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1、2019LevelIMockExamAMThemorningsessionofthe2019Level1CharteredFinancialAnalystMockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandhalfminutesperquestionfortotalof180minutes(3hours)forthissessionoftheexam.QUPgtiOngTopkMinUtZ1-20EthicalandPro
2、fessionalStandards3021-32Quant1833-44Econ】845-62FinancialReportingandAnalysis2763-74CorporateFinance1875-81PortfolioManagement10.582-94Equity19.595-107FixedIncome25108-114DrriYaHVrS10.5Iu20AlternativeIiiwstmenU9Total：ISOByaccessingthismockexam,youagreetothefollowingtermsofuse：Thismockexambprovidedto
3、UiieiillyIt跃SuKedCFACandidatetuyviewuidptitildieedfupelwlrxanpteparii-tknonly.Thefoilowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalacton:accessingorpermittingaccessbyanvoneotherthancurrently-registeredCFAcandidates；copying,postingtnanyUrPhdteemailing,distributingandnrrt*pr
4、intingthpmockPKamforanyPUrpnC2018CFAInstitute.Allrightsreserved.2019LEVELIMOCKEXAMAM1WhomostlikelydetermineswhetheraviolationoftheCFAInstituteCoded11dStaddidortestingPUliCiCIZSoccurredandWhdlanctiunShUIlIdbeimposed?The:AProfessionalConductStaffandtheDisciplinaryReviewCommitteeBProfessionalConductSta
5、ffCDisciplinaryReviewCommittee2HollyBaker,CFAisexplainingtheCFAInstituteCodeofEthicstoaclient.WhichofthefollowingstatementscouldBakermaketomostlikelyreflectdisciplinarysanctionstheCFAInstitutemayimpose?Sanctionsinclude:Afinesforviolations.BrevocationofmembershipCbanishmentfromtheindustry3WilliamWong
6、,CFA,isanequityanalystwithHayswickSecurities.BasedonhisfundamentalanalysisWongconcludesthatthestockofacompanyhefol-IcwsrNolveclnc.fissubstantiallyundervaluedandwillexperiencealargepriceincrease.Hcdelaysrevisinghisrecommendationonthestockfrom“holdto*buytoallowhisbrothertobuysharesatthecurrentprice.Wo
7、ngisleastlikelytohaveviolatedtheCFAInstituteStandardsofProfessionalConductrelatedto:Adutytoclients.Breasonablebasis.Cpriorityoftransactions.4HuiChentCFA,developsmarketingmaterialsforaninvestmentfundhefoundedthreeyearsago.Thematcriahshowthe3year,2year,and1yearreturnsforthefund.Heincludesafootnotethat
8、statesinsmallprint,Pastperformancedoesnotguaranteefuturereturns.*HedoesnotclaimcompliancewithGIpSinthedisclosuresorfootnotes.HealsoincludesaseparatesheetShoWingthemostrecentsemi-annualandquarterlyreturns,WhiChnotesthattheyhavebeenneitherauditednorverified.HasChenRoSZlikelyviolatedanyCFAInstituteStan
9、dardsofProfessionalConduct?ANdBYes,becauseheincludedun-auditedandunverifiedresults.CYes,becausehedidnotadheretotheGlobalInvestmentPerformancestandards.5CharlieMancini,CFA,istheManagingDirectorforBusinessDevelopmentatSVFinancial(SVF),alargeUS-basedmutualfundorganization.Mancinihasbeenunderpressurerec
10、entlytoincreaserevenues.InordertosecurebusinessfromalargehedgefundmanagerbasedinAsia,ManCinirecentlyapprovedflexibletermsforthefundsclientagreement.Toallowfortimezonedifferences,theagreementpermitsthehedgefundtotradeinallofSVFsmutualfundssixhoursafterthecloseofUSmarkets,whichisprohibitedbyUSregulato
11、rs.DidManciniviolateanyCFAInstituteStandardsofProfessionalConduct?ANo.BYes,withregardtoairDealing.CYesywithregardtoFairDeaIingandMaterialNonpublicInformation.6RicaidoTorres,CFA,isawell-respectedtelecommunicationsanalystforPegasusAdvisers.Heisknownforhisthoroughanalysis,includinginterviewswithsupplie
12、rs,customers,andcompetitors.Torreshasastrongfollowing,andhisresearchreportsrancftnmateriallyaffectthemarket.ASasulf,PfgaSUSlimitsthedistributionofhisreportstoPegasusclients.AfterlosingmarketsharetoPegasusforovertwoyears,MarcoRodrigotaCFAcandidate,reportsTorrestothelocalsecuritiesregulatoronsuspicion
