《Kaplan考试和QBank二级（考友版）：V1阶段考试2 AM（题目+解析）.docx》由会员分享，可在线阅读，更多相关《Kaplan考试和QBank二级（考友版）：V1阶段考试2 AM（题目+解析）.docx（69页珍藏版）》请在课桌文档上搜索。
1、CFALevel11Questions#1-6of60UsethefollowinginformationtoanswerQuestions1through&CharlesConnor;CFA,isaportfoliomanageratAppleInvestments,LLCAppleisaU.S.-basedfirmofferingawidespectrumofinvestmentPradUCtSandservices.ConnormanagestheBiogeneFund,adomesticequityfundspecializinginsmallcapitalizationgrowths
2、tocks.TheBiogeneFundgenerallytakessignificantpositionsinstocks,commonlyowning4.5-5%oftheoutstandingshares.Thefuncsprospectuslimitspositionstoamaximumof5%ofthesharesoutstanding.TheperformanceoftheBiogeneFundhasbeensuperioroverthelastfewyears,butforthelasttwoquartersthefundhasunderperformeditsbenchmar
3、kbyaWidemargin.ConnorisdeterminedtoimprovehisperfoiniancenumbersgoingfcrwardTheBiogeneprospectusallowsConnortousederivativeinstrumentsinhisinvestmentstrategy.ConnorfrequentlyusesoptionstohedgehisfundsexposureashebuildsorliquidatespositionsinhisportfoliosinceBiogeneslargepositionsoftentakeseveralweek
4、stoacquire.Forexample,whenheidentifiesastocktobuy,heoftenbuyscalloptionstogainexposuretothestock.AShebuysthestock,hesellsofftheoptionsorallowsthemtoexpireConnorhasnoticedthattheincreasedvolumeinthecalloptionsoftendrivesthestockpricehigherfarafewdays.Hehasseenasimilarnegativeeffectonstockpriceswhenhe
5、buyslargeamountsofputoptions.Theendofthequarterisjustafewdaysaway,andConnorisconsideringthreetransactions:TransactionA:BuyingPutOptionsonStockATheBiogeneFundowns49%oftheoutstandingstockofCompanyA,butConnorbelievesthestockisfulvaluedandplanstosellIheentirepositionlieanticipatesthatitwilltakeapproxima
6、tely45tradingdaystoliquidatetheentireBiogenepositioninStockA.TransactionB:BuyingCallOptionsonStockBTheBiogeneFundowns5%oftheOUtstcindingstockofCompanyB.ConnorbelievesthereissignificantappreciationpotentialforStockB,butthestockpricehasdroppedinrecentweeks.Connorishopingthatbytakinganoptionposition,th
7、ereurillbeacarryovereffectonthestockpricebeforequarterend.TransactionC:SellingtheBiogeneFund*SEntirePositioninStockCConnorbelievesthatStockCisstillattractive,butheissellingthestockwiththeideathathewillrepurchasethepositionnextmonthThemotivationf*thetransactionistocaptureacapitallossthatwillreducethe
8、BiogeneFuncfstaxexpensefcrtheyearApplehasaninvestmentbankingdepalmentthatisactiveininitialpublicdferingsQPOS).GeorgeArnold,CFA,istheseniormanageroftheIPOdepartmentArnoldapproachedConnoraboutStockHanewIPObeingofferedbyApple.StockDwillopentradingintwodays.ApplehadofferedtheIPOtoallrfitsdientsbutapprox
9、imately20%ofthedealremainedunsoldHavingreadthepr*ospectus,ConnorthinksStockDwouldbeagoodfitfar*hisfund,andheexpectsStockDtoimprovehisperformanceinboththeshortandlongterm.ConnorisnotawareofanyinformatirelatedtoStockDbeyondthatprovidedintheprospectus.Connoraskedtopurchase5%oftheIPO,butArnoldlimitedBio
10、geneSshareto2%,explaining:WithBiogenesreputation,anyparticipationWiiImaketheunsoldshareshighlymarketableFurther;wemayneedBiogenetoacquiremoreStockDsharesatalaterdateifthepricedoesnotholdUpConnorisdisappointedinbeinglimitedto2%oftheofferingandsuggeststoArnoldinanemailthat,giventhe2%Iinutation,Biogene
11、willnotparticipateintheIPO.ArnoldrespondedafewhoursJaterwiththefollowingmessage:*1havejustspokenWithMs.D,theCFOofStockD.Akhoughitistoolatetoaltertheprospectus,managementbelievestheywillreceivealargecontractfr,omaforeigngovernmentthatwillboostnextyecirssalesby20%ormor1LttXeyoutoacceptthe2%youwontbeso
12、rry!*AfterreviewingArnoldsemailConnoragreestothe2%offerQuestion#1of60ByexecutingTransactionA,Connoris:A)dolatingtheStandardsbecausehisoptiontradingcanbereasonablyexpectedtoaffectthepriceofStockA.B)ViQIatingtheStandardsbecausetheoptionpositioncreatesaprotopportunityinconflictWithBiogendsdientsC)notvi
