CFA考試LevelⅠ歷年真題詳解2015LevelⅠMockExamAfternoonSession

2015LevelIMockExam:AfternoonSession1.CarolinaOchoa,CFA,isthechieffinancialofficeratPantagoniaComputing.OchoaiscurrentlythesubjectofaninquirybyPantagonia'scorporateinvestigationsdepartment.TheinquiryistheresultofananonymouscomplaintaccusingOchoaoffalsifyingtravelexpensesforseniormanagementrelatedtoagovernmentcontract.AccordingtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,itismostappropriateforOchoatodisclosetheallegations:toCFAInstitutewhentheinvestigationconcludes.onherProfessionalConductStatement.toCFAInstituteiftheallegationsareprovencorrect.【答案】B【解析】Membersandcandidatesmustself-discloseontheannualProfessionalConductStatementallmattersthatquestiontheirprofessionalconduct,suchasinvolvementincivillitigationorcriminalinvestigationsorbeingthesubjectofawrittencomplaint.CFALevelI"CodeofEthicsandStandardsofProfessionalConduct"2.IleanaInkster,CFA,wasrecentlyofferedaseniormanagementpositionwithinthetrustdepartmentataregionalbank.Thedepartmentisnew,butthebankhasplanstoexpanditsignificantlyoverthenextfewmonths.Inksterhasbeentoldshewillbeexpectedtohelpgrowtheclientbaseofthetrustdepartment.Sheisinformedthatthetrustdepartmentplanstoconducteducationalseminarsandpursuetheattendeesasnewclients.Inksternoticesthatrecentseminaradvertisementspreparedbythebank'smarketingdepartmentdonotmentioninvestmentproductswillbeforsaleattheseminar.Theadsindicateattendeescan"learnhowtoimmediatelyadd$100,000totheirnetworth."WhatshouldInkstermostlikelydotoavoidviolatinganyCFAInstituteStandardsofProfessionalConduct?DeclinetoacceptthenewpositionAcceptthepositionandinformseniormanagementofinadequatecomplianceproceduresC.Acceptthepositionandrevisethemarketingmaterial【答案】A【解析】Theprospectivesupervisor'sfirststepshouldbetonottaketheposition.AcceptingthepositionwithinadequateproceduresinplaceorimpropermarketingmaterialwouldleaveInksteratriskofincurringaviolationofStandardIV(C)-ResponsibilitiesofSupervisors.Shecouldagreetobehiredasaninterimconsultantwiththebankinordertoimplementadequateproceduresbeforetakingonanysupervisoryrole.CFALevelI"GuidanceforStandardsI-VII"StandardIV(C)-ResponsibilitiesofSupervisors3.BethKozniak,aCFAcandidate,isanindependentlicensedrealestatebrokerandawell-knownpropertyinvestor.Sheiscurrentlybrokeringthesaleofacommercialpropertyonbehalfofaclientinfinancialdistress.Iftheclient'sbuildingisnotsoldwithin30days,hewilllosethebuildingtothebank.Ayearearlier,anotherclientofKozniak'shadexpressedinterestinpurchasingthissameproperty.However,sheisunabletocontactthisclient,andshehasnotdiscoveredanyotherpotentialbuyers.Givenherdistressedclient'slimitedtimeframe,Kozniakpurchasesthepropertyherselfandforgoesanysalescommission.Sixmonthslater,shesellsthepropertyforaniceprofittotheclientwhohadearlierexpressedinterestintheproperty.HasKozniakmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?NoYes,shedidnotdiscloseherpotentialconflictsofinteresttoeitherclientYes,sheprofitedontherealestatetothedetrimentofherfinanciallystressedclient【答案】A【解析】KozniakdoesnotappeartohaveviolatedanyCFAInstituteStandardsofProfessionalConduct.BecausesheisknowninthemarketforinvestingandbrokeringpropertyandbothpartieshaveworkedwithKozniakinthepast,bothpartieswouldknowofherinterests.Inaddition,inbothcases,sheactsforherownaccountasaprimaryinvestor,notasabroker.Shebuysthepropertyforherownportfolioandthensellsthepropertyfromherownportfolio.Therefore,KozniakdidnotviolateStandardVl(A)-DisclosureofConflicts.Whenshepurchasedthepropertyforherportfolio,shesavedherclientfromlosingthebuildingtothebankanddidnotchargeasalescommission.Becausethesaleofthepropertytoherotherclientdidnottakeplaceuntilsixmonthsafterherpurchase,andshewasunabletocontacttheclientwhohadearlierexpressedinterestpriortoherpurchase,shecannotbeaccusedofviolatingStandardIIl(A)-Loyalty,Prudence,andCarewitheitherclient.CFALevelI"GuidanceforStandardsI-VII"StandardIII(A)-Loyalty,Prudence,andCare,StandardVl(A)-DisclosureofConflictsMariamMusa,CFA,headofcomplianceatDunfieldBrokers,questionshercolleagueOmarKassim,aCFAcandidateandaresearchanalyst,abouthispurchaseofsharesinacompanyforhisownaccountimmediatelybeforehepublishesa"buy"recommendation.HedefendshisactionsbystatinghehasdonenothingwrongbecauseDunfielddoesnothaveanypersonaltradingpoliciesinplace.TheCFAInstituteStandardsofProfessionalConductweremostlikelyviolatedby:A.onlyKassim.B.bothMusaandKassim.C.onlyMusa.【答案】B【解析】BothMusaandKassimviolatedtheStandardsofProfessionalConduct.MusaviolatedStandardIV(C)-ResponsibilitiesofSupervisorsbynotensuringpolicieswereinplacetopreventviolationsoftheStandardsofProfessionalConduct(inthiscase,StandardVl(B)-PriorityofTransactions)bysomeonesubjecttohersupervision.Astheheadofcompliance,MusasupervisedKassimandmustmeethersupervisoryresponsibilitiesoutlinedintheStandardsofProfessionalConduct.KassimviolatedStandardVl(B)-PriorityofTransactionsbecausehedidnotgivesufficientprioritytoDunfield'sclientsbeforetradingonhisrecommendation.CFALevelI"GuidanceforStandardsI-VII"StandardIV(C)-ResponsibilitiesofSupervisors,StandardVl(B)-PriorityofTransactionsWhichofthefollowingstatementsdoesnotaccuratelyrepresenttheobjectivesofGlobalInvestmentPerformanceStandards(GIPS)?TheGIPSstandards:A.ensureconsistent,accurateinvestmentperformancedataintheareasofreporting,records,marketing,andpresentations.B.obtainglobalacceptanceofcalculationandpresentationstandardsinafair,comparableformatwithfulldisclosure.C．promotefaircompetitionamonginvestmentmanagementfirmsinallmarketsbyrequiringcommonfeestructures.【答案】C【解析】OneoftheobjectivesoftheGIPSstandardsistopromotefaircompetitionamonginvestmentmanagementfirmsinallmarkets;thisobjectivedoesnotrequireunnecessaryentrybarriersorhurdlesfornewfirms,suchascommonfeestructures.CFALevelI"TheGIPSStandards,"CFAInstituteFundamentalsofComplianceJamesSimone,CFA,thechieffinancialofficerofapubliclylistedcompany,seekstoimprovethequalityofhiscompany'scommunicationwithinstitutionalfundmanagers.Heholdsaninvestorbriefingwiththisgrouptheeveningbeforethecompanyearningsareannounced.Thecompany'squarterlyearningsarebroadcastinapressreleasethenextdaybeforethemarketopens.Theearningsinformationintheinvestorbriefingisidenticaltothatinthepressrelease.DidSimonemostlikelyviolatetheCFAInstituteStandardsofProfessionalConduct?YesNo,becausethecompanyreleasesinformationwhilethemarketisclosedNo,becauseinvestorbriefingandpressreleaseinformationareidentical【答案】A【解析】SimoneviolatedStandardII(A)-MaterialNonpublicInformationbygivinginstitutionalfundmanagersaccesstomaterialnonpublicinformationpriortopublicdissemination(i.e.,thepressrelease).Byreleasingearningsresultstoaselectgroupofinstitutionalfundmanagerspriortoapublicpressrelease,Simoneallowstheinstitutionalfundmanagersatimeadvantageoverotherinvestorsnotinvitedtotheinvestorbriefing.CFALevelI"GuidanceforStandardsI-VII"StandardII(A)-MaterialNonpublicInformationDianaFairbanks,CFA,ismarriedtoanauditorwhoisemployedatalargeaccountingfirm.Whenherhusbandmentionsthatacomputerfirmheauditswillreceiveaqualifiedopinion,shethinksnothingofit.Laterthatweek,whenshereviewsanewclientaccount,shenoticestherearesubstantialholdingsofthiscomputerfirm.Whenshedoesathoroughinternetsearchfornewsonthecompany,shedoesnotfindanythingaboutitsmostrecentauditoranyotheradverseinformation.WhichofthefollowingactionsconcerningthecomputerstockshouldFairbanksmostlikelytaketoavoidviolatingtheCFAInstituteStandardsofProfessionalConduct?A.Completeathoroughanddiligentanalysisofthecompanyandthensellthestock.Sellthestockimmediatelybecauseshehasareasonablebasisfortakingthisinvestmentaction.Takenoinvestmentaction.【答案】C【解析】Theinformationconcerningthequalifiedopinionismaterial.Itisalsononpublicbecauseithasnotbeenreleasedandisnotavailableonline,sothemosaictheorywouldnotholdupinthiscase.Asaresult,shewouldbeinviolationofStandardII(A)-MaterialNonpublicInformationifshetookinvestmentactionbasedonthisinformation.Sheshouldalsomakereasonableeffortstoachievepublicdisseminationoftheinformation.CFALevelI"GuidanceforStandardsI-VII"StandardII(A)MaterialNonpublicInformationMargieGermainne,CFA,isariskmanagementconsultantwhohasbeenaskedbyasmallinvestmentbanktorecommendpoliciestopreventbankemployeesfromfrontrunningclientorders.Theseclientsgenerallyinvestinoneormoreofthebank'slargecapequityunittrusts.ToensurecompliancewiththeCFAInstituteStandardsofProfessionalConduct,Germainneshouldleastlikelyrecommendwhichofthefollowing?Employeesshouldberestrictedfromtrading:A.equity-relatedsecurities.B.withoutpriorpermission.C.duringestablishedtimeperiods.【答案】A【解析】AlthoughStandardVI(B)-PriorityofTransactionsisdesignedtopreventanypotentialconflictofinterestortheappearanceofaconflictofinterestwithrespecttopersonaltransactions,itdoesnotbanemployeesfromtradingsecurities.Abanonallequity-relatedsecuritiescouldbeexcessivelyrestrictivetoemployeesandunnecessaryifappropriatepersonaltransactionpoliciesandproceduresareinplace.CFALevelI"GuidanceforStandardsI-VII"StandardVI(B)-PriorityofTransactionsMollyBurnett,CFA,isaportfoliomanagerforafundthatonlyinvestsinenvironmentallyfriendlycompanies.Amultinationalutilitycompanyrecentlyacquiredoneofthefund'sbest-performinginvestments,awindpowercompany.Thewindpowercompany'sshareholdersreceivedutilitycompanysharesaspartofthemergeragreement.Theutilityhasoneoftheworstenvironmentalrecordsintheindustry,butitsshareshavebeenoneofthetopperformersoverthepast12months.Becausetheutilitypaysahighdividendeverythreemonths,Burnettholdstheutilitysharesuntiltheremainingtwodividendsarepaidfortheyearthensellstheshares.BurnettmostlikelyviolatedtheCFAInstituteStandardofProfessionalConductconcerning:DisclosureofConflicts.Suitability.IndependenceandObjectivity.