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1、Questions1*18RelatetoEthiCS.2Questions1932RelatetoQuantitativeanalysis7Questions3344RelatetoEconomics13Questions4568RelatetoFinancialStatementAnalysis17Questions6976RelatetoCorporatefinance28Questions7788RelatetoEquityinvestment31Questions8994RelatetoDerivatives35Questions95106RelatetoFixed-incomeAn
2、alysis37Questions107-110RelatetoAlternativeInvestments41Questions111120RelatetoPortfolioManagement43Questions118RelatetoEthics1Correctanswer:C.UnderStandardIII(B)-FairDealing,membersandcandidatesshoulddisclosetoclientsandprospectiveclientshowtheyselectaccountstoparticipateinandhowtheydeterminetheamo
3、untofsecuritieseachaccountwillbuyorsell.Tradeallocationproceduresmustbefairandequitable,anddisclosureofinequitableallocationmethodsdoesnotrelievethememberorcandidateofthisobligation.Alldiscretionaryaccountsshouldbetreatedinthesamemanner.Treatingneweraccountsdifferentlywouldbeconsideredinequitablereg
4、ardlessOfwhetherthispolicyisdisclosed.CFALevelIGuidanceforStandardsI-VIIjCFAInstituteStandardHI(B)2.Correctanswer:B.MembersshoulddiscloseallmattersthatreasonablycouldbeexpectedtoimpairthemembersobjectivityasoutlinedinStandard(B),andStandardVI（八）.CFALevelIGuidanceforStandardsI-V11*CFAInstituteStandar
5、dI(B),StandardVI（八）3.Correctanswer:C.Althoughdepartingemployeesmaynottakeemployerpropertywhendeparting,astheguidanceforStandardIV（八）-LoyaItyoutlines,themodelPiedmontpresentedtohisnewemployerwasnotBranchsproperty.ItwascreatedbyPiedmontpriortohisemploymentwithBranch.ThemodelwasnotcreatedforBranchinthe
6、courseofhisemployment,eventhoughitwasadoptedbyBranch.CFALevelIGuidanceforStandardsI-VII/CFAInstituteStandardIV（八）4.Correctanswer:C.Priortoundertakinganalysiswithregardtoexpectedreturns,anadvisermustdeterminethesuitabilityofaninvestmentclass,includingwhetheritfitswithintheclientsrisktoleranceandwheth
7、eritisanallowableassetclassaspertheclientsinvestmentpolicystatement.Onlyafterthesefactorshavebeendeterminedshouldsheproceed,ifappropriate,toanalyzeexpectedreturnstodetermineaparticularinvestmentrecommendation.CFALevelIGuidanceforStandardsI-VlljCFAInstituteStandardIII(C)5Correctanswer:A.StandardVl（八）
8、requiresdisclosureofconflictsbutdoesnotprohibitmembersfrommakingrecommendationsaslongatthepotentialconflictsareappropriatelydisclosed.CFALevelIGuidanceforStandardsI-VII,CFAInstituteStandardIV（八）6.Correctanswer:A.Photocopyingcopyrightedmaterial,regardlessoftheyearofpublication,isaviolationofStandardI
9、（八）becausecopyrightedmaterialsareprotectedbylaw.Candidatesandmembersmustcomplywithallapplicablelaws,rules,andregulationsandmustnotknowinglyparticipateorassistinaviolationoflaws.CFALevelIGuidanceforStandards-V1I*CFAInstituteStandardI（八）7.Correctanswer:C.Composites(StandardIV-Composites)mustbedefineda
10、ccordingtosimilarinvestmentobjectivesand/orstrategies.Terminatedportfoliosmustbeincludedinthehistoricalreturnsofappropriatecomposites,andonlyfee-payingportfoliosaretobeincludedincomposites.3/45Non-discrectionaryportfoliosmustnotbeincludedinafirmscomposites.CFALevelIIntroductiontotheGlobalInvestmentP
11、erformanceStandards(GlPS)JCFAInstitute8.Correctanswer:B.Firmsmustprovideinvestorswithacomprehensiveviewoftheirperformanceintermsofriskandreturns,notjustreturns.CFALevelI“TheGIPSStandards/*CFAInstituteSection:Overview9.Correctanswer:C.UnderStandardI(B),membersandcandidatesmustprotecttheirindependence
12、andobjectivity.Agreeingtoprovideobjectiveresearchcoverageofacompanydoesnotconstituteaviolationofthisstandard,providedtheanalystwritingthereportisfreetocomeupwithhisownindependentconclusion.SmithcanagreetoprovideresearchcoveragebutcannotcommitGranite*sresearchdepartmenttoprovidingafavorablerecommenda
