Kaplan考试和QBank二级（考友版）：V2阶段考试2 AM（题目+解析）.docx

CFALevel11Questions#1-6of60Questions1through6relatetoEthicalandProfessionalStandards.BlanchardInvestmentsCaseScenarioCarolBlackwell,CFA5hasbeenhiredintotheresearchdepartment4BlanchardInvestments.BlancharcfsmanageThaddeusBaIdwin»CFA,hasworkedinthesecuritiesbusinessformorethan50years.OnBlackwelTsfirstdayattheofficeBaldwingivesheranincompleteresearchreportonTopsGroceries,Inc,tofinishUPlUponresearchingTops,informationaboutthefinancialinstabilityofTopsGrocerieslargestcustomersurfaces.Blackwellrevisestheresearchreportbyloweringtheearningsprojections.Thedaythereportistobereleased,BlackwelllearnsthatBaldwinhasreplacedthelower;revisedearningsprojectionswithhisearlierestimates.BaIdwinrealizesthatmanyofthefirmspracticesandpolicieswouldbenefitfromacompliancecheckBaIdWinwantsBlackwelltoensurethatthepoliciesandproceduresatthefirmareincompliance.WhilereviewingadraftresearchreportonPatCLInc.,Blackwellnoticesthattheresearchanalystresponsibleforauthoringthereporthadusedneuralnetworksinforecastingrevenuesandearnings.SincethatanalystWaSnolongeremployedatthefirm,andBlackwellisnotfamiliarWiththatspecificquantitativetool,hedeletesthesegmentpertainingtoneuralnetworksbutotherwisedoesnotchangethereportbeforesigningOfTonitBlanchardsinvestmentbankingdepartmentrecentlyannouncedthattheyweresuccessfulinobtainingtheaccountofTeosToys,Inc.InlightOflhiSannouncement,BaldwinwantstoknowwhetherhecancontinuetorateTeos,stockfavorably;Duringalocalsocietyluncheon,BlackweDisseatednexttoCFAcandidateLucasWalters,whohasbeenassignedthetaskofcreatingacompliancemanualforBorchard&Sons,asmallbrokeragefirm.Waltersasksforheradvice.WhenWaltersreturnstowork,heisapprisedofthefollowingsituation:Borchard&Sonspurchased25,OOOsharesofCBXCorp,forequitymanagerQuintuxQuantitativejustminutesbeforethemoneymanagercalledbackandsaiditmeanttobuy25,000sharesofCDXCorBorchardthenpurchasedCDXsharesfor*Quintux,butnotbeforesharesofCBXCorp,declinedby1.5%.ThebrokerisholdingtheCBXsharesinitsowninventory.BorchardproposesthreemethodsfordealingwiththetradingerrorMethod1:QuintuxdirectsadditionaltradestoBorchardworthadollarvalueequaltotheamountofthetradinglossMethod2:BorchardreceivesinvestmeritresearchfromQuintuxinexchangeforBorchardcoveringthecostsfthetmdingerrorMethod 3:BorchardtransferstheorderedCBXsharesinitsinventcrytoQuintux,whichallocatesthemtoallofitsclientsonap*crtatabasixQuestionID: 1220672Question#1of60BlackwelTsmostappropriatecourseofactiontoremainincompliancewiththeCodeandStandardsisto:A)includeadisclosureindicatingIhatIOWerearningsestimatesareavailableB)followupthefirstreporturithasecondreportemphasizinglowereai'ningsprelectionsC)removehernamefromthereportiftheyreleasethereportwithhigherearningsestimates.QuestionID: 1220673Question#2of60Whenupdatingtheproxy-votingpolicytoconformtoCFAInstitiiterecommendations5whichofthefollowingrecommendationsisleastappropriateforBlanchardtoadopt?A)DeterminetheeconomicimpactGfnon-routineproxyvotes.B)Followthesameproxy-votingproceduresregardlessofthenatureoftheproposalC)IftheproxyVotefspreferencediffersfromthepreferenceofaclientwhohasdelegatedhisvotingpowers,gowiththeclientspreference.Question#3of60QuestionID:1220674AccordingtotheStandardsofProfessionalConduct,BaIdwiKSmostappropriateacionregardingTeosToyswouldbeto:A)refusetohaveanyinvolvementWithTeosbecauseofaconflictofinterestarisingfromthefiriSotherrelatishipswiththecompany.B)completeanindependentandobjectiveanalysisofTeosandissueareportdisclosingthenatureofbusinessrelationshipWithTeosToysC)ProvideacopyoftheresearchreporttoanalystsatreputableresearchoutfitsandaskforsomeinputQuestion#4of60QuestionID:1220675DoesBlackwellviolateanystandardthroughhisactionsrelatedtotheresearchreportonPatel,Inc.?A)No.B)Yes,pertainingtodiligenceandreasonablebasis.C)Yes,pertainingtodisclosurefconflictskQuestion#5of60QuestionID:1220676IfWcdterswantsthemanualtosatisfytherequirementsandrecommendationsoftheCodeandStandards,whichofthefollowinginstructionsisleastappropriatetoincludeinthesectiononfairdealing?A)Wheneverpossibledisseminateinvestmentrecommendationstoallclientsatthesametime.B)Executeallclient*?requestedtradespromptlyandwithoutcomment,regardlessofthecompany?sopiniononthestockbeingtradedC)Membersoftheinvestent-olicycomitteeshouldnotdiscusspossiblechangesininvestmentrecommendationsWithanyoneelseinthefirmuntilafteran<fficialdecisionhasbeenmade.Question#6of60QuestionID:1220677WhichmethodfordealingwiththetradingerrorismostconsistentWiththeCodeandStandards?A)Method1.B)Method2C)Method&Questions#7-12of60Questions7through12relatetoQuantitativeMethods.1.eadEquit¾LLP,CaseScenarioMihirKotak,CFA,isthemanagingpartneratLeadEquity;LLP,aprivateequityfirmbasedinsouthernCaliforniaKotakhasdecidedtorevisethemodeltheIIimUSeStoidentifyattractiveinvestmentopportunitiesbysupplementingthemodelwithbigdataanalysisKotaksetsupameetingwithKetanMehta,theleadanalystwithBigSolutions,Inc.,aconsultingcompanyprovidingsolutionsrelatedtobigdataDuringthemeetingMehtamakesthefollowingstatementsaboutthestepsinvolvedinbigdataanalysisStatement1:ThesamestepsareusedinbigdataanalysiswhetherweareusingstructuredorunstructureddataStatement2:Thedataexplorationstepiscritical;Itincludesexploratorydataanalysisfeatureselectionandengineeing.Kotakstatesthatthemodelisintendedtoidentifycompaniesthatwouldbelikelytakeovertargetsoverthesubsequent12months.Kotaksaysheisconcernedthatwhiletheanalysismaylkattractiveonae;it8uldbeinaccurateinmakingpredictions.SpecificallyKotakwantstoavoidthescenariowherethemodelincorrectlyidentifiesacompanyasatargetMehtaillustratesthetypeofanalyticsthatcanbeperformedbeforeIhemodelisimplementedinbusinessoperationsConfusionInatriXeSshowsanexcerptofthereportthatMehtaprovidesforiUustratioriConfusionmatrixesModelAModelBActual:TakeoverTargetActual:NotTargetActual:TakeoverTargetActual:NotTargetPrediction:takeovertarget149Prediction:takeovertarget134Prediction:nottarget5246Prediction:nottarget4253MehtathendiscussesoneofthepossibleapproachestoapplyingbigdataanalysistothetaskathandasshowninStepsinDataAnalysisStepsinDataAnalysisStep1:WestartWithasampleconsistingofthecompaniesintheRussell2000Indexandthenassignthemto50heterogeneous(basedonfinancialcharacteristics)buckets.Step2：Wethenrandomlyselect10stocksfromeachofthebucketstoassigntooneoftwoclasses：takeovertargetandnotatakeovertarget,basedonfinancial,nonfinanciaandtextualdataUponfurtherdiscussion,Mehtamakesthefollowingcommentsaboutmachinelearning.Comment1:Overfittingisanissue½*ithunsupervisedMLOverfittingresultswhenaIcirgenumheroffeaturesareincludedinthedatasample.Comment2:AlearningcurveplotstheerrorrateinthevalidationortestsampleversusthesizeofthetrainingsampleQuestionID: 1220679QuestionID: 1220680Question#7of60RegardingMehtaSstatementsaboutstepsinbigdataanalysis:A)onlystatement1iscorrectB)onlystatement2iscorrectC)bothstatementsarecorrectQuestion#8of60BasedonKotak,sconcernsaboutusingthemodeltoidentifytakeovertargets,KotakismostAeZyinterestedinincreasingthemodel*s:A)accuracyscore.B)Flscore.C)precision.QuestionID: 1220681Question#9of60UsinginformationinConfusionmatrices,themodelWithhighestprecisionandhighestaccuracyarerespectively:HigheSt precisionHigheSt accuracyA)Mod el AModel BB)Model AModel AC)Model BModel BQuestion #10 of 