CFA一级历年模拟考试(2015-2019)：2017_level_I_mock_exam_morning_answers_removed.docx

2017LevelIMockExam:MorningSessionThemorningsessionofthe2017LevelICharteredFinancialAnalyst(CFA®)MockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageof1.5minutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.TopicMinutes1-18EthicalandProfessionalStandards2719-32QuantitativeMethods2133-44Economics1845-68FinancialStatementAnaIysis3669-76CorporateFinance1277-88EquityInvestments1889-94DerivativeInvestments995-106FixedIncomeInvestments18107-110AlternativeInvestments6111-120PortfolioManagement15Total:1801.IncaseswhereapplicablelocallawsgoverningcalculationandpresentationofinvestmentperformanceconflictwiththeGIPSstandards,firmsare:A.requiredtocomplywithlocalregulationsandmakefulldisclosureoftheconflicttoclaimGIPScompliance.B.unabletoclaimGIPScomplianceincaseswherelocalregulationsprohibitaccuratecalculation.C.requiredtocalculateandmaintaintwosetsofperformancedatainordertoclaimGIPScompliance.Answer=AIncaseswhereapplicablelocallawsgoverningcalculationandpresentationofinvestmentperformanceconflictwiththeGIPSstandards,firmsmustcomplywithlocalregulationsandfullydisclosetheconflictinthecompliantpresentation.CFALevelIuGIobaIInvestmentPerformanceStandards(GIPS)/'CFAInstituteSection4A222.RossNelson,CFA,managesaccountsforhigh-net-worthclients,includinghisownfamily'saccount.Hehasnobeneficialownershipinhisfamily'saccount.BecauseNelsonisconcernedabouttheappearanceofimproperbehaviorinmanaginghisfamily'saccount,whenhisfirmpurchasesablockofsecurities.Nelsonallocatestohisfamily'saccountonlythosesharesthatremainafterhisotherclientaccountshavetheirordersfilled.Thefeeformanaginghisfamily'saccountisbasedonhisfirm'snormalfeestructure.AccordingtotheStandardsofPracticeHandbook,Nelson'sbestcourseofactionwithregardtomanagementofhisfamily'saccountwouldbeto:A.treattheaccountlikeotheremployeeaccountsofthefirm.B.treattheaccountlikeotherclientaccounts.C.removehimselffromanydirectinvolvementbytransferringresponsibilityforthisaccounttoanotherinvestmentprofessionalinthefirm.Answer=BNelsonhasbreachedhisdutytohisfamilybytreatingthemdifferentlyfromotherclients.Theyareentitledtothesametreatmentasanyotherclientofthefirm.Nelsonshouldtreathisfamily'saccountlikeanyotherclientaccountasstatedinStandardIII(B)relatedtoFairDealingandStandardVl(B)relatedtoPriorityOfTransactions.CFALevelI"GuidanceforStandardsI-Vll/'CFAInstituteStandardIII(B)zStandardVI(B)3.AlexanderNewton,CFA,isthechiefcomplianceofficerforMillsInvestmentLimited.Newtoninstitutesanewpolicyrequiringtheproratadistributionofnewsecurityissuestoallestablisheddiscretionaryaccountsforwhichthenewissuesareappropriate.Thepolicyalsoprovidesfortheexclusionofnewlyestablisheddiscretionaryaccountsfromthedistributionuntiltheyhavereachedtheirone-monthanniversarydate.Thispolicyisdisclosedtoallexistingandpotentialclients.DidNewtonmostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?A.No,becausethepolicyhasbeenadequatelydisclosedtoallexistingandpotentialclientsB.YesC.No,becausetheallocationpolicyisnotinequitableunderthestandardsAnswer=BUnderStandardIII(B)-FairDealing,membersandcandidatesshoulddisclosetoclientsandprospectiveclientshowtheyselectaccountstoparticipateinandhowtheydeterminetheamountofsecuritieseachaccountwillbuyorsell.Tradeallocationproceduresmustbefairandequitable,anddisclosureofinequitableallocationmethodsdoesnotrelievethememberorcandidateofthisobligation.Alldiscretionaryaccountsshouldbetreatedinthesamemanner.TreatingneweraccountsdifferentlywouldbeconsideredinequitableregardlessOfwhetherthispolicyisdisclosed.CFALevelI"GuidanceforStandardsl-Vllz"CFAInstituteStandardIII(B)4.AccordingtotheGIPSstandardsaverificationreportconfirmsallofthefollowingexceptwhether:A.specificcompositepresentationsareaccurate.B.processesandproceduresaredesignedtocalculateandpresentcompliantperformanceresults.C.afirmhascompliedwithallfirm-widecompositeconstructionrequirements.Answer=AGIPSverificationdoesnotensuretheaccuracyofanyspecificcompositepresentations.CFALevelI"IntroductiontotheGlobalInvestmentPerformanceStandards(GIPS)zCFAInstituteSectionV-Verification5.JustinBlake,CFA,aretiredportfoliomanager,owns20,000sharesofasmallpubliccompanythathewouldliketosellbecauseheisworriedaboutthecompany'sprospects.Hepostsmessagesonseveralinternetbulletinboards.Themessagesread,"Thisstockisgoinguponcethependingpatentsarereleased,sonowisthetimetobuy.Thestockisabuyatanythingbelow$3.1havedonesomecloseresearchontheseguys."AccordingtotheStandardsofPracticeHandbook,BlakemostlikelyviolatedtheCodeandStandardsassociatedwith:A.IntegrityofCapitalMarkets,butnotConflictsofInterest.B.neitherIntegrityofCapitalMarketsnorConflictsofInterest.C.IntegrityofCapitalMarkets,andConflictsofInterest.Answer=ABlakeviolatedStandardII(B)regardingtheIntegrityofCapitalMarketsbyengaginginapracticethatislikelytoartificiallyinflatetradingvolume.CFALevelI"GuidanceforStandardsI-VII/'CFAInstituteStandardII(B),StandardVI（八）6.MirandaGrafton,CFA,purchasedalargeblockofstockatvaryingpricesduringthetradingsession.Thestockrealizedasignificantgaininvaluebeforethecloseofthetradingday,soGraftonreviewedherpurchasepricestodeterminewhatpricesshouldbeassignedtoeachspecificaccount.AccordingtotheStandardsOfPracticeHandbook,Grafton'sleastappropriateactionistoallocatetheexecutionprices:A.acrosstheparticipatingclientaccountsatthesameexecutionprice.B.acrosstheparticipatingclientaccountsprorataonthebasisofaccountsize.C.onafirst-inzfirst-outbasiswithconsiderationofbundlingordersforefficiency.Answer=BAccordingtoStandardIII(B)bestpracticesincludeallocatingprorataonthebasisofordersize,notaccountsize.Allclientsparticipatingintheblocktradeshouldreceivethesameexecutionpriceandbechargedthesamecommission.CFALevelIl"GuidanceforStandardsI-Vll/'CFAInstituteStandardIII(B)7.WhichofthefollowingleastlikelyreflectsthetwoprimaryprinciplesoftheCFAInstituteRulesofProcedureforProfessionalConduct?A.FairprocesstothememberandcandidateB.PublicdisclosureofdisciplinarysanctionsC.ConfidentialityofproceedingsAnswer三BThetwoprinciplesoftheRulesofProcedureforProfessionalConductareconfidentialityofproceedingsandfairprocesstothememberorcandidate,CIFALevelI,'RulesofProcedureforProfessionalConduct'*8.SeveralyearsagozLeoPeek,CFA1co-foundedaninvestmentclub.Theclubisfullyinvestedbuthasnotactivelytradeditsaccountforatleastayearanddoesnotplantoresumeactivetradingoftheaccount.Peek'semployerrequiresanannualdisclosureofemployeestockownership.Peekdisclosesallofhispersonaltradingaccountsbutdoesnotdisclosehisholdingsintheinvestmentclub.Peek'sactionsareleastlikelytobeaviolationofwhichoftheCFAInstituteStandardsofProfessionalConduct?A.MisrepresentationB.TransactionpriorityC.ConflictsofinterestAnswer=BThereisnoindicationthattheinvestmentclubistradingaheadofclients.SeeStandardVI(B).CFALevelI"GuidanceforStandardsl-Vllz"CFAInstituteStandardI(C),StandardVI（八）,StandardVI(B)9.MadelineSmith,CFA,wasrecentlypromotedtoseniorportfoliomanager.Inhernewposition.Smithisrequiredtosupervisethreeportfoliomanagers.Smithasksforacopyofherfirm'swrittensupervisorypoliciesandproceduresbutisadvisedthatnosuchpoliciesarerequiredbyregulatorystandardsinthecountrywhereSmithworks.AccordingtotheStandardsofPracticeHandbook,Smith'smostappropriatecourseofactionwouldbeto:A.requireherfirmtoadopttheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct.B.declinetoacceptsupervisoryresponsibilityuntilherfirmadoptsprocedurestoallowhertoadequatelyexercisesuchresponsibility.C.requiretheemployeesshesupervisestoadopttheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct.Answer=BAccordingtoguidanceforStandard(IV(C)zifamembercannotfulfillsupervisoryresponsibilitiesbecauseoftheabsenceofacompliancesystemorbecauseofaninadequatecompliancesystem,themembershoulddeclineinwritingtoacceptsupervisoryresponsibilityuntilthefirmadoptsreasonableprocedurestoallowthemembertoadequatelyexercisesuchresponsibility.CFALevelInGuidanceforStandardsI-Vll/'CFAInstituteStandardIV(C)10.WhenJeffersonPiedmont,CFA,joinedBranchInvesting,BranchbeganusingaquantitativestockselectionmodelPiedmonthaddevelopedonhisownpersonaltimepriortohisemploymentwithBranch.OneyearlaterwhenPiedmontleftBranchInvesting,hefoundtheoriginalcopyofthemodelhehaddevelopedinafileathishomeandpresentedittohisnewemployer,whichimmediatelybeganusingthemodel.AccordingtotheStandardsofPracticeHandbook,didPiedmontmost/fce/yviolateanyCFAInstituteStandardsofProfessionalConduct?A.NoB.YeszbecausehemisappropriatedpropertynowbelongingtoBranchC.YeszbecausehefailedtoinformhisnewemployerthemodelwasthesameoneusedbyhispreviousemployerAnswer=AAlthoughdepartingemployeesmaynottakeemployerpropertywhendeparting,astheguidanceforStandardIV（八）-Loyaltyoutlines,themodelPiedmontpresentedtohisnewemployerwasnotBranch'sproperty.ItwascreatedbyPiedmontpriortohisemploymentwithBranch.ThemodelwasnotcreatedforBranchinthecourseofhisemployment,eventhoughitwasadoptedbyBranch.CFALevelI''GuidanceforStandardsl-Vllz"CFAInstituteStandardIV（八）11.ReikoKimisakilCFA,isaninvestmentadviserforanationalsocialsecurityfundinafrontiermarketwithaverylimitedandilliquidcapitalmarket.Thelaborforceisyoungandhasaninvestmenttimehorizonof25to30years.Kimisakihasbeenaskedtosuggestwaystoincreasetheinvestmentreturnoftheoverallportfolio.Aftercarefulassessmentofthefund'spreviousinvestmenthistory,andavailableassetclasses,sheconsidersinvestmentinprivateequity.WhatisKimisaki'slowestprioritytoavoidanyCodeandStandardsviolationspriortomakingthisinvestmentrecommendation?A.Assesstherisktoleranceofthefund.B.Analyzetheexpectedreturnsofprivateequityinthemarket.C.Determinewhethertheinvestmentpolicystatementallowsforalternativeinvestments.Answer=BPriortoundertakinganalysiswithregardtoexpectedreturns,anadvisermustdeterminethesuitabilityofaninvestmentclass,includingwhetheritfitswithintheclient'srisktoleranceandwhetheritisanallowableassetclassaspertheclient'sinvestmentpolicystatement.Onlyafterthesefactorshavebeendeterminedshouldsheproceed,ifappropriate,toanalyzeexpectedreturnstodetermineaparticularinvestmentrecommendation.CFALevelI"GuidanceforStandardsl-Vllz"CFAInstituteStandardIII(C)12.RebeccaWongisenrolledtotaketheLevelICFAexam.HerfriendWilliamLeungpurchasedLevelIstudymaterialsfromawell-knownCFAreviewprogramthepreviousyear.Leungmadeaphotocopyofthepreviousyear'scopyrightedmaterialsandsoldittoWongtohelpherstudy.WhomostlikelyviolatedtheCFAInstituteCodeofEthicsoranyStandardsofProfessionalConduct?A.Neitherviolated.B.Bothviolated.C.OnlyLeungviolated.Answer-BPhotocopyingcopyrightedmaterial,regardlessoftheyearofpublication,isaviolationofStandardI（八）becausecopyrightedmaterialsareprotectedbylaw.CandidatesandmembersmustcomplywithallapplicableIawszrules,andregulationsandmustnotknowinglyparticipateorassistinaviolationoflaws.CFALevelI"GuidanceforStandardsl-Vllz"CFAInstituteStandardI（八）13.AccordingtotheGlobalInvestmentPerformanceStandards(GIPS)zfirmsmustdoallofthefollowingexcept:A.provideinvestorswithacomprehensiveviewoftheirperformanceonlyintermsofreturns.B.adheretocertaincalculationmethodologiesandmakespecificdisclosuresalongwiththeirperformance.C.complywithallrequirementsoftheGIPSstandards,suchasupdates,guidancestatements,andclarifications.Answer=AFirmsmustprovideinvestorswithacomprehensiveviewoftheirperformanceintermsofriskandreturns,notjustreturns.CFALevelIMTheGIPSStandards/CFAInstituteSection:Overview14.ForfirmstoclaimcompliancewiththeGIPSstandardstheymostlikelymust:A.increasetheconsistencyandqualityofthefirm'scompliantpresentations.B.takeresponsibilityfortheirclaimofcomplianceandmaintainingthatcompliance.C.hireanindependentthirdpartytotestasampleoftheircomposites.Answer=BFirmsclaimingcompliancewiththeGIPSstandardsareresponsiblefortheirclaimofcomplianceandformaintainingthatcompliance.Thatis,firmsself-regulatetheirclaimofcompliance.CFALevelI"IntroductiontotheGlobalInvestmentPerformanceStandards(GIPS)z"CFAInstituteSection:V.Verification15.Whilewaitinginthebusinessclassloungebeforeboardinganairplane,BeccaMsafari,CFA,anequityanalyst,overhearsaconversationbyagroupofseniormanagers,includingmembersoftheboard,fromalargepubliclylistedbank.Themanagersdiscussstaffchangesnecessarytoaccommodatetheirregionalexpansionplans.Msafarihearsseveralstaffnamesmentioned.UnderwhatcircumstancescouldMsafarimostlikelyusethisinformationwhenmakinganinvestmentrecommendationtoherclients?Shecanusetheinformation:A.undernocircumstances.B.ifshedoesnotbreachtheconfidentialityofthenamesofthestaff.C.ifthediscussedchangesareunlikelytoaffectinvestorperceptionofthebank.Answer=CTocomplywiththeCodeandStandards,amemberorcandidatecannotusematerialnonpublicinformationwhenmakinginvestmentrecommendations.Theinformationoverheardwouldnotbeconsideredmaterialonlyifanypublicannouncementofthestaffremovalwouldbeunlikelytomovethesharepriceofthebankznorwouldtheregionalexpansionsubstantiallyimpactthevalueofthebank.CFALevelI"GuidanceforStandardsl-VIIiCFAInstituteStandardII（八）16.FundamentalAssetManagersclaimscompliancewiththeCFAInstituteGlobalInvestmentPerformanceStandards(GIPS)andmanagesbothdiscretionaryandnon-discretionaryaccounts.WhenconstructingasinglecompositeforFundamentaIzJumaDzuyaincludesalldiscretionary,feepayingaccountswithbothvalueandgrowthstrategies.DoesthecompositeconstructedbyDzuyamostlikelymeetthecriteriaoftheGIPSstandards?A.No,becauseofnon-similarinvestmentstrategiesB.No,becausenon-discretionaryaccountsarenotincludedC.YesAnswer=AAcompositemustincludeallactualfee-paying,discretionaryportfoliosmanagedinaccordancewiththesameinvestmentmandate,objective,orstrategy(StandardIV-Composites).Byincludingboththevalueandgrowthportfolios,thecompositeismadeupofportfolioswithdifferentinvestmentmandatesorstrategies.CFALevelI"IntroductiontotheGlobalInvestmentPerformanceStandards(GIPS)"Composites17.CharlieMancini,CFA,istheManagingDirectorforBusinessDevelopmentatSVFinancial,(SVF),alargeU.S.-basedmutualfundorganization.Mancinihasbeenunderpressurerecentlytoincreaserevenues.InordertosecurebusinessfromalargehedgefundmanagerbasedinAsia,Mancinirecentlyapprovedflexibletermsforthefund'sclientagreement.Toallowfortimezonedifferences,theagreementpermitsthehedgefundtotradeinallofSVF,smutualfundssixhoursafterthecloseofU.S.markets,whichisprohibitedbyU.S.regulators.DidManciniviolateanyCFAInstituteStandardsofProfessionalConduct?A.NoB.Yes,withregardtoFairDealingandMaterialNonpublicInformationC.Yes,withregardtoFairDealingAnswer=BClientsshouldbetreatedfairlyandimpartiallyaccordingtoStandardIII(B).Inaddition,theflexibletradingtermsallowthehedgefundmanagertoenrichitselfandareaviolationofStandardII（八）,whichconcernstradingonmaterialnonpublicinformation.Thissituationisalsoaconflictofinterest,andthusaviolationofStandardVl（八）-DiscIosureofConflicts.CFALevelIuGuidanceforStandardsl-Vllz"CFAInstituteSta