86.C.$20.57.正确答案:C答案解析:Initial equity (%) in the margin transaction=1/Leverage ratio=1/1.66=0.60;Initial equity per share at the time of purchase=$36 × 0.60=$21.60;Price (P) at which margin call occurs:Equity per share/Price per share=Maintenance margin (%)=($21.60+P-$36)/P=0.30;0.7P=$14.40;P=$20.57.CFA Level I"Market Organization and Structure," Larry HarrisSection 5.21、An analyst does research about the cost of capital and gathers the followinginformation about a company:● Current share price is $60● Current annual dividend per share is $1.50● Stable retention ratio is 40%● Historical return on equity is 12%Using the dividend discount model approach, the cost of equity is closest to:【单选题】A.7.30%B.7.42%C.9.88%正确答案:B答案解析:使用股利贴现模型（Dividend Discount Model）的计算公式：g = （return on equity）x（retention ratio），由此得：g = 12% × 0.4 = 4.8%，所以= $1.5 × （1 + 4.8%）/$60 + 4.8% = 7.42%.1、A firm is uncertain about both the number of units the market will demand and the price it will receive for them. This type of risk is best described as:【单选题】A.sales risk.B.business risk.C.operating risk.正确答案:A答案解析:“Measures of Leverage,” Pamela Peterson Drake, CFA, Raj Aggarwal, CFA, Cynthia Harrington, CFA, and Adam Kobor, CFA 2013 Modular Level I, Vol. 4, Reading 38, Section 3.1, 3.2Study Session 11-38-aDefine and explain leverage, business risk, sales risk, operating risk, and financial risk, and classify a risk, given a description.A is correct. Sales risk is associated with uncertainty with respect to total revenue, which in turn, depends on price and units sold.。
CFA考试一级章节练习题精选0330-55(附详解)
CFA考试一级章节练习题精选0330-55（附详解）1、Teresa Staal, CFA is an investment officer in a bank trust department. She manages money for celebrities and public figures, including an influential local politician. She receives a request from the politician’s political party headquarters to disclose his stock holdings. The req uest indicates local law requires the disclosure. What steps should Staal most likely take to ensure she does not violate any CFA Institute Standards of Professional Conduct?【单选题】A.Provide the information and inform her client.B.Send the requested documents and inform her supervisor.C.Check with her firm's compliance department to determine her legal responsibilities.正确答案:C答案解析:"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 88-89Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.C is correct. In order to avoid violating Standard III (E) Staal should determine if applicable securities regulations require disclosing the records before she provides the confidential information concerning her client's investments.1、Several years ago, Leo Peek, CFA, co-founded an investment club. The club is fully invested but has not actively traded its account for at least a year and does not plan to resume active trading of the account. Peek's employer requires an annual disclosure of employee stock ownership. Peek discloses all of his personal trading accounts but does not disclose his holdings in the investment club. Peek's actions are least likely to be a violation of which of the CFAInstitute Standards of Professional Conduct?【单选题】A.MisrepresentationB.Transaction priorityC.Conflicts of interest正确答案:B答案解析:There is no indication that the investment club is trading ahead of clients. See Standard VI(B). 2014 CFA Level I "Guidance for Standards I-VII," CFA Institute Standard I(C), Standard VI(A), Standard VI(B)1、While at a bar in the financial district after work, Ellen Miffitt, CFA overhears several employees of a competitor discuss how they will manipulate down the price of a thinly traded micro cap stock's price over the next few days. Miffitt's clients have large positions of this stock so when she arrives at work the next day she immediately sells all of these holdings. Because she has determined that the micro cap stock was suitable for all of her accounts at its previously higher price, Miffitt buys back her client's original exposure at the end of the week at the new, lower price. Which CFA Institute Standards of Professional Conduct did Miffitt least likely violate?【单选题】A.Market ManipulationB.Preservation of ConfidentialityC.Material Non Public Information正确答案:B答案解析:"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 49-52, 59-60, 88。
CFA考试一级章节练习题精选0331-50(附详解)
CFA考试一级章节练习题精选0331-50附详解）1、An analyst does research about assumption behind the Markowitz Portfolio Theory.A basic assumption behind the Markowitz Portfolio Theory is that utilitycurves for an investor:【单选题】A.demonstrate increasing marginal utility of wealth.B.are a function of expected returns and expected variance of returns only.C.are a function of expected returns on the risk-free asset and the marketportfolio.正确答案:B答案解析:根据马柯威茨投资组合理论（Markowitz Portfolio Theory），假设财富的边际效用是递减的，而不是递增的，风险加大后需要更高的收益进行补偿。
效用曲线是预期收益和方差的方程。
选项C是资本市场线（CML）。
1、With respect to the portfolio management process, asset allocation decisions are made in the:【单选题】A.planning step.B.feedback step.C.execution step.正确答案:C答案解析:“Portfolio Management: An Overview,” Robert M. Conroy, CFA and Alistair Byrne, CFA2011 Modular Level I, Vol. 4, p. 292Study Session 12-51-cDescribe the steps in the portfolio management process.C is correct. Asset allocation decisions are made in the execution step.1、Selected information about shares of two companies is provided below:of returns between Cable Incorporated and GPTA CompanyThe standard deviation of returns of the portfolio formed with these two stocks is closest to:【单选题】A.25.04%.B.26.80%.C.32.85%.正确答案:A答案解析:“Portfolio Risk and Return Part I,” Vijay Singal2012 Modular Level I, Vol. 4, pp. 355–360Study Session 12-44-e。
