CFA一级Mock试题
CFA考试(Level Ⅰ)模拟试题详解 5
Mock Exam 3Morning Session1．Kenneth, CFA, is a portfolio manager at A&B limited, if he suspects a colleague at his company of engaging in ongoing illegal activities, as according to the AIMR Standards of Professional Conduct, he is required to take all of the following actions EXCEPT:A．determine whether the conduct is, in fact, illegal.B．disassociate himself from any illegal activity.C．report the illegal violations to the appropriate governmental or regulatory organizations.【答案】C【解析】Standard I(B) Fundamental Responsibilities. Prohibition against participating or assisting in illegal and ethical violations. If Roberts suspects someone is planning or engaging in illegal activities, he should: (1) determine the legality of the activities, (2) disassociate himself from the illegal or unethical activity, and (3) urge his firm to attempt to persuade the perpetrator to stop. The AIMR Standards of Professional Conduct do not require that Roberts report such activities to the authorities, but the law might.2．Susan’s company is participating in an investment analysis project. Her manager gave her a report from another company’s analyst, also working on the project, and told her to put it on company letterhead and distribute the report by the end of the day.Being an AIMR member, which of the following AIMR Standards of Professional Conduct will she probably have broken if Susan complies with her manager instruction?A．Ⅳ(A) Research Reports.B．Ⅳ(B) Portfolio Investment Recommendations and Actions.C．Ⅱ(C) Prohibition against Plagiarism.【答案】C【解析】Standard Ⅱ(C) Prohibition against Plagiarism. All sources used in an analyst’s report should be referenced as to the source, author and publisher. The only exception being factual information published by recognized financial and statistical reporting services,3．Before disseminating changes in his firm’s buy/sell list. Johnson, a CFA candidate, calls his best clients to apprise them of the pending change. Based on the AIMR Standards of Professional Conduct, what standard, if any, did Johnson violate?A．Standard Ⅲ(B), Fair Dealing.B．Standard Ⅳ(B), Priority of Transactions.C．Standard Ⅱ(A), Prohibition Against Use of Material Nonpublic Information. 【答案】A【解析】Standard Ⅲ(B) Fair Dealing. Johnson violated the standard on fair dealing because he did not deal fairly and objectively with all clients and prospects when disseminating investment recommendations. Instead, he showed favoritism to his best clients. In disseminating investment recommendations, Johnson should consider making the information available to clients based on their interest and suitability. A change of recommendation from buy to sell or sell to buy is generally material.4．According to the AIMR Standards of Professional Conduct, which of the following about Standard Ⅲ(E), Preservation of Confidentiality, is TRUE?A．If a member receives information due to his or her special relationship with the client indicating illegal behavior on the part of the client, the member may not have an obligation to inform the appropriate authorities. B．Confidentiality clauses in settlement agreements protect members from divulging information during investigations.C．Employees who are also working for the client should keep the information of the clients confidential.【答案】C【解析】Standard Ⅲ(E)Preservation of Confidentiality. Choice B is false because this standard prohibits members from executing settlement agreements that prevent members from providing information in an investigation by AIMR’s Professional Conduct Program (PCP). Choice A is false because if a member receives information due to his or her special relationship with the client indicating illegal behavior on the past of the client, the member may not have an obligation to inform the appropriate authorities.5．Based on the AIMR Standards of Professional Conduct, which of the following statements is least likely to be a violation of Standard Ⅲ(D), Prohibition against Misrepresentation?A．An analyst tells a prospective client that investment grade bonds involve less default risk than junk bonds.B．A bond trader tells a client that he can assist the client in all the client’s investment needs: equity, fixed income, and derivatives.C．An investment manager recommends to a prospective client an investment in mortgage IO strips because they are guaranteed by an agency of the federal government.【答案】A【解析】Standard Ⅲ(D)Prohibition against Misrepresentation. Members are not permitted to make any assurances or guarantees about any investment, except to communicate accurate information. The statement that investment grade bonds have less default risk than junk bonds is an accurate statement.6．Ian O ’sullivan, 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 Mallory Enterprises to provide public relations services. According to the contract, O’Sullivan received 40000 shares of Mallory stock in payment for his services. Over the next 10 days, the public relations firmissued several press releases that discussed Mallory’s excellent growth prospects. O’Sullivan, through his financial research firm, also published a research report recommending Mallory stock as a buy? According to the Standards of Practice Handbook, was O’Sullivan required to disclose his ownership of Mallory stock in the:【答案】C【解析】Members should disclose all matters that reasonably could be expected to impair the member’s objectivity.7．During an onsite company visit, Yu Ding, CFA, accidentally overheard the Chief Executive office(CEO) of AMP, Inc., discussing the company’s pending tender office to purchase Dynamica Enterprises, a retailer of stargazer products, According to the Standards of practice Handbook, Yu Ding may not use the Information to take investment action because:A．the information relates to a tender offer.B．acting on the information would breach a duty to bother the CEO and AMP. C．she does not have a reasonable and adequate basis for taking investment action.【答案】A【解析】Trading on the information is restricted as it relates to a tender offer; it is clearly material,nonpublic information.8．Several years ago, Simon Ma, CFA, founded an investment club with three friends. The investment club’s account grew rapidly to a substantial size, but the club has not actively traded the account for at least a year and does not plan to resume active trading of the account. Simon’s employer requires an annualdisclosure of employee stock ownership. Simon discloses all of his personal trading accounts., but does not disclose his holdings in the investment club. Has Simon most likely violated any CFA Institute Standards of Professional Conduct?A．NoB．Yes, with respect to fiduciary duty.C．Yes, with respect to confilicts of interest.【答案】C【解析】Members should disclose all beneficial ownership that could reasonably cause a conflict of interest. Additionally, because Simon’s employer requires the disclosure, a failure to provide full information would violate his employer’s policies and CFA Institute Standards of Professional Conduct.9．A financial analyst and CFA Institute member sends a preliminary research report on a company to his supervisor. The supervisor approves the report, but then the analyst receives news that causes him to revise downward the earnings estimate of the company. The analyst resubmits the report to the supervisor with the new earnings estimate. The analyst soon finds out that the supervisor plans to release the first version of the report with the first earnings estimate without a reasonable and adequate basis. In response to this the analyst must:A．only insist that the first report be followed up by a revision.B．only take the issue up with regulatory authorities.C．insist that the supervisor change the earnings forecast or remove his (the analyst’s) name from the report.【答案】C【解析】According to Standard V(A), Diligence and Reasonable Basis, the analyst must exercise diligence, independence, and thoroughness when performing investment analysis, making a recommendation, or taking investment action. The analyst should document the difference in opinion including any request to remove his or her name from the report.10．An analyst has found an investment with what appears to be a greatreturn-to-risk ratio. The analyst double-checks the data for accuracy, keeps careful records, and is careful to not make any misrepresentations as he simultaneously sends an e-mail to all his clients with a “buy” recommendation. According to Standard V(A), Diligence and Reasonable Basis, the analyst has:A．fulfilled all obligations.B．violated the Standard if he does not verify whether the investment is appropriate for all the clients.C．violated the Standard by communicating the recommendation via e-mail. 【答案】A【解析】If the analyst had been an investment manager, it would have been inappropriate for him to make a blanket recommendation for all of his clients without considering the unique needs of each. However, the analyst is merely stating that given the qualities of the investment, it is an attractive buy. He has kept adequate records, and made fair disclosure of his rating decision. 11．When providing outside services, a member should provide all of the following information to her current employer EXCEPT:A．the types of services to be provided.B．the compensation she will receive.C．a promise to remit an agreed-upon percentage of the proceeds to the current employer.【答案】C【解析】She should provide information about the type of services, the compensation arrangement and the expected duration of the project. 12．Which of the following is a violation of Standard Ⅱ(B), Market Manipulation?A．Implementing a trading strategy to exploit differences in market power and information.B．Selling a security and immediately purchasing a similar security in order to minimize income tax liability.C．Overstating an earnings projection in order to increase the price of a stock. 【答案】C【解析】Standard Ⅱ(B), Market Manipulation, is not intended to prohibit transactions that are done in order to minimize income taxes or trading strategies that are not intended to distort prices or artificially inflate trading volume. Overstating earnings projections in order to increase the price of a stock is a direct violation.13．Which of the following bestdescribes the underlying principles upon which the Global Investment Performance Standards (GIPS) are based?A．Fair and consistent application of a global set of regulatory requirements. B．Fair treatment of entities associated with securities law infractions. C．Full disclosure and fair representation of performance results.【答案】C【解析】The GIPS standards are a set of voluntary standards based on the fundamental principles of full disclosure and fair representation of performance results.14．Which of the following activities will least likelyconstitute a violation of Standard Ⅳ(A), Loyalty?A．Conspiracy to bring about a mass resignation of other employees. B．Consulting on your own time and obtaining written permission from your employer.C．Self-dealing, taking the employer’s property or information.【答案】B【解析】Consulting on your own time and obtaining written permission from your employer does notconstitute a violation of Standard Ⅳ(A).15．Sue Parsons, CFA, works full-time as an investment advisor for the Malloy Group, an asset management firm. To help pay for her child ren’s college expenses, Parsons wants to engage in independent practice in which she would advise individual clients on their portfolios. She would conduct these investment activities only on weekends. Which of the following statements about Standard Ⅳ(A), Loyalty to Employer, is mostaccurate? Standard Ⅳ(A):A．precludes Parsons from entering into an independent competitive activity while still employed by Malloy.B．does not require Parsons to notify Malloy of preparing to undertake independent practice under the current conditions.C．requires Parsons to notify Malloy in writing about her intention to undertake an independent practice.【答案】B【解析】Standard Ⅳ(A), Loyalty to Employer, requires that Parsons obtain written consent only from her employer before she undertakes independent practice that could result in compensation or other benefit in competition with Malloy. It is not required to get permission from your employer when only preparing to go into independent practice.16．Which of the following statements is a violation of Standard Ⅶ(B) if it is included on a CFA charterholder’s resume?A．My earning the CFA designation indicates my desire to maintain high standards.B．My earning the CFA designation indicates my superior ability.C．My earning the CFA designation required that I pass three rigorous exams. 【答案】B【解析】A CFA charterholder may not make claims about how earning the designation proves superior capabilities. The other two choices are allowed because they are statements of fact.17．Nick O’Donnell, CFA, unsuspectingly joins the research team at Wickett & Co., an investment banking firm controlled by organized crime. None of the managers at Wickett are CFA Institute members. Because of his tenuous situation at Wickett, O’Donnell begins making prepara tions for independent practice. He knows he will be terminated if he informs management at Wickett that he is preparing to leave. Consequently, he determines that “if he can just hang on for one year, he will likely have a client base sufficient for him to strike out on his own.” This action is:A．a violation of his duty to disclose conflicts to his employer.B．a violation of his fiduciary duties.C．not a violation of his duty to employer.【答案】C【解析】O’Donnell is required to obtain consent from his employer if he is attempting to practice in competition with his employer. Merely undertaking preparations to leave, which do not violate a duty, is not a violation of the Code and Standards.18．While trading on behalf of a pension account, an analyst receives special research reports from the brokerage firm with whom she is doing the trades. Such an activity is:A．a violation of both Standard Ⅲ(A), Loyalty, Prudence, and Care, and the Code of Ethics.B．a violation of only The Code of Ethics.C．not in itself a violation of Standard Ⅲ(A), Loyalty, Prudence, and Care, nor the Code of Ethics.【答案】C【解析】An analyst can receive research from a brokerage firm with whom she is trading on behalf of a client. The analyst should inform the client of the arrangement. The client is more likely to violate Standard Ⅲ(A) by obtaining non-research services or, worse yet, personal benefits from the brokerage firm. 19．The following table summarizes the availability of trucks with air bags and bucket seats at a dealership.What is the probability of randomly selecting a truck with air bags and bucket seats?A．0.16.B．0.28.C．0.34.【答案】C【解析】75/220=0.34.20．An analyst gathered the following information about the monthly returns over the same time period from two diversified investment portfolios:The analyst stated that Portfolio X is negatively skewed and Portfolio Y is positively skewed. Is the analyst correct with respect to:【答案】A【解析】Portfolio X is positively skewed and Portfolio Y is negatively skewed. 21．An analyst stated that the mean of the standard normal distribution always has a value of zero but that the standard deviation of the standard normal distribution can take on a value from 0 to 1.0. Is the analyst correct with respect to the value of the standard normal d istribution’s:【答案】C【解析】The standard normal distribution is a normal distribution that has been “normalized” so that it has a mean of zero and a standard deviation of one. 22．There is an 80 percent chance of rain on each of the next six days. What is the probability that it will rain on exactly two of those days?A．0.15364.B．0.24327.C．0.01536.【答案】C【解析】P(2)=6!/[(6-2)!×2!]×(0.82)×(0.24)=0.01536=6 nCr2×(0.8)2×(0.2)4=0.01536.23．A random variable X is continuous and bounded between zero and five,X:(0≤X≤5). The cumulative distribution function (cdf) for X is F(X)=X/5. Calculate P(2≤X≤4).A．1.00.B．0.25.C．0.40.【答案】C【解析】For a continuous distribution, P(a≤X≤b)=F(b)-F(a). Here, F(4)=0.8 and F(2)=0.4. Note also that this is a uniform distribution over 0≤X≤5 so P(2≤X≤4)=(4-2)/5=40%.24．On 1 January 2006, an institutional investor’s portfolio is valued at $10000000. The investor wants to make a donation to charity on 31 December 2006, but does not want the year-end portfolio value to fall below $10000000. The expected annual return on the investor’s existing portfolio is 10 percent with a variance of 144. If the investor wants a safety-first ratio of at least 0.5, the maximum amount the investor should plan to donate is closest to:A．$400000.B．$500000.C．$600000.【答案】A【解析】(10%-R L)/12%=0.5, RL=4%,10000000×4%=40000025．There is a perpetuity of $500 and the interest rate is 10%. Calculate the present value of this perpetuity.A．$500.B．$5000.C．$5500.【答案】B【解析】The present value of a perpetuity is PV=A/r=500/0.1=5000.26．The scale-free measure of relative dispersion that is useful in making direct comparisons among different asset classes is the:A．Range.B．Variation.C．Coefficient of variation.【答案】C【解析】The coefficient of variation is the ratio of the standard deviation of a set of observations to their mean value. This scale-free measure permits direct comparisons of dispersion across different data sets.27．Which of the following decisions by analyst would most accurately describe a Type Ⅱ error?A．An analyst rejects a false null hypothesis.B．An analyst rejects a true null hypothesis.C．An analyst does not reject a false null hypothesis.【解析】Failing to reject a false null hypothesis results in making a Type Ⅱerror. 28．John buy the computer through creating a loan of $40000. It is to be paid off using 6 percent over ten years. Calculate the monthly payment.A．$421.72.B．$444.08.C．$478.59.【答案】B【解析】I=6/12=0.5; N=10×12=120; PV=40000 CPT PMT=494.08.29．You believe that the likelihood of bankruptcy is 30% for Rusty Roof Supply. You also believe that Home Pedot has a 20% of entering bankruptcy. You believe that the two events are independent. What is the probability that at least one of the companies will enter bankruptcy?A．6.0%.B．4.0%.C．44.0%.【答案】C【解析】The probability is given by [1-(1-30%)×(1-20%)]=44.0%.30．The risk-free rate is 4%, and John’s portfolio has an expected return of 15% and a standard deviation of 30%, John is concerned that the portfolio might earn less than 10%, What is the safety-first ratio for John’s portfolio?A．0.367.C．0.167.【答案】C【解析】The ratio=(ER-Rlower)/σ=(15%-10%)/30%=0.167.31．An analyst gathered information about three economic variables. He noted that whenever variable A increased by one unit, variable B increased by 0.2 units but variable C decreased by 0.7 units. The correlation between variables A and B and the correlation between variables A and C, respectively, are closest to:【答案】A【解析】The relationship between variables A and B is perfect positive correlation (1.0) and the relationship between variables A and C is perfect negative correlation (-1.0).32．John McHenry is a junior consultant working in Oldie Village Pension Consulting. He has calculated annual returns for 300 portfolio managers, and is analyzing the relationship between fees and performance. The dataset he is using (returns and fees for each manager) is an example of:A．a stratified random sample.B．a normalized dataset.C．a cross-sectional dataset.【答案】C【解析】A time-series sample consists of observations taken over a period of time at specific and equally spaced time intervals. Cross-sectional data are a sample of observations taken at a single point in time.33．A natural monopoly is most likely to exist when:A．ATC increases as output increases.B．economies of scale are great.C．all production is divided up between just a few firms.【答案】B【解析】A natural monopoly may exist when economies of scale are great. The large economies of scale make it inefficient to have many small producers. 34．Discretionary fiscal policy can be defined as:A．a situation in which total government spending exceeds total government revenue during a specific time period, usually one year.B．a change in laws or appropriation levels that alters government revenues and/or expenditures.C．a situation in which total government spending is less than total government revenue during a time period, usually one year.【答案】B【解析】Discretionary fiscal policy can be defined as a change in laws or appropriation levels that alters government revenues and/or expenditures. 35．In the short run, price searchers maximize profits by producing output where marginal revenue (MR):A．equals marginal costs (MC) and charging a price based on the average total cost (ATC) curve.B．is greater than marginal costs (MC) and charging a price based on the demand curve.C．equals marginal costs (MC) and charging a price based on the demand curve. 【答案】C【解析】Price searchers maximize profits by producing an amount of output where MR equals MC and charging a price based on the demand curve. In the short run, profits or losses occur depending upon where the individual firm’s ATC curve is in relationship to the demand curve. In the long run, economic profits are zero due to the low barriers to entry. Important note for the test: regardless of whether a firm is a price taker, price searcher, monopoly, or oligopoly, all firms will seek to maximize profits and want to produce the output where marginal revenue equals marginal cost.36．Compared with outcomes that result from collusion, independent action by companies operating in an oligopolistic industry would tend to decrease: A．output but not prices.B．prices but not output.C．both output and prices.【答案】B【解析】By colluding with rivals, oligopolists are able to replicate monopolistic industry conditions, and maximize industry profits. Oligopolists face two conflicting tendencies - the incentive to collude with rivals, so that industry profits can be maximized, and the incentive to cheat on any collusive agreement so that their own firm’s profits can be maximized.37．John Klement is a soybean farmer who harvests 125000 bushels of soybeans annually. Klement’s fi xed costs are $200000 and his variable costs are $5 per bushel. Soybeans are currently priced at $5.35 per bushel. Based on his estimates,Klement sees soybean prices being relatively stable for the next two years, then increasing to $7.00 per bushel due to increased demand from Japan. What action should Klement take? Klement should:A．shut down for two years and then restart his business.B．cut his production by 50% for the next two years and then resume full production.C．continue operating his business as usual.【答案】C【解析】Since Klement is selling soybeans, a common commodity, he is a price taker and therefore can not adjust the price. He should continue operating his business as normal as he is currently covering variable costs and part of fixed costs. In two years from now, he will be able to cover both fixed and variable costs and be able to make a substantial profit.38．A company has determined that the quantity of that company’s product demanded increases by 5 percent when price is reduced by 10 percent. That company’s elasticity demand is best described as:A．unitary elastic.B．perfectly elastic.C．relatively inelastic.【答案】C【解析】If a small percentage price change results in a large percentage change in quantity demanded, the demand for that good is said to be highly elastic. Apples are an example of an elastic good. The absolute value of price elasticity is greater than one, meaning that the percentage change in Q is greater than the percentage change in P. If a large percentage price change results in a small percentage change in quantity demanded, demand is relatively inelastic. Gasoline is an example of a relatively inelastic good. The absolute value of price elasticity is less than one, meaning that the percentage change in Q is less than the percentage change in P. A perfectly elastic demand curve is horizontal, and its elasticity is infinite. If the price increases, quantity demanded goes to zero.39．If the admission price for a rock concert is raised from $25 to $30 causing sales to drop from 60000 to 40000, the price elasticity of demand for tickets to the concert is:A．-2.20.B．-1.67.C．0.60.【答案】A【解析】Price elasticity of demand is calculated by dividing the percent change in quantity demanded by the percent change in price, using the average value of the variable in the computations. The percent change in quantity demanded is (40000-60000)/((60000+40000)/2)=-0.4. The percent change in price is(30-25)/((30+25)/2)=0.1818. The price elasticity of demand is-0.40/0.1818=-2.2.40．If the price elasticity of demand for a good is 4.0, then a 10 percent increase in price would result in a:A．4% decrease in the quantity demanded.B．10% decrease in the quantity demanded.C．40% percent decrease in the quantity demanded.【答案】C【解析】Price elasticity of demand=(% change in Q demanded/% change in price). Given the price elasticity of demand and the percentage change in price, we can solve for the percentage change in Q demanded.41．Which of the following is NOTa reason that the aggregate demand curve slopes downward?A．The wealth effect causes consumers to spend less when the price level rises.B．Higher interest rates encourage consumers to delay major purchases. C．Because entitlements are adjusted for inflation, a rising price level forces government spending to increase.【答案】C【解析】The aggregate demand curve plots real GDP against the price level. Rising entitlement payments that result from an increasing price level affect nominal GDP, but not real GDP. The other choices describe reasons why the consumption and investment components of real GDP decrease when the price level increases.42．The fact that firms can make more adjustments to production methods in the long run gives the firm:A．the ability to quickly adjust output.B．a long-run supply curve that is steeper than its short-run supply curve. C．a long-run supply curve that is more elastic than its short-run supply curve. 【答案】C【解析】Firms can adjust the fixed nature of their production costs in the long run through the purchase or sale of fixed assets. Therefore, it costs less to adjust output slowly in response to a change in demand. In the long run, there will be a greater change in the quantity supplied for a given change in price. This is because in the long run firms can change their production capacity. 43．Which of the following is least likelyto be a direct consequence of a high rate of inflation?A．Increased uncertainty about the long-term inflation rate.B．Increased focus on the long term by business planners and other people. C．A misallocation of resources within the economy.【解析】When an economy is experiencing a high rate of inflation, there is greater uncertainty about what the inflation rate will be in the long run. This increased uncertainty makes it difficult for businesses to undertake long-term planning and causes a short-term focus. Investment will decline and the economy’s growth rate will slow. The increased uncertainty will also result in a misallocation of resources because people will spend time and resources finding ways to avoid the adverse impact of high inflation which will decrease other productive activity.44．Which of the following would be most likely to have gains from an unexpected increase in the inflation rate?A．Holders of floating rate debt securities.B．The owner of a shopping mall.C．A home owner with a fixed-rate mortgage.【答案】C【解析】A new home owner with a fixed-rate mortgage will likely experience an increase in real wealth from unexpectedly higher inflation as the real value of the future mortgage payments is decreased by inflation and the value of the home is likely increased in nominal terms. Real assets, such as shopping malls and variable rate debt securities should approximately retain their real value when inflation rises. Workers, to the extent they have fixed money wage contracts, will lose wealth in real terms (and employers will gain) when inflation is higher than anticipated.45．Professional organizations of accountants and auditors that establish financial reporting standards are called:A．Regulatory authorities.B．Financial services authorities.C．Standard setting bodies.。
cfa2024年mock题目
