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

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1、Questions1*18RelatetoEthiCS.2Questions1932RelatetoQuantitativeanalysis8Questions3344RelatetoEconomics13Questions4568RelatetoFinancialStatementAnalysis18Questions77-88RelatetoEquityinvestment32Questions8994RelatetoDerivatives36Questions95106RelatetoFixed-incomeAnalysis38Questions107110RelatetoAlterna

2、tiveInvestments42Questions111120RelatetoPortfolioManagement43Questions118RelatetoEthics1Correctanswer:A.Membersandcandidatesmustself-discloseontheannualProfessionalConductStatementallmattersthatquestiontheirprofessionalconduct,suchasinvolvementincivillitigationorcriminalinvestigationsorbeingthesubje

3、ctofawrittencomplaint.CFALevelICodeofEthicsandStandardsofProfessionalConduct02Correctanswer:B.SellingstockshortisamanagementstrategyanddoesnotnecessarilyviolateanyaspectoftheStandardsofProfessionalConduct.CFALevelIGuidanceforStandardsIV11StandardII(B)-MarketManipulation3.Correctanswer:C.Kozniakdoesn

4、otappeartohaveviolatedanyCFAInstituteStandardsofProfessionalConduct.BecausesheisknowninthemarketforinvestingandbrokeringpropertyandbothpartieshaveworkedWithKozniakinthepast,bothpartieswouldknowofherinterests.Inaddition,inbothcases,sheactsforherownaccountasaprimaryinvestor,notasabroker.Shebuystheprop

5、ertyforherownportfolioandthensellsthepropertyfromherownportfolio.Therefore,KozniakdidnotviolateStandardVl（八）-DisclosureofConflicts.Whenshepurchasedthepropertyforherportfolio,shesavedherclientfromlosingthebuildingtothebankanddidnotchargeasalescommission.Becausethesaleofthepropertytoherotherclientdidn

6、ottakeplaceuntilsixmonthsafterherpurchase,andshewasunabletocontacttheclientwhohadearlierexpressedinterestpriortoherpurchase,shecannotbeaccusedofviolatingStandardIII（八）-Loyalty,Prudence,andCarewitheitherclient.CFALevelIGuidanceforStandardsI-VI,StandardHI（八）-LoyaltytPrudence,andCare、StandardVl（八）-Disc

7、IosureofConflicts2/454.Correctanswer:B.Theportfoliomanagerreceivedpermissiontousehisinvestmentperformancehistoryfromhisprioremployer.Thememberviolatedhisnon-solicitationagreementbyindicatinghisavailabilitytonewclientsonseveralsocialmediasitesaccessiblebyclientsofhisformeremployer.Thisactionisaviolat

8、ionofStandardIV（八）-Loyaltybecausehedidnotactforthebenefitofhisformeremployer.Inthiscase,themembermaycausehatohisformeremployerifhismessagesresultinclientsmovingtohisnewbusinessfromhisformeremployer.ThememberalsoviolatedStandardIV（八）bytakinghisemployersproperty,thetradingsoftware.CFALevelIGuidancefor

9、StandardsIV11StandardIV（八）-Loyalty5.Correctanswer:A.Theanalysthasconductedthoroughresearchthatindicatesthecompanyfalsifieditsfinancialresults,andsheshouldrequestthecompanyaddressthisissuepubliclyasrecommendedbyStandardII（八）-MaterialNonpublicInformation.Ifamemberorcandidatedeterminesthatinformationis

10、material,thememberorcandidateshouldmakereasonableeffortstoachievepublicdisseminationoftheinformation.Thiseffortusuallyentailsencouragingtheissuercompanytomaketheinformationpublic.Ifpublicdisseminationisnotpossible,thememberorcandidatemustcommunicatetheinfonationonlytothedesignatedsupervisoryandcompl

11、iancepersonnelwithinthemembersorcandidatesfirmandmustnottakeinvestmentactiononthebasisoftheinformation.CFALevelIGuidanceforStandardsI-VI,StandardIl（八）-MateriaINonpublicInformation6.Correctanswer:B.Themembermisrepresentedthereturnsshecouldrealisticallyachievefbrherclients,violatingStandardI(C)-Misrep