【答案】B【解析】Theutilityisnotasuitableinvestmentforafundthatonlyinvestsincompanieswithgoodenvironmentalrecords.Continuingtoholdthisinvestment,therefore,wasaviolationofStandardIII(C)-Suitability.CFALevelI"GuidanceforStandardsI-VII"StandardI(B)-IndependenceandObjectivity,StandardIIl(C)-Suitability,StandardVI(A)-DisclosureofConflicts10.JohannesMeir,CFA,isacomplianceofficerforFamilyEstatePlanning,LLC,aprivatewealthconsultingfirm.Manyofhiscolleagueshavefamilymemberswhohavestartedtheirownretailbusinesses.SomeofMeir'scolleagueshavebeenaskedbyrelativestoserveasnon-executivedirectorsoradviserstotheircompanies.MeirshouldmostlikelyrecommendwhichofthefollowingpoliciestoensurecompliancewiththeCFAInstituteStandardsofProfessionalConduct?RequireemployeestodeclareallincomesourcesannuallyRequireemployeestodeclarealloutsidebusinessinterestsProhibitemployeesfrombecomingdirectorsoradvisers【答案】B【解析】StandardVI(A)-DisclosureofConflictsrequiresthedisclosureofconflicts.ForMeirtounderstandwhatpotentialconflictsofinterestemployeesmayhavewiththefirmandwiththeirclients,hewouldneedtoknowtheoutsideinterestsofeachstaffmember.Thestaffmembersthemselvesmaynotknowenoughaboutthecompanyanditsclientstodisclosethoseintereststhatwouldpresentapotentialconflict.Therefore,itmaybebesttohaveallemployeesdeclaretheiroutsidebusinessinterestsonanannualbasissoMeircanmakethedeterminationastowhatoutsidebusinessinterestsneedtobedisclosedtoclients.CFALevelI"GuidanceforStandardsI-VII"StandardW(A)-DisclosureofConflictsWhichofthefollowingstatementsconcerningrequirementsunderStandardV(B)-communicationwithClientsandProspectiveClientsisleastlikelyaccurate?Thisstandardrequiresmembersandcandidatesto:A.divulgethenumberofinvestmentrelatedpersonnelresponsibleforexternalcommunication.B.distinguishbetweenfactandopinioninthepresentationofinvestmentanalysisandrecommendations.C.disclosethebasicformatandgeneralprinciplesoftheinvestmentprocess.【答案】A【解析】StandardV(B)-CommunicationwithClientsandProspectiveClientsdoesnotlimitthetypeornumberofstaffresponsibleforexternalcommunication.CFALevelI"StandardsofProfessionalConduct,"CFAInstituteStandardV(B)-CommunicationwithClientsandProspectiveClientsGabrielleGabbe,CFAhasbeenaccusedofprofessionalmisconductbyoneofhercompetitors.TheallegationsconcernGabbe'spersonalbankruptcyfiling10yearsagowhenshewasacollegestudentandhadalargeamountofmedicalbillsshecouldnotpay.Bynotdisclosingthebankruptcyfilingtoherclients,didGabbemostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?NoYes,relatedtoMisconductC.Yes,relatedtoMisrepresentation【答案】A【解析】ApersonalbankruptcydoesnotnecessarilyconstituteaviolationofStandardI(C)-MisrepresentationorStandardI(D)-Misconduct.Ifthecircumstancesofthebankruptcyinvolvedfraudulentordeceitfulbusinessconduct,thenfailingtodiscloseitmayconstituteaviolationoftheStandardsofProfessionalConduct.CFALevelI"GuidanceforStandardsI-VII"StandardI(C)-Misrepresentation,StandardI(D)-MisconductChanLiu,CFA,isthenewresearchmanageratthePacificMicroCapFund.Liuobservedthefollowingactivitiesaftershepublishedaresearchreportonathinlytradedmicro-capstockthatincludeda"buy"recommendation:?PacifictraderspurchasedthestockforPacific'sproprietaryaccountandthenpurchasedthesamestockforallclientaccounts;?AndPacificmarketingdepartmentemployeesdisseminatedpositive,butfalse,informationaboutthestockinwidelyreadinternetforums.Liunotesthestock'spriceincreasedmorethan50%withinaperiodoftwodaysandwasthensoldforPacific'saccount.WhichofthefollowingstepsismostappropriateforLiutotaketoavoidviolatingtheCFAInstituteStandardsofProfessionalConduct?Removehernamefromthemicro-capstockresearchreport.Publiclyrefutethefalseinformationpostedoninternetforums.Reporttheobservedactivitiestoheremployer.