2022年cfa真題-CFA考試真題及答案

2022年cfa真題?CFA考試真題

及答案完整版

1.WeiZhang,CFA,managesaccountsforhighnetworthclients

includinghisownfamily'saccount.Hehasnobeneficialownershipinhis

family,saccount.BecauseZhangisconcernedabouttheappearanceof

improperbehaviorinmanaginghisfamily'saccount,whenhisfirm

purchasesablockofsecurities,Zhangallocatestohisfamily,saccount

onlythosesharesthatremainafterallocationtohisotherclientaccounts.

Thefeeformmanaginghisfamily,saccountisbasedonhisfirm's

normalfeestructure.AccordingtotheStandardsofPracticeHandbook,

Zhang'sbestcourseofactionwithregardtomanagementofhisfamily,

saccountwouldbeto:

A.Continuetomanagehisfamily'saccountbuttreatitlikehis

otherclientaccounts.

B.Discontinuemanagementofhisfamily'saccountandarrangefor

theaccounttobetransferredtoanotherfirm.

C.Discontinuemanagementofhisfamily,saccountandarrangefor

theaccounttobetransferredtoanotherinvestmentmanagerinhisfirm.

【答案】A

2.JohnMaginn,aninvestmentresearcher,whoisaCFA

charterholder,takesatripforwhichhisfirmwillpayalltheexpenses.

Uponhisreturnhealterssomeofthenumbersonrestaurantreceiptsto

inflatetheexpensesby$52,IsthisaviolationrelatingtoProfessional

Misconduct?

A.No,becausetheexpenseinflatedisunder$100.

B.No,ifsuchbehaviorisnotsignificant.

C.Yes,becauseitisacrimeofmoralturpitude.

【答案】C

3.AccordingtotheGlobalInvestmentPerformanceStandards

(GIPS):

A.Compositesmustincludenewportfoliosassoonastheycome

undermanagement.

B.Firmsmaynotsetminimumassetlevelsforportfoliostobe

includedinacomposite.

C.Compositesmustbedefinedaccordingtosimilarinvestment

objectivesand/orstrategies.

【答案】C

4.Severalyearsago,SimonMa,CFA,foundedaninvestmentclub

withthreefriends.Theinvestmentclub'saccountgrewrapidlytoa

substantialsize,buttheclubhasnotactivelytradedtheaccountforat

leastayearanddoesnotplantoresumeactivetradingoftheaccount.

Simon'semployerrequiresanannualdisclosureofemployeestock

ownership.Simondisclosesallofhispersonaltradingaccounts,butdoes

notdisclosehisholdingsintheinvestmentclub.HasSimonmostlikely

violatedanyCFAInstituteStandardsofProfessionalConduct?

A.Yes,withrespecttofiduciaryduty.

B.Yes,withrespecttoselectivedisclosure.

C.Yes,withrespecttoconflictsofinterest.

【答案】C

5.LongmanInvestmentManagementhasestablishedonJanuary1,

1985andhasmaintainedcompositesincetheinceptionofthefirm.

LongmanhasnotbeencompliantwiththeGlobalInvestment

PerformanceStandards(GIPS),butwantstoachievecomplianceasof

January1,2005.Foreachofthefirm'scompositepresentation,the

minimumnumberofGIPS-compliantyearsthatLongmanmustpresentis

closestto:

A.5

B.10.

C.15.

【答案】A

6.HeidiKrueger,CFA,hasdiscretionaryauthorityovertheaccounts

ofJohnson,forwhomshemanagesaportfolioofenergystocks,and

Osaki,forwhomshemanagesadiversifiedportfolioofdomesticand

internationalstocks.Kruegeralwaysseeksthebestpriceandexecution

andhasdisclosedtoallofherclientstheprocessshefollowstomakeuse

ofsoftdollarsandapplythemforthebenefitofherclients.Intheyear

2008,KruegerappliedsoftdollarsgeneratedfromtheJohnsonandOsaki

accountstopurchaseareportontheeconomicimpactofworldevents,

topurchaseananalysisofthedomesticsteelindustry,andtopurchasea

newconferencetableforheroffice.Kruegerwasincompliancewiththe

CodeandStandardsintheyear2008:

A.Onlyifshehadnotusedso代dollarstopayfortheconference

table.

