CFA_Level_1_經典模擬試題1200道8

1、CFA_Level_1_經典模擬試題1200道8 Schweser Printable Tests - Level 1 - EXAM 1 Morning - 180 minutes - Level 1 - EXAM 1 MorningYou can print this page by going to file - print in your internet browser Ethics - 18 Questions - 27 minutesQuestion 1 - 23379 Based on AIMRs Standards of Professional Conduct which o

2、f the following statements are a violation of Standard IV B6 Prohibition against MisrepresentationA A young trainee bond trader tells a prospective client that she can assist the client in all the clients investment needs equity fixed income and derivatives and based on her years of experience as an

3、 analyst in the business that an investment looks like it has lots of potentialB All of theseC An investment manager recommends to a prospective client an investment in mortgage IO strips because they are guaranteed by an agency of the federal governmentD A broker says XYZ stock is 100 guaranteed to

4、 double in value over the next six monthsQuestion 2 - 28161 According to AIMRs Standards of Professional Conduct Standard I B Fundamental Responsibilities members shall not knowingly participate or assist in legal and ethical violations An analyst A must report all legal violations to the proper reg

5、ulatory commission and is held responsible for participating in illegal acts when the law is evident to anyone knowing the lawB is held responsible for violations by others when the analyst is unaware of the facts giving rise to the violationC is held responsible for participating in illegal acts wh

6、en the law is evident to anyone knowing the law and can participate in a violation by having knowledge of the violation and taking no action to stop it or disassociate from itD is held responsible for participating in illegal acts when the law is evident to anyone knowing the law and is held respons

7、ible for violations by others when the analyst is unaware of the facts giving rise to the violation Question 3 - 28162 Which of the following is a violation based on AIMRs Standards of Professional ConductA A portfolio manager accepts free trades from XYZ for her personal account for directing the p

8、ortfolios trades to XYZ She does not inform her manager since there is no cash involvedB After informing his manager a portfolio manager accepts money for giving a broker information relating to a clients financial standingC A portfolio manager is offered a free vacation to increase performance At t

9、he end of the year performance is up and the manager accepts the vacation after informing his manager of the factD A portfolio manager is unexpectedly offered a vacation at year-end from a client who was pleased with their portfolios performance The manager accepts the vacation after informing her m

10、anager of the factQuestion 4 - 28165 Based on AIMRs Standards of Professional Conduct which of the following statements are a violation of Standard IV B6 Prohibition against MisrepresentationA A young trainee bond trader tells a prospective client that she can assist the client in all the clients in

11、vestment needs equity fixed income and derivatives and based on her years of experience as an analyst in the business that an investment looks like it has lots of potentialB An investment manager recommends to a prospective client an investment in mortgage IO strips because they are guaranteed by an

12、 agency of the federal governmentC A broker says XYZ stock is 100 guaranteed to double in value over the next six monthsD All of theseQuestion 5 - 28167 Which one of the following is NOT consistent with AIMRs Performance Presentation StandardsA Cash and cash equivalents must be included in composite

13、 returnsB All actual fee paying discretionary portfolios should be included in at least one compositeC Investment performance is the record of the manager not the firm all changes in personnel should be accounted for by adjusting the composites performance historyD Presentation of performance may be

14、 either gross or net of investment management fees as long as the method and the fee schedule are disclosedQuestion 6 - 28168 Under the Employee Retirement Income Security Act ERISA a person is a fiduciary if he or sheA has discretionary authority in the administration of the pension plan renders in

15、vestment advice for a fee with respect to a pension plans assets exercises any discretionary authority with the management of the pension plan or its assets B has an executive position in the firm sponsoring the pension planC has an executive position in the firm sponsoring the pension plan has disc

16、retionary authority in the administration of the pension planD exercises any discretionary authority with the management of the pension plan or its assetsQuestion 7 - 29219 There are four components of the AIMRCode of Ethics All of the following are part of the Code of Ethics EXCEPT A Practice and e

17、ncourage others to practice in a professional and ethical manner that will reflect credit on members and their professionB Strive to maintain and improve the competence of regulatory bodies such as the Securities and Exchange Commission SEC C Strive to maintain and improve the competence of others i

18、n the professionD Use reasonable care and exercise independent professional judgmentQuestion 8 - 29220 AIMRbelieves A that a imum level of professional responsibility and conduct dictates that members be aware of and comply with laws rules and regulations governing their conductB companies should se

19、t standards based on the ethics of upper management and the board of directorsC that firms should comply with all domestic laws and regulations and that these laws also govern behavior in foreign markets regardless of foreign laws and requirementsD that a minimum level of professional responsibility

20、 and conduct dictates that members be aware of and comply with laws rules and regulations governing their conductQuestion 9 - 29221 Which of the following statements about the AIMRCode and Standards is TRUE The Code and Standards A require that members report legal violations to the appropriate gove

