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1、2017LevelIMockExam:AfternoonSessionTheafternoonsessionofthe2017LevelICharteredFinancialAnalyst(CFA*)MockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageof1.5minutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.TopicMinutes1-18Eth
2、icalandProfessionalStandards2719-32QuantitativeMethods2133-44Economics1845-68FinancialStatementAnaIysis3669-76CorporateFinance1277-88EquityInvestments1889-94DerivativeInvestments995-106FixedIncomeInvestments18107-110AlternativeInvestments6111-120PortfolioManagement15Total:180RichardCardinal,CFA,isth
3、efounderofVolcanoCapitalResearch,aninvestmentmanagementfirmwhosesoleactivityisshortselling.Cardinalseeksoutcompanieswhosestockshavehadlargepriceincreases.Cardinalalsopaysseverallobbyingfirmstoupdatehimimmediatelyonanylegislativeorregulatorychangesthatmayimpacthistargetcompanies.Cardinalsellsshorttho
4、setargetcompaniesheestimatesarenearthepeakoftheirsalesandearningsandthathissourcesidentifyasfacinglegalorregulatorychallenges.Immediatelyafterhesellsastock.Cardinalconductsapublicrelationscampaigntodiscloseallofthenegativeinformationhehasgatheredonthecompany,eveniftheinformationisnotyetpublic.Whicho
5、fCardinalsactionsisleastlikelytobeinviolationoftheCFAInstituteStandardsofProfessionalConduct?A.SellingstockshortB.TradingoninformationfromlobbyistsC.Disclosinginformationabouttargetcompanies2.BethKozniakzaCFAcandidate,isanindependentlicensedrealestatebrokerandawell-knownpropertyinvestor.Sheiscurrent
6、lybrokeringthesaleofacommercialpropertyonbehalfofaclientinfinancialdistress.Iftheclientsbuildingisnotsoldwithin30days,hewilllosethebuildingtothebank.Ayearearlier,anotherclientofKozniak,shadexpressedinterestinpurchasingthissameproperty.However,sheisunabletocontactthisclient,andshehasnotdiscoveredanyo
7、therpotentialbuyers.Givenherdistressedclientslimitedtimeframe,Kozniakpurchasesthepropertyherselfandforgoesanysalescommission.Sixmonthslater,shesellsthepropertyforaniceprofittotheclientwhohadearlierexpressedinterestintheproperty.HasKozniakmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduc
8、t?A.Yes,shedidnotdiscloseherpotentialconflictsofinteresttoeitherclientB.Yes,sheprofitedontherealestatetothedetrimentofherfinanciallystressedclientCNo3.WhichofthefollowingstatementsconcerningtheGlobalInvestmentPerformanceStandards(GIPS)ismostlikelycorrect?A.TheStandardseliminatetheneedforin-depthdued
9、iligencebyinvestors.B.CompliancewiththeStandardsenhancesthecredibilityofinvestmentmanagementfirms.C.ClientsorprospectiveclientsbenefitfromtheStandardsbecausethehistoricaltrackrecordofcompliantfirmsisaccurateandprecise.4.MoniqueGrettazCFA,isaresearchanalystatEastWestInvestmentBank.Previously,Grettawo
10、rkedatamutualfundmanagementcompanyandhasalong-standingclientrelationshipwiththemanagersofthefundsandtheirinstitutionalinvestors.Grettaoftenprovidesfundmanagers,whoworkforGrettasformeremployer,withdraftcopiesofherresearchbeforedisseminatingtheinformationtoallofthebanksclients.ThispracticehashelpedGre
11、ttaavoidseveralerrorsinherreports,andshebelievesitisbeneficialtothebank,sclients,eventhoughtheyarenotawareofthispractice.Regardingherresearch,GrettaleastlikelyviolatedtheCFAInstituteStandardsofProfessionalConductbecause:A.thelong-standingclientrelationshipsarenotdisclosed.B.thispracticebenefitsallcl
12、ients.Cherreportisadraft.5.BelenZapatazCFA,istheownerofKawahInvestments.Kawahpromisesinvestorsreturnsofupto12%peryearandclaimstoachievethesereturnsbyinvestinginnon-investment-gradebondsandotherfixed-incomeinstruments.Overthenext12months,bondmarketyieldsreachunprecedentedlowsandZapatafindsitimpossibl