【答案】C【解析】CertainstaffatLiu'semployerappeartobeengagedinfrontrunning,aviolationofStandardVI(B)-PriorityofTransactions,andmarketmanipulation,aviolationofStandardII(B)-MarketManipulation.IfLiuobservestheseviolationswithouttakingstepstonotifyheremployer,shewillbeinviolationofStandardI(A)-KnowledgeoftheLaw.Liushouldknowthattheconductobservedislikelyaviolationofapplicablelaws,rules,andregulationsaswellasaviolationoftheCFAInstituteStandardsofProfessionalConduct.Herfirststep,therefore,shouldbetoattempttostopthebehaviorbybringingittotheattentionoftheemployerthroughasupervisororthefirm'scompliancedepartment.Inactionmaybeconstruedasparticipationorassistanceintheillegalorunethicalconduct.CFALevelI"GuidanceforStandardsI-VII"StandardI(A)-KnowledgeoftheLaw,StandardII(B)-MarketManipulation,StandardVI(B)-PriorityofTransactionsFrancescaNdenda,CFA,andGraceRutabingwaworkinthesamedepartmentforNewAgeManagers,withRutabingwareportingtoNdenda.NdendalearnsthatRutabingwareceivedaNoticeofEnquiryfromtheProfessionalConductProgramatCFAInstituteregardingapotentialcheatingviolationwhenshesatfortheCFAexaminJune.AsRutabingwa'ssupervisor,NdendaisafraidthatRutabingwa'sbehaviorwillbeseenasaviolationoftheCodeandStandards.DoesNdendamostlikelyhavecauseforconcern?No,notuntilRutabingwaisfoundguiltyofcheatingYesNo,becauseherresponsibilitiesdonotapply【答案】C【解析】Asupervisor'sresponsibilitiesrelatetodetectingandpreventingviolationsbyanyonesubjecttotheirsupervisionorauthorityregardingactivitiestheysupervise.Ndendahadnowayofdetectingand/orpreventingRutabingwafromcheatingduringtheCFAexam,ifinfactthatiswhatshedid,becauseitwasaneventshedidnotattend.CFALevell"GuidanceforStandardsI-VII,"CFAInstituteStandardlV(C)AccordingtheGIPSstandards,forperiodsbeginningonorafter1January2011,theaggregatefairvalueoftotalfirmassetsmostlikelyincludesall:fee-payingdiscretionaryaccounts.fee-andnon-fee-payingdiscretionaryaccounts.fee-andnon-fee-payingdiscretionaryandnon-discretionaryaccounts.【答案】C【解析】Forperiodsbeginningonorafter1January2011,totalfirmassetsmustincludetheaggregatefairvalueofalldiscretionaryandnon-discretionaryassetsmanagedbythefirm.Thisincludesbothfee-payingandnon-fee-payingportfolios.CFALevelI"GlobalInvestmentPen?ormanceStandards(GIPS)”GIPSRequirement0A13WhichofthefollowingstatementsconcerningwhytheGloballnvestmentPerformanceStandards(GIPS)werecreatedisleastlikelycorrect?TheGIPSstandardswerecreatedto:provideclientscertaintyinwhatispresentedandallowthemtomakereasonablecomparisons.establishastandardized,industrywideapproachforinvestmentfirmstofollow.identifyasetofethicalprinciplesforfirmstofollowincalculatingandpresentinghistoricalinvestmentresults.【答案】A【解析】TheGIPSstandardswerecreatedtoensurefairrepresentationandfulldisclosureofinvestmentperformance,nottoprovidecertaintyinwhatispresented.CFALevelI"IntroductiontotheGlobalInvestmentPerformanceStandards(GIPS),"CFAInstituteWhyWeretheGIPSStandardsCreated?JanLoots,CFA,quithisjobasaportfoliomanagerataninvestmentfirmwithwhomhehadanon-solicitationagreementhesignedseveralyearsago.Lootsreceivedpermissiontotakehisinvestmentperformancehistorywithhimandalsotookacopyofthefirm'ssoftware-tradingplatform.Subsequently,Lootssentoutmessagesonsocialmediasitesannouncinghewaslookingforclientsforhisnewinvestmentmanagementfirm.AccesstoLoots'ssocialmediasitesisrestrictedtofriends,family,andformerclients.LootsleastlikelyviolatedtheCFAInstituteStandardsofProfessionalConductconcerninghis:A.non-solicitationagreement.B.investmentperformancehistory.C.tradingsoftware.