CFA考试一级章节练习题精选0330-58(附详解)
CFA考试一级章节练习题精选0330-58（附详解）1、An analyst does research about spot and forward rate.The 4-year spot rate is 9.45%, and the 3-year spot rate is 9.85%.What is the 1-year forward rate 3years from today?【单选题】A.8.3%B.8.7%C.9.4%正确答案:A答案解析:1、An investor purchases ABC stock at $71 per share and executes a protective put strategy. The putoption used in the strategy has a strike price of $66, expires in two months, and is purchased for$1.45. At expiration, the protective put strategy breaks even when the price of ABC is closest to:【单选题】A.$64.55.B.$67.45.C.$72.45.正确答案:C答案解析:To break even, the underlying stock must be at least as high as the amount expended up front toestablish the position. To establish the protective put, the investor would have spent $71+$1.45=$72.45.CFA Level I"Risk Management Applications of Option Strategies," Don M. ChanceSection 2.2.21、An analyst does research about moneyness of an option.An investor owns aput option with the following terms:If the underlying is currently priced at $ 75.21, the moneyness of the optionfor this investor is closest to:【单选题】A.- $ 0.73B.$ 0C.$ 6.55正确答案:C答案解析:期权的价值(moneyness)要看其行权价和当前价格，以及该期权是看涨还是看跌，不考虑期权本身的价格。
cfa一级考试真题及答案详解
cfa一级考试真题及答案详解CFA一级考试真题及答案详解1. 问题：在计算投资组合的预期收益率时，以下哪种资产的预期收益率对投资组合的预期收益率影响最大？A. 资产A，占投资组合的10%B. 资产B，占投资组合的20%C. 资产C，占投资组合的30%D. 资产D，占投资组合的40%答案：D解析：投资组合的预期收益率是通过加权平均各个资产的预期收益率来计算的。
权重越大的资产对投资组合的预期收益率影响越大。
因此，资产D作为权重最大的资产，其预期收益率对投资组合的预期收益率影响最大。
2. 问题：以下哪种金融工具最适合用于对冲利率风险？A. 股票B. 债券C. 利率互换D. 货币期权答案：C解析：利率互换是一种利率衍生品，允许两方交换利率支付流。
这种金融工具可以用来对冲利率风险，因为它允许投资者锁定未来的利率水平，从而减少利率变动对投资组合价值的影响。
3. 问题：在进行财务分析时，以下哪种比率最能反映公司的流动性状况？A. 流动比率B. 速动比率C. 资产负债率D. 权益乘数答案：A解析：流动比率是衡量公司短期偿债能力的指标，它通过比较公司的流动资产和流动负债来计算。
一个较高的流动比率表明公司有足够的流动资产来覆盖其短期负债，因此最能反映公司的流动性状况。
4. 问题：在计算经济增加值（EVA）时，以下哪个因素不是必要的？A. 公司的税后营业利润B. 公司的资本成本C. 公司的总资产D. 公司的权益乘数答案：D解析：经济增加值（EVA）是通过从公司的税后营业利润中减去资本成本来计算的。
资本成本反映了公司资本的机会成本，而权益乘数并不是计算EVA所必需的。
EVA的计算公式为：EVA = NOPAT - (WACC * 资本投入)。
结束语：通过以上对CFA一级考试真题的分析，可以看出，理解各个金融概念和工具的基本原理对于通过考试至关重要。
希望这些真题及答案详解能够帮助考生更好地准备考试，提高通过率。
CFA考试一级章节练习题精选0330-59（附详解）
CFA考试一级章节练习题精选0330-59（附详解）CFA考试一级章节练习题精选0330-59（附详解）1、Last year, a portfolio manager earned a return of 12%. The portfolio’s beta was 1.5. For the same period, the market return was 7.5% and the average risk-free rate was 2.7%. Jensen’s alpha for this portfolio is closest to:【单选题】A.0.75%.B.2.10%.C.4.50%.正确答案:B答案解析:“Portfolio Risk and Return Part II,” Vijay Singal2012 Modular Level I, Vol. 4, pp. 429–432Study Session 12-45-hDescribe and demonstrate applications of the CAPM and the SML.B is correct. Jensen’s alpha = 0.12 –[0.027 + 1.5(0.075 –0.027)] = .021 or 2.10%.2、A portfolio with equal parts invested in a risk-free asset and a risky portfolio will most likely lie on:【单选题】A.the efficient frontier.B.the security market line.C.a capital allocation line.正确答案:C答案解析:“Portfolio Risk and Return: Part II”, by Vijay Singal.2011 Modular Level I, Vol. 4, pp. 392-400Study Session 12-53-bExplain and interpret the capital allocation line (CAL) and the capital market line (CML).C is correct. A capital allocation line shows possiblecombinations of a risky portfolio and the risk-free asset.3、An analyst does research about the portfolio's standard deviation of return.Aportfolio consisting of two securities has the following characteristics:If the correlation of returns between the two securities is -0.25, the portfolio'sstandard deviation of return is closest to:【单选题】A.12.22%B.14.78%C.14.93%正确答案:A答案解析:投资组合的方差- 2 × 0.35 × 0.55 × 0.16 × 0.19 × 0.25 = 0.00314 +0.01525 - 0.00346 = 0.01493。
CFA考试一级章节练习题精选0331-55(附详解)
CFA考试一级章节练习题精选0331-55附详解）1、Assume that a monopoly is charging a price higher than the price that would exist in pure competition. If the monopoly decides to increase the price even more, the deadweight loss to society will most likely:【单选题】A.increase.B.decrease.C.remain the same.正确答案:A答案解析:“Monopoly,” Michael ParkinAs depicted in Figure 6 on page 200 of the readings, a higher monopoly price will increase the monopoly’s profit and also increase the deadweight loss.2、If a government increases its spending on domestically produced goods by an amount that is financed by the same increase in taxes, the aggregate demand will most likely:【单选题】A.increase.B.decrease.C.remain unchanged.正确答案:A答案解析:“Monetary and Fiscal Policy,” Andrew Clare and Stephen ThomasDetermine whether a fiscal policy is expansionary or contractio nary.A is correct. Aggregate demand rises when the government increases spending by the same amount as it raises taxes because the marginal propensity to spend out of disposable income is less than 1, and hence for every dollar less in disposable income, spending only falls by c (where c is the marginal propensity to consume in dollars). Aggregate spending will fall less than the tax rise by a factor c. This additional output will, in turn, lead to further increases in income and output through the multiplier effect.3、A firm in the market environment characterized by monopolistic competition will most likely:【单选题】A.continue to experience economic profit in the long run.B.have a well-defined supply function reflecting its marginal and average costs.C.have many competitors, each of which follows its own product differentiation strategy.