cfa2024年mock题目全文共四篇示例，供读者参考第一篇示例：在2024年，CFA考试仍然是金融领域内最受respeECT的证书之一。
CFA考试的mock 题目一直是考生们备考的重点，因为这是他们熟悉考试题型、提高答题技巧的重要途径。
以下是2024年CFA mock 题目的一份示例：第一部分：伦理和职业标准1.小李是一位金融分析师，他在一家投资公司工作。
最近，他发现一个潜在的投资机会，但他还没有向公司的客户推荐。
他应该怎样处理这种情况？A.立即向客户推荐这个投资机会B.等待进一步研究和分析后再向客户推荐C.不推荐给客户，而是私下投资D.向公司领导报告，等待公司内部决策2.在处理资产时，投资者必须时刻牢记的道德标准是什么？A.最大化利润B.保护客户利益C.提高公司声誉D.快速获得投资回报第二部分：投资工具1.下列哪种投资方式带有最大的风险？A.股票投资B.债券投资C.房地产投资D.大宗商品投资2.在使用财务杠杆时，投资者应该注意的是什么？A.提高投资回报B.降低投资风险C.增加投资成本D.增加投资潜在损失第三部分：投资组合管理1.下列哪种资产分配策略可以降低投资组合的风险？2.当投资者需要调整其投资组合时，应该考虑下列哪种因素？A.市场预期B.个人偏好C.风险承受能力D.所有以上因素以上是2024年CFA mock题目的一部分示例，考生们在备考过程中可以通过解答这些题目来加强对各个知识点的理解和掌握。
希望每位考生都能取得优异的成绩，跻身金融领域的精英之列！第二篇示例：CFA资格认证是金融领域最具影响力和权威性的资格认证之一，受到全球金融从业人员的高度认可。
每年CFA协会都会举办模拟考试，以帮助考生更好地了解考试形式和内容，提高备考水平。
随着2024年的到来，CFA协会也发布了最新的模拟题目，以帮助考生们更好地备考。
第一部分：伦敦证券交易所（LSE）上市公司分析1. 请简要介绍伦敦证券交易所（LSE）的特点及其对上市公司的要求。
CFA考试(Level Ⅰ)模拟试题详解 3
Mock Exam 2Morning Session1．Vivian, CFA, a research analyst assigned to Double Limited, has been recommending the stock’s purchase in her quarterly report. Vivian has recently married and just discovered her husband’s trust account owns several million dollars worth of Double Limited. The stock makes up more than 50 percent of the trust’s value but less than 5 percent of Double Limited’s outstanding shares. According to AIMR Standards of Professional Conduct, Vivian should:A．take no action because the stock is not in her name.B．disclose her interest in the stock at the time of her next report.C．cease including Double Limited stock in her report.【答案】B【解析】Vivian should disclose to her clients and prospects her husband’s holdings in Double Limited because this matter couldbe expected to impair her ability to make unbiased and objective recommendations.2．Which of the following violates the AIMR Standards of Professional Conduct on the appropriate use of the Chartered Financial Analyst and CFA mark?A．Timmy has past Level Ⅱ and is registered to take the Level Ⅲ examination. In her resume she states, “I am a Level Ⅱ candidate in the CFA Program.”B．Timmy has passed all three levels of the CFA Program, has received her charter, and is a charter holder in good standing. She writes on her business card, “Timmy Wong, Chartered Financial Analyst.”C．Timmy has passed all three levels of the CFA Program, has received her charter, and is a charter holder in good standing. Her company writes in promotional litera ture“Timmy Wong is one of two CFAs in the company”.【答案】C【解析】Standard Ⅱ(A) Use of Professional Designation. The CFA and Chartered Financial Analyst designations must always be used as adjectives, never as nouns or common names. The appropriate description would be “Roger Langley is one of two CFA charterholders in the company.”3．John, CFA, wants to undertake an independent consulting practice while employed. He must get written permission from both his employer and the company who is hiring the analyst’s consulting services. According to the AIMR Standards on Professional Conduct, which of the following statements about the permission request is most correct? This permission request to the employer should mention the:A．type of services he will perform.B．compensation he will receive.C．all of the above.【答案】C【解析】Standard Ⅲ(B) Duty to Employer. According to this standard, “Members who plan to engage in independent practice for compensation should provide written statements to their employer describing the types of service the members will render prospective independent clients, the expected duration of the services, and the compensation for the services.”4．As part of an AIMR investigation into the conduct of Helen, CFA, AIMR requests records from Helen about her investment accounts. Helen writes AIMR a letter stating that under Standard Ⅳ (B), Preservation of Confidentiality, that she is unable to comply with their request. Which of the following statement is TRUE?A．is correct in her interpretation of Standard Ⅳ (B).B．should not turn over the information because it will violate federal material nonpublic information statutes and AIMR’s Standard V (A) Prohibit against Use of Material Nonpublic information.C．will no be in violation of Standard Ⅳ (B) by turning over the requested information because under the Professional Conduct Program, the Disciplinary Review Subcommittee is considered an extension of Helen.【答案】C【解析】The requirements of Standard Ⅳ (B) are not intended to prevent Lambert from cooperati ng with an investigation by AIMR’s Professional Conduct Program.5．According to the CFA Institute Standards of Practice handbook, insider trading is the least likely to be prevented by establishing:A．fire walls.B．watch list.C．selective disclosure.【答案】C【解析】Selective disclosure occurs when companies discriminate in making material nonpublic information public. Selective disclosure raises insider trading concerns.6．Pamela Gee is a portfolio manager. She is planning to establish her own money management firm. She has already informed her employer, Branford, Inc., about her plans. In her remaining time at Branford, she can:A．start the registration of her new company.B．solicit Branford colleagues but not Branford clients.C．inform her current clients about her resignation and let them know how to reach her, in case any problems arise in the future.【答案】A【解析】The only action that will not breach Standard Ⅳ(A) Loyalty to Employer, is to start the registration of her new company.7．For years, John Berger, a CFA charterholder and CEO of a company, relied upon a set of reasonable procedures for preventing violations of the Standards of Practice in the firm. The company has recently arranged to have members of CFA Institute as mid-level supervisors throughout the firm. With this arrangement Berger has delegated the supervision of employees with respect to the Code and Standards to the mid-level managers. With this action Berger:A．is still responsible for seeing that procedures are in place to prevent violations of the Code and Standards.B．is relieved of his obligation to supervise the employees under the mid-level supervisors.C．has violated Standard Ⅳ(C), Responsibilities of Supervisors.【答案】A【解析】Berger has not violated any of the Standards. He has the right to delegate supervisory duties. This delegation does not relieve him of the responsibility of making sure that procedures are in place to prevent violations of the Code and Standards.8．Jack Salyers, CFA, is considering starting his own firm to compete with his current employer. He takes several actions before turning in his resignation. Which of the following actions is NOTin violation of Standard Ⅳ(A), Loyalty to Employer?A．Before leaving, Jack solicits his employer’s current clients.B．Jack told his employer that he was considering leaving and requested that the employer write him a letter of recommendation.C．Jack took home client lists and investment statements.【答案】B【解析】Asking for a letter of recommendation is perfectly acceptable. Soliciting clients and taking the employer’s property like client lists, computer programs, etc, are not permissible.9．A CFA charter holder in a managerial position is in the process of hiring new analysts. If the charter holder conducts background checks on the job applicants with respect to their character, the charter holder has:A．complied with Standard Ⅰ(D) concerning professional misconduct.B．violated the Code of Ethics by invading the applicants’ privacy.C．violated Standard Ⅲ(E) concerning confidentiality.【答案】A【解析】To avoid potential problems and comply with Standard I(D), employers are encouraged to conduct background checks on potential employees. 10．Don Benjamin, CFA, is the compliance officer for a large brokerage firm. He wants to prevent the communication of material nonpublic information and other sensitive information from his firm’s investment banking and corporate finance departments to its sales and research departments. The most common and widespread approach that Benjamin can use to prevent insider trading by employees is the:A．Wall Street Rule.B．legal list.C．fire wall.【答案】C【解析】To comply with Standard Ⅱ(A), a fire wall provides an information barrier that prevents communication of material nonpublic information and other sensitive information from one department to another within a firm.11．Gordon is a CFA charter holder and the pension fund manager for a worker’s union. The union president informed him that during a union meeting today with Zinc Limited he learned that Zinc will announce several plant closings tomorrow. Because the worker’s union pension has a sizable position in Zinc, the union president wants Gordon to sell the pension’s holdings in Zinc today before the announcement is made publiC．Gordon should:A．inform CFA Institute in writing of the union president’s request. B．contact the Justice Department and tell them about the union president’s request.C．tell the union president that this action is illegal and refuse to sell the stock until after the announcement.【答案】C【解析】Standard Ⅱ（A）Material Nonpublic Information. The union president has material nonpublic information. Gordon received material nonpublic information in confidence. Therefore, he is not permitted to breach that confidence by trading in securities to which such information relates. Parker should make a reasonable effort to achieve public dissemination of material nonpublic information disclosed in breach of duty.12．While working on her report, Jean Paul, CFA, learns from her friend in the investment banking department that the company she is analyzing can expect a tender offer very soon. Concerning this conclusion, Paul can:A．trade on it, because she figured it out by herself.B．trade on it, because it is public information.C．not trade on it because it is material nonpublic information.【答案】C【解析】According to Standard Ⅱ(A), Material Nonpublic Information, an analyst is prohibited from trading on information that is both material and nonpublic.13．If an analyst has a policy of making an inquiry into a client’s financial situation, investment experience, and investment objectives regularly, this is: A．a violation of Standard Ⅲ(E), concerning client confidentiality.B．a violation of the disclosure requirements of Standard Ⅵ(A). C．congruent with Standard Ⅲ(C), Suitability.【答案】C【解析】Standard Ⅲ(C) explicitly says that an analyst should make such inquiries and update information regularly. Client confidentiality is addressed in Standard Ⅲ(E) but that is with respect to how the analyst treats the information once it is obtained. Standard Ⅵ(A) addresses the information that an analyst must disclose to his/her employer, clients and prospects.14．The best way to determine the suitability of an investment is:A．based on portfolio performance results, presented as a weighted average, from the biggest financial companies.B．with the help of the special performance presentation standards.C．to consider the financial situation, investment experience, and investment objectives of the client.【答案】C【解析】Although broad in scope, the best way to determine suitability is to consider the financial situation, investment experience and investment objectives of the client. All the other choices deviate from these essential issues. 15．A CFA charter holder who comes to work intoxicated is:A．in violation of Standard Ⅳ(A) concerning duties to employer.B．not in violation of the standards.C．in violation of Standard Ⅰ(D) concerning professional misconduct.【答案】C【解析】Being intoxicated at work is poor personal behavior. It is a violation of Standard I(D), which covers professional competence and integrity.16．Joni Black, CFA, works for a portfolio management firm. Black is a partner of the firm and is primarily responsible for managing several large pension plans. Black has just finished a research report in which she recommends Zeta Corporation as a “Strong Buy.” Her rating is based on solid management in a growing and expanding industry. She just handed the report to the marketing department of the firm for immediate dissemination. Upon returning to her desk she notices a news flash by CNN reporting that management for Zeta Corporation is retiring. Black wishes she did not recommend Zeta Corporation as a “Strong Buy,” but beli eves the corporation is still a good investment regardless of the management. What course of action for Black is best? Black:A．should revise the recommendation based on this new information.B．is not obligated to revise the recommendation regarding material changes in the corporation because the information was public and not private information. C．should report the new information to her immediate supervisor so that they can determine whether or not the marketing department should send out the report as written.【答案】A【解析】This question is related to Standard V(B) which states that CFA Institute members should use reasonable judgment regarding the inclusion or exclusion of relevant factors in research reports. The change in management was a relevant factor and must be disclosed before dissemination.17．An analyst is serving on the Board of Directors of a local publicly traded company. To avoid violating the CFA Institute Code and Standards, the analyst must disclose this to:A．only his employer.B．both his employer and his clients and prospective clients.C．only clients and prospective clients.【答案】B【解析】Serving on a Board of Directors should be disclosed to both the employer and clients and prospective clients.18．Phil Trobb, CFA, is preparing a purchase recommendation on Aneas Lumber for his research firm. All of the following are potential conflicts of interest EXCEPT:A．Aneas hires Trobb as a consultant to analyze Aneas’ financial statements. B．Trobb’s family trust has a large stake of ownership in Aneas Lumber. C．Trobb’s cousin repairs machines for Aneas.【答案】C【解析】Standard VI(A) defines what constitutes a conflict of interest with regard to clients, prospective clients, and employers. All of these represent potential conflicts of interest with the exception of the cousin working for Aneas Lumber in a job that is unrelated to the Aneas’ financing.19．An investor will receive an annuity of $5000 a year for seven years. The first payment is to be received 5 years from today. If the annual interest rate is 11.5 percent, what is the present value of the annuity?A．$13453.B．$23185.C．$15000.【答案】C【解析】With Pmt=5000, N=7, I/Y 11.5, value (at t=4)=23185.175. Therefore, PV (at t=0) =23185.175/(1.115)4= $15000.68.20．The financial manager at Genesis Company is looking into the purchase of an apartment complex for $550000. Net after-tax cash flows are expected to be $65000 for each of the next five years, then drop to $50000 for four years. Genesis’ required rate of return is 9 percent on projects of this na ture. After nine years, Genesis Company expects to sell the property for after-tax proceeds of $300000. What is the internal rate of return (IRR) and net present value (NPV) on this project?【答案】B【解析】IRR Keystrokes:CF0 =-$550000, CF1=$65000, F1=5, CF2=$50000, F2=3; CF3=$350000, F3=1. NPV Keystrokes:CF0 =-$550000, CF1=$65000, F1=5, CF2=$50000, F2=3; CF3=$350000, F3=1. CPT NPV, I=9.Note: Although the rate of return is positive, the IRR is less than the required rate of 9%. Hence, the NPV is negative.21．Most empirical studies of technical trading rules have found that past stock price patterns:A．do not repeat, and therefore technical analysis is profitable.B．repeat, and therefore technical analysis is not profitable.C．do not repeat, and therefore technical analysis is not profitable.【答案】C【解析】The vast majority of studies have found that prices do not move in trends based on statistical tests of autocorrelation and runs. That is, past price patterns may not be repeated in the future. Efficient market followers say that the market appears to react quickly to the release of new information. This is a significant challenge to technical analysis.22．A well-diversified Investor most likely prefer a portfolio with【答案】C【解析】All else equal, investors would prefer a greater probability of large gains (positive skewness) and would prefer higher excess return per unit of risk (hither Sharpe ratio)23．Given the following table about employees of a company based on whether they are smokers or nonsmokers and whether or not they suffer from any allergies, what is the probability of being either a nonsmoker or not suffering from allergies?A．0.38.B．0.88.C．0.50.【答案】B【解析】The probability of being a nonsmoker is 240/300=0.80. The probability of not suffering from allergies is 210/300=0.70. The probability of being a nonsmoker and not suffering from allergies is 185/300=0.62. Since the question asks for the probability of being either a nonsmoker or not suffering from allergies we have to take the probability of being a nonsmoker plus the probability of not suffering from allergies and subtract the probability of being both: 0.80+0.70-0.62=0.88.Alternatively: 1-P(Smoker & Allergies)=1-(35/300)=88.3%.24．Compared with fundamental analysis, does technical analysis place more emphasis on :【答案】A【解析】The difference between fundamental analysis and technical analysis is the assumption: about the speed at which information is impounded into prices, Technicians believe the reaction is slow, while fundamentalists believe prices adjust quickly．In addition, efficient market hypothesis analysts feel the price adjustment happens almost instantaneously．Fundamental analysis will place more emphasis on a company’s financial statements and the effects of specific events on the value of a company’s stock.25．What is the effective annual rate if the stated rate is 12 percent compounded quarterly?A．12.00%.B．12.55%.C．3.00%.【答案】B【解析】EAR=(1+0.12/4)4-1=12.55%.26．An analyst conducts a two-tailed test to determine whether differences between the means of two populations exist:H0:μ1-μ2=0 versus H2:μ1-μ2≠ 0. Assume that the populations are independent, normally distributed, and have unequal and unknown variances.The critical value with 50 degrees of freedom is 2.126. The computed test statistic is t=1.753. Using a significance level of x= 0.05, which of the following statements is TRUE?A．Use a t-test to reject the null hypothesis and accept the alternative hypothesis. B．Use a t-test to accept the null hypothesis and reject the alternative hypothesis. C．Use a z-test to reject the null hypothesis and accept the alternative hypothesis. 【答案】B【解析】The appropriate test is a t-test concerning differences between means.Because the critical value is greater than the computed t-value, the null hypothesis cannot be rejected at the 0.05 level of significance.27．In the mid 1980s J.J．Ellerson and the Boys was a famous regional blues band．In the late 1980s, J.J．embarked on a solo career and the rest of the band gradually folded．Now, the band is Considering a reunion concert and may even reunite．K．Scotty, a die-hard fan and CFA, feels that the following probabilities are correct: The probability that the reunion concert will occur whether or not the band reunites is 0.60. The probability that the band will get back together is 0.30. The probability that the band will get back together if the reunion concert occurs is 0.65.Which of the following statements is TRUE?A．The chance of the band reuniting is not a dependent event.B．The given probability for a reunion concert is an a priori probability. C．The reunion concert is an independent event.【答案】C【解析】Given two events, the independent event is the event where knowledge of one event has no influence on the other．Here, we are given that the probability of the reunion concert is not dependent upon whether or not the band reunites. The other statements are false．The probability of the band reuniting is a dependent event because it is influenced by the probability of the reunion concert．The given probability for a reunion concert is a subjective probability．An a priori probability is calculated using formal reasoning and inspection．For example, assume that 100 oft,he stocks in the S&P 500 index decreased in price yesterday．If you select a stock at random, the chance that the stock will have decreased in price is 100/500, or 20%．A subjective probability is less formal and involves personal judgement．The probability that the band will get back together if the reunion concert does not occur is a conditional probability．A conditional probability is a probability for which knowledge of another event is important．Here, the knowledge about the reunion tour is important to the probability of the band reuniting, Marginal probability is another term for unconditional probability.28．If the probability of both a new Wal-Mart and a new Wendy’s being built next month is 68 percent and the probability of a new Wal-Mart being built is 85 percent, what is the probability of a new Wendy’s being built if a new Wal-Mart is built?A．0.70.B．0.60.C．0.80.【答案】C【解析】P(AB)=P(A|B)× P(B)0.68/0.85=0.8029．An analysis conducted a significance test to determine if the relationship between two variables was real or the result of chance．His null hypothesis is the that the population correlation coefficient is equal to zero and his alternative hypothesis is that the population correlation coefficient is different from zero．He developed the following information:The analyst conducted a:A．one-tailed test and can reject-his null hypothesis．B．Two-tailed test and can reject his null hypothesis．C．One-tailed test and cannot reject his null hypothesis.【答案】B【解析】Because the alternative hypothesis is that the correlation is different from zero (either above or below zero), the analyst conducted a two-tailed test．Because the test statistic is greater than either of the critical values, the analyst can reject the null hypothesis.30．Regardless of the shape of a distribution, according to Chebyshev’s Inequality, what is the minimum percentage of observations that will lie within+or-two standard deviations of the mean?A．68%.B．34%.C．75%.【答案】C【解析】According to Chebyshev’s Inequality, for any distribution, the minimum percentage of observations that lie within kstandard deviations of the distribution mean is equal to: 1-(1/k2), with k equal to the number of standard deviations. If k= 2, then the percentage of distributions is equal to 1-(1/4)=75%. 31．George-Hack is evaluating the risk level in his portfolio of approximately 20 U.S. stocks．He is only concerned with the possibility of earning a rate of returnon the portfolio below what he can earn on T-bills．T-bills have been earning approximately4% on average over the last few years．The most appropriate measure of risk for Hack’s po rtfolio is:A．variance.B．range of returns.C．semivariance.【答案】C【解析】Semivariance only measures returns below mean expectations. 32．For a certain class of junk bonds, the probability of default in a given year is 0.2. Whether one bond defaults is independent of whether another bond defaults. For a portfolio of five of these junk bonds, what is the probability that zero or one bond of the five defaults in the year ahead?A．0.5904.B．0.7373.C．0.0819.【答案】B【解析】The outcome follows a binomial distribution where n=5 and p=0.2. In this case p(0)=0.85= 0.3277 and p(1)=5×0.84×0.2=0.4096, so P(X=0 or X=1)=0.3277+0.4096.33．Which of the following statements about monopolies is mostaccurate? A．A monopolist’s optimal production quantity is at the point where mar ginal revenue equals marginal cost.B．Monopolists charge the highest possible price.C．Monopolists always make a profit.【答案】A【解析】All firms maximize profits where MR=MC. Because of adownward-sloping demand curve and high barriers to entry, monopolists can charge a price higher than MC. Like other price searchers, monopolists take price from the demand curve (at the quantity where MR=MC).The other statements are false. A monopoly structure is characterized by awell-defined product for which there are no good substitutes. A monopolist will earn a profit as long as the demand curve lies above the average total cost curve (ATC) at the optimal quantity point. Monopolists want to maximize profits, not price.34．Which one of the following statements best expresses the central concept of counter cyclical fiscal policy?A．Planned deficits are experienced during economic booms, and planned surpluses during economic recessions.B．The balanced budget approach is the proper criterion for determining annual budget policy.C．Deficits are planned during economic recessions, and surpluses are used to restrain inflationary booms.【答案】C【解析】Countercyclical policy refers to the use of discretionary fiscal policy to minimize fluctuations in AD over the business cycle. For example, a planned budget deficit is enacted during a recession, while a planned budget surplus is enacted it the economy is operating above full employment (boom).35．The economy is in recession, and counter cyclical fiscal policy has been enacted. If the policy has been effective and the AD curve has moved upward to the right, the result is:A．lower prices and more output.B．higher prices and more output.C．lower prices and lower unemployment.【答案】B【解析】When the AD curve moves upward to the right, the result is higher prices and more output. Conversely, a shift in the AD curve downward to the left results in lower prices and less output.36．A market has the following characteristics: a large number of independent sellers each producing a differentiated product, low barriers to entry, producers face downward sloping demand curves, and demand is highly elastiC．This description most closely describes:A．a monopoly.B．an oligopoly.C．monopolistic competition.【答案】C【解析】These conditions characterize monopolistic competition. By contrast, monopolies and oligopolies have high barriers to entry and involve either a single seller (monopoly) or a small number of interdependent sellers(oligopoly). Similar to monopolistic competition, pure competition involves a large number of independent sellers. With pure competition, products are homogeneous(not differentiated), no barriers to entry exist(not low barriers to entry), and the demand schedule is horizontal(not downward sloping) and perfectly elastic (not highly elastic).37．Suppose that rubber is the primary input in the production of golf balls. If the price of rubber increases while all else remains constant, then in the short-run:A．the marginal and average variable cost curves shift upward, but not the average total or average fixed cost curves.B．the average total and average variable cost curves shift upward, but the marginal and average fixed cost curves will shift downward.C．the marginal, average variable, and average total cost curves will shift upward, but the average fixed cost curve will not shift.【答案】C【解析】Marginal cost (MC) is the change in total cost resulting from the production of one additional unit. In the short run, MC will typically decline if output is increased, reaching a minimum, and then will increase sharply as maximum production capacity is approached. Total variable costs are those costs that rise as output increases. For a given level of output, the average variable cost (AVC) is the total variable cost divided by output. In the short run, AVC will slightly decline, to a certain point at which output will increase by smaller and smaller amounts, causing AVC to rise. This is the point of diminishing returns, where it will take successively larger amounts of the variable factor to expand output by one unit.Total fixed cost is the sum of costs that do not vary with output. Average fixed cost(AFC) is the total fixed cost divided by output. AFC will be high for low rates of output, but will decline as output increases, causing the curve to slope downward to the right. Average total cost (ATC) is the total cost divided by the total number of units produced. ATC will be a U-shaped curve, since AFC will be high for small rates of output and MC will be high as the plant approached maximum capacity.38．Under a price ceiling, bribery is a mechanism to:A．allocate a good to the poorest individuals in the market.B．allocate a good to the richest individuals in the market.C．bring the total price of a good (including the bribe) higher and closer to the equilibrium price.【答案】C【解析】A price ceiling is an upper limit on the price a supplier can charge. If the ceiling is below the equilibrium price, it can result in bribes as a rationing mechanism, whereas the total price of a good (including the bribe) is brought closer to the equilibrium price.。