【答案】B【解析】Theportfoliomanagerreceivedpermissiontousehisinvestmentperformancehistoryfromhisprioremployer.Thememberviolatedhisnon-solicitationagreementbyindicatinghisavailabilitytonewclientsonseveralsocialmediasitesaccessiblebyclientsofhisformeremployer.ThisactionisaviolationofStandardIV(A)-Loyaltybecausehedidnotactforthebenefitofhisformeremployer.Inthiscase,themembermaycauseharmtohisformeremployerifhismessagesresultinclientsmovingtohisnewbusinessfromhisformeremployer.ThememberalsoviolatedStandardIV(A)bytakinghisemployer'sproperty,thetradingsoftware.CFALevelI"GuidanceforStandardsI-VII"StandardIV(A)-Loyalty18.SergioMorales,CFA,believeshehasfoundevidencethathissupervisorisengagedinfraudulentactivityinvolvingaclient'saccount.WhenMoralesconfrontshissupervisor,heistoldtheclientisfullyawareoftheissue.Laterthatday,Moralescontactstheclientandafterdisclosingthefraudulentactivity,heistoldbytheclienttomindhisownbusiness.Followingtherequirementsoflocallaw,Moralesprovidesallofhisevidence,alongwithcopiesoftheclient'smostrecentaccountstatements,toagovernmentwhistleblowerprogram.HasMoralesmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?NoYes,concerningDutiestoEmployersYes,concerningPreservationofConfidentiality【答案】A【解析】BecauseMoralesbelieveshissupervisorandpotentiallytheclientareengagedinfraudulentactivityandfollowingtherequirementsoflocallaw,hehasnotviolatedStandardIIl(E)-PreservationofConfidentialityorStandard(V)-DutiestoEmployers.CFALevelI"GuidanceforStandardsI-VII"StandardIII(E)PreservationofConfidentiality,Standard(IV)DutiestoEmployers,Standard(V)DutiestoEmployers19.Forapositivelyskewedunimodaldistribution,whichofthefollowingmeasuresismostaccuratelydescribedasthelargest?MedianMeanC.Mode【答案】B【解析】Forapositivelyskewedunimodaldistribution,themodeislessthanthemedian,whichislessthanthemean.CFALevelI"StatisticalConceptsandMarketReturns,"RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection8Atechnicalanalystobservesaheadandshoulderspatterninastockshehasbeenfollowing.Shenotesthefollowinginformation:Headprice$83.50Shoulderprice$72.00Necklineprice$65.75Currentprice$64,00Basedonthisinformation,herestimateofthepricetargetisclosestto:$59.50.$48.00.$44.50.【答案】B【解析】Pricetarget=Neckline-(Head-Neckline).Inthisexample,Pricetarget=：r.s’.，二」；.：.；；，. i：■匚n.CFALevelI"TechnicaiAnalysis,"BarryM.SineandRobertAStrongSection21.Thefollowingsampleof10itemsisselectedfromapopulatian.Thepopulationvarianceisunknow.10|20I8I2|-9I5I0I-8I3|21|Thestandarderrorofthesamplemeanisclosestto:A.10.84B.3.43C.3.60【答案】B【解析】Whenthepopulatianvarianceisunkown,thestandarderrorofthesamplemean_Jiscalculatedas「=,wheresisthesamplestandarddeviationandnisthesizeofthesample.Thesamplestandarddeviationis.Inthisproblem,x=(io+20-fl+2-9*5+o-a+3+21)/10=36DeviationfromMeanSquaredDeviation(10-3.6)=646.4^=40.96(20-3.6)=16.416.4^=268.96(-8-3.6)=-11.6-11.62=134.56(2-3.6)=-1.6-1.6'=2.56(-9-3.6)=-12.6-12.6'=158.76(5-3.6)=1.41.4'=1.96(0-3.6)=-3.6-3.6^=12.96(-8-3.6)=-11.6-11.62=134.56(3-3.6)=-0.6-0.6"=0.36(21-3.6)=17.4174J30276Total1058.4Variance1058.4/9=117.6Standarddeviation(s):V117.6=10,844Thestandarderrorofthesamplemeanistherefore10.844/10°彳3.42923.43.CTALevelI"SamplingandEstimation,"RichardADeFusco,DennisW.McLeavey,JeraldEPinto,andDavidE.RunkleSection3.1Aportfoliomanagerestimatestheprobabilitiesofthefollowingeventsforamutualfund:?EventA:thefundwillearnareturnof5%.?EventB:thefundwillearnareturnbelow5%Theleastappropriatedescriptionoftheeventsisthattheyare:dependent.exhaustive.mutuallyexclusive.