正确答案:C答案解析:“The Firm and Market Structures,” Richard G. Fritz and Michele Gambera, CFAC is correct. As the name implies, monopolistic competition is a hybrid market. The most distinctive factor in monopolistic competition is product differentiation. Although the market is made up of many firms that compose the product group, each producer attempts to distinguishits product from that of the others, and product differentiation is accomplished in a variety of ways.4、If the prices of substitute resources decrease, the demand for a given resource will most likely:【单选题】A.increase.B.decrease.C.remain unchanged.正确答案:B答案解析:A decrease in the price of a substitute resource would encourage producers to use the substitute resource thus reducing demand for the resource in question.Section 4.15、Long-run aggregate supply is least likely to be affected by changes in the:【单选题】A.the stock of physic capital.B.the supply of natural resources.C.the wage rate of labor.正确答案:C答案解析:长期总供给主要受到劳动力的供给和质量、自然资源的供给、实物资本的储存和技术等的影响。
CFA考试一级章节练习题精选0330-57(附详解)
CFA考试一级章节练习题精选0330-57（附详解）1、Which of the following provides the most protection to a bondholder?【单选题】A.Call protection.B.Refunding protection.C.Sinking fund protection.正确答案:A答案解析:“Features of Debt Securities,” Frank J. Fabozzi, CFA2010 Modular Level I, Vol. 5, pp. 246Study Session 15-60-dExplain the provisions for redemption and retirement of bonds.Call protection means the bond cannot be called from the bondholder by the issuer for any reason.1、A bond market analyst states, “The current term structure of interest rates is upward sloping which implies the market believes short-term interest rates will rise in the future.” Which theory of the term structure of interest rates does the analyst most likely believe?【单选题】A.Pure expectations theory.B.Liquidity preference theory.C.Market segmentation theory.正确答案:A答案解析:“Understanding Yield Spreads,” Frank J. Fabozzi, CFA2011 Modular Level I, Vol. 5, pp. 453-455Study Session 15-64-cExplain the basic theories of the term structure of interest rates and describe the implications of each theory for the shape of the yield curve.A is correct because under the pure expectations theory the only reason the yield curve will be upward sloping is because market participants believe that short-term rates will rise in the future.1、An analyst does research about liquidity.Which of the following statementsabout liquidity is least accurate?【单选题】A.A decrease in a dealer's bid-ask spread decreases in liquidity.B.On-the-run U.S.Treasury securities provide more liquidity than off-the-run U.S.Treasury securities.C.Standard practice for pricing liquid bond is a pricing service of dealer price quotas.正确答案:A答案解析:交易商买卖价差变小提高了流动性，而不是降低了流动性。
CFA考试一级章节练习题精选0330-51(附详解)
CFA考试一级章节练习题精选0330-51（附详解）1、The diagram to the right shows the domestic demand and supply curves for a country that imports a commodity, where PW is its world price and PT is its domestic price after the imposition of a tariff.The reduction in the net national welfare of this country as a result of the tariff is best described by the area(s):【单选题】A.E.B.G.C.F+H.正确答案:C答案解析:“Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. Arbogast, CFA2013 Modular Level I, Vol. 2, Reading 13, Sections 3.9, 3.10“International Trade and Capital Flows,” Us ha Nair-Reichert, PhD and Daniel RobertWitschi, PhD, CFA2013 Modular Level I, Vol. 2, Reading 20, Sections 3.1, Exhibit 12Study Session 4–13–i, j, 6–20–eCalculate and interpret consumer surplus, producer surplus, and total surplus.Analyze the effects of government regulation and intervention on demand and supply.Compare types of trade and capital restrictions and their economic implications.C is correct. The loss in consumer surplus because of higher prices is represented by area E+F+G+H. This exceeds the gains from producer surplus (E) and government revenues on imports (G). Hence, the net welfare effect to the country is a deadweight loss of [e + f + g + h] – [E] – [G] = F+H.2、The view that the money wage rates are sticky in the short-run is least likely held by which of the following schools of thought?【单选题】A.ClassicalB.KeynesianC.Monetarist正确答案:A答案解析:“Aggregate Supply and Aggregate Demand,” Michael Parkin2010 Modular Level I, Vol. 2, pp. 347-349Study Session 5-23-dCompare and contrast the classical, Keynesian, and monetarist schools of macroeconomics.Classical economists believe the economy is self-regulating and that wage rates will correct quickly to changes in economic conditions. Both Keynesian and monetarist economists believe that wage rates are sticky in the short-run.3、Land is best characterized as:【单选题】A.having perfectly inelastic supply.B.being a nonrenewable natural resource.C.being priced according to the Hotelling principle.正确答案:A答案解析:“Markets for Factors of Production,” Michael Parkin2011 Modular Level I, Vol. 2, pp. 288-290Study Session 5-21-gDifferentiate between renewable and nonrenewable natural resources and describe the supply curve of each.The supply of a given piece of land is perfectly inelastic because the quantity is fixed.4、The quantity theory of money is best described as the proposition that, in the long run, an increase in the quantity of money brings a percentage increase in the price level that is:【单选题】A.equal.B.lower.C.higher.正确答案:A答案解析:"Money, the Price Level, and Inflation” Michael Parkin2010 Modular Level I, Vol. 2, p. 385-387Study Session 6-24-iDiscuss the quantity theory of money and its relation to aggregate supply and aggregate demand.The quantity theory of money is the proposition that in the long run, an increase in the quantity of money brings an equal percentage increase in the price level.5、Benjamin Franklin, CFA, does research about consumer surplus and producersurplus.The deadweight loss from a perfectly competitive market is most likely:【单选题】A.greater than the deadweight loss of a monopoly market.B.less than the deadweight loss of a monopoly market.C.equal to the deadweight loss of a monopoly market.正确答案:B答案解析:垄断市场会导致生产量减少，价格提高，造成过少生产，与完全竞争市场相比存在更多的无谓损失。
CFA考试一级章节练习题精选0330-54(附详解)
CFA考试一级章节练习题精选0330-54（附详解）1、An analyst compares different real estate valuation methods.A factor common tothe sales comparison approach and the income approach is that both approachesrequire :【单选题】A.identification of benchmark properties.B.knowledge of investor's marginal tax rate.C.calculation of the property's net operating income.正确答案:A答案解析:销售比较法（sales comparison approach）不需要计算房地产项目的经营性净收入（NOI），所以也不需要知道投资者的边际税率（marginal tax rate）。
但销售比较法和收入法都需要定义一个标的资产，销售比较法需要寻找基准的房地产用来得到其销售价格，并用以计算该房地产的价格；收入法需要寻找基准的房地产用来得到市场的资本化率（marketcapitalization rate)，并用来折现该房地产的经营性净收入，得到房地产的价格。
2、The real estate valuation approach that uses a perpetuity discount type model is the:【单选题】A.cost approach.B.income approach.C.sales comparison approach.正确答案:B答案解析:“Alternative Investments”, Global Investments, Sixth Edition, by Bruno Solnik and Dennis McLeavey, CFA2011 Modular Level I, Volume 6, p. 205Study Session 18-74-eDescribe the various approaches to the valuation of real estate.B is correct. The income approach to real estate valuation values a property using a perpetuity discount type of model.3、Which of the following is least likely an aggregation vehicle for real estate ownership?【单选题】A.Leveraged equity rightsB.Real estate investment trusts (REITs)C.Real estate limited partnerships (RELPs)正确答案:A答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey2012 Modular Level I, Vol. 6, pp. 201–202Study Session 18-66-eDescribe the forms of real estate investment, and explain their characteristics as an investable asset class.A is correct because leveraged equity rights is not an aggregation vehicle. Leveraged equity does not give investors collective access to real estate investments.4、Adding alternative investments to a portfolio of traditional investments will most likely result in a new combined portfolio with returns and standard deviation that are, respectively:【单选题】A.B.C.正确答案:B答案解析:“Introduction to Alternative Investments”, Terri Duhon, George Spentzos, CFA, and Scott D. Stewart, CFA 2013 Modular Level I, Vol. 6, Reading 66, Section 2.3Study Session 18-66-cDescribe potential benefits of alternative investments in the context of portfolio management.B is correct because the risk/return profile of the overall portfolio will potentially improve. The overall risk will most likely drop, and the overall return will most likely rise.5、An analyst does research about interest rate risk of fixed income securities andgathers the following information about three option-free bonds selling at par:The bond with the lowest interest rate risk is:【单选题】A.Bond 1.B.Bond 2.C.Bond 3.正确答案:B答案解析:息票率(Coupon Rate)越低，利率风险越大，因为大部分比例的现金流在未来造成价格变动的可能性增加。
CFA考试一级章节练习题精选0330-59(附详解)
CFA考试一级章节练习题精选0330-59（附详解）1、Last year, a portfolio manager earned a return of 12%. The portfolio’s beta was 1.5. For the same period, the market return w as 7.5% and the average risk-free rate was 2.7%. Jensen’s alpha for this portfolio is closest to:【单选题】A.0.75%.B.2.10%.C.4.50%.正确答案:B答案解析:“Portfolio Risk and Return Part II,” Vijay Singal2012 Modular Level I, Vol. 4, pp. 429–432Study Session 12-45-hDescribe and demonstrate applications of the CAPM and the SML.B is correct. Jensen’s alpha = 0.12 – [0.027 + 1.5(0.075 – 0.027)] = .021 or 2.10%.2、A portfolio with equal parts invested in a risk-free asset and a risky portfolio will most likely lie on:【单选题】A.the efficient frontier.B.the security market line.C.a capital allocation line.1正确答案:C答案解析:“Portfolio Risk and Return: Part II”, by Vijay Singal.2011 Modular Level I, Vol. 4, pp. 392-400Study Session 12-53-bExplain and interpret the capital allocation line (CAL) and the capital market line (CML).C is correct. A capital allocation line shows possible combinations of a risky portfolio and the risk-free asset.3、An analyst does research about the portfolio's standard deviation of return.Aportfolio consisting of two securities has the following characteristics:If the correlation of returns between the two securities is -0.25, the portfolio'sstandard deviation of return is closest to:【单选题】A.12.22%B.14.78%C.14.93%正确答案:A答案解析:投资组合的方差- 2 × 0.35 × 0.55 × 0.16 × 0.19 × 0.25 = 0.00314 +0.01525 - 0.00346 = 0.01493。
cfa一级考试真题及答案解析
cfa一级考试真题及答案解析CFA一级考试真题及答案解析1. 问题：某投资者持有一个投资组合，其中包含股票A和股票B，股票A的预期收益率为10%，股票B的预期收益率为15%，股票A在投资组合中的权重为60%，股票B的权重为40%。
请问该投资组合的预期收益率是多少？解析：投资组合的预期收益率可以通过加权平均的方式来计算。
具体计算公式为：投资组合预期收益率 = (股票A的预期收益率 * 股票A的权重) + (股票B的预期收益率 * 股票B的权重)。
将题目中给出的数据代入公式，得到投资组合的预期收益率 = (10% * 60%) + (15% * 40%) = 6% + 6% = 12%。
答案：投资组合的预期收益率为12%。
2. 问题：某公司在年初发行了面值为1000元，期限为5年，年利率为5%的债券。
如果市场利率为6%，请问该债券的当前市场价格是多少？解析：债券的市场价格可以通过现值公式来计算，即市场价格 = 债券面值 / (1 + 市场利率)^债券期限。
将题目中给出的数据代入公式，得到债券的市场价格 = 1000 / (1 + 6%)^5 ≈ 735.47元。
答案：该债券的当前市场价格约为735.47元。