B.Onlyifshehadnotusedsoftdollarstopayfortheconference

tableandhadnotusedsoftdollarsfromthetradingofJohnson's

accounttopayforthereportonthedomesticsteelindustry.

C.Becauseshedisclosedheruseofsoftdollarsandappliedthem

forthedirectandindirectbenefitofherclients.

【答案】A

7.GloriaBrown,CFA,isthefounderandportfoliomanagerofthe

EvergladesFund.Initsfirstyearthefundgeneratedareturnof35%.

Buildingonthefund'sperformance,Gloriacreatednewmarketing

materialsthatshowedthefund'sgross1-yearreturnaswellasthe3-,

and5-yearreturnswhichhecalculatedbyusingback-tested

performanceinformation.Asthemarketingmaterialisusedonlyfor

presentationstoinstitutionalclients,Gloriadoesnotmentionthe

inclusionofback-testeddata.AccordingtotheStandardsofPractice

Handbook,didGloriaviolateanyCFAInstituteStandardsofProfessional

Conduct?

A.No.

B.Yes,becausehedidnotdisclosetheuseofback-testeddata.

C.Yes,becausehefailedtodeductallfeesandexpensesbefore

calculatingthefund'strackrecord.

【答案】B

8.ScottMarshisaresearchanalystforabrokeragefirmfollowing

thecomputerindustry.JoePerryisMarsh'sformercollegeroommate

andistheheadoftechnologyforMercury,alargesoftwarecompany.

PerryinformsMarshonTuesdaythatintwodaysthecompanywillbe

makinganofficialannouncementthatitsreleaseofitsnewestversionof

itssoftwarewillbemoveduponemonth,fromOctober1toSeptember

1.Theannouncementwillbesurprisingtotheindustryandwilllikelybe

metwithskepticismbecausethecompanyhashadtroublemeeting

releasedatesinthepast.PerryassuresMarshthatheiscertainthatthey

willmeettheSeptember1date.MarshconsidersPerrytobeveryhonest

andhighlycompetent.Marshshould:

A.Waituntilthepublicannouncementismade,thenreleasea

reportexplainingthathebelievesthecompanywillmaketherelease

date;disclosingthatoneofthereasonsforhisopinionisPerryisafriend

ofhis.

B.Producehisresearchreportintwodaysbasedsolelyonthe

officialannouncement,nottakingintoconsiderationtheinformation

fromPerry.

C.Waituntilthepublicannouncementismade,thenreleasinga

reportstatingthatheissurethatthecompanywillmakehisreleasedate,

butnotdisclosetherelationshipwithPerry.

【答案】A

9.Wheneveraninvestmentmanagementfirmpresentsinvestment

performanceincompliancewiththeGlobalInvestmentPerformance

Standards(GIPS),itmuststatehowitdefinesitselfasafirm.UnderGIPS,

afirmmaydefineitselfforthepurposeofclaimingGIPScompliance

usinganyofthefollowingoptionsexceptwhen:

A.Anentityisregisteredwiththeappropriatenationalregulatory

authorityoverseeingtheentity'sinvestmentmanagementactivities.

B.Allassetsaremanagedtooneormorebasecurrencies.

C.ThesubsidiaryordivisionofacompanyclaimsGIPScompliance

whentheparentcompanyisGIPScompliant.

【答案】C

10.BillKimm,CFAownsanassetmanagementfirmwithoffices

downtown.Tominimizerentexpenses,eachyearBillshipstheprevious

year'sresearchrecordstoanearbywarehouse.There,thereportsare

digitizedandstoredinbothelectronicandhard-copyforms.Afterfive

years,allpapercopiesaredestroyedandonlyelectroniccopiesare

retained.AreBilTsrecord-retentionproceduresincompliancewiththe

CFAInstituteStandardsofPractice?

A.Yes.

B.No,becausehedidnotretainthecopiesinhisoffices.

C.No,becausehefailedtoretaintheoriginaldocuments.