13、tion.CFALevelIGuidanceforStandardsI-V1I,CFAInstituteStandardI(B)10.Correctanswer:C.Acompositemustincludeallactualfee-paying,discretionaryportfoliosmanagedinaccordancewiththesameinvestmentmandate,objective,orstrategy(StandardIV-Composites).Byincludingboththevalueandgrowthportfolios,thecompositeismade
14、upofportfolioswithdifferentinvestmentmandatesorstrategies.CFALevelIIntroductiontotheGlobalInvestmentPerformanceStandards(GlPS)Composites11-Correctanswer:C.Historically,theGIPSstandardsfocusedprimarilyonreturns.Inthespiritoffairrepresentationandfulldisclosure,andinordertoprovideinvestorswithamorecomp
15、rehensiveviewofafinnsperformance,thecurrentGlPSstandardsincludesnewprovisionsrelatedtorisk.CFALevelITheGIPSStandards?CFAInstituteSection:Overview12.Correctanswer:A.Makingfullandfairdisclosureofallmattersthatcouldreasonablybeexpectedtoimpaironesindependenceandobjectivityorinterferewithrespectivedutie
16、stoonesclientsisrequiredbyStandardVl（八）-DiscIosureofConflicts.CFALevelIGuidanceforStandardsI-VIStandardVl（八）-DisclosureofConflicts13.Correctanswer:B.Prior-clearanceprocessesguardagainstpotentialandactualconflictsofinterest;membersarerequiredtoabidebytheiremployerscomplianceprocedures(StandardVl(B).C
17、FALevelIGuidanceforStandardsI-VlI,CFAInstituteStandardV（八）,StandardVI(B)14.Correctanswer:B.Joneshasusedthemosaictheorytocombinenonmaterial,nonpublicinformationwithmaterialpublicinformation.CFALevelIGuidanceforStandardsI-VII/CFAInstituteStandardII（八）MaterialNonpublicInformation15.Correctanswer:C.Puni
18、shingabuseinthefinancialmarketsisnotoneofthesixcomponentsoftheCodeofEthics.CFALevelItfcCodeofEthics,CFAInstituteSection:TheCodeofEthics16Correctanswer:C.AfterafirmpresentsaminimumoffiveyearsofGIPS-compliantperformance,thefirmmustpresentanadditionalyearofperformanceeachyear,buildinguptoaminimumof10ye
19、arsofGIPS-compliantperformance.CFALevelI,TheGIPSStandards/CFAInstituteSection:HistoricalPerformanceRecord17.Correctanswer:B.1.anactionsdonotviolateStandardIV（八）-DutiestoEmployers.Landoesnotusecompanytimetomakearrangementsforhisnewventure,nordoeshemisappropriateanyinformation(financialmodelsorclientc
20、ontacts)fromhisformeremployer.AllofLan*sactionsarepermissibleunderStandardIV（八）.CFALevelIGuidanceforStandardsI-VlI,CFAInstituteStandardIV（八）18.Correctanswer:A.Membersandcandidatesarerequiredtodiscloseanycompensationarrangementtotheiremployersthatinvolvesperformingtasksorservicesthattheiremployerscan
21、chargefor.Disclosureisrequiredeveniftheactivitiesoccurduringnon-workhours.CFALevelIGuidanceforStandardsI-VlI,CFAInstituteQuestions1932RelatetoQuantitativeanalysis19.Correctanswer:A.TheEBIT-to-interestratioisequalto2.0whentheEBITis$40million.Giventhatthevaluesbetween$36millionand$48millionareequallyl
22、ikely,theprobabilityoftheratiobeingequaltoorlessthan2.0is33.3%(=$40million-$36millionS48million一$36million).Consequently,theprobabilityoftheratiobeinggreaterthan2.0is66.7%(i.e.,1-Probabilityoftheratiobeingequaltoorlessthan2.0).CFALevelICommonProbabilityDistributions/*RichardA.DeFusco,DennisW.McLeave
23、y,JeraldE.Pinto,andDavidE.RunklcSection3.120.Correctanswer:B.Firsttheoutcomeofinterest,-0.40,isstandardizedforthegivennormaldistribution:Z=(X-)=(-0.40-5.OO)2=-2.70.ThenusethetabletofindtheprobabilityofaZvaluebeing2.70standarddeviationsbelowthemean(i.e.,whenz0).Thevalueis1一P(Z+2.70).Inthisproblem,the
24、solutionis:1-0.9965=0.0035=0.35%.CFALevelI,CommonProbabilityDistributions/RichardA.DeFusco.DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection3.221.Correctanswer:B.Becausethescreensareindependent,theprobabilityofpassingallfoursimultaneouslyistheproductoftheirrespectiveprobabilities:P(ABCD)=P（八）P(