（完整版）CFA一级模考试题及答案.doc
（完整版）CFA一级模考试题及答案.docANSWERS FOR MOCK EXAM 1 (MORNING SESSION)1. D.Although Terence has passed Level III, he has not yet received his charter andcannot use the CFA designation. The description provided in the cover letterproperly describes his situation.2. C.Amy must take both actions-notifying her immediate supervisor and delivering acopy of the Code and Standards.3. D.4. C.Members may undertake an independent practice that could result in compensationor other benefit in competition with their employer provided they obtain writtenconsent from both their employer and the party for whom they undertakeindependent practice.5. C.To maintain his objectivity, Keith should pay his own hotel bill. Because the itineraryrequired charter flights due to a lack of commercial transportation, A& K Limited can appropriately provide them.6. C. Under ERISA, fiduciaries must act solely in the interest of, and for the exclusivepurpose of benefiting, the plan participants and beneficiaries.7. B. Daniel must give priority to transactions for clients and employers over transactionsfor his children.8. A.To avoid violating the standards, members cannot trade until the member's clients andemployers have had an adequate opportunity to act on the recommendation.9. C.The requirements of Standard IV (B.5) are not intended to prevent Lambert fromcooperating with an investigation by AIMR's Professional Conduct Program.10. B.Vivian should disclose to her clients and prospects her husband's holdings in DoubleLimited because this matter could be expected to impair her ability to makeunbiased and objective recommendations.11. B.12. B.Accruals accounting is required.13. C.Standard I(B) Fundamental Responsibilities. Prohibition against participating orassisting in illegal and ethical violations. If Roberts suspects someone isplanning or engaging in illegal activities, he should: (1) determine the legalityof the activities, (2) disassociate himself from the illegal or unethical activity, and(3) urge his firm to attempt to persuade the perpetrator to stop. The AIMRStandards of Professional Conduct do not require that Roberts report suchactivities to the authorities, but the law might.14. C.Standard III(C) Disclosure of Conflicts to Employer. Gloria should disclose to heremployer all matters that could reasonably be expected to interfere with herability to make unbiased and objective recommendations. Her service as atrustee of the Well Limited Foundation for Heart Research is most likely to beconsidered a conflict of interest with her responsibility to her employer.15. C.Standard III (E) Responsibilities of Supervisors. Paul may delegate supervisory duties,but such delegation does not relieve him of his supervisory responsibility.16. A.Standard IV (B.3) Fair Dealing. Johnson violated the standard on fair dealingbecause he did not deal fairly and objectively with all clients and prospectswhen disseminating investment recommendations. Instead, he showedfavoritism to his best clients. In disseminating investment recommendations,Johnson should consider making the information available to clients based ontheir interest and suitability. A change of recommendation from buy to sell or sellto buy is generally material.17. D.Standard IV(B.5) Preservation of Confidentiality. ChoiceB is false because thisAnswers for Mock Exam 1 (Morning Session) (Rev. 1) 1standard prohibits members from executing settlement agreements that preventmembers from providing information in an investigation by AIMR's ProfessionalConduct Program (PCP). Choice C is false because a person cannot withholdinformation during PCP investigations. Choice A is false because if a memberreceives information due to his or her special relationship with the clientindicating illegal behavior on the past of the client, the member may not have anobligation to inform the appropriate authorities.18. A.Standard IV(B.6) Prohibition against Misrepresentation. Members are not permitted tomake any assurances or guarantees about any investment, except tocommunicate accurate information. The statement that investment grade bondshave less default risk than junk bonds is an accurate statement.19. /doc/196717446.html,e BGN node: n = 10; i = 12 PMT = 1,000, compute FV = 19.654.5820. B.The present value of a perpetuity is PV = A/r = 500/0.1 = $5,000.21. B.i = 6/12 = 0.5; n = 10x12 = 120; PV = 40,000 Compute PMT22. A.23. A.A binomial random variable has an expected value or mean equal to np andvariance equal to np(1-p).Mean = 12(0.5) = 6; variance (12)(0.5)(1-0.5) = 324. D.25. B.Rbt-1 = In St+1 /St = (1+RL1-1) = In (40/25) = 0.47. Thus, 47% is thecontinuously computed return for the one-year holding period.26. B.Choice A describes cross-sectional data.Choice B describes time-series data.27. D.The dependent variable, Y, is equal to the intercept, b0, plus a slope coefficient, b1,times the independent, X, plus an error term, ε.28. C.I N FV Compute PV10 1 100 90.9110 2 150 123.9710 3 200 150.2610 4 250 170.75Total 535.8929. B.Step 1: Solve for the PV of the 5 payments of 3,000 to be received in years 3through 7.n = 5; i = 10; PMT = 3,000; compute PV =11,372.3611,372.36 falls one year before the first payment, or in year 2.Step 2: Find the present value of 11,372.36 that is two years in the future. n= 2; i = 10; FV =11,372.36; compute PV =9,398.64 or 9,399(rounded).30. D.From weakest to strongest, the ordering of measurements scales is nominal, ordinal,interval, and ratio.31. B.An interval is a set of return values within which an observation not falls.32. C.Step 1. Calculate the mean monthly return = 2% + (- 4%) + 1% + 5% = 4%M = 1%Step 2.Calculate the population standard deviation:([(2% - 1%) 2 + (-4% -1%) 2 +(1% - 1%) 2 +(5% -1%)2 ]N)1/ 2=3.24%Step 3. Calculate the sample standard deviation: ([(2% - 1%)2 + (-4% -1%) 2+ (1% - 1%) 2+ (5% - l%) 2 ])/n - 1) 1/ 2 = 3. 74%33. B.According to Chebyshev's inequality, the proportion of the observations within 2,which is k, standard deviations of the mean is at least 1 -(l/k) 2 = 1-(1/2 2) =0.75 or 75%.34. A.The probability is 30/200 = 0.15.35. /doc/196717446.html,ing the addition rule for probabilities, P (analyst or positive) =P(analyst) + Answers for Mock Exam 1 (Morning Session) (Rev. 1) 2P(positive) - P(analyst and positive)P (A or positive) = 130/200 + 140/200 - (100/130) = 0.58 or 58%36. B.Savings increases to hold interest rates constant. This means aggregate demandchanges little.37. C.The empirical evidence on the relationship between budget deficits and interest ratesis mixed.Few studies show a significant positive short-term link between budgetdeficits and real interest rates.38. B.Expansion = 1 / reserve requirement = 1/0.25 = 4(4)(150) = 60039. C.People realize this leads to inflation in the long run, so they reduce their moneyholdings. Output rises because the increase is unexpected.40. C.In purely competitive markets, there are a large number of dependent firms.41. D.42. D.43. C.44. C.45. D.Choice A: Accrual accounting does not require the receipt of cash for assurance ofpayment to exist.Choice C and D: These relate only to the condition of completion of theearnings process.46. D.47.ADemand for currency decreases when real interest rates decrease because ofdecreased capital flows.48.CForeign exchange quotations can be expressed on a direct basis -the home currencyprice of another currency — or an indirect basis-- the foreign currency price ofthe home currency.49.C F/S= (1 + r D )/(l + r F) where rates are listed as DC/FCF = (1.3/1.25)(0.4) = 0.41650. C.Direct method:Net income 1000Depreciation 70Goodwill 30Change in accounts receivable 25Change in inventory (35)Change in accounts payable 30Change in wages payable 15Operating cash flows 113551. B. Purchase equipment (200)Sell truck 25Investing cash flows (175)52. D. Sale of common stock 100Issuance of bonds 20Financing cash flows 12053. D.A common size balance sheet expresses all balance sheet accounts as apercentage of total assets.54. C. Original shares of common stock = 1,000,000(12) = 12,000,000Stock dividend = 200,000(12) = 2,400,000New shares of common stock = 200,000(3) = 600,000Total shares of common stock = 15,000,000/12= 1,250,000 Stock dividends are assumed to have been outstanding since the beginningof the year.55. D.Inventory turnover, defined as COGS/Average inventory, if often meaningless forLIFO companies due to the mismatching of costs. The numerator representscurrent costs, whereas the denominator reports outdatedhistorical costs. Thus,the turnover ratio under LIFO will, when prices decrease, trend lower becauseof small COGS and larger inventory. Net profit margin, defined as EA T/Sales,is higher during periods of decreasing profits for LIFO companies. LIFO leadsto a smaller COGS, which reduces EAT, without affecting sales.56. A.In this situation, LIFO results in lower cost of goods sold because it uses the morerecent and lower costs than LIFO. LIFO results in lower cash flows becausethe cash on income taxes is a percentage(the marginal tax rate) of thedifference in inventory values. Thus, with LIFO:Sales-COGS(smaller)EBT (larger)-Taxes (larger) Because taxes paid out are a cash outflow.EAT (larger) If taxes are larger, then cash flow ill be smaller.57. D.COGSFIFO = COGSLIFO - (Ending LIFO Reserve - Beginning LIFO Reserve)COGSFIFO = $250,000 - ($8,000-$5,000) = $247,00058. /doc/196717446.html,pared to expensing, capitalizing results in higher profitability in early years and lower profitability in later years.59. C.60. D.The present value of the minimum lease payments equals or exceeds 90 percent ofthe value of the fair value of the leased property.61. B.Capital lease affects on the income statement:Step1: Calculate the depreciation charge: ($3,500,000-$450,000)/10 = $305,000Step2: Calculate the interest expense: $3,500,000(0.15) = $525,000Total expense: $305,000+$525,000 = $830,00062. A.63. C.64. A.65. B.66. D.67. B.Dealer-markets are price-driven markets.68. D.69. C.70. C.P/E = Dividend payout ratio/(k-g)Dividend payout ratio = 1 - retention ratio = 1-0.2 = 0.8P/E = 0.8(0.15-0.08) =5.671. B.k = D1/P0+g = $4/$25+0.09 = 0.2572. A.Step1: Calculate the ending index value = ($100)(5) = $500Step2: Calculate the expected return.E(R1) = [Dividends + (Ending value - Beginning value)]/(Beginning value)=[40+(500-490)]/$490 = 0.1 or 10%73. D.The critical factors determining the franchise P/E are the difference between theexpected return on the new opportunities (R) and the current cost of capital (k)and the size of these growth opportunities relative to the firm's current size.74. A.75. C.76. D The completed contract method less net income in the periods beforeconstruction is completed, but not at the end of the contract, than using thepercentage-of-completion method. This is because the completed contractmethod recognizes revenue and expense only when the contract has beencompleted.77. A. Net income 1,000Adjustment for non-cash andnon-operating itemsDepreciation 100Deferred taxes (increase) 40Profit from sale ofequipment (10)Adjustment for workingcapital items:Accounts receivable (decrease) (120)Inventory (increase) (40)Accounts payable (increase) (20)Wages payable (decrease) (10)Cash flow from operations 94078. D79.A When inventory and accounts receivable increase, this is a use of cash (cashoutflow); when assets decrease, this is a source (cash inflow). When accountspayable increase, this is a source of cash (cash inflow); when liabilities decrease,this is a use (cash outflow).80.BCash conversion cycle = receivables days + inventory processing days -payables payment period.Receivables days = 365/receivabies turnover = 365/30 = 12.17 days.Inventory processing days = 365/inventory turnover = 365/15 = 24.33 days.Payables payment period = 365/payabIes turnover = 365/20 = 18.25days.Cash collection cycle = 12.17 + 24.33 –18.25 = 18.25 days.81.BChoice A: Buying fixed assets on credit does not affect current assets butincreases current liabilities. Therefore, the current ratio falls.Choice B: Buying inventory on account increases both inventory and accountspayable. Because the current ratio started off below I, the ratio will increase.Choice C: Selling marketable securities for cash does not affect the amount ofcurrent assets and leaves the current ratio unaffected,Choice D : Paying off accounts payable from cash lowers current assetsand current liabilities by the same amount. Because the current ratio startedoff below 1, the ratio will fall.82.D ROE = Profit margin x Total asset turnover x financial leverageROE = (0.3)(2.1)(0.5)= 0.315 or 31.5%83.AROE = [(S/A)(EBIT/S) - (I/A)](A/EQ)(I - t)ROE = [(2.5)(0.2) - (0.08)](1.2)(0.6) = 0.30 or 30%84. A85.B EPS = ($180,000 - $4,000) / 50,000 = $3.52 per share86. B87. D88.CThese relationships are reversed in the latter years of the asset's life if the firm'scapital expenditures decline.89. D90. C.91. C.92. D.93. D.Absolute yield spread = Yield on Bond A - Yield on Bond B = 10%-7% = 3%94. B.Relative yield spread = (Yield on Bond A - Yield on BondB)/(Yield on BondB)=(10%-7%)/7% = 0.43 = 43%95. B.Yield ratio = (Yield on Bond A)/(Yield on Bond B) = 6%/7% = 1.4396. B.Current yield = (Annual dollar coupon interest)/(Price of the bond) = 8/130 =0.0625 or 6.25%97. A.When the stock's price (S) - the strike price (X) is positive, a call option isin-the-money. 25-X = 8 so X = 17.98. A.99. A.The writer of put loss = $60-premiun$5 = $55 Thewriter of call gets a maximum gain of $8100. A.101. C.102. D.103. A.104. D.105. B.106. D.107. C.108. A.Securities that fall on the SML are properly valued.109. A.110. A.If a stock's beta were equal to 1, an investor would be expected to get the marketrate of return from buying the stock. E(R) = 5%+1(10%-5%) = 10% 111. D112. D113. C114.BPerfect positive correlation (r = + 1) of the returns of two assets offers no risk reduction, whereas perfect negative correlation (r = -1) offers the greatestrisk reduction.115.BPortfolio A does not lie on the efficient frontier because it has a lower return than Portfolio B but has greater risk. Portfolio D does not lie on the efficient frontier because it has higher risk than Portfolio C but has the same return. 116. C.117.DChoice A: Unsystematic risk is diversifiable risk.Choice B: Systematic risk is undiversifiable risk.Choice C: Total risk= Systematic risk+ Unsystematic risk.118. C119.DCAPM specifies the factor (market risk) but APT doesnot.120. A。
CFA一级历年mockexam201520182016CFALevel1MockExamaftern
MOCK EXAM 114
Last Name: No:
First Name: Date:
Questions 1~18 Relate to Ethics 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: A. on her Professional Conduct Statement. B. to CFA Institute if the allegations are proven correct. C. to CFA Institute when the investigation concludes.
CFA level1-Mock-114 Questions 1~18 Relate to Ethics.....................................................................................................2 Questions 19~32 Relate to Quantitative analysis..........................................................................9 Questions 33~44 Relate to Economics .........................................................................................13 Questions 45~68 Relate to Financial Statement Analysis ..........................................................17 Questions 69~76 Relate to Corporate finance...............................................................................26 Questions 77~88 Relate to Equity investment ............................................................................29 Questions 89~94 Relate to Derivatives ........................................................................................32 Questions 95~106 Relate to Fixed-income Analysis ...................................................................34 Questions 107~110 Relate to Alternative Investments ...............................................................38 Questions 111 ~120 Relate to Portfolio Management.................................................................39
（完整版）CFA一级模考试题及答案
（完整版）CFA一级模考试题及答案ANSWERS FOR MOCK EXAM 1 (MORNING SESSION)1. D. Although Terence has passed Level III, he has not yet received his charter andcannot use the CFA designation. The description provided in the cover letterproperly describes his situation.2. C. Amy must take both actions-notifying her immediate supervisor and deliveringa copy of the Code and Standards.3. D.4. C. Members may undertake an independent practice that could result incompensation or other benefit in competition with their employer provided theyobtain written consent from both their employer and the party for whom theyundertake independent practice.5. C. To maintain his objectivity, Keith should pay his own hotel bill. Because theitinerary required charter flights due to a lack of commercial transportation, A& K Limited can appropriately provide them.6. C. Under ERISA, fiduciaries must act solely in the interest of, and for theexclusive purpose of benefiting, the plan participants and beneficiaries.7. B. Daniel must give priority to transactions for clients and employers overtransactions for his children.8. A. To avoid violating the standards, members cannot trade until the member'sclients and employers have had an adequate opportunity to act on therecommendation.9. C. The requirements of Standard IV (B.5) are not intended to prevent Lambertfrom cooperating with an investigation by AIMR's Professional ConductProgram.10. B. Vivian should disclose to her clients and prospects her husband's holdings inDouble Limited because this matter could be expected to impair her ability tomake unbiased and objective recommendations.11. B.12. B. Accruals accounting is required.13. C. S tandard I(B) Fundamental Responsibilities. Prohibition against participating orassisting in illegal and ethical violations. If Roberts suspects someone isplanning or engaging in illegal activities, he should: (1) determine the legalityof the activities, (2) disassociate himself from the illegal or unethical activity,and (3) urge his firm to attempt to persuade the perpetrator to stop. The AIMRStandards of Professional Conduct do not require that Roberts report suchactivities to the authorities, but the law might.14. C. Standard III(C) Disclosure of Conflicts to Employer. Gloria should disclose toher employer all matters that could reasonably be expected to interfere with herability to make unbiased and objective recommendations. Her service as atrustee of the Well Limited Foundation for Heart Research is most likely to beconsidered a conflict of interest with her responsibility to her employer.15. C. Standard III (E) Responsibilities of Supervisors. Paul may delegate supervisoryduties, but such delegation does not relieve him of his supervisoryresponsibility.16. A. Standard IV (B.3) Fair Dealing. Johnson violated the standard on fair dealingbecause he did not deal fairly and objectively with all clients and prospectswhen disseminating investment recommendations. Instead, he showedfavoritism to his best clients. In disseminating investment recommendations,Johnson should consider making the information available to clients based ontheir interest and suitability. A change of recommendation from buy to sell orsell to buy is generally material.17. D. Standard IV(B.5) Preservation of Confidentiality. ChoiceB is false because thisstandard prohibits members from executing settlement agreements that preventmembers from providing information in an investigation by AIMR'sProfessional Conduct Program (PCP). Choice C is false because a personcannot withhold information during PCP investigations. Choice A is falsebecause if a member receives information due to his or her special relationshipwith the client indicating illegal behavior on the past of the client, the membermay not have an obligation to inform the appropriate authorities.18. A. Standard IV(B.6) Prohibition against Misrepresentation. Members are notpermitted to make any assurances or guarantees about any investment, except tocommunicate accurate information. The statement that investment grade bondshave less default risk than junk bonds is an accurate statement.19. C. Use BGN node: n = 10; i = 12 PMT = 1,000, compute FV = 19.654.5820. B. The present value of a perpetuity is PV = A/r = 500/0.1 = $5,000.21. B. i = 6/12 = 0.5; n = 10x12 = 120; PV = 40,000 Compute PMT22. A.23. A. A binomial random variable has an expected value or mean equal to np andvariance equal to np(1-p).Mean = 12(0.5) = 6; variance (12)(0.5)(1-0.5) = 324. D.25. B. Rbt-1 = In St+1 /St = (1+RL1-1) = In (40/25) = 0.47. Thus, 47% is thecontinuously computed return for the one-year holding period.26. B. Choice A describes cross-sectional data.Choice B describes time-series data.27. D. The dependent variable, Y, is equal to the intercept, b0, plus a slope coefficient,P(positive) - P(analyst and positive)P (A or positive) = 130/200 + 140/200 - (100/130) = 0.58 or 58%36. B. Savings increases to hold interest rates constant. This means aggregate demandchanges little.37. C. The empirical evidence on the relationship between budget deficits and interestrates is mixed.Few studies show a significant positive short-term link between budget deficitsand real interest rates.38. B. Expansion = 1 / reserve requirement = 1/0.25 = 4(4)(150) = 60039. C. People realize this leads to inflation in the long run, so they reduce their moneyholdings. Output rises because the increase is unexpected.40. C. In purely competitive markets, there are a large number of dependent firms.41. D.42. D.43. C.44. C.45. D. Choice A: Accrual accounting does not require the receipt of cash for assuranceof payment to exist.Choice C and D: These relate only to the condition of completion of theearnings process.46. D.47. A Demand for currency decreases when real interest ratesdecrease because ofdecreased capital flows.48. C Foreign exchange quotations can be expressed on a direct basis - the homecurrency price of another currency—or an indirect basis-- the foreign currencyprice of the home currency.49. C F/S= (1 + r D)/(l + r F) where rates are listed as DC/FCF = (1.3/1.25)(0.4) = 0.41650. C. Direct method:Net income 1000Depreciation 70Goodwill 30Change in accounts receivable 25Change in inventory (35)Change in accounts payable 30Change in wages payable 15Operating cash flows 113551. B. Purchase equipment (200)Sell truck 25Investing cash flows (175)52. D. Sale of common stock 100Issuance of bonds 20Financing cash flows 12053. D. A common size balance sheet expresses all balance sheet accounts as apercentage of total assets.54. C. Original shares of common stock = 1,000,000(12) = 12,000,000Stock dividend = 200,000(12) = 2,400,000New shares of common stock = 200,000(3) = 600,000Total shares of common stock = 15,000,000/12= 1,250,000 Stock dividends are assumed to have been outstanding since the beginning ofthe year.55. D. Inventory turnover, defined as COGS/Average inventory, if often meaninglessfor LIFO companies due to the mismatching of costs. The numerator representscurrent costs, whereas the denominator reports outdated historical costs. Thus,the turnover ratio under LIFO will, when prices decrease, trend lower becauseof small COGS and larger inventory. Net profit margin, defined as EA T/Sales,is higher during periods of decreasing profits for LIFO companies. LIFO leadsto a smaller COGS, which reduces EAT, without affecting sales.56. A. In this situation, LIFO results in lower cost of goods sold because it uses themore recent and lower costs than LIFO. LIFO results in lower cash flowsbecause the cash on income taxes is a percentage(the marginal tax rate) of thedifference in inventory values. Thus, with LIFO:Sales-COGS (smaller)EBT (larger)-Taxes (larger) Because taxes paid out are a cash outflow.EAT (larger) If taxes are larger, then cash flow ill be smaller.57. D. COGSFIFO = COGSLIFO - (Ending LIFO Reserve - Beginning LIFO Reserve)COGSFIFO = $250,000 - ($8,000-$5,000) = $247,00058. D. Compared to expensing, capitalizing results in higher profitability in earlyyears and lower profitability in later years.59. C.60. D. The present value of the minimum lease payments equals or exceeds 90 percentof the value of the fair value of the leased property.61. B. Capital lease affects on the income statement:Step1: Calculate the depreciation charge: ($3,500,000-$450,000)/10 = $305,000Step2: Calculate the interest expense: $3,500,000(0.15) = $525,000Total expense: $305,000+$525,000 = $830,00062. A.63. C.64. A.65. B.66. D.67. B. Dealer-markets are price-driven markets.68. D.69. C.70. C. P/E = Dividend payout ratio/(k-g)Dividend payout ratio = 1 - retention ratio = 1-0.2 = 0.8P/E = 0.8(0.15-0.08) =5.671. B. k = D1/P0+g = $4/$25+0.09 = 0.2572. A. Step1: Calculate the ending index value = ($100)(5) = $500Step2: Calculate the expected return.E(R1) = [Dividends + (Ending value - Beginning value)]/(Beginning value)= [40+(500-490)]/$490 = 0.1 or 10%73. D. The critical factors determining the franchise P/E are the difference between theexpected return on the new opportunities (R) and the current cost of capital (k)and the size of these growth opportunities relative to the firm's current size.74. A.75. C.76. D The completed contract method less net income in the periods beforeconstruction is completed, but not at the end of the contract, than using thepercentage-of-completion method. This is because the completed contractmethod recognizes revenue and expense only when the contract has beencompleted.77. A. N et income 1,000Adjustment for non-cash andnon-operating itemsDepreciation 100Deferred taxes (increase) 40Profit from sale ofequipment (10)Adjustment for workingcapital items:Accounts receivable (decrease) (120)Inventory (increase) (40)Accounts payable (increase) (20)Wages payable (decrease) (10)Cash flow from operations 94078. D79. A When inventory and accounts receivable increase, this is a use of cash (cashoutflow); when assets decrease, this is a source (cash inflow). When accountspayable increase, this is a source of cash (cash inflow); when liabilitiesdecrease, this is a use (cash outflow).80. B Cash conversion cycle = receivables days + inventory processing days -payables payment period.Receivables days = 365/receivabies turnover = 365/30 = 12.17 days.Inventory processing days = 365/inventory turnover = 365/15 = 24.33 days.Payables payment period = 365/payabIes turnover = 365/20 = 18.25days.Cash collection cycle = 12.17 + 24.33 – 18.25 = 18.25 days.81. B Choice A: Buying fixed assets on credit does not affect current assets butincreases current liabilities. Therefore, the current ratio falls.Choice B: Buying inventory on account increases both inventory and accountspayable. Because the current ratio started off below I, the ratio will increase.Choice C: Selling marketable securities for cash does not affect the amount ofcurrent assets and leaves the current ratio unaffected,Choice D: Paying off accounts payable from cash lowers current assets andcurrent liabilities by the same amount. Because the current ratio started offbelow 1, the ratio will fall.82. D ROE = Profit margin x Total asset turnover x financial leverageROE = (0.3)(2.1)(0.5)= 0.315 or 31.5%83. A ROE = [(S/A)(EBIT/S) - (I/A)](A/EQ)(I - t)ROE = [(2.5)(0.2) - (0.08)](1.2)(0.6) = 0.30 or 30%84. A85. B EPS = ($180,000 - $4,000) / 50,000 = $3.52 per share86. B87. D88. C These relationships are reversed in the latter years of the asset's life if the firm'scapital expenditures decline.89. D90. C.91. C.92. D.93. D. Absolute yield spread = Yield on Bond A - Yield on Bond B = 10%-7% = 3%94. B. Relative yield spread = (Yield on Bond A - Yield on Bond B)/(Yield on BondB)= (10%-7%)/7% = 0.43 = 43%95. B. Yield ratio = (Yield on Bond A)/(Yield on Bond B) = 6%/7% = 1.4396. B. Current yield = (Annual dollar coupon interest)/(Price of the bond) = 8/130 =0.0625 or 6.25%97. A. When the stock's price (S) - the strike price (X) is positive, a call option isin-the-money. 25-X = 8 so X = 17.98. A.99. A. The writer of put loss = $60-premiun$5 = $55The writer of call gets a maximum gain of $8100. A.101. C.102. D.103. A.104. D.105. B.106. D.107. C.108. A. Securities that fall on the SML are properly valued.109. A.110. A. If a stock's beta were equal to 1, an investor would be expected to get the market rate of return from buying the stock. E(R) = 5%+1(10%-5%) = 10% 111. D112. D113. C114. B Perfect positive correlation (r = + 1) of the returns of two assets offers no risk reduction, whereas perfect negative correlation (r = -1) offers the greatest riskreduction.115. B Portfolio A does not lie on the efficient frontier because it has a lower return than Portfolio B but has greater risk. Portfolio D does not lie on the efficientfrontier because it has higher risk than Portfolio C but has the same return. 116. C.117. D Choice A: Unsystematic risk is diversifiable risk.Choice B: Systematic risk is undiversifiable risk.Choice C: Total risk= Systematic risk+ Unsystematic risk.118. C119. D CAPM specifies the factor (market risk) but APT does not.120. A。
