Kaplan考试和QBank二级（考友版）：V1阶段考试1 AM（题目+解析）.docx

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1、CFALevel11Questions#1-6of60UsethefbllovinginformationtoanswerQuestions1through6.Forthepast15years,SusanLuna,CFA,KyleLawson,CFA,andMattMiller,CFA.haveworkedtogetherasequityanalystsandIhenequityportfoliomanagersintheJivestmentmanagementdivision(BIMCO)ofBroadwayLifeInsuranceCompany.Forthepastfi,eyears,

2、theIhreeassociateshaveworkedtogethermanagingtheBIMC0AggressiveGrowthFund(BAGF).DuringIheirmanagementtenure,theBAGFhadexcellentperformanceandwaswellrecognizediefinancialpress.Justoveroneyearago,BroadwayLifewasacquiredbyalargercompany,GobbleInsurance,andaspartoftheconsolidationprocess,BlMCOwasclosed.T

3、heclosurealbwcdLuna,Lawson,andMillcrlostartIheirowninvestmentmanagementfilm,TrioInvestmentManagementLLC(TIM).TIMfocusesonthesmallcapitalizationgrowthequitiesarea.ThisisthesameinvestmentfocusastheBGF,butTTMwi11haveindividuallymanagedaccounts.SeveralcaseshavearisencallhgforIiterpretationastoconsistenc

4、ywithCFAInstituteStandardsofProfessionalConduct.Case1TIMmarketsitshvestmentmanagementservicesbycontractingwithsmall,bcalbanktrustdepartments.OneofthenewestbanktrustclientsfcrTIMisShadowMountainBankandTrustJudySampson,CFA,thetstofficerforShadowMountain,hasscheduledameetingwithapotentialclient.WhenLaw

5、sonarrivesfortieclientmeeting,hefdsthatalltheTIMmarketingmaterial,TicludingbiographiesofTIMportfoliomanagers,hasbeenrelabeledbySampsonastheShadowMountainWealthManagementTeam.SampsonhasalsoaddedtheperfonanccofBAGFintothecuontTIMEqUityCompositeIndexportfolioandrelabeledtheresultantcombinedgraph,theSha

6、dowMountainEquityCompositeIndex.SampsonstatesthatmakingsuchchangeswouldprobablypleaseclientsandimprovethechancesofacquiringadditionaltrustmanagementaccountsforShadowMountainandTIM.LawsongoesalongandmakesthepresentatbntothepotentialclientusingtheShadowMountainmarketingmate*ialandtherelabeledBAGFT1Meq

7、uityperformancerecordCase2SusanLunaofTIMismeetingwithSolWurtzel,anInstititionalsalesmanforTurnByerahrgenationalbrokeragefn.LunacomplainsthatTIM,stechnologycostsaretoohigh,especiallyIheiroutsidesoftwareservicescosts.TIMcurrentlysubscribesIdtwoinvestment-relatedsoftwareservices*Thefirstsoftwarevendori

8、sStockCalSoftwareServices(StockCal),whichprovidesvaluationandstock-chartingcapabilitiesthatTIMusesinitsequityresearchandselectionprocess.TheothervendorisAdd-InvestSoftware(Add-Invest),asoftwareprogramprovidingaccountmanagementandperfoimanceevaluationreporting,whichTIMusesindevelopingmonthlyreportsfo

9、rallclients.InresponsetoLunalWurtzelsuggestsIhatTurnByerhasanexcellentsoftdoUartradingdeskandwouldbewilligtooffertocoverTIM*SStockCalandAdd-Investexpensesthroughsoftdollarcommissions.LunathenreviewsT1M,SprojectedcommissiondollarsforIheyearanddecidestherearemorethanenoughsoftdollarstopaytheStockCal,A

10、GF,andAdd-InvestSoftwarebillscombined.LunabelievesshecanbeassuredofexcellentIradCexecutionfromTurnByerandimprovedprofitabilityforTIMbecauseoftheincreaseduseofsoftdollarsLunathendirectsthattheStockCalandAdd-Investsoftwareservicesbepaidforwithsoftdollarorclientbrokeragedollars.Case3SolWUrtZeLtheequity

11、salesmanforTurnByer,hasreferredseveralclientstoTIMoverthepastyear.Jiifeet,Wurtzelreferralscurrentlyaccountftralmost20%oftheassetsmanagedbyTIM.TheprincipalsofTTMdecidetorewardWurtzel,eitherbydoublingthecommissionspaidontradesexecutedthroughTurnByeronWurtzesreferralaccounts,orbypayingWurtzelacashrfcrr

12、alfeeforeachadditionalTlMaccountopenedbyaWurtzelrcfurml.Theprincipalsagree(hatanycashreferralfeewouldneedtobedisclosedtoclientsradvance.Case41.unanotesthatherclientshavebecomeincreasinglyawareofthedirectedclientbrokerage/softdollarcommissionsissue.tarecentmeetingwithoneofherhrgepensionclients.Servic

