CFA一级模考

2 . The initial margin is the: A) B) C) equity represented in the margin account at any time. amount of cash that an investor must maintain in his/her margin account. minimum amount of funds that must be supplied when purchasing a security on margin.
The correct answer was C Margin is the amount of equity in the account at a given time. Initial margin is the amount of equity required initially to execute an order.
C) does not fully reflect all of the information currently available about a given security, including risk.
The correct answer was: A An efficient capital market fully reflects all of the information currently available about a given security, including risk.
The correct answer was C An index chosen as a benchmark for an investment manager’s performance should include securities in the manager’s investment universe. For example, the performance of an emerging market bond fund manager should be measured relative to the performance of an emerging market bond index.
The correct answer was C A limit buy is placed below the current market price, but a stop buy order is placed above the current market price (stop buy orders are often placed to protect a short sale from a rising market). The other choices are true. A well-functioning securities market includes the following characteristics: timely and accurate information on price and volume of past transactions. timely and accurate information on the supply and demand for current transactions. liquidity (as indicated by low bid-ask spreads). marketability. price continuity. depth (many buyers and sellers willing to transact above and below the current price). operational efficiency (low transaction costs). informational efficiency (rapidly adjusting prices).
5 . In one year, a security market index has the following quarterly price returns: First quarter 3%
Second quarter 4% Third quarter Fourth quarter -2% 5%
The price return for the year is closest to: A) B) C) 10.2%. 9.9%. 10.0%
The correct answer was: A Return for the year = (1.03)(1.04)(0.98)(1.05) − 1 = 10.23%.
4 . The most appropriate benchmark for measuring the relative performance of an investment manager is: A) B) C) a broad market index. the risk-adjusted return on the market portfolio. an index that closely matches the manager’s investment approach.
CFA一级模考题
1 . Which of the following statements about securities markets is least accurate? A) Characteristics of a well-functioning securities market include: many buyers and sellers willt price, low bid-ask spreads, timely information on price and volume of past transactions, and accurate information on supply and demand. B) Secondary markets, such as the over-the-counter (OTC) market, provide liquidity and price continuity. C) A limit buy order and a stop buy order are both placed below the current market price.
3 . An efficient capital market: A) B) fully reflects all of the information currently available about a given security, including risk. fully reflects all of the information currently available about a given security, excluding risk.