CFA考试(Level Ⅰ)辅导系列-Mock Exam 3【圣才出品】
Mock Exam 3Morning Session1．Kenneth, CFA, is a portfolio manager at A&B limited, if he suspects a colleague at his company of engaging in ongoing illegal activities, as according to the AIMR Standards of Professional Conduct, he is required to take all of the following actions EXCEPT:A．determine whether the conduct is, in fact, illegal.B．disassociate himself from any illegal activity.C．report the illegal violations to the appropriate governmental or regulatory organizations.【答案】C【解析】Standard I(B) Fundamental Responsibilities. Prohibition against participating or assisting in illegal and ethical violations. If Roberts suspects someone is planning or engaging in illegal activities, he should: (1) determine the legality of the activities, (2) disassociate himself from the illegal or unethical activity, and (3) urge his firm to attempt to persuade the perpetrator to stop. The AIMR Standards of Professional Conduct do not require that Roberts report such activities to the authorities, but the law might.2．Susan’s company is participating in an investment analysis project. Hermanager gave her a report from another company’s analyst, also working on the project, and told her to put it on company letterhead and distribute the report by the end of the day.Being an AIMR member, which of the following AIMR Standards of Professional Conduct will she probably have broken if Susan complies with her manager instruction?A．Ⅳ(A) Research Reports.B．Ⅳ(B) Portfolio Investment Recommendations and Actions.C．Ⅱ(C) Prohibition against Plagiarism.【答案】C【解析】Standard Ⅱ(C)Prohibition against Plagiarism. All sources used in an analyst’s report should be referenced as to the source, author and publisher. The only exception being factual information published by recognized financial and statistical reporting services,3．Before disseminating changes in his firm’s buy/sell list. Johnson, a CFA candidate, calls his best clients to apprise them of the pending change. Based on the AIMR Standards of Professional Conduct, what standard, if any, did Johnson violate?A．Standard Ⅲ(B), Fair Dealing.B．Standard Ⅳ(B), Priority of Transactions.C．Standard Ⅱ(A), Prohibition Against Use of Material Nonpublic Information.【答案】A【解析】Standard Ⅲ(B)Fair Dealing. Johnson violated the standard on fair dealing because he did not deal fairly and objectively with all clients and prospects when disseminating investment recommendations. Instead, he showed favoritism to his best clients. In disseminating investment recommendations, Johnson should consider making the information available to clients based on their interest and suitability. A change of recommendation from buy to sell or sell to buy is generally material.4．According to the AIMR Standards of Professional Conduct, which of the following about Standard Ⅲ(E), Preservation of Confidentiality, is TRUE? A．If a member receives information due to his or her special relationship with the client indicating illegal behavior on the part of the client, the member may not have an obligation to inform the appropriate authorities. B．Confidentiality clauses in settlement agreements protect members from divulging information during investigations.C．Employees who are also working for the client should keep the information of the clients confidential.【答案】C【解析】Standard Ⅲ(E)Preservation of Confidentiality. Choice B is false because this standard prohibits members from executing settlement agreements that prevent members from providing information in an investigation by AIMR’s Professional Conduct Program (PCP). Choice A is false because if a memberreceives information due to his or her special relationship with the client indicating illegal behavior on the past of the client, the member may not have an obligation to inform the appropriate authorities.5．Based on the AIMR Standards of Professional Conduct, which of the following statements is least likely to be a violation of Standard Ⅲ(D), Prohibition against Misrepresentation?A．An analyst tells a prospective client that investment grade bonds involve less default risk than junk bonds.B．A bond trader tells a client that he can assist the client in all the client’s investment needs: equity, fixed income, and derivatives.C．An investment manager recommends to a prospective client an investment in mortgage IO strips because they are guaranteed by an agency of the federal government.【答案】A【解析】Standard Ⅲ(D)Prohibition against Misrepresentation. Members are not permitted to make any assurances or guarantees about any investment, except to communicate accurate information. The statement that investment grade bonds have less default risk than junk bonds is an accurate statement.6．Ian O ’sullivan, CFA, is the owner and sole employee of two companies, a public relations firm and a financial research firm. The public relations firmentered into a contract with Mallory Enterprises to provide public relations services. According to the contract, O’Sullivan received 40000 shares of Mallory stock in payment for his services. Over the next 10 days, the public relations firm issued several press releases that discussed Mallory’s excellent growth prospects. O’Sullivan, through his financial research firm, also published a research report recommending Mallory stock as a buy? According to theStandards of Practice Handbook, was O’Sullivan required to disclose his ownership of Mallory stock in the:【答案】C【解析】Members should disclose all matters that reasonably could be expected to impair the member’s objectivity.7．During an onsite company visit, Yu Ding, CFA, accidentally overheard the Chief Executive office(CEO) of AMP, Inc., discussing the company’s pending tender office to purchase Dynamica Enterprises, a retailer of stargazer products, According to the Standards of practice Handbook, Yu Ding may not use the Information to take investment action because:A ．the information relates to a tender offer.B．acting on the information would breach a duty to bother the CEO and AMP. C．she does not have a reasonable and adequate basis for taking investment action.【答案】A【解析】Trading on the information is restricted as it relates to a tender offer; it is clearly material,nonpublic information.8．Several years ago, Simon Ma, CFA, founded an investment club with three friends. The investment club’s account grew rapidly to a substantial size, but the club has not actively traded the account for at least a year and does not plan to resume active trading of the account. Simon’s employer requires an annual disclosure of employee stock ownership. Simon discloses all of his personal trading accounts., but does not disclose his holdings in the investment club. Has Simon most likely violated any CFA Institute Standards of Professional Conduct?A．NoB．Yes, with respect to fiduciary duty.C．Yes, with respect to confilicts of interest.【答案】C【解析】Members should disclose all beneficial ownership that could reasonably cause a conflict of interest. Additionally, because Simon’s employer requires the disclosure, a failure to provide full information would。
CFA一级十套题和答案
2009 Level I Mock Exam: Morning SessionThe morning session of the 2009 Level I Chartered Financial Analyst® Mock Examination has 120 questions. To best simulate the exam day experience, candidates are advised to allocate an average of 1.5 minutes per question for a total of 180 minutes (3 hours) for this session of the exam.Questions Topic Minutes1-18 Ethical and Professional Standards 2719-32 Quantitative Methods 2133-44 Economics 1845-68 Financial Statement Analysis 3669-78 Corporate Finance 1579-90 Equity Investments 1891-96 Derivative Investments 997-108 Fixed Income Investments 18109-114 Alternative Investments 9115-120 Portfolio Management 9Total: 180By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legalQuestions 1 through 18 relate to Ethical and Professional Standards.1.Which of the following is a key characteristic of the Global InvestmentPerformance Standards (GIPS)? The GIPS standards:A.rely on the integrity of input data.B.consist of required provisions for firms to follow to achieve best practice.C.must be applied with the goal of achieving excellence in performancepresentation.2.According to the Standards of Practice Handbook, a member who is aninvestment manager is least likely to breach his duty to clients by:A.disclosing confidential client information to the CFA Institute ProfessionalConduct Program.ing client brokerage to purchase goods or services that are used in theinvestment decision-making process.C.consistently supporting management’s recommendations by voting withmanagement on proxies related to non-routine governance issues.3.Carla Scott, CFA, is a portfolio manager for a company that manages investmentaccounts for wealthy individuals. Scott has no beneficial interest in any of thefee-paying accounts she manages, including her uncle’s account. When shares in initial public offerings (IPOs) become available, Scott first allocates shares to all her other clients for whom the investment is appropriate; only if shares are stillavailable does she purchase shares in her uncle’s account, if the issue isappropriate for him. Scott provides each of her clients with full disclosure of her allocation procedures and has received each client’s verbal consent to herallocation procedures. According to the Standards of Practice Handbook, doesScott’s method of allocating oversubscribed IPOs violate any CFA InstituteStandards of Professional Conduct?A.No.B.Yes, because she has breached her duty to her uncle.C.Yes, because she has not precleared and reported her Uncle’s transactions.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal4.Kim Li, CFA, is a portfolio manager for an investment advisory firm. Lidelegates some of her supervisory duties to Janet Marshall, CFA, after educating Marshall on methods to prevent and detect violations of the firm’s complianceprocedures. Despite these efforts, Li discovers that an employee reporting toMarshall may have violated the procedures. According to the Standards ofPractice Handbook, Li’s least likely initial course of action must be to:A.suspend the employee.B.increase supervision of Marshall.C.initiate an investigation to determine the extent of the wrongdoing.5.The Standards of Practice Handbook is least likely to require a member todisclose which of the following to clients and prospective clients?A.Underwriting relationships.B.Service on a publicly-traded company’s board of directors.C.Obligation to abide by CFA Institute Code of Ethics and Standards ofProfessional Conduct.6. A CFA charterholder is the Fund Manager for a non-profit organization. During apresentation regarding the restructuring of their investment portfolio’s assetallocation, the Head of the Finance Committee questions the manager. As part of his response, the manager states, “I am a CFA charterholder, I know what I’mtalking about, you should do what I say”. According to the Standards of Practice Handbook, has the charterholder violated any of the CFA Institute Standards ofProfessional Conduct?A.No.B.Yes, Responsibilities as a CFA Institute Member.C.Yes, Communication with Clients and Prospective Clients.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal7. A CFA candidate was responsible for developing presentations regarding NewVision Asset Managers’ investment process and historical investmentperformance. When the candidate moved to another firm, he brought with him the presentation he developed for New Vision, changed the name of the company and presented it to a client of his new employer. The client asked the candidate if hehad New Vision’s permission to use their presentation. The candidate responded, “I created the presentation in my last month working there. It was, after myresignation, so it’s mine to use. Besides the investment performance is what Iachieved for my clients at New Vision.” According to the Standards of PracticeHandbook, the CFA candidate is least likely to have violated the CFA InstituteStandards of Professional Conduct that relate to:A.Loyalty.B.Misrepresentation.munication with Clients and Prospective Clients.8.As the Managing Director of a commercial bank, a CFA charterholder sat in on aboard meeting of a publicly listed company that the bank had lent a large sum ofmoney. The purpose of the board meeting was to renegotiate the terms of thecommercial loan due to the pending restructuring of the company. The next dayall of the Managing Director’s shares of the publicly listed company are sold onthe stock exchange, the sell order having been given two days prior to themeeting. According to the Standards of Practice Handbook, the CFAcharterholder was least likely in violation of which CFA Institute Standards ofProfessional Conduct?A.Disclosure of Conflicts.B.Priority of Transactions.C.Material Nonpublic Information.9.In order to comply with the GIPS Standards, a firm must initially show GIPS-compliant history for a minimum of:A.five years, or since inception if the firm has been in existence for less than fiveyears.B.two years, or since inception if the firm has been in existence for less than twoyears.C.three years, or since inception if the firm has been in existence for less thanthree years.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal10.Buta Singh, CFA, has a large extended family and manages the portfolios ofseveral family members. Singh does not charge the family members amanagement fee, but receives a small percentage of each portfolio’s profits.Singh accepts a position as portfolio manager for Bhotmange Investments tomanage high net worth accounts. Because the family portfolios are not customary or normal client relationships, Singh does not inform his new employer of his side activity. Singh is least likely to have violated which CFA Institute Standard ofProfessional Conduct?A.Loyalty.B.Preservation of Confidentiality.C.Additional Compensation Agreements.11.A CFA Candidate purchased copyrighted CFA exam preparatory study guidefrom a publisher. Two weeks prior to the exam, the Candidate lost the studyguide so he photocopied a copy that his friend had purchased. According to theStandards of Practice Handbook, did the CFA Candidate most likely violate theCFA Institute Standards of Professional Conduct?A.Yes.B.No, because he had purchased his own copy.C.No, because both had purchased their own copies.12.Crandall Temasek, CFA, filed for personal bankruptcy two years ago afterincurring large medical expenses. He was hired recently as a portfolio manager.According to the CFA Institute Standards, must Temasek disclose his bankruptcy filing to his new employer?A.No.B.Yes, because he has a duty of loyalty to his employer.C.Yes, because bankruptcy represents a potential conflict of interest.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal13.Sallie Lewis, CFA, is a research analyst covering the mining industry. Alongwith other analysts, Lewis visits the primary mine of Gold Rush Mines (GR).During the visit, a major piece of equipment fails and Lewis overhears anunidentified employee state that production will be stalled for six months. Lewis immediately files a sell recommendation on GR without any additional research.Has Lewis violated any CFA Institute Standards?A.No.B.Yes, with respect to diligence and reasonable basis.C.Yes, with respect to material nonpublic information.14.Clive Bowers, CFA, is a portfolio manager at Burlington Advisors (BA). Bowersmanages two mutual funds along with a number of individual accounts. All of the portfolios, including the mutual funds, have similar return objectives, risktolerances, and tax constraints. When Bowers allocates shares from block tradeshe fills the mutual fund orders first and then allocates the remaining shares to the individual accounts based on their portfolio size. When allocating shares fromblock trades, does Bowers violate any CFA Institute Standards?A.No.B.Yes, with respect to fair dealing.C.Yes, with respect to priority of transaction.15.Narupa Rhasta, CFA, is manager of the fast-growing individual account divisionof a bank and treats all clients equally. When the bank’s research departmentissues a buy or sell recommendation on a security, she ensures that therecommended action is implemented in all accounts. Do Rhasta’s investmentactions violate any CFA Institute Standards?A.No.B.Yes, with respect to suitability.C.Yes, with respect to diligence and a reasonable basis.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal16.Jimmy Lee, CFA, is an investment banker in a country with strict confidentialitylaws. He is working on an acquisition for Panda Mining Co. (PMC). Whileperforming due diligence, Lee notices that PMC has a number of questionableoffshore partnerships. He investigates the legality of the partnerships and findsevidence of illegal activity. According to the Standards of Professional Conduct, Lee’s best course of action would be to:A.alert CFA Institute.B.consult outside counsel.C.notify regulatory authorities.17.Rene Whatcom, CFA, is an independent contractor who writes research reportsfor several investment publications. Whatcom refuses to sign contracts withexclusivity clauses. Whatcom sometimes revises work he submits to onepublication and sends slightly altered versions of the report to additionalpublications. Does Whatcom violate any CFA Institute Standards?A.No.B.Yes, with respect to loyalty.C.Yes, with respect to disclosure of conflicts.18.Angus Draper, CFA, is a senior portfolio manager and member of the investmentcommittee at Tillahook Investments. Draper serves as a board member forseveral non-profit organizations. These commitments require eight workdays per month of Draper’s time. Because he does not receive any form of compensationfor these activities, Draper does not tell anyone at work about his board activities.Does Draper violate any CFA Institute Standards?A.No.B.Yes, with respect to conflict of interest.C.Yes, with respect to responsibilities of supervisors.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legalQuestions 19 through 32 relate to Quantitative Methods19.The yield to maturity on otherwise identical option-free bonds issued by the U.S.Treasury and a large industrial corporation is 6 percent and 8 percent,respectively. If annual inflation is expected to remain steady at 2.5 percent overthe life of the bonds, the most likely explanation for the difference in yields is apremium due to:A.maturity.B.inflation.C.default risk.20.A 24 year old is using the following information to plan her retirement:She assumes her consumption expenditures will increase with the rate of inflation,3 percent, until she retires. Upon retiring she will have end-of-year expendituresequal to her consumption expenditure at age 68. The minimum amount that shemust accumulate by age 68 in order to fund her retirement is closest to:A.$928,000.B.$1,176,000.C.$1,552,000.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal21.A project has the following expected cash flows:Time Cash Flow ($)0 (125,000)1 100,0002 200,000If the risk-free interest rate is 4 percent, expected inflation is 3 percent, the market risk premium is 8 percent and the Beta for the project is 1, the investment’s netpresent value (NPV) is closest to:A.$113,000.B.$124,000.C.$139,000.22.An analyst gathers the following information about a common stock investment:The holding period return on the common stock investment is closest to:A.12.5%.B.20.8%.C.41.7%.23.A 270-day U.S. Treasury bill with a face value of $100,000 sells for $96,500when issued. Assuming an investor holds the bill to maturity, the investor’smoney market yield is closest to:A.3.63%.B. 4.84%.C. 4.93%.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal24.An analyst gathered the following annual return information about a portfoliosince its inception on 1 January 2003:The portfolio’s mean absolute deviation for the five-year period is closest to:A.3.76%.B. 6.83%.C.7.68%.25.An analyst gathered the following information about a common stock portfolio:If the risk-free rate of return is 4.25 percent, then the coefficient of variation isclosest to:A.0.52.B. 1.36.C. 1.53.26.If an analyst estimates the probability of an event for which there is no historicalrecord, this probability is best described as:A.a priori.B.empirical.C.subjective.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal27.Which of the following statements best describes the relationship betweencorrelation and covariance? The correlation between two random variables istheir covariance standardized by the product of the variables’:A.variances.B.standard deviations.C.coefficients of variation.28.Which of the following best describes the discrete uniform distribution? Thediscrete uniform distribution:A.has a finite number of specified outcomes.B.is based on the Bernoulli random variable.C.has an infinite number of unspecified outcomes.29.According to the central limit theorem, a sampling distribution of the samplemean will be approximately normal only if the:A.sample size is large.B.underlying distribution is normally distributed.C.variance of the underlying distribution is known.30.Which of the following is least likely to be a desirable property of an estimator?A.EfficiencyB.ReliabilityC.ConsistencyBy accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal31.An analyst gathers the following information about the price-earnings (P/E) ratiosfor the common stocks held in a portfolio:The relative frequency for Interval II is closest to:A.47.27%.B.52.00%.C.65.45%.32.Rent is $700.00 monthly and is due on the first day of every month. If the statedannual interest rate is 6 percent, the present value of a full year’s rent payments isclosest to:A.$8,133.B.$8,173.C.$8,833.Questions 33 through 44 relate to Economics33.Demand for guest rooms in a resort hotel increases from 100 to 150 rooms per nightwhen the nightly room rate increases from $150 to $200. The elasticity of supply of guest rooms in the resort hotel is closest to:A.0.72.B. 1.40.C. 1.50.34.A recessionary gap is more likely to be observed when:A.real GDP is above potential GDP.B.real GDP is below potential GDP.C.employment is above full-employment equilibrium.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal35.Which of the following statements is most accurate in regard to the tax division betweenbuyers and sellers of products with perfectly elastic demand?A.Sellers pay the entire tax.B.Buyers bear the entire tax burden.C.Buyers and sellers share the tax burden.36.A company compiles the following information:The company’s economic profit is closest to:A.$90,000.B.$110,000.C.$130,000.37.In the short run, an increase in output at low levels of production will most likely cause:A.an increase in the marginal cost due to the rising total fixed cost.B.an increase in the marginal cost due to the law of diminishing returns.C. a decrease in the marginal cost due to economies from greater specialization.38.In regulating a natural monopoly, the most commonly adopted compromise pricing ruleby a regulator is the:A.total cost pricing rule.B.average cost pricing rule.C.marginal cost pricing rule.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided tocurrently-registered CFA candidates. Candidates may view and print the exam for personal exampreparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal39.Which of the following statements provides the best description of Nash equilibrium oftwo firms in the game of prisoners’ dilemma?A.One firm complies and the other cheats.B.Both firms cheat and each firm makes zero economic profit.C.Both firms comply and each firm makes a positive economic profit.40.The best characterization of the natural resources market is that:A.supply of a nonrenewable natural resource is perfectly inelastic and firms areprice takers.B.price is determined by market demand in a renewable resources market and bysupply in a nonrenewable resource market.C.supply of a renewable natural resource is perfectly elastic and the price isequal to the present value of the next period's expected price.41.Based on supply-side effects, an increase in income tax will most likely:A.shift the demand curve for labor.B.decrease the full-employment quantity of labor.C.increase potential Gross Domestic Product (GDP).42.A change in the natural rate of unemployment will most likely shift:A.the short-run but not the long-run Phillips curves.B.both the short-run and the long-run Phillips curves.C.neither the short-run nor the long-run Phillips curves.43.Which of the following goals of monetary policy is best described to be the keygoal?A.Price stability.B.Full employment.C.Moderating long-term interest rates.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exampreparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal44.The least likely reason why a firm in perfect competition is a price taker isbecause:A.buyers are well informed about prices of other firms.B.it can set its products’ price at or above the market price.C.it produces a very small portion of the total output of a particular good. Questions 45 through 68 relate to Financial Statement Analysis45.An analyst finds information about significant uncertainties affecting a company’sliquidity, capital resources and results of operations in the:A.notes to the financial statements.B.balance sheet and income statement.C.management discussion and analysis.46.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.Which of the following is least likely to be classified as a financial statementelement?A.Asset.B.Revenue. income.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal47.An analyst prepares common-size balance sheets for two companies operating inthe same industry. The analyst notes that both companies had the sameproportion of current liabilities, long-term liabilities, and shareholders’ equity and the following ratios:The most reasonable conclusion is that, compared with Company 2, Company 1had a:A.higher percentage of assets associated with inventory.B.higher percentage of assets associated with accounts receivable.C.lower percentage of assets associated with marketable securities.48.If a company has a current ratio of 2.0, repaying $150,000 in short-termborrowing will most likely decrease:A.the current ratio, but not the cash flow from operations.B.the cash flow from operations, but not the current ratio.C.neither the current ratio nor the cash flow from operations.49.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.At the end of the year, a company sold equipment for $30,000 cash. Thecompany paid $110,000 for the equipment several years ago and had recordedaccumulated depreciation of $70,000 at the time of its sale. All else equal, theequipment sale will result in the company’s cash flow from:A.investing activities increasing by $30,000.B.investing activities decreasing by $10,000.C.operating activities being $10,000 less than net income.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal50.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.A company reports earnings before taxes of $800,000 for the year. The tablebelow indicates selected items which were included in earnings before taxes andtheir associated tax status.The company’s tax rate is 35 percent. The company’s current income taxespayable (in $) is closest to:A.206,500.B.276,500.C.360,500.51.An analyst gathers the following annual information ($ millions) about a companythat pays no dividends and has no debt:The company’s annual free cash flow to equity ($ millions) is closest to:A.53.1.B.58.4.C.61.6.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal52.Which of the following statements best describes the level of accuracy providedby a standard audit report with respect to errors? The audited financial statements are:A.fully assured to be free of material errors.B.reasonable assured to be free of all errors.C.reasonable assured to be free of material errors.53.Making any necessary adjustments to the financial statements to facilitatecomparison with respect to accounting choices is done in which step of thefinancial statement analysis framework?A.Collect data.B.Process data.C.Analyze/interpret the processed data.54.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.For the most recent year a manufacturing company reports the following items on their income statement:Interest expense $62,500Loss on disposal of fixed assets $50,000Realized gain on sale of available-for-sale securities $17,750Which of the items is classified as an operating item in the company’s incomestatement?A.Interest expense.B.Loss on disposal of fixed assets.C.Realized gain on sale of available-for-sale securities.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legalotherwise noted.The following information is available from the accounting records of a company as at 31 December 2008 (all figures in $ thousands):The working capital for the company (in $ thousands) is closest to:A.64.B.72.C.176.56.Assume U.S. GAAP (generally accepted accounting principles) applies unlessotherwise noted.During late December 2008 Company A acquires a small competitor, CompanyB. During the evaluation of the acquisition it is determined that the customer listsof Company B have a fair value of $50,000. Company A has spent $15,000during the year updating and maintaining its own customer lists. What will be the value of the customer list intangible asset on Company A’s 31 December 2008consolidated financial statements?A.$15,000.B.$50,000.C.$65,000.By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal。