13、eWorkersUnionLocalNo.1418,thesubjectofdirectedcommissionscameup.Uponlearningofthecommissiondollarsavailableto1hei*account,theUniontusteesdirectedLunatouseIheirclientbrokerageofapproximately$25,000todonatetoaIhinkIankcalledtheHooverStudyCenterofUnionsatSamfordUniversi.ServiceWorkerstrusteesbelievethe

14、Hooverstudywillicreasethepublicawarenessofthebenefit;unionsoffertoIheirmembersandincreaseunionmembership.LUnaconcurswithIhetrusteeSjudgmentonincreasingunionenrolentasagreatgoal,andfollowstheclientsXstructionsandmakesthe$25,000contributiontotheHooverStudyCenter.Anotherclient,RosaLutz,hasaskedLunatocr

15、editesoftdollarclientbrokerageproceedsfiomherpersonalretirementaccountstoRoswelIAcademy,toupdatetheircomputerhb.LunaagreesthatanewcomputerlabforRoswellAcademyisgreatlyneeded,andsheaUocates$10,000OfLUtZScommissiondollarstoRoswellAcademy.Question#1of60Question:1212644DidSampsonand/orLawsonviolatetheCF

16、AInstituteStandardsOfProfessionalConductwithrcspecttopresentingtheTIMbiographiestotheclient?A)Yes,bothSampsonandLawsonviolatedtheStandards.B)Yes,SampsonviolatedtheStandards,whileLawsondidnotC)NeitherSampsonnorLawsonviolatedtheStandards,becausesuchoutsourcingispermitted*Question I): 1212645Question#2

17、of60Sampson*SuseofIherelabeledBGFinvestmentperfbimancerecordviolatesCFInstituteStandards:A)onlyifSampsonfailstoincludewrittendisctosuresastothetesourceandnatureofIheperformancerecord.B)onlyifSampsondoesnothavewrittenpermissionfromGobbleInsurancetousetheperfomancedata.C)unlessSampsonincludeswrittendi

18、sclosuresasIdtietruesourceandnatureoftheperformancerecordandhaswrittenpermissionfimGobbleInsurancetousethepertbimancedata.Question D: 1212646Question#3of60DidLunaviolatetheCFAInstititeStandardsOfProfessionalConductbyusingsoftdollarcommissionstopayTIM,SsoftwaresubscriptioncoststoStockCaland/orAdd-Inv

19、est?A)BothStockCalandAdd-Investsoftwareservicesmaybepaidforwithsoftdollars.B)NeitherStockCalnorAdd-Investsoftwaremaybepaidforwithsoftdollars.C)ItisacceptabletousesoftdollarstpayfortheStockCalsoftwarebutnottheAddInvestsoftware.Question#4of60QuestionD:1212647WouldeithercompensationarrangementtorewardW

20、urtzelforclientreferralsviolatetheCFInstuteStandardsofProfessionalConduct?A)Bothcompensationarrangementswou1dbeviolations,regardlessofanydisclosurestoclients.B)Theincreasedcommissionsplanwouldbeaviolation,whilethecashreferralfeeswouldnotbeaviolation*C)Bothcompensationarrangementsarcallowed,asbngasth

21、eyarefillydisclosed,inadvance,toallclientsandprospectiveclients.Question#5of60QuestionI):1212648IsIheuseofclientbrokeragetomakethe$25,000educationalcontributiontoIheHooverStudyCenterofUnionsaviolationoftheCFAInstituteStandardsofProfessionalConduct?A)Yes,becauseTTMmustensurethatclientbrokeragefeesare

22、directedtnIhebenefitofIheclientB)Yes,becauseclientbrokeragemustonlybeusedtopayforgoodsandservicesdirectlyrelatedtothehvestmentdecision-makingprocess,C)No,becausetheclientbrokeragehasbeenspentatthespecificdirectionofthec!lent.Question#6of60QuestionD:1212649IstheuseofclientbrokeragetomaketheS10,000con

23、tributiontotheRoswellAcademyaviolationoftheCFAInstituteStanda*dsofProfessionalConduct?A)Yes,becauseclientbrokeragemustonlybeusedtopayforgoodsandservicesdirectlyelatedtothehvestmentdecisio11-tnakingprocess.B)Yes,becauseclientbrokerageoftax-deferredaccountscannotbeusedtomakecharitableContiibutions.C)N

24、o,becausetheclientbrokeragehasbeenspentatthespecificdirectionofthecIienLQuestions#712of60UsetheAllowinginformationIDanswerQuestions7through12.WillmShears,CFA,hasbeenassignedthetaskofpredictingsalesforthespecialtyretailrdustry.Shearsftdsthatsaleshavebeenincreasingatafiiriyconstantrateovertheanddecide