13、etoachievethereturnssheexpected.NoinvestmentsareevermadebyKawah,andclientsarecompletelypaidbackalloftheiroriginalinvestment.ZapatamostlikelyviolatedtheCFAInstituteStandardsofProfessionalConductbecauseofthe:A.investmentmandate.B.returnofcapital.C.promisedreturns.6.Acentralbankfinesacommercialbankitsu
14、pervisesfornotfollowingstatutoryregulationsregardingnonperformingloanprovisionsonthreelargeloansasaresultofthebanksloanprovisioningpolicy.LouisMarieBuffet,CFAzsitsontheboardofdirectorsofthecommercialbankasanon-eecutivedirector,representingminorityshareholders.Healsochairsthebanksinternalauditcommitt
15、eethatdeterminestheloanprovisioningpolicyofthebank.MercyGatabakifCFAzisthebanksexternalauditorandfollowsinternationalauditingstandardswherebysheteststheloanportfoliobyrandomlyselectingloanstocheckforcomplianceinallaspectsofcentralbankregulations.WhichcharterholderismostlikelyinviolationoftheCodeandS
16、tandards?A.GatabakiB.BuffetCBoth7.SergioMorales,CFA,believeshehasfoundevidencethathissupervisorisengagedinfraudulentactivityinvolvingaclientsaccount.WhenMoralesconfrontshissupervisor,heistoldtheclientisfullyawareoftheissue.Laterthatday.Moralescontactstheclientandafterdisclosingthefraudulentactivity,
17、heistoldbytheclienttomindhisownbusiness.Followingtherequirementsoflocallaw,Moralesprovidesallofhisevidence,alongwithcopiesoftheclientsmostrecentaccountstatements,toagovernmentwhistleblowerprogram.HasMoralesmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?A.Yes,concerningDutiestoEmploy
18、ersB.Yes,concerningPreservationofConfidentialityCNo8.AccordingtheGIPSstandards,forperiodsbeginningonorafter1January2011,theaggregatefairvalueoftotalfirmassetsmostlikelyincludesall:A.fee-andnon-fee-payingdiscretionaryandnon-discretionaryaccounts.B.fee-payingdiscretionaryaccounts.C.fee-andnon-fee-payi
19、ngdiscretionaryaccounts.9.Whileatabarinthefinancialdistrictafterwork,EllenMiffitt,CFA,overhearsseveralemployeesofacompetitordiscusshowtheywillmanipulatedownthepriceofathinlytradedmicro-capstockspriceoverthenextfewdays.Miffitt1Sclientshavelargepositionsofthisstock,sowhenshearrivesatworkthenextday,she
20、immediatelysellsalloftheseholdings.Becauseshehaddeterminedthemicro-capstockwassuitableforallofheraccountsatitspreviouslyhigherprice,Miffittbuysbackherclientsoriginalexposureattheendoftheweekatthenew,lowerprice.WhichCFAInstituteStandardsofProfessionalConductdidMiffittleastlikelyviolate?A.MaterialNonp
21、ublicInformationB.PreservationofConfidentialityC.MarketManipulation10.PiaNilssonisasoleproprietorinvestmentadviser.Aneconomicrecessionhasreducedthenumberofclientssheadvisesandcausedrevenuestodecline.Asaresult,NilssonhasnotpaidherCFAInstitutemembershipduesforthepasttwoyears.Whenanationalfinancialpubl
22、icationrecentlyinterviewedNilsson,sheindicatedthatupuntiltwoyearsagozshehadbeenaCFAcharterholderandaCFAInstitutememberingoodstanding.Inaddition,shestatedthecompletionoftheCFAProgramenhancedherportfoliomanagementskillsandenabledhertoachievesuperiorreturnsonbehalfofherclients.WhichofNilssonsactionsmos
23、tlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?A.NonpaymentofCFAInstitutemembershipduesB.IndicatingthatbeingaCFAcharterholderhasenhancedherportfoliomanagementskillsC.AttributinghersuperiorreturnstoparticipationintheCFAProgram11.MollyBurnett,CFA,isaportfoliomanagerforafundthatonlyinvest
24、sinenvironmentallyfriendlycompanies.Amultinationalutilitycompanyrecentlyacquiredoneofthefundsbest-performinginvestments,awindpowercompany.Thewindpowercompanysshareholdersreceivedutilitycompanysharesaspartofthemergeragreement.Theutilityhasoneoftheworstenvironmentalrecordsintheindustry,butitsshareshav