level_I_mock_exam_afternoon_versionb_answers_2014
Question block created by wizardYou have 180 minutes to complete this session.1. Hui Chen, CFA, develops marketing materials for an investment fund he founded three yearsago. The materials show the three-year, two-year and one-year returns for the fund. He includesa footnote that states in small print "Past performance does not guarantee future returns." Hedoes not claim compliance with the GIPS standards in the disclosures or footnotes. He alsoincludes a separate sheet showing the fund's most recent semiannual and quarterly returns,which notes that those returns have been neither audited nor verified. Has Chen most likelyviolated any Codes and Standards?A. Yes, because he did not adhere to the Global Investment Performance StandardsB. NoC. Yes, because he included unaudited and unverified resultsAnswer = BThe Standards require members to make reasonable efforts to make sure performance information is fair, accurate, and complete. The Standards do not require compliance with the (GIPS) standards, auditing, or verification requirements. See Standard III(D).2014 CFA Level I"Guidance for Standards I-VII," CFA Institute2. Umi Grabbo, CFA, is a highly regarded portfolio manager for Atlantic Advisors, a mid-sizedmutual fund firm investing in domestic securities. She has watched the hedge fund boom and on numerous occasions suggested her firm creates such a fund. Senior management has refused to commit resources to hedge funds. Attracted by potential higher fees associated with hedge funds, Grabbo and several other employees begin development of their own hedge fund to invest ininternational securities. Grabbo and her colleagues are careful to work on the fund development only on their own time. Because Atlantic management thinks hedge funds are a fad, she does not inform her supervisor about the hedge fund creation. According to the Standards of PracticeHandbook, Grabbo should most likely address which one of the Codes and Standardsimmediately?A. Priority of TransactionsB. Disclosure of ConflictsC. Additional Compensation ArrangementsAnswer = BAccording to Standard VI(A) Disclosure of Conflicts, Grabbo should disclose to her employer her hedge fund development because this activity could possibly interfere with her responsibilities at Atlantic. In setting up a hedge fund, Grabbo was not acting for the benefit of her employer. Sheshould have informed Atlantic she wanted to organize the hedge fund and come to some mutual agreement on how this process would occur.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard IV(B), Standard VI(A), Standard VI(B)3. Jiro Sato, CFA, deputy treasurer for May College, manages the Student Scholarship Trust. Satoissued a request for proposal (RFP) for domestic equity managers. Pamela Peters, CFA, a good friend of Sato, introduces him to representatives from Capital Investments, which submitted a proposal. Sato selected Capital as a manager based on the firm's excellent performance record.Shortly after the selection, Peters, who had outstanding performance as an equity manager with another firm, accepted a lucrative job with Capital. Which of the CFA charterholders violated the CFA Institute Standards of Professional Conduct?A. NeitherB. PetersC. BothAnswer = AMembers should use reasonable care and judgment to maintain independence and objectivity, as stated in Standard I (B). There is no indication of inappropriate behavior in the selection of the equity manager or in the acceptance of employment with that manager; both decisions were based on the excellent performance records of the manager and the member, respectively.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard I(B)4. Francesca Ndenda, CFA, and Grace Rutabingwa work in the same department for New AgeManagers, 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 cheatingB. No, because her responsibilities do not applyC. YesAnswer = BA supervisor's responsibilities relate to detecting and preventing violations by anyone subject to their supervision or authority regarding activities they supervise. Ndenda had no way of detecting and/or preventing Rutabingwa from cheating during the CFA exam, if in fact that is what she did, because it was an event she did not attend.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard IV(C)5. Ross Nelson, CFA, manages accounts for high-net-worth clients, including his own family'saccount. He has no beneficial ownership in his family's account. Because Nelson is concerned about the appearance of improper behavior in managing his family's account, when his firmpurchases a block of securities, Nelson allocates to his family's account only those shares that remain after his other client accounts have their orders filled. The fee for managing his family's account is based on his firm's normal fee structure. According to the Standards of PracticeHandbook, Nelson's best course of action with regard to management of his family's account would be to:A. remove himself from any direct involvement by transferring responsibility for this account toanother investment professional in the firm.B. treat the account like other employee accounts of the firm.C. treat the account like other client accounts.Answer = CNelson has breached his duty to his family by treating them differently from other clients. They are entitled to the same treatment as any other client of the firm. Nelson should treat his family's account like any other client account as stated in Standard III (B) related to Fair Dealing and Standard VI (B) related to Priority of Transactions.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard III(B), Standard VI(B)6. Norman Bosno, CFA, acts as an outside portfolio manager to a sovereign wealth fund. RaphaelPalmeti, a fund official, approaches Bosno to interest him in investing in Starlite ConstructionCompany. He tells Bosno that if he approves a $2 million investment in Starlite by the fund,Bosno will receive a "bonus" that will make him wealthy. Palmeti also adds that if Bosno decides not to invest, he will lose the fund account. After doing a quick and simple analysis, Bosnodetermines the investment is too risky for the fund. If Bosno agrees to make the investment,which of the Standards of Professional Conduct is least likely to be violated?A. Additional Compensation ArrangementsB. Diligence and Reasonable BasisC. Loyalty, Prudence, and CareAnswer = BDespite Bosno undertaking a quick and simple analysis to determine that the investment would be too risky for the sovereign wealth fund, that analysis does not necessarily mean he was not diligent and did not have a reasonable basis for making that determination.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard III(A), Standard IV(B), Standard V(A)7. What is the theory that best describes the process by which financial analysts combine materialpublic information and nonmaterial nonpublic information as a basis for investmentrecommendations, even if those conclusions would have been material inside information had they been communicated directly to the analyst by the company?A. Mosaic theoryB. Economic theoryC. Probability theoryAnswer = AThe process by which financial analysts combine material public information and nonmaterial nonpublic information as a basis for investment recommendations, even if those conclusions would have been material inside information had the company communicated them directly to the analyst, is known as mosaic theory.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard II(A)8. A central bank fines a commercial bank it supervises for not following statutory regulationsregarding nonperforming loan provisions on three large loans as a result of the bank's loanprovisioning policy. Louis Marie Buffet, CFA, sits on the board of directors of the commercial bank as a non-executive director, representing minority shareholders. He also chairs the bank'sinternal audit committee that determines the loan provisioning policy of the bank. Mercy Gatabaki, CFA, is the bank's external auditor and follows international auditing standards whereby she tests the loan portfolio by randomly selecting loans to check for compliance in all aspects of central bank regulations. Which charterholder is most likely in violation of the Code and Standards?A. GatabakiB. BuffetC. BothAnswer = BBuffet sat on the audit committee that determined the bank's provisioning policies that were contrary to the statutory regulations of the central bank. As a result, he most likely violated Standard I–Professionalism by not abiding by regulations of a regulatory body. Gatabaki did not violate Standard I - Professionalism because it is not apparent she knowingly facilitated the incorrect provisioning policy.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard I(A)9. Atlantic Capital Management has access to a limited number of shares in a popular new issueexpected to be oversubscribed. Atlantic's portfolio managers have determined the issue to be a prudent addition to Atlantic's developing growth equity strategy. A number of the firm's investment professionals have family-member accounts that are managed to the developing growth strategy.Which of the following allocation options most likely adheres to the Code and Standards? Atlantic should allocate the shares:A. on a prorated basis across all developing growth accounts, including the family-memberaccounts.B. on a prorated basis across all developing growth accounts, excluding the family-memberaccounts.C. to family-member accounts only after non-family accounts have been allocated their shares. Answer = AUnder Standard III (B), if an investment professional's family- member accounts are being managed similarly to those of other clients of the firm, family members should not be excluded from buying such shares because they are considered clients despite their familial relationships.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard III(B)10. Jean-Luc Schlumberger, CFA, is an independent research analyst providing equity research oncompanies listed on exchanges in emerging markets. He often incorporates statistical data he obtains from the web sites of the World Bank and the central banks of various countries into the body of his research reports. Although not indicated within the reports, whenever his clients ask where he gets his information, he informs them that the information is in the public domain but he does not keep his own records. When the clients ask for the specific web site addresses, heprovides the information. Which Standard has Schlumberger least likely violated?A. Performance PresentationB. Record RetentionC. MisrepresentationAnswer = AStandard III (D)-Performance Presentation pertains to investment performance information and there is no indication any violation has occurred.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard I(C)11. Madeline Smith, CFA, was recently promoted to senior portfolio manager. In her new position,Smith is required to supervise three portfolio managers. Smith asks for a copy of her firm's written supervisory policies and procedures but is advised that no such policies are required byregulatory standards in the country where Smith works. According to the Standards of Practice Handbook, Smith's most appropriate course of action would be to:A. decline to accept supervisory responsibility until her firm adopts procedures to allow her toadequately exercise such responsibility.B. require her firm to adopt the CFA Institute Code of Ethics and Standards of Professional Conduct.C. require the employees she supervises to adopt the CFA Institute Code of Ethics and Standards ofProfessional Conduct.Answer = AAccording to guidance for Standard (IV(C), if a member cannot fulfill supervisory responsibilities because of the absence of a compliance system or because of an inadequate compliance system, the member should decline in writing to accept supervisory responsibility until the firm adopts reasonable procedures to allow the member to adequately exercise such responsibility.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard IV(C)12. Lee Chu, a CFA candidate, develops a new quantitative security selection model exclusivelythrough back-testing on the Chinese equity market. Chu is asked to review marketing materials that include an overview of the conceptual framework for his model, provide back-testedperformance results, and list the top holdings. Chu directs the marketing group to remove the description of his model because of concerns that competitors may attempt to replicate hisinvestment philosophy. He also instructs the marketing group to remove the list of the topholdings because it shows that the top holding represents 30% of the back-tested model. Which of the following actions is least likely to result in a violation of the Code and Standards? Chu's:A. failure to disclose that the top holding represents such a large allocation in the modelB. failure to adequately describe the investment process to prospective clientsC. use of back-tested results in communication with prospective clientsAnswer = CThe use of back-tested results is not prohibited, provided it is appropriately disclosed.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard V(B)13. Amanda Covington, CFA, works for McJan Investment Management. McJan employees mustreceive prior clearance of their personal investments in accordance with McJan's compliance procedures. To obtain prior clearance, McJan employees must provide a written requestidentifying the security, the quantity of the security to be purchased, and the name of the broker through which the transaction will be made. Precleared transactions are approved only for that trading day. As indicated below, Covington received prior clearance.Two days after she received prior clearance, the price of Stock B decreased, so Covington decided to purchase 250 shares of Stock B only. In her decision to purchase 250 shares of Stock B only, did Covington violate any CFA Institute Standards of Professional Conduct?A. NoB. Yes, relating to diligence and reasonable basisC. Yes, relating to her employer's compliance proceduresAnswer = CPrior-clearance processes guard against potential and actual conflicts of interest; members are required to abide by their employer's compliance procedures (Standard VI (B)).2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard V(A), Standard VI(B)14. Heidi Katz is a CFA candidate and an analyst at a pension consulting firm. Her father is a majorshareholder and managing director at Saturn Partners, a large hedge fund. When assisting in an alternative manager search for a pension client, Katz plans to recommend Saturn's market-neutral strategy because she believes it meets all of the pension plan's criteria. Given thissituation, the best course of action for Katz is to:A. not present this strategy to the client and recommend another strategy.B. disclose the potential conflict to her employer and follow their guidance regarding disclosure ofher relationship to the client.C. disclose the potential conflict to the pension client when discussing this recommendation. Answer = CStandard VI (A) requires disclosure of conflicts but does not prohibit members from making recommendations as long at the potential conflicts are appropriately disclosed.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard IV(A)15. While waiting in the business class lounge before boarding an airplane, Becca Msafari, CFA, anequity analyst, overhears a conversation by a group of senior managers, including members of the board, from a large publicly listed bank. The managers discuss staff changes necessary to accommodate their regional expansion plans. Msafari hears several staff names mentioned.Under what circumstances could Msafari most likely use this information when making aninvestment recommendation to her clients? She can use the information:A. if she does not breach the confidentiality of the names of the staff.B. if the discussed changes are unlikely to affect investor perception of the bank.C. under no circumstances.Answer = BTo comply with the Code and Standards, a member or candidate cannot use material nonpublic information when making investment recommendations. The information overheard would not be considered material only if any public announcement of the staff removal would be unlikely to move the share price of the bank, nor would the regional expansion substantially impact the value of the bank.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard II(A)16. Rebecca Wong is enrolled to take the Level I CFA exam. Her friend William Leung purchasedLevel I study materials from a well-known CFA review program the previous year. Leung made a photocopy of the previous year's copyrighted materials and sold it to Wong to help her study.Who most likely violated the CFA Institute Code of Ethics or any Standards of ProfessionalConduct?A. Neither violated.B. Only Leung violated.C. Both violated.Answer = CPhotocopying copyrighted material, regardless of the year of publication, is a violation of StandardI(A) because copyrighted materials are protected by law. Candidates and members must comply with all applicable laws, rules, and regulations and must not knowingly participate or assist in a violation of laws.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard I(A)17. Claire Jones, CFA, is an analyst following natural gas companies in the United States. At anindustry energy conference, the chief financial officer of Alpine Energy states that the company is interested in making strategic acquisitions. At a separate event, Alpine's head of explorationcommented that he is bullish on natural gas production prospects within northeasternPennsylvania. Jones is aware that Alpine currently has very little exposure to this region. She also knows another company in her universe, Pure Energy, Inc. is based in northeasternPennsylvania and controls significant assets in the area. Pure Energy is highly leveraged, and Jones believes it will need to raise additional capital or partner with another firm to move to the production phase with their assets. Jones attempts to contact Alpine's chief executive officer with an unrelated question and is told he is unavailable because he is on a business trip tonortheastern Pennsylvania. Jones updates her research on Pure Energy and then recommends the stock to Lisa Wong, CFA, a portfolio manager, who purchases significant positions in client accounts. The following week, Pure Energy announces it has entered into an agreement to be purchased by Alpine for a significant premium. Has either Jones or Wong most likely violated standards with regard to the integrity of capital markets?A. NoB. Yes, both Jones and Wong have acted on insider informationC. Yes, Jones' recommendation is based on insider informationAnswer = AJones has used the mosaic theory to combine nonmaterial, nonpublic information with material public information.2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard II(A) Material Nonpublic Information18. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, trading onmaterial nonpublic information is least likely to be prevented by establishing:A. firewalls.B. personal trading limitations.C. selective disclosure.Answer = CSelective disclosure occurs when companies discriminate in making material nonpublic information public. Corporations that disclose information on a limited basis create the potential for insider-trading violations. See Standard II(A).2014 CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard II(A)19. An analyst collects data relating to five commonly used measures of leverage and interestcoverage for a randomly chosen sample of 300 firms. The data comes from those firms’ fiscal year 2012 annual reports. This data are best characterized as:A. cross-sectional data.B. longitudinal data.C. time-series data.Answer = AData on some characteristics of companies at a single point in time are cross-sectional data.2014 CFA Level I“Sampling and Estimation,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 2.320. Common stock prices are approximately lognormally distributed. Therefore, it is most likely thatconventional (discrete) common stock prices are:A. leptokurtic.B. skewed to the right.C. skewed to the left.Answer = BThe lognormal distribution is truncated at zero and skewed to the right (positively skewed).2014 CFA Level I“Statistical Concepts and Market Returns,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSections 8–9“Common Probability Distributions,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 3.421. Given a large random sample, which of the following types of data are least appropriatelyanalyzed with nonparametric tests?A. Ranked data (e.g., 1st, 3rd)B. Signed data (e.g., number of +'s and –'s)C. Numerical values (e.g., 28.43, 79.11)Answer = CNonparametric tests are primarily concerned with ranks, signs, or groups, and they are used when numerical parameters are not known or do not meet assumptions about distributions. Even if the underlying distribution is unknown, parametric tests can be used on numerical data if the sample is large.2014 CFA Level I“Hypothesis Testing,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 522. An analyst determines that 60% of all U.S. pension funds hold hedge funds. In evaluating thisprobability, a random sample of 10 U.S. pension funds is taken. Using the binomial probability function, the probability that exactly 6 of the 10 firms in the sample hold hedge funds is closest to:A. 11.2%.B. 25.1%.C. 60.0%.Answer = BThe number of trials is 10 (n), the number of successes is 6 (x), and the probability of success is 0.60 (p). Using the following formula:and the values given,2014 CFA Level I“Common Probability Distributions,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 2.223. The least accurate statement about measures of dispersion for a distribution is that the:A. arithmetic average of the deviations around the mean will be equal to one.B. mean absolute deviation will be either less than or equal to the standard deviation.C. range provides no information about the shape of the data distribution.Answer = AThe arithmetic sum of the deviations around the mean will always equal zero, not one.2014 CFA Level I“Statistical Concepts and Market Returns,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSections 7.1, 7.2, and 7.4.224. With Bayes’ formula, it is possible to update the probability for an event given some newinformation. Which of the following most accurately represents Bayes’ formula?A.B.C.Answer = CIn probability notation, Bayes’ formula can be written concisely as.2014 CFA Level I“Probability Concepts,” by Richard A. DeFusco, CFA, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSections 2, 4.125. An analyst gathers the following information about the performance of a portfolio ($ millions):The portfolio’s annual time-weighted rate of return is closest to:A. 8%.B. 27%.C. 32%.Answer = CThe time-weighted return (TWR) is found as follows:2014 CFA Level I“Discounted Cash Flow Applications,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSections 3 and 3.226. When dealing with mutually exclusive projects, the most reliable decision rule is:A. IRR.B. time-weighted rate of return.C. NPV.Answer = CThe NPV rule’s assumption about reinvestment rates is more realistic and more economicallyrelevant than the IRR rule because it incorporates the market-determined opportunity cost of capitalas a discount rate. In contrast, the IRR calculation assumes reinvestment at the IRR, which sometimes cannot be achieved because it is too high. Time-weighted rate of return suffers similar shortcomings as IRR.2014 CFA Level I“Discounted Cash Flow Applications,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 2.1, 2.2, 2.3, 3.2“Capital Budgeting,” by John D. Stowe and Jacques R. GagnéSection 427. A group of fund analysts have to select the first, second, and third best fund manager of the yearfor 2012 based on their subjective judgment. If 10 fund managers are candidates for the three awards, the number of ways in which each analyst can make his ranking is closest to:A. 120.B. 30.C. 720.Answer = CThis problem is a counting one in which order does matter.For this reason, use the permutation formula,wheren is the total number of fund managers; in the problem, n = 10.r is the number of fund managers that will receive the awards (first, second, and third); in the problem, r = 3.There are 720 ways that each analyst can rank 3 fund managers out of 10, when order does matter. 2014 CFA Level I“Probability Concepts,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 4.228. A major investment data service provides information on analysts’ performance using thefollowing scale:The most appropriate test to determine whether the analysts’ average performance differed b etween two consecutive 10-year periods is a:A. sign test.B. Mann-Whitney U-test.C. Wilcoxon signed-rank test.Answer = BThe Mann-Whitney U-test is most appropriate for tests of differences in means for nonparametric data such as analysts’ rankings.2014 CFA Level I“Hypothesis Testing,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 529. A consultant starts a project today that will last for three years. Her compensation packageincludes the following:If she expects to invest these amounts at an annual interest rate of 3%, compounded annually until her retirement 10 years from now, the value at the end of 10 years is closest to:A. $566,466.B. $618,994.C. $460,590.Answer = ACalculate the future value (FV) of each of the cash flows to the end of 10 years:FV10 = $100,000 × (1.03)9 + $150,000 × (1.03)8 + $200,000 × (1.03)7= $130,477 + $190,016 + $245,975= $566,4682014 CFA Level I“The Time Value of Money,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 4.230. An increase in which of the following items will most likely result in a wider confidence interval forthe population mean?A. Degrees of freedomB. Sample sizeC.Reliability factorAnswer = C。