【答案】A

11.WinJangishisfirm'sresearchdirector,andoneofhisregular

dutiesistodistributeamonthly”Top10BuysandSellsvlistdrawnfrom

companieslistedinHongKong.Onemonth,Jangreadsanacademic

researchpaperdetailingascreeningalgorithm(basedoncompanies1

earnings,depreciation,interestexpense,andcurrentstockprice)that

wasusedtogenerateabnormalprofitsintheGermanstockmarket.Jang

appliesthealgorithm,withoutmakinganychanges,toHongKongstocks,

andusestheresultstoformthemonth'sbuyandselllist.Janghas:

A.Properlyreliedonanotherparty'sresearch.

B.Failedtohaveareasonablebasisforhisinvestment

recommendations,duetodifferencesintheGermanandHongKong

markets.

C.Failedtohaveareasonablebasisforhisinvestment

recommendations,duetotherelianceonaquantitativemodel.

【答案】B

12.AccordingtotheStandardsofPracticeHandbook,members

mustmakeareasonableinquiryintoaclient'sfinancialsituation,and

mustdoallofthefollowingexcept:

A.Considerthesuitabilityofinvestmentrecommendationsforthe

client.

B.Distinguishbetweenfactandopinionwhenmaking

recommendations.

C.Updateinformationintheclient'ssituationatleast

semi-annually.

【答案】C

13.Whichofthefollowingisnotareasonforthecreationofthe

GlobalInvestmentPerformanceStandards(GIPSstandards):

A.Toimproveinvestmentperformanceasmanagersdiversify

internationally.

B.Theneedforconsistentperformancemeasurementduetothe

globalizationoffinancialmarkets.

C.Toallowinvestmentclientstomoreeasilycompareinvestment

performances.

【答案】A

14.ZhangZhong,CFA,isaportfoliomanagerinalargeinvestment

managementcompany.HediscoversthatChenQin,CFA,oneofthe

assistantportfoliomanagershesupervises,mayhaveviolatedthelocal

securitylaw.AccordingtotheStandardsofPracticeHandbook,Zhang

Zhong'sinitialcourseofactionmustbeto:

A.placelimitsontheemployee'sactivities.

B.reporttheconducttogovernmentalauthorities.

C.startaninvestigationtodeterminetheextentofthewrongdoing.

【答案】C

15.TheeightmajorprovisionsoftheGlobalInvestment

PerformanceStandards(GIPS)atleastinclude:

A.AlternativeAssets.

B.RealEstate.

C.PrivateEquity.

【答案】A

16.CountryXrequiresfirmstopresentperformanceinformation

usingonlyrealizedreturns,whiletheGIPSstandardsrequirecalculations

tobebasedonbothrealizedandunrealizedreturns.Afirmlocatedin

countryX:

A.CannotclaimcompliancewithGIPSunlessitfullymeetsallGIPS

requirements.

B.ShouldfollowthecountryJsguidelines,andisallowedtoclaim

compliancewithGIPSaslongasallotherGIPSrequirementsaremet.

C.Shouldfollowthecountry*sguidelines,andisallowedtoclaim

compliancewithGIPSaslongasdisclosureismaderegardingthe

conflict.

【答案】C

17.Whichofthefollowingstatementsregardingtheverificationofa

company'sclaimtobeincompliancewiththeGIPSstandardsisnot

true?

A.Aninitialverificationmustcoveraminimumperiodoffiveyears.

B.Averifiermayaccepttheworkofapreviousverifieraspartofthe

basisopinion.

C.Verificationreportsmustconfirmthatthefirmhascompliedwith

allGIPSrequirementsonafirm-widebasis.

【答案】A

18.AnnaCheung,CFA,themarketingdirectoratFirstFinancials,

planstobealeadinginvestmentadvisorbymarketinganexclusive

investmentadvicelettertowealthyindividualsrelyingonthefirm's

reputations.Annathinksthatthemajorobstacletoclients'planisthe

complexityofFirstFinancials'investmentscreeningsystem,a

combinationoftechnicaltradingrulesandportfoliooptimization

techniquesdesignedtominimizerisk.Tosimplifythenewsletter,Anna

decidestoincludeonlyeachweek'stoptenbuyandsell

recommendationsandexcludetheinformationassociatedwiththe

methodsusedtoselectsecurities.AccordingtotheStandardsofPractice

Handbook,wouldAnna'sactionswithrespecttotheadviceletter

violateanyCFAInstituteStandardsofProfessionalConduct?

