Kaplan考试和QBank二级（考友版）：V1阶段考试2 AM（题目+解析）.docx

CFALevel11Questions#1-6of60UsethefollowinginformationtoanswerQuestions1through&CharlesConnor;CFA,isaportfoliomanageratAppleInvestments,LLCAppleisaU.S.-basedfirmofferingawidespectrumofinvestmentPradUCtSandservices.ConnormanagestheBiogeneFund,adomesticequityfundspecializinginsmallcapitalizationgrowthstocks.TheBiogeneFundgenerallytakessignificantpositionsinstocks,commonlyowning4.5-5%oftheoutstandingshares.Thefuncsprospectuslimitspositionstoamaximumof5%ofthesharesoutstanding.TheperformanceoftheBiogeneFundhasbeensuperioroverthelastfewyears,butforthelasttwoquartersthefundhasunderperformeditsbenchmarkbyaWidemargin.ConnorisdeterminedtoimprovehisperfoiniancenumbersgoingfcrwardTheBiogeneprospectusallowsConnortousederivativeinstrumentsinhisinvestmentstrategy.ConnorfrequentlyusesoptionstohedgehisfundsexposureashebuildsorliquidatespositionsinhisportfoliosinceBiogeneslargepositionsoftentakeseveralweekstoacquire.Forexample,whenheidentifiesastocktobuy,heoftenbuyscalloptionstogainexposuretothestock.AShebuysthestock,hesellsofftheoptionsorallowsthemtoexpireConnorhasnoticedthattheincreasedvolumeinthecalloptionsoftendrivesthestockpricehigherfarafewdays.Hehasseenasimilarnegativeeffectonstockpriceswhenhebuyslargeamountsofputoptions.Theendofthequarterisjustafewdaysaway,andConnorisconsideringthreetransactions:TransactionA:BuyingPutOptionsonStockATheBiogeneFundowns49%oftheoutstandingstockofCompanyA,butConnorbelievesthestockisfulvaluedandplanstosellIheentirepositionlieanticipatesthatitwilltakeapproximately45tradingdaystoliquidatetheentireBiogenepositioninStockA.TransactionB:BuyingCallOptionsonStockBTheBiogeneFundowns5%oftheOUtstcindingstockofCompanyB.ConnorbelievesthereissignificantappreciationpotentialforStockB,butthestockpricehasdroppedinrecentweeks.Connorishopingthatbytakinganoptionposition,thereurillbeacarryovereffectonthestockpricebeforequarterend.TransactionC:SellingtheBiogeneFund*SEntirePositioninStockCConnorbelievesthatStockCisstillattractive,butheissellingthestockwiththeideathathewillrepurchasethepositionnextmonthThemotivationf*thetransactionistocaptureacapitallossthatwillreducetheBiogeneFuncfstaxexpensefcrtheyearApplehasaninvestmentbankingdepalmentthatisactiveininitialpublicdferingsQPOS).GeorgeArnold,CFA,istheseniormanageroftheIPOdepartmentArnoldapproachedConnoraboutStockHanewIPObeingofferedbyApple.StockDwillopentradingintwodays.ApplehadofferedtheIPOtoallrfitsdients>butapproximately20%ofthedealremainedunsoldHavingreadthepr*ospectus,ConnorthinksStockDwouldbeagoodfitfar*hisfund,andheexpectsStockDtoimprovehisperformanceinboththeshortandlongterm.ConnorisnotawareofanyinformatirelatedtoStockDbeyondthatprovidedintheprospectus.Connoraskedtopurchase5%oftheIPO,butArnoldlimitedBiogeneSshareto2%,explaining:"WithBiogenesreputation,anyparticipationWiiImaketheunsoldshareshighlymarketableFurther;wemayneedBiogenetoacquiremoreStockDsharesatalaterdateifthepricedoesnotholdUp"Connorisdisappointedinbeinglimitedto2%oftheofferingandsuggeststoArnoldinanemailthat,giventhe2%Iinutation,BiogenewillnotparticipateintheIPO.ArnoldrespondedafewhoursJaterwiththefollowingmessage:*1havejustspokenWithMs.D,theCFOofStockD.Akhoughitistoolatetoaltertheprospectus,managementbelievestheywillreceivealargecontractfr,omaforeigngovernmentthatwillboostnextyecirssalesby20%ormor1LttXeyoutoacceptthe2%youwontbesorry!