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1、CFALevel11Questions#1-6of60Questions1through6relatetoEthicalandProfessionalStandards.Trent,LLCCaseScenarioMarthaGilIiSCFA,tradescurrenciesf*Trent,LLCTrentisoneofthelargestinvestmentfirmsintheworld,anditsfreigncurrencydepartmenttradesmorecurrencyonadailybasisthananyotherfirmGillisspecializesincurrenc
2、iesofemergingnations.GillisreceivedaninvitationfromthenewfinanceministerofBinaria,oneftheemergingnationsincludedinGillissportfolioTheministerhasproposedanumberoffiscalreformsthathehopesWiiIhelpsupportBinariaSweakeningcurrency.Heisaskingcurrencyspecialistsfromseveralofthelargestforeignexchangebanksto
3、visitBinariafaraconferenceontheplannedreforms.Becauseofitsremotelocation,Binariawillpayalltravelexpensesoftheattendees,aswellaslodgingingovernment-ownedfacilitiesinthecapitalcityAsafurtherinducement,attendeeswillalsoreceivesmallbagsofuncutemeralds(becauseemeraldsareaprincipalexportofBinaria),WiIhane
4、stimatedmarketvalueof$500.Gillishasapproximately25clientsthatshedealsWithregularimostd*whomarelargefinancialinstitutionsinterestedintradingcurrencies.OneoftheservicesGillisprovidestotheseclientsisaweeklysuminaryofimportanttrendsintheemergingmarketcurrenciesshefollows.Gillistalkstolocalgovernmentoffi
5、cialsandreadsresearchreportspreparedbylocalanalysts,whicharepaidforbyTrentTheseinputs,alongWithGillissinterpretation,fnnthebasisofmostCfGillis,sweeklyreports.GillisdecidedtoattendtheconferenceinBi11ciriaTnanticipationfafavorablereceptionfortheproposedreforms,GillispurchasedatongBinariacurrencypositi
6、oninherpersonalaccountbeforeleadngonthetripAfterhearingthefinanceministersproposalsinperson,however,shedecidesthattherefonsarepoorlytimedandlikelytocausethecurrencytodepreciateSheissuesanegativerecommendationuponherreturnBeforeissuingtherecommendation,sheliquidatesthelongpositioninherpersonalaccount
7、butdoesnottakeashortpositioaGillisssupervisor;SteveHowlett,CFA,hasbeenreviewingGillisspersonaltrading.HowletthasnotseenanydetailsoftheBinariacurrencytradebuthasfoundtwootherinstancesinthepastyearwherehebelievesGiUishasviolatedTrent*swrittenpoliciesregardingtradinginpersonalaccounts.Oneofthecurrencyt
8、radingstrategiesemployedbyTrentisbasedoninterestrateparityTrentmonitorsspotexchangerates,forwardrates,andshort-termgovernmentinterestrates.Ontherareoccasionswhenthefcrwardratesdonotaccuratelyreflecttheinterestdifferentialbetweentwocountries,Trentplacestradestotakeadvantageoftherisklessarbitrageoppor
9、tunity.BecauseTrentissuchalargeplayerintheexchangemarkets,itstransactionscostsareverylow,andTrentisoftenabletotakeadvantageofmispricingsthataretoosmallforotherstocapitalizeon.Indescribingthesetradingopportunitiestoclients,Trentsuggeststhatclientswillingtoparticipateinthistypetfarbitragestrategyaregu
10、aranteedrisklessprotsuntilthemarketpricingreturnstoeqIiilitrium.*Question#1of60QuestionID:1220539AccordingtoCFAInstituteStandardsOfProfessionalConduct,GillismayaccepttheinvitationtoattendtheconferenceinBinariarithoutviolatingtheStandards:A)solongasshepaysherowntravelexpensesandrefusesthegiftofemeral
11、ds.B)solongassherefusesthegiftfemeraldsC)becauseshewouldbetheguestofasovereigngovernmentQuestion#2of60QuestionII):1220540GiventhatGillissweeklyreportstoclientsaremarketsummariesratherthanspecificinvestmentrecommendations,whatareherrecord-keepingobligationsaccordingtoCFAInstituteStandardsofProfession
12、alConduct?Gillismust:A)Oiaintcdnrecordsofherconversations%thlocalgovernmeritofficialsandalsokeepcopiesoftheresearchreportspreparedbylocalanalysts.B)onlymaintainrecordsofherconversationswith1ocalgovernmentOfficiaISandherownsummariesoftheresearchreportspreparedbytocalanalysts.C)keepherownsummariesofth