A.Yes,withrespecttomisrepresentation.

B.Yes,withrespecttodiligenceandreasonablebasis.

C.Yes,withrespecttocommunicationwithclientsandprospective

clients.

【答案】C

19.Comparedtoaunivariatenormaldistribution,thedistinguishing

featureofamultivariatenormaldistributionistheneedtospecifya

parameterthatisrelatedto:

A.themeanoftheindividualrandomvariables

B.thevarianceoftheindividualrandomvariables

C.thecorrelationbetweenindividualrandomvariables

【答案】C

20.Ananalystgatheredthefollowinginformationaboutastock

index:

Meannetincomeforallcompaniesintheindex

$3.2million

Standarddeviationofnetincomeforallcompaniesintheindex

$4.8million

Iftheanalysttakesasampleof36companiesfromtheindex,the

standarderrorofthesamplemeanisclosestto:

A.$88,889

B.$400,000

C.$800,000

【答案】c

21.Comparedtoanormaldistribution,alognormaldistributionis

leastlikelytobe:

A.skewedtotheright.

B.skewedtotheleft.

C.usefulindescribingthedistributionofstockprices.

【答案】B

22.,Meanannualreturn4%

,Meanexcessreturn8.6%

,Standarddeviationofannualreturns23.4%

,Portfoliobeta1.6

ThecoefficientofvariationandSharpemeasure,respectively,for

theportfolioareclosestto:

CoefficientofvariationSharpemeasure

A.0.820.37

B.1.321.23

C.1.320.37

【答案】C

23.MeiTekeijusthadabirthdayandis22.Whensheis27,shewill

receivea$100,000inheritance.Tekeineedsfundsforthedownpayment

onaco-opinManhattanandhasfoundabankthatwillgiveherthe

presentvalueofherinheritanceamount(assuming8.0percentinterest

compoundedcontinuously).Willtheproceedsfromthebankbe

sufficienttocoverhertotalcostclosingcostsof$65,000?

A.Yes,Tekeiwillreceive$68,058.

B.No,Tekeiwillonlyreceive$49,182.

C.Yes,Tekeiwillreceive$67,032.

【答案】C

24.Ananalysthasrecentlydeterminedthatonly70percentofall

U.S.pensionfundshaveholdingsinhedgefunds.Inevaluatingthis

probability,arandomsampleof40U.S.pensionfundsistaken.The

numberofU.S.pensionfundsinthesampleof40thathavehedgefunds

intheirportfoliowouldmostaccuratelybedescribedas:

A.multivariaterandomvariable

B.acontinuousrandomvariable

C.abinomialrandomvariable

【答案】C

25.Withrespecttothefourmajormeasurementscales(ratio,

ordinal,interval,andnominal)thescalethatrepresentstheweakest

levelofmeasurementisthe:

A.nominalscale

B.ordinalscale

C.intervalscale

【答案】A

26.WhichofthefollowingstatementsusedtodescribetheStudent)

st-distributionisleastaccurate?TheStudent'st-distribution:

A.Issymmetricarounditsmeanvalueofzero.

B.Islesspeakedthanthenormaldistribution.

C.Hasthinnertailsthanthenormaldistribution.

【答案】C

27.Aninvestorcurrentlyholdsthefollowingportfolioofcommon

stocks:

TheexpectedcorrelationofreturnsbetweenStock1andStock2is

+0.60.TheinvestorsellsStock2andusesthe$60,000proceedsto

purchaseanotherstockthathasthesameexpectedannualreturnand

standarddeviationofreturnsasStock2,buthasanexpectedcorrelation

ofreturnswithStock1of+0.55.Willtheinvestor?sactionincreasethe

portfolioJsexpected:

annualreturn?standarddeviationofreturn?

A.NoNo

B.NoYes

C.YesNo

【答案】A

28.Whichofthefollowingdecisionsbyanalystwouldmost

accuratelydescribeaTypeIIerror?