25、stoestimatetheIheartrendinsalesfortheindustryusingquarterlydataoverthePaSt15years,startingwithQuarter1of2004andendingwithQuarter4of2018.OnJanuary1,2019Shearsestimatesthefollowingmodel:Sale旦=bo+bitQ(1.)where:sales-quarterlysaleseasuredin$millbns)forthespecialtyretailTidustryb=intercepttermb=slopet二ti

26、mevariable(quarternumber)e=randomerrorExhibit1providestheresultsofthe!heartrendregression.Exhibit1:LinearTrendRegressionCoefficientStandardErrorIntercept10.03.50Trend16.06.55Shearsalsoestimatesanautoregressivemodeloforderone,AR(1),usingthechangesinquarterlysalesdataforheindustryfromthefc;tquarterof2

27、004throughthefoui1hquarterof2018.HeobtainsthefollowingresultsIbrhisR(1)model:Zfcalest=bo+bjZales-+etExhibit2:AR(I)Modelfi)rChangesidustrySalesCoefficientStandardErrorI ntercept 20.002. 15Lag 1O. IOO. 04TheautocorrelationsforIhefirstfourhgsfiomShears*sAR(1)modelareprovidedinExhibit3:Exhibit3:Autocorr

28、elationsFromtheAR(1)ModelLagAutocOrrelationpValue-0.0320.382-0.2000.163-0.0650.2340.4700.02ShearsalsoderivesaregressionusingtheresidualsfimtheAR(1)model.Heregressesthesquaredresiduals(orestimatederrors)againstthehggcdsquaredresiduals.TheresultsofthisregressionarereportedinExhibit4.Exhibit4:SquaredRe

29、sidualsRegressionCoefficientStandardErrorp-ValueIntercept3.000.5770.01Laggedresidualsquared0.280.1850.31QuarterlysalesforIheSpecialtyRetailhdustryduring2018were:Exhibit5:2018QuarterlydustySalesQuarterSales(inmiUJons)Quarter1,2018900Quarter2,2018925Quarter3,2018950Quarter4,20181,000Question#7of60Ques

30、tionD:1212651Shears,Ssupervisor,SamKite,expressesconcernthatequation(1)mightbemisspecified.Specifically,Kitereferstothefindingthatsaleshavebeenincreasingata自irlyconstantmteovertine.Whichofthefollowingdatatransformationsshouldbeappliedtothedependentvariablehequation(1)tobestaddressKitesconcern?A)Lagg

31、edtransformation.B)Logarithmictransformation.C)Firstdifferencetransformation.UsingthefesultsfortheIheartrendequationinExhibit1,tiespecialtyretailhdustrysalesforecastforQuarter1of2019isclosestt)A)：26milliiLB)$976millfan.C)$986millbn.Question#9of60QuestionI):1212653AssumingtheAR(I)modelinExhibit2isapp

32、ropriate,ShearsshouldconcludethattheQuarter1,2019,changeinsalesismostIkclyto:A)fallfromQuarter4,2018,changeinsales.B)risetimQuarter4,2018,changeinsales.C)remainunchangedfromQuarter4,2018,changeinsales.Question#10of60Question1):1212654Regardingseasonality,givena5%levelofsignificance,ShearsShOUIduseEx

33、hibit3k)concludeheshouldaddthefollowinglagtohisautoregressivemodel:A)nolag.B)the3rdlag.C)the4thhg.Question#11of60QuestionD:1212655FromthedataprovidedinExhibit4,fora5%levelofsignificance,ShearsshouldconcludethathisAR(1)modelexhibits:A)noauIocorrelation.B)noautoregressiveconditionalHeteroskedasticity(

34、ARCH).C)nomuIticoUriearity.Question#12of60QuestionI):1212656UsingthehistoricaldataprovidedinExhibit5,tictwo-period-aheadforecastof1cchangeinhdustrysalesisclosestto:A)$5millbn.B)$22.5millbiLC)$120millbn.Questions#13-18of60UsetheAllowinginformationtoanswerQuestions13Ihrough18.Tristanyaisadevelopedcoun

35、trywithtreestates,WestTristanyaest),CentralTristanya(Central),andEaStTristanya(East).TristanyaEastabledemocracywithelectedrepresentatives,appointedjjdges,andanelectedprimeminister.Allthreestateshaveapproximately1hesamepopulationandgeographicalarea.TristanyaSsavingsatesareabovetheglobalaverage,andeco

36、nomicdevelopmenthasbeenmostlyfrancedwitdomesticsavings*Thecurrency力TristanyaistheTristanyadollarwithasymbolofT$.Thefinancialmarketsarehighlyliquidandfinctionefficiently.TristanyasforeigntradeisasignificantpartofIhCeconomy,andbecauseofthis,Tristanyahascontinuedtopushforbwertradebarriers.SimiIartoothe