3. 问题：某投资者购买了一份看涨期权，执行价格为100元，期权费为5元，到期日时标的资产的市场价格为120元。
请问该投资者的净收益是多少？解析：看涨期权的净收益可以通过以下公式计算：净收益 = (标的资产的市场价格 - 执行价格 - 期权费)。
将题目中给出的数据代入公式，得到净收益 = (120 - 100 - 5) = 15元。
答案：该投资者的净收益为15元。
4. 问题：某公司上一年的营业收入为500万元，营业成本为300万元，销售和管理费用为100万元，财务费用为20万元，投资收益为30万元。
请问该公司上一年的净利润是多少？解析：净利润的计算公式为：净利润 = 营业收入 - 营业成本 - 销售和管理费用 - 财务费用 + 投资收益。
CFA考试一级章节练习题精选0330-6(附详解)
CFA考试一级章节练习题精选0330-6（附详解）1、An analyst does research about portfolio performance evaluation.Which of thefollowing performance measures is most appropriate for an investor who is notfully diversified?【单选题】A.M-squared.B.Treynor ratio.C.Jensen's alpha.正确答案:A答案解析:M-squared使用标准差（总风险）来衡量风险，所以不需要充分地分散化非系统性风险这一假设。
Treynor ratio和Jensen's alpha都是基于系统性风险，需要投资者充分地分散化非系统性风险这一假设。
2、An analyst does research about active and passive management.If the marketfor the asset class is insufficient, which of the following statements is most accurate?A skilled investor should choose:【单选题】A.Index investing.B.passive management.C.active management.正确答案:C答案解析:如果市场是有效的，流动性是比较好的，投资者则应该采取被动投资策略，如投资于指数；而市场如果是不充分的，有经验的投资者则应该采用积极的投资管理策略。
3、Information about three stocks is provided below:If the expected market return is 9.5% and the average risk-free rate is 1.2%, according to the capital asset pricing model (CAPM) and the security market line (SML), which of the three stocks is most likely overvalued?【单选题】A.Heisen Inc.B.Booraem Inc.C.Gutmann Inc.正确答案:B答案解析:“Portfolio Risk and Return Part II,” Vijay Singal2012 Modular Level I, Vol. 4, p. 434Study Session 12-45-hDescribe and demonstrate applications of the CAPM and the SML.B is correct. Booraem Inc. is overvalued because it lies below the SML. The expected return, 12.85%, is less than the required return. According to the CAPM, the required return for Booraem Inc. is 0.1365 or 13.65%:0.1365 = 0.012 + 1.5(0.095 – 0.012).4、An analyst does research about correlation.The correlation of return betweentwo securities with equal standard deviation is 0.75.If the covarianceof returns in 5.5, the standard deviation of return of one security isclosest to:【单选题】A.2.7%B.5.7%C.7.3%正确答案:A答案解析:correlation = covariance/ standard ，得出：0.75 = 5.5/ standard ，故standard deviation = 2.7%.5、An analyst does research about capital asset pricing model.Which of the followingstatements is most accurate? The security market line (SML) :【单选题】A.is a graphical representation of the capital asset pricing model that plots expectedreturn versus beta for any security.B.includes all possible combinations of the risk-free asset and any risky portfolio.C.includes all possible combinations of the risk-free asset and the market portfolio.正确答案:A答案解析:证券市场线（SML）是资本资产定价模型（CAPM）的图形表示，系统性风险用beta表示，该模型通过计算证券的必要收益率，进而进行证券选择。
CFA考试一级章节练习题精选0330-56(附详解)
CFA考试一级章节练习题精选0330-56（附详解）1、An analyst does research about yield to maturity and gathers the followinginformation about a corporate bond paying interest semiannually:If the bond is currently selling for $ 980 and expected inflation is 5% , thebond's yield to maturity is closest to:【单选题】A.3.14%B.6.28%C.6.47%正确答案:B答案解析:FV = 1 000，PMT = 6% × 1 000 /2 = 30，PV= -980，N = 10 ×2 =20。
算出I/Y =3.14%，到期收益率(yield to maturity) =2 ×3.14% =6.28%。
2、Which of the following is most likely to be considered a momentum indicator?【单选题】A.Put-call ratioB.Breadth of marketC.Mutual fund cash position正确答案:B答案解析:“Technical Analysis,” Frank K. Reilly, CFA and Keith Brown, CFA2010 Modular Level I, Vol. 1, pp. 576-582Study Session 3-12-cList and describe examples of each major category of technical trading rules and indicators.Breadth of market is a momentum indicator. Put-call ratio and mutual fund cash position are contrary-opinion rules.3、Assume that the real risk-free rate of return is 3% and that the expected inflation premium is 5%. If the risk premium incorporates default risk, liquidity risk, and any maturity premium, an observed (nominal) interest rate of 12% implies that the risk premium is closest to:【单选题】A.4%.B.8%.C.10%.正确答案:A答案解析:“The Time Value of Money,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle2012 Modular Level I, Vol. 1, pp. 256–258Study Session 2-5-bExplain an interest rate as the sum of a real risk-free rate, expected inflation, and premiums that compensate investors for distinct types of risk.A is correct. The nominal rate = real risk-free rate of return + an inflation premium + risk premiums (default, liquidity, maturity preference).In this case, 12 = 3 + 5 + X. Solve for X. X = 4.4、If no other unbiased estimator of the same parameter has a sampling distributionwith smaller variance, the estimator can be best described as:【单选题】A.efficiency.B.unbiasedness.C.consistency.正确答案:A答案解析:有效性(efficiency)是指对于同样参数，没有其他的无偏估计有更小的样本分布方差；当样本数量不断增加，用样本去估计总体参数会越来越精确是一致性（consistency)的特征。
CFA考试一级章节练习题精选0330-35(附详解)