21、rnmental or regulatory organizationB do not require that members report legal violations to the appropriate governmental or regulatory organizationC expect members to resign from their jobs to disassociate themselves from clients engaging in illegal activitiesD expect members to persuade the perpetr

22、ator to cease illegal activitiesQuestion 10 - 29222 All of the following are appropriate uses of the CFA designation EXCEPT A Jeremy Salyers CFAB Joanne Silbourne is a CFA charterholderC I as a CFA charterholder expect to outperform the market because CFA charterholders have on average outperformed

23、the SP in 95 percent of the last 50 yearsD I have earned the CFA designation by passing three exams having sufficient work experience and becoming a member of AIMRQuestion 11 - 29223 Which of the following would NOT violate AIMR畳s rules regarding personal integrity and behavior A A driving under the

24、 influence DUI conviction that results in the loss of ones drivers license for six monthsB Stealing a car and going to prison for 18 monthsC A misdemeanor conviction that results from lying about your income on your tax returnD Cheating on an MBA preliminary exam and being expelled from the Universi

25、tyQuestion 12 - 29224 When must an analyst give credit to the firm抯 own research staff for research analysis A When sending printed materials to clientsB When discussing research with a clientC In a professional witness situationD In inter-office communicationsQuestion 13 - 29225 An AIMR member is N

26、OT required to notify her supervisor in writing of the AIMR Code and Standards under which of the following circumstances A The employer has indicated a willingness to adopt AIMRs Code and Standards and the supervisor is an AIMR memberB The employer has a high ethical standard much of which is refle

27、cted in writing in the firms Mission StatementC The supervisor is an AIMR memberD The employer has publicly acknowledged in writing that they have adopted the AIMR Code and StandardsQuestion 14 - 29226 When an AIMRmember who is presently employed by a firm undertakes any independent practice he must

28、 do all of the following EXCEPT A secure written permission from the employerB remand a percentage to be determined by the employee and employer of the income earned back to the employerC secure written permission from the outside firmD disclose the identity of their employer to clients and prospect

29、ive clients and the fact that they are performing independently of the employerQuestion 15 - 29227 Which of the following statements regarding employeeemployer relationships is FALSE A A written contract may or may not exist between employer and employeeB The employer has the power to control and di

30、rect the details of how work is to be performedC There must be monetary compensation for an employeremployee relationship to existD An employee is someone in the service of anotherQuestion 16 - 29228 With respect to Standard III E Responsibilities of Supervisors compliance supervisors and compliance

31、 officers should do all of the following EXCEPT A disseminate the compliance proceduresB incorporate a professional conduct evaluation into the employees performance reviewC hold hearings with representatives from the firm to decide whether violations have occurred and the level of severity of the v

32、iolationsD review employee actions to ensure compliance and identify violatorsQuestion 17 - 29229 Brett Germaine is an AIMRmember who manages client portfolios He has the power to buy and sell securities on behalf of his clients His mother is a client and Brett manages her trust With respect to his

33、mother抯 account he must A treat her account with a bit more care and concern giving her advance notice of information like recommendation changesB treat her account with less care and concern than his other accounts so as to avoid the appearance of favoritism and comply with the Code and StandardsC

34、not take his mothers account because it is a violation of the Code and Standards to manage a family members account or trustD treat her account like any other firm account and should not give her account special treatment or disadvantageQuestion 18 - 29230 In a tough decision to leave Greenberg and

35、Associates Jillian Cross CFA decides to seek employment with a competing firm She decides that her current management team is essential to her ability to do her job and plans to convince the others to come with her when she leaves She also plans to take her client list with her because she has to st

36、art somewhere in building a book of business Jillian is A out of compliance only in taking the client listB out of compliance only in trying to get her employees to come with herC out of compliance with Standard III B Duty to Employer on both counts-attempting to take her management team with her an

37、d misappropriating the client listD in complianceQuantitative Analysis - 18 Questions - 27 minutesQuestion 19 - 18868 There are 35 observations arrayed in a stem and leaf display What is the mode and median of this data5 01135666896 002222355678897 00223456678 A 62 and 65B 60 and 63C 65 and 62D 625

38、and 625Question 20 - 18871 Use the following data to evaluate an investment portfolio that holds one share of each of three firms A B and C that do not pay dividendsStocksBeginning Year PriceEnding Year PriceA1020B5060C100110What is the average rate return of the portfolioA 625B 1225C 1875D 4333Ques

39、tion 21 - 18872 Which of the following statements is FALSEA The interquartile range contains half the data points in the data setB The interquartile range is set at half the distance between the largest and smallest number in the data setC If the median is on the left side of the interquartile range

40、 the data is skewed to the leftD Downside outliers are those observations below the first quartile less 15 times the interquartile rangeQuestion 22 - 18873 Use the following data to calculate the standard deviation about the expected return50 chance of a 12 return 30 chance of a 10 return 20 chance