37、rdevelopednations,populationgrowthratehTristanyaisbwandcapitalstockishigh.ThethreestatesadheretoallfederalIegUlatiOnSbutdiffersignificantlyonsomepoliciesIhatarenotcoveredbyfederallaws.Thestatesalsohavetheirownagenciesforregionaladministrationofstate-specificregulations.Anyjurisdictionalissueisresolv

38、edhfederalcourts.ThegovernmentofTristanyaisIicreasingitseffortstoboostborproductivity.Someoftheproposalsunderconsiderationinclude:1.Increasededucationfundingforelementaryandmiddleschools*2.Increasedtaxcreditsforprivateresearchanddevelopmentexpenditures.3.Increaseddepreciationallowancesfortaxpurposes

39、.Atarecentcongressionalhearing,Mr.AdelMahi,thechiefeconomicadvisertIhepmeminister,statedthatTristanya*scapitalaccumulationaffectsthesizeoftheTristanyanGDPbutnotitsgrowthnite.Allcommercialandfinancialmarketregulationsarethedomainoffederalagenciesandgovernmentrecognizedself-regulatoryorganizationsSROs

40、).InIhisregard,thefederalgovernmenttendstosetminimumstandardsandallowseachstatek)createagenciestoenforcetheirIegulations.FuelcostshavebecomeanissueinTristanyaasdemandforgasolineisexpectedtohcrease.Mandatedfueladditives,specificallycornethanol,areusedtoincreasesupply,andminimumfueleconomystandardshav

41、ebeenimposedtocurtaildemand.Easthasthehighestobesityratesamongthethreestates.Tocontrolthestategovernmentshealthcareexpenditure,East,sgovernmentisinplementinganadditional匕XonallsweetsnackfoodsmanufacturediIhestate.Thetaxisalsoknownasthesweettax.*Anotherregulationthe*supersizedrinksban,*willprhibitres

42、taurantsiEastfimsellhghrgeportionsizesofcabonatedbeverages.ThemostcommonfoofsweetenerhTristanyaiscornsyrup.TheagriculturalrdustryhasbenefitedfromexcessdemandforcomtoproducecornsyrupandethanolEvenafterplementationofthesweettax,hedemandforcornisexpectedtoremainhigh.WesthasthehighestgasolineusageperCaP

43、iMandreducinggasolineconsumptionisapolicygoalforthatstatesgovernment.WestalsohasIhemostStiingentenvironmentalregulationsandhasrecentlyraisedtheirstandardsforminimumfueleconomyforautomobiles.JuanitaEstrada,ananalyst,isassignedtoassesstheinpactofalltheregulatorychangesoneconomicgrowth.Estradalistslhef

44、ollowingfhdingsfromheranalysis:Finding1:ThesnackfoodindustryishtheprocessofrelocatingmanufacturingofsweetsnackfoodstoWestandCentralandrelocatingmanufacturingofsaltysnackfoodstoEastFinding2:AfterWestraisedthatstatesfieleconomystandards,tteaveragemilesdrivenpercapitaincreased.Question I): 1212658Quest

45、ion#13of60Basedonfinding1,thesnack)odindustryisengaginginregulatory:A)capture.B)arbitrage.C)competitiorQuestion#14of60Question1):1212659WhichTristanyanindustryismostIkelytoshrinkduetotieregulatorychangesintheEast?A)Snacks.B)Agriculture.C)Carbonatedbeverages.Question#15of60QuestionI):1212660Thecostas

46、sociatedwithding2is:A)acomponentofIheregulatoryburden.B)acomponentoftheimplementationcostC)ajustificationforSUnSetprovisions.Question#16of60QuestionI):1212661ThogovernmentproposalfiatwouldmostIkclybadto(hehighesthcrcaseiborproductivity:A)Proposal1.B)Proposal2.C)Proposal3.Question I): 1212662Question

47、#17of60Mahi*sstatementisconsistentwith:A)classicalgrowththeory.B)endogenousgrowththeory.C)neoclassicalgrowthcory.Question I): 1212663Question#18of60TheobjectivesofregulatorsrifinancialmarketsisbastIkelytohelude:A)lowinflation.B)prudentialsupervision.C)promotionofeconomicgrowth.Questions#19-24of60Use

48、thefollowinginformationtoanswerQuestions19through24.ViperMotorCompany,apubliclytradedautomobilemanufacturerbcatcdinDetroiMichigan,periodicallyhvestsitsexcesscashinbwriskfixed-incomesecurities.Attheendof2019,VipersvestmentportfolioconsistedofIWoseparatebondinvestments:PintoCorporationandVegaIncorporated.OnJanuary2,2019,Viperpurchased$10millionofPinto,s4%annual