CFA一级历年模拟考试(2015-2019)：2016_CFA_Level_1_Mock_Exam_afternoon_questions_removed.docx

Questions1*18RelatetoEthiCS2Questions1932RelatetoQuantitativeanalysis9Questions3344RelatetoEconomics13Questions4568RelatetoFinancialStatementAnalysis17Questions6976RelatetoCorporatefinance26Questions7788ReIatetoEquityinvestment29Questions8994RelatetoDerivatives32Questions95*106RelatetoFixed-incomeAnalysis34Questions107*110RelatetoAlternativeInvestments38Questions111120RelatetoPortfolioManagement39Last Name:First Name:MOCK EXAM 114No:Date:Questions118RelatetoEthicsI.CarolinaOchoa,CFA,isthechieffinancialofficeralPanlagoniaComputing.OchoaiscurrentlythesubjectofaninquirybyPantagoniatScorporateinvestigationsdepartment.TheinquiryistheresultofananonymouscomplaintaccusingOchoaoffalsifyingtravelexpensesforseniormanagementrelatedtoagovernmentcontract.Accordingo(heCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,ilismostappropriateforOchoatodisclose(heallegations:A.onherProfessionalConductStatement.B.toCFAInstituteiftheallegationsareprovencorrect.C.toCFAInstitutewhentheinvestigationconcludes.2.RichardCardinal,CFA,isthefounderofVolcanoCapitalResearch,aninvestmentmanagementfirmwhosesoleactivityisshortselling.Cardinalseeksoutcompanieswhosestockshavehadlargepriceincreases.Cardinalalsopaysseverallobbyingfirmstoupdatehimimmediatelyonanylegislativeorregulatorychangesthatmayimpacthistargetcompanies.Cardinalsellsshortthosetargetcompaniesheestimatesarenearthepeakoftheirsalesandearningsandthathissourcesidentifyasfacinglegalorregulatorychallenges.Immediatelyafterhesellsastock.Cardinalconductsapublicrelationscampaigntodiscloseallofthenegativeinformationhehasgatheredonthecompany,eveniftheinformationisnotyetpublic.WhichofCardinal'sactionsisleastlikelytobeinviolationoftheCFAInstituteStandardsofProfessionalConduct?A.DisclosinginformationabouttargetcompaniesB.SellingstockshortC.Tradingoninformationfromlobbyists3.BethKozniak,aCFAcandidate,isanindependentlicensedrealestatebrokerandawell-knownpropertyinvestor.Sheiscurrentlybrokeringthesaleofacommercialpropertyonbehalfofaclientinfinancialdistress.IfthecIienfsbuildingisnotsoldwithin30days,hewilllosethebuildingtothebank.Ayearearlier,anotherclientofKozniak1Shadexpressedinterestinpurchasingthissameproperty.However,sheisunabletocontactthisclient,andshehasnotdiscoveredanyotherpotentialbuyers.Givenherdistressedclient'slimitedtimeframe,Kozniakpurchasesthepropertyherselfandforgoesanysalescommission.Sixmonthslater,shesellsthepropertyforaniceprofittotheclientwhohadearlierexpressedinterestintheproperty.HasKozniakmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?A.Yes,shedidnotdiscloseherpotentialconflictsofinteresttoeitherclientB.Yes,sheprofitedontherealestatetothedetrimentofherfinanciallystressedclientC.No4.JanLoots,CFA,quithisjobasaportfoliomanagerataninvestmentfirmwithwhomhehadanon-solicitationagreementhesignedseveralyearsago.Lootsreceivedpermissiontotakehisinvestmentperformancehistorywithhimandalsotkacopyofthefhn'ssoftware-tradingplatform.Subsequently,Lootssentoutmessagesonsocialmediasitesannouncinghewaslookingforclientsforhisnewinvestmentmanagementfirm.AccesstoLoots,ssocialmediasitesisrestrictedtofriends,family,andformerclients.LootsleastlikelyviolatedtheCFAInstituteStandardsofProfessionalConductconcerninghis:A.non-solicitationagreement,B.investmentperformancehistory.C.tradingsoftware*5.ZhaoXuan,CFA,isasell-sideinvestmentanalyst.Whileatasoftwareindustryconference,ZhaohearsrumorsthatGreenRunSoftwaremayhavefalsifieditsnancialresults.Whenshereturnstoheroffice,ZhaoconductsathoroughanalysisofGreenRun.Basedonherresearch,includingdiscussionswithsomeofGreenRun,scustomers