CFA level1-Mock-113-Answers
Questions 1~18 Relate to Ethics (2)Questions 19~32 Relate to Quantitative analysis (7)Questions 33~44 Relate to Economics (13)Questions 45~68 Relate to Financial Statement Analysis (17)Questions 69~76 Relate to Corporate finance (28)Questions 77 ~88 Relate to Equity investment (31)Questions 89~94 Relate to Derivatives (35)Questions 95~106 Relate to Fixed-income Analysis (37)Questions 107~110 Relate to Alternative Investments (41)Questions 111 ~120 Relate to Portfolio Management (43)Questions 1~18 Relate to Ethics1.Correct answer: C.Under Standard III(B)-Fair Dealing, members and candidates should disclose to clients and prospective clients how they select accounts to participate in and how they determine the amount of securities each account will buy or sell. Trade allocation procedures must be fair and equitable, and disclosure of inequitable allocation methods does not relieve the member or candidate of this obligation. All discretionary accounts should be treated in the same manner. Treating newer accounts differently would be considered inequitable regardless of whether this policy is disclosed.CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard III(B)2.Correct answer: B.Members should disclose all matters that reasonably could be expected to impair the member's objectivity as outlined in Standard I(B), and Standard VI(A).CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard I(B), Standard VI(A)3.Correct answer: C.Although departing employees may not take employer property when departing, as the guidance for Standard IV(A) – Loyalty outlines, the model Piedmont presented to his new employer was not Branch's property. It was created by Piedmont prior to his employment with Branch. The model was not created for Branch in the course of his employment, even though it was adopted by Branch.CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard IV(A)4.Correct answer: C.Prior to undertaking analysis with regard to expected returns, an adviser must determine the suitability of an investment class, including whether it fits within the client's risk tolerance and whether it is an allowable asset class as per the client's investment policy statement. Only after these factors have been determined should she proceed, if appropriate, to analyze expected returns to determine a particular investment recommendation.CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard III(C)5.Correct answer: A.Standard VI (A) requires disclosure of conflicts but does not prohibit members from making recommendations as long at the potential conflicts are appropriately disclosed.CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard IV(A)6.Correct answer: A.Photocopying copyrighted material, regardless of the year of publication, is a violation of Standard I(A) because copyrighted materials are protected by law. Candidates and members must comply with all applicable laws, rules, and regulations and must not knowingly participate or assist in a violation of laws.CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard I(A)7.Correct answer: C.Composites (Standard IV –Composites) must be defined according to similar investment objectives and/or strategies. Terminated portfolios must be included in the historical returns of appropriate composites, and only fee-paying portfolios are to be included in composites.Non-discrectionary portfolios must not be included in a firm's composites.CFA Level I"Introduction to the Global Investment Performance Standards (GIPS)," CFA Institute8.Correct answer: B.Firms must provide investors with a comprehensive view of their performance in terms of risk and returns, not just returns.CFA Level I―The GIPS Standards,‖ CFA InstituteSection: Overview9.Correct answer: C.Under Standard I(B), members and candidates must protect their independence and objectivity. Agreeing to provide objective research coverage of a company does not constitute a violation of this standard, provided the analyst writing the report is free to come up with his own independent conclusion. Smith can agree to provide research coverage but cannot commit Granite's research department to providing a favorable recommendation.CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard I(B)10.Correct answer: C.A composite must include all actual fee-paying, discretionary portfolios managed in accordance with the same investment mandate, objective, or strategy (Standard IV–Composites). By including both the value and growth portfolios, the composite is made up of portfolios with different investment mandates or strategies.CFA Level I"Introduction to the Global Investment Performance Standards (GIPS)"CompositesHistorically, the GIPS standards focused primarily on returns. In the spirit of fair representation and full disclosure, and in order to provide investors with a more comprehensive view of a firm's performance, the current GIPS standards includes new provisions related to risk.CFA Level I"The GIPS Standards," CFA InstituteSection: Overview12.Correct answer: A.Making full and fair disclosure of all matters that could reasonably be expected to impair one's independence and objectivity or interfere with respective duties to one's clients is required by Standard VI(A)–Disclosure of Conflicts.CFA Level I"Guidance for Standards I–VII"Standard VI(A)–Disclosure of Conflicts13.Correct answer: B.Prior-clearance processes guard against potential and actual conflicts of interest; members are required to abide by their employer's compliance procedures (Standard VI (B)).CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard V(A), Standard VI(B)14.Correct answer: B.Jones has used the mosaic theory to combine nonmaterial, nonpublic information with material public information.CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard II(A) Material Nonpublic InformationPunishing abuse in the financial markets is not one of the six components of the Code of Ethics. CFA Level I―Code of Ethics,‖ CFA InstituteSection: The Code of Ethics16.Correct answer: C.After a firm presents a minimum of five years of GIPS-compliant performance, the firm must present an additional year of performance each year, building up to a minimum of 10 years of GIPS-compliant performance.CFA Level I"The GIPS Standards," CFA InstituteSection: Historical Performance Record17.Correct answer: B.Lan's actions do not violate Standard IV (A) – Duties to Employers. Lan does not use company time to make arrangements for his new venture, nor does he misappropriate any information (financial models or client contacts) from his former employer. All of Lan's actions are permissible under Standard IV (A).CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard IV(A)18.Correct answer: A.Members and candidates are required to disclose any compensation arrangement to their employers that involves performing tasks or services that their employers can charge for. Disclosure is required even if the activities occur during non-work hours.CFA Level I"Guidance for Standards I-VII," CFA InstituteStandard IV(A) Loyalty to EmployerQuestions 19~32 Relate to Quantitative analysis19.Correct answer: A.The EBIT-to-interest ratio is equal to 2.0 when the EBIT is $40 million. Given that the values between $36 million and $48 million are equally likely, the probability of the ratio being equal to or less than 2.0 is 33.3% (= [$40 million –$36 million]/[$48 million –$36 million]). Consequently, the probability of the ratio being greater than 2.0 is 66.7% (i.e., 1 – Probability of the ratio being equal to or less than 2.0).CFA Level I"Common Probability Distributions," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 3.120.Correct answer: B.First the outcome of interest, –0.40, is standardized for the given normal distribution:Z = (X –µ)/σ = (–0.40 – 5.00)/2 = –2.70.Then use the table to find the probability of a Z value being 2.70 standard deviations below the mean (i.e., when z ≤ 0). The value is 1 –P(Z ≤ +2.70). In this problem, t he solution is: 1 – 0.9965 = 0.0035 = 0.35%.CFA Level I"Common Probability Distributions," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 3.221.Correct answer: B.Because the screens are independent, the probability of passing all four simultaneously is the product of their respective probabilities:P(ABCD) = P(A) P(B) P(C) P(D),whereP(A) = 0.65 and is the probability of passing Valuation Screen 1,P(B) = 0.45 andis the probability of passing Valuation Screen 2,P(C) = 0.40 andis the probability of passing Valuation Screen 3,P(D) = 0.30 and is the probability of passing Valuation Screen 4.P(ABCD) = 0.65 × 0.45 × 0.40 × 0.30 = 0.0351.Given 1,200 potential investments, approximately 1,200 × 0.0351 = 42.12 ~ 42 will pass the screens.CFA Level I"Probability Concepts," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 2"Financial Statement Analysis: Applications," Thomas R. Robinson, Jan Hendrik van Greuning, Elaine Henry, and Michael A. BroihahnSection 522. Correct answer: B.Odds are calculated as P(Z)/[1 – P(Z)]. In this problem, 0.14/0.86 = 0.16279 ~ 0.163.CFA Level I"Probability Concepts," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 223. Correct answer: B.Across two periods, there are four possibilities: an up move followed by an up move ($121.00 end value), an up move followed by a down move ($101.20 end value), a down move followed by an up move ($101.20 end value), and a down move followed by a down move ($84.64 end value). The probability of an up move followed by a down move is 0.40 × 0.60 = 0.24. The probability of a down move followed by an up move is 0.60 ×0.40, which also = 0.24. Both of these sequences result in an end value of $101.20. Therefore, the probability of an end value of $101.20 is 48%. Alternatively, the following formula could be used:()()()()()1 1x!x)!(n n!1x X p X p Equation p p p p x n x n x x n x ----=-⎪⎪⎭⎫ ⎝⎛===Wheren = 2 (number of periods)x = 1 (number of up moves: ud and du)p = 0.40 (probability of an up move)()()()48.060.040.026.040.0!1!122!0.4010.40121p 11121=⨯⨯=⨯⨯-=-⎪⎪⎭⎫ ⎝⎛=-CFA Level I―Common Probability Distributions,‖ Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 2.224. Correct answer: C.pf p S R R p -=n S as defined is returns, historical on based , portfolio a for ration Sharp The Where p R is the mean return to the portfolio, f R is the mean return to a risk-free asset, and p S is the standard deviation of return on the portfolio. In this instance, p 4%)/S -(20%=2, Solving for ()%82/%4%20S :S p p =-=.CFA Level I"Statistical Concepts and Market Returns," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 7.825. Correct answer: C.A Type I error is the mistake of rejecting the null hypothesis when it is, in fact, true.CFA Level I"Hypothesis Testing," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 226. Correct answer: A.Using a financial calculator: N = 60; the discount rate, I/Y = (6.5%/12) = 0.54166667; PMT = €1,200; Future value = €0; Mode = Begin; Calculate present value (PV): PV = €61,662.62.Alternatively: Treat the stream as an ordinary annuity of 59 periods and add the current value of €1,200 to the derived answer. Using a financial calculator: N = 59; the discount rate, I/Y = (6.5%/12) = 0.54166667; PMT = €1,200; Future value = €0; Mode = End; Calculate PV: PV = €60,462.62; Total PV = €1,200 + €60,462.62 = €61,662.62.CFA Level I"The Time Value of Money," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 6.127. Correct answer: B.A positive "hoped for" condition means that the null will be rejected (and the alternative accepted) only if the evidence indicates that the population parameter is greater than θ0. Thus, H0: θ ≤ θ0 versus Ha: θ > θ0 is the corre ct statement of the null and alternative hypotheses, respectively. CFA Level I"Hypothesis Testing," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 228. Correct answer: B.The covariance between Fund A and B, given the standard deviation of returns and the correlation between the two funds, is calculated as :()()()()00728.0%13%780.0,R R ,R R Cov B A B A =⨯⨯==B A R R σσρ,Where()A R σ and ()B R σ are the standard deviations of returns of Funds A and B, respectively,()B A R ,R ρ is the correlation between the returns of Fund A and B.Then the portfolio standard deviation of returns is calculated as follows:()()()()[]5.0B A 2222R ,R Cov 2B A B B A A portfolio W W R W R W R ++=σσσWhere A W and B W are the weights of Funds A and B in the portfolio()[]8.35%00728.00.300.7020.130.300.070.70R σ0.52222portfolio =⨯⨯⨯++=Alternatively , correlation is used directly in the formula for portfolio standard deviation:()()()()()()[]5.02222,2B A B A B A B B A A portfolio R R R R W W R W R W R σσρσσσ++=()[]8.35%0.130.070.800.300.7020.130.300.070.70R σ0.52222portfolio =⨯⨯⨯⨯⨯++=CFA Level I"Probability Concepts," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle Section 329. Correct answer: A.Given that X and Y are independent, their joint probability is equal to the product of their individual probabilities. In this case: P(XY) = P(X)P(Y) = 0.2 × 0.5 = 0.1. CFA Level I"Probability Concepts," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle Section 230. Correct answer: B.With a sample size of 10, there are 9 degrees of freedom. The confidence interval concept is based on a two-tailed approach. For a 95% confidence interval, 2.5% of the distribution will be in each tail. Thus, the correct t-statistic to use is 2.262. The confidence interval is calculated as:n S t /X 025.0±Where X is the sample mean, s is the sample standard deviation, and n is the sample size. In thiscase: 6.25 ± 2.262 × 12/√10 = 6.25± 8.58369 or –2.33 to 14.83.CFA Level I―Sampling and Estimation,‖ Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 4.231.Correct answer: B.This scenario provides an example of a discrete random variable. The paired outcomes for the dice are indicated in the following table. The outcome of the dice summing to six is the most likely to occur of the three choices because it can occur in five different ways, whereas the summation to five and nine can occur in only four different ways.CFA Level I"Common Probability Distributions," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 232.Correct answer: A.The two defining properties of a probability are as follows:1. The probability of any Event E is a number between zero and one.2. The sum of the probabilities of any set of mutually exclusive and exhaustive events equals one. CFA Level I"Probability Concepts," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 2Questions 33~44 Relate to Economics33.Correct answer: B.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.CFA Level 1―Demand and Supply Analysis: Introduction,‖ Richard V. Eastin and Gary L. Arbogast, CFA Sections 3.9, 3.10, 3.13―International Trade and Capital Flows,‖ Usha Nair-Reichert, PhD, and Daniel RobertWitschi, PhD, CFASection 3.134.Correct answer: C.An increase in capacity utilization will cause an increase in aggregate demand through higher investment and will increase GDP (economic expansion).CFA Level I"Aggregate Output, Prices, and Economic Growth," Paul R. Kutasovic and Richard G. Fritz Section 3.3.135.Correct answer: C.The Fisher effect states that the nominal interest rate is the sum of the real rate of interest and the expected rate of inflation over a given time horizon. An increase in expected inflation will result in a higher nominal rate.CFA Level I―Monetary and Fiscal Policy,‖ Andrew Clare and Stephen ThomasSection 2.1.736.Correct answer: C.The sum-of-value-added method involves summing the value added (or income created) at each step in the production and distribution process."Aggregate Output, Prices, and Economic Growth," Paul R. Kutasovic and Richard G. Fritz Section 2.137.Correct answer: C.aggregateincreaseunlesswe know the magnitude of the changes becausean increase in AD will increase the price level,theIf AD increases more than AS, theprice level will increase. If AS increases morethan AD, as depicted in the graph to the right,CFA Level I"Aggregate Output, Prices, and Economic Growth," Paul R. Kutasovic and Richard G. Fritz Section 3.4.538.Correct answer: B.Veblen goods violate the fundamental axioms of demand theory, whereas Giffen goods do not. CFA Level I"Demand and Supply Analysis: Consumer Demand," Richard V. Eastin and Gary L. Arbogast Sections 6.4, 6.539.Correct answer: A.A boom in the stock market increases the value of financial assets and household wealth. An increase in household wealth increases consumer spending and shifts the aggregate demand curveCFA Level I"Aggregate Output, Prices, and Economic Growth," Paul R. Kutasovic and Richard G. Fritz Section 3.3.140.Correct answer: B.CFA Level I"Demand and Supply Analysis: Introduction," Richard V. Eastin and Gary L. ArbogastSection 3.241.Correct answer: C.If demand is elastic, a 1% reduction in price increases the quantity sold by more than 1%.CFA Level I"Demand and Supply Analysis: Introduction," Richard V. Eastin and Gary L. ArbogastSection 4.142.Correct answer: C.A recessionary gap arises when equilibrium GDP is below potential GDP. Decreased confidencelowers aggregate demand, which, in turn, leads to economic contractions. As demand declines, companies reduce their workforce and the unemployment rate rises.CFA Level I"Aggregate Output, Prices, and Economic Growth," Paul R. Kutasovic and Richard G. Fritz Section 3.4.243.Correct answer: A.Consumer surplus arises when a consumer pays less for a good than the maximum price that she or he was willing to pay for it. Consumer surplus is the value (or marginal benefit) of a good minus the price paid for it, summed over the quantity bought. Because no consumer will (willingly) pay a price greater than the marginal value or benefit, consumer surplus is always positive.CFA Level I"Demand and Supply Analysis: Introduction," Richard V. Eastin and Gary L. ArbogastSection 3.944.Correct answer: A.A Giffen good is an inferior good. All inferior goods have a negative income effect (less is purchased as income rises). Although the substitution effect is always positive for all goods, for a Giffen good, the income effect is so strong and so negative that it overpowers the substitution effect. The result is that as its price declines, less of it is purchased; this relationship results in a positively sloped individual demand curve. Therefore, it is least likely that the substitution effect is negative.CFA Level I"Demand and Supply Analysis: Consumer Demand," Richard V. Eastin and Gary L. Arbogast Sections 6.3, 6.4Questions 45~68 Relate to Financial Statement Analysis45.Correct answer: A.Common size statements offer a convenient way to compare companies of different magnitudes. Company X reports better (higher) gross margin performance. Company Y reports better (higher) operating margin performance.CFA Level I"Understanding Income Statements," Elaine Henry and Thomas R. RobinsonSection 7.146.Correct answer: A.U.S. GAAP requires that long term contracts whose outcomes can be reliably measured should be accounted for using the percentage-of-completion method, based on the stage of completion. Under the original assumptions, the company would have recognized $15 million of revenue.Now that the company is unclear on the appropriate design and thus the cost, the outcome cannot be reliably measured. The completed contract method is used. Under this approach, no revenue ($ 0) is recognized until the contract is substantially complete. The difference in reported revenue under the two methods is: $15 million - $0 = $15 million.CFA Level I"Understanding Income Statements," Elaine Henry and Thomas R. RobinsonSection 3.2.147.Correct answer: B.Whether the company sells or leases the asset, inventory will be reduced. For sales, the company would report an accounts receivable classified as a current asset (assuming sales terms are not in question). If the leases qualify as finance leases, then the company will report a lease receivable, which is primarily long term. Therefore, compared with selling units outright, the company's current assets are lower under leasing and its liquidity position will decrease.CFA Level I"Long-Lived Assets," Elaine Henry and Elizabeth A. GordonSection 9.2.2"Non-Current (Long-Term) Liabilities," Elizabeth A. Gordon and Elaine HenrySection 3.2.248.Correct answer: B.The general journal records transactions in the order in which they occur (chronological order) and is thus sorted by date.CFA Level I"Financial Reporting Mechanics," Thomas R. Robinson, Jan Hendrik van Greuning, Karen O'Connor Rubsam, Elaine Henry, and Michael A. BroihahnSection 6.149.Correct answer: A.The costs to include in inventories are all costs of purchase, costs of conversion, and other costs incurred in bringing the inventories to their present location and condition. It does not include abnormal waste costs or storage of finished product.CFA Level I―Inventories,‖ Michael A. BroihahnSection 250.Correct answer: C.If the leases were capitalized, both total assets and liabilities would increase by the present value of the lease payments, as shown in the following table.CFA Level I"Long-Lived Assets," Elaine Henry and Elizabeth A. Gordon"Non-Current (Long-Term) Liabilities," Elizabeth A. Gordon and Elaine HenrySection 3.2.151.Correct answer: C.The IFRS Conceptual Framework specifies a number of general features underlying the preparation of financial statements, including materiality and accrual basis. Matching is not one of those general features; it is a general principle of expense recognition.CFA Level I"Financial Reporting Standards," Elaine Henry, Jan Hendrik van Greuning, and Thomas R. RobinsonSections 5.5, 5.5.2"Understanding Income Statements," Elaine Henry and Thomas R. RobinsonSection 4.152.Correct answer: A.For a publicly traded firm in the United States, the auditor must express an opinion as to whether the company's internal control system is in accordance with the Public Accounting Oversight Board, under the Sarbanes–Oxley Act. The opinion is given either in a final paragraph in the auditor's report or as a separate opinion.CFA Level I"Financial Statement Analysis: An Introduction," Elaine Henry and Thomas R. Robinson Section 3.1.753.Correct answer: B.The two fundamental qualitative characteristics that make financial information useful are relevance and faithful representation. Materiality relates to the level of detail of the information needed to achieve relevance.CFA Level I"Financial Reporting Standards," Elaine Henry, Jan Hendrik van Greuning, and Thomas R.Section 5.254.Correct answer: C.CFA Level I"Understanding Income Statements," Elaine Henry and Thomas R. RobinsonSection 855.Correct answer: B.Because both the preferred shares and the bonds are dilutive, they should both be converted to calculate the diluted EPS. Diluted EPS is the lowest possible value.CFA Level I―Understanding Income Statements,‖ Elaine Henry and Thomas R. RobinsonSections 6.2, 6.356.Correct answer: A.An effective framework should enhance the transparency of the underlying economics through the financial statements; transparency arises through full disclosure and fair presentation.CFA Level I"Financial Reporting Standards," Elaine Henry, Jan Hendrik van Greuning and Thomas R. RobinsonSection 6.157.Correct answer: B.The periodic and perpetual systems result in the same inventory and cost of goods sold values (and thus gross profit margin) using both FIFO and specific identification valuation methods but not always under LIFO.CFA Level I―Inventories,‖ Michael A. BroihahnSection 3.658.Correct answer: C.A liquidity-based presentation can be used when it provides information that is reliable and more relevant. Entities that typically choose this format include banks.CFA Level I"Understanding Balance Sheets," Elaine Henry and Thomas R. RobinsonSection 2.2, 2.359.Correct answer: B.Relevance and faithful representation are the two fundamental qualitative characteristics that make financial information useful, according to the IASB Conceptual Framework.CFA Level I"Financial Reporting Standards," Elaine Henry, Jan Hendrik van Greuning, and Thomas R. RobinsonSection 5.260.Correct answer: A.Intangible assets with indefinite lives need to be tested for impairment at least annually. Property, plant, and equipment (including land) and intangibles with finite lives are only tested if there has been a significant change or other indication of impairment.CFA Level I―Understanding Balance Sheets,‖ Elaine Henry and Thomas R. RobinsonSections 4.1, 4.3―Long-Lived Assets,‖ Elaine Henry and Elizabeth A. GordonSections 5.1, 5.2, 5.361.Correct answer: C.In periods of rising prices, FIFO results in a higher inventory value and a lower cost of goods sold and thus a higher net income. The higher net income increases return on sales. The higher reported net income also increases retained earnings and thus results in a lower debt-to-equity ratio, not a higher one. The combination of higher inventory and lower cost of goods sold (CGS) decreases inventory turnover (CGS/Inventory).CFA Level I―Inventories,‖ Michael A. BroihahnSections 3.2, 3.3, 3.5, 3.7。
CFA考试(Level Ⅰ)历年真题详解 2011 Level Ⅰ Mock Exam MorningSession