13、ofusinginsiderinformationtnmakesharerrcmfnrndatins.WhatCFAIn&titutrStandardofPrnfrssianalConducthasRodrigomostIikdyviolated?AMisconductr.L.201呼CFAFRMKSJl中，4SAJhMn1985BMaterialNonPUHiCInformation同蚌j喇凿ji仁核】220.欢速喻(MarketManipulation7AlbertNyakcndalCFA,wasdrivingtoaclientsofficewherehewasexpectedtotlus
14、ranulli-11ilUun*dllardealwhenhewasPUhdUVrlby4tra(11cpoliceunalthoughhedidnotbelievehehadviolatedanytrafficlaws.WhenNyakendarealizedthepolicemanplannedtowronglytickethimforspeeding,heofferedtobuyhim*knchsothathecouldquicklygrttohisclientsoffice.ThelunchwouldcutignificatlymoreIhallUlrticket.Tlc,allrrn
15、alivrWaAIogoIu【hepoliceMatinnandfileacomplaintofbringwmnglyaccusedthatwnldalsoinvolvegoingtocourtthenextdaytopresenthiscase.DidNyakendamostlikelyviolatetheCFACodeofEthicsIYes.BNo,becausehewaswronglyaccused.(No,becausethecostoflunchismorethantheticket.8FraiKescaNdendalCA,AndGraceRutabingwaworkintheHm
16、Cdcpart11wforNewAgeManagerswithRutabingwareportingtoNdenda.NdendalearnsthatRUtabingWareceivedaNoticeofEnquiryfromtheProfessionalConductProgramatCFAInstituteregardingapotentialcheatingviolationwhenhesatfortheCAexaminJuneAsRiItabingWSssupervisor,NdendaisafrtdthebehaviorofRutabingwawillbeseenasaviolati
17、onoftheCFACodeandStandards.DoesNdendamostIikelyhavecauseforconcern?AYes.BNo,becauseherresponsibilitiesdonotapply.(No,notuntilRutabingwaisfoundguiltyofcheating.9OniErobo,CFAjheGeneralPartnerinarealestatedevelopmentproject,iresponsibleforcompletingtheprotectwithinan18-monthperiodandwithinbudget.Erobcw
18、illreceiveanequitystakeof20intheprojectifitcomeswithinbudget.Concernedthatprojectcostscouldescalate,theLimitedPartnersrequireErobotocapexpensesat15%abovebudget.Costswerewithinexpectationupuntilthelastmonthofconstructionwhenimportedlightingxturecosts(accountingforroughly5%oftotalcosts)escalatedbymore
19、than50%.Asaresult,theoverallreturndeclinedbelowthepartnersexpected35%ROLErobodidnotintormtheLimitedPartnersabouttheincreasedcosts.DidErobomostlikelyviolatetheCACodeofEthicsandStandardsofProfessionalConduct?ANo.BYes,becausereturnsarelowerthanexpectedbythePartners.CYes,becausehedidnotdisclosetheincrea
20、sedcoststohisPartners.10DanielleDeschuteslCFA,isaportfoliomanagerwhoispartofa10-personteamthatmanagesequityportfoliosforinstitutionalclients.Acompetingfirm,SouthWestManagers,asksDeschutestointerviewforapositionwithinitsfirmandtohringherperformancehistorytothfinterview.Deschutesreceiveswrittenpermiss
21、ionfromhercurrentemployertobringtheperformancehistoryofthestockportfoliowithher.Attheinterview,shedisclosesthattheperformancenumbersrepresenttheworkofherteamanddescribestheroleofeachmember.Tinbolsterhercredibility,DeschutesalsoprovidesthenamesCfinstitutionalclientsandrelatedas&etsconstitutingtheport
22、folio.DuringherinterviewDeschutesmostlikelyviolatedtheCFAInstituteStandardsofProfessionalCuiiduclwithregardsl:AUlrstuckportfoliosprrfuractrhistury.Bhercontributiontotheportfoliosreturns.Cprovidingdetailsoftheinstitutionalclients.11SheilaSchleifCFA.isanequityanalystataninvestmentbankingdivisionofMOka
23、raFinancialGroup,afullservicefinancialgroup.SchleifusesamultifactorcomputermodeltomakestockrecommendationsforallclientsofMUkani.SChkifdiscuversthatllwmlelConIainSanerror.Iftheerrorwerecorrected,hermostrecentbuyrecommendationcommunicatedtoallclientswouldchangetoasell.Schleifcorrectstheerror,changingt
24、hebuytoasellrecommendation,andthensimultaneouslydistributesviae*mailtherevisionIUallinvctnctbankingcliejHsWhUreceivedIhCinitialtecunncndlion.AWeeklater,SChkifsellstheamesharessheheldinherpersonalportfolio.Concerningheractions,SchleifmostlikelyviolatedwhichofthefollowingCFAInstituteStandardsofProfess
