Kaplan考试和QBank二级（考友版）：V2阶段考试1 PM（题目+解析）.docx

CFALevel11Questions#1-6of60Questions61through66relatetoEthicalandProfessionalStandards.BlueLotusLPCaseScenarioMikaleNatschavin,CEAfisthemanagingdirectorofBlueLotusLP,aboutiqueinvestmentbankspecializinginM&Aconsultingintheprofessionalservicesarena.BlueLotusalsomanagesafund(Xetafund)forseveralinstitutionalclientsThefundwasrunbyateamoffourmanagers.Duringtherecentdownturn,commensu,atewiththedeclineinthesizeofthefund,BlueLotusdownsizedthefirm.PaulVakilCFA,oneofthemanagersofXeta,waslaidffbyBlueLotusDuringhisexitinterviewNatschavinwishedVakilwelland,onbehalfofthefirm,gavehimpermissiontouseXetafundspastperformancewhenseekingnewemploymentopportunitiesVakilincludedtheperformanceofthefundtodemonstratehissuccessbutdidnotgiveanyindicationofateamapproach.VakilalsodidnotmentiontoNatschavinorthepersonnelmanagerthathewasstiHinpossessionofthecompany4ssuedlaptop.VakilhadstaredseveralraodelstheteamhaddevelopedinpursuinginvestmentstrategiesonthatlaptopsharddiskWithinafewmonths,VakiljoinedtheequityresearchdepartmentofPatarsbyandSingly,abrokeragefirm.Vakil,WiththehelpofaqantspecialistatPatarsby,impi'ovedthemodelsandstartedusingtheminhisnewroleThingstu,nedoutverywellfcrVakilatPatarsby,andclientswaitedeagerlyforreleaseofhismonthlyrecommendatios.Duringasocietyevent,VakilranintoAliaDutt,CFA,oneoftheotherteammanagersofXetafund.DuttcongratulatedVakilLaterintheevening,VakilspoketoDuttaboutoneofthecompaniesheisfollowingSandhirst,Inc.VakiJstatedthathisreliinaryresearchindicatesthattheShOnrennoutlookforSandhirstisverypromising.DuttalsometNeilSavin,Erapco,InC.'scontrollerattheeventFrapcoisanationalgrocerychainandalong-timeclientfBlueLotus.SavininformedDuttthatthenewlayoutinthestareshasbeenahitandthatheexpectsrevenuesandearningsforthecurrentquartertobewellaboveconsensusforecastThenextday,DuttplacedaIargeorderforSandhirststockfortheXetafund.Duttalsoplacedal<rgeorderforaretailETF.Duttisamemberofanonlineforumwhereshediscussesinvestmentsunderapseudonym.Dutthasfcrmedaveryloyalfollowingovertimeasothersrealizedthatherpostswereveryarticulateand,therefore,theworkofarofessionaLDuttrecommendedFrapcostockinthefaumbutattibutedtherecommendationtoageneraluptickingrocerystoremarginsnationwideaknownfactbasedonrecentearningsannouncementsofothergrocers.Thefallowingweekatacharitygolftournament,VakilmetwithBobSnead,hiscollegeroommateSneadwasaverysuccessfulhedgefundmanagerBothofthefundsrunbySmeadwerecurrentlyclosedtonewinvestment,thoughSneadwasconsideringreopeningtheinvestmentsinthenearfuturAtVakilsinsistence,SneadagreedtoallownewinvestmentsintothetwofundsusinganewlystartedintermediaryftndaslongasVakilisthefuncSmanagerVakilquicklyconvincedhisbossesatPatarsbytoopenanintermediaryfindandmarketedthefundtoexistingPatarsbyclientsQuestion ID: 1220609most accurate regardingQuestion ID: 1220610Question ID: 1220611Q uestion ID: 1220612asawayintoSneadhedgefunds.NotknowinghowlongthedealwithSneadwouldholdup,andwantingtoquicklyrampupassetsundermanagement,VakilaccepteddepositsfromallPatarsbyclients,evensomethatwererelativelynewaccountsQuestion#1of60RegardingVakiIsreferencetoXetafundsperformanceinhisresume,whichofthefollowingiscompliancewiththeCodeandStandards?Vakilviolated:A)StandardI11(D)-PerformancePresentationB)StandardIV（八）-DutiestoEmployer:Loyalty.C)StandardHID-PerfonnancePresentationaswellasStandardIV（八）-DutiestoEmployer:Loyalty;Question#2of60VakifsuseoftheBlueLotusmodelsatPatarsbyisleastIikelytobeaviolationunder：A)StandardI(C)-Professionalism:Misrepresentation.B)Standar*dIl（八）-IntegrityofCapitalMarkets:MaterialNonpublicInformation.C)StandardTV（八）DutiestoEmployer:IQyHItyQuestion#3of60VakiTsconversationwithDuttregardingSandhirststockismostlikelyaviolationof:A)StandardIV（八）-DutiestoEmployer:Loyalty.B)Standard11（八）-IntegrityofCapitalMarkets:MaterialNonpublicInformationC)Standard11T(C)-DutiestoClients:Suitability.Question#4of60WithregardstoinvestmeritsinSandhirstStoCkandretailETF,DUtt勿OSflikelyviolated:A)StandardU（八）MaterialandNonpublicInformationbyinvestinginSandhirststockbutnotbyinvestingintheretailETEB)Standard11（八）-MciterialandNonpublieInformationbyinvestingintheretailETFbutnotbyinvestinginSandhirststock.C)StandardIl（八）-MaterialandNonpublicInformationinbothinstances.DutfsrecommendationOfFraPCostockintheordineforumismostlikely.A)adolationofStandai'dII（八）-MaterialandNonpublicInfoi'mationeventhoughsheattributedtherecommendationtopubliclyavailableinformation.B)notaviolationunderStandard11（八）-MaterialandNonpublicInformation.C)dolationofStandardI11O:PreservationofConfidentialityQuestion#6of60QuestionID:1220614VakiIsconductregardingtheintermediaryfundtochannelinvestmentsintoSneadfundsismostlikelyaviolationunder:A)Standar*d11(B)IntegrityofCapitalMarkets:MarketManiulation.B)StandardUI(D)DutiestoClients:SuitabilityC)StandardI11(D)DutiestoClients:FairDealing.Questions#7-12of60Questions67through72relatetoQuantitativeMethods.KateSavyerCaseScenarioResearchassociateKateSawyerisresponsibleforidentifyingthedeterminantsofperformanceforherfilm*sProgressiveFUnd(PF).AlltestsPQrfOnnQdatSawyersfirmareexaminedattheQ05levelofsignificance.Sawyerexaminesthefollowingregressionsusingmonthlydataobservedfora36monthperiod:(1)RpFt二二b+bR+bVMG+epFt2t'0epFjt二a°+&iR%I+a2VMGl+Upf,iWhere:RpF,t=thereturnontheProgressiveFundinmonthtRM.t=thereturnontheWilshire5000stockmarketindexinmonthtVMGt=thereturnonvaluestocksminusthereturnongrowthstocksinmonth£ppt=theestimatedsquaredregressionerrorsderivedSum(1)EXhibit1:Equation(1)RegressionResultsVariableCoefficientp-valuesConstant-00050.030RYL2500,001VMG0.2000.980TheR/fromequation(1)equalsQ80.Acolleague,JackLockhart,makestworecommendationstoSawyer:RecomInendation1:Myresearchindicatesthatinflation-ratechangesarehighlycorrelatedWiththeWilshire5000stockindexreturns.TherefarRIrecommendaddingtheinflationchangevariabletoyourregression.Recomnendation2:MyresearchindicatesthattheslopecoefficientsofyourregressionchangedsignificantlyafterthepassageofRegulationFairDisclosurewhichtookplaceinthemiddleofyour3-yearsampleperiod.Yourregressionpoolsacrosstwodistinctsampleperiods.Therefore,IrecoinmendcorrectingyourcurrentregressionequationformodelmIsspecification.InherconversationwithLockhart,Sawyerexplainsthatsheisconcernedthatherregressionequation(1)mayignoreotherimportantdeterminants戒PeIformanCef®theProgressiveFund.Sawyerexplainsthatsheisawarethattheomissionfinportantindependentvari<blesaffectsthequalityoftheparameterestimatesfIheregression.Shemakesthefollowingclaims,assumingtheomittedvariablesareco11'elatedWiththeincludedvariables:Claim1:Theparameterestimatesofequation(1)areunbiased.Claim2:Theparameterestimatesofequation(1)areinconsistentQuestion#7of60QuestionID:1220616Oftheslopesforthetwoindependentvariables,RandVMG,determinewhicharestatisticallysignificantattheU05level?A)Bothslopesarestatisticallysignificant.B)OnlytheslopeforRvisstatisticallysignificantC)OnlytheslopeforVMGisstatisticallysignificantQuestion#8of60QUeSliOnID:1220617TheR2derivedf<requation(1)indicateswhichofthefollowingfcrequation(1)?A)Regressionsumofsquaresexceedstheerrorsumofsquares.B)Regressionsumofsquaresexceedsthetotalsumofsquares.C)Meanregressionsumofsquaresislessthanthemeantotalsumofsquares.Question#9of60QuestionID:1220618Sawyerdecidestotestregressionequation(1)fortheexistenceofnditionalheteroskedasticity.SawyerislikelytoconcludethatherregressiondoesnotexhibitconditionalheteroskedasticityiftheR2fromequation(2)is:A)closetoQB)closeto1.C)CloSetQQ80.RegardingLockhart,sRecommendation1,theeconometricproblemthatismostHkelytobeintroducedbyincludingtheinflationchangevariableinregressionequation(1)is:A)modelmisspecificationB)serialcorrelation.C)multicollinearity;QuestionID: 