2011 Level Ⅰ Mock Exam: MorningSessionQuestions 1 through 18 relate to Ethical and Professional Standards.1．Gabrielle Gabbe, CFA has been accused of professional misconduct by one of her competitors. The allegations concern Gabbe's personal bankruptcy filing ten 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【解析】"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 38-40, 46-47Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.A is correct as a personal bankruptcy does not necessarily constitute a violation of Standard I (D). If the circumstances of the bankruptcy involved fraudulent or deceitful business conduct then failing to disclose it may constitute a violation of the Standards.2．Bryan Barrett, CFA has an investment advisory service providing advice on gold and other commodities to several large retail banks. Barrett advertises his services in widely read publications to broaden his business to include retail clients. Because the client base for the institutions that Barrett serves is large, he is comfortable stating in the ads that thousands of his clients have benefited fromhis advice. Does Barrett's advertisement most likely violate any CFA Institute Standards of Professional Conduct?A．No.B．Yes, related to MisrepresentationC．Yes, related to Communication with Clients【答案】B【解析】"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 38-40Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.B is correct because Barrett's client base is made up of a small number of large institutions so stating in the advertisement that his client base is a larger number is a misrepresentation and a violation of Standard I(C). In addition, since the advertisement focuses only on the benefits and does not mention the potential risks of these investments it is also potentially misleading to clients.3．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?A．Market ManipulationB．Preservation of ConfidentialityC．Material Non Public Information【答案】B【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.4．Diana Fairbanks, CFA is married to an auditor who is employed at a large accounting firm. When her husband mentions a computer firm he audits will receive a qualified opinion she thinks nothing of it. Later that week when she reviews a new client account she notices there are substantial holdings of this computer firm. When she does a thorough Internet search for news on the company, she does not find anything about its most recent audit or any other adverse information. Which of the following actions concerning the computer stock should Fairbanks most likely take to avoid violating the CFA Institute Standards of Professional Conduct?A．Take no investment action.B．Complete a thorough and diligent analysis of the company and then sell the stock.C．Sell the stock immediately as she has a reasonable basis for taking this investment action.【答案】A【解析】"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 49-52Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.A is correct as the information concerning the qualified opinion is non-public and if it is material she would be in violation of Standard II(A) if she took investment action based on the information. She should also make reasonable efforts to achieve public dissemination of the information.5．Sherry Buckner, CFA manages equity accounts for government entities whose portfolios are conservative and risk averse. Since the objective of her clients is to maximize returns with the lowest possible risk, Buckner considers adding to their holdings a new, thinly traded, leveraged derivative product which she believes has the potential for high returns. To make her investment decision, Buckner relies upon comprehensive research from an investment bank that has a solid reputation for top quality research. After her review of that research, Buckner positions her accounts so that each has a 10% allocation to the derivative product. Did Buckner most likely violate any CFA Institute Standards of Professional Conduct by purchasing the derivative for her clients?A．No.B．Yes，related to Suitability.C．Yes，related to Loyalty, Prudence and Care.【答案】B【解析】"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 78-81Study 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 Buckner is in violation of Standard III (C) since she did not consider issues such as the limited liquidity or any potential leverage of this new product when she invested a substantial percentage of her client's portfolios in these instruments.6．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?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.【答案】C【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. 7．Sergio Morales, CFA believes he has found evidence his supervisor is engaged in fraudulent activity concerning a client's account. When Morales confronts his supervisor, he is told the client is fully aware of the issue. Later that day, Morales contacts the client and upon disclosing his evidence, is told he should mind his own business. Concerned his job is at risk, Morales provides his evidence, alongwith copies of the client's most recent account statements, to a government whistle blower program. Morales is least likely to have violated which of the following CFA Institute Standards of Professional Conduct?A．Duties to ClientsB．Duties to EmployersC．Communication with Clients【答案】C【解析】"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 63-64, 90-93, 116-118Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.C is correct because this Standard has not been violated. Even though he talked to the client, the communication did not relate to the investment process. He has violated his duties to clients by disclosing confidential information to the government whistle blower program. He has also violated a duty to his employer as contradicting employer instructions are not permitted unless the member is acting to protect the integrity of capital markets and the interests of clients. 8．Leng Bo, CFA is a bond portfolio manager for individual investors. Last year, a client whose portfolio is limited to investment-grade bonds approved Bo's purchase of a below investment grade bond. Because yields in the high grade fixed income markets declined, Bo subsequently decides to enhance this client's portfolio by investing in several additional bonds with ratings one or two notches below investment grade. The investment strategy implemented by Bo most likely violated which of the following CFA Institute Standards of Professional Conduct?A．SuitabilityB．Communications with ClientsC．Independence and Objectivity【答案】A【解析】"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 78-80Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.A is correct because the client only approved the purchase of one below investment grade bond while the portfolio manager has purchased several additional bonds below investment grade without client approval in violation of Standard III (C).9．Sisse Brimberg, CFA is responsible for performance presentations at her investment firm. The presentation that Sisse uses states her firm:1) deducts all fees and taxes;2) uses actual and simulated performance results;3) bases the performance on a representative individual account.Based on the above information, which of the following is the most appropriate recommendation to help Brimberg meet the CFA Institute Standards of Professional Conduct in her performance presentations? She should present performance based on:A．a gross of fee basisB．actual not simulated results.C．a weighted composite for all similar portfolios【答案】C【解析】"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 85-86Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.C is correct because in order to meet their obligations under Standard III (D), members should present the performance of the weighted composite of similar portfolios rather than using a single representative or all accounts, so this is the best selection of the options provided.10．Eileen Fisher, CFA has been a supervisory analyst at SL Advisors for the past ten years. Recently, one of her analysts was found to be in violation of the CFA Institute Standards of Professional Conduct. Fisher has placed limits on the analyst's activities and is now monitoring all of his investment activities. Although SL did not have any compliance procedures up to this point, to avoid future violations, Fischer has put in place procedures exceeding industry standards. Did Fisher most likely violate any CFA Institute Standards of Professional Conduct?A．Yes.B．No, because she has taken steps to ensure the violations will not be repeated by the analyst.C．No, because she is taking steps to implement compliance procedures that are more than adequate.【答案】A【解析】"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 101-103Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.A is correct because under standard IV(C) a member should exercise reasonable supervision by establishing and implementing compliance procedures in place prior to the possibility of any violation occurring, which has not been done in this case.11．Joyce La Valle, CFA is a portfolio manager at a global bank. La Valle has been told she should use a specific vendor for equity investment research that has been approved by the bank's headquarters. Because La Valle is located in a different country than the bank's headquarters, she is uncomfortable with the validity of the research provided by this vendor when it applies to her country and would like to use a local vendor on whom she has already conducted due diligence. Which of the following actions concerning the research vendor should La Valle most likely take to avoid violating the CFA Institute Standards of Professional Conduct?A．Use the local research vendor.B．Use the bank-approved research vendor.C．Use both the local and the bank-approved research vendors.【答案】A【解析】"Guidance for Standards I-VII CFA Institute2011 Modular Level I, Vol. 1, pp. 107-109Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.A is correct. When a member has reason to suspect that either secondary or third-party research or information comes from a source that lacks a sound basis, the member must not rely on that information as indicated by Standard V(A) Diligence and Reasonable Basis.12．Colin Gifford, CFA is finalizing a monthly newsletter to his clients, who are primarily individual inves tors. Many of the clients’ accounts hold the common stock of Capricorn Technologies. In the newsletter, Gifford writes, “Based upon the next six months earnings of $1.50 per share and a 10% increase in the dividend, the price of Capricorn's stock will be $22 per share by the end of the year.” Regarding his stock analysis, the least appropriate action Gifford should take to avoid violating any CFA Institute Standards of Professional Conduct would be to:A．separate fact from opinionB．include earnings estimatesC．identify limitations of the analysis【答案】B【解析】"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 116-118Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.B is correct because while pro forma analysis may be standard industry practice, it is not required by the Standards. Earnings estimates are opinions and must be clearly identified as such.13．Yao Tsang, CFA has a large percentage of his net worth invested in the Australian mining company, Outback Mines, which he has held for many years.Tsang is in the process of moving to a new employer where he is responsible for initiating research on mining companies. Shortly after his move, Tsang is asked to complete a research report on Outback. In order to meet the CFA Institute Standards of Professional Conduct concerning his stock holding, which of the following actions is most appropriate for Tsang to take?A．Disclose his stock holding to his employer and to clients.B．Sell his stock holdings to eliminate any potential conflict of interest. C．Refuse to write the report and ask his employer to assign another analyst to complete the analysis.【答案】A【解析】"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 123-127Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.A is correct. Even though the best practice is to avoid conflicts, when conflicts cannot be reasonably avoided, full disclosure should be made as required by Standard VI (A). As the stock in question has been held for many years it may not be practical to sell it due to things like tax consequences. Since the analyst has been hired to initiate coverage of mining companies it is unlikely that another analyst at that firm would be as competent in completing a research report on mining companies.14．Teresa Avila, CFA is a micro cap investment analyst at a hedge fund. The fund requires Avila to hold any securities she recommends for the fund in her own account as well. Because Avila has such a small account, whenever she trades for her own portfolio she combines the transactions with those of the hedge fund so she is sure to have her account aligned with the fund. Has Avila most likely violated any CFA Institute Standards of Professional Conduct?A．No.B．Yes, related to Misconduct.C．Yes, related to Priority of Transactions.【答案】C【解析】"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 131-132Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.C is correct as Standard VI (B) requires that investment transactions for clients and employers have priority over transactions in which members have beneficial ownership. By executing her own accounts transactions with those of the hedge fund the analyst has violated this Standard. Micro cap securities can be thinly traded and easily influenced by changes in the volume of activity so that the analyst may benefit when she combines her transactions with the hedge funds and she should let the fund execute its orders before she makes changes to her account.15．Ken Kawasaki, CFA shares a building with a number of other professionals who are also involved in the investment management business. Kawasaki makes arrangements with several of these professionals, including accountants and lawyers, to refer clients to each other. There is an expectation that an informal score is kept so that the referrals will equal out over time, so there are no cash payments. Kawasaki never mentions this arrangement to clients or prospective clients. Does Kawasaki's agreement with the other building occupants most likely violate any CFA Institute Standards of Professional Conduct?A．No.B．Yes, related to referral feesC．Yes, related to communication with clients【答案】B【解析】"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, p. 136Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.B is correct because Standard VI(C) requires disclosure of any compensation, consideration, or benefit received from or paid to others for the recommendation of products or services. Even without cash changing hands the arrangement provides for a quid pro quo referral of clients and should be disclosed. 16．Stian Klun, CFA is preparing a brochure to advertise his firm. The brochure includes the following disclosures:"I am a CFA so I am a member of the CFA Institute which I believe constitutes the most elite group of professionals within the investment management business. In order to become a CFA charter-holder I had to complete a comprehensive program of study in the investment management field.” Klun is least likely to have violated the CFA Institute Standards of Professional Conduct related to referencing the:A．CFA Institute.B．CFA ProgramC．CFA Designation【答案】B【解析】"Guidance for Standards I-VII CFA Institute"2011 Modular Level I, Vol. 1, pp. 139-141Study 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 the CFA program has been properly referenced while the CFA Institute and CFA Designation have been improperly referenced in violation of Standard VII (B). CFA should be an adjective rather than a noun.17．Holly Baker, CFA is explaining the CFA Institute Code of Ethics to a client. Which of the following statements could Baker make to most likely reflect disciplinary sanctions the CFA Institute may impose? Sanctions include:A．fines for violations.B．revocation of membershipC．banishment from the industry【答案】B【解析】Code of Ethics and Standards of Professional Conduct, CFA Institute2011 Modular Level I, Vol. 1, pp. 8-9Study Session 1-1-aDescribe the structure of the CFA Institute Professional Conduct Program and the process for the enforcement of the Code and StandardsB is correct as the CFA Institute may revoke membership for violations of the Institute Code of Ethics.18．Which of the following least likely forms the basic structure for enforcement of the CFA Institute Professional Conduct Program?B．Rules of ProcedureC．Board of Governors【答案】C【解析】Code of Ethics and Standards of Professional Conduct, CFA Institute2011 Modular Level I, Vol.1, pp. 8-9Study Session 1-1-aDescribe the structure of the CFA Institute Professional Conduct Program and the process for the enforcement of the Code and StandardsC is correct. Although the Board of Governors maintains oversight and responsibility for the Professional Conduct Program, the Institute's Bylaws and Rules of Procedure form the basic structure for enforcement of the Code and Standards.Questions 19 through 32 relate to Quantitative Methods19．Assume that a stock’s price over the next two periods is as shown below.The initial value of the stock is $100. The probability of an up move in any given period is 40% and the probability of a down move in any given period is 60%. Using the binomial model, the probability that the stock’s price will be $101.20 at the end of two periods is closest to:A．16%.B．24%.【答案】C【解析】“Common Probability Distributions,” Richard A. Defusco, CFA, Dennis W. McLeavey,CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2011 Modular Level I, Vol. 1, pp. 507-509Study Session 3-9-f, gCalculate and interpret probabilities, given the discrete uniform and the binomial distribution functions.Construct a binomial tree to describe stock price movement.Across two periods, there are four possibilities: an up move followed by an up move ($121.00 end value), an up move followed by a down move ($101.20 end value), a down move followed by an up move ($101.20 end value), and a down move followed by a down move ($84.64 end value). The probability of an up move followed by a down move is 0.40 times 0.60 equals 0.24. The probability of a down move followed by an up move is 0.60 times 0.40 also equals 0.24. Both of these sequences result in an end value of $101.20. Therefore, the probability of an end value of $101.20 is 48%.20．Use the following values from Student’s t-distribution to establish a 95% confidence interval for the population mean given a sample size of 10, a sample mean of 6.25, and a sample standard deviation of 12. Assume that the population from which the sample is drawn is normally distributed and the population variance is not known.The 95% confidence interval is closest to:A．a lower bound of -2.33 and an upper bound of 14.83B．a lower bound of -2.20 and an upper bound of 14.70C．a lower bound of -0.71 and an upper bound of 13.20【答案】A【解析】“Sampling and Estimation,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA,Jerald E. Pinto, CFA, and David E. Runkle, CFA2011 Modular Level I, Vol. 1, p. 566Study Session 3-10-jCalculate and interpret a confidence interval for a population mean, given a normal distribution with 1) a known population variance, 2) an unknown population variance, or 3) an unknown variance and a large sample size.With a sample size of 10, there are 9 degrees of freedom. The confidence interval concept is based on a two-tailed approach. For a 95% confidence interval, 2.5% of the distribution will begin each tail. Thus, the correct t-statistic to use is 2.262. The confidence interval is calculated as:where is the sample mean, s is the sample standard deviation, and n is the sample size.In this case we have:21．A sample of 438 observations is randomly selected from a population. The mean of the sample is 382 and the standard deviation is 14. Based on Chebyshev’s inequality, the endpoints of the interval that must contain at least 88.89% of the observations are closest to:A．340 and 424.B．354 and 410C．396 and 480【答案】A【解析】“Statistical Concepts and Market Returns,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2011 Modular Level I, Vol. 1, pp. 391-393Study Session 2-7-hCalculate and interpret the proportion of observations falling within a specified number of standard deviations of the mean using Chebyshev’s inequality. According to Chebyshev’s inequality, the proportion of the observations within k standard deviations of the arithmetic mean is at least 1 – 1/k2for all k>1. For k =3, that proportion is 1 – 1/32, which is 88.89%. The lower endpoint is, therefore the mean (382) minus 3 times 14 (the standard deviation) and the upper endpoint is 382 plus 3 times 14. 382 – (3 × 14) = 340; 382 + 3 × 14 =424.22．The following ten observations are a sample drawn from a normal population: 25, 20, 18, -5, 35, 21, -11, 8, 20, and 9. The mean of the sample is closest to:A．14.00.B．15.56.C．17.20.【答案】A【解析】“Statistical Concepts and Market Returns,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2011 Modular Level I, Vol. 1, pp. 357-358Study Session 2-7-eDefine, calculate and interpret measures of central tendency, including the population mean, sample mean, arithmetic mean, weighted average or mean (including a portfolio return viewed as a weighted mean), geometric mean, harmonic mean, median, and mode. The sum of the ten numbers is 140. Dividing by 10 gives the mean of 14.23．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．﹣0.37%B．0.25%C．8.99%【答案】A【解析】“Statistical Concepts and Market Returns,” Ri chard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2011 Modular Level I, Vol. 1, pp. 371-373Study Session 2-7-eDefine, calculate and interpret measures of central tendency, including the population mean, sample mean, arithmetic mean, weighted average or mean(including a portfolio return viewed as a weighted mean), geometric mean, harmonic mean, median, and mode.Add one to each of the given returns, then multiply them together, then take the fourth root of the resulting product. 0.92 × 1.04 × 1.17 × 0.88 = 0.985121.0.985121 raised to the 0.25 power is 0.996259. Subtracting one and multiplying by 100 gives the correct geometric mean return of ﹣0.37%.24．A sample of 25 observations has a mean of 8 and a standard deviation of 15. The standard error of the sample mean is closest to:A．1.60.B．3.00.C．3.06.【答案】B【解析】“Sampling and Estimation,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2011 Modular Level I, Vol. 1, p. 557Study Session 3-10-eCalculate and interpret the standard error of the sample mean.The standard error of the sample mean, when we know the sample standard deviation, is:. In this case,。
CFA一级Mock精彩试题
1. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, trading on material nonpublic information is least likely to be prevented by establishing:A. fire-walls.B. watch lists.C. selective disclosure.Answer: CCFA Institute Standards2010 Modular Level I, Vol. 1, pp. 36-42Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional ConductC is correct as selective disclosure occurs when companies discriminate in making material nonpublic information public. Corporations that disclose information on a limited basis create the potential for insider-trading violations. Standard II (A).2. William Wong, CFA, is an equity analyst with Hayswick Securities. Based on his fundamental analysis, Wong concludes 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. Wong is least likely to have violated the CFA Institute Standards of Professional Conduct related to:A. duty to clients.B. reasonable basis.C. priority of transactions.Answer: B“Guidance for Standards I-VII”, CFA Institute2010 Modular Level I, Vol. 1, pp. 48-50, 80-81, 94-95Study Session 1-2-aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.B is correct because there is nothing to suggest that Wong does not have a reasonable basis for his conclusion related to Nolvec. Standard V (A).3. During an onsite company visit, Marsha Ward, CFA, accidentally overheard the Chief Executive Officer (CEO) of Stargazer, Inc. discussing the company’s tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct, Ward most likely can not use the information because:A. it relates to a tender offer.B. it was overheard and might be considered unreliable.C. she does not have a reasonable and adequate basis for taking investment action.Answer: A2009 Modular Level I, Vol. 1, pp. 36-42Study Session 1-2-aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.A is correct because trading on the information is restricted as it relates to a tender offer。
2010年-CFA-一级-Mock试题
2010年-CFA-一级-Mock试题1. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, trading on material nonpublic information is least likely to be prevented by establishing:A. fire-walls.B. watch lists.C. selective disclosure.Answer: CCFA Institute Standards2010 Modular Level I, Vol. 1, pp. 36-42Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional ConductC is correct as selective disclosure occurs when companies discriminate in making material nonpublic information public. Corporations that disclose information on a limited basis create the potential for insider-trading violations. Standard II (A).2. William Wong, CFA, is an equity analyst with Hayswick Securities. Based on his fundamental analysis, Wong concludes the stock of a company hefollows, 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. Wong is least likely to have violated the CFA Institute Standards of Professional Conduct related to:A. duty to clients.B. reasonable basis.C. priority of transactions.Answer: B“Guidance for Standards I-VII”, CFA Institute 2010 Modular Level I, Vol. 1, pp. 48-50, 80-81, 94-95Study Session 1-2-aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.B is correct because there is nothing to suggest that Wong does not have a reasonable basis for his conclusion related to Nolvec. Standard V (A).3. During an onsite company visit, Marsha Ward, CFA,accidentally overheard the Chief Executive Officer (CEO) of Stargazer, Inc. discussing the company’s tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct, Ward most likely can not use the information because:A. it relates to a tender offer.B. it was overheard and might be considered unreliable.C. she does not have a reasonable and adequate basis for taking investment action.Answer: A“Guidance for Standards I-VII”, CFA Institute 2009 Modular Level I, Vol. 1, pp. 36-42Study Session 1-2-aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.A is correct because trading on the information is restricted as it relates to a tender offer; it is clearly material, nonpublic information. StandardII (A).4. Ian O’Sullivan, 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 Mallory Enterprises to provide public relations services, with O’Sullivan receiving 40,000 shares of Mallory stock in payment for his services. Over the next 10 days, the public relations firm issued several press releases that discussed Mallory’s excellent growth prospects. O’Sullivan, through his financial research firm, also published a research report recommending Mallory stock as a “buy.” According to the CFA Institute Standards of Professional Conduct, O’Sullivan is most likely required to disclose his ownership of Mallory stock in the:A. press releases only.B. research report only.C. both the press release and the research report.Answer: C“Guidance for Standards I-VII”, CFA Institute2009 Modular Level I, Vol. 1, pp. 21-26, 89-91 Study Session 1–2–aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.C is correct because members should disclose all matters that reasonably could be expected to impair the member’s objectivity. Standard I (B), Standard VI (A)5. Jefferson Piedmont, CFA, a portfolio manager for Park 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 extensive portfolios requiring substantial attention, they have requested that Piedmont provide the services outside his employment with Park. Piedmont notifies his employer in writing of his prospective outside employment. Two weeks later, Piedmont begins managing the family members’ portfolios. By managing these portfolios, did Piedmont violate any CFA Institute Standards of Professional Conduct?A. Conflicts of InterestB. Additional Compensation.C. Both Additional Compensation and Conflicts of Interest.Answer: C“Guidance for Standards I-VII”, CFA Institute 2009 Modular Level I, Vol. 1, p. 75, 89-91Study Session 1–2–aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.C is correct because members should disclose all potential conflicts of interest, the substantial time involved in managing family accounts, and when engaging in independent practice for compensation should not render services until receiving written consent from all parties. Standard IV (B), Standard VI (A).6. The eight major provisions of the Global Investment Performance Standards (GIPS) include all of the following except:A. Input Data, Calculation Methodology, and Real Estate.B. Fundamentals of Compliance, Composite Construction, and Disclosures.C. Calculation Methodology, Composite Construction, and Alternative AssetsAnswer: CCFA Institute Standards2010 Modular Level I, Vol. 1, pp. 141-142Study Session 1-4-dCharacterize the eight major sections of the GIPS standards.C is correct because Alternative Assets is not among the eight major provisions or sections of the Global Investment Performance Standards which include: Fundamentals of Compliance, Input Data, Calculation Methodology, Composite Construction, Disclosures, Presentation and Reporting, Real Estate, and Private Equity. Standard II, Provisions of The Global Investment Performance Standards.7. Hui Chen, CFA, develops marketing materials for an investment fund he founded three years ago. The materials show the 3-, 2- and 1-year returns for thefund. He includes a footnote that states in small print “Past performance does not guarantee future r eturns.” He also includes a separate sheet showing the most recent semi-annual and quarterly returns, which notes they have been neither audited nor verified. Has Chen most likely violated any CFA Institute Standards of Professional Conduct? Answer: A“Gu idance for Standards I-VII”, CFA Institute 2009 Modular Level I, Vol. 1, pp. 64-65 “Guidance for Standards I-VII”, CFA Institute 2009 Modular Level I, Vol. 1, pp. 64-65Study Sessions 1-2-aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.A is correct because the Standards require members to make reasonable efforts to make sure performance information is fair, accurate, and complete. The Standards do not require compliance with Global Investment Performance Standards (GIPS), auditing, or verification requirements. Standard III (D) A. No.B. Yes, because he included un-audited and unverified results.C. Yes, because he did not adhere to the global investment performance standards.8. Charlie Mancini, CFA, is the Managing Director for Business Development at SV Financial, (SVF), a large U.S. based mutual fund organization. Mancini has been under pressure recently to increase revenues. In order to secure business from a large hedge fund manager based in Asia, Mancini recently approved flexible terms for the fund’s client agreement. To allow for time zone differences, the agreement permits the hedge fund to trade in all of SVF’s mutual funds six hours after the close of U.S. markets. Did Mancini violate any CFA Institute Standards of Professional Conduct?A. No.B. Yes, with regard to Fair Dealing.C. Yes, with regard to Fair Dealing and Material Nonpublic Information.Answer: C“Guidance for Standards I-VII”, CFA Institute 2010 Modular Level I, Vol. 1, pp. 45, 53-55Study Sessions 1-2-aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.C is correct because clients should be treated fairly and impartially. Standard III (B). In addition, the flexible trading terms allow the hedge fund manager to enrich themselves and is a violation of Standard II A, concerning trading on material nonpublic information. This is also a conflict of interest, Standard VI (A), Disclosure of Conflicts.9. Ron Dunder, CFA, is the CIO for Bling Trust (BT), an investment advisor. Dunder recently assigned one of his portfolio managers, Doug Chetch, to manage several accounts that primarily invest in thinly traded micro-cap stocks. Dunder soon notices that Chetch places many stock trades for these accounts on the last day of the month, towards the market’s close. Dunder finds this trading activity unusual and speaks to Chetch who explains that the trading activity was completed at the client’s request.Dunder does not investigate further. Six months later regulatory authorities sanction BT for manipulating micro-cap stock prices at month end in order to boost account values. Did Dunder violate any CFA Institute Standards of Professional Conduct?A. No.B. Yes, because he failed to reasonably supervise Chetch.C. Yes, because he did not report his findings to regulatory authorities.Answer: C“Guidance for Standards I-VII”, CFA Institute 2010 Modular Level I, Vol. 1, pp. 76-78Study Sessions 1-2-aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.B is correct because the CFA Institute Standard on Responsibilities of Supervisors, Standard IV (C), requires members/candidates to take steps to detect and prevent violations of laws, rules and regulations. Dunder failed in his supervisory rolewhen he accepted Chetch’s explanation of the unusual trading activity. Dunder should have reviewed the client’s goals and objectives, and records, to see if they in fact requested month-end trading. Regardless of the explanation provided by Chetch Dunder should have investigated further.。
