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1、2018LevelIMockExamPMTheafternoonsessionofthe2018Level1CharteredFinancialAnalystMockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandahalfminutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.QuestionsTopicMinutes1-18Ethical
2、andProfessionalStandards2719-33Quant22634-45Econ1846-69FinancialReportingandAnalysis3670-78CorporateFinance13.579-86PortfolioManagement1287-98Equity1899-110FixedIncome181U-115Derivatives7.5116-120AlternativeInvestments7.5TotaL:180Byaccessingthismockexam,youagreetothefblloingtermsofuse:IhiSmcxrkexami
3、sproridedtocurrentlyregisteredCFAcandidates.CandidatesmayviewandprinttheexamforpersonalexampreparationOnly.befollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,e
4、mailingrdistributingand/orreprintingthemockexamforanypurpose2017CFAInstitute.Allrightsreserved.2018Levelimockexampm1WhichofthefollowingisleastlikelyarequirementoftheGIPSstandards?Firmsarerequiredto:Ahavetheirperformancerecordsverifiedbyanindependentthirdparty.Bincludealldiscretionary,fee-payingportf
5、oliosinatleastonecomposite.CpresentaminimumoffiveyearsofannualinvestmentperformancecompliantwithGIPSstandards.2IncaseswhereapplicablelocallawsgoverningcalculationandpresentationofinvestmentperformanceconflictwiththeGIPSstandards,firmsare:AunabletoclaimGIPScomplianceincaseswherelocalregulationsprohib
6、itaccuratecalculation.BrequiredtocalculateandmaintaintwosetsofperformancedatainordertoclaimGIPScompliance.CrequiredtocomplywithlocalregulationsandmakefulldiscloseoftheconflicttoclaimGlPScompliance.3VishalChandarana,anunemployedresearchanalyst,recentlyregisteredfortheCFALevelIexam.Aftertwomonthsofint
7、enseinterviewing,heacceptsajobwithastockbrokeragecompanyinadifferentregionofthecountty.ChandaranapostsonasocialmediabloghowbeingaCFAcandidatereallyhelpedhimgetajob.Healsonoteshowrelievedhewaswhenhisnewemployerdidn,taskhimaboutbeingfiredfromhisformeremployer.WhichCFAInstituteCodeofEthicsorStandardsof
8、ProfessionalConductdidChandaranaleastlikelyviolate?AMisconductBLoyaltytoEmployers(ReferencetotheCFAProgramIMirandaGrafton,CFA,purchasedalargeblockofstockatvaryingpricesduringthetradingsession,11estockrealizedasignificantgaininvaluebeforethecloseofthetradingday,soGraftonreviewedherpurchasepricestodet
9、erminewhatpricesshouldbeassignedtoeachspecificaccount.AccordingtotheStandardsofPracticeHandbOok,Graftonsleastappropriateactionistoallocatetheexecutionprices：Aacrosstheparticipatingclientaccountsatthesameexecutionprice.Bacrosstheparticipatingclientaccountsprorataonthebasisofaccountsize.Conafirst-in,f
10、irst-outbasiswithconsiderationofbundlingordersforefficiency.5LawrenceHall,CFA,andNancyBishop,CFA,beganajointresearchreportonStamperCorporation.BishopvisitedStamper,scorporateheadquartersforseveraldaysandmetwithallcompanyofficers.Priortothecompletionofthereport,Bishopwasreassignedtoanotherproject.Hal
11、lutilizedhisandBishopsresearchtowritethereportbutdidnotincludeBishop,snameonthereportbecausehedidnotagreewithandchangedBishopsconclusionincludedinthefinalreport.AccordingtotheCFAInstituteStanda*dsCfPracticeHandbook,didHallmostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?ANdBYes,withres
12、pecttomisrepresentation.CYes,withrespecttodiligenceandreasonablebasis.6RebeccaWongisenrolledtotaketheLevelICFAexamination.HerfriendWilliamLeungpurchasedLevelIstudymaterialsfromawelkknownCFAreviewprogramthepreviousyear.LeungmadeaphotocopyofthepreviousyearscopyrightedmaterialsandsoldittoWongtohelphers