【答案】B【解析】Eventsareexhaustivewhentheycoverallpossibleoutcomes.Mutuallyexclusivemeansthatonlyoneeventcanoccuratatime.Twoeventsaredependentiftheoccurrenceofoneeventdoesaffecttheprobabilityofoccurrenceoftheotherevent.Inthissituation,EventAandBarebothmutuallyexclusive(becausetheycannotoccuratthesametime)anddependent(becauseifoneeventoccurs,theprobabilityoftheotherbecomeszero).However,thetwoeventsarenotexhaustivebecausetheydonotcovertheeventthatthefundwilleamaretumabove5%.CFALevelI"ProbabilityConcepts,"RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection223.Thefollowingchartisbestdescribedasanexampleofwhichtypeoftechnicalanalysischart?AcandlestickchartAbarchartApointandfigurechart【答案】A【解析】Thechartisanexampleofacandlestickchart.Acandlestickchartprovidesfourpricesperdatapointentry:theopeningandclosingpdcesandthehighandlowpricesdudngtheperiod(i.e.,duringaweek).Inacandlestickchart,averticallinerepresentstherangethroughwhichthesecuritypricetraveledduringthetimeperiod.Thelineisknownasthewickorshadow.Thebodyofthecandleisshadediftheopeningpricewashigherthantheclosingprice,andthebodyiscleariftheopeningpricewaslowerthantheclosingprice.CFALevelI"TechnicalAnalysis,"BarryM.SineandRobertA.StrongSection3.1.3Insettingtheconfidenceintervalforthepopulationmeanofanormalorapproximatelynormaldistribution,andgiventhatthesamplesizeissmall,Student'st-distributionisthemostappropriateapproachwhenthevarianceis:A.unknown.B.large.C.known.【答案】A【解析】Whenthesamplesizeissmall(andthepopulationisnormallyorapproximatelynormallydistributed),theStudent'st-distributionispreferredifthevarianceisunknown.CFALevelI"SamplingandEstimation,"RichardA.DeFusco,DennisW.McLeaveyJeraldE.Pinto,andDavidE.RunkleSection4.2Astockisdeclininginpriceandreachesapricerangewhereinbuyingactivityissufficienttostopthedecline.Thisrangeisbestdescribedasthe:A.changeinpolaritypoint.B.resistancelevel.C.supportlevel.【答案】C【解析】Thesupportlevelisdefinedtobealowpricerangeinwhichbuyingactivityissufficienttostopthedeclineinprice.CFALevelI"TechnicalAnalysis,"BarryM.SineandRobertA.StrongSection3.2Ananalystcollectsdatarelatingtofivecommonlyusedmeasuresoffinancialleverageandinterestcoverageforarandomlychosensampleof300firms.Thedatacomefromthosefirms'fiscalyear2013annualreports.Thesedataarebestcharacterizedas:timeseries.longitudinal.crosssectional.【答案】C【解析】Dataonsomecharacteristicsofcompaniesatasinglepointintimearecross-sectionaldata.CFALevelI"SamplingandEstimation,"RichardA.Defusco,DennisW.McLeaveyJeraldE.Pinto,andDavidE.RunkleSection2.3Asampleof25observationshasameanof8andastandarddeviationof15.Thestandarderrorofthesamplemeanisclosestto:A.1.60.B.3.00.C.3.06.【答案】B【解析】Thestandarderrorofthesamplemean,whenthesamplestandarddeviationisknown,is:Sj(—三.Inthiscase,$￥=冬=3.00.CFALevell"SamplingandEstimation,"RichardA.DeFusco,DennisW.McLeaveyJeraldE.Pinto,andDavidE.RunkleSection3.1Ifastock'scontinuouslycompoundedreturnisnormallydistributed,thenthedistributionofthefuturestockpriceisbestdescribedasbeing:aStudent'st.Iognormal.C.normal.