12、resentation,whichprohibitsmembersandcandidatesfromguaranteeing3/45clientsanyspecificreturnonvolatileinvestments.CFALevelIGuidanceforStandardsI-VIInStandardI(C)-Misrepresentation7.Correctanswer:A.MiffitthasnotviolatedStandardIII(E)-PreservationofConfidentiality,whichinvolvesinformationaboutfoncr,curr

13、ent,andprospectiveclients.CFALevelIGuidanceforStandardsI-VI,StandardII（八）-MaterialNonpublicInformation,StandardII(B)-MarketManipulation,Standard111(E)-PreservationofConfidentiality8.Correctanswer:B.UnderStandardIV(C)-Responsibi1ityofSupervisors,amembershouldexercisereasonablesupervisionbyestablishin

14、gandimplementingcomplianceproceduresinplacepriortothepossibilityofanyviolationoccurring,whichhasnotbeendoneinthiscase.CFALevelIGuidanceforStandardsI-ViinStandardIv(C)-ResponsibilitiesofSupervisors9.Correctanswer:C.TheGlPSstandardsstatethatfinsmustmakeeveryreasonableefforttoprovideacompliantpresentat

15、iontoallprospectiveclients.Aslongasaprospectiveclienthasreceivedacompliantpresentationwithintheprevious12months,thefirmhasmetthisrequirement.【tisaGIPSrecommendation,notarequirement,thatallclientsreceiveacompliantpresentationonanannualbasis.CFALevelIGlobalInvestmentPerformanceStandards(GIPS),rGIPSReq

16、uirement0.A.9,GIPSRecommendation0.B.44/4510.Correctanswer:A.Theutilityisnotasuitableinvestmentforafundthatonlyinvestsincompanieswithgoodenvironmentalrecords.Continuingtoholdthisinvestment,therefore,wasaviolationofStandardIlI(C)-SuitabiIity.CFALevelIGuidanceforStandardsI-VI,Standard1(B)-Independencea

17、ndObjectivity,StandardIlI(C)-Suitability,StandardVI（八）-DisclosureofConflicts11.Correctanswer:B.StandardVl(AADiSClOSUreofConflictsrequiresthedisclosureofconflicts.ForMeirtounderstandwhatpotentialconflictsofinterestemployeesmayhavewiththefhnandwiththeirclients,hewouldneedtoknowtheoutsideinterestsofeac

18、hstaffmember.Thestaffmembersthemselvesmaynotknowenoughaboutthecompanyanditsclientstodisclosethoseintereststhatwouldpresentapotentialconflict.ThereforeitmaybebesttohaveallemployeesdeclaretheiroutsidebusinessinterestsonanannualbasissoMeircanmakethedeterminationastowhatoutsidebusinessinterestsneedtobed

19、isclosedtoclients.CFALevelIGuidanceforStandardsI-VI*StandardVl（八）-DiscIosureofConflicts12.Correctanswer:B.ApersonalbankruptcydoesnotnecessarilyconstituteaviolationofStandardI(C)-MisrepresentationorStandardI(D)-Misconduct.Ifthecircumstancesofthebankruptcyinvolvedfraudulentordeceitfulbusinessconduct,t

20、henfailingtodiscloseitmayconstituteaviolationoftheStandardsofProfessionalConduct.CFALevelIGuidanceforStandardsI-VI,StandardI(C)-Misrepresentation,StandardI(D)-Misconduct5/4513Correctanswer:C.Toclaimcompliance,fismustmeetallGIPSrequirements,notjustcalculatetheirperformanceaccordingtoGIPSrequirements.

21、CFALevelI“TheGIPSStandards/*CFAInstituteSection:ProvisionsoftheGlobalInvestmentPerformanceStandards14.Correctanswer:C.Theprospectivesupervisorsfirststepshouldbetonottaketheposition.AcceptingthepositionwithinadequateproceduresinplaceorimpropermaketingmaterialwouldleaveInksteratriskofincurringaviolati

22、onofStandardIv(C)-ResponsibilitiesofSupervisors.Shecouldagreetobehiredasaninterimconsultantwiththebankinordertoimplementadequateproceduresbeforetakingonanysupervisoryrole.CFALevelIGuidanceforStandardsI-VT,StandardIv(C)-ResponsibilitiesofSupervisors15.Correctanswer:A.BothMusaandKassimviolatedtheStand

