Kaplan考试和QBank二级（考友版）：V1阶段考试1 PM（题目+解析）.docx
CFALevel11Questions#1-6of60UsethefollowinginformationtoanswerQuestions61through6&ChesterBrothers,LLeisaninvestmentmanagementfirmwith$200millioninassetsundermanagementChestersequitystyleisdescribedtoclientsasalarge-capcorestrategy.Oneyearago,Chesterinstitutedanewcompensationplanf*itsequityortfoomanagers.Underthisnewplan,eachportfoliomanagerreceivesanannualbonusbaseduponthatmanagersquarterlyperformancerelativetotheS&P500Index.Foreachquarterofout-performance,themanagerreceivesabonusintheamountof20%ofhisregularannualcompensationChesterhasnotdisclosedthisnewplantoclientsPortfoKomanagersatChesterarenotboundbynon-competeagreements.JamesRogers,CFAtandKarenPierce,CFA,arebothportfoliomanagersaffectedbythenewpolicy.RogersoutperformedtheS&P500Indexineachofthelastthreequarters,largelybecausehebeganinvestinghisclients*fundsinsmall-apsecurities.ChesterhasrecentlybeencitingRogersSperformanceinlocalmediaadvertising,includingclaimsthatChestersstarmanager;JamesRogers,hasoutperformedtheS&P500Indexineachofthelastthreequarters.*TheprintadvertisingassociatedWiththemediacampaignincludesaphotographofRogers,identifyinghimasJamesRogers,CFA.BelowhisnameisaquoteapparentlyatlributabIetoRogerssaying"asaCFAcharterholder;Iamcommittedtothehighestethicalstandards.*Afewweeksaftertheadvertisingcampaignbegan,RogerswasapproachedbytheGrumppFoundation,alocalCharitableendowmentwith$3biioninassets,aboutsendngonitsinvestmentadrisorycommittee.Thecommitteemeetsweeklytoreviewtheportfolioandmakeadjustmentsasneeded.TheGrumpptrusteeswereimpressedbythefavorablementionofRogersinthemarketingcampaign.InmakingtheirfetheyevensuggestedthatRogerscouldmentionhispositionontheadvisorycommitteeinfutureChestermarketingmaterialRogershasnotinformedChesterabouttheGruinppofibuthehasnotyetacceptedtheposition.PiercehasnotfaredaswellasRogers*Shealsoshiftedintosmallerxapsecurities,butduetotwoextremelypoorperforminglarge-capstocks,herpeifoimanceIaggedtheS&P500Indexforthefirstthr,eequarters.Afteranangryconfrontationwithhersupenrisor;Pierceresigned.Whensheleft,Piercetookacopyofacomputermodelwiththepermissionoftheco-workerwhodevelopedthemodel,aswellasthemostrecentUstofherbuyrecommendations,whichwascreatedfromtheoutputofthecomputermodeLPiercesoonacceptedapositionatacompetingfirm,CheeriGroup.OnherfirstdayatCheeshecontactedeachofherfivelargestformerclient¾IiformingthemofhernewemploymentandaskingthattheyconsidermovingtheiraccountsfromChestertoCheeriDuringbothtelephoneconversationsandemailswithherformerclients,PiercementionedthatChesterhadanewcompensationprogramthatcreatedincentivesformanagerstoshiftintosmaller-capsecurities,CheerihaspostedPiercesinvestmentperformanceforthepastfiveyearsonitswebsiteexcludingthethreemostrecentquartersThefootnotestoIheperformanceinformationincludethefollowingtwostatements:Statement1:Includeslargecapitalizatiportfoliosonly.Statement2:ResultsreflectmanagersperformanceatpreviousemployerQuestion#1of60QuestionID:1212714ChestefsnewcompensationplanforawardingbonusestoincliidualpotfoEoinanagersisconsistentwithCFAInstituteStandards:A)anddoesnotrequiredisclosure.B)onlyiffullydisclosedtoclientsC)butanybonusesawardedundertheplanmustbefuDydisclosedtoclients.Question#2of60QuestionID:1212715AssumingRogerswouldliketoaccepttheoffertoserveontheGrumppinvestmentadvisorycommittee,RogersSobligationsundertheCFAInstituteStandardsrequirethathe:A)refusetoserveontheGrumppcommittee.B)accepttheGrumppcommitteepositiononlyafterdisclosingthe疝ertohisSupendsorC)accepttheGrumppcommitteepositionanddisclosehisacceptanceassoonaspossibletohissupervisor.Question#3of60QuestionID:1212716ChestersadvertisingcampaignincludesclaimsaboutRogerssinvestmentperformance,aswellasRogerssuseandreferencetotheCFAcharterIsChestersadvertisingcampaignconsistentwiththeCFAInstituteStandards?A)ChesterSperformanceclaims<reinconsistentWithCFAInstituteStandards,buthisuseandreferencetotheCFAdesignationisappropriateB)BoththePerformdnCCclaimandthereferencetotheCFAcharter<revioktios.C)NeithertheperformanceclaimsnortheuseandreferencetotheCFAdesignationareviolations.Question#4of60QuestionID:1212717UndertheCFAInstituteStandards,Piercetakingthecomputei'modelwhenIeavingherpositionatChesterwouldbebestdescribedasaviolation:A)becausesheshouldhaveobtainedwrittenpermissionfromherco-workerB)unlesssheobtainedpermissionfrombothherccworkeraswellasfromChesterC)unlesssheobtainedpermissionfromChesterBrothersLLC.PiercesbehavioruponassminghernewpositionatCheericanbestbedescibedasdolatingCFAInstituteStandar,dsbecauseshe:A)encouragedherfarmerclientstoleaveChesterB)shouldnothavecontactedherformerclientsatallC)disclosedChestersnewcompensationprogram.Question#6of60QuestionID:1212719CheenspresentationofPiercesinvestmentperformanceisinconsistentWithCFAInstituteStiindardsbecause:A)theresultswerenotcalculatedunderGIPSB)performancefromapreviousemployershouldnotbeincluded.C)theresultsmisrepresentPiereSlargecapPerfOnnance.Questions#7T2of60UsethefoilowinginformationtoanswerQuestions67through72AustinCla,CFA,hasbeenaskedtoanalyzeWhiteGoodsCorporation,a$9billioncompanythatownsanationwidechainofStareSsellingappliancesandotherelectronicgoods.AspartofhisanalysisoftheWhiteGoodsCorporationClarKssupervisoi;DavidHorvatasksClarktoforecastWhiteGoods*s2019salesusingmultipleregressionanalysis.Thefollowingmodelwasdeveloped:sales=2"1+0.001GDP+L000.6TR÷Q1CC72PC-4(13URralues:(L1)(23)(1.75)(32)(-Q48)(-Q9)Numberofobservations:76Standarderrorestimate:15.67UnadjustedR2:0.96Regressionsumofsquares：412,522Errorsumofsquares:17,188IndependentVariableDescriptionsGDP=grossdomesticproductTR=averagerateon5-yearU.STreasurysecuritiesCC=mostrecentquarterendconsumerconfidenceindexvaluePC=previousyearssalesofpersonalcomputersUR=mostrecentquarterendunemploymentrateVariableEstimatesfar2019GDP=8,000TR=0.05CC=97PC=60,000UR=0.055CriticalValuesForStudenfst-DistributionLevelofSignificancefarOne-TailedTest10%5%25%1%LevelofSignificanceforTWO-TaiIedTestDegreesofFreedom20%10%5%2%51.47620152.5713.365151.341L7532.1312.602251.3161.7082.0602.485501.299L6762.0092.403601.296L6712000Z39070L294L6671.994a381Clarl<ssupenrisoraskshimtoprepareareportexplainingtheimplicationsoftheregressionanalysisresults.Clarkwritesthefollowingconclusionsconcerningregressionanalysisinhisreport:InterpretingtheresultsofregressionanalysiscanbeproblematicifCertainassumptionsoftheordinaryleastsquaresframeworkareviolated.TheregressionoutputforWhiteGoodsCorporationisunreliableforthefollowingreasons:Finding1:ThecorrelationbetweenregressionerrorsacrosstimeisveryclosetoLFinding2:Thereisastrongrelationshipbetweentheregressioncorvarianceandtheregressionindependentvariables.Question#7of60QuestionID:1212721Csinghismultiplelinearregression,ClarKsSaleSforecastfor2019isclosestto：A)-$191,914.B)$180,502C)$192,090.QuestionID: 1212722Question#8of60Istheregressioncoefficientfthe5-yearUS.Treasuryinterestratestatisticallysignificantlydirentfromzeroatthe10%levelofsignificance?A)Yes>because1.75>L29.B)Yes,because1.75>L67.C)No,because1.75<1.99.Question#9of60QuestionID:1212723Inthismultipleregressionequation,apotentialstatisticalissueis:A)thecoefficientofdeterminationindicatesaWeakmodeLB)thatsalescannotbestatisticallymodeled.C)thePCvariableisnotastatisticallysignificantVariabIeQuestion#10of60QuestionID:1212724Whatisthesvaluethatteststhehypothesisthatallofthecoefficientsareequaltozero?A)42.B)o.C)336.QuestionID: 