41、of a 15 return A 25B 30C 17D 33Question 23 - 18874 Based on the following data what is ABC Cos projected growth rate BearNormalBullProbability304030ROE101530b604030A 50B 70C 75D 69Question 24 - 29390 Justin Banks just won the lottery and is trying to decide between the annual cash flow payment optio

42、n or the lump sum option Justin can earn 8 at the bank and the annual cash flow option is 100000year beginning today for 15 years What is the annual cash flow option worth to Justin today A 85594787B 150000000C 108000000D 92442370Question 25 - 29391 Given the following sample data find the standard

43、deviation of the returns to stock A and stock B Stock A Stock B Year 11620Year 22024Year 31210 A Std Dev A 33 Std Dev B 59B Std Dev A 40 Std Dev B 72C Std Dev A 57 Std Dev B 102D Std Dev A 63 Std Dev B 112Question 26 - 29394 An investor is considering two investments Stock A has a mean annual return

44、 of 16 percent and a standard deviation of 14 percent Stock B has a mean annual return of 20 percent and a standard deviation of 30 percent Calculate the coefficient of variation CV of each stock Which of the following statements is TRUE A Stock A CV 0875 has more dispersion relative to the mean tha

45、n stock BB Stock A CV 0875 has less dispersion relative to the mean than stock BC Stock A CV 114 has more dispersion relative to the mean than stock BD Stock A CV 114 has less dispersion relative to the mean than stock BQuestion 27 - 29395 The probability of a boom economy is 40 percent The probabil

46、ity of Yacht Co having a 50 percent return given a boom economy is 80 percent Find the joint probability of a boom economy and a 50 percent return for Yacht Co A 020B 032C 040D 050Question 28 - 29397 Janet Jacobs intends to start saving for retirement today in an IRA If she invests 3000year each yea

47、r starting at the end of year 1 how much will she accumulated after 40 years if she expects to earn 12 percent over the period A 230127426B 257742717C 27915291D 12000000Question 29 - 29398 Johnson Inc manages a growth portfolio of equity securities that has a mean monthly return of 145 and a standar

48、d deviation of 108 The SP 500 has a mean monthly return of 12 and a standard deviation of 68 The mean monthly return on T-bills is 030 Calculate Sharpe抯 reward-to-variability ratio for the growth portfolio and for the SP 500 Which of the following statements is TRUE A Based on a reward-to-variabilit

49、y ratio the growth portfolio is preferable to the SP 500B The growth portfolio has more excess return per unit of risk than the SP 500C An investor would always prefer the SP 500 to the growth portfolioD Based on a reward-to-variability ratio the SP 500 is preferable to the growth portfolioQuestion

50、30 - 29399 Sarah Parker is buying a new 25000 car Her trade-in is worth 5000 so she needs to borrow 20000 The loan will be paid in 48 monthly installments and the annual interest rate on the loan is 75 If the first payment is due at the end of the first month what is Sarah抯 monthly car payment A 480

51、57B 48358C 41667D 42763Question 31 - 18557 Which of the following statements are TRUEThe mean of a sample of five numbers 5 2 4 5 4 is X n-1 5 The standard error of the sample means of the numbers above is s n-1 75 The variance of a sample of five numbers 5 2 4 5 4 is X - X 2 n-1 15 The sampling err

52、or is the difference between a sample statistic and its corresponding population parameter A III and IV onlyB III onlyC I II and III onlyD I II III and IVQuestion 32 - 28156 An analyst conducts a two-tailed z-test to determine if small cap returns are significantly different from 10 percent The samp

53、le size was 200 The computed z-statistic is 23 Using a 5 percent confidence level which statement is TRUEA You cannot determine what to do with the information givenB A sample size of 200 indicates that the null should be acceptedC Accept the null hypothesis and reject the alternative hypothesis Tha

54、t is small cap returns are not significantly different from 10D Reject the null hypothesis and accept the alternative hypothesis That is small cap returns are significantly different from 10Question 33 - 28158 Which of the following statements are TRUEA two-tailed test on a large sample with a signi

55、ficance level of 01 has confidence intervals of 196 s n A hypothesized mean of 3 a sample mean of 6 and a standard error of the sampling means of 2 give a sample Z-statistic of 15 A Type I error is rejecting the null hypothesis when it was true and a Type II error is accepting the alternative hypoth

56、esis when it is false When the sample Z-statistic is greater than the critical Z-statistic in a two-tailed test you should reject the null hypothesis and accept the alternative hypothesis A I and III onlyB II and IV onlyC II III and IV onlyD I II III and IVQuestion 34 - 29392 All of the following ar

57、e properties of the student抯 t-distribution EXCEPT it A is symmetricalB has "fatter tails" than a normal distributionC is defined by a single parameter the degrees of freedom df D is a normal distributionQuestion 35 - 29393 The mean return of Bartlett Co is 3 percent and the standard deviation is 6 percent based on 20 monthly returns What is the standard erro