13、olatingtheStandards.Question#2of60ByexecutingTransactionB1Connoris:A)ViQIatingtheStandardsbecausehisoptiontradingcanbereasonablyexpectedtoaffecthisquarterlyperformance.B)notviolatingtheStandaidsbecausetheoptionpositioncreatesaprofitopportunityconsistentWithBiogenSCijentWinterests.C)notviolatingtheSt
14、andardsbecausehebelievesthereissignificantappreciationpotentialinStockRQuestion#3of60ByexecutingTransactionC,Connoris:A)violatingtheStandardsbyexecutingatransactionfortaxreasonsolyB)riolatingtheStandardsbyexecutingatransactionthatprovidestaxbenefitstntheQuestionID: 1212784Question ID: 1212785Questio
15、n ID: 1212786BiogeneFund.C)notviolatingtheStandards.Question#4of60QuestionID:1212787ByofferingBiogenetheopportunitytoparticipateintheIPOofStockD,AppleInvestmentshasviolatedCFAInstituteStandaidsrelatingto:A)priorityoftransactionsbutnotindependenceandobjectivity;B)independenceandobjectivitybutnotpiori
16、ty出、transactions.C)neitherprioityoftransactionsnorindependenceandObjeetivityQuestion#5of60QuestionID:1212788ArnolcfSargumentsforlimitingBiogeneSshaeto2%suggestthatApple:A)mayengageinaliquiditypumpingstrategythatwouldbeacceptablegiventhatBiogeneisarelatedentityB)mayengageintransaction-basedmanipulati
17、onofStockDinthefuture,inolationofStandardsrelatingtomarketmanipulatioC)isViOIatingStandardsrelatedtoprity收transactionsbyofferingtheIPOtoBiogenebeforeitisfullysubscribed.Question#6of60QuestionID:1212789BaseduponConnorsacceptanceofthe2%IimittionafterreceivingtheemailfromArnold:A)ConnorhasviolatedStand
18、ardSrelatingtomaterialnonpublicinformation,andArnoldhasViOIatedStandardsrelatingtopresenrationofconfidentialityB)ConnorhasnotviolatedStandardSrelatingtomaterialnonpublicinformation,butArnoldhasviolatedStandaidsrelatingtopreservationofconfidentialityC)ConnorhasnotViOIatedStandcirdsrelatingtomaterialn
19、onpublicinformation,butArnoldhasviolatedStandardsrelatingtopreservationcfconfidentialityandmaterialnonpublicinformationQuestions#7-12of60UsethefollowinginformationtoanswerQuestions7through12AlfredFarias,fixedincomeanalystforBNF,Ina,isanalyzingtheeconomicprospectsofProckentKrosse,Weira,andToban5fouic
20、ountriesinthesameregion.Hecollectsthefollowingeconomicanddemographicstatisticsforthecountries:CurrentrealGDP(in$billbns)$250.00$250.00$4,500.00$4800.00ProjectedrealGDPin5yearsGn$billions)basedonpotentialGDPgrowth$306.00$315.00S5,262.00$5,778.00rateLong-termgrowthrateofcapital4.0%42%3.2%3.8%Currentca
21、pitalbase($billbns)$7829$699.2$18,750$19,750Imports(in$billions)$30.00$60.00$1,500.00$900.00Exports(in$billions)$32.00$80.00$1,000.00$900.00Populationfin$millions)20.420.0101.0100.0LaborgrowthrateL9%2.9%0.4%0.8%Costofcapitalrelativetototalfactorcost325%35.0%25.0%225%Averagerealannualappreciationineq
22、uities(pastfiveyears)4.0%17%4.5%3.8%AGDPpercapitabelow$25,000isconsideredadevelopingcountrandaGDPpercapitagreaterthan$25,000isconsideredadevelopedcountry.FariasconcludesthatWeiraandTobanhavereachedStead厂StategrowthInthelatestroundoftradenegotiations,representativesfromeachcountrydiscussedtheireflfor
23、tstofostereircountries*economicdevelopmentandbenefitfromthegrowthofworldtrade.ProckensRepresentative:WearewaryofthepotentialforlossofdomesticindustriesifweremovetradebarriersGiventhestateofoureconomy,fmnotcertainthatwecanlowerourtradebarriersanyfurtherwKrosseSRepresentative:T,QinKrossearenotinvestin