13、tudy.WhomostlikelyviolatedtheCFAInstituteCodeofEthicsoranyStandardsofProfessionalConduct?ABothviolated.BNeitherviolated.(OnlyLeungviolated.7WhichofthefollowinggroupsismostlikelyresponsibleformaintainingoversightandresponsibilityfortheProfessionalConductProgram(PCP)?ACFAInstituteBoardofGovernorsBDisc
14、iplinaryReviewCommittee(ProfessionalConductDivision8Whencanaparty,nonmemberorfirm,mostlikelyclaimcompliancewiththeCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?Oncetheyhave：AensuredthattheircodeandethicsmeetstheprinciplesoftheCodeandStandards.BnotifiedtheCFAInstituteoftheirclaim.(verifie
15、dtheirclaimofcompliancewiththeCFAInstitute.9Jean-LucSchlumberger,CFA,isanindependentresearchanalystprovidingequityresearchoncompanieslistedonexchangesinemergingmarkets.HeoftenincorporatesstatisticaldataheobtainsfromthewebsitesoftheWorldBankandthecentralbanksofvariouscountriesintothebodyOfhisresearch
16、reports.Whilenotindicatedwithinthereports,wheneverhisclientsaskwherehegetshisinformationheinformsthemtheinformationisinthepublicdomainbuthedoesntkeephisownrecords.Whentheclientsaskforthespecificwebsiteaddressesheprovidestheinformation.WhichStandardhasSchlumbergerleastEkelyviolated?ARecordRetentionBM
17、isrepresentation(PerformancePresentation10RichardCardinal,CFA,isthefounderofVolcanoCapitalResearch,aninvestmentmanagementfirmwhosesoleactivityisshortselling.Cardinalseeksoutcompanieswhosestockshavehadlargepriceincreases.Cardinalalsopaysseverallobbyingfirmstoupdatehimimmediatelyonanylegislativeorregu
18、latorychangesthatmayimpacthistargetcompanies.Cardinalsellsshortthosetargetcompaniesheestimatesarenearthepeakoftheirsalesandearningsandthathissourcesidentifyasfacinglegalorregulatorychallenges.Immediatelyafterhesellsastock,Cardinalconductsapublicrelationscampaigntodiscloseallofthenegativeinformationh
19、ehasgatheredonthecompany,eveniftheinformationisnotyetpublic.WhichofCardinalsfollowingactionsisleastlikelytobeinviolationoftheCFAInstituteStandardsofProfessionalConduct?ASellingStOCkshortBTradingoninformationfromlobbyists(Disclosinginformationabouttargetcompanies11MoniqueGretta,CFA,isaresearchanalyst
20、atEastWestInvestmentBank.Previously,Grettaworkedatamutualfundmanagementcompanyandhasalong-standingclientrelationshipwiththemanagersofthefundsandtheirinstitutionalinvestors.Grettaoftenprovidesfundmanagers,whoworkforGrettasformeremployer,withdraftcopiesofherresearchbeforedisseminatingtheinformationtoa
21、llofthebanksclients.ThispracticehashelpedGrettaavoidseveralerrorsinherreports,andshebelievesitisbeneficialtothebank,sclients,eventhoughtheyarenotawareOfthispractice.Regardingherresearch,GrettaleastlikelyviolatedtheCFAInstituteCodeofEthicsandStandardsofProfessionalConductbecause:Aherreportisadraft.Bt
22、hispracticebenefitsallclients.Cthelong-standingclientrelationshipsarenotdisclosed.12SisseBrimberg,CFA,isresponsibleforperformancepresentationsatherinvestmentfirm.ThepresentationthatSisseusesstatesthatwhenmakingperformancepresentationsherfirm:1deductsallfeesandtaxes;2usesactualandsimulatedperformance
23、results;and3basestheperformanceonarepresentativeindividualaccount.Basedontheaboveinformation,whichofthefollowingisthemostappropriaterecommendationtohelpBrimbergmeettheCFAInstituteStandardsofProfessionalConductinherperformancepresentations?Sheshouldpresentperformancebasedon:Aagrossoffeebasis.Bactualn
24、otsimulatedresults.Caweightedcompositeforallsimilardiscretionaryportfolios.13WhichofthefollowingstatementsisleastlikelycorrectwithregardstotheninemajorsectionscomprisingtheGIPSstandards?AToclaimcompliance,firmsneedonlycalculatetheirperformanceaccordingtoGIPSrequirementsBAllrequirementsmustbemetinord
