CFA一级历年模拟考试(2015-2019)：2016_CFA_Level_1_Mock_Exam_afternoon_answers_removed.docx

Questions1*18RelatetoEthiCS.2Questions1932RelatetoQuantitativeanalysis8Questions3344RelatetoEconomics13Questions4568RelatetoFinancialStatementAnalysis18Questions77-88RelatetoEquityinvestment32Questions8994RelatetoDerivatives36Questions95106RelatetoFixed-incomeAnalysis38Questions107110RelatetoAlternativeInvestments42Questions111120RelatetoPortfolioManagement43Questions118RelatetoEthics1Correctanswer:A.Membersandcandidatesmustself-discloseontheannualProfessionalConductStatementallmattersthatquestiontheirprofessionalconduct,suchasinvolvementincivillitigationorcriminalinvestigationsorbeingthesubjectofawrittencomplaint.CFALevelI"CodeofEthicsandStandardsofProfessionalConduct02Correctanswer:B.SellingstockshortisamanagementstrategyanddoesnotnecessarilyviolateanyaspectoftheStandardsofProfessionalConduct.CFALevelI"GuidanceforStandardsIV11"StandardII(B)-MarketManipulation3.Correctanswer:C.KozniakdoesnotappeartohaveviolatedanyCFAInstituteStandardsofProfessionalConduct.BecausesheisknowninthemarketforinvestingandbrokeringpropertyandbothpartieshaveworkedWithKozniakinthepast,bothpartieswouldknowofherinterests.Inaddition,inbothcases,sheactsforherownaccountasaprimaryinvestor,notasabroker.Shebuysthepropertyforherownportfolioandthensellsthepropertyfromherownportfolio.Therefore,KozniakdidnotviolateStandardVl（八）-DisclosureofConflicts.Whenshepurchasedthepropertyforherportfolio,shesavedherclientfromlosingthebuildingtothebankanddidnotchargeasalescommission.Becausethesaleofthepropertytoherotherclientdidnottakeplaceuntilsixmonthsafterherpurchase,andshewasunabletocontacttheclientwhohadearlierexpressedinterestpriortoherpurchase,shecannotbeaccusedofviolatingStandardIII（八）-Loyalty,Prudence,andCarewitheitherclient.CFALevelI"GuidanceforStandardsI-VI,StandardHI（八）-LoyaltytPrudence,andCare、StandardVl（八）-DiscIosureofConflicts2/454.Correctanswer:B.Theportfoliomanagerreceivedpermissiontousehisinvestmentperformancehistoryfromhisprioremployer.Thememberviolatedhisnon-solicitationagreementbyindicatinghisavailabilitytonewclientsonseveralsocialmediasitesaccessiblebyclientsofhisformeremployer.ThisactionisaviolationofStandardIV（八）-Loyaltybecausehedidnotactforthebenefitofhisformeremployer.Inthiscase,themembermaycausehatohisformeremployerifhismessagesresultinclientsmovingtohisnewbusinessfromhisformeremployer.ThememberalsoviolatedStandardIV（八）bytakinghisemployer'sproperty,thetradingsoftware.CFALevelI"GuidanceforStandardsIV11"StandardIV（八）-Loyalty5.Correctanswer:A.Theanalysthasconductedthoroughresearchthatindicatesthecompanyfalsifieditsfinancialresults,andsheshouldrequestthecompanyaddressthisissuepubliclyasrecommendedbyStandardII（八）-MaterialNonpublicInformation.Ifamemberorcandidatedeterminesthatinformationismaterial,thememberorcandidateshouldmakereasonableeffortstoachievepublicdisseminationoftheinformation.Thiseffortusuallyentailsencouragingtheissuercompanytomaketheinformationpublic.Ifpublicdisseminationisnotpossible,thememberorcandidatemustcommunicatetheinfonationonlytothedesignatedsupervisoryandcompliancepersonnelwithinthemember'sorcandidate'sfirmandmustnottakeinvestmentactiononthebasisoftheinformation.CFALevelI"GuidanceforStandardsI-VI,StandardIl（八）-MateriaINonpublicInformation6.Correctanswer:B.Themembermisrepresentedthereturnsshecouldrealisticallyachievefbrherclients,violatingStandardI(C)-Misrepresentation,whichprohibitsmembersandcandidatesfromguaranteeing3/45clientsanyspecificreturnonvolatileinvestments.CFALevelI''GuidanceforStandardsI-VIInStandardI(C)-Misrepresentation7.Correctanswer:A.MiffitthasnotviolatedStandardIII