23、ardsofProfessionalConduct.MusaviolatedStandardIv(C)-ResponsibilitiesofSupervisorsbynotensuringpolicieswereinplacetopreventviolationsoftheStandardsofProfessionalConduct(inthiscase.StandardVI(B)-PriorityofTransactions)bysomeonesubjecttohersupervision.Astheheadofcompliance,MusasupervisedKassimandmustme

24、ethersupervisoryresponsibilitiesoutlinedintheStandardsofProfessionalConduct.KassimviolatedStandardVl(B)-PriorityofTransactionsbecausehedidnotgivesufficientprioritytoDunfield1Sclientsbeforetradingonhisrecommendation.CFALevelIGuidanceforStandardsI-VI*StandardIV(CAReSPOnSibilitieSofSupervisors,Standard

25、VI(B)-PriorityOfTransactions16.Correctanswer:A.Byfailingtoadheretothenon-competeclauseheagreedtoabidebywhensigninghisemploymentcontract,Hasinashowsalackofprofessionalintegritytowardhisemployer.ThisbehaviorreflectspoorlyonthegdreputationofmembersandisaviolationoftheCodeofEthics,whichstatesthatmembers

26、andcandidatesmustactwithintegrity,andStandardI(DAMisconduct,whichstatesthatmembersandcandidatesmustnotengageinanyprofessionalconductinvolvingdishonesty,fraud,ordeceitorcommitanyactthatreflectsadverselyontheirprofessionalreputation,integrity,orcompetence.TheCodeofEthicsattimesrequiresamemberorcandida

27、tetoupholdahigherstandardthanthatrequiredbylaw,rule,orregulationorinthiscase,thestrictapplicationoftheemploymentagreement.CFALevelICodeofEthicsandStandardsofProfessionalConduct,1lfGuidancefbrStandardsI-VIIStandardI（八）-KnowledgeoftheLaw,StandardI(D)-Misconduct17.Correctanswer:B.Inordertoavoidviolatin

28、gStandardIII(E)-PreservationofConfidentiality,Staalshoulddeterminewhetherapplicablesecuritiesregulationsrequiredisclosingtherecordsbeforesheprovidestheconfidentialinformationconcerningherclientsinvestments.CFALevelIGuidanceforStandardsI-VI*StandardIII(E)-PreservationofConfidentiality18.Correctanswer

29、:A.CompliancewiththeGIPSstandardsdoesnoteliminatetheneedforin-depthduediligenceonthepartoftheinvestor.CFALevelIIntroductiontotheGlobalInvestmentPerformanceStandards(GIPS)Questions1932RelatetoQuantitativeanalysis19.Correctanswer:B.Aconfidenceintervalforaparameter=PointestimateReliabilityfactorStandar

30、derror.Forexample,thereliabilityfactorsforconfidenceintervalsbasedonthestandardnormaldistributionare1.65for90%confidenceintervalsand1.96for95%confidenceintervals.ForagivenpointestimateandStandarderror,theconfidenceintervalwillbenarrowerwithalowerreliabilityfactor.CFALevelISamplingandEstimation/1Rich

31、ardA.DcFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection4.220.Correctanswer:A.Forapositivelyskewedunimodaldistribution,themodeislessthanthemedian,whichislessthanthemean.CFALevelIStatisticalConceptsandMarketReturns/RichardA.DeFusco.DennisW.McLeaveytJeraldE.Pinto,andDavidE.RunkleSection82LC

32、orrectanswer:C.FailuretorejectafalsenullhypothesisisaType【Ierror.CFALevelIHypothesisTesting,RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection222.Correctanswer:C.Theappropriateteststatisticisaz-statisticbecausethesamplecomesfromanormaldistributedpopulationwithknownvariance.Az-te

33、stdoesnotusedegreesoffreedom.Thistestistwo-sidedatthe0.05significancelevel,andtherejectionpointconditionsareZ1.960andZ625Jl,225)=0.6857=0.69.CFALevelIProbabilityConcepts/RichardA.DeFusco,DennisW.McLeaveytJeraldE.Pinto,andDavidE.RunkleSection324.Correctanswer:C.Givenapopulationthathasafinitevariancea

34、ndalargesamplesize,thecentrallimittheoremestablishesthatthesamplingdistributionofsamplemeanswillbeapproximatelynormal,thedistributionofsamplemeanwillhaveameanequaltothepopulationmean,andwillhaveavarianceequaltothepopulationvariancedividedbythesamplesize.CFALevelISamplingandEstimation/1RichardA.DeFus