13、eresea*chreportspreparedbyhealanalysts,butshehasnoobligationtomaintainrecordsofherconversationsWithlocalgovernmentOfiiciaISQuestion#3of60QuestionID:1220541RegardingGillisstransactionsintheBinaiiacuency,shehasviolatedtheStandardsby:A)tcikingthelongpositionandbysellingthepositionbeforeissuingarecommen
14、dationtoclients.B)sellingthepositionbeforeissuingtherecommendationtoclients,althoughtakingthelongpositionwasnotaviolationC)notdisclosingthetradesinherreportbecausetheWadesareacceptableastongastheyaredisclosedQuestion#4of60QuestionID:1220542AccordingtoCFAInstituteStandardsOfProfessionalConduct,Howlet
15、sbestcourseofactionwithregardtothesuspectedviolationsbyGilliswouldbeto:A)meetwithGillisinperson,explainthenatureoftheviolations,andseekassurancesthatsuchviolationsWilInotrecurB)warnGillistoceasethetradingactivitiesandreporttheVioIati)UtoHowlettssupervisorimmediatelyC)placeIimitsonGilJispersonaltding
16、andincreasemonitoringofGiliigspersonaltrades.QuestionID: 1220 54 3Question#5of60Basedontheinformationgiven,andaccordingtoCFAInstituteStandards,whichofthefollowingstatementsbestdescribesTrenfScomplianceproceduresrelatingtopersonaltradinginforeigncurrencies?Thecomplianceprocedures:A)appearadequatebeca
17、useHowlettwasabletoidentifypotentialviolations.B)appearadequate,butUowlettsmonitoringofGiIIigStradesindicatespoorsupervisoryresponsibility.C)shouldincludebothduplicateconfirmationsftransactionsandpreclearanceproceduresforpersonaltrades.Question#6of60QUeSlionID:1220544Trenfsarbitragetradingbasedonint
18、erestrateparityissuccessfulmostlyduetoTrenfslargesize,whichprovidesitwithanadvantagerelativetosmaller;competingcurrencytradingfirms.HasTrentviolatedCFAInstituteStandardsofProfessionalConductWithrespecttoitstradingstrategyoritsguaranteeofresults?A)Thetradingstrategyandguaranteeofresultsarebothviolati
19、onsofCFAInstituteStandards.B)ThetdingstrategyisIegitimateanddoesnotviolateCFAInstituteStandards,buttheguaranteeofinvestmentreturnisaviolationofStandards.C)Boththetradingst*ategyandguaranteestatementcomplywithCFAInstituteStandards.Questions#7-12of60Questions7through12relatetoEconomics.SummitConsultin
20、gCaseScenarioJillSUiTatt+CFA,andElizabethCastillQCFA,areanalystsforSummitConsulting.SummitprovidesinvestmentadvicetohedgefundsandactivelymanagedinvestmentfundsthroughouttheUnitedStatesandCanada.SurrattandCastiHohaveaclient,TomCarwhoisinterestedinincreasinghisreturnsfromforeigncuencypositions.Carrcur
21、rentlyhasapositioninJapaneseyen()thathewishestoconverttoTaiwanesedollars(NT$)becausehethinkstheTaiwaneseCUITenCyWiiIappreciateinthenearterm.HedoesnothaveaquoteforyenintermsoftheNT$buthasreceivedquotesforbothcurrenciesintermsofthe匚S.dollarThequotesare$0.008852-56fortheyenand$0.02874-6fortheTaiwanesed
22、ollarHewouldliketopurchaseNT$10millionIndiscussingthesequotes,SurrattnotesthatthebidaskspreadisaffectedbymanyfactorsShestatesthatifaneconomiccrisiswereexpectedintheAsianmarkets,thenthebid-askspreadofthecurrencyquotesshouldwidenCastillostatesthatifadealerWiShedtounloadanexcessinventoryofyen,thetypica
23、lresponsewouldbetolowerheraskfcrtheyen,therebynarrowingthebid-askspreadInregardstochangesincurrencyvalues,SurrattstatesthatundertheMundell-Fleningmodel,iftheU.S.FederalReSerVerestrictsthegrowrthofthemoneysupplyandforeigninterestratesremainconstant,thentheinterestratedifferential(U.Sinterestrateminus
24、countercuencyinterestrate)shouldincrease,therebyincreasingthevalueofthedollar:Tnadditiontcusingmonetarypolicy,SummitConsultingusesanticipatedchangesinfiscalpolicytoforecastexchangeratesandthebalanceofpaymentsforCanadaCastillostatesthat,undertheMundell-FleniingmodeLiftheCanadiangovernmentweretounexpe