A.Ananalystrejectsafalsenullhypothesis.

B.Ananalystrejectsatruenullhypothesis.

C.Ananalystdoesnotrejectafalsenullhypothesis.

【答案】C

29.Youbelievethatthelikelihoodofbankruptcyis30%forRusty

RoofSupply.YoualsobelievethatHomePedothasa20%ofentering

bankruptcy.Youbelievethatthetwoeventsareindependent.Whatis

theprobabilitythatatleastoneofthecompanieswillenterbankruptcy?

A.4.0%.

B.50.0%.

C.44.0%.

【答案】C

30.A182-dayU.S.Treasurybillhasafacevalueof$100,000and

currentlysellsfor$98,500.Whichofthefollowingyieldsismostlikely

thelowest?

A.Bankdiscountyield

B.Holdingperiodyield

C.Moneymarketyield

【答案】B

31.Ananalysisdeterminedthatapproximately99percentofthe

observationsofdailysalesforacompanywerewithintheintervalfrom

$250,000to$580,000andthatdailysalesforthecompanywere

normallydistributed.Themeandailysalesandstandarddeviationof

dailysales,respectively,forthecompanywereclosestto:

MeandailysalesStandarddeviationofdailysales

A.$415,000$41,667

B.$415,000$55,000

C.$355,115$41,667

【答案】B

32.Thejointprobabilityofreturns,forsecuritiesAandB,areas

follows:

ThecovarianceofreturnsofAandBis:

A.6%

B.12%

C.24%

【答案】A

33.Doesthequantitytheoryofmoneyassumethatinthelongrun:

PotentialGDPisinfluencedthepricelevelisinfluenced

bythequantityofmoney?bythequantityofmoney?

A.NoNo

B.NoYes

C.YesNo

【答案】B

34.Whichofthefollowingconditionisleastlikelytobetheobstacle

totheefficientallocationofproductiveresources:

A.Pricecontrols

B.Taxesandtraderestrictions

C.Perfectcompetition

【答案】C

35.Whichofthefollowingconditionisleastlikelytobethereason

thatablackmarketisgenerallyinefficient:

A.Unenforceablecontract

B.Increasedpricesrequiredbysuppliersduetotheriskof

prosecution

C.Intensivecontrolbythegovernment

【答案】C

36.Whichofthefollowingdescribesthedifferencebetweenperfect

competitionandmonopolisticcompetition?Firmsinmonopolistic

competition:

A.Providedifferentiatedproducts.

B.Decideontheoutputwheremarginalrevenueequalsmarginal

cost.

C.Arefreetoenterandexitthemarket.

【答案】A

37.Generallyspeaking,whentheHerfindahl-HirschmanIndex(HHI)

iscalculatedbysummingthesquaredpercentagemarketshares,how

manylargestfirms'dataisusedinaindustry,supposingtherearea

largenumberoffirmsintheindustry:

A.4

B.10

C.50

【答案】C

38.Ifaccuratelycalculated,willtheamountofaccountingprofitfor

afirmgenerally:

Bebelowthatfirm,seconomicconsiderboththatfirm,s

profitforthesametimeDefied?explicitandimplicitcosts?

A.NoNo

B.NoYes

C.YesNo

【答案】A

39.Thedemandforagivenresourcewillmostlikelydecreaseifthe

pricesofitssubstituteresourcesandcomplementaryresources,

respectively:

PricesofsubstituteresourcesPriceofcomplementary

resources

A.IncreaseIncrease

B.IncreaseDecrease

C.DecreaseIncrease

【答案】c

40.Withrespecttothedifferentviewsaboutshort-term

fluctuationsintheeconomy,whatistheprimarydriverofaggregate

demandaccordingtothe:

Keynesianview?Classicalview?

A.FutureexpectationsTechnologicalchange

B.FutureexpectationsThesupplyofmoney

C.CurrentpricelevelTechnologicalchange

【答案】A

41.Anincreaseinthesupplyofcarsismostlikelytobecausedbya

(n)：

A.increaseinwages.

B.decreaseinpriceofsteel.

C.decreaseinthepriceofcars.

