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

2017LevelIMockExam:AfternoonSessionTheafternoonsessionofthe2017LevelICharteredFinancialAnalyst(CFA*)MockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageof1.5minutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.TopicMinutes1-18EthicalandProfessionalStandards2719-32QuantitativeMethods2133-44Economics1845-68FinancialStatementAnaIysis3669-76CorporateFinance1277-88EquityInvestments1889-94DerivativeInvestments995-106FixedIncomeInvestments18107-110AlternativeInvestments6111-120PortfolioManagement15Total:180RichardCardinal,CFA,isthefounderofVolcanoCapitalResearch,aninvestmentmanagementfirmwhosesoleactivityisshortselling.Cardinalseeksoutcompanieswhosestockshavehadlargepriceincreases.Cardinalalsopaysseverallobbyingfirmstoupdatehimimmediatelyonanylegislativeorregulatorychangesthatmayimpacthistargetcompanies.Cardinalsellsshortthosetargetcompaniesheestimatesarenearthepeakoftheirsalesandearningsandthathissourcesidentifyasfacinglegalorregulatorychallenges.Immediatelyafterhesellsastock.Cardinalconductsapublicrelationscampaigntodiscloseallofthenegativeinformationhehasgatheredonthecompany,eveniftheinformationisnotyetpublic.WhichofCardinal'sactionsisleastlikelytobeinviolationoftheCFAInstituteStandardsofProfessionalConduct?A.SellingstockshortB.TradingoninformationfromlobbyistsC.Disclosinginformationabouttargetcompanies2.BethKozniakzaCFAcandidate,isanindependentlicensedrealestatebrokerandawell-knownpropertyinvestor.Sheiscurrentlybrokeringthesaleofacommercialpropertyonbehalfofaclientinfinancialdistress.Iftheclient'sbuildingisnotsoldwithin30days,hewilllosethebuildingtothebank.Ayearearlier,anotherclientofKozniak,shadexpressedinterestinpurchasingthissameproperty.However,sheisunabletocontactthisclient,andshehasnotdiscoveredanyotherpotentialbuyers.Givenherdistressedclient'slimitedtimeframe,Kozniakpurchasesthepropertyherselfandforgoesanysalescommission.Sixmonthslater,shesellsthepropertyforaniceprofittotheclientwhohadearlierexpressedinterestintheproperty.HasKozniakmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?A.Yes,shedidnotdiscloseherpotentialconflictsofinteresttoeitherclientB.Yes,sheprofitedontherealestatetothedetrimentofherfinanciallystressedclientCNo3.WhichofthefollowingstatementsconcerningtheGlobalInvestmentPerformanceStandards(GIPS)ismostlikelycorrect?A.TheStandardseliminatetheneedforin-depthduediligencebyinvestors.B.CompliancewiththeStandardsenhancesthecredibilityofinvestmentmanagementfirms.C.ClientsorprospectiveclientsbenefitfromtheStandardsbecausethehistoricaltrackrecordofcompliantfirmsisaccurateandprecise.4.MoniqueGrettazCFA,isaresearchanalystatEastWestInvestmentBank.Previously,Grettaworkedatamutualfundmanagementcompanyandhasalong-standingclientrelationshipwiththemanagersofthefundsandtheirinstitutionalinvestors.Grettaoftenprovidesfundmanagers,whoworkforGretta'sformeremployer,withdraftcopiesofherresearchbeforedisseminatingtheinformationtoallofthebank'sclients.ThispracticehashelpedGrettaavoidseveralerrorsinherreports,andshebelievesitisbeneficialtothebank,sclients,eventhoughtheyarenotawareofthispractice.Regardingherresearch,GrettaleastlikelyviolatedtheCFAInstituteStandardsofProfessionalConductbecause:A.thelong-standingclientrelationshipsarenotdisclosed.B.thispracticebenefitsallclients.Cherreportisadraft.5.BelenZapatazCFA,istheownerofKawahInvestments.Kawahpromisesinvestorsreturnsofupto12%peryearandclaimstoachievethesereturnsbyinvestinginnon-investment-gradebondsandotherfixed-incomeinstruments.Overthenext12months,bondmarketyieldsreachunprecedentedlowsandZapatafindsitimpossibletoachievethereturnssheexpected.NoinvestmentsareevermadebyKawah,andclientsarecompletelypaidbackalloftheiroriginalinvestment.ZapatamostlikelyviolatedtheCFAInstituteStandardsofProfessionalConductbecauseofthe:A.investmentmandate.B.returnofcapital.C.promisedreturns.6.Acentralbankfinesacommercialbankitsupervisesfornotfollowingstatutoryregulationsregardingnonperformingloanprovisionsonthreelargeloansasaresultofthebank'sloanprovisioningpolicy.LouisMarieBuffet,CFAzsitsontheboardofdirectorsofthecommercialbankasanon-e×ecutivedirector,representingminorityshareholders.Healsochairsthebank'sinternalauditcommitteethatdeterminestheloanprovisioningpolicyofthebank.MercyGatabakifCFAzisthebank'sexternalauditorandfollowsinternationalauditingstandardswherebysheteststheloanportfoliobyrandomlyselectingloanstocheckforcomplianceinallaspectsofcentralbankregulations.WhichcharterholderismostlikelyinviolationoftheCodeandStandards?A.GatabakiB.BuffetCBoth7.SergioMorales,CFA,believeshehasfoundevidencethathissupervisorisengagedinfraudulentactivityinvolvingaclient'saccount.WhenMoralesconfrontshissupervisor,heistoldtheclientisfullyawareoftheissue.Laterthatday.Moralescontactstheclientandafterdisclosingthefraudulentactivity,heistoldbytheclienttomindhisownbusiness.Followingtherequirementsoflocallaw,Moralesprovidesallofhisevidence,alongwithcopiesoftheclient'smostrecentaccountstatements,toagovernmentwhistleblowerprogram.HasMoralesmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?A.Yes,concerningDutiestoEmployersB.Yes,concerningPreservationofConfidentialityCNo8.AccordingtheGIPSstandards,forperiodsbeginningonorafter1January2011,theaggregatefairvalueoftotalfirmassetsmostlikelyincludesall:A.fee-andnon-fee-payingdiscretionaryandnon-discretionaryaccounts.B.fee-payingdiscretionaryaccounts.C.fee-andnon-fee-payingdiscretionaryaccounts.9.Whileatabarinthefinancialdistrictafterwork,EllenMiffitt,CFA,overhearsseveralemployeesofacompetitordiscusshowtheywillmanipulatedownthepriceofathinlytradedmicro-capstock'spriceoverthenextfewdays.Miffitt1Sclientshavelargepositionsofthisstock,sowhenshearrivesatworkthenextday,sheimmediatelysellsalloftheseholdings.Becauseshehaddeterminedthemicro-capstockwassuitableforallofheraccountsatitspreviouslyhigherprice,Miffittbuysbackherclient'soriginalexposureattheendoftheweekatthenew,lowerprice.WhichCFAInstituteStandardsofProfessionalConductdidMiffittleastlikelyviolate?A.MaterialNonpublicInformationB.PreservationofConfidentialityC.MarketManipulation10.PiaNilssonisasoleproprietorinvestmentadviser.Aneconomicrecessionhasreducedthenumberofclientssheadvisesandcausedrevenuestodecline.Asaresult,NilssonhasnotpaidherCFAInstitutemembershipduesforthepasttwoyears.WhenanationalfinancialpublicationrecentlyinterviewedNilsson,sheindicatedthatupuntiltwoyearsagozshehadbeenaCFAcharterholderandaCFAInstitutememberingoodstanding.Inaddition,shestatedthecompletionoftheCFAProgramenhancedherportfoliomanagementskillsandenabledhertoachievesuperiorreturnsonbehalfofherclients.WhichofNilsson'sactionsmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?A.NonpaymentofCFAInstitutemembershipduesB.IndicatingthatbeingaCFAcharterholderhasenhancedherportfoliomanagementskillsC.AttributinghersuperiorreturnstoparticipationintheCFAProgram11.MollyBurnett,CFA,isaportfoliomanagerforafundthatonlyinvestsinenvironmentallyfriendlycompanies.Amultinationalutilitycompanyrecentlyacquiredoneofthefund'sbest-performinginvestments,awindpowercompany.Thewindpowercompany'sshareholdersreceivedutilitycompanysharesaspartofthemergeragreement.Theutilityhasoneoftheworstenvironmentalrecordsintheindustry,butitsshareshavebeenoneofthetopperformersoverthepast12months