25、ionalConduct?AFairDealingBPriorityofTransactionsCDiligenceandReasonableBasis121IeidiKatZisaCAcandidateandananalystatapensionconsultingfirm.1ierfatherisamajorshareholderandmanagingdirectoratSaturnPartners,alargehedgefund.Whenassistinginanalternativemanagersearchforapensionclient,KatZplanstorecommendS
26、aturnsmarket-neutralstrategybecauseshefeelsitmeetsallofthepensionplanscriteria.Giventhissituation,thebestcourseofactionforKatzistoAnotpresentthisstrategytotheclientandrecommendanotherstrategy.Bdisclosethepotentialconflicttothepensionclientwhendiscussingthisrecommendation.Cdisclosethepotentialconflic
27、ttoheremployerandfollowtheirguidanceIrgaidingdiduurrufherrclatiuliptotheclient.13IlcanaInkstcrtCA,wasrecentlyofferedaseniormanagementpositionwithinthetrustdepartmentataregionalbank.Thedepartmentisnew,butthebankhasplanstoexpanditsignificantlyoverthenextfewmonths.Ink&terhasbeentoldshewillbeexpectedtoh
28、elpgrowtheclientbaseotthetrustdepartment.Sheisinformedthatthetrustdepartmentplanstoconducteducationalseminarsandpursuetheattendeesasnewclients.InksternoticesthatrecentseminaradvertisementspreparedbythebanksmarketingdepartmentdonotmentionthatinvestmentproductswillbeforsaleattheseminarIheadsindicateat
29、tendeescan*,icarnhowtoimmediatelyUdd$100,000totheirnetworth.*WhatshouldInkstermostlikelydotoavoidviolatinganyCFAInstituteStandardsofProfessionalConduct?ADeclinetoacceptthenewpositionBAcceptthepositionandrevisethemarketingmaterialCAcceptthepositionandinformseniormanagementofinadequatecompli*anceproce
30、dures14SuniKioshilCFA,isananalystatPacificAssetManagement,whereshecoverssmallcapitalizationcompanies.Onherowntime,Kioshioftenspeculatesinlowpricethinlytradedstocksforherownaccount.Overthelastthreemonths,Kioshihaspurchased50,000sharesOfBasicBiofuelsCompanygivinghera5%ownershipstake.Aweekafterthispurc
31、hase,Kioshiisaskedtowriteareportonstocksinthebiofuelsindustrywithrequesttocompletethereportwithintwodays.KioshiwantstorateBasicasabuy*inthisreportbutisuncertainhowtoproceed.Concerningtheresearchreport,whatactionshouldKioshimostlikelytaketopreventviolatinganyoftheCFAInstituteCodeofEthicsandStandardso
32、fProfessionalConduct?ASellhershares.BDon,trecommendabuy.(Discloseherstockownership15WangDazongfCFA1isasoleproprietorinvestmentadvisor.Dazongbelievesinputtinghismoneyatriskalongwithhisclientsandtradesthesamesecuritiesashisclients.Inordertoensurefairtreatmentofallaccounts,herotatestradeallocationssoth
33、ateachaccounthasanequalIikdihOOdofreceivingafillontheirorders.ThisallocationprocedurealsoappliestoDazongsownaccount.AccordingtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,theallocationprocedureusedbyDazong:AcomplieswiththeStandards.Brequiresrevisiontoensureclienttradestakeprecedence
34、.Cshouldbedisclosedandwrittenapprovalreceivedfromclients.16BenefitsofcompliancewiththeCFAInstituteGlobalInvestmentPerformanceStandards(GIPS)leastlikelyinclude:Astrengtheningofinternalcontrols.Bparticipationincompetitivebidding.(eliminationofin-depthduediligenceforinvestors.17FirmsclaimingGIPScomplia
35、ncemustmakeeveryreasonableefforttoprovideacompliantpresentationtowhichofthefollowing?AExistingclientsBProspectiveclientsCBothexistingAndprospectiveclients18Art*senrchanalystisfacingamoraldilemmaanddecidestouseanethirnldecision-makingframework.Afterlookingatthefactsathandandidentifyingthesituationali
36、nfluences,hestillcannotmakeadecisiononthebestcourseofaction.HhItaStappropriatenextSlePisto;Adeterminewhatadditionalinformationisneeded.Bdecide,act,monitor,andreflect.acksomeonePkPtngiveguidance19Howdoesethicalconductmostlikelycomparewithwhatislegallyrequired?AEthicalconductgoesbeyondwhatislegallyreq