(E)-PreservationofConfidentiality,whichinvolvesinformationaboutfoncr,current,andprospectiveclients.CFALevelI"GuidanceforStandardsI-VI,StandardII（八）-MaterialNonpublicInformation,StandardII(B)-MarketManipulation,Standard111(E)-PreservationofConfidentiality8.Correctanswer:B.UnderStandardIV(C)-Responsibi1ityofSupervisors,amembershouldexercisereasonablesupervisionbyestablishingandimplementingcomplianceproceduresinplacepriortothepossibilityofanyviolationoccurring,whichhasnotbeendoneinthiscase.CFALevelI"GuidanceforStandardsI-ViinStandardIv(C)-ResponsibilitiesofSupervisors9.Correctanswer:C.TheGlPSstandardsstatethatfinsmustmakeeveryreasonableefforttoprovideacompliantpresentationtoallprospectiveclients.Aslongasaprospectiveclienthasreceivedacompliantpresentationwithintheprevious12months,thefirmhasmetthisrequirement.【tisaGIPSrecommendation,notarequirement,thatallclientsreceiveacompliantpresentationonanannualbasis.CFALevelI"GlobalInvestmentPerformanceStandards(GIPS),rGIPSRequirement0.A.9,GIPSRecommendation0.B.44/4510.Correctanswer:A.Theutilityisnotasuitableinvestmentforafundthatonlyinvestsincompanieswithgoodenvironmentalrecords.Continuingtoholdthisinvestment,therefore,wasaviolationofStandardIlI(C)-SuitabiIity.CFALevelI"GuidanceforStandardsI-VI,Standard1(B)-IndependenceandObjectivity,StandardIlI(C)-Suitability,StandardVI（八）-DisclosureofConflicts11.Correctanswer:B.StandardVl(AADiSClOSUreofConflictsrequiresthedisclosureofconflicts.ForMeirtounderstandwhatpotentialconflictsofinterestemployeesmayhavewiththefhnandwiththeirclients,hewouldneedtoknowtheoutsideinterestsofeachstaffmember.Thestaffmembersthemselvesmaynotknowenoughaboutthecompanyanditsclientstodisclosethoseintereststhatwouldpresentapotentialconflict.ThereforeitmaybebesttohaveallemployeesdeclaretheiroutsidebusinessinterestsonanannualbasissoMeircanmakethedeterminationastowhatoutsidebusinessinterestsneedtobedisclosedtoclients.CFALevelI"GuidanceforStandardsI-VI*StandardVl（八）-DiscIosureofConflicts12.Correctanswer:B.ApersonalbankruptcydoesnotnecessarilyconstituteaviolationofStandardI(C)-MisrepresentationorStandardI(D)-Misconduct.Ifthecircumstancesofthebankruptcyinvolvedfraudulentordeceitfulbusinessconduct,thenfailingtodiscloseitmayconstituteaviolationoftheStandardsofProfessionalConduct.CFALevelI"GuidanceforStandardsI-VI,StandardI(C)-Misrepresentation,StandardI(D)-Misconduct5/4513Correctanswer:C.Toclaimcompliance,fismustmeetallGIPSrequirements,notjustcalculatetheirperformanceaccordingtoGIPSrequirements.CFALevelI“TheGIPSStandards/*CFAInstituteSection:ProvisionsoftheGlobalInvestmentPerformanceStandards14.Correctanswer:C.Theprospectivesupervisor'sfirststepshouldbetonottaketheposition.AcceptingthepositionwithinadequateproceduresinplaceorimpropermaketingmaterialwouldleaveInksteratriskofincurringaviolationofStandardIv(C)-ResponsibilitiesofSupervisors.Shecouldagreetobehiredasaninterimconsultantwiththebankinordertoimplementadequateproceduresbeforetakingonanysupervisoryrole.CFALevelI"GuidanceforStandardsI-VT,StandardIv(C)-ResponsibilitiesofSupervisors15.Correctanswer:A.BothMusaandKassimviolatedtheStandardsofProfessionalConduct.MusaviolatedStandardIv(C)-ResponsibilitiesofSupervisorsbynotensuringpolicieswereinplacetopreventviolationsoftheStandardsofProfessionalConduct(inthiscase.StandardVI(B)-PriorityofTransactions)bysomeonesubjecttohersupervision.Astheheadofcompliance,MusasupervisedKassimandmustmeethersupervisoryresponsibilitiesoutlinedintheStandardsofProfessionalConduct.KassimviolatedStandardVl(B)-PriorityofTransactionsbecausehedidnotgivesufficientprioritytoDunfield1Sclientsbeforetradingonhisrecommendation.CFALevelI"GuidanceforStandardsI-VI*StandardIV(CAReSPOnSibilitieSofSupervisors,StandardVI(B)-PriorityOfTransactions16.Correctanswer:A.Byfailingtoadheretothenon-competeclauseheagreedtoabidebywhensigninghisemploymentcontract,Hasinashowsalackofprofessionalintegritytowardhisemployer.ThisbehaviorreflectspoorlyonthegdreputationofmembersandisaviolationoftheCodeofEthics,whichstatesthatmembersandcandidatesmustactwithintegrity,andStandardI(DAMisconduct,whichstatesthatmembersandcandidatesmustnotengageinanyprofessionalconductinvolvingdishonesty,fraud,ordeceitorcommitanyactthatreflectsadverselyontheirprofessionalreputation,integrity,orcompetence.TheCodeofEthicsattimesrequiresamemberorcandidatetoupholdahigherstandardthanthatrequiredbylaw,rule,orregulationorinthiscase,thestrictapplicationoftheemploymentagreement.CFALevelI"CodeofEthicsandStandardsofProfessionalConduct,1'lfGuidancefbrStandardsI-VII"StandardI（八）-KnowledgeoftheLaw,StandardI(D)-Misconduct17.Correctanswer:B.InordertoavoidviolatingStandardIII(E)-PreservationofConfidentiality,Staalshoulddeterminewhetherapplicablesecuritiesregulationsrequiredisclosingtherecordsbeforesheprovidestheconfidentialinformationconcerningherclient'sinvestments.CFALevelI"GuidanceforStandardsI-VI*StandardIII(E)-PreservationofConfidentiality18.Correctanswer:A.CompliancewiththeGIPSstandardsdoesnoteliminatetheneedforin-depthduediligenceonthepartoftheinvestor.CFALevelI"IntroductiontotheGlobalInvestmentPerformanceStandards(GIPS)Questions1932RelatetoQuantitativeanalysis19.Correctanswer:B.Aconfidenceintervalforaparameter=Pointestimate±Reliabilityfactor×Standarderror.Forexample,thereliabilityfactorsforconfidenceintervalsbasedonthestandardnormaldistributionare1.65for90%confidenceintervalsand1.96for95%confidenceintervals.ForagivenpointestimateandStandarderror,theconfidenceintervalwillbenarrowerwithalowerreliabilityfactor.CFALevelI"SamplingandEstimation/1RichardA.DcFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection4.220.Correctanswer:A.Forapositivelyskewedunimodaldistribution,themodeislessthanthemedian,whichislessthanthemean.CFALevelI"StatisticalConceptsandMarketReturns/'RichardA.DeFusco.DennisW.McLeaveytJeraldE.Pinto,andDavidE.RunkleSection82LCorrectanswer:C.FailuretorejectafalsenullhypothesisisaType【Ierror.CFALevelI"HypothesisTesting,"RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection222.Correctanswer:C.Theappropriateteststatisticisaz-statisticbecausethesamplecomesfromanormaldistributedpopulationwithknownvariance.Az-testdoesnotusedegreesoffreedom.Thistestistwo-sidedatthe0.05significancelevel,andtherejectionpointconditionsareZ>1.960andZ<-1.960+8/45CFALevelI"HypothesisTesting,"RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection323.Correctanswer:B.CorrelationofreturnsbetweenAssetAandBP(RA,RB),isdefinedas:P(RA，RB)=Cov(RvRB)/n(RA)rt(RB),whereRlandR11arethereturnsofAssetAandBCov(Rq,Rh)isthecovarianceofreturnsbetweenAssetAandBf(Ra)andCT(RB)wethestandarddeviationsofreturnsofAssetAandBInthisproblem,thecorrelationis600/(>625×Jl,225)=0.6857=0.69.CFALevelI"ProbabilityConcepts/RichardA.DeFusco,DennisW.McLeaveytJeraldE.Pinto,andDavidE.RunkleSection324.Correctanswer:C.Givenapopulationthathasafinitevarianceandalargesamplesize,thecentrallimittheoremestablishesthatthesamplingdistributionofsamplemeanswillbeapproximatelynormal,thedistributionofsamplemeanwillhaveameanequaltothepopulationmean,andwillhaveavarianceequaltothepopulationvariancedividedbythesamplesize.CFALevelI"SamplingandEstimation/1RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection3.125Correctanswer:C.Resistanceisdefinedasapricerangeinwhichsellingactivityissufficienttostoptheriseinprice.CFALevelI'TechnicalAnalysis/BarryM.SineandRobertA.StrongSection3.226Correctanswer:C.Thep-valueisthesmallestlevelofsignificanceatwhichthenullhypothesiscanberejected.Inthiscase,thegivenp-value(0.0275)islessthanthegivenlevelofsignificance(0.05);therefore,thenullhypothesisisrejected.CFALevelIuHypothesisTesting/RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection227,Correctanswer:A.Bythedefinitionofp-value,0.03isthesmallestlevelofsignificanceatwhichthenullhypothesiscanberejected.Ananalystcannotrejectthenullhypothesisatthe0.01significancelevel.CFALevelI"HypothesisTesting,”RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection228Correctanswer:A.Anopportunitycostisthevaluethatinvestorsforgobychoosingaparticularcourseofaction.CFALevelI"TheTimeValueofMoney,"RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection229.Correctanswer:B.Eventsareexhaustivewhentheycoverallpossibleoutcomes.Mutuallyexclusivemeansthatonlyoneeventcanoccuratatime.Twoeventsaredependentiftheoccuenceofoneeventdoesaffecttheprobabilityofoccurrenceoftheotherevent.Inthissituation.EventAandBarebothmutuallyexclusive(becausetheycannotoccuratthesametime)anddependent(becauseifoneeventoccurs,theprobabilityoftheotherbecomeszero).However,thetwoeventsarenotexhaustivebecausetheydonotcovertheeventthatthefundwillearnareturnabove5%.CFALevelI"ProbabilityConcepts/'RichardA.DeFusco,DennisW.McLeaveytJeraldE.Pinto,andDavidE.RunkleSection230Correctanswer:A.Thet-statisticforthegiveninformation(normallydistributedpopulations,populationvariancesassumedequal)iscalculatedas:t=S-X2)(MlQInthiscase,wehave:s2=2678.05.I_(200-185z)-(0)/2678,052678.0550.93768*0.94CFALevelI''HypothesisTesting/RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection3.231Correctanswer:B.Nonparametricproceduresareprimarilyusedinthreesituations:whenthedataaregiveninranks.whenthedatadonotmeetdistributionalassumptions,orwhenthehypothesisbeingaddresseddoesnotconcernaparameter.CFALevelInHypothesisTesting,"RichardA.DcFusco,DennisW.McLcavey,JeraldE.Pinto,andDavidE.RunkleSection532.Correctanswer:C.Themostappropriateteststatisticforthedifferencebetweentwopopulationmeans(unequalandunknownpopulationvariances)istCFALevelInHypothesisTesting,"RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection32Questions3344RelatetoEconomics33Correctanswer:B.Infirst-degreepricediscrimination,theentireconsumersurplusiscapturedbytheproducer;theconsumersurplusfallstozero.CFALevelI,'TheFirmandMarketStructures,0RichardG.FritzandMichelcGamberaSection6.434.Correctanswer:C.Usingtheexpendituresapproach:GDP=Consumerspendingongoodsandservices+Businessgrossfixedinvestment÷Changeininventories+Governmentspendingongoodsandservices+Governmentgrossfixedinvestment+Exports-Imports+StatisticaldiscrepancyConsumerspendingongoodsandservices875,060Businessgrossfixedinvestment286,400Changeininventories(68,500)Governmentspendingongdsandservices305,600Governmentgrossfixedinvestment84,120Exports219.800Imports(250,980)Statisticaldiscrepancy(2,850)=Grossdomesticproduct(GDP)1,448,650CFALevelI4fcAggrcgateOutput,Prices,andEconomicGrowth,"PaulR.KutasovicandRichardG.FritzSections2.2,2.335.Correctanswer:A.Cost-pushinflationarisesduetoincreasesincostsassociatedwithproduction:wagesandrawmaterialsprices.CFALevelI44UndcrstandingBusinessCycles/'MichcleGambcra,MiltonEzrati,andBolongCaoSection4.2.4.136Correctanswer:C.Priortothepriceceiling,thetotalsurpluswasd+e+f+g+h,consistingofconsumersurplusoff÷eandproducersurplusofd+g+h.ThepriceceilingcausesthequantitysuppliedtodecreasetoQCandforthoseconsumerswhocanndsupplytogainconsumersurplusofgattheexpenseofproducers.Withthedeclineinsupply,consumerslose