24、genoughininfrastructureandeducationtoincreasethelevel&、productivityandtechnologyinOUreconomy.Wealsoneedforeigndirectinvestmentandhencewewelcomeforeigninvestors.WeirasRepresentative:Meareconcernedaboutmycountrysnegativetradebalance.WeiraneedsmoreexportstosustainourgrowthTobansRepresentative:Veseemtob
25、eatapointiTobanwherethegrowthrateofraycountryslaborforcemaybeinsufficienttosupportourGDPgrowthrate.*Question 11): 1212791Question ID: 1212792Question#7of60Whichcountryismostlikelytobenefitfimcapitaldeepening?A)WeiraB)Krosse.C)Procken.Question#8of60Forthisquestiononlassumethatthepopulationgrowthratei
26、sthesameforKrosseandProcken.Apossiblecauseforthedifferenceingr*owthrateoflaboristhatrelativetoProcken,Krossehas:A)stricterimmigrationpoliciesB)alowerlaborPartiCiPationrateC)experiencedanincreaseinaveragehoursworked.Question#9of60QuestionID:1212793TheIOng-IemgrowthrateCftechnology(TFP)forTobanisclose
27、stto:A)Q4%.B)21%.C)23%.Question#10of60QuestionID:1212794GoingfMward,whichcountryismostHkelyloexperiencelowerstockmarketappreciationthanthatexperiencedoverthepastfiveyears?A)WeiraB)TObanC)ProCkerUQuestion#11of60TherentalpriceofcapitalinWeiraisclosestto*A)6%.B)12%.C)25%.QuestionID:1212795Question#12of
28、60QuestionID:1212796BaSCdontheinformationprovided,whichdevelopingcountryismostHkelytGachieveconvergenceingrowthratesandstandardofliringWiththeirdevelopedcounterparts?A)TobanB)Krosse.C)Procken.Questions#13-18of60UsethefollowinginformationtoansverQuestions13through18.1.yleKreigeCFA,hasrecentlytakenana
29、nalystroleatRoCkWayStone,asmallprivateequityfirmbasedintheUnitedStates.AspartfhisoIqhehasbeenaskedtoreviewthemostrecentunauditedfinancialstatementsfromseverlprivatecompaniesthathavebeenidentifiedaspotentialInvestmentsforthefirm.RockwayStonehasastrictpolicyofonlyinvestingincompaniesthatdemonstrateahi
30、ghlevel或financialreportingqualityThefirmhasdevelopedaninternalscoringsystemtorankthequalityofatargetcompanySfinancialStatementsiThescoringsystemawardspointsforeachincidentoflowreportingquality;anycompanythatreaches40pointsisnotconsideredforpotentialinvestmentThescoringsystemisshowninExhibitLExhibit1
31、:RockwayStoneFRQualityScoreSheet1.Anyinstanceofachangeinpolicyyearto-yearcarreclassificationofassets,liabilities,revenues,5pointsorexpensesZAnyinstancefrom1thatalsoresultsinanincreaseintotalassetsAdditional5points区Anyinstancefrom1thatalsoresultsinanincreaseinrevenueAdditional10points4.Anyindicationt
32、hatearningsarenotpersistent5pointsThefirstreportKreigerisreviewingisfimTolstonConductors,afirmprovidinghighlypolishedmetalstothetechnologyindustry.KreigerssupervisorhasinstructedKreigertofocusontheinventorynoteshowninExhibit2.Exhibit2:TolstonConductorsExtractNote8-Inventories20142013Rawmaterials($00
33、0)481409WIP($000)1,392894Finishedgoods(S000)508496Finishedgoodsareclassifiedasgoodsthatarecompleteinallrespectsexceptpackaging.Oftheamountofinventoryreportedaswork-in-progressin2013,$342,OOOhasbeenreclassifiedas*othercentassets.ThisWIPconsistedprimarily东highlypolishedmetalsthatarenowtobefurtherrewor
34、kedandarenotexpectedtobereadyforsalefcrtwoyears.KreigerisalsoreviewingfinancialstatementsfromResonatorWellness,afirmproducinghealthandwellnessproductsirtheU.K.Extctsfromtheproformafinancialstatementrecentlyreleased,alongwith2013and2012comparables,isshowninExhitat3EXhibit3:ResonatorWellnessFinancialS
35、tatement-(Extract)HeadlineOperatingProfit:QuarterEnding31December2014(000)201420132012Stockholders Net margin is based on net income excluding income from associates.equity8,3807,980Z450Revenueretailoutletsales1,40223,543.93,501.6Onlinesales3,086.2398.9389.4Headlinenetincome(NoteA)1,26271,104.4I508&