.Becausetheutilitypaysahighdividendeverythreemonths,Burnettholdstheutilitysharesuntiltheremainingtwodividendsarepaidfortheyearthensellstheshares.BurnettmostlikelyviolatedtheCFAInstituteStandardofProfessionalConductconcerning:A.IndependenceandObjectivity.B.Suitability.C.DisclosureofConflicts.12.GabrielleGabbe,CFAhasbeenaccusedofprofessionalmisconductbyoneofhercompetitors.TheallegationsconcernGabbe,spersonalbankruptcyfiling10yearsagowhenshewasacollegestudentandhadalargeamountofmedicalbillsshecouldnotpay.Bynotdisclosingthebankruptcyfilingtoherclients,didGabbemostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?A.NoB.Yes,relatedtoMisrepresentationC.YeszrelatedtoMisconduct13.FrancescaNdenda,CFA,andGraceRutabingwaworkinthesamedepartmentforNewAgeManagers,withRutabingwareportingtoNdenda.NdendalearnsthatRutabingwareceivedaNoticeofEnquiryfromtheProfessionalConductProgramatCFAInstituteregardingapotentialcheatingviolationwhenshesatfortheCFAexaminJune.AsRutabingwa,ssupervisor,NdendaisafraidthatRutabingwa1SbehaviorwillbeseenasaviolationoftheCodeandStandards.DoesNdendamostlikelyhavecauseforconcern?A.YesB.No,becauseherresponsibilitiesdonotapplyC.No,notuntilRutabingwaisfoundguiltyofcheating14.WhichofthefollowingstatementsconcerningwhytheGlobalInvestmentPerformanceStandards(GIPS)werecreatedisleastlikelycorrect?TheGIPSstandardswerecreatedto:A.establishastandardized,industrywideapproachforinvestmentfirmstofollow.B.provideclientscertaintyinwhatispresentedandallowthemtomakereasonablecomparisons.C.identifyasetofethicalprinciplesforfirmstofollowincalculatingandpresentinghistoricalinvestmentresults.15.ChanLiu,CFA,isthenewresearchmanageratthePacificMicroCapFund.Liuobservedthefollowingactivitiesaftershepublishedaresearchreportonathinlytradedmicro-capstockthatincludeda"buy"recommendation:PacifictraderspurchasedthestockforPacific'sproprietaryaccountandthenpurchasedthesamestockforallclientaccounts;andPacificmarketingdepartmentemployeesdisseminatedpositive,butfalse,informationaboutthestockinwidelyreadinternetforums.1.iunotesthestock'spriceincreasedmorethan50%withinaperiodoftwodaysandwasthensoldforPacific'saccount.WhichofthefollowingstepsismostappropriateforLiutotaketoavoidviolatingtheCFAInstituteStandardsofProfessionalConduct?A.Removehernamefromthemicro-capstockresearchreport.B.Reporttheobservedactivitiestoheremployer.C.Publiclyrefutethefalseinformationpostedoninternetforums.16.MariamMusafCFA,headofcomplianceatDunfieldBrokers,questionshercolleagueOmarKassim,aCFAcandidateandaresearchanalyst,abouthispurchaseofsharesinacompanyforhisownaccountimmediatelybeforehepublishesa"buy"recommendation.HedefendshisactionsbystatinghehasdonenothingwrongbecauseDunfielddoesnothaveanypersonaltradingpoliciesinplace.TheCFAInstituteStandardsofProfessionalConductweremostlikelyviolatedby:A.onlyMusa.B.onlyKassim.C.bothMusaandKassim.17.JamesSimone,CFA,thechieffinancialofficerofapubliclylistedcompany,seekstoimprovethequalityofhiscompany'scommunicationwithinstitutionalfundmanagers.Heholdsaninvestorbriefingwiththisgrouptheeveningbeforethecompanyearningsareannounced.Thecompany'squarterlyearningsarebroadcastinapressreleasethenextdaybeforethemarketopens.Theearningsinformationintheinvestorbriefingisidenticaltothatinthepressrelease.DidSimonemostlikelyviolatetheCFAInstituteStandardsofProfessionalConduct?A.YesB.No,becausethecompanyreleasesinformationwhilethemarketisclosedC.No,becauseinvestorbriefingandpressreleaseinformationareidentical18.KirstenKelsozCFA,isaresearchanalystatanindependentresearchfirm.Kelsoispartofateamofanalystswhofocusontheautomobileindustry.Recently,Kelsodisagreedwithtworesearchsellrecommendationswrittenbyherteam,eventhoughshefeltconfidenttheresearchprocesswasproperlyconducted.Inawebcastopentoallinstitutionalbutnotretailclients,Kelsostates,"Eventhoughmynameisonthesellreports,thesestocksareabuyinpartbecausesalesandsharepricesforbothautocompanieswillrisesignificantlybecauseofstrongdemandfortheirvehicles.,Kelso'sactionswouldleastlikelyviolatewhichofthefollowingCFAInstituteStandardsofProfessionalConduct?A.CommunicationwithClientsB.DiligenceandReasonableasisC.FairDealing19.Samplesofsize(KI，兀Jaredrawnrespectivelyfromtwopopulations(XrX：withassociatedsamplemeansandstandarddeviationsof(1,2)and(,2)andassociatedpopulationmeansandstandarddeviationsof(,2)and(1,2)where12.Inaddition,isthesamplemeanof12wthastandarderrorofandapopulationmeanofand2isapooledestimatorofthecommonvariance.ThemostappropriatetestStatisictodeterminetheequalityofthetwopopulationmeansassuming11-元)-U- “2)and2areindependentandnormallydistributedis:20.Usingatwo-tailedtestofthehypothesisthatthepopulationmeaniszero,thecalculatedteststatisticis2.51.Thesamplehas23observations.Thepopulationisnormallydistributedwithanunknownvariance.Degreesoffreedomp=010P二0.05p=0.025P=0.01P=0.005211.3231.7212.0802*5182.831221.3211.7172+0742.5082.819231.3191.7142.0692.5002.807241.3181.7112.0642.4922.797Ananalystwillmostlikelyrejectthenullhypothesisatsignificancelevelsof:A.0.10,005,and0.01.B.0.10and0.05.C.0.10only.21.Independentsamplesdrawnfromnormallydistributedpopulationsexhibitthefollowingcharacteristics:SampleSizeSampleMeanSampleStandardDeviationA2520045B1818560Assumingthatthevariancesoftheunderlyingpopulationsareequalzthepooledestimateofthecommonvarianceis2,678.05.Thet-teststatisticappropriatetotestthehypothesisthatthetwopopulationmeansareequalisclosestto:A.0.29.B.0.94.C.1.90.22.Onceaninvestorchoosesaparticularcourseofaction,thevalueforgonefromalternativeactionsisbestdescribedasa(n):A.opportunitycost.B.sunkcost.C.requiredreturn.23.Thecentrallimittheoremisbestdescribedasstatingthatthesamplingdistributionofthesamplemeanwillbeapproximatelynormalforlarge-sizesamples:A.ifthepopulationdistributionissymmetrical.B.forpopulationsdescribedbyanyprobabilitydistribution.C.ifthepopulationdistributionisnormal.24.Survivorshipbiasismostlikelyanexampleofwhichbias?A.Look-aheadB.DataminingC.Sampleselection25.Ifastock'scontinuouslycompoundedreturnisnormallydistributed,thenthedistributionofthefuturestockpriceisbestdescribedasbeing：A.normal.B.lognormal.C.aStudent'st.26.Thedistributionofallthedistinctpossiblevaluesforastatisticwhencalculatedfromsamplesofthesamesizerandomlydrawnfromthesamepopulationismostaccuratelyreferredtoas:A.thesamplingdistributionofastatistic.B.adiscreteuniformdistribution.C.amultivariatenormaldistribution.27.Comparedwithhistoricalsimulation,MonteCarlosimulationismostappropriatewhen:A."whatifanalysisisrequired.B.analyticalmethodsarerequired.C.probabilitydistributionsareunavailable.28.Consideratwo-tailedtestofthehypothesisthatthepopulationmeaniszero.ThesamplehasSOobservations.Thepopulationisnormallydistributedwithaknownvariance.t-DistributionDegreeSOffreedom49P=SlOP=0,05P=0.025L2991.6772.01050L2991.6762.009Z-Distribution=0.10S=O.05=0.025L6451.9602.330Ata0.05significancelevel,therejectionpointsaremostlikelyat:A.-2.010and2.010.B.-2.009and2.009.C.1.960and1.960.29.Ahypothesistestfailstorejectafalsenullhypothesis.Thisresultisbestdescribedasa:A.testwithlittlepower.B.TypeIlerror.CTypeIerror.30.Asampleof25observationshasameanof8andastandarddeviationof15.Thestandarderrorofthesamplemeanisclosestto:A.3.00.B.1.60.C.3.06.31.Population1Population2Samplesize11=5112=5Samplevariance£=4寸=28Thesamplesaredrawnindependentlyandbo