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1、Questions1*18RelatetoEthiCS2Questions1932RelatetoQuantitativeanalysis9Questions3344RelatetoEconomics13Questions4568RelatetoFinancialStatementAnalysis17Questions6976RelatetoCorporatefinance26Questions7788ReIatetoEquityinvestment29Questions8994RelatetoDerivatives32Questions95*106RelatetoFixed-incomeAn
2、alysis34Questions107*110RelatetoAlternativeInvestments38Questions111120RelatetoPortfolioManagement39Last Name:First Name:MOCK EXAM 114No:Date:Questions118RelatetoEthicsI.CarolinaOchoa,CFA,isthechieffinancialofficeralPanlagoniaComputing.OchoaiscurrentlythesubjectofaninquirybyPantagoniatScorporateinve
3、stigationsdepartment.TheinquiryistheresultofananonymouscomplaintaccusingOchoaoffalsifyingtravelexpensesforseniormanagementrelatedtoagovernmentcontract.Accordingo(heCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,ilismostappropriateforOchoatodisclose(heallegations:A.onherProfessionalConduct
4、Statement.B.toCFAInstituteiftheallegationsareprovencorrect.C.toCFAInstitutewhentheinvestigationconcludes.2.RichardCardinal,CFA,isthefounderofVolcanoCapitalResearch,aninvestmentmanagementfirmwhosesoleactivityisshortselling.Cardinalseeksoutcompanieswhosestockshavehadlargepriceincreases.Cardinalalsopay
5、sseverallobbyingfirmstoupdatehimimmediatelyonanylegislativeorregulatorychangesthatmayimpacthistargetcompanies.Cardinalsellsshortthosetargetcompaniesheestimatesarenearthepeakoftheirsalesandearningsandthathissourcesidentifyasfacinglegalorregulatorychallenges.Immediatelyafterhesellsastock.Cardinalcondu
6、ctsapublicrelationscampaigntodiscloseallofthenegativeinformationhehasgatheredonthecompany,eveniftheinformationisnotyetpublic.WhichofCardinalsactionsisleastlikelytobeinviolationoftheCFAInstituteStandardsofProfessionalConduct?A.DisclosinginformationabouttargetcompaniesB.SellingstockshortC.Tradingoninf
7、ormationfromlobbyists3.BethKozniak,aCFAcandidate,isanindependentlicensedrealestatebrokerandawell-knownpropertyinvestor.Sheiscurrentlybrokeringthesaleofacommercialpropertyonbehalfofaclientinfinancialdistress.IfthecIienfsbuildingisnotsoldwithin30days,hewilllosethebuildingtothebank.Ayearearlier,another
8、clientofKozniak1Shadexpressedinterestinpurchasingthissameproperty.However,sheisunabletocontactthisclient,andshehasnotdiscoveredanyotherpotentialbuyers.Givenherdistressedclientslimitedtimeframe,Kozniakpurchasesthepropertyherselfandforgoesanysalescommission.Sixmonthslater,shesellsthepropertyforanicepr
9、ofittotheclientwhohadearlierexpressedinterestintheproperty.HasKozniakmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?A.Yes,shedidnotdiscloseherpotentialconflictsofinteresttoeitherclientB.Yes,sheprofitedontherealestatetothedetrimentofherfinanciallystressedclientC.No4.JanLoots,CFA,quit
10、hisjobasaportfoliomanagerataninvestmentfirmwithwhomhehadanon-solicitationagreementhesignedseveralyearsago.Lootsreceivedpermissiontotakehisinvestmentperformancehistorywithhimandalsotkacopyofthefhnssoftware-tradingplatform.Subsequently,Lootssentoutmessagesonsocialmediasitesannouncinghewaslookingforcli
11、entsforhisnewinvestmentmanagementfirm.AccesstoLoots,ssocialmediasitesisrestrictedtofriends,family,andformerclients.LootsleastlikelyviolatedtheCFAInstituteStandardsofProfessionalConductconcerninghis:A.non-solicitationagreement,B.investmentperformancehistory.C.tradingsoftware*5.ZhaoXuan,CFA,isasell-si
12、deinvestmentanalyst.Whileatasoftwareindustryconference,ZhaohearsrumorsthatGreenRunSoftwaremayhavefalsifieditsnancialresults.Whenshereturnstoheroffice,ZhaoconductsathoroughanalysisofGreenRun.Basedonherresearch,includingdiscussionswithsomeofGreenRun,scustomers,ZhaoisconvincedthatGreenRun*sreported50%i
13、ncreaseinnetincomeduringrecentquartersiscompletelyfictitious.ButsofarZhaoistheonlyanalystsuspiciousaboutGreenRun,sreportedearnings.AccordingtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,theleastappropriate3/41actionforZhaoisto:A.recommendherclientsselltheirGreenRunsharesimmediately.
