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

2019LevelIMockExamAMThemorningsessionofthe2019Level1CharteredFinancialAnalystMockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandhalfminutesperquestionfortotalof180minutes(3hours)forthissessionoftheexam.QUPgtiOngTopkMinUtZ1-20EthicalandProfessionalStandards3021-32Quant1833-44Econ】845-62FinancialReportingandAnalysis2763-74CorporateFinance1875-81PortfolioManagement10.582-94Equity19.595-107FixedIncome25108-114DrriYaHVrS10.5Iu20AlternativeIiiwstmenU9Total：ISOByaccessingthismockexam,youagreetothefollowingtermsofuse：ThismockexambprovidedtoUiieiillyIt跃SuKedCFA<andLte>Candidatetuyview«uidptitildieedfupelwlrxanpteparii-tk>nonly.Thefoilowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalacton:accessingorpermittingaccessbyanvoneotherthancurrently-registeredCFAcandidates；copying,postingtnanyUrPhdteemailing,distributingand'nrrt*printingthpmockPKamforanyPUrpn"C2018CFAInstitute.Allrightsreserved.2019LEVELIMOCKEXAMAM1WhomostlikelydetermineswhetheraviolationoftheCFAInstituteCoded11dStaddidortestingPUliCiCIZSoccurredandWhdlanctiunShUIlIdbeimposed?The:AProfessionalConductStaffandtheDisciplinaryReviewCommitteeBProfessionalConductStaffCDisciplinaryReviewCommittee2HollyBaker,CFAisexplainingtheCFAInstituteCodeofEthicstoaclient.WhichofthefollowingstatementscouldBakermaketomostlikelyreflectdisciplinarysanctionstheCFAInstitutemayimpose?Sanctionsinclude:Afinesforviolations.BrevocationofmembershipCbanishmentfromtheindustry3WilliamWong,CFA,isanequityanalystwithHayswickSecurities.Basedonhisfundamentalanalysis>Wongconcludesthatthestockofacompanyhefol-IcwsrNolveclnc.fissubstantiallyundervaluedandwillexperiencealargepriceincrease.Hcdelaysrevisinghisrecommendationonthestockfrom“hold"to*buy"toallowhisbrothertobuysharesatthecurrentprice.WongisleastlikelytohaveviolatedtheCFAInstituteStandardsofProfessionalConductrelatedto:Adutytoclients.Breasonablebasis.Cpriorityoftransactions.4HuiChentCFA,developsmarketingmaterialsforaninvestmentfundhefoundedthreeyearsago.Thematcriahshowthe3year,2year,and1yearreturnsforthefund.Heincludesafootnotethatstatesinsmallprint,'Pastperformancedoesnotguaranteefuturereturns.*HedoesnotclaimcompliancewithGIpSinthedisclosuresorfootnotes.HealsoincludesaseparatesheetShoWingthemostrecentsemi-annualandquarterlyreturns,WhiChnotesthattheyhavebeenneitherauditednorverified.HasChenRoSZlikelyviolatedanyCFAInstituteStandardsofProfessionalConduct?ANdBYes,becauseheincludedun-auditedandunverifiedresults.CYes,becausehedidnotadheretotheGlobalInvestmentPerformancestandards.5CharlieMancini,CFA,istheManagingDirectorforBusinessDevelopmentatSVFinancial(SVF),alargeUS-basedmutualfundorganization.Mancinihasbeenunderpressurerecentlytoincreaserevenues.InordertosecurebusinessfromalargehedgefundmanagerbasedinAsia,ManCinirecentlyapprovedflexibletermsforthefundsclientagreement.Toallowfortimezonedifferences,theagreementpermitsthehedgefundtotradeinallofSVFsmutualfundssixhoursafterthecloseofUSmarkets,whichisprohibitedbyUSregulators.DidManciniviolateanyCFAInstituteStandardsofProfessionalConduct?ANo.BYes,withregardtoairDealing.CYesywithregardtoFairDeaIingandMaterialNonpublicInformation.6RicaidoTorres,CFA,isawell-respectedtelecommunicationsanalystforPegasusAdvisers.Heisknownforhisthoroughanalysis,includinginterviewswithsuppliers,customers,andcompetitors.Torreshasastrongfollowing,andhisresearchreportsrancftnmateriallyaffectthemarket.ASasulf,PfgaSUSlimitsthedistributionofhisreportstoPegasusclients.AfterlosingmarketsharetoPegasusforovertwoyears,MarcoRodrigotaCFAcandidate,reportsTorrestothelocalsecuritiesregulatoronsuspicionofusinginsiderinformationtnmakesharerrcmfnrndatins.WhatCFAIn&titutrStandardofPrnfrssianalConducthasRodrigomostIikdyviolated?AMisconductr.L.201呼CFAFRMKS®Jl中，4SAJhMn<1985BMaterialNonPUHiCInformation同蚌j喇凿ji«仁核】220.