25、B)P(C)P(D),whereP（八）=0.65andistheprobabilityofpassingValuationScreenI,P(B)=0.45andistheprobabilityofpassingValuationScreen2,7/45P(C)=0.40andistheprobabilityofpassingValuationScreen3,P(D)=0.30andistheprobabilityofpassingValuationScreen4.P(ABCD)=0.650.450.400.30=0.0351.Given1,200potentialinvestments,a
26、pproximately1,200X0.0351=42.1242willpasstheSCreens.CFALevelIProbabilityConcepts/RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunklcSection2FinancialStatementAnalysis:Applications,ThomasR.Robinson,JanHcndrikvanGrcuning,ElaineHenry,andMichaelA.BroihahnSection522.Correctanswer:B.Oddsarecal
27、culatedasP(Z)1-P(Z).Inthisproblem,0.14/0.86=0.16279-0.163.CFALevelIProbabilityConcepts,RichardA.DeFusco,DennisW.McLeaveytJeraldE.Pinto,andDavidE.RunkleSection223Correctanswer:B.Acrosstwoperiods,therearefourpossibilities:anupmovefollowedbyanupmove($121.00endvalue),anupmovefollowedbyadownmove($101.20e
28、ndvalue),adownmovefollowedbyanupmove($101.20endvalue),andadownmovefollowedbyadownmove($84.64endvalue).Theprobabilityofanupmovefbllowedbyadownmoveis0.400.60=0.24.Theprobabilityofadownmovefollowedbyanupmoveis0.600.40,whichalso=0.24.Bothofthesesequencesresultinanendvalueof$101.20.Therefore,theprobabili
29、tyofanendvalueof$101.20is48%.Alternatively,thefollowingformulacouldbeused:Pa)=必=x)卜Q-P：T=EPX8/45(1p)(Equation1)Wheren=2(numberofperiods)X=1(numberofupmoves:udanddu)p=0.40(probabilityofanupmove)/22,PO)=jO.4O10-0.40)=-X0.4010.61=Mj-2o.400.600.48CFALevelICommonProbabilityDistributions/RichardA.DcFusco,
30、DennisW.McLcavey,JcraldE.Pinto,andDavidE.RunkleSection2.224.Correctanswer:C.TheSharprationforaportfoliop,basedonhistoricalreturns,isdefinedasRp-Rs,一WhereRpisthemeanreturntotheportfolio,Rfisthemeanreturntoarisk-freeasset,andSpisthestandarddeviationofreturnontheportfolio.Inthisinstance,2=(20%-4%)/Sp,S
31、olvingforSp：SsQ0%4%)/28%.CFALevelIoStatisticaIConceptsandMarketReturns/RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection7.825Correctanswer:C.AType1erroristhemistakeofrejectingthenullhypothesiswhenitis,infact,trueCFALevelIHypothesisTesting/*RichardA.DeFusco,DennisW.McLeavey,Jera
32、ldE.Pinto,andDavidE.RunkleSection226.Correctanswer:A.Usingafinancialcalculator:N=60;thediscountrate,I/Y=(6.5%12)=0.54166667;PMT=1,200;Futurevalue=0;Mode=Begin;Calculatepresentvalue(PV):PV=61,662.62.Alternatively:Treatthestreamasanordinaryannuityof59periodsandaddthecurrentvalueof1,200tothederivedansw
33、er.Usingafinancialcalculator:N=59;thediscountrate,1/Y=(6.5%12)=0.54166667;PMT=1,200;Futurevalue=0;Mode=End;CalculatePV:PV=60,462.62;TotalPV=1,200+60,462.62=61,662.62.CFALevelI,TheTimeValueofMoney,RichaidA.DcFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection6.127.Correctanswer:B.Apositiveho
34、pedfor,conditionmeansthatthenullwillberejected(andthealternativeaccepted)onlyiftheevidenceindicatesthatthepopulationparameterisgreaterthanO.Thus,HO:Oisthecorrectstatementofthenullandalternativehypotheses,respectively.CFALevelInHypothesisTesting/RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavi
35、dE.RunkleSection228.Correctanswer:B.ThecovariancebetweenFundAandB,giventhestandarddeviationofreturnsandthecorrelationbetweenthetwofunds,iscalculatedas:Cov(Ra,Rb)=p(RvRb)7(Ra)t(Rb)=807%13%=0.00728,WhereC(RA)and(Rli)arethestandarddeviationsofreturnsofFundsAandB.respectively,p(R?rb)isthecorrelationbetw
36、eenthereturnsofFundAandB.Thentheportfoliostandarddeviationofreturnsiscalculatedasfollows:(RpoMroli.,)=卜d代)+Wd(R)+2WK。V(RftR)WhereWAandWHaretheweightsofFundsAandBintheportfolio呻ij=b7020.072+0.302,l3z+20.70x0.30x0.00728=8.35%Alternatively,correlationisuseddirectlyintheformulaforportfoliostandarddeviat