25、ertobefullycompliantwiththeGlPS(Firmsareencouragedtoadoptandimplementtherecommendations14JenniferDucumon,CFA,isaportfoliomanagerforhigh-net-worthindividualsatNortheastInvestmentBank.NortheastholdsalargenumberofsharesinBabyskinCareInc.,amanufacturerofbabycareproducts.NortheastobtainedtheBabyskinshare
26、swhentheyunderwrotethecompany,srecentIPO.DucumonhasbeenaskedbytheinvestmentbankingdepartmenttorecommendBabyskintoherclients,whocurrentlydonotholdanysharesintheirportfolios.AlthoughDucumonhasafavorableopinionofBabyskin,shedoesnotconsiderthesharesabuyattheIPOpricenoratcurrentpricelevels.Accordingtothe
27、CFAInstituteCodeofEthicsandStandardsofProfessionalConductthemostappropriateactionforDucumonisto:Aignoretherequest.Brecommendthesharesafteradditionalanalysis.Cfollowtherequestassoonasthesharepricedeclines,15KellyAmadon,CFA,aninvestmentadvisor,hastwoclients:RyanRandolf,65yearsold,andKeikoKitagawa,45ye
28、arsold.Bothclientsearnthesameamountinsalary.RandolChowever,hasalargeamountofassets,whileKitagawahasfewassetsoutsideherinvestmentportfolio.Randolfissingleandwillingtoinvestaportionofhisassetsveryaggressively;Kitagawawantstoachieveasteadyrateofreturnwithlowvolatilitysoshecanpayforherchildscurrentcolle
29、geexpenses.Amadonrecommendsinvesting20percentofbothclients,portfoliosinthestockofverylowyieldingsmall-capcompanies.AmadonleastlikelyViOlatedtheCFAInstituteCodeofEthicsandStandardsofProfessionalConductwithregardstohisinvestmentrecommendationsfor:Abothclients1portfolio.BonlyRandolfsportfolio.(onlyKita
30、gawasportfolio.16DavidBravoria,CFA,isanindependentfinancialadvisorforahigh-net-worthclientwithwhomhehadnothadcontactinmorethantwoyears.Duringarecentbrieftelephoneconversation,theclientstatesthathewantstoincreasehisriskexposure.Bravoriasubsequentlyrecommendsandinvestsinseveralhigh-riskventurecapitalf
31、undsonbehalfoftheclient.Bravoriacontinues,ashehasdoneinthepast,tosendtohisclientmonthly,detailed,itemizedinvestmentstatements.DidBravoriamostlikelyviolateanyCFAStandards?ANo.BYes,withregardtoinvestmentstatements.CYes,withregardtopurchasingventurecapitalfunds.17MariaMartinezisaresearchanalystandaLeve
32、l11CFAcandidate.Recently,friendsofMartinezorganizedapartyforherthirtiethbirthday.Attheparty,MartinezreceivedaninexpensivegiftfromafriendwhoistheCEOofapubliclylistedcompanyMartinezrecommendstoclients.Martinezalsoreceivedgiftsfromsomeofthefirmsbestclients.Awareofheremployer,spolicyrequiringhertoreport
33、allgiftsreceivedwithinoneweekofreceipt,Martinezdeclaresthegiftsshereceivedfromthefirmsclientstwodaysaftertheparty.DoesMartinezmostlikelyviolatetheCFAInstituteStandardsofProfessionalConduct?AYes.BNo,becauseherCEOfriend,sgiftwasinexpensive.(No,becausethegiftsdonotimpactherresearchindependenceandobject
34、ivity.18AnnaSaarfCFA,istheheadofcomplianceforTranneAdvisoryServices,aregionalfinancialservicesgroupincludingassetmanagement,investmentbanking,andstockbrokerageentities.Reviewingadraftclientinvestmentmanagementagreementfortheassetmanagementunit,sheisconcernedthattherelationshipsbetweenthefirmsvarious
35、businessunitsarenotproperlydisclosed.TopreventviolatingCFAInstituteStandardVl（八）-DisclosureofConflicts,whichofthefollowingshouldleastlikelybeaddressedintheinvestmentmanagementagreement?AThegroupsubsidizesstaffloansforsharepurchases.BManagementfeesarefrequentlylossleadersforbrokerage.CAssetmanagersar
36、elikelytosupportcorporatefinancedeals.19Ifthestatedannualinterestrateis9%andthefrequencyofcompoundingisdaily,theeffectiveannualrate(EAR)isclosestto：A9.00%B9.86%.C9.42%.20ThedollardiscountonaUSTreaSUrybillwifn91daysuntilmaturityis$2,100.ThefacevalueofthebillisS1001(XX).Ufebankdiscountyieldofthebillis