1212725Question#11f60InhisreportIdhissupervisor,ClarKStest,tfserialcorrelationindicatesthattheLStatiStiCSfortheregressionestimateslikelyare:A)biasedupward.B)biaseddownward.C)unbiased.Question#12of60QuestionID:1212726Clarl<stwodocumentedfindingsrelatedtohisexaminationoftheregressionQrrerSshouldleadtotheconclusionthatCIarKsregressionequationexhibitsstrongevidenceof:A)conditionalKeteroskedasticityB)mUlticollinearit¾C)unitrootsQuestions#13-18of60UsethefallowinginformationtoanswerQuestions73through78.CurtisFOXfanequityanalystf(rAltexInvestments,isreviewingfinancialstatementsforHopeManufacturingandLevittIndustriesHopeManufacturinghasrecentlystateditsintentiontoacquirea20%stakeinLevittIndustriesfor$185millbncash.BothcompaniesareU.S.companiesthatfollowU.S.GAAP.Foxwantstoconsolidatehisprcrformafinancialstatementsforthetwocompaniestoseetheeffectsoftheproposedacquisition.Followingarethemostrecentbalancesheetsandtheprcr-formaincomestatementsdevelopedbyFoxbeforetakingintoaccounttheacquisition.Pre-ACquiSitiDnBalanceSheets仙million$)December31,2010HopeLevittCurrentassets13j900716PP&E26,977108TQtaJassets40,877824Currentliabilities10,363220Otherliabilities11,1218Commonstock6127108Retainedearnings13,266488Totalliabilitiesandequity40,877824Pro-FormaIncomeStatementsGnmillion$)farYearEndingDecember31«2011HopeLevittRevenue66,1762176Expenses63t5152068Netincome2,661108Dividendslj5250FoxisconcernedabouttheeffectthatthechoiceofaccountingmethodwillhaveontheearningsandfinancialratiosofHope.FoxconsultsWithJeiferyGordon,whotellshim,*SinceLevittis国Otltableandpaysnodividends,theequitymethodwillresultinhighernetincomethantheacquisitionmethod.Addition<lly;theequitymethodwillresultinlowerreturnonassets(ROA)thantheacquisitionmethodWithpartialgoodwill"QuestionID:1212728Assumingtheacquisitiongoesthroughatthebeginningof2011>andthatHopewillhaveasignificantinfluenceonLevitHope'Stotalassetsafteracquisitionwouldbeclosestto:A)$40,877.B)$41,062C)$41,701.Question ID: 1212729The amount alfocated to goodwill would be closest to:Question ID: 1212730Question#14of60FoxestimatesthatthefairvalueofLevitfSPP&Eis$250million.A)$20.2millbn.B)$37.4millbn.C)$65.8millbnQuestion#15of60ForthisquestiononlyassumethatasaresultoftheacquisitionHopemustdepreciateanadditional$50million(HopesshareoftheFMVadjustment)overa10-yearperiodtozerosalvagevalue.LevitfscontributiontoHopeSnetincomefor2011isprojectedtobeclosestto：A)$16.6millbn.B)$18.8millbiiC)$21.6millbn.Question#16of60QuestionID:1212731Forthisquestiononly;assumetheacquisitionoccursonDecember31,2010,andthatthereisnoadditionaldepreciationexpenseasaresultoftheacquisition.Comparedtoitsbeginningofyearinvestmentbalance,thebalancefcrHopeSinvestmentinLevittonDecember31,2011,willbe:A)lowerB)higher.C)unchangedQuestion#17of60QUeSIionID:1212732IsGordonsstatementregardingtheeffectsGfthechoiceofaccountingmethodonnetincomeandROAcorrect?A)YesB)No,heisincorrectregardingtheeffectonROA.C)No,heisincorrectregardingtheeffectonnetincomeandROA.Question#18of60IfFoxweretofollowIFRSinsteadofU.S.GAAP,theaccountingmethodprescribedforthistypeofinvestmentwouldmostlikelybe:A)theequitymethod,B)theacquisitionmethod.C)pi'oportionateconsolidationQuestions#19-24of60UsethefollowinginformationtoanswerQuestions79through84Hashion,InJisamajorU.S.