,ZhaoisconvincedthatGreenRun*sreported50%increaseinnetincomeduringrecentquartersiscompletelyfictitious.ButsofarZhaoistheonlyanalystsuspiciousaboutGreenRun,sreportedearnings.AccordingtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,theleastappropriate3/41actionforZhaoisto:A.recommendherclientsselltheirGreenRunsharesimmediately.B.donothinguntilotheranalystssupportheranalysis.C.reporthersuspicionstoGreenRun'smanagement.6.BclenZapata,CFA,istheownerofKawahInvestments.Kawahpromisesinvestorsreturnsofupto12%peryearandclaimstoachievethesereturnsbyinvestinginnon-investment-gradebondsandotherfixed-incomeinstruments.Overthenext12months,bondmarketyieldsreachunprecedentedlowsandZapatafindsitimpossibletoachievethereturnssheexpected.NoinvestmentsareevermadebyKawah,andclientsarecompletelypaidbackalloftheiroriginalinvestment.ZapatamostlikelyviolatedtheCFAInstituteStandardsofProfessionalConductbecauseofthe:A.investmentmandate.B.promisedreturns.C.returnofcapital.7.Whileatabarinthefinancialdistrictafterwork,EllenMiffitt,CFA,overhearsseveralemployeesofacompetitordiscusshowtheywillmanipulatedownthepriceOfathinlytradedmicro-capstock'spriceoverthenextfewdays.Miffitt,sclientshavelargepositionsofthisstock,sowhenshearrivesatworkthenextday,sheimmediatelysellsalloftheseholdings.Becauseshehaddeterminedthemicro-capstockwassuitableforallofheraccountsatitspreviouslyhigherprice,Miffittbuysbackherclient'soriginalexposureattheendoftheweekatthenew,lowerprice.WhichCFAInstituteStandardsofProfessionalConductdidMiffittleastlikelyviolate?A.PreservationofConfidentialityB.MaterialNonpublicInformationC.MarketManipulation8.EileenFisher,CFA,hasbeenasupervisoryanalystatSLAdvisersforthepast10years.Recently,oneofheranalystswasfoundtobeinviolationoftheCFAInstituteStandardsof4/41ProfessionalConduct.Fisherhasplacedlimitsontheanalyst'sactivitiesandisnowmonitoringallofhisinvestmentactivities.AlthoughSLdidnothaveanycomplianceproceduresuptothispoint,toavoidfutureviolations,Fisherhasputinplaceproceduresindustrystandards.DidFishermostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?A.No,becausesheistakingstepstoimplementcomplianceproceduresthataremorethanadequateB.YesC.No,becauseshehastakenstepstoensuretheviolationswillnotberepeatedbytheanalyst9.FirmsclaimingGIPScompliancemustmakeeveryreasonableefforttoprovideacompliantpresentationtowhichofthefollowing?A.BothexistingandprospectiveclientsB.ExistingclientsC.Prospectiveclients10.MollyBurnett,CFA,isaportfoliomanagerforafundthatonlyinvestsinenvironmentallyfriendlycompanies.Amultinationalutilitycompanyrecentlyacquiredoneofthefund'sbest-perfoninginvestments,awindpowercompany.Thewindpowercompany'sshareholdersreceivedutilitycompanysharesaspartofthemergeragreement.Theutilityhasoneoftheworstenvironmentalrecordsintheindustry,butitsshareshavebeenoneofthetopperfoersoverthepast12months.Becausetheutilitypaysahighdividendeverythreemonths,Burnettholdstheutilitysharesuntiltheremainingtwodividendsarepaidfortheyearthensellstheshares.BurnettmostlikelyviolatedtheCFAInstituteStandardofProfessionalConductconcerning:A.Suitability.B.IndependenceandObjectivity.C.DisclosureofConflicts*11.JohannesMeinCFA,isacomplianceofficerforFamilyEstatePlanning>LLC»aprivate5/41wealthconsultingfirm.Manyofhiscolleagueshavefamilymemberswhohavestartedtheirownretailbusinesses.SomeofMeir,scolleagueshavebeenaskedbyrelativestoserveasnon-executivedirectorsoradviserstotheircompanies.MeirshouldmostlikelyrecommendwhichofthefollowingpoliciestoensurecompliancewiththeCFAInstituteStandardsofProfessionalConduct?A.ProhibitemployeesfrombecomingdirectorsoradvisersB.RequireemployeestodeclarealloutsidebusinessinterestsC.Requireemployeestodeclareallincomesourcesannually12.GabrielleGabbc,CFAhasbeenaccusedofprofessionalmisconductbyoneofhercompetitors.TheallegationsconcernGabbespersonalbankruptcyfiling10yearsagowhenshewasacollegestudentandhadalargeamountofmedicalbillsshecouldnotpay.Bynotdisclosingthebankruptcyfilingtoherclients,didGabbemostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?A.Yes,relatedtoMisrepresentationB.NoC.Yes,relatedtoMisconduct13.WhichofthefollowingstatementsisleastlikelycorrectwithregardtotheninemajorsectionsoftheGlobalInvestmentPerfonnanceStandards(GIPS)?A.AllrequirementsmustbemetinordertobefullycompliantwiththeGlPSstandards.B.Firmsareencouragedtoadoptandimplementtherecommendations.C.Toclaimcompliance,firmsneedtocalculateonlytheirperfnanceaccordingtoGlPSrequirements.14.IleanaInkster,CFA,wasrecentlyofferedaseniormanagementpositionwithinthetrustdepartmentataregionalbank.Thedepartmentisnew,butthebankhasplanstoexpanditsignificantlyoverthenextfewmonths.Inksterhasbeentoldshewillbeexpectedtohelpgrowtheclientbaseofthetrustdepartment.Sheisinfonedthatthetrustdepartmentplanstoconducteducationalseminarsandpursuetheattendeesasnewclients.Inksternoticesthat6/41recentseminaradvertisementspreparedbythebank'smarketingdepartmentdonotmentioninvestmentproductswillbeforsaleattheseminar.Theadsindicateattendeescan,learnhowtoimmediatelyadd$100,000totheirnetworth.”WhatshouldInkstermostlikelydotoavoidviolatinganyCFAInstituteStandardsofProfessionalConduct?A.AcceptthepositionandrevisethemarketingmaterialB.AcceptthepositionandinformseniormanagementofinadequatecomplianceproceduresC.Declinetoacceptthenewposition15.MariamMUSa,CFA,headofcomplianceatDunfieldBrokers,questionshercolleagueOmarKassim,aCFAcandidateandaresearchanalyst,abouthispurchaseofsharesinacompanyforhisownaccountimmediatelybeforehepublishesa,buy,*recommendation.HedefendshisactionsbystatinghehasdonenothingwrongbecauseDunfielddocsnothaveanypersonaltradingpoliciesinplace.TheCFAInstituteStandardsofProfessionalConductweremostlikelyviolatedby:A.bothMusaandKassim.B.onlyKassim.C.onlyMusa.16.Asaconditionofhisemploymentwithaninvestmentbank,AbasiHasinafCFA,wasrequiredtosignanemploymentcontract,includinganon-competeclauserestrictinghimfromworkingforacompetitorforthreeyearsafterleavingtheemployer.Afteroneyear,Hasinaquitshisjobforacomparablepositionwithaninvestmentbankinacountrywherenon-competeclausesareillegal.Lawyerswithwhomheconsultedpriortotakingthenewpositiondeterminedthenon-competeclausewasaviolationofhumanrightsandthusillegalDidHasinamostlikelyviolatetheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?A.YesB.No,becausethenon-competeclauseisillegalinthenewcountryOfemploymentC.No,becausethenon-competeclauseviolateshishumanrights17.TeresaStaal,CFA、isaninvestmentofficerinabanktrustdepartment.Shemanagesmoney7/41forcelebritiesandpublicfigures,includinganinfluentiallocalpolitician.Shereceivesarequestfromthepolitician'spoliticalpartyheadquarterstodisclosehisstockholdings.Therequestindicateslocallawrequiresthedisclosure.WhatstepsshouldStaalmostlikelytaketoensureshedoesnotviolateanyCFAInstituteStandaidsofProfessionalConduct?A.Providetheinformationandinformherclient.B.Checkwithherfirm'scompliancedepartmenttodetermineherlegalresponsibilities.C.Sendtherequesteddocumentsandinformhersupervisor.18.BenefitsofcompliancewiththeCFAInstituteGlobalInvestmentPerformanceStandards(GIPS)leastlikelyinclude:A.eliminationofin-depthduediligenceforinvestors.B.participationincompetitivebidding.C.strengtheningofinternalcontrols.Questions1932RelHtetoQuantitativeanalysis19.Theconfidenceintervalismostlikelytobe:A.widerasthepointestimateincreases.B.narrowerasthereliabilityfactordecreases.C.widerasthesamplesizeincreases.20.Forapositivelyskewedunimodaldistribution,whichofthefollowingmeasuresismostaccuratelydescribedasthelargest?A.MeanB.MedianC.Mode21.Ahypothesistestfailstorejectafalsenullhypothesis.Thisresultisbestdescribedasa:A.testwithlittlepower.B.TypeIerror.C.Type11error.22.Consideratwo-tailedtestofthehypothesisthatthepopulationmeaniszero.Thesamplehas50observations.Thepopulationisnomallydistributedwithaknownvariance.