CFA考试一级章节练习题精选0330-35（附详解）1、A trader buys 500 shares of a stock on margin at $36 a share using an initial leverage ratio of 1.66. The maintenance margin requirement for the position is30 percent. The stock price at which the margin call will occur is closest to:【单选题】A.$20.57.B.$25.20.C.$30.86.正确答案:A答案解析:“Market Organization and Structure,” Larry Harris2013 Modular Level I, Vol. 5, Reading 46, Section 5.2, Example 20Study Session 13-46-fCalculate and interpret the leverage ratio, the rate of return on a margin transaction, and the security price at which the investor would receive a margin call.A is correct.Initial equity (%) in the margin transaction = 1/Leverage ratio = 1/1.66 = 0.60;Initial equity per share at the time of purchase = $36 × 0.60 = $21.60;Price at which margin call occurs:Equity per share/Price per share = Maintenance margin %= ($21.60 + P - $36) ÷ P = 0.30;0.7P = $14.40;P = $20.57.2、An analyst does research about price multiples and gathers the followinginformation about three companies in the same industry:According to dividenddiscounted model (DDM), which company most likelyhas the highest price-to-earnings ratio?【单选题】pany 1.pany 2.pany 3.正确答案:A答案解析:P/E = payout ratio/ (k - g) = (1 - earnings retention ratio )/(k - g)，所以P/E 与收益留存比率（earnings retention ratio）成反比，与必要回报率成反比，如果要使P/E比例最大，则需要找到最小的收益留存比率（earnings retention ratio）和必要回报率（required rate ofreturn）。
CFA考试一级章节练习题精选0330-55(附详解)
CFA考试一级章节练习题精选0330-55（附详解）1、Teresa Staal, CFA is an investment officer in a bank trust department. She manages money for celebrities and public figures, including an influential local politician. She receives a request from the politician’s political party headquarters to disclose his stock holdings. The req uest indicates local law requires the disclosure. What steps should Staal most likely take to ensure she does not violate any CFA Institute Standards of Professional Conduct?【单选题】A.Provide the information and inform her client.B.Send the requested documents and inform her supervisor.C.Check with her firm's compliance department to determine her legal responsibilities.正确答案:C答案解析:"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 88-89Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.C is correct. In order to avoid violating Standard III (E) Staal should determine if applicable securities regulations require disclosing the records before she provides the confidential information concerning her client's investments.1、Several years ago, Leo Peek, CFA, co-founded an investment club. The club is fully invested but has not actively traded its account for at least a year and does not plan to resume active trading of the account. Peek's employer requires an annual disclosure of employee stock ownership. Peek discloses all of his personal trading accounts but does not disclose his holdings in the investment club. Peek's actions are least likely to be a violation of which of the CFAInstitute Standards of Professional Conduct?【单选题】A.MisrepresentationB.Transaction priorityC.Conflicts of interest正确答案:B答案解析:There is no indication that the investment club is trading ahead of clients. See Standard VI(B). 2014 CFA Level I "Guidance for Standards I-VII," CFA Institute Standard I(C), Standard VI(A), Standard VI(B)1、While at a bar in the financial district after work, Ellen Miffitt, CFA overhears several employees of a competitor discuss how they will manipulate down the price of a thinly traded micro cap stock's price over the next few days. Miffitt's clients have large positions of this stock so when she arrives at work the next day she immediately sells all of these holdings. Because she has determined that the micro cap stock was suitable for all of her accounts at its previously higher price, Miffitt buys back her client's original exposure at the end of the week at the new, lower price. Which CFA Institute Standards of Professional Conduct did Miffitt least likely violate?【单选题】A.Market ManipulationB.Preservation of ConfidentialityC.Material Non Public Information正确答案:B答案解析:"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 49-52, 59-60, 88Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.B is correct as Miffitt has not violated the confidentiality Standard which involves information about former, current, and prospective clients.1、David Donnigan enrolled to take the Level II CFA examination in the current year, but he did not takethe exam. Donnigan advised his employer that he passed Level II. Subsequently, he registered totake the Level II exam the next year. Which CFA Institute Standards of Professional Conduct didDonnigan least likely violate? The standard related to:【单选题】A.referencing candidacy in the CFA Program.B.duty to employer.C.professional misconduct.正确答案:A答案解析:Because he registered to take the exam in the next year, Donnigan still qualifies to state he is acandidate in the CFA Program. He would not, however, be authorized to reference that he is a LevelIII candidate and, if asked, would need to specifiy that he is a Level II candidate.CFA Level I"Guidance for Standards l-VII," CFA InstituteStandard I(D), Standard IV(A)1、Carolina Ochoa, CFA, is the chief financial officer at Pantagonia Computing. Ochoa is currently the subject of an inquiry by Pantagonia’s corporate investigations department. The inquiry is the result of an anonymous complaint accusing Ochoa of falsifying travel expenses for senior management related to a government contract. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, it is most appropriate for Ochoa to disclose the allegations:【单选题】A.on her Professional Conduct Statement.B.to CFA Institute when the investigation concludes.C.to CFA Institute if the allegations are proven correct.正确答案:A答案解析:CFA Institute Standards2012 Modular Level I, Vol. 1, p. 8Study Session 1-1-cExplain the ethical responsibilities required by the Code and Standards, including the multiple sub-sections of each standard.A is correct because members and candidates must self-disclose on the annual Professional Conduct Statement all matters that question their professional conduct, such as involvement in civil litigation or criminal investigations or being the subject of a written complaint.。