25、ctedlyreducethebudgetdeficitthenthisshouldhaveapositivepactonthevalueoftheCanadiandollarintheshortrunbecauseforeignerswouldhavemoreconfidenceintheCanadianeconomy.AnotherofSummit,SclientsisJackPonderPonderwouldliketoinvestigatethepossibilityfusingcoveredinterestarbitragetoearnrisk-freeprofitsoverthen
26、extthreemonths,assuminginitialcapitalof$1million.HeasksSurratttogatherinformationontheinflationrates,interestrates,spotrates,andforwardratesfortheU.S.dollarandtheSwissfranc(SF).Surratthasalsousedtechnicalanalysistoobtainaprojectionofthefuturespotrateforthetwocountriescurrencies.Theinformationisprese
27、ntedasfollows.Spot rate$0.85/SF$0.80/SF$0.60/SF20%6.0%12.0%Three-Inonthfcrwardrate(asftoday)forSFExpectedspotratethreemonthsfromnowThree-monthinflationrateinSwitzerland(annualized)Three-monthinflationrateintheU.S.(annualized)Three-monthinterestrateforSF(annualized)Three-monthinterestrateforU.Sdollar
28、s(annualized)I&0%PonderhasacarrytradeopeninvolvingtheBun(thecurrencyofBundovia).PondernoticesthatBundoviahasacurrentaccountdeficitandasksSurratabouttheimpactofsuchadeficitonthevalueOftheBun.SurratstatesthattheimpactontheBundependsonthreefactors:Factor 1:Factor 2:Factor 3:Theexpectedsizeofthecurrenta
29、ccountdeficitinthefuturTheinfluenceofexchangeratesondomesticprices.Theresponseofimportandexportdemandtochangesinimportandexportprices.QuestionID: 1220546Question#7of60TheyencosttoCarr或buyingNT$10millionisclosestto:A)3,077,000.B)32,453,000.C)32,490,000.Question#8of60QuestionID:1220547AreSurrattandCas
30、tillocorrectwithregardtotheirstatementsconcerningthecurrencybid-askspreads?A)OnlySurrattiscorrectB)OnlyCastiHoiscorrectC)BothSuiiBttandCastiIbarecon,ectQuestion#9of60QuestionID:1220548EvaluateSurratfsstatementsconcerningtheimpactofmonetarypolicyoncurrencyvalues.Surrattis:A)correctB)incorrect,because
31、restrictivemonetarypolicyintheUnitedStateswouldleadtoalowervalueofthedollarC)incorrect,becauserestrictiveUS.monetarypolicywouldbematchedbyforeigngovernmentsQuestion#10of60QuestionID:1220549RegardingCastiBdsStatenlentSconcerningtheeffectoffiscalpolicyoncurrencyvalues,CastflloisA)correctB)incorrect,be
32、causeundertheMundell-Flemingmodel,restrictiveCanadianfiscalpoliciesleadtoashort-rundepreciationoftheCanadiandollar;C)incorrect,becauseundertheMundell-Flemingmodel,restrictiveCanadianfiscalpoliciesleadtoanincreaseinthevalueoftheCanadiandollarinthelongrun,Question#11of60QuestionID:1220550Whichofthefbl
33、lottringestdescribesthecoveredinterestarbitragethatPondershouldexecute?Borrowin:A)Swissfrancstomakeanarbitrageprofitof$80,313.B)U.S.dollarstomakeanarbitrageprofitof$80,313.C)Swissfrancstomakeanfirbitrageprofitof$75,588.Question#12of60QuestionID:1220551HowmanyofthefactorsidentifiedbySuiratregardingBu
34、ndoviaScurrentaccountdeficitareaccurate?A)Onefactoronly;B)Twofactorsonly.C)AUthreeIhCtorsLQuestions#13-18of60Questions13through18relatetoFinancialReportingandAnalysisDFInvestmentsCaseScenario1.aurenJacobs,CFAtisanequityanalystforDFInvestnentsSheisevaluatingIronParts,InCfronPartsisamanufacturerofinte
35、ricrsystemsandcomponentsforautomobiles.Thecompanyistheworldssecond-largestoriginalequipmentautopartssupplier;Withamarketcapitalizationof$1.8biDioBasedonIronPartsSlowprice!crbookvalueratiotQ9andlowrice-jtosalesratioofQ15,JacobsbelievesthestockcouldbeaninterestinginvestmentHowever;shewantstoreviewthed