*AfterreviewingArnoldsemailConnoragreestothe2%offerQuestion#1of60ByexecutingTransactionA,Connoris:A)dolatingtheStandardsbecausehisoptiontradingcanbereasonablyexpectedtoaffectthepriceofStockA.B)ViQIatingtheStandardsbecausetheoptionpositioncreatesaprotopportunityinconflictWithBiogendsdientsC)notviolatingtheStandards.Question#2of60ByexecutingTransactionB1Connoris:A)ViQIatingtheStandardsbecausehisoptiontradingcanbereasonablyexpectedtoaffecthisquarterlyperformance.B)notviolatingtheStandai'dsbecausetheoptionpositioncreatesaprofitopportunityconsistentWithBiogenSCijentWinterests.C)notviolatingtheStandardsbecausehebelievesthereissignificantappreciationpotentialinStockRQuestion#3of60ByexecutingTransactionC,Connoris:A)violatingtheStandardsbyexecutingatransactionfortaxreasonsolyB)riolatingtheStandardsbyexecutingatransactionthatprovidestaxbenefitstntheQuestionID: 1212784Question ID: 1212785Question ID: 1212786BiogeneFund.C)notviolatingtheStandards.Question#4of60QuestionID:1212787ByofferingBiogenetheopportunitytoparticipateintheIPOofStockD,AppleInvestmentshasviolatedCFAInstituteStandaidsrelatingto:A)priorityoftransactionsbutnotindependenceandobjectivity;B)independenceandobjectivitybutnotpiority出、transactions.C)neitherprioityoftransactionsnorindependenceandObjeetivityQuestion#5of60QuestionID:1212788ArnolcfSargumentsforlimitingBiogeneSshaeto2%suggestthatApple:A)mayengageinaliquiditypumpingstrategythatwouldbeacceptablegiventhatBiogeneisarelatedentityB)mayengageintransaction-basedmanipulationofStockDinthefuture,inolationofStandardsrelatingtomarketmanipulatioC)isViOIatingStandardsrelatedtoprity收transactionsbyofferingtheIPOtoBiogenebeforeitisfullysubscribed.Question#6of60QuestionID:1212789BaseduponConnorsacceptanceofthe2%Iimit<tionafterreceivingtheemailfromArnold:A)ConnorhasviolatedStandardSrelatingtomaterialnonpublicinformation,andArnoldhasViOIatedStandardsrelatingtopresenrationofconfidentialityB)ConnorhasnotviolatedStandardSrelatingtomaterialnonpublicinformation,butArnoldhasviolatedStandai'dsrelatingtopreservationofconfidentialityC)ConnorhasnotViOIatedStandcirdsrelatingtomaterialnonpublicinformation,butArnoldhasviolatedStandardsrelatingtopreservationcfconfidentialityandmaterialnonpublicinformationQuestions#7-12of60UsethefollowinginformationtoanswerQuestions7through12AlfredFarias,fixedincomeanalystforBNF,Ina,isanalyzingtheeconomicprospectsofProckentKrosse,Weira,andToban5foui'countriesinthesameregion.Hecollectsthefollowingeconomicanddemographicstatisticsforthecountries:CurrentrealGDP(in$billbns)$250.00$250.00$4,500.00$4800.00ProjectedrealGDPin5yearsGn$billions)basedonpotentialGDPgrowth$306.00$315.00S5,262.00$5,778.00rateLong-termgrowthrateofcapital4.0%42%3.2%3.8%Currentcapitalbase($billbns)$7829$699.2$18,750$19,750Imports(in$billions)$30.00$60.00$1,500.00$900.00Exports(in$billions)$32.00$80.00$1,000.00$900.00Populationfin$millions)20.420.0101.0100.0LaborgrowthrateL9%2.9%0.4%0.8%Costofcapitalrelativetototalfactorcost325%35.0%25.0%225%Averagerealannualappreciationinequities(pastfiveyears)4.0%17%4.5%3.8%AGDPpercapitabelow$25,000isconsideredadevelopingcountr¼andaGDPpercapitagreaterthan$25,000isconsideredadevelopedcountry.FariasconcludesthatWeiraandTobanhavereachedStead厂StategrowthInthelatestroundoftradenegotiations,representativesfromeachcountrydiscussedtheireflfortstofostereircountries*economicdevelopmentandbenefitfromthegrowthofworldtrade.ProckensRepresentative:"WearewaryofthepotentialforlossofdomesticindustriesifweremovetradebarriersGiventhestateofoureconomy,fmnotcertainthatwecanlowerourtradebarriersanyfurtherwKrosseSRepresentative:T,QinKrossearenotinvestingenoughininfrastructureandeducationtoincreasethelevel&、productivityandtechnologyinOUreconomy.Wealsoneedforeigndirectinvestmentandhencewewelcomeforeigninvestors."WeirasRepresentative:Meareconcernedaboutmycountrysnegativetradebalance.Weiraneedsmoreexportstosustainourgrowth"TobansRepresentative:VeseemtobeatapointiTobanwherethegrowthrateofraycountryslaborforcemaybeinsufficienttosupportourGDPgrowthrate.*Question 11): 1212791Question ID: 1212792Question#7of60Whichcountryismostlikelytobenefitfimcapitaldeepening?A)WeiraB)Krosse.C)Procken.Question#8of60Forthisquestiononl¾assumethatthepopulationgrowthrateisthesameforKrosseandProcken.Apossiblecauseforthedifferenceingr*owthrateoflaboristhatrelativetoProcken,Krossehas:A)stricterimmigrationpoliciesB)alowerlaborPartiCiPationrateC)experiencedanincreaseinaveragehoursworked.Question#9of60QuestionID:1212793TheIOng-IemgrowthrateCftechnology(TFP)forTobanisclosestto:A)Q4%.B)21%.C)23%.Question#10of60QuestionID:1212794Goingf<M'ward,whichcountryismostHkelyloexperiencelowerstockmarketappreciationthanthatexperiencedoverthepastfiveyears?A)WeiraB)TObanC)ProCkerUQuestion#11of60TherentalpriceofcapitalinWeiraisclosestto*A)6%.B)12%.C)25%.QuestionID:1212795Question#12of60QuestionID:1212796BaSCdontheinformationprovided,whichdevelopingcountryismostHkelytGachieveconvergenceingrowthratesandstandardofliringWiththeirdevelopedcounterparts?A)TobanB)Krosse.C)Procken.Questions#13-18of60UsethefollowinginformationtoansverQuestions13through18.1.yleKreigeCFA,hasrecentlytakenananalystroleatRoCkWayStone,asmallprivateequityfirmbasedintheUnitedStates.AspartfhisoIqhehasbeenaskedtoreviewthemostrecentunauditedfinancialstatementsfromsever<lprivatecompaniesthathavebeenidentifiedaspotentialInvestmentsforthefirm.RockwayStonehasastrictpolicyofonlyinvestingincompaniesthatdemonstrateahighlevel或financialreportingqualityThefirmhasdevelopedaninternalscoringsystemtorankthequalityofatargetcompanySfinancialStatementsiThescoringsystemawardspointsforeachincidentoflowreportingquality;anycompanythatreaches40pointsisnotconsideredforpotentialinvestmentThescoringsystemisshowninExhibitLExhibit1:RockwayStoneFRQualityScoreSheet1.Anyinstanceofachangeinpolicyyearto-yearcarreclassificationofassets,liabilities,revenues,5pointsorexpensesZAnyinstancefrom1thatalsoresultsinanincreaseintotalassetsAdditional5points区Anyinstancefrom1thatalsoresultsinanincreaseinrevenueAdditional10points4.Anyindicationthatearningsarenotpersistent5pointsThefirstreportKreigerisreviewingisfimTolstonConductors,afirmprovidinghighlypolishedmetalstothetechnologyindustry.KreigerssupervisorhasinstructedKreigertofocusontheinventorynoteshowninExhibit2.Exhibit2:TolstonConductorsExtractNote8-Inventories20142013Rawmaterials($000)481409WIP($000)1,392894Finishedgoods(S000)508496Finishedgoodsareclassifiedasgoodsthatarecompleteinallrespectsexceptpackaging.Oftheamountofinventoryreportedaswork-in-progressin2013,$342,OOOhasbeenreclassifiedas*othercentassets."ThisWIPconsistedprimarily东highlypolishedmetalsthatarenowtobefurtherreworkedandarenotexpectedtobereadyforsalefcrtwoyears.KreigerisalsoreviewingfinancialstatementsfromResonatorWellness,afirmproducinghealthandwellnessproductsirtheU.K.Extctsfromtheproformafinancialstatementrecentlyreleased,alongwith2013and2012comparables,isshowninExhitat3EXhibit3:ResonatorWellnessFinancialStatement-(Extract)HeadlineOperatingProfit:QuarterEnding31December2014(£000)201420132012Stockholders Net margin is based on net income excluding income from