CFA考试一级章节练习题精选0330-5（附详解）
CFA考试一级章节练习题精选0330-5（附详解）CFA考试一级章节练习题精选0330-5（附详解）1、An investor examines the following rate quotes for the Brazilian real and the Australian dollar:If the investor shorts BRL500,000 he will achieve a risk-free arbitrage profit (in BRL) closest to:【单选题】A.–6,327.B.1,344.C.6,405.正确答案:B答案解析:“Currency Exchange Rates,” William A. Barker, CFA, Paul D. McNelis, and Jerry Nickelsburg2013 Modular Level I, Vol. 2, Reading 21, Section 3.3Study Session 6–21–f, gExplain the arbitrage relationship between spot rates, forward rates and interest rates.Calculate and interpret a forward rate consistent with a spot rate and the interest rate in each currency.B is correct. If the right side of the following equation is greater than the left, an arbitrage opportunity exists.= Spot rate: number of units of foreign currency (price currency) per one unit of domestic currency=Forward rate: number of units of foreign currency (price currency) per one unit of domestic currency= Domestic interest rate= Foreign interest rateThe arbitrage profit is the right side of the equation minus the left side.Left side of equation: BRL500,000 × (1 + 0.041) = BRL520,500.Right Side:Arbitrage profit = BRL521,844 (right side above) –BRL520,500 (left side above) = 1,344.2、The Nash equilibrium for a duopoly faced with a “Prisoners’ Dilemma” set of choices is most l ikely to result in:【单选题】A.both firms earn economic profits.B.neither firm earns an economic profit.C.one of the firms earns an economic profit but the other firm does not.正确答案:B答案解析:“Monopolistic Competition and Oligopoly,” Michael Parkin2010 Modular Level I, Vol. 2, pp. 245-247Study Session 5-20-eDescribe the oligopoly games including the Pr isoners’ Dilemma.The Nash equilibrium for the duopoly is that both firms cheat on their collusive agreement. Prices and quantities produced are the same as those in perfect competition; neither firm earns an economic profit.3、Assume that at current production and consumption levels, a product exhibits price elasticity of demand equal to 1.20 and elasticity of supply equal to 1.45. The true economic consequences of taxes imposed on the seller of such a productare most likely borne:【单选题】A.by the seller.B.by the buyer.C.partly by the buyer and partly by the seller.正确答案:C答案解析:“Elasticity,” Michael Parkin2011 Modular Level I, Vol. 2, pp. 27-28“Markets in Action,” Michael Parkin2011 Modular Level I, Vol. 2, pp. 80-84Study Session 4-13-a; 4-15-cCalculate and interpret the elasticities of demand (price elasticity, cross elasticity, and income elasticity) and the elasticity of supply and discuss the factorsthat influence each measure.Explain the impact of taxes on supply, demand, and market equilibrium, and describe tax incidence and its relation to demand and supply elasticity.As the good exhibits neither perfectly elastic nor perfectly inelastic demand or supply (see pp. 27-28), the incidence of taxation will be shared by buyers and sellers regardless of whether the tax is placed on buyers or on sellers.4、Which of the following statements about a central bank's actions would mostlikely cause an immediate increase of the banking system's excess reserves?【单选题】A.Decreasing the policy rate.B.Selling securities in the open market.C.Decreasing the required reserve ratio.正确答案:C答案解析:降低法定存款准备金率会导致商业银行吸收存款后有更多的资金可以用于放贷，从而增加了银行系统的可贷资金余额，这种影响也最为直接。
CFA考试一级章节练习题精选0330-52(附详解)
CFA考试一级章节练习题精选0330-52（附详解）1、In an economy, consumption is 70% of pre-tax income and the average tax rate is 25% of total income. If planned government expenditures are expected to increase by $1.25 billion, the increase in total incomes and spending ($ in billions) is closest to:【单选题】A.$1.3.B.$2.6.C.$4.2.正确答案:C答案解析:“Monetary and Fiscal Policy,” Andrew Clare, PhD and Stephen Thomas, PhD2013 Modular Level I, Vol. 2, Reading 19, Section 3.2.2Study Session 5-19-o, qDescribe the tools of fiscal policy including their advantages and disadvantages.Explain the implementation of fiscal policy and the difficulties of implementation.1、In competitive markets, when the efficient quantity is produced, the least likely result is to:【单选题】A.maximize total surplus.B.generate underproduction.C.minimize deadweight loss.正确答案:B答案解析:“Efficiency and Equity,” Michael Parkin2011 Modular Level I, Vol. 2, pp. 45-46, 48-49Study Session 4-14-a, d, eExplain the various means of markets to allocate resources, describe marginal benefit and marginal cost, and demonstrate why the efficient quantity occurs when marginal benefit equals marginal cost.Discuss the relationship between consumer surplus, producer surplus, and equilibrium.Explain 1) how efficient markets ensure optimal resource utilization and 2) the obstacles to efficiency and the resulting underproduction or overproduction, including the concept of deadweight loss.When the efficient quantity is produced, total surplus (the sum of consumer surplus and producer surplus) is maximized. Deadweight loss reduces total surplus and occurs when there is either underproduction or overproduction, i.e. when the quantity produced differs from the efficient quantity. When the efficient quantity is produced, underproduction does not occur.1、Assume that an economy is composed of two products, X and Y, with the following details:Assuming 2012 is the base year for measuring GDP and the GDP deflator for the economy in 2013 is 102.4, the unit price of Y in 2012 is closest to:【单选题】A.10.8.B.11.2.C.11.5.正确答案:B答案解析:2014 CFA Level I"Aggregate Output, Prices, and Economic Growth," by Paul R. Kutasovic and Richard G. FritzSection 2.1.21、An analyst does research about aggregate demand.Aggregate demand of a countrywill least likely increase following with:【单选题】A.increase in consumer expectations of future income.B.increase in capacity utilization.C.appreciation in the domestic currency.正确答案:C答案解析:本题考查的是使总需求（aggregate demand）向右平移的因素。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