37、closestto:A8.31%.B8.40%.C8.58%.21Thebeliefthattrendsandpatternstejjdtorepeatthemselvesandare,therefore,-somewhatpredictablebestdescribes:Aarbitragepricingtheory.7Bweak-formefficiency.Ctechnicalanalysis.22EventXandEventYareindependentevents.TheprobabilityofXis0.2P(X)=0.2andtheprobabilityofYis0.5P(Y)=
38、0.5.ThejointprobabilityofXandY,P(XY),isclosestto:A07B03C0+23Adiscreteuniformdistributionconsistsofthefollowing12values:-2.55.36.78.8-4.69.23.38.21.40.8-5.36.9Onasingledrawfromthedistribution,theprobabilityofdrawingavaluebetween-2.0and2.0fromthedistributionisclosestto:16.67%.b27.59%.C33.33%.24Whichof
39、thefollowingisbestdescribedasadiscreterandomvariable?Afeexpectedpercentagechangeinacountry,sgrossnationalproductforthenextyearBThenumberofdaysonwhichtheDJIAexperiencedanincreasesince2013(TheexpectedannualreturnontheNikkei225Indexoverthenextyear25Aninvestmentin10,000commonsharesofacompanyforoneyearea
40、rneda15.5%return.Theinvestorreceiveda$2,500dividendjustpriortothesaleOfthesharesatS24pershare.Thepricethattheinvestorpaidforeachshareoneyearearlierwasclosestto：$20.80.BS20.50.CS21.26Afundmanagerwouldliketoestimatetheprobabilityofadailylosshigherthan5%onthefundhemanages.Hedecidestouseamethodthatusest
41、herelativefrequencyofoccurrencebasedonhistoricaldata.Theresultingprobabilityisbestdescribedasa(n):Asubjectiveprobability.Baprioriprobability.Cempiricalprobability.27Asampleof240managedportfolioshasameanannualreturnof0.11andastandarddeviationofreturnsof0.23.Thestandarderrorofthesamplemeanisclosestto:
42、A0.01485.b0.096.C0,00710.28Ahypothesistestfailstorejectafalsenullhypothesis.ThiSresultisbestdescribedasa:ATypeIIerror.BTypeIerror.(testwithlittlepower.29Usingatwo-tailedtestofthehypothesisthatthepopulationmeaniszero,thecalculatedteststatisticis2.51.Thesamplehas23observations.Thepopulationisnormallyd
43、istributedwithanunknownvariance.Degreesoffreed。mp=Q10p=Q05P=QO25p=QOlP=Q005211.3231.7212.0802.5182.831221.321L7172.0742,5082.81923L319L7142.0692.5002.80724L318Ull2.0642.4922.797Ananalystwillmostlikelyrejectthenullhypothesisatsignificancelevelsof:A0.10only.B0.10,0.05,and0.01.(0.10and0.05.30Theleastac
44、curatestatementaboutmeasuresofdispersionforadistributionisthatthe:Arangeprovidesnoinformationabouttheshapeofthedatadistribution.Barithmeticaverageofthedeviationsaroundthemeanwillbeequaltoone.meanabsolutedeviationwillbeeitherlessthanorequaltothestandarddeviation.31Whichsampling-relatedbiasismostlikel
45、ytoresultinfindingapparentsignificancewhennoneexists?ASampleselectionbiasBLook-aheadbias(Dataminingbias32Whenworkingbackwardfromthenodesonabinomialtreediagram,theanalystisattemptingtocalculate:Athenumberofpotentialoutcomes.Btheprobabilityofagivenscenario.(anexpectedvalueasoftoday.33Itismostlikelytha
46、tthedistancebetweentheouterbandsofBollingerBandswillbefarthestapartwhenAthemovingaverageperiodislonger.Btradingvolumeishigher.Ipricevolatilityishigher.34Thefollowinginformationappliestoastart-upcompanysolelyownedbyanentrepreneur.ValueTotalunitsproduced3,550Averagerevenue$1,110Averagevariablecost$750
47、Totalfixedcost$300,000Totalinvestment$1,550,000Requiredrateofreturn12.5%Opportunitycostofowner,slabor$125,000Thecompany,seconomicprofitisclosestto:AS659,250.B$784,250.C$318,750.35Themostrelevantmeasureofincomethateconomistsuseindetermininghouseholddecisionstosaveandspendispersonal:Aearnedincome.Bdis
48、posableincome.(taxableincome.36Thefollowingdataareforabasketofthreeconsumptiongoodsusedtomeasuretherateofinflation:GoodsPiiorYearCurrentYearQuantityPriceQuantityPrice5lb.bagsugar150bags$3.12180bags$2.925lb.bagflour800bags$2.18750bags$3.12Frozenpizza(each)250$2.90250$3.00Usingtheconsumptionbasketforthecurrentyear,thePaascheInde