associates.equity8,3807,980Z450Revenueretailoutletsales1,40223,543.93,501.6Onlinesales3,086.2398.9389.4Headlinenetincome(NoteA)1,26271,104.4I508&0NoteA:HeadlinenetincomeexcludessettlementCoStSandnetworkCoStStSettlementcostsareone-offpaymentstosettlelegal国DCedures;thesecoststotaled(in£000)20.Q22Land248in2012t2013tand2014trespectively.Networkcostsrelatedtorunning力eonlinebusinesstotaledn£000)202325and8855in2012r2013rand2014,respectively.TheGnancialaccountssubmittedtooui'bankinaccordancewithourloancovenantsshowsefincomeafterchargingbothsettlemenfandnetworkCOstSinaccordancewithlocalGAAP.KreigernotesthatthefinancialstatementssubmittedtothefirmsbankersdidindeedreportnetincomecorrectlyinaccordancewithlocalGAAP.However;thisfigurewasmuchlessprominentthanheadlinenetincome,astheGAAPincomewasdisclosedonlyinthefootnotesratherthanonthefaceoftheincomestatementKreigerbelievesthatthelegalsettlementsarepaymentsmadetodissatisfiedcustomersandareanormalpartCfbusiness.Kreigeralsobelievesthattheincreaseinnetworkcostisconsistentwithincreasedfocusononlineoperations.Resonatorsrequiredreturnonstockholdersequityis5%.KriegersfinaltaskistoanalyzeasetoffinancialstatementsforAltoJibPlc.,amanufactmingandengineeringcompanythatisconsideringdelisting.ThecompanyhasalargenumberfinvestmeritsinassociatesthatKreigerwouldliketoisolateRockwayStonesapproachtoisolatingtheimpactofinvestmentinassociatesistoperformsomeclassicDuPontanalysistocalcul<teROE.IndoingSQnetmarginandassetturnover(butnotfinancialleverage)areadjustedfortheimpact&、investmentinassociates.TheinformationKreigerhastoworkWithisshowninExhibit4alongWithRockwayStoneSmethodofisolatingtheimpactofinvestmentinassociatesonROEusingDuPontanalysis.Exhibit4:AltoJibPlaFinancialStatements(Extracts)2014201320122011(£000)(£000)(£000)(£000)Revenue99&5918,6817.6Netincome44.431.226.7Incomefromassociates17.811.28.4Totalassets1,260.81,1661,043.21,0121Investmentinassociates101.683.872664.2Equity63&4569*8542.5524.2Financialleverage2.01L991.93CalculationofROEexcludingassociatesAssettw'noveriscalculatedusingaveragetotalassetsexcludinginvestmentsinassociates.Financialleverageiscalculatedusingaverageassetsandaverageequityincludinginvestmentsinassociates.CalculationoftotalROENetmai'ginisbasedonnetincomeincludingincomefromassociates.AssetturnoverisCalCuIatedusingaveragetotalassetsincludinginvestmentsinassociates.Financialleverageiscalculatedusingaverageassetsandaverageequityincludinginvestmentsinassociates.Question#13of60QuestionID:1212805DuetothereclassificationdescribedinExhibit2inventoryturnoverWiIImostlely,A)increase.B)remainthesame.C)decrease.Question#14of60QuestionID:1212806UnderthescoringsystemdescribedinExhibit1andtakingintoaccounttheinventorynoteinExhibit2TolstonConductorsshouldmostaccui'atelybeassigned:A)5pointsB)10points.C)20points.Question#15of60QuestionID:1212807WhichofthefollowingstatementsistheleastaccurateregardingResonatorWellnessinformationshowninExhibit3?A)Thefinancialstatementssubmittedtoanalystsarenotasdecisionusefulastheycouldbeduetobiasedaccountingchoices.B)Thefinancialstatementssubmittedtothebankarenotasdecision-usefulastheycouldbeduetobiasedaccountingchoices.C)Thefinancialstatementssubmittedtothebankaredecision-usefulastheyexhibitnoevidenceofbiasedaccountingchoices.Question#16of60QUeSIiOnID:1212808WhichofthefollowingconclusionsisKreigermostlikelytodrawabouttheearningsqualityofResonatorWellness?2014netincomeaftercorrectlyincludingnetworkandsettlementcostsshows:A)compoundannualgrowthofover7%,andearningsthatareofhighqualityastheyarecorrectlycalculatedunderGAAP.B)negativecompoundannualgrowthofover35%,andearningsthatareoflowquality;C)negativecompoundannualgrowthofover35%,andearningsthatareofhighqualityastheyarecOirectlycalculatedunderGAAP.Question#17of60QuestionID:1212809TreatinganinvestmentasanInvestmentinassociateratherthanina