【答案】B【解析】Ifastock'scontinuouslycompoundedreturnisnormallydistributed,thenthefuturestockpriceisnecessarilyIognormallydistributed.CFALevelI"CommonProbabilityDistributions,"RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection3.4Independentsamplesdrawnfromnormallydistributedpopulationsexhibitthefollowingcharacteristics:Assumingthatthevariancesoftheunderlyingpopulationsareequal,thepooledestimateofthecommonvarianceis2,678.05.Thet-teststatisticappropriatetotestthehypothesisthatthetwopopulationmeansareequalisclosestto:9.0.94.【答案】C【解析】Thet-statisticforthegiveninformation(normallydistributedpopulations,populationvariancesassumedequal)iscalculatedas:Inthiscase,wehave:s2P=2678.05.(200-185)-(0)t=- - =0.93768?0.94<2678.05+2678.05、"CFALevelI"HypothesisTesting,"RichardA.DeFusco,DennisW.McLeaveyJeraldE.Pinto,andDavidERunkleSection32Thefollowinginformationisavailableforaportfolio:Thereturnontheportfolioisclosestto:10.0%.82%10.8%.【答案】C【解析】Theportfolioreturnistheweightedmeanreturnandiscalculatedasfollows:X=2"WjXi=(0.45X16)4-(0.25X12)+(030X2)=10.8%wi=iCFALevelI"StatisticalConceptsandMarketReturns,"RichardA.DeFusco,DennisW.McLeaveyJeraldE.Pinto,andDavidE.RunkleSection5.4.1Asampleof240managedportfolioshasameanannualreturnof0.11andastandarddeviationofreturnsof0.23.Thestandarderrorofthesamplemeanisclosestto:A.0.00096.0.00710.0.01485.【答案】C【解析】Forasample,thestandarderrorofthemeanis"弁一員wheresisthesamplestandarddeviationandnisthesamplesize),whichhereis: 口工;74n二Q04：于CFALevelI"SamplingandEstimation,"RichardA.DeFusco,DennisW.McLeaveyJeraldE.Pinto,andDavidE.RunkleSection3.132.Atwo-tailedt-testofthehypothesisthatthepopulationmeandiffersfromzerohasap-valueof0.0275.Usingasignificancelevelof5%,themostappropriateconclusionis:A.toacceptthenullhypothesis.B.torejectthenullhypothesis.C.thatthechosensignificancelevelistoohigh.【答案】B【解析】Thep-valueisthesmallestlevelofsignificanceatwhichthenullhypothesiscanberejected.Inthiscase,thegivenp-value(0.0275)islessthanthegivenlevelofsignificance(0.05);therefore,thenullhypothesisisrejected.CFALevelI"HypothesisTesting,"RichardA.DeFusco,DennisW.McLeaveyJeraldE.Pinto,andDavidE.RunkleSection2Whichofthefollowingistheleastlikelyoutcomewhenamonopolistadoptsfirst-degreepricediscriminationbecauseofcustomers'differingdemandelasticities?Themonopolistsharesthetotalsurpluswithconsumers.Theoutputincreasestothepointatwhichpriceequalsthemarginalcost.Thepriceforamarginalunitdecreasestolessthanthepriceforotherunits.【答案】A【解析】Inamonopoly,perfectpricediscriminationresultsinthetotalsurplusbeingkeptbytheproducer,themonopolist.CFALevelI"TheFirmandMarketStructures,"byRichardG.FritzandMicheleGamberaSection6.4Theprimarymonetarypolicygoalofmostmajorcentralbanksisbestcharacterizedas:A.maintainingpricestability.B.stimulatingeconomicgrowth.C.maintaininglowinterestrates.【答案】A【解析】Theprimarymonetarypolicygoalofmostmajorcentralbanksistomaintainpricestability.CFALevell"MonetaryandFiscalPolicy,"AndrewClareandStephenThomasSection2.3Whichofthefollowingisleastlikelytobeavalidfunction/characteristicofmoney?Money:requiresadoublecoincidenceofwants.actsasaunitofaccount.C.providesastoreofwealth.【答案】A【解析】Thefunctionsofmoneyincludebeingameansofpayment,actingasamediumofexchangeandactingasaunitofaccount.Itdoesnotrequireadoublecoincidenceofwants,asbarterdoessinceiteasilydivisibleandcanactasame