1220620Question#11of60RegardingLockhart;sRecommendation2,themost7eyfrmofmodelmisspecificationtowhichherefersis:A)stationaritymodelmisspecification.B)time-seriesmodelmisspecificationC)functional'mmodelmisspecification.QuestionID: 1220621Question#12of60RegardingClaim1andClaim2madebySawyerabouttheeffectsofomittedvariables,whichclaimsarecorrect?A)Claim1OnlXB)Claim2onl¾C)BothClaim1andClaim2.Questions#13-18of60Questions73through78relatetoFinancialReportingandAnalysisWhitmoreCorporationCaseScenarioGarySmith,CFA,hasbeenhiredtoanalyzeaspecialtytoolandmachinerymanufacturer;WhmoreCorporation(WMC).WMCisaleadingproducerofspecialtymachineryintheUnitedStates.Attheendof2014,WMCpurchasedYorkToolCompany(YTC),anAustralianfirminasimilarlineofbusinessYTChaspartiallyintegrateditsmarketingfunctionsWithinWMCbutstillmaintainscontrolofitsoperationsandsecuresitsownfinancing.FollowingisasummaryoftheincomestatementandbalancesheetforYTCGnmillionsofAustraliandollars-AUD)forthepastthreeyearsaswellasexchangeratedataoverthesameperiod.IncomeStatement(AUDmillions)201420152016Revenues765820870COGS4845205805G&A171183200Depreciationexpense505050Interestexpense181716Incomebeforetax425024Taxes212512Netincome212512BalanceSheet(AUDmillions)201420152016201420152016Cash222520Currentliabilities616593584Accountsreceivable400422460Long-termdebt180170160Inventories2。2530Prepaidexpenses82025Commonstock505050Netfixedassets500450400Retainedearnings104129141Totalassets950942935Totalliabilities&equity950942935Exchangerates(AUD/USD)201420152016Averageexchangerate1.40L301.45YeaLendexchangerateL20L40L50Historicalexchangerate1.201.201.20SmithhasdiscoveredthatWMChasasmallsubsidiaryinUkraineThesubsidiaryfollowsIASaccountingrulesandusesFlFOinventoryaccounting.TheUkrainiansubsidiarywasacquired10yearsagoandhasbeenfullyintegratedintoWMC,soperations.WMCobtainsfundingforthesubsidiarywheneverthecompanyfindsprofitableinvestmentswithinUkraineorsurroundingcountries.AccordingtoforecastsfromeconomisttheUkrainiancu,encyisexpectedtodepreciaterelativetotheU.S.doDaroverthenextfewyears.LocalCurrenCypricesarefcrecastedtoremainstable,howeverOneofthemanagersatWMCasksSmithtoanalyzeathirdsubsidiarylocatedinIndiaThemanagerhasexplainedthatrealinterestratesinIndiaoverthepastthreeyearshavebeen200%,250%,and3.00%,respectively,whilenominalinterestniteshavebeen34.64%,29.15%,and25.66%,respectivelySmithrequestsmoretimetoanalyzetheIndiansubsidiary.Question#13of60QuestionID:1220623CalculatethepercentchangeinYTCnetincomeshownontheWMCfinancialstatementsfrom2015to2016.A)-520%.B)-552%.C)-5&9%.IfWMCusesthetemporalraethod,YTC,snetmonetaryliabilitiesleaveWMCexposedtolossintheeventof:A)currencyQuD)depreciation.B)currency(AUD)appreciation.C)eitherCUnPnCydepreciationorcurencyappreciation.Question#15of60QuestionlD:1220625DeterminewhetherthetranslatedtotalassetturnoverforYTCfor2016wouldbehigherunderthecurrentratemethodorunderthetemporalmethod.A)Temporalmethod.B)Currentratemethod.C)Nodifferencebetweentemporalandcurrentratemethods.Question#16of60QuestionID:1220626Fortheperiod2014-2016,WMC*sannualUSDrevenuegrowthrateattributabletoitsAustliansubsidi<ryismostlikely:A)1.85%lowerthanthefocalcuencyrevenuegrowthrateB)362%higherthanthefocalcun'encyrevenuegrowthrateC)245%lowerthanthefocalcurrencyrevenuegrowthrateQuestion#17of60QuestionID:1220627WhichofthefollowingstatementsregardingtheconsolidationofWMCSUkrainiansubsidiaryforthenextyearisIeaStlikelycorrect?Comparedtothetemporalmethod,theUkrainiansubsidiarystranslated:A)netincomebeforetranslationgainsorlosseswouldbehigherusingthecurrentratemethod.B)debtto-equityratiowouldbehigherusingthecnentratemethod.C)grossprofitmarginwouldbelowerusingthecurrentratemethod.Question#18of60QuestionID:1220628WhichofthefollowingStaIemCntSrelatedtotheconsolidationofWMC,sIndiansubsidiaryisleastlikelycorrect?A)TheIndianeconomicenvironmentmeetsthecriteriatobeclassifiedasaHyperinflationaryeconomy.B)IFRSwouldallowWMCtotranslatetheiflation-indexedvalueofnonmonetaryassetsoftheIndiansubsidiaryatthecurrentexchangerateC)WMCcanreducepotentialtranslationlossesfromtheIndiansubsidiarybyissuingdebtdenominatedinU.S.currencyandpurchasingfixedassetsforthesubsidiary.Questions#19-24of60Questions79through84relatetoCorporateFinance.VoyageInc,CaseScenarioVoyageInc.,aprimarilyinternet-basedmediacompany,isbuyingTheDaily,amediacompanywithexposuretonewspapers,television,andtheinternetCompanyDescriptionsVoyager,Inc,isorganizedintotwosegments:internetandnewspaperpublishing.Theinternetsegmentoperateswebsitesthatoffernews>entertainmentandadvertisingcontentintextandvideoformatTheinternetsegraentrepresents75%ofthecompanystotalrevenues.Thenewspaperpublishingsegmentpublishes10dailynewspapers.Thenewspaperpublishingsegmentrepresents25%ofthecompanystotalrevenues.TheDailyisorganizedintothreesegments:newspaperpublishing(60%ofrevenues),broadcasting(35%ofrevenues),andinternet6%ofrevenues).Thenewspaperpublishingsegmentpublishes101dailynewspapers.Thebroadcastingsegmentownsandoperates25televisionstations.Theinternetsegmentconsistsofaninternetadvertisingservice.TheDailysnewspaperpublishingandbroadcastingsegmentscoverthe20largestmarketsintheUnitedStates.VoyagersacquisitioncfTheDailyisthecompanyssecondmajoracquisitioninitshistcry.Thepreviousacquisitionwasattheheight&themergerboomintheyear2000.VoyagerpurchasedtheDragonCompanyatapremium-to-11et-assetvalue,therebydoublingthecompanySsize.VoyagerusedthepoolingmethodtoaccountfcrtheacquisitionofDragon;however;becauseofFASBchangestotheBusinessCombinationStandarVoyagerwillusetheacquisitionmethodtoaccountf(rtheDaiIyacquisitionGnmillions,exceptpersharedata)Voyager;Inc.(beforemerger)TheDaily(beforemergez)Revenues$L800$7,600Operatingincome$415$998Earnings$200$650Assets$1,900$14,700Debt$200$2,500Equity$1,100$7,600Numberdshares117.6million213.1millionStockpricepershare$68$35EarningspershareH.70$3.05PEratio40,OxIL5Voyagerhasmadeanall-cashofferof$45persharetoacquireTheDaiIyWallStreetisskepticalaboutthemergerWhHeVoyagerhasbeengrowingitsrevenuesby40%peryear;TheDailysrevenuegrowthhasbeenlessthan2%peryearMichaelRenner,theCF0ofVoyager,defendstheacquisitionbystatingthatTheDailyhasaccumulatedalargeamountoftaxlossesandthatthecombinedcompanycanbenefitbyimmediatelyincreasingnetincomeaft*themergerInaddition,RennerstatesthatthenewVoyagerwilleliminatetheinefficienciesofitsinternetoperationsandtherebyboostfutureearningSwRennerbelievesthatthemergedcompanieswillhaveavalueof$17.5billioaInthepast,TheDailysmanagementhaspubliclystateditsoppositiontomergingWithanycompany,apositionmanagementstillmaintains.Asaresultofthissituation,VoyagersubmitteditsmergerproposaldirectlytoTheDailysboardofdirects%whilethefirmsCEOwasonva