(完整版)CFA一级模考试题及答案
ANSWERS FOR MOCK EXAM 1 (MORNING SESSION)1. D. Although Terence has passed Level III, he has not yet received his charter andcannot use the CFA designation. The description provided in the cover letterproperly describes his situation.2. C. Amy must take both actions-notifying her immediate supervisor and deliveringa copy of the Code and Standards.3. D.4. C. Members may undertake an independent practice that could result incompensation or other benefit in competition with their employer provided theyobtain written consent from both their employer and the party for whom theyundertake independent practice.5. C. To maintain his objectivity, Keith should pay his own hotel bill. Because theitinerary required charter flights due to a lack of commercial transportation, A& K Limited can appropriately provide them.6. C. Under ERISA, fiduciaries must act solely in the interest of, and for theexclusive purpose of benefiting, the plan participants and beneficiaries.7. B. Daniel must give priority to transactions for clients and employers overtransactions for his children.8. A. To avoid violating the standards, members cannot trade until the member'sclients and employers have had an adequate opportunity to act on therecommendation.9. C. The requirements of Standard IV (B.5) are not intended to prevent Lambertfrom cooperating with an investigation by AIMR's Professional ConductProgram.10. B. Vivian should disclose to her clients and prospects her husband's holdings inDouble Limited because this matter could be expected to impair her ability tomake unbiased and objective recommendations.11. B.12. B. Accruals accounting is required.13. C. S tandard I(B) Fundamental Responsibilities. Prohibition against participating orassisting in illegal and ethical violations. If Roberts suspects someone isplanning or engaging in illegal activities, he should: (1) determine the legalityof the activities, (2) disassociate himself from the illegal or unethical activity,and (3) urge his firm to attempt to persuade the perpetrator to stop. The AIMRStandards of Professional Conduct do not require that Roberts report suchactivities to the authorities, but the law might.14. C. Standard III(C) Disclosure of Conflicts to Employer. Gloria should disclose toher employer all matters that could reasonably be expected to interfere with herability to make unbiased and objective recommendations. Her service as atrustee of the Well Limited Foundation for Heart Research is most likely to beconsidered a conflict of interest with her responsibility to her employer.15. C. Standard III (E) Responsibilities of Supervisors. Paul may delegate supervisoryduties, but such delegation does not relieve him of his supervisoryresponsibility.16. A. Standard IV (B.3) Fair Dealing. Johnson violated the standard on fair dealingbecause he did not deal fairly and objectively with all clients and prospectswhen disseminating investment recommendations. Instead, he showedfavoritism to his best clients. In disseminating investment recommendations,Johnson should consider making the information available to clients based ontheir interest and suitability. A change of recommendation from buy to sell orsell to buy is generally material.17. D. Standard IV(B.5) Preservation of Confidentiality. Choice B is false because thisstandard prohibits members from executing settlement agreements that preventmembers from providing information in an investigation by AIMR'sProfessional Conduct Program (PCP). Choice C is false because a personcannot withhold information during PCP investigations. Choice A is falsebecause if a member receives information due to his or her special relationshipwith the client indicating illegal behavior on the past of the client, the membermay not have an obligation to inform the appropriate authorities.18. A. Standard IV(B.6) Prohibition against Misrepresentation. Members are notpermitted to make any assurances or guarantees about any investment, except tocommunicate accurate information. The statement that investment grade bondshave less default risk than junk bonds is an accurate statement.19. C. Use BGN node: n = 10; i = 12 PMT = 1,000, compute FV = 19.654.5820. B. The present value of a perpetuity is PV = A/r = 500/0.1 = $5,000.21. B. i = 6/12 = 0.5; n = 10x12 = 120; PV = 40,000 Compute PMT22. A.23. A. A binomial random variable has an expected value or mean equal to np andvariance equal to np(1-p).Mean = 12(0.5) = 6; variance (12)(0.5)(1-0.5) = 324. D.25. B. Rbt-1 = In St+1 /St = (1+RL1-1) = In (40/25) = 0.47. Thus, 47% is thecontinuously computed return for the one-year holding period.26. B. Choice A describes cross-sectional data.Choice B describes time-series data.27. D. The dependent variable, Y, is equal to the intercept, b0, plus a slope coefficient,P(positive) - P(analyst and positive)P (A or positive) = 130/200 + 140/200 - (100/130) = 0.58 or 58%36. B. Savings increases to hold interest rates constant. This means aggregate demandchanges little.37. C. The empirical evidence on the relationship between budget deficits and interestrates is mixed.Few studies show a significant positive short-term link between budget deficitsand real interest rates.38. B. Expansion = 1 / reserve requirement = 1/0.25 = 4(4)(150) = 60039. C. People realize this leads to inflation in the long run, so they reduce their moneyholdings. Output rises because the increase is unexpected.40. C. In purely competitive markets, there are a large number of dependent firms.41. D.42. D.43. C.44. C.45. D. Choice A: Accrual accounting does not require the receipt of cash for assuranceof payment to exist.Choice C and D: These relate only to the condition of completion of theearnings process.46. D.47. A Demand for currency decreases when real interest rates decrease because ofdecreased capital flows.48. C Foreign exchange quotations can be expressed on a direct basis - the homecurrency price of another currency—or an indirect basis-- the foreign currencyprice of the home currency.49. C F/S= (1 + r D)/(l + r F) where rates are listed as DC/FCF = (1.3/1.25)(0.4) = 0.41650. C. Direct method:Net income 1000Depreciation 70Goodwill 30Change in accounts receivable 25Change in inventory (35)Change in accounts payable 30Change in wages payable 15Operating cash flows 113551. B. Purchase equipment (200)Sell truck 25Investing cash flows (175)52. D. Sale of common stock 100Issuance of bonds 20Financing cash flows 12053. D. A common size balance sheet expresses all balance sheet accounts as apercentage of total assets.54. C. Original shares of common stock = 1,000,000(12) = 12,000,000Stock dividend = 200,000(12) = 2,400,000New shares of common stock = 200,000(3) = 600,000Total shares of common stock = 15,000,000/12= 1,250,000 Stock dividends are assumed to have been outstanding since the beginning ofthe year.55. D. Inventory turnover, defined as COGS/Average inventory, if often meaninglessfor LIFO companies due to the mismatching of costs. The numerator representscurrent costs, whereas the denominator reports outdated historical costs. Thus,the turnover ratio under LIFO will, when prices decrease, trend lower becauseof small COGS and larger inventory. Net profit margin, defined as EA T/Sales,is higher during periods of decreasing profits for LIFO companies. LIFO leadsto a smaller COGS, which reduces EAT, without affecting sales.56. A. In this situation, LIFO results in lower cost of goods sold because it uses themore recent and lower costs than LIFO. LIFO results in lower cash flowsbecause the cash on income taxes is a percentage(the marginal tax rate) of thedifference in inventory values. Thus, with LIFO:Sales-COGS (smaller)EBT (larger)-Taxes (larger) Because taxes paid out are a cash outflow.EAT (larger) If taxes are larger, then cash flow ill be smaller.57. D. COGSFIFO = COGSLIFO - (Ending LIFO Reserve - Beginning LIFO Reserve)COGSFIFO = $250,000 - ($8,000-$5,000) = $247,00058. D. Compared to expensing, capitalizing results in higher profitability in earlyyears and lower profitability in later years.59. C.60. D. The present value of the minimum lease payments equals or exceeds 90 percentof the value of the fair value of the leased property.61. B. Capital lease affects on the income statement:Step1: Calculate the depreciation charge: ($3,500,000-$450,000)/10 = $305,000Step2: Calculate the interest expense: $3,500,000(0.15) = $525,000Total expense: $305,000+$525,000 = $830,00062. A.63. C.64. A.65. B.66. D.67. B. Dealer-markets are price-driven markets.68. D.69. C.70. C. P/E = Dividend payout ratio/(k-g)Dividend payout ratio = 1 - retention ratio = 1-0.2 = 0.8P/E = 0.8(0.15-0.08) =5.671. B. k = D1/P0+g = $4/$25+0.09 = 0.2572. A. Step1: Calculate the ending index value = ($100)(5) = $500Step2: Calculate the expected return.E(R1) = [Dividends + (Ending value - Beginning value)]/(Beginning value)= [40+(500-490)]/$490 = 0.1 or 10%73. D. The critical factors determining the franchise P/E are the difference between theexpected return on the new opportunities (R) and the current cost of capital (k)and the size of these growth opportunities relative to the firm's current size.74. A.75. C.76. D The completed contract method less net income in the periods beforeconstruction is completed, but not at the end of the contract, than using thepercentage-of-completion method. This is because the completed contractmethod recognizes revenue and expense only when the contract has beencompleted.77. A. N et income 1,000Adjustment for non-cash andnon-operating itemsDepreciation 100Deferred taxes (increase) 40Profit from sale ofequipment (10)Adjustment for workingcapital items:Accounts receivable (decrease) (120)Inventory (increase) (40)Accounts payable (increase) (20)Wages payable (decrease) (10)Cash flow from operations 94078. D79. A When inventory and accounts receivable increase, this is a use of cash (cashoutflow); when assets decrease, this is a source (cash inflow). When accountspayable increase, this is a source of cash (cash inflow); when liabilitiesdecrease, this is a use (cash outflow).80. B Cash conversion cycle = receivables days + inventory processing days -payables payment period.Receivables days = 365/receivabies turnover = 365/30 = 12.17 days.Inventory processing days = 365/inventory turnover = 365/15 = 24.33 days.Payables payment period = 365/payabIes turnover = 365/20 = 18.25days.Cash collection cycle = 12.17 + 24.33 – 18.25 = 18.25 days.81. B Choice A: Buying fixed assets on credit does not affect current assets butincreases current liabilities. Therefore, the current ratio falls.Choice B: Buying inventory on account increases both inventory and accountspayable. Because the current ratio started off below I, the ratio will increase.Choice C: Selling marketable securities for cash does not affect the amount ofcurrent assets and leaves the current ratio unaffected,Choice D: Paying off accounts payable from cash lowers current assets andcurrent liabilities by the same amount. Because the current ratio started offbelow 1, the ratio will fall.82. D ROE = Profit margin x Total asset turnover x financial leverageROE = (0.3)(2.1)(0.5)= 0.315 or 31.5%83. A ROE = [(S/A)(EBIT/S) - (I/A)](A/EQ)(I - t)ROE = [(2.5)(0.2) - (0.08)](1.2)(0.6) = 0.30 or 30%84. A85. B EPS = ($180,000 - $4,000) / 50,000 = $3.52 per share86. B87. D88. C These relationships are reversed in the latter years of the asset's life if the firm'scapital expenditures decline.89. D90. C.91. C.92. D.93. D. Absolute yield spread = Yield on Bond A - Yield on Bond B = 10%-7% = 3%94. B. Relative yield spread = (Yield on Bond A - Yield on Bond B)/(Yield on BondB)= (10%-7%)/7% = 0.43 = 43%95. B. Yield ratio = (Yield on Bond A)/(Yield on Bond B) = 6%/7% = 1.4396. B. Current yield = (Annual dollar coupon interest)/(Price of the bond) = 8/130 =0.0625 or 6.25%97. A. When the stock's price (S) - the strike price (X) is positive, a call option isin-the-money. 25-X = 8 so X = 17.98. A.99. A. The writer of put loss = $60-premiun$5 = $55The writer of call gets a maximum gain of $8100. A.101. C.102. D.103. A.104. D.105. B.106. D.107. C.108. A. Securities that fall on the SML are properly valued.109. A.110. A. If a stock's beta were equal to 1, an investor would be expected to get the market rate of return from buying the stock. E(R) = 5%+1(10%-5%) = 10% 111. D112. D113. C114. B Perfect positive correlation (r = + 1) of the returns of two assets offers no risk reduction, whereas perfect negative correlation (r = -1) offers the greatest riskreduction.115. B Portfolio A does not lie on the efficient frontier because it has a lower return than Portfolio B but has greater risk. Portfolio D does not lie on the efficientfrontier because it has higher risk than Portfolio C but has the same return. 116. C.117. D Choice A: Unsystematic risk is diversifiable risk.Choice B: Systematic risk is undiversifiable risk.Choice C: Total risk= Systematic risk+ Unsystematic risk.118. C119. D CAPM specifies the factor (market risk) but APT does not.120. A。
CFA一级Mock试题
1. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, trading on material nonpublic information is least likely to be prevented by establishing:A. fire-walls.B. watch lists.C. selective disclosure.Answer: CCFA Institute Standards2010 Modular Level I, Vol. 1, pp. 36-42Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional ConductC is correct as selective disclosure occurs when companies discriminate in making material nonpublic information public. Corporations that disclose information on a limited basis create the potential for insider-trading violations. Standard II (A).2. William Wong, CFA, is an equity analyst with Hayswick Securities. Based on his fundamental analysis, Wong concludes 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. Wong is least likely to have violated the CFA Institute Standards of Professional Conduct related to:A. duty to clients.B. reasonable basis.C. priority of transactions.Answer: B“Guidance for Standards I-VII”, CFA Institute2010 Modular Level I, Vol. 1, pp. 48-50, 80-81, 94-95Study Session 1-2-aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.B is correct because there is nothing to suggest that Wong does not have a reasonable basis for his conclusion related to Nolvec. Standard V (A).3. During an onsite company visit, Marsha Ward, CFA, accidentally overheard the Chief Executive Officer (CEO) of Stargazer, Inc. discussing the company’s tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct, Ward most likely can not use the information because:A. it relates to a tender offer.B. it was overheard and might be considered unreliable.C. she does not have a reasonable and adequate basis for taking investment action.Answer: A“Guidance for Standards I-VII”, CFA Institute2009 Modular Level I, Vol. 1, pp. 36-42Study Session 1-2-aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.A is correct because trading on the information is restricted as it relates to a tender offer。
CFA一级历年mockexam201520182017levelImockexammorningan
1. In cases where applicable local laws governing calculation and presentation of investment performance conflict with the GIPS standards, firms are:
1-18 19-32 33-44 45-68 69-76 77-88 89-94 95-106 107-110 111-120
Topic Ethical and Professional Standards Quantitative Methods Economics Financial Statement Analysis Corporate Finance Equity Investments Derivative Investments Fixed Income Investments Alternative Investments Portfolio Management Total:
Minutes 27 21 18 36 12 18 9 18 6 15 180
By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currentlyregistered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal action: accessing or permitting access by anyone other than currently-registered CFA candidates; copying, posting to any website, emailing distributing and/or reprinting the mock exam for any purpose.
cfamock题
cfamock题
摘要：
1.引言
2.什么是CFAMOCK
3.CFAMOCK 的优缺点
4.CFAMOCK 的应用领域
5.结论
正文：
CFAMOCK 是一种用于计算机辅助设计的框架，它可以帮助设计人员更高效地完成设计任务。
CFAMOCK 的全称是“Component Family Mock-up”，中文意思是“组件家族mock-up”。
CFAMOCK 具有以下优点：
- 提高设计效率：通过预先定义好的组件库，设计人员可以快速地完成设计任务，减少重复性工作。
- 保证设计质量：CFAMOCK 提供了一套完整的设计规范和模板，确保设计人员按照标准进行设计。
- 便于团队协作：CFAMOCK 支持多人同时在线设计，提高了团队协作效率。
然而，CFAMOCK 也存在一些缺点：
- 学习成本较高：对于没有使用过CFAMOCK 的设计人员来说，需要花费一定的时间学习其使用方法和设计规范。
- 组件库有限：虽然CFAMOCK 提供了一定的组件库，但在某些特定领域可能无法满足所有设计需求。
CFAMOCK 广泛应用于各种设计领域，如产品设计、建筑设计、平面设计等。
通过使用CFAMOCK，设计人员可以更专注于创新和优化设计方案，提高设计质量。
总之，CFAMOCK 作为一种计算机辅助设计框架，在提高设计效率、保证设计质量、便于团队协作等方面具有显著优势，但在学习和组件库方面存在一定的局限性。
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年-CFA-一级-Mock试题————————————————————————————————作者：————————————————————————————————日期：21. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, trading on material nonpublic information is least likely to be prevented by establishing:A. fire-walls.B. watch lists.C. selective disclosure.Answer: CCFA Institute Standards2010 Modular Level I, Vol. 1, pp. 36-42Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional ConductC is correct as selective disclosure occurs when companies discriminate in making material nonpublic information public. Corporations that disclose information on a limited basis create the potential for insider-trading violations. Standard II (A).2. William Wong, CFA, is an equity analyst with Hayswick Securities. Based on his fundamental analysis, Wong concludes 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. Wong is least likely to have violated the CFA Institute Standards of Professional Conduct related to:A. duty to clients.B. reasonable basis.C. priority of transactions.Answer: B“Guidance for Standards I-VII”, CFA Institute2010 Modular Level I, Vol. 1, pp. 48-50, 80-81, 94-95Study Session 1-2-aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.B is correct because there is nothing to suggest that Wong does not have a reasonable basis for his conclusion related to Nolvec. Standard V (A).3. During an onsite company visit, Marsha Ward, CFA, accidentally overheard the Chief Executive Officer (CEO) of Stargazer, Inc. discussing the company’s tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct, Ward most likely can not use the information because:A. it relates to a tender offer.B. it was overheard and might be considered unreliable.C. she does not have a reasonable and adequate basis for taking investment action.Answer: A“Guidance for Standards I-VII”, CFA Institute2009 Modular Level I, Vol. 1, pp. 36-42Study Session 1-2-aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.A is correct because trading on the information is restricted as it relates to a tender offer; it is clearly material, nonpublic information. Standard II (A).4. Ian O’Sullivan, 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 Mallory Enterprises to provide public relations services, with O’Sullivan receiving 40,000 shares of Mallory stock in payment for his services. Over the next 10 days, the public relations firm issued several press releases that discussed Mallory’s excellent growth prospects. O’Sullivan, through his financial research firm, also published a research report recommending Mallory stock as a “buy.” According to the CFA Institute Standards of Professional Conduct, O’Sullivan is most likely required to disclose his ownership of Mallory stock in the:A. press releases only.B. research report only.C. both the press release and the research report.Answer: C“Guidance for Standards I-VII”, CFA Institute2009 Modular Level I, Vol. 1, pp. 21-26, 89-91Study Session 1–2–aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.C is correct because members should disclose all matters that reasonably could be expected to impair the member’s objectivity. Standard I (B), Standard VI (A)5. Jefferson Piedmont, CFA, a portfolio manager for Park Investments, plans to manage the portfolios of several family members in ex change for a percentage of each portfolio’s profits.As his family members have extensive portfolios requiring substantial attention, they have requested that Piedmont provide the services outside his employment with Park. Piedmont notifies his employer in writing of his prospective outside employment. Two weeks later, Piedmont begins managing the family members’ portfolios. By managing these portfolios, did Piedmont violate any CFA Institute Standards of Professional Conduct?A. Conflicts of InterestB. Additional Compensation.C. Both Additional Compensation and Conflicts of Interest.Answer: C“Guidance for Standards I-VII”, CFA Institute2009 Modular Level I, Vol. 1, p. 75, 89-91Study Session 1–2–aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.C is correct because members should disclose all potential conflicts of interest, the substantial time involved in managing family accounts, and when engaging in independent practice for compensation should not render services until receiving written consent from all parties. Standard IV (B), Standard VI (A).6. The eight major provisions of the Global Investment Performance Standards (GIPS) include all of the following except:A. Input Data, Calculation Methodology, and Real Estate.B. Fundamentals of Compliance, Composite Construction, and Disclosures.C. Calculation Methodology, Composite Construction, and Alternative AssetsAnswer: CCFA Institute Standards2010 Modular Level I, Vol. 1, pp. 141-142Study Session 1-4-dCharacterize the eight major sections of the GIPS standards.C is correct because Alternative Assets is not among the eight major provisions or sections of the Global Investment Performance Standards which include: Fundamentals of Compliance, Input Data, Calculation Methodology, Composite Construction, Disclosures, Presentation and Reporting, Real Estate, and Private Equity. Standard II, Provisions of The Global Investment Performance Standards.7. Hui Chen, CFA, develops marketing materials for an investment fund he founded three years ago. The materials show the 3-, 2- and 1-year returns for the fund. He includes a footnote that states in sma ll print “Past performance does not guarantee future returns.” He also includes a separate sheet showing the most recent semi-annual and quarterly returns, which notes they have been neither audited nor verified. Has Chen most likely violated any CFA Institute Standards of Professional Conduct?Answer: A“Guidance for Standards I-VII”, CFA Institute2009 Modular Level I, Vol. 1, pp. 64-65“Guidance for Standards I-VII”, CFA Institute2009 Modular Level I, Vol. 1, pp. 64-65Study Sessions 1-2-aA is correct because the Standards require members to make reasonable efforts to make sure performance information is fair, accurate, and complete. The Standards do not require compliance with Global Investment Performance Standards (GIPS), auditing, or verification requirements. Standard III (D)A. No.B. Yes, because he included un-audited and unverified results.C. Yes, because he did not adhere to the global investment performance standards.8. Charlie Mancini, CFA, is the Managing Director for Business Development at SV Financial, (SVF),a large U.S. based mutual fund organization. Mancini has been under pressure recently to increase revenues. In order to secure business from a large hedge fund manager based in Asia, Mancini recently approved flexible terms for the fund’s client agreement. To allow for time zone differences, the agreement permits the hedge fund to trade in all of SVF’s mutual funds six hours after the close of U.S. markets. Did Mancini violate any CFA Institute Standards of Professional Conduct?A. No.B. Yes, with regard to Fair Dealing.C. Yes, with regard to Fair Dealing and Material Nonpublic Information.Answer: C“Guidance for Standards I-VII”, CFA Institute2010 Modular Level I, Vol. 1, pp. 45, 53-55Study Sessions 1-2-aC is correct because clients should be treated fairly and impartially. Standard III (B). In addition, the flexible trading terms allow the hedge fund manager to enrich themselves and is a violation of Standard II A, concerning trading on material nonpublic information. This is also a conflict of interest, Standard VI (A), Disclosure of Conflicts.9. Ron Dunder, CFA, is the CIO for Bling Trust (BT), an investment advisor. Dunder recently assigned one of his portfolio managers, Doug Chetch, to manage several accounts that primarily invest in thinly traded micro-cap stocks. Dunder soon notices that Chetch places many stock trades for these accounts on the last day of the month, towards the market’s close. Dunder finds this trading activity unusual and speaks to Chetch who explains that the trading activity was completed at the client’s request. Dunder does not investigate further. Six months later regulatory authorities sanction BT for manipulating micro-cap stock prices at month end in order to boost account values. Did Dunder violate any CFA Institute Standards of Professional Conduct?A. No.B. Yes, because he failed to reasonably supervise Chetch.C. Yes, because he did not report his findings to regulatory authorities.Answer: C“Guidance for Standards I-VII”, CFA Institute2010 Modular Level I, Vol. 1, pp. 76-78Study Sessions 1-2-aDemonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.B is correct because the CFA Institute Standard on Responsibilities of Supervisors, Standard IV(C), requires members/candidates to take steps to detect and prevent violations of laws, rules and regulations. Dunder failed in his supervisory role when he accepted Chetch’s explanation of the unusual trading activity. Dunder s hould have reviewed the client’s goals and objectives, and records, to see if they in fact requested month-end trading. Regardless of the explanation provided by Chetch Dunder should have investigated further.。