14、B.donothinguntilotheranalystssupportheranalysis.C.reporthersuspicionstoGreenRunsmanagement.6.BclenZapata,CFA,istheownerofKawahInvestments.Kawahpromisesinvestorsreturnsofupto12%peryearandclaimstoachievethesereturnsbyinvestinginnon-investment-gradebondsandotherfixed-incomeinstruments.Overthenext12mont
15、hs,bondmarketyieldsreachunprecedentedlowsandZapatafindsitimpossibletoachievethereturnssheexpected.NoinvestmentsareevermadebyKawah,andclientsarecompletelypaidbackalloftheiroriginalinvestment.ZapatamostlikelyviolatedtheCFAInstituteStandardsofProfessionalConductbecauseofthe:A.investmentmandate.B.promis
16、edreturns.C.returnofcapital.7.Whileatabarinthefinancialdistrictafterwork,EllenMiffitt,CFA,overhearsseveralemployeesofacompetitordiscusshowtheywillmanipulatedownthepriceOfathinlytradedmicro-capstockspriceoverthenextfewdays.Miffitt,sclientshavelargepositionsofthisstock,sowhenshearrivesatworkthenextday
17、,sheimmediatelysellsalloftheseholdings.Becauseshehaddeterminedthemicro-capstockwassuitableforallofheraccountsatitspreviouslyhigherprice,Miffittbuysbackherclientsoriginalexposureattheendoftheweekatthenew,lowerprice.WhichCFAInstituteStandardsofProfessionalConductdidMiffittleastlikelyviolate?A.Preserva
18、tionofConfidentialityB.MaterialNonpublicInformationC.MarketManipulation8.EileenFisher,CFA,hasbeenasupervisoryanalystatSLAdvisersforthepast10years.Recently,oneofheranalystswasfoundtobeinviolationoftheCFAInstituteStandardsof4/41ProfessionalConduct.Fisherhasplacedlimitsontheanalystsactivitiesandisnowmo
19、nitoringallofhisinvestmentactivities.AlthoughSLdidnothaveanycomplianceproceduresuptothispoint,toavoidfutureviolations,Fisherhasputinplaceproceduresindustrystandards.DidFishermostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?A.No,becausesheistakingstepstoimplementcomplianceproceduresthat
20、aremorethanadequateB.YesC.No,becauseshehastakenstepstoensuretheviolationswillnotberepeatedbytheanalyst9.FirmsclaimingGIPScompliancemustmakeeveryreasonableefforttoprovideacompliantpresentationtowhichofthefollowing?A.BothexistingandprospectiveclientsB.ExistingclientsC.Prospectiveclients10.MollyBurnett
21、,CFA,isaportfoliomanagerforafundthatonlyinvestsinenvironmentallyfriendlycompanies.Amultinationalutilitycompanyrecentlyacquiredoneofthefundsbest-perfoninginvestments,awindpowercompany.Thewindpowercompanysshareholdersreceivedutilitycompanysharesaspartofthemergeragreement.Theutilityhasoneoftheworstenvi
22、ronmentalrecordsintheindustry,butitsshareshavebeenoneofthetopperfoersoverthepast12months.Becausetheutilitypaysahighdividendeverythreemonths,Burnettholdstheutilitysharesuntiltheremainingtwodividendsarepaidfortheyearthensellstheshares.BurnettmostlikelyviolatedtheCFAInstituteStandardofProfessionalCondu
23、ctconcerning:A.Suitability.B.IndependenceandObjectivity.C.DisclosureofConflicts*11.JohannesMeinCFA,isacomplianceofficerforFamilyEstatePlanningLLCaprivate5/41wealthconsultingfirm.Manyofhiscolleagueshavefamilymemberswhohavestartedtheirownretailbusinesses.SomeofMeir,scolleagueshavebeenaskedbyrelativest
24、oserveasnon-executivedirectorsoradviserstotheircompanies.MeirshouldmostlikelyrecommendwhichofthefollowingpoliciestoensurecompliancewiththeCFAInstituteStandardsofProfessionalConduct?A.ProhibitemployeesfrombecomingdirectorsoradvisersB.RequireemployeestodeclarealloutsidebusinessinterestsC.Requireemploy
25、eestodeclareallincomesourcesannually12.GabrielleGabbc,CFAhasbeenaccusedofprofessionalmisconductbyoneofhercompetitors.TheallegationsconcernGabbespersonalbankruptcyfiling10yearsagowhenshewasacollegestudentandhadalargeamountofmedicalbillsshecouldnotpay.Bynotdisclosingthebankruptcyfilingtoherclients,did
26、GabbemostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?A.Yes,relatedtoMisrepresentationB.NoC.Yes,relatedtoMisconduct13.WhichofthefollowingstatementsisleastlikelycorrectwithregardtotheninemajorsectionsoftheGlobalInvestmentPerfonnanceStandards(GIPS)?A.Allrequirementsmustbemetinordertobefu
