CFA考試三級模擬試題精選0402-1

1、A. CFA考試三級模擬試題精選0402-1（附詳解）1、【單選題】LiquidityAllocationIndexweight正確答案:A答案侶軍析:Aiscorrect.ThemaximumpositionsizeinsharesofPasliantCorporation(PC)is2、WhichofthefollowingstatementsclearlyconflictswiththerecommendedproceduresforcompliancepresentedintheCFAInstituteStandardsofPracticeHandbook?【單選題】Firmsshou

2、lddisclosetoclientsthepersonalinvestingpoliciesandproceduresestablishedfortheiremployees.B. Priorapprovalmustbeobtainedforthepersonalinvestmenttransactionsofallemployees.C. Forconfidentialityreasons,personaltransactionsandholdingsshouldnotbereportedtoemployersunlessmandatedbyregulatoryorganizations.

3、正確答案:C答案解析:ThecorrectanswerisC.Thisquestionasksaboutcomplianceproceduresrelatingtopersonalinvestmentsofmembersandcandidates.ThestatementinanswerCclearlyconflictswiththerecommendedproceduresintheStandardsofPracticeHandbook.Employersshouldcomparepersonaltransactionsofemployeeswiththoseofclientsonaregu

4、larbasisregardlessoftheexistenceofarequirementbyanyregulatoryorganization.Suchcomparisonsensurethatemployees'personaltradesdonotconflictwiththeirdutytotheirclients,andthecomparisonscanbeconductedinaconfidentialmanner.ThestatementinanswerAdoesnotconflictwiththeproceduresintheHandbook.Disclosureof

5、suchpolicieswillgivefullinformationtoclientsregardingpotentialconflictsofinterestonthepartofthoseentrustedtomanagetheirmoney.AnswerBisincorrectbecausefirmsareencouragedtoestablishpolicieswherebyemployeescleartheirpersonalholdingsandtransactionswiththeiremployers.3、WithregardtoGreenNote'sfive-yea

6、rinvestmentperformancehistory,KimisinconsistentwiththeCFAInstituteStandardsofProfessionalConductconcerningwhichofthefollowing?【單選題】PerformanceasahedgefundmanagerSimulatedperformanceofcurrentstrategyPerformancewhenshewasanequityportfoliomanager正確答案:C答案解析:Showingpastperformanceoffundsmanagedatapriorfi

7、rmaspartofaperformancetrackrecordispermissibleunderStandardIII(D)Presentationonlyaslongasshowingthatrecordisaccompaniedbyappropriatedisclosuresaboutwheretheperformancetookplaceandtheperson'sspecificroleinachievingthatperformance,whichKimdidnotdo.Inaddition,thematerialusedtocreatethisperformancer

8、ecordisthepropertyofKim'sformeremployer,sotousethisrecord,sheshouldhaveobtainedpermissiontodosobutdidnotasrequiredbyStandardIV(A)Loyalty.A. 4、ThestyleoftheCanadianequitiesportfoliomanagerismostlikely:【單選題】growth.B. marketoriented.C. value.正確答案:B答案侶軍析:Theportfoliomanageriswillingtobuybothvalueand

9、growthstocks(regardlessofP/E).Hefocusessolelyonwhetherthestockistradingbelowitsintrinsicvalue.Thisapproachisalsoknownasablendorcorestylewithreferencetoequityinvesting,whichisanintermediategroupingforinvestmentdisciplinesthatcannotbeclearlycategorizedasvalueorgrowth.A. 5、【單選題】isunaffectedbystocksspli

10、ts.B.B. holdsthesamenumberofsharesineachcomponentstock.正確答案:C答案解析:Ciscorrect.TheinitialbenchmarkusedfortheUSlarge-capallocationisaprice-weightedindex.Ina6、BasedonExhibit1,andmeetingtheBarksdales'targetequityaUocOfi®foratiA. 35.0%.B. 54.5%.C. 56.1%.正確答案:C答案解析:Ciscorrect.Theequityallocationof

11、theBarksdale'sfinancialcapitaliscalculatedas7、Regardingtheapproachestoeconomicforecasting,thestatementbywhichanalystismostaccurate?【單選題】PoulsenTuocSpenser正確答案:C答案解析:Spenser'sstatementismostaccurate.Intheeconomicindicatorsapproach,forexample,thecompositeofleadingeconomicindicatorsisbasedonana

12、nalysisofitsforecastingusefulnessinpastcycles.Theindicatorsareintuitive,simpletoconstruct,requireonlyalimitednumberofvariables,andthird-partyversionsarealsoavailable.A. 8、【單選題】$55.B. $67.50.C. $80.A. 正確答案:B答案侶軍析:Biscorrect.The$67.50calloptionisapproximatelyat-the-money,asWalnutsharepriceiscurrently9

13、、WhichofRadia'spointsregardingthechoiceofabenchmarkisthemostaccurate?Hispointregardingthe:【單選題】medianmanagerorfund.B. absolutereturnobjective.C. styleindex.正確答案:C答案侶軍析:Theabilityofstyleindexestopasstestsofbenchmarkvaliditycanbeproblematicasthedefinitionofinvestmentstyleimpliedinthebenchmarkmaybeambiguousorinconsistentwiththeinvestmentprocessofthemanagerbeingevaluated.A. 10、【單選題】custombenchmarkweightsandcompon