60Question ID: 1220682Based on information in Exhibit 2 the value of the hyperparameter specified in Steps in Data Analysis is:A) It).B) 50.C) 2,000.Question #11 of 60QuestionID: 1220683The approach identified in step 2 of Exh ibit 2 is most likely to represent:A) supervised learning to predict a categorical target variableB) unsupervised learning to predict a categorical target variableC) supervised learning to predict a continuous target variableQue stion #12 of 60QuestionID: 1220684Regarding Mehta s comm ents about machine learning:A) both comments are accurateB) only one com ment is accurateC) neither com ment is accurateQuestions #13-18 of 60Questions 13 through 18 relate to Financial Reporting and AnalysisJJKHoldings,InJCaseScenarioliSamindeCFA,hasrecentlybeenhiredbyJJKHoldings,Inc.(JJK),aU.S.-basedfinancialservicesholdingcompany.JJKhasglobaloperationsincommercialandinvestmentbankingalongsideasignificantwealthmanagementdivision,JJKBMD.Saminderiscuentlyonasix-monthrotationworkingintheriskmanagementdivisionofJJK.Sheisseekingtobecomefamiliar,withJKK'sapproachtoriskmanagementandthemaintenanceofanadequatecapitalbase.SaminderhasreviewedaninternaldocumentoutliningJJKtsapproachtomeetingregulatoryrequirementsandhasmadeanoteoftwofundamentalrulesthatshebelievesareUSedtohelpanalyzecapitaladequacy.Whenassessingthetier1capitalratiqassetsshouldbeweightedaccordingtotheirrisk,withRule1:riskierassetsassignedalowervaluethanrisk-freeassetssuchascash.OfbalancesheetassetsshouldbeexcludedfromtheassetbaseofthebankwhenassessingRule2:capitaladequacy*ThedocumentProvidedtoSaminderoutlinesJJK'SapproachtocalculatingregulatorycapitalExt*actsfromthedocumentareshowninExhibit1.Exhibit1:InternalMemoRegulatoryCapitalCalculation(extracts)Tier1capitalisdefinedinaccoi'dancewithglobalregulatorystandardsandisappropriatelyadjustedforintangibleanddeferredtaxassetsresultingfromlossesc<trriedforward.Othertier1capitalconsistsofIrredeemablenon-cumulativeprefernedstockWithafixeddividedof4.3%.Consistentwithlocalregulatorystandards.Tier2capitaliscomprisedof$18,047mofsubordinateddebtmaturinginfiveyearsandaconveitiblebondissueconvertibleonlyatmaturityattheendof20X9(convertibleintocommonstock).JJKHoldinghasatargettier1ratioof15%andtotalcapitalratioof20%.20X8yeaiendfiguresareforecastasfollows:20X8($m)RegulatorycapitalCommonequitytier1capital87,390Additionaltier1capital16,401Tier2capital25,447Totalassets510,948Risk-weightedassets601j312SaminderisparticularlyinterestedintwoelementsofJJKStotalcapitalHrssheisawarethatthedeferredtaxassetreferredtoinExhibit1totals$7,002mandiscarriedonthebalancesheetwithoutavaluationallowancaShewishestocalculatetheimpactonthecommonequitytier1ratioifthedeferredtaxassetwasfullywrittendown.Secondly,Samindernotesthattheconvertiblebondisdueforconversionin20X9.Sheintendstorecalculatethe20X8tier1ratioasifthebondshadbeenconvertedalready.Saminderhasalsoreviewedaninternalmemooutliningsomekeytrendsoverthelastthreeyearsthatwerelabeled,Possibleconcerns?byapreviousemployee.Howevei;itwasnotclearfromthedocumentwhichtrendsifanywereactualcauseforconcern.ThetrendsincludedinthedocumentsareshowninExhibit2:InternedMemoThree-YearTrends.Exhibit2:InternalMemoThree-YearIyendS20X520X620X7tmSm$mAssetsundermanagement,139,39811957108,086Netoutflows-100,483112>48219429HighqualityIiqUidassets111,432127,352198,393Availablestablefunding376t092376,653388,624Requiredstablefunding327,043301,275303t182'RepresentsclientassetsmanagedbyJJKBMDTrustsz30dayliquidityneedsinastressscenarioSamindermakesthefollowingnoteusingthedatainExhibit2:InternalMemoThree-YearTrends:*Assetsundermanagementhavedecreasedbyatotalof225%overthethree-yearperiod,buttheseareclientassets,requirenocapitalfunding,andhencearenotaconsiderationfortheriskanalysisCfthebank.QuestionID: 