欢速喻(MarketManipulation7AlbertNyakcndalCFA,wasdrivingtoaclientsofficewherehewasexpectedtotlusranulli-11ilUun*dllardealwhenhewasPUhdUVrlby4tra(11cpoliceunalthoughhedidnotbelievehehadviolatedanytrafficlaws.WhenNyakendarealizedthepolicemanplannedtowronglytickethimforspeeding,heofferedtobuyhim*knch"sothathecouldquicklygrttohisclientsoffice.ThelunchwouldcutignificatlymoreIhallUlrticket.Tlc,allrrnalivrWaAIogoIu【hepoliceMatinnandfileacomplaintofbringwmnglyaccusedthatwnldalsoinvolvegoingtocourtthenextdaytopresenthiscase.DidNyakendamostlikelyviolatetheCFACodeofEthicsIYes.BNo,becausehewaswronglyaccused.(No,becausethecostoflunchismorethantheticket.8FraiKescaNdendalCA,AndGraceRutabingwaworkintheHmCdcpart11w<forNewAgeManagerswithRutabingwareportingtoNdenda.NdendalearnsthatRUtabingWareceivedaNoticeofEnquiryfromtheProfessionalConductProgramatCFAInstituteregardingapotentialcheatingviolationwhenhesatfortheCAexaminJuneAsRiItabingWSssupervisor,NdendaisafrtdthebehaviorofRutabingwawillbeseenasaviolationoftheCFACodeandStandards.DoesNdendamostIikelyhavecauseforconcern?AYes.BNo,becauseherresponsibilitiesdonotapply.(No,notuntilRutabingwaisfoundguiltyofcheating.9OniErobo,CFAjheGeneralPartnerinarealestatedevelopmentproject,iresponsibleforcompletingtheprotectwithinan18-monthperiodandwithinbudget.Erobcwillreceiveanequitystakeof20intheprojectifitcomeswithinbudget.Concernedthatprojectcostscouldescalate,theLimitedPartnersrequireErobotocapexpensesat15%abovebudget.Costswerewithinexpectationupuntilthelastmonthofconstructionwhenimportedlightingxturecosts(accountingforroughly5%oftotalcosts)escalatedbymorethan50%.Asaresult,theoverallreturndeclinedbelowthepartnersexpected35%ROLErobodidnotintormtheLimitedPartnersabouttheincreasedcosts.DidErobomostlikelyviolatetheCACodeofEthicsandStandardsofProfessionalConduct?ANo.BYes,becausereturnsarelowerthanexpectedbythePartners.CYes,becausehedidnotdisclosetheincreasedcoststohisPartners.10DanielleDeschuteslCFA,isaportfoliomanagerwhoispartofa10-personteamthatmanagesequityportfoliosforinstitutionalclients.Acompetingfirm,SouthWestManagers,asksDeschutestointerviewforapositionwithinitsfirmandtohringherperformancehistorytothfinterview.Deschutesreceiveswrittenpermissionfromhercurrentemployertobringtheperformancehistoryofthestockportfoliowithher.Attheinterview,shedisclosesthattheperformancenumbersrepresenttheworkofherteamanddescribestheroleofeachmember.Tinbolsterhercredibility,DeschutesalsoprovidesthenamesCfinstitutionalclientsandrelatedas&etsconstitutingtheportfolio.DuringherinterviewDeschutesmostlikelyviolatedtheCFAInstituteStandardsofProfessionalCuiiduclwithregardsl:AUlrstuckportfoliosprrfuractrhistury.Bhercontributiontotheportfoliosreturns.Cprovidingdetailsoftheinstitutionalclients.11SheilaSchleifCFA.isanequityanalystataninvestmentbankingdivisionofMOkaraFinancialGroup,afullservicefinancialgroup.SchleifusesamultifactorcomputermodeltomakestockrecommendationsforallclientsofMUkani.SChkifdiscuversthatllwmlelConIainSanerror.Iftheerrorwerecorrected,hermostrecentbuyrecommendationcommunicatedtoallclientswouldchangetoasell.Schleifcorrectstheerror,changingthebuytoasellrecommendation,andthensimultaneouslydistributesviae*mailtherevisionIUallinvctnctbankingcliejHsWhUreceivedIhCinitialtecunncndlion.AWeeklater,SChkifsellstheamesharessheheldinherpersonalportfolio.Concerningheractions,SchleifmostlikelyviolatedwhichofthefollowingCFAInstituteStandardsofProfessionalConduct?AFairDealingBPriorityofTransactionsCDiligenceandReasonableBasis121IeidiKatZisaCAcandidateandananalystatapensionconsultingfirm.1ierfatherisamajorshareholderandmanagingdirectoratSaturnPartners,alargehedgefund.Whenassistinginanalternativemanagersearchforapensionclient,KatZplanstorecommendSaturn'smarket-neutralstrategybecauseshefeelsitmeetsallofthepensionplanscriteria.Giventhissituation,thebestcourseofactionforKatzistoAnotpresentthisstrategytotheclientandrecommendanotherstrategy.Bdisclosethepotentialconflicttothepensionclientwhendiscussingthisrecommendation.CdisclosethepotentialconflicttoheremployerandfollowtheirguidanceIrgaidingdiduurrufherrclatiuliptotheclient.13IlcanaInkstcrtCA,wasrecentlyofferedaseniormanagementpositionwithinthetrustdepartmentataregionalbank.Thedepartmentisnew,butthebankhasplanstoexpanditsignificantlyoverthenextfewmonths.Ink&terhasbeentoldshewillbeexpectedtohelpgrowtheclientbaseotthetrustdepartment.Sheisinformedthatthetrustdepartmentplanstoconducteducationalseminarsandpursuetheattendeesasnewclients.Inksternoticesthatrecentseminaradvertisementspreparedbythebank'smarketingdepartmentdonotmentionthatinvestmentproductswillbeforsaleattheseminarIheadsindicateattendeescan*,icarnhowtoimmediatelyUdd$100,000totheirnetworth.*WhatshouldInkstermostlikelydotoavoidviolatinganyCFAInstituteStandardsofProfessionalConduct?ADeclinetoacceptthenewpositionBAcceptthepositionandrevisethemarketingmaterialCAcceptthepositionandinformseniormanagementofinadequatecompli*anceprocedures14SuniKioshilCFA,isananalystatPacificAssetManagement,whereshecoverssmallcapitalizationcompanies.Onherowntime,Kioshioftenspeculatesinlowpricethinlytradedstocksforherownaccount.Overthelastthreemonths,Kioshihaspurchased50,000sharesOfBasicBiofuelsCompanygivinghera5%ownershipstake.Aweekafterthispurchase,Kioshiisaskedtowriteareportonstocksinthebiofuelsindustrywithrequesttocompletethereportwithintwodays.KioshiwantstorateBasicasa"buy*inthisreportbutisuncertainhowtoproceed.Concerningtheresearchreport,whatactionshouldKioshimostlikelytaketopreventviolatinganyoftheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?ASellhershares.BDon,trecommendabuy.(Discloseherstockownership15WangDazongfCFA1isasoleproprietorinvestmentadvisor.Dazongbelievesinputtinghismoneyatriskalongwithhisclientsandtradesthesamesecuritiesashisclients.Inordertoensurefairtreatmentofallaccounts,herotatestradeallocationssothateachaccounthasanequalIikdihOOdofreceivingafillontheirorders.ThisallocationprocedurealsoappliestoDazongsownaccount.AccordingtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,theallocationprocedureusedbyDazong:AcomplieswiththeStandards.Brequiresrevisiontoensureclienttradestakeprecedence.Cshouldbedisclosedandwrittenapprovalreceivedfromclients.16BenefitsofcompliancewiththeCFAInstituteGlobalInvestmentPerformanceStandards(GIPS)leastlikelyinclude:Astrengtheningofinternalcontrols.Bparticipationincompetitivebidding.(eliminationofin-depthduediligenceforinvestors.17FirmsclaimingGIPScompliancemustmakeeveryreasonableefforttoprovideacompliantpresentationtowhichofthefollowing?AExistingclientsBProspectiveclientsCBothexistingAndprospectiveclients18Art*senrchanalystisfacingamoraldilemmaanddecidestouseanethirnldecision-makingframework.Afterlookingatthefactsathandandidentifyingthesituationalinfluences,hestillcannotmakeadecisiononthebestcourseofaction.HhItaStappropriatenextSlePisto;Adeterminewhatadditionalinformationisneeded.Bdecide,act,monitor,andreflect.acksomeonePkPtngiveguidance19Howdoesethicalconductmostlikelycomparewithwhatislegallyrequired?AEthicalconductgoesbeyondwhatislegallyrequired.BTherearenodifferencesbetweenthetwo;theyarethesame.