(Iistributorofhigh-qualitywomensjewehyandaccessories.ThecompanySgrowthinrecentyearshasbeenmoderatelyabovetheindustryaverage.However;competitionisintensifyingasanumberofoverseascompetitorshaveenteredthismaturemarketAlthoughFashionhasbeenapubliclyheldcompanyfcrmanyyears,membersofseniormanagementandtheirfamiliescontrol20%oftheoutstandingcommonstock.MartinSilver;thechiefexecutiveOffiC叫hasbeenunderintensepressurefinbothinternalandexternallargeshareholderstofindwaystoincreasethecompanysfuturegrowth.SilverhasconsultedwiththecompanySinvestmeritbankersconcerningpossiblemergerteirgets.ThemostpromisingmergertargetisHavoringInternationaadistributorofabroadlineofgourmetspicesintheUnitedStatesandnumcrousothercountries.Inrecentyears,Flavoring,searningsgrowthratehasbeenabovecompetitors'and<sohasexceededFashionsexperience.SuperiorincomegrowthisprojectedtocontinueoveratleastthenextfiveyearsSilverisimpressedWiththeappealofthecompanysproductstoupscalecustomers,itsstrongoperatingandfinancialperformance,andHavoringsdynamicmanagementteam.HeiscontemplatingretirementinthreeyearsandbelievesthatFlavoringSyounger;moreaggressiveseniormanagerscouldBoostthecombinedcompanysgrowththroughincreasingFashionsoperatingefficiencyandexpandingFashionSproductlineincountriesoutsidetheUnitedStates.AlanSmitwhoisSilverskeycontactattheinvestmentbankingfirm,indicatesthatakeyappealofthismergertoFlavoringwouldbeFashionsgreaterfinancialflexibilityandaccesstolowercostsourcesoffinancingf(rexpansionofitsproductsinnewgeographicareas.Fashionhasaveryattractiveperformancebasedstockoptionplan,FlavoringsincentiveplanisentirelybasedoncashcompensationforachievingperformancegoalsAdditionally,the80%ofFashionsstocknotcontrolledbymanagementinterestsisveryWidelyheldandtradesactively;FlavoringbecameapubliclyheldcompanythreeyearsagoanddoesntUadeasactively.SilverhasaskedSmithtoprepareareportsummarizingkeypointsfavoringtheacquisitionandanacceptableacquisitionpriceInpreparingFiisreport,SmithreliesonthefollowingfinancialdataonFashion,Flavoring,andfourrecentlyacquiredfoodandbeveragecompanies.EXhibit1:FinancialandMarketDatafarFashion,InjandFlavoringInternationalFinancial/PriceDataFashionFlavoringSales$400million$105millionNetincomeCashflow$80million$22mil11on$140million$42millionBookvalue$320million$72millionNumberofcommonsharesoutstanding50million20millionCurrentmarketgeeofcommonstock$30.50$20.00Recentmarketpricerange$34-26$22-18ValuationVariablesJonesFoodsDalQInc.HUlBrandsLaneCo.MeanMultipleAcquisitionstockprice$24$32$4。$46PriceZsalespershare5.03.74.03.84.13Price/bookvaluepershare6.95.55.85.65.95PriceZearningspershare20.022118.019.019,78Price/cashflewpershare11.813.010.511.011.58Exhibit2:TransactionDataforFoodandBeverageIndustryQuestion#19of60QuestionID:1212735ThestrongestmotivationsforFashiontoacquireFlavoringwouldmostIikelybQA)thepotentialtoincreaseFashiorfSgrowthandmarketpower:B)thepotentialtocreatesynergiesandincreasemarketpower.C)Fashionmanagementsincentivesanddiversification.Question#20of60QuestionID:1212736TheleastlikelyreasonthatFlavoringsmanagementwouldfavoranacquisitionbyFashionwouldbe:A)FlavoringInanagemenfsincentives.B)opportunitiestoutilizeFashionslargerfinanci<lresourcestoincreasemarketshareofbothcompanies*C)opportunitiestoutilizeFashiodSiinanCiaIresourcestoexpandthecombinedcompandSproductEneintothehighervolumemoderatelypricedmarketsegmentQuestion#21of60QuestionID:1212737IfFashionissuescommonstockatthecurrentmarket面CeandusestheproceedstoacquireFlavoringsoutstandingcommonstock,thebootstrapearningseffectonpostraergerear11ingswouldmostJikelyoccu,ifHavoiing*sacquisitionpriceis$20or:
