CFA1级MOCK试题

1、CFA1级MOCK试题 QUESTIONS 1 TROUGH 18 RELATE TO ETHICAL AND PROFESSIONAL STANDARDS AND ARE ALLOCATED 27 MINUTES. 1.Which one is the least likely stated objective of the CFA institutes Global InvestmentPerformance Standards (GIPS)?A.Promote the notion of selfregulationB.Foster superior investment perform

2、ance among investment companiesC.To obtain global acceptance of calculation and presentation standards in a fair, comparableformat with full disclosure 2.The most likely decoration of companies retained materials and for which type of the material isthe legal to retain:A.5 years written hard copiesB

3、.7 years electronic copiesC.10 years electronic copies 3.Which situation is the least likely to allow the analyst to disclosure the clients information?A.The clients activities are illegalB.PCP inquire the material of the clientC.The client is dead 4.An investment managers broker provide many good s

4、ervice for the company, and he also auditthis investment managers newly invest activities in the burgeoning industry market. This broker provides many opportunities for the manager to go to some new industry market to research, of which the data are hardly for the manager to get into. The broker tak

5、es care of the entire fees for research, and they disclose this situation. So which is this situation most likely to violate?A.No.B.Yes, violate the knowledge of the lawC.Yes, violate misconduct 5.Edward Cronin, CFA, is an equity analyst with Star Securities. Based on his fundamental analysisrecentl

6、y, Cronin concludes that the stock of a company he follows for long, Crest Inc., is undervalued. He buys shares at a lower price for his portfolio. The other day, Cronin receives the call from Marvin Moore, an institutional broker, Moore called to recommend buying Crest Inc., an obscure common stock

7、 traded overthecounter, as a takeover candidate. In the past, Moore has demonstrated an ability to pick takeover candidates. And Cronin adds more shares of Crest Inc. for his portfolio. Cronin is the least likely to have violated the CFA Institute Standard of Professional conduct that relates to Fir

8、st time to purchase shares Second time to purchase sharesA.Yes NoB.Yes YesC.No Yes 6.Charlie, a CFA member who works in the AXA security company as a broker has lots ofinformation of their clients. James is one of his clients, who is the manager in the index company.They both have a client to exchan

9、ge the security index. James ask Charlie to show that Clients material to him because he lost some information when he fixed up his computer. Charlie only gave him the basic information but it is still hard to find from the public. Does this activity viloate the standard?A.Yes, violate the material

10、nonpublic informationB.Yes, violate the duty to clientC.Yes, both violate the duty to client and the material noninformation 7.CFA members need to maintain the membership with the CFA institute, what will be the mostlikely action for members to take?Pay the member fee for the CFA institution Write t

11、he report for his professional conductA.Yes NoB.No YesC.Yes Yes 8.Caria Scott, CFA, is a portfolio manager of a company that manages investment accounts forwealthy individuals. Scott has no beneficial interest in any of the feepaying accounts she manages, including her uncles account .When shares in

12、 initial public offerings (IPOs) become available, Scott first allocates shares to all of her other clients for whom the investment is appropriate; only if shares are still available does she purchase shares in her uncles account, if the issue is appropriate for him. Scott provides each of her clien

13、ts with full disclosure of her allocation procedures and has received each clients verbal consent to her allocation procedures.According to the Standards of Practice Handbook, does Scotts method of allocating oversubscribed IPOs violates any CFA Institute Standards of Professional Conduct?A.NoB.Yes,

14、 because she has breached her duty to her uncleC.Yes, because she has failed to obtain written consent with respect to her allocationprocedures. 9.Dorre, CFA, just founded her own investment company. On a TV advertisement, She said:“through the CFA program, I improved my investment skill”. On that T

15、V show, she also assured that all her clients investment return will increase with higher level investment skill gained from CFA program. According to Code and Ethics and Standards of Practice Handbook, which of following is allowed?Improve my investment skill Increase clients investment returnA.yes

16、 noB.yes yesC.no yes 10.Which one is the most likely to obtain the required record in the GIPS ?A.3 yearsB.5 yearsC.7 years 11.Smith does business in country A, where is often flooded, and it is difficult to store clientsinvestment profile in paper documents, however, Smith kept all of those data in

17、 a secured web storage through internet which is located a thousand miles away, also Smith kept those materials for five years according the law of country A. Whether Smith broke the standards about: Record Retention Confidentiality PreserveA. Yes YesB. Yes NoC. No No 12.Which one is the most likely

18、 to a member should do when he noticed his group member violatethe Code of Standards?A.Disclosure and dissociateB.Report to the local authorityC.Consult with supervisor 13.Jane Norse, a level III candidate in the CFA program, works for Janme Investment Management.Janmes compliance procedures states

19、that all personal investments in stocks by Janme employee must provide a written request identifying the stock, the quantity of the stock to be purchased, and the name of the broker through which the transaction will be made. Norse received prior clearance to purchase 300 shares of Stock TTT through

20、 broker Linda Securities Company. Three days after she received prior clearance, the price of Stock A had decreased slightly, so Norse decided to purchase only 100 shares of TTT through broker Linda Securities Company. In her decision to purchase only 100 shares of Stock TEL due to price reduction,

21、did Norse violate any CFA Institute Standards of Professional Conduct?A.NoB.Yes, because she violated her fiduciary duty to her employer and clientsC.Yes, because she violated her employers compliance procedures 14.The CFA Institute Standards of Practice Handbook is the Most likely to require a memb

22、er ormembers firm to disclose which of the following to clients and prospective clients?1.Marketmaking activities2.Underwriting relationships3.Service as directors of a companys boardA.1+2B.1+3C.1+2+3 15.James Suzuki, CFA, is a mortgage loan officer at a bank that offers investment advisory services

23、.The annual fee charged by the bank for investment advisory services is typically one percent of the clients assets under management. If a prospect referred by Suzuki receives five percent of that clients annual fee. According to the Standards of Practice Handbook, which of the following is the most

24、 accurate statement about Suzukis responsibility with respect to disclosing the referral arrangement? Suzuki is:A.required to disclose the referral arrangement to all his clientsB.required to disclose the referral arrangement to only those clients whom he refersC.not required to disclose the referra

25、l arrangement because the value of the benefit is not afixed amount and could be less than US $100 per client 16.Which of the following is none of the components of GIPS?A.Input dataB.Fixed income security/doc/5af37e747fd5360cba1adb5d.htmlpliance fundamental 17.Regarding the defin

26、ition of the firm, do the GIPS standards require that total firm assets includethe market value of the firms: Nondiscretionary assets undermanagement?nonfeepaying assets?A. No NoB. Yes YesC. Yes No 18.Connie Blair, CFA, resides in NSS country, the law of which is stricter than the Code andStandards.

27、 He does business in YS country, the law of which is less strict than the Code and Standards. According to the law of YS country, the person who does business in YS country should apply the YS country. Connie should comply with:A.Code and StandardsB.NSS countrys lawC.YS countrys law QUESTIONS 19 THR

28、OUGH 32 RELATE TO QUANTTATIVE ANALYSIS AND ARE ALLOCATED 21 MINUTES. 19.If an analyst concerns the relativity between two stocks return moving, which ratio is the bestfor the analyst to care about?A.correlation coefficientB.varianceC.covariance 20.A stock portfolio will earn either 10 percent or 26

29、percent in equal probability, what is theStandard Deviation?A.6%B.7%C.8% 21.The following table gives the annual portfolio return for the 10 U.S. equity funds since itsinception