(-DistributionDegreesoffreedomp=0.10p=0.05P=0.025491.2991.6772.010501.2991.6762.009Z-Distribution=0.10a=0.05a=0.0251.645L9602.330Ata0.05significancelevel,therejectionpointsaremostlikelyat:A.-2.010and2.010.B.-2.009and2.009.C.-1.960and1.960.23.ThevarianceofreturnsofAssetAis625.ThevarianceofreturnsofAssetBis1,225.ThecovarianceofreturnsbetweenAssetAandAssetBis600.ThecorrelationofreturnsbetweenAssetAandAssetBisclosestto:A.0.29.B.0.69.C.0.47.24.Ifthedistributionofthepopulationfromwhichsamplesofsizenaredrawnispositivelyskewedandgiventhatthesamplesize,n,islarge,thesamplingdistributionofthesamplemeansismostlikelytohavea:A.varianceequaltothatoftheentirepopulation.B.meansmallerthanthemeanoftheentirepopulation.C.distributionthatisapproximatelynormal.25.Apricerangeinwhichsellingissufficienttostoptheriseinpriceisbestdescribedas:A.changeinpolarity.B.support.C.resistance.26.Atwo-tailedt-testofthehypothesisthatthepopulationmeandiffersfromzerohasap-valueof0.0275.Usingasignificancelevelof5%,themostappropriateconclusionis:A.toacceptthenullhypothesis.B.thatthechosensignificancelevelistoohigh.C.torejectthenullhypothesis.27.Aone-tailedhypothesistestinghasap-valueforateststatisticof3%.Ananalystwouldnotrejectthenullhypothesisatasignificancelevelof:A.0.01.B.0.10.28.Onceaninvestorchoosesaparticularcourseofaction,thevalueforgonefromalternativeactionsisbestdescribedasa(n):A.opportunitycost.B.requiredreturn.C.sunkcost.29.Aportfoliomanagerestimatestheprobabilitiesofthefollowingeventsforamutualfund:EventA:thefundwillearnareturnof5%.EventB:thefundwillearnareturnbelow5%.Theleastappropriatedescriptionoftheeventsisthattheyare:A.mutuallyexclusive.B.exhaustive.C.dependent.30.Independentsamplesdrawnfromnormallydistributedpopulationsexhibitthefollowingcharacteristics:SampleSizeSampleMeanSampleStandardDeviationA2520045B1818560Assumingthatthevariancesoftheunderlyingpopulationsareequal,thepooledestimateofthecommonvarianceis2,678.05.Thet-teslstatisticappropriatetotestthehypothesisthatthetwopopulationmeansareequalisclosestto:A.0.94.B.1.90.C.0.29.31.Useofanonparametrictestismostappropriatewhenthe:A.populationvarianceisunknown.B.dataaregiveninranks.C.distributionissymmetrical.32.Samplesofsize(n,n2)aredrawnrespectivelyfromtwopopulations(X,X2)withassociatedsamplemeansandstandarddeviationsOf(XX?)12and(s.s)andassociatedpopulationmeansandstandarddeviationsof(,2)and(b2)where(T2Inaddition,7isIhesamplemeanofX1-X2withastandarderrorofsandapopulationmeanofvands；*sapooledestimatorofthecommonvariance.ThemostappropriateteststatistictodeterminetheequalityofthetwopopulationmeansassumingXandXoareindependentandnormallydistributedis:(X-Y2)-(国-U?)Questions3344ReIHtetoEconomics33.First-degreepricediscriminationisbestdescribedaspricingthatallowsproducerstoincreasetheireconomicprofitwhileconsumersurplus:A.increases.B.iseliminated.C.decreases.34.Thefollowingdataapplytoacountryinitsdomesticcurrencyunits:Consumerspendingongdsandservices875,060Governmentspendingongoodsandservices305,600Businessgrossfixedinvestment286,400Governmentgrossfixedinvestment84j120Changeininventories-68,500Capitalconsumptionallowance8,540Transferpayments9,300Statisticaldiscrepancy-2,850Exports219,800Imports250,980U