36、0NoteA:HeadlinenetincomeexcludessettlementCoStSandnetworkCoStStSettlementcostsareone-offpaymentstosettlelegal国DCedures;thesecoststotaled(in000)20.Q22Land248in2012t2013tand2014trespectively.Networkcostsrelatedtorunning力eonlinebusinesstotaledn000)202325and8855in2012r2013rand2014,respectively.TheGnanci
37、alaccountssubmittedtoouibankinaccordancewithourloancovenantsshowsefincomeafterchargingbothsettlemenfandnetworkCOstSinaccordancewithlocalGAAP.KreigernotesthatthefinancialstatementssubmittedtothefirmsbankersdidindeedreportnetincomecorrectlyinaccordancewithlocalGAAP.However;thisfigurewasmuchlesspromine
38、ntthanheadlinenetincome,astheGAAPincomewasdisclosedonlyinthefootnotesratherthanonthefaceoftheincomestatementKreigerbelievesthatthelegalsettlementsarepaymentsmadetodissatisfiedcustomersandareanormalpartCfbusiness.Kreigeralsobelievesthattheincreaseinnetworkcostisconsistentwithincreasedfocusononlineope
39、rations.Resonatorsrequiredreturnonstockholdersequityis5%.KriegersfinaltaskistoanalyzeasetoffinancialstatementsforAltoJibPlc.,amanufactmingandengineeringcompanythatisconsideringdelisting.ThecompanyhasalargenumberfinvestmeritsinassociatesthatKreigerwouldliketoisolateRockwayStonesapproachtoisolatingthe
40、impactofinvestmentinassociatesistoperformsomeclassicDuPontanalysistocalculteROE.IndoingSQnetmarginandassetturnover(butnotfinancialleverage)areadjustedfortheimpact&、investmentinassociates.TheinformationKreigerhastoworkWithisshowninExhibit4alongWithRockwayStoneSmethodofisolatingtheimpactofinvestmentin
41、associatesonROEusingDuPontanalysis.Exhibit4:AltoJibPlaFinancialStatements(Extracts)2014201320122011(000)(000)(000)(000)Revenue99&5918,6817.6Netincome44.431.226.7Incomefromassociates17.811.28.4Totalassets1,260.81,1661,043.21,0121Investmentinassociates101.683.872664.2Equity63&4569*8542.5524.2Financial
42、leverage2.01L991.93CalculationofROEexcludingassociatesAssettwnoveriscalculatedusingaveragetotalassetsexcludinginvestmentsinassociates.Financialleverageiscalculatedusingaverageassetsandaverageequityincludinginvestmentsinassociates.CalculationoftotalROENetmaiginisbasedonnetincomeincludingincomefromass
43、ociates.AssetturnoverisCalCuIatedusingaveragetotalassetsincludinginvestmentsinassociates.Financialleverageiscalculatedusingaverageassetsandaverageequityincludinginvestmentsinassociates.Question#13of60QuestionID:1212805DuetothereclassificationdescribedinExhibit2inventoryturnoverWiIImostlely,A)increas
44、e.B)remainthesame.C)decrease.Question#14of60QuestionID:1212806UnderthescoringsystemdescribedinExhibit1andtakingintoaccounttheinventorynoteinExhibit2TolstonConductorsshouldmostaccuiatelybeassigned:A)5pointsB)10points.C)20points.Question#15of60QuestionID:1212807Whichofthefollowingstatementsistheleasta
45、ccurateregardingResonatorWellnessinformationshowninExhibit3?A)Thefinancialstatementssubmittedtoanalystsarenotasdecisionusefulastheycouldbeduetobiasedaccountingchoices.B)Thefinancialstatementssubmittedtothebankarenotasdecision-usefulastheycouldbeduetobiasedaccountingchoices.C)Thefinancialstatementssu
46、bmittedtothebankaredecision-usefulastheyexhibitnoevidenceofbiasedaccountingchoices.Question#16of60QUeSIiOnID:1212808WhichofthefollowingconclusionsisKreigermostlikelytodrawabouttheearningsqualityofResonatorWellness?2014netincomeaftercorrectlyincludingnetworkandsettlementcostsshows:A)compoundannualgro
47、wthofover7%,andearningsthatareofhighqualityastheyarecorrectlycalculatedunderGAAP.B)negativecompoundannualgrowthofover35%,andearningsthatareoflowquality;C)negativecompoundannualgrowthofover35%,andearningsthatareofhighqualityastheyarecOirectlycalculatedunderGAAP.Question#17of60QuestionID:1212809TreatinganinvestmentasanInvestmentinassociateratherthanina