35、co,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection3.125Correctanswer:C.Resistanceisdefinedasapricerangeinwhichsellingactivityissufficienttostoptheriseinprice.CFALevelITechnicalAnalysis/BarryM.SineandRobertA.StrongSection3.226Correctanswer:C.Thep-valueisthesmallestlevelofsignificanceatwhichthe

36、nullhypothesiscanberejected.Inthiscase,thegivenp-value(0.0275)islessthanthegivenlevelofsignificance(0.05);therefore,thenullhypothesisisrejected.CFALevelIuHypothesisTesting/RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection227,Correctanswer:A.Bythedefinitionofp-value,0.03isthesma

37、llestlevelofsignificanceatwhichthenullhypothesiscanberejected.Ananalystcannotrejectthenullhypothesisatthe0.01significancelevel.CFALevelIHypothesisTesting,”RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection228Correctanswer:A.Anopportunitycostisthevaluethatinvestorsforgobychoosing

38、aparticularcourseofaction.CFALevelITheTimeValueofMoney,RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection229.Correctanswer:B.Eventsareexhaustivewhentheycoverallpossibleoutcomes.Mutuallyexclusivemeansthatonlyoneeventcanoccuratatime.Twoeventsaredependentiftheoccuenceofoneeventdoes

39、affecttheprobabilityofoccurrenceoftheotherevent.Inthissituation.EventAandBarebothmutuallyexclusive(becausetheycannotoccuratthesametime)anddependent(becauseifoneeventoccurs,theprobabilityoftheotherbecomeszero).However,thetwoeventsarenotexhaustivebecausetheydonotcovertheeventthatthefundwillearnareturn

40、above5%.CFALevelIProbabilityConcepts/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)/2

41、678,052678.0550.93768*0.94CFALevelIHypothesisTesting/RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection3.231Correctanswer:B.Nonparametricproceduresareprimarilyusedinthreesituations:whenthedataaregiveninranks.whenthedatadonotmeetdistributionalassumptions,orwhenthehypothesisbeinga

42、ddresseddoesnotconcernaparameter.CFALevelInHypothesisTesting,RichardA.DcFusco,DennisW.McLcavey,JeraldE.Pinto,andDavidE.RunkleSection532.Correctanswer:C.Themostappropriateteststatisticforthedifferencebetweentwopopulationmeans(unequalandunknownpopulationvariances)istCFALevelInHypothesisTesting,Richard

43、A.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection32Questions3344RelatetoEconomics33Correctanswer:B.Infirst-degreepricediscrimination,theentireconsumersurplusiscapturedbytheproducer;theconsumersurplusfallstozero.CFALevelI,TheFirmandMarketStructures,0RichardG.FritzandMichelcGamberaSecti

44、on6.434.Correctanswer:C.Usingtheexpendituresapproach:GDP=Consumerspendingongoodsandservices+BusinessgrossfixedinvestmentChangeininventories+Governmentspendingongoodsandservices+Governmentgrossfixedinvestment+Exports-Imports+StatisticaldiscrepancyConsumerspendingongoodsandservices875,060Businessgross

45、fixedinvestment286,400Changeininventories(68,500)Governmentspendingongdsandservices305,600Governmentgrossfixedinvestment84,120Exports219.800Imports(250,980)Statisticaldiscrepancy(2,850)=Grossdomesticproduct(GDP)1,448,650CFALevelI4fcAggrcgateOutput,Prices,andEconomicGrowth,PaulR.KutasovicandRichardG.

46、FritzSections2.2,2.335.Correctanswer:A.Cost-pushinflationarisesduetoincreasesincostsassociatedwithproduction:wagesandrawmaterialsprices.CFALevelI44UndcrstandingBusinessCycles/MichcleGambcra,MiltonEzrati,andBolongCaoSection4.2.4.136Correctanswer:C.Priortothepriceceiling,thetotalsurpluswasd+e+f+g+h,consistingofconsumersurplusoffeandproducersurplusofd+g+h.ThepriceceilingcausesthequantitysuppliedtodecreasetoQCandforthoseconsumerswhocanndsupplytogainconsumersurplusofgattheexpenseofproducers.Withthedeclineinsupply,consumerslose