27、llycompliantwiththeGlPSstandards.B.Firmsareencouragedtoadoptandimplementtherecommendations.C.Toclaimcompliance,firmsneedtocalculateonlytheirperfnanceaccordingtoGlPSrequirements.14.IleanaInkster,CFA,wasrecentlyofferedaseniormanagementpositionwithinthetrustdepartmentataregionalbank.Thedepartmentisnew,
28、butthebankhasplanstoexpanditsignificantlyoverthenextfewmonths.Inksterhasbeentoldshewillbeexpectedtohelpgrowtheclientbaseofthetrustdepartment.Sheisinfonedthatthetrustdepartmentplanstoconducteducationalseminarsandpursuetheattendeesasnewclients.Inksternoticesthat6/41recentseminaradvertisementspreparedb
29、ythebanksmarketingdepartmentdonotmentioninvestmentproductswillbeforsaleattheseminar.Theadsindicateattendeescan,learnhowtoimmediatelyadd$100,000totheirnetworth.”WhatshouldInkstermostlikelydotoavoidviolatinganyCFAInstituteStandardsofProfessionalConduct?A.AcceptthepositionandrevisethemarketingmaterialB
30、.AcceptthepositionandinformseniormanagementofinadequatecomplianceproceduresC.Declinetoacceptthenewposition15.MariamMUSa,CFA,headofcomplianceatDunfieldBrokers,questionshercolleagueOmarKassim,aCFAcandidateandaresearchanalyst,abouthispurchaseofsharesinacompanyforhisownaccountimmediatelybeforehepublishe
31、sa,buy,*recommendation.HedefendshisactionsbystatinghehasdonenothingwrongbecauseDunfielddocsnothaveanypersonaltradingpoliciesinplace.TheCFAInstituteStandardsofProfessionalConductweremostlikelyviolatedby:A.bothMusaandKassim.B.onlyKassim.C.onlyMusa.16.Asaconditionofhisemploymentwithaninvestmentbank,Aba
32、siHasinafCFA,wasrequiredtosignanemploymentcontract,includinganon-competeclauserestrictinghimfromworkingforacompetitorforthreeyearsafterleavingtheemployer.Afteroneyear,Hasinaquitshisjobforacomparablepositionwithaninvestmentbankinacountrywherenon-competeclausesareillegal.Lawyerswithwhomheconsultedprio
33、rtotakingthenewpositiondeterminedthenon-competeclausewasaviolationofhumanrightsandthusillegalDidHasinamostlikelyviolatetheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?A.YesB.No,becausethenon-competeclauseisillegalinthenewcountryOfemploymentC.No,becausethenon-competeclauseviolateshishuma
34、nrights17.TeresaStaal,CFA、isaninvestmentofficerinabanktrustdepartment.Shemanagesmoney7/41forcelebritiesandpublicfigures,includinganinfluentiallocalpolitician.Shereceivesarequestfromthepoliticianspoliticalpartyheadquarterstodisclosehisstockholdings.Therequestindicateslocallawrequiresthedisclosure.Wha
35、tstepsshouldStaalmostlikelytaketoensureshedoesnotviolateanyCFAInstituteStandaidsofProfessionalConduct?A.Providetheinformationandinformherclient.B.Checkwithherfirmscompliancedepartmenttodetermineherlegalresponsibilities.C.Sendtherequesteddocumentsandinformhersupervisor.18.BenefitsofcompliancewiththeC
36、FAInstituteGlobalInvestmentPerformanceStandards(GIPS)leastlikelyinclude:A.eliminationofin-depthduediligenceforinvestors.B.participationincompetitivebidding.C.strengtheningofinternalcontrols.Questions1932RelHtetoQuantitativeanalysis19.Theconfidenceintervalismostlikelytobe:A.widerasthepointestimateinc
37、reases.B.narrowerasthereliabilityfactordecreases.C.widerasthesamplesizeincreases.20.Forapositivelyskewedunimodaldistribution,whichofthefollowingmeasuresismostaccuratelydescribedasthelargest?A.MeanB.MedianC.Mode21.Ahypothesistestfailstorejectafalsenullhypothesis.Thisresultisbestdescribedasa:A.testwit
38、hlittlepower.B.TypeIerror.C.Type11error.22.Consideratwo-tailedtestofthehypothesisthatthepopulationmeaniszero.Thesamplehas50observations.Thepopulationisnomallydistributedwithaknownvariance.(-DistributionDegreesoffreedomp=0.10p=0.05P=0.025491.2991.6772.010501.2991.6762.009Z-Distribution=0.10a=0.05a=0.