25、ebeenoneofthetopperformersoverthepast12months.Becausetheutilitypaysahighdividendeverythreemonths,Burnettholdstheutilitysharesuntiltheremainingtwodividendsarepaidfortheyearthensellstheshares.BurnettmostlikelyviolatedtheCFAInstituteStandardofProfessionalConductconcerning:A.IndependenceandObjectivity.B
26、.Suitability.C.DisclosureofConflicts.12.GabrielleGabbe,CFAhasbeenaccusedofprofessionalmisconductbyoneofhercompetitors.TheallegationsconcernGabbe,spersonalbankruptcyfiling10yearsagowhenshewasacollegestudentandhadalargeamountofmedicalbillsshecouldnotpay.Bynotdisclosingthebankruptcyfilingtoherclients,d
27、idGabbemostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?A.NoB.Yes,relatedtoMisrepresentationC.YeszrelatedtoMisconduct13.FrancescaNdenda,CFA,andGraceRutabingwaworkinthesamedepartmentforNewAgeManagers,withRutabingwareportingtoNdenda.NdendalearnsthatRutabingwareceivedaNoticeofEnquiryfromt
28、heProfessionalConductProgramatCFAInstituteregardingapotentialcheatingviolationwhenshesatfortheCFAexaminJune.AsRutabingwa,ssupervisor,NdendaisafraidthatRutabingwa1SbehaviorwillbeseenasaviolationoftheCodeandStandards.DoesNdendamostlikelyhavecauseforconcern?A.YesB.No,becauseherresponsibilitiesdonotappl
29、yC.No,notuntilRutabingwaisfoundguiltyofcheating14.WhichofthefollowingstatementsconcerningwhytheGlobalInvestmentPerformanceStandards(GIPS)werecreatedisleastlikelycorrect?TheGIPSstandardswerecreatedto:A.establishastandardized,industrywideapproachforinvestmentfirmstofollow.B.provideclientscertaintyinwh
30、atispresentedandallowthemtomakereasonablecomparisons.C.identifyasetofethicalprinciplesforfirmstofollowincalculatingandpresentinghistoricalinvestmentresults.15.ChanLiu,CFA,isthenewresearchmanageratthePacificMicroCapFund.Liuobservedthefollowingactivitiesaftershepublishedaresearchreportonathinlytradedm
31、icro-capstockthatincludedabuyrecommendation:PacifictraderspurchasedthestockforPacificsproprietaryaccountandthenpurchasedthesamestockforallclientaccounts;andPacificmarketingdepartmentemployeesdisseminatedpositive,butfalse,informationaboutthestockinwidelyreadinternetforums.1.iunotesthestockspriceincre
32、asedmorethan50%withinaperiodoftwodaysandwasthensoldforPacificsaccount.WhichofthefollowingstepsismostappropriateforLiutotaketoavoidviolatingtheCFAInstituteStandardsofProfessionalConduct?A.Removehernamefromthemicro-capstockresearchreport.B.Reporttheobservedactivitiestoheremployer.C.Publiclyrefutethefa
33、lseinformationpostedoninternetforums.16.MariamMusafCFA,headofcomplianceatDunfieldBrokers,questionshercolleagueOmarKassim,aCFAcandidateandaresearchanalyst,abouthispurchaseofsharesinacompanyforhisownaccountimmediatelybeforehepublishesabuyrecommendation.Hedefendshisactionsbystatinghehasdonenothingwrong
34、becauseDunfielddoesnothaveanypersonaltradingpoliciesinplace.TheCFAInstituteStandardsofProfessionalConductweremostlikelyviolatedby:A.onlyMusa.B.onlyKassim.C.bothMusaandKassim.17.JamesSimone,CFA,thechieffinancialofficerofapubliclylistedcompany,seekstoimprovethequalityofhiscompanyscommunicationwithinst
35、itutionalfundmanagers.Heholdsaninvestorbriefingwiththisgrouptheeveningbeforethecompanyearningsareannounced.Thecompanysquarterlyearningsarebroadcastinapressreleasethenextdaybeforethemarketopens.Theearningsinformationintheinvestorbriefingisidenticaltothatinthepressrelease.DidSimonemostlikelyviolatethe
36、CFAInstituteStandardsofProfessionalConduct?A.YesB.No,becausethecompanyreleasesinformationwhilethemarketisclosedC.No,becauseinvestorbriefingandpressreleaseinformationareidentical18.KirstenKelsozCFA,isaresearchanalystatanindependentresearchfirm.Kelsoispartofateamofanalystswhofocusontheautomobileindust