CFA考试一级章节练习题精选0330-55（附详解）1、Teresa Staal, CFA is an investment officer in a bank trust department. She manages money for celebrities and public figures, including an influential local politician. She receives a request from the politician’s political party headquarters to disclose his stock holdings. The request indicates local law requires the disclosure. What steps should Staal most likely take to ensure she does not violate any CFA Institute Standards of Professional Conduct?【单选题】A.Provide the information and inform her client.B.Send the requested documents and inform her supervisor.C.Check with her firm's compliance department to determine her legal responsibilities.正确答案:C答案解析:"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 88-89Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.C is correct. In order to avoid violating Standard III (E) Staal should determine if applicable securities regulations require disclosing the records before she provides the confidential information concerning her client's investments.1、Several years ago, Leo Peek, CFA, co-founded an investment club. The club is fully invested but has not actively traded its account for at least a year and does not plan to resume active trading of the account. Peek's employer requires an annual disclosure of employee stock ownership. Peek discloses all of his personal trading accounts but does not disclose his holdings in the investment club. Peek's actions are least likely to be a violation of which of the CFAInstitute Standards of Professional Conduct?【单选题】A.MisrepresentationB.Transaction priorityC.Conflicts of interest正确答案:B答案解析:There is no indication that the investment club is trading ahead of clients. See Standard VI(B). 2014 CFA Level I "Guidance for Standards I-VII," CFA Institute Standard I(C), Standard VI(A), Standard VI(B)1、While at a bar in the financial district after work, Ellen Miffitt, CFA overhears several employees of a competitor discuss how they will manipulate down the price of a thinly traded micro cap stock's price over the next few days. Miffitt's clients have large positions of this stock so when she arrives at work the next day she immediately sells all of these holdings. Because she has determined that the micro cap stock was suitable for all of her accounts at its previously higher price, Miffitt buys back her client's original exposure at the end of the week at the new, lower price. Which CFA Institute Standards of Professional Conduct did Miffitt least likely violate?【单选题】A.Market ManipulationB.Preservation of ConfidentialityC.Material Non Public Information正确答案:B答案解析:"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 49-52, 59-60, 88Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.B is correct as Miffitt has not violated the confidentiality Standard which involves information about former, current, and prospective clients.1、David Donnigan enrolled to take the Level II CFA examination in the current year, but he did not takethe exam. Donnigan advised his employer that he passed Level II. Subsequently, he registered totake the Level II exam the next year. Which CFA Institute Standards of Professional Conduct didDonnigan least likely violate? The standard related to:【单选题】A.referencing candidacy in the CFA Program.B.duty to employer.C.professional misconduct.正确答案:A答案解析:Because he registered to take the exam in the next year, Donnigan still qualifies to state he is acandidate in the CFA Program. He would not, however, be authorized to reference that he is a LevelIII candidate and, if asked, would need to specifiy that he is a Level II candidate.CFA Level I"Guidance for Standards l-VII," CFA InstituteStandard I(D), Standard IV(A)1、Carolina Ochoa, CFA, is the chief financial officer at Pantagonia Computing. Ochoa is currently the subject of an inquiry by Pantagonia’s corporate investigations department. The inquiry is the result of an anonymous complaint accusing Ochoa of falsifying travel expenses for senior management related to a government contract. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, it is most appropriate for Ochoa to disclose the allegations:【单选题】A.on her Professional Conduct Statement.B.to CFA Institute when the investigation concludes.C.to CFA Institute if the allegations are proven correct.正确答案:A答案解析:CFA Institute Standards2012 Modular Level I, Vol. 1, p. 8Study Session 1-1-cExplain the ethical responsibilities required by the Code and Standards, including the multiple sub-sections of each standard.A is correct because members and candidates must self-disclose on the annual Professional Conduct Statement all matters that question their professional conduct, such as involvement in civil litigation or criminal investigations or being the subject of a written complaint.。