39、0251.645L9602.330Ata0.05significancelevel,therejectionpointsaremostlikelyat:A.-2.010and2.010.B.-2.009and2.009.C.-1.960and1.960.23.ThevarianceofreturnsofAssetAis625.ThevarianceofreturnsofAssetBis1,225.ThecovarianceofreturnsbetweenAssetAandAssetBis600.ThecorrelationofreturnsbetweenAssetAandAssetBisclo
40、sestto:A.0.29.B.0.69.C.0.47.24.Ifthedistributionofthepopulationfromwhichsamplesofsizenaredrawnispositivelyskewedandgiventhatthesamplesize,n,islarge,thesamplingdistributionofthesamplemeansismostlikelytohavea:A.varianceequaltothatoftheentirepopulation.B.meansmallerthanthemeanoftheentirepopulation.C.di
41、stributionthatisapproximatelynormal.25.Apricerangeinwhichsellingissufficienttostoptheriseinpriceisbestdescribedas:A.changeinpolarity.B.support.C.resistance.26.Atwo-tailedt-testofthehypothesisthatthepopulationmeandiffersfromzerohasap-valueof0.0275.Usingasignificancelevelof5%,themostappropriateconclus
42、ionis:A.toacceptthenullhypothesis.B.thatthechosensignificancelevelistoohigh.C.torejectthenullhypothesis.27.Aone-tailedhypothesistestinghasap-valueforateststatisticof3%.Ananalystwouldnotrejectthenullhypothesisatasignificancelevelof:A.0.01.B.0.10.28.Onceaninvestorchoosesaparticularcourseofaction,theva
43、lueforgonefromalternativeactionsisbestdescribedasa(n):A.opportunitycost.B.requiredreturn.C.sunkcost.29.Aportfoliomanagerestimatestheprobabilitiesofthefollowingeventsforamutualfund:EventA:thefundwillearnareturnof5%.EventB:thefundwillearnareturnbelow5%.Theleastappropriatedescriptionoftheeventsisthatth
44、eyare:A.mutuallyexclusive.B.exhaustive.C.dependent.30.Independentsamplesdrawnfromnormallydistributedpopulationsexhibitthefollowingcharacteristics:SampleSizeSampleMeanSampleStandardDeviationA2520045B1818560Assumingthatthevariancesoftheunderlyingpopulationsareequal,thepooledestimateofthecommonvariance
45、is2,678.05.Thet-teslstatisticappropriatetotestthehypothesisthatthetwopopulationmeansareequalisclosestto:A.0.94.B.1.90.C.0.29.31.Useofanonparametrictestismostappropriatewhenthe:A.populationvarianceisunknown.B.dataaregiveninranks.C.distributionissymmetrical.32.Samplesofsize(n,n2)aredrawnrespectivelyfr
46、omtwopopulations(X,X2)withassociatedsamplemeansandstandarddeviationsOf(XX?)12and(s.s)andassociatedpopulationmeansandstandarddeviationsof(,2)and(b2)where(T2Inaddition,7isIhesamplemeanofX1-X2withastandarderrorofsandapopulationmeanofvands；*sapooledestimatorofthecommonvariance.Themostappropriateteststat
47、istictodeterminetheequalityofthetwopopulationmeansassumingXandXoareindependentandnormallydistributedis:(X-Y2)-(国-U?)Questions3344ReIHtetoEconomics33.First-degreepricediscriminationisbestdescribedaspricingthatallowsproducerstoincreasetheireconomicprofitwhileconsumersurplus:A.increases.B.iseliminated.
48、C.decreases.34.Thefollowingdataapplytoacountryinitsdomesticcurrencyunits:Consumerspendingongdsandservices875,060Governmentspendingongoodsandservices305,600Businessgrossfixedinvestment286,400Governmentgrossfixedinvestment84j120Changeininventories-68,500Capitalconsumptionallowance8,540Transferpayments9,300Statisticaldiscrepancy-2,850Exports219,800Imports250,980U