37、ry.Recently,Kelsodisagreedwithtworesearchsellrecommendationswrittenbyherteam,eventhoughshefeltconfidenttheresearchprocesswasproperlyconducted.Inawebcastopentoallinstitutionalbutnotretailclients,Kelsostates,Eventhoughmynameisonthesellreports,thesestocksareabuyinpartbecausesalesandsharepricesforbothau
38、tocompanieswillrisesignificantlybecauseofstrongdemandfortheirvehicles.,KelsosactionswouldleastlikelyviolatewhichofthefollowingCFAInstituteStandardsofProfessionalConduct?A.CommunicationwithClientsB.DiligenceandReasonableasisC.FairDealing19.Samplesofsize(KI，兀Jaredrawnrespectivelyfromtwopopulations(XrX
39、：withassociatedsamplemeansandstandarddeviationsof(1,2)and(,2)andassociatedpopulationmeansandstandarddeviationsof(,2)and(1,2)where12.Inaddition,isthesamplemeanof12wthastandarderrorofandapopulationmeanofand2isapooledestimatorofthecommonvariance.ThemostappropriatetestStatisictodeterminetheequalityofthe
40、twopopulationmeansassuming11-元)-U- “2)and2areindependentandnormallydistributedis:20.Usingatwo-tailedtestofthehypothesisthatthepopulationmeaniszero,thecalculatedteststatisticis2.51.Thesamplehas23observations.Thepopulationisnormallydistributedwithanunknownvariance.Degreesoffreedomp=010P二0.05p=0.025P=0
41、.01P=0.005211.3231.7212.0802*5182.831221.3211.7172+0742.5082.819231.3191.7142.0692.5002.807241.3181.7112.0642.4922.797Ananalystwillmostlikelyrejectthenullhypothesisatsignificancelevelsof:A.0.10,005,and0.01.B.0.10and0.05.C.0.10only.21.Independentsamplesdrawnfromnormallydistributedpopulationsexhibitth
42、efollowingcharacteristics:SampleSizeSampleMeanSampleStandardDeviationA2520045B1818560Assumingthatthevariancesoftheunderlyingpopulationsareequalzthepooledestimateofthecommonvarianceis2,678.05.Thet-teststatisticappropriatetotestthehypothesisthatthetwopopulationmeansareequalisclosestto:A.0.29.B.0.94.C.
43、1.90.22.Onceaninvestorchoosesaparticularcourseofaction,thevalueforgonefromalternativeactionsisbestdescribedasa(n):A.opportunitycost.B.sunkcost.C.requiredreturn.23.Thecentrallimittheoremisbestdescribedasstatingthatthesamplingdistributionofthesamplemeanwillbeapproximatelynormalforlarge-sizesamples:A.i
44、fthepopulationdistributionissymmetrical.B.forpopulationsdescribedbyanyprobabilitydistribution.C.ifthepopulationdistributionisnormal.24.Survivorshipbiasismostlikelyanexampleofwhichbias?A.Look-aheadB.DataminingC.Sampleselection25.Ifastockscontinuouslycompoundedreturnisnormallydistributed,thenthedistri
45、butionofthefuturestockpriceisbestdescribedasbeing：A.normal.B.lognormal.C.aStudentst.26.Thedistributionofallthedistinctpossiblevaluesforastatisticwhencalculatedfromsamplesofthesamesizerandomlydrawnfromthesamepopulationismostaccuratelyreferredtoas:A.thesamplingdistributionofastatistic.B.adiscreteunifo
46、rmdistribution.C.amultivariatenormaldistribution.27.Comparedwithhistoricalsimulation,MonteCarlosimulationismostappropriatewhen:A.whatifanalysisisrequired.B.analyticalmethodsarerequired.C.probabilitydistributionsareunavailable.28.Consideratwo-tailedtestofthehypothesisthatthepopulationmeaniszero.Thesa
47、mplehasSOobservations.Thepopulationisnormallydistributedwithaknownvariance.t-DistributionDegreeSOffreedom49P=SlOP=0,05P=0.025L2991.6772.01050L2991.6762.009Z-Distribution=0.10S=O.05=0.025L6451.9602.330Ata0.05significancelevel,therejectionpointsaremostlikelyat:A.-2.010and2.010.B.-2.009and2.009.C.1.960
48、and1.960.29.Ahypothesistestfailstorejectafalsenullhypothesis.Thisresultisbestdescribedasa:A.testwithlittlepower.B.TypeIlerror.CTypeIerror.30.Asampleof25observationshasameanof8andastandarddeviationof15.Thestandarderrorofthesamplemeanisclosestto:A.3.00.B.1.60.C.3.06.31.Population1Population2Samplesize11=5112=5Samplevariance=4寸=28Thesamplesaredrawnindependentlyandbo