(Doingwhatislegallyrequiredremovestheneedforethicalconduct.20ThegoalsoftheCFAInstituteCodeofEthicswouldleastlikelyinclude:Apubliclycommunicatingestablishedprinciples.Baddressingpastethicalfailings.Cfosteringpublicconfidence.21Anonparametrictestismostappropriatewhen:Acomparingdifferencesbetweenmeans.Bdataaregiveninranks.Cdatameetdistributionalassumptions.22Thebankdiscountyieldofa$100,000USTreasurybillwith90daysuntilmaturityis4.60%.Thesellingpriceofthisbillisclosestto：A$98,863.B$98,866.c$98,850.23Whenconsideringtwomutuallyexclusivecapitalbudgetingprojectswithconflictingrankingsonehasahigherpositivenetpresentvalue(NPV),theotherhasahigherinternalrateofreturn(1RR)-themostappropriateconclusionistochoosetheprojectwiththe：AhigherNPV.BhigherIRR.Cshorterpayback.24ATypeIerrorisbestdescribedastheprobabilityof:2failingtorejectafalsenullhypothesis.Brejectingatruealternativehypothesis.Crejectingatruenullhypothesis.25ThejointprobabilityofreturnsforsecuritiesAandBareasfollows:JointProbabilityFUnCtionofSecuidtyAandSecurityBReturns(EntriesArcJointProbabilities)ReturnonSecurityB=30%ReturnonSecurityB=20%ReturnonSecurityA=25%0.60ReturnonSecurityA=20%000.4()ThecovarianceofthereturnsbetweenSecuritiesAandBisclosestto:A12.b14,c13.26Thenumberofpermutationsthatarepossiblewhenchoosing4objectsfromatotalof10objectsisclosestto:A30.B210.c5,040.27Anincreaseinwhichofthefollowingitemswillmostlikelyresultinawiderconfidenceintervalforthepopulationmean?AReliabilityfactorBSamplesizeIDegreesoffreedom28Thefollowingtenobservationsareasampledrawnfromanapproximatelynormalpopulation:Observation12345678910Value-31-143-183420-697-16Thesamplestandarddeviationisclosestto:A17.56.B19.59.C18.58.29Basedonhistoricalreturns,aportfoliohasaSharperatioof2.0.Ifthemeanreturntotheportfoliois20%,andthemeanreturntoarisk-freeassetis4%,thestandarddeviationofreturnontheportfolioisclosestk)：A12%.B8%.C10%.30Whichofthefollowingmostaccuratelydescribesadistributionthatismorepeakedthannormal?ALeptokurticBMesokurticCPlatykurtic31Astockisdeclininginpriceandreachesapricerangewhereinbuyingactivityissufficienttostopthedecline.ThiSrangeisbestdescribedasthe:Achangeinpolaritypoint.Bresistancelevel.(supportlevel.32Thestatedannualinterestrateis12.75%.IfthefrequencyOfcompoundingismonthly,theeffectiveannualrate(EAR)isclosestto：a13.52%.B12.75%.C12.06%.33Stagflationisbestdescribedasaneconomicsituationinvolvinghighinflationandhigh:Aeconomicgrowth.Baggregatesupply.Cunemployment.34Assumethatthenominalspotexchangerate(USD/EUR)increasesby7.5%,theeurozonepriceleveldecreasesby4%,andtheUSpricelevelincreasesby2.5%.Thechangeintherealexchangerate(%)isclosestto:a0.7%.B-6.3%.C14.8%.35WhichofthefollowingstatementsisinostaccuratebasedontheFXquotationsinthetable?SpotRateOne-YearForwardRateUSD/EUR1.29521.3001ATheforwardrateistradingatadiscounttothespotrateby0.0049points.BTheeuroistradingataforwardpremiumof49points.CTheUSdollaristradingataforwardpremiumof49points.36Inordertoreduceatradedeficit,thegovernmentofacountryexperiencingfullemploymentmovestodepreciateitscurrency.Asaresult,ifthecountry,sdomesticspendingdeclinesrelativetoincome,themostlikelymechanismthatcausesthistooccuristhe:Aincomeeffect.Bwealtheffect.(substitutioneffect.37Thediagrambelowshowsthedomesticdemandandsupplycurvesforacountrythatimportsacommodity,wherePWisitsworldpriceandPTisitsdomesticpriceaftertheimpositionofatariff.QuantityThegainingovernmentrevenuesarisingfromtheimpositionofthetariffisbestdescribedbyarea(s):AL.BJ,cK+M.38AnAustralianfirmpurchasesapatentforUSD20,000andmachineryforUSD21,5OOfromaUSfirmwhentheexchangeratesareasfollows:ExchangeRa