37、ion:(RrortfoHn)=Fj很)+W$很J+2WWR(RARIh(KJi)5(Rr,ortroli.)=b7020.072+0.30?+20.700.300.800.070.1315电8.35%CFALevelInProbabilityConcepts,1RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.RunkleSection329.Correctanswer:A.GiventhatXandYareindependenttheirjointprobabilityisequaltotheproductoftheirin
38、dividualprobabilities.Inthiscase:P(XY)=P(X)P(Y)=0.20.5=0.LCFALevelInProbabiIityConcepts/RichardA.DeFusco,DennisW.McLeaveytJeraldE.Pinto,andDavidE.RunkleSection230Correctanswer:B.Withasamplesizeof10,thereare9degreesoffreedom.Theconfidenceintervalconceptisbasedonatwo-tailedapproach.Fora95%confidencein
39、terval,2.5%ofthedistributionwillbeineachtail.ThUs,thecorrectt-statistictouseis2.262.Theconfidenceintervaliscalculatedas:X上0.025/WhereXisthesamplemean,sisthesampleStandarddeviation,andnisthesamplesize.Inthiscase:6.252.2621210=6.258.58369or-233to14.83.CFALevelI“SamplingandEstimation/RichardA.DeFusco,D
40、ennisW.McLeavey,JeraldE.Pinto、andDavidE.RunkleSection4.231Correctanswer:B.Thisscenarioprovidesanexampleofadiscreterandomvariable.Thepairedoutcomesforthediceareindicatedinthefollowingtable.Theoutcomeofthedicesummingtosixisthemostlikelytooccurofthethreechoicesbecauseitcanoccurinfivedifferentways,where
41、asthesummationtofiveandninecanOCCUrinonlyfourdifferentways.SummedOutcomePairedOutcomes(Die1,Die2)PossibleCombinations5(L(2,3),(3,2),and(4,1)46(1,5),(2,4),(3,3),(4,2),and(5,1)59(3,(4,5),(5,4)jand(6,3)4CFALevelI,CommonProbabilityDistributions/1RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,andDavidE.
42、RunkleSection232Correctanswer:A.Thetwodefiningpropertiesofaprobabilityareasfollows:1.TheprobabilityofanyEventEisanumberbetweenzeroandone.2.Thesumoftheprobabilitiesofanysetofmutuallyexclusiveandexhaustiveeventsequalsone.CFALevelIProbabilityConcepts,1RichardA.DeFusco,DennisW.McLeavey,JeraldE.Pinto,and
43、DavidE.RunkleSection2Questions3344RelatetoEconomics33Correctanswer:B.ThelossinconsumersurplusbecauseofhigherpricesisrepresentedbyareaEF+GH.Thisexceedsthegainsfromproducersurplus(E)andgovernmentrevenuesonimports(G).HencethenetwelfareeffecttothecountryisadeadweightlossofE+F+G+H-E-G=F+H.CFALevel1Demand
44、andSupplyAnalysis:Introduction/RichardV.EastinandGaryL.Arbogast,CFASections3.9,3.10,3.13InternationalTradeandCapitalFlows/UshaNair-Reichert,PhD,andDanielRobertWitschi,PhD,CFASection3.134.Correctanswer:CAnincreaseincapacityutilizationwillcauseanincreaseinaggregatedemandthroughhigherinvestmentandwilli
45、ncreaseGDP(economicexpansion).CFALevelIAggregateOutput,Prices,andEconomicGrowth,PaulR.KutasovicandRichardG.FritzSection3.3.135Correctanswer:C.TheFishereffectstatesthatthenominalinterestrateisthesumoftherealrateofinterestandtheexpectedrateofinflationoveragiventimehorizon.Anincreaseinexpectedinflation
46、willresultinahighernominalrate.CFALevelI4fcMonetaryandFiscalPolicy,AndrewClareandStephenThomasSection2.1.736Correctanswer:C.Thesum-of-value-addedmethodinvolvessummingthevalueadded(orincomecreated)ateachstepintheproductionanddistributionprocess.CFALevelIAggregateOutput,Prices,andEconomicGrowth/PaulR.
47、KutasovicandRichardG.FritzSection2.137.Correctanswer:C.Ifbothaggregatedemand(AD)andaggregatesupply(AS)increase,realGDPwillincreasebuttheimpactoninflationisnotclearunlessweknowthemagnitudeofthechangesbecauseanincreaseinADwillincreasethepricelevel,whereasanincreaseinASwilldecreasethepricelevel.IfADincreasesmorethanAS,thepricelevelwillincrease.IfASincreasesmorethanAD,asdepictedinthegraphtotheright,thepricelevelwilldecline.CFALevelIAggr