1220686Question#13of60WhichofSamindersfundamentallesismostlikelytobeaccmate?A)Onlyrule1isaccurateB)Onlyrule2isaccurateC)Neitherruleisaccurate.Question#14of60QuestionID:1220687UsingthefecasteddataandexplicittargetsgiveninExhibit1:InternalMemoRegulatoryCapitalCalculation(extracts),SaminderismostIikelyloconcludethatJJKHoldingswould:A)meetitstargetedtier1ratioandtotalcapitalratioB)meetitstargetedtier1ratiobutnotitstargetedtotalcapitalratiC)failtomeeteithertargetQuestion#15of60QuestionID:1220688WhenSamindermakesIheadjustmentrelatedtothedeferredtaxassetthecommonequitytier1ratioismostJikelylo:A)increase.B)decrease.C)remainunchanged.Question#16of60QuestionID:1220689Howaretier1capitalandtotalcapitalmostIikelytachangewhenSamindermakesherstatedadjustmentfortheconvertiblebonds?A)Commonequitytier1capitalandtotalcapitalwillbothremainunchanged.B)Tier1capitalwillincreaseandtier2capitalWilIdecrease.C)Othertier1capitalnilldecreaseandtotalcapitalwillremainunchangedQuestion#17of60QuestionID:1220690Samindersnoteregardingassetsundermanagementisbestdescribedas：A)accurate,B)inaccurate,astheassetsdorequirecapitalfunding.C)inaccurate,asassetsshouldbeconsideredintheriskanalysis.Question#18of60QuestionID:1220691UsingthedatainExhibit2:InternalMemoThreer-YearTrends,whichofthefollowingstatementsismostaccurateA)ThenumberofdaysJJKcanwithstandastressHevel-volumeofcashoutflowsdecreasedbythreedaysfim2015to2017.B)TheIiquiditycoveragetiodecreasedineachfIhetwoyearsC)Thetrendinnetstableftndingratioindicatesanincreasefrom2015to2017inhighlyliquidfundingavailable,comparedtotheleveloffundingrequired.Questions#19-24of60Questions19through24relatetoCorporateFinancaDanAndrewsCaseScenarioDanAndrews,CFA,istheequityanalystalargepensionfundOneofthefun<fSholdingsisDebianCorporationAfteraperiodofrapidgrowth,DebianhasunderperformeditspeersoverthepasttwoyearsDebi<n*smanagementhasannouncedachangeinownershipstructureforpartofitsbusiness,orpossiblyadisposalofpartofthebusiness.Severaloptionsareunderconsideration:aSPirrOftacarve-out,oranassetsaleAndrewsdecidestoresearcheachoftheseoptionstounderstandtheimpactonDebianSbusinessandtheirshareholdersHehasreadthefollowingcommentsregardingthevariousmethods:Statement 1:Statement 2:Statement 3:Statement 4:Statement 5:InvolvessharesbeingissuedtothegeneralpublicShareholdershaveachoiceofholdingontothenewsharesautomaticallyissuedtothemordisposingOfthesharesontheopenmarket,Shareholderswillbemoreeasilyabletolinkexecutivecompensationtothepeformanceofthebusinessinvolved.Thefirmseparatesaportionofitsoperationsfromtheparentcompany.Anewindependententitywillbecreatedthatiscompletelydistinctfromtheparent;theparentwillloseallcontrolofthebusiness.DebianSmanagementannouncedinthelastconferencecallthatapotentialbuyer;FedOra,Inc.,isinterestedinbuyingUbuntu,oneofDebiansdivisionsFedorahasofferedtopay$90miUioncashtobuyUbuntuRelevantinformationisprovidedinExhibitLEXhibit1$78 million$85 million$132 millionValueofUbuntuasastand-alonebusinessValueofUbuntutoDebianValueofFedora(5millionshares,$10par)ValueofFedoraandUbuntuasacombinedentity(postcashacquisitionofUbuntu)$135millbnAlternatively,FedoraispreparedtooffertobuyUbuntubydirectlyissuingtotheshareholdersofDebianatotal&3milli$10ParvaluesharesthatwillrankequaDyWithitsexistingShareSAndrewsfrequentscontinuingeducationseminarsofferedbyhislocalCFAsocietyDuringoneoftheseseminars,AndrewsmeetsJasonArnoldacorporatefinancespecialistAndrewsagreesWithArnoldthatacomprehensiveequityanalysisshouldin