37、uired.BTherearenodifferencesbetweenthetwo;theyarethesame.(Doingwhatislegallyrequiredremovestheneedforethicalconduct.20ThegoalsoftheCFAInstituteCodeofEthicswouldleastlikelyinclude:Apubliclycommunicatingestablishedprinciples.Baddressingpastethicalfailings.Cfosteringpublicconfidence.21Anonparametrictes
38、tismostappropriatewhen:Acomparingdifferencesbetweenmeans.Bdataaregiveninranks.Cdatameetdistributionalassumptions.22Thebankdiscountyieldofa$100,000USTreasurybillwith90daysuntilmaturityis4.60%.Thesellingpriceofthisbillisclosestto：A$98,863.B$98,866.c$98,850.23Whenconsideringtwomutuallyexclusivecapitalb
39、udgetingprojectswithconflictingrankingsonehasahigherpositivenetpresentvalue(NPV),theotherhasahigherinternalrateofreturn(1RR)-themostappropriateconclusionistochoosetheprojectwiththe：AhigherNPV.BhigherIRR.Cshorterpayback.24ATypeIerrorisbestdescribedastheprobabilityof:2failingtorejectafalsenullhypothes
40、is.Brejectingatruealternativehypothesis.Crejectingatruenullhypothesis.25ThejointprobabilityofreturnsforsecuritiesAandBareasfollows:JointProbabilityFUnCtionofSecuidtyAandSecurityBReturns(EntriesArcJointProbabilities)ReturnonSecurityB=30%ReturnonSecurityB=20%ReturnonSecurityA=25%0.60ReturnonSecurityA=
41、20%000.4()ThecovarianceofthereturnsbetweenSecuritiesAandBisclosestto:A12.b14,c13.26Thenumberofpermutationsthatarepossiblewhenchoosing4objectsfromatotalof10objectsisclosestto:A30.B210.c5,040.27Anincreaseinwhichofthefollowingitemswillmostlikelyresultinawiderconfidenceintervalforthepopulationmean?AReli
42、abilityfactorBSamplesizeIDegreesoffreedom28Thefollowingtenobservationsareasampledrawnfromanapproximatelynormalpopulation:Observation12345678910Value-31-143-183420-697-16Thesamplestandarddeviationisclosestto:A17.56.B19.59.C18.58.29Basedonhistoricalreturns,aportfoliohasaSharperatioof2.0.Ifthemeanretur
43、ntotheportfoliois20%,andthemeanreturntoarisk-freeassetis4%,thestandarddeviationofreturnontheportfolioisclosestk)：A12%.B8%.C10%.30Whichofthefollowingmostaccuratelydescribesadistributionthatismorepeakedthannormal?ALeptokurticBMesokurticCPlatykurtic31Astockisdeclininginpriceandreachesapricerangewherein
44、buyingactivityissufficienttostopthedecline.ThiSrangeisbestdescribedasthe:Achangeinpolaritypoint.Bresistancelevel.(supportlevel.32Thestatedannualinterestrateis12.75%.IfthefrequencyOfcompoundingismonthly,theeffectiveannualrate(EAR)isclosestto：a13.52%.B12.75%.C12.06%.33Stagflationisbestdescribedasaneco
45、nomicsituationinvolvinghighinflationandhigh:Aeconomicgrowth.Baggregatesupply.Cunemployment.34Assumethatthenominalspotexchangerate(USD/EUR)increasesby7.5%,theeurozonepriceleveldecreasesby4%,andtheUSpricelevelincreasesby2.5%.Thechangeintherealexchangerate(%)isclosestto:a0.7%.B-6.3%.C14.8%.35Whichofthe
46、followingstatementsisinostaccuratebasedontheFXquotationsinthetable?SpotRateOne-YearForwardRateUSD/EUR1.29521.3001ATheforwardrateistradingatadiscounttothespotrateby0.0049points.BTheeuroistradingataforwardpremiumof49points.CTheUSdollaristradingataforwardpremiumof49points.36Inordertoreduceatradedeficit
47、,thegovernmentofacountryexperiencingfullemploymentmovestodepreciateitscurrency.Asaresult,ifthecountry,sdomesticspendingdeclinesrelativetoincome,themostlikelymechanismthatcausesthistooccuristhe:Aincomeeffect.Bwealtheffect.(substitutioneffect.37Thediagrambelowshowsthedomesticdemandandsupplycurvesforac
48、ountrythatimportsacommodity,wherePWisitsworldpriceandPTisitsdomesticpriceaftertheimpositionofatariff.QuantityThegainingovernmentrevenuesarisingfromtheimpositionofthetariffisbestdescribedbyarea(s):AL.BJ,cK+M.38AnAustralianfirmpurchasesapatentforUSD20,000andmachineryforUSD21,5OOfromaUSfirmwhentheexchangeratesareasfollows:ExchangeRa