【答案】B

42.WithrespecttotheIS-LMmodel,inanLMcurvethereal

interestrateis:

A.positivelyrelatedtorealincome,holdingtherealmoneysupply

constant.

B.heldconstant,resultinginexcesssavingsbeingpositivelyrelated

torealincome.

C.negativelyrelatedtorealincome,holdingthemarginal

propensitytosaveconstant.

【答案】A

43.Anindividualseesherincomerisefrom$80,000to$88,000,and

alongwithit,herconsumptionofGoodXhasdecreasedfromeight

dozenpackagesperyeartosixdozenpackagesperyear.GoodXshould

beclassifiedasa(n):

A.normalgood.

B.veblengood.

C.inferiorgood.

【答案】C

44.TheKeynesianviewsuggeststhatthegovernmentcanreduce

aggregatedemandbyusing:

A.restrictivefiscalpolicytoshiftthegovernmentbudgettowarda

surplus(orsmallerdeficit).

B.restrictivefiscalpolicytoshiftthegovernmentbudgettowarda

deficit(orasmallersurplus).

C.expansionaryfiscalpolicytoshiftthegovernmentbudgettoward

asurplus(orasmallerdeficit).

【答案】A

45.Whichofthefollowingisleastlikelytobeconsideredabarrier

todevelopingoneuniversallyrecognizedsetofreportingstandards?

A.Differencesofopinionamongvariousregulatorybodies.

B.Reluctanceoffirmstoadheretoasinglesetofreporting

standards.

C.Politicalpressurefromstakeholdersaffectedbyreporting

standards.

【答案】B

31.Adescriptivemeasureofapopulationcharacteristicisbest

describedasa:

A.parameter.

B.frequencydistribution.

C.samplestatistic.

【答案】A

32.Ingeneratinganestimateofapopulationparameter,alarger

samplesizeismostlikelytoimprovetheestimator's:

A.consistency.

B.efficiency.

C.unbiasedness.

【答案】A

33.TheprobabilityofEventAis40%.TheprobabilityofEventBis

60%,ThejointprobabilityofABis40%.Theprobability(P)thatAorB

occurs,orbothoccur,isclosestto:

A.60%.

B.40%.

C.84%.

【答案】A

34.WhichofthefollowingstatementswithrespecttoGiffenand

Veblengoodsisleastaccurate?

A.Giffengoodsare"inferior,"whereasVeblengoodsare

"high-status"goods.

B.Bothtypesofgoodsviolatethefundamentalaxiomsofdemand

theory.

C.Bothtypesofgoodsdemonstratethepossibilityofapositively

slopingdemandcurve.

【答案】B

35.Theaggregatedemandandsupplyfunctionsforthelocalmarket

forpizza,alongwithsomerelevantdata,isprovidedinthefollowing

table.

Thenumberofunitsofexcessdemandforpizzaisclosestto:

A.2,358.

B.1,471.

C.2,072.

【答案】A

51.Inaperiodofdecliningpricesandstableorincreasinginventory

quantities,whichofthefollowingdescriptionsontheimpactofLIFOand

FIFOonfinancialstatements(is)aretrue?

LIFOFIFO

I.InventoryHigherLower

II.NetincomeHigherLower

III.CashflowfromoperationsHigherLower

A.Illonly.

B.IandIIonly.

C.IandIIIonly.

【答案】B

52.Asteelmanufacturingcompanyclassifiesshippingcostscharge

tocustomersasrevenueandclassifiespaymentsthatthecompany

makestoshipperasselling,generalandadministrativeexpense.Allelse

beingequal,thecompany,streatmentofshippingcostismostlikelyto:

A.overstateoperatingincome

B.overstatethegrossprofitmargin

C.understateoperatingincome

【答案】B

53.In2009,theaveragemarketpriceofacompany,scommon

stockwas$60pershareandbasicearningspersharewas$1.60.With

respecttothecomputationof2009dilutedearningspershareforthat

company,useofthetreasurystockmethodwouldmostlikelyresultin

incrementalsharesoutstandingrelatedtothecompany's:

A.7%convertiblebonds.

B.optionswithanexerciseof$65pershare.

C.warrantswithanexerciseof$55pershare.

【答案】C

54.L'EauLtd.R即orted