36、isclosuresfoundinthecompanysfinancialstatements.Inparticular;JacobsisconcernedaboutIronPartssdefinedbenefitpensionplan.Thefollowinginformationfor20X7and20X8ispiovided.Inmillions,December3120X820X7Projectedbenefitobligation(PB0)$635$.500Currentservicecost3018Actualreturnonplanassets3732Benefitspaid22
37、15Pastservicecost8045Employeecontributions1715Fairmarketvalueofplanassets395327Discountrate6.0%5.5%Expectedreturnonplanassets&2%7+5%Rateofcompensationincrease4.0%4.0%IronPartsreportsunderU.S.GAAP.JacobswantstofullyunderstandtheimpactfchangingpensionassumptionsonIronPartssbalancesheetandincomestateme
38、ntInaddition,shewouldHketocomputeIronPartsstinepensionexpense.Question ID: 1220553Question#13of60AsofDecember31,20X8,thepensionplanwouldbereflectedonIronPartssbalancesheetas:A)a$175miDionliabilityB)a$240millionliability;C)a$183millionassetQuestion#14of60QuestionID:1220554Whichofthefollowingbestdescr
39、ibestheeffectsofthechangeinlionPartssdiscountratefor,20X8,allelsebeingequal?A)Servicecostdecreasedandthepensionplanappearedmorefunded,B)PensionexpensedecreasedandthePBOincreased.C)Interestcostincreasedandretainedearningsdecreased.Question#15of60QuestionID:1220555HowmuchdidIronPartsntributetoitspensi
40、onplandining20X8?A)$31milliaiB)$36million.C)$53million.Question#16of60QuestionID:1220556Whichofthefollowingbestdescribestheefi*ect(s)或thechangeinIronPartssexpectedreturnontheplanassets;allelsebeingequal?A)PensionexpensedecreasedandthePBOincreased.B)Retainedearningsincreasedandthepensionplanappeaiedm
41、orefunded.C)Netincomeincreased.Question#17of60QuestionID:1220557ForthisquestiononlassumethatIronPartsreportsunderIFRS.Theamountofperiodicpensioncostreportedonthe20X8P&Lwouldbeclosestto：A)$48million.B)$69million.C)$120millionQuestion#18of60QuestionID:1220558FortheyearendedDecember31,20X8,IronPartssto
42、talperiodicpensioncostisclosestto:A)$67million.B)$103mihbuC)$157million.Questions#19-24of60Questions19through24relatetoFinancialReportingandAnalysisTobinYoakamCaseScenarioTobinYoakam,CFA,isanalyzingthefinancialperfonanceofKonkerIndustries,aU.S.companywhichispubliclytradedunderthetickeiKONK.YoakamisP
43、artiCUIadyconcernedaboutthequalityofKonkersfinancialstatementsanditschoicesofaccountingmethodologies.BelowisasummaryofKonkersfinancialstatementspreparedbyYoakam.KonkerIndustriesIncomeStatement20X8BalanceSheet20X8($inthousands)(Sinthousands)Grosssales55,435(Ushandequivalents457Salesdiscounts,returns,
44、andallowances1,352Shorttptmmarketahps*tilis927Netsales54,083Accountsreceivable(net)47,740Costofgoodssold26,500Inventories20,963SG&Aexpenses15,625PP&E(netofdepreciation)251371Depreciationexpense1,082Totalassets95,458Earningsbeforeinterestandtaxes10,876Interestexpense693Accountspayable241994Earningsbe
45、foretaxes10,183Othercurrentliabilities1,209Taxes(taxrate40%)4,073Longtermdebt2L770NetincomenoTotalliabilities47,973Commonstock40,314Dividends5046Retainedearnings7,171Netadditiontoretainedearningslt064Totalliabilitiesandshareholdersequity95.458Atthebeginningof20X8,Konkerformedaqualifiedspecialpurpose
46、entity(QSPE)andsoldaportionofitsaccountsreceivablestotheQSPE.UnderU.S.GAAP,QSPEwasexemptfromconsolidationrequirements,ThetotalamountofaccountsreceivablessoldtotheQSPEwas$13.5million.YoakamhasnotedinhisresearchthattheFinancialAccountingStandardsBoard(FASB)eliminatedqualifiedspecialpurposeentities.Kon
47、kerhasthreemajoroperatingdivisions:KonkerIndustrial,KonkerDefense,andKonkerCapitalYoakamhascomputedtheEBITmargineachdivisionoverthelastthreeyears,aswellastheratiodthepercentageoftotalcapitalexpenditurestothepercentageoftotalassetsforeachdivision.EBIT/AssetsCaPEX%/Assets%20X820X720X620X820X720X6KonkerIndustiial62%7.5%67%1.51.31.2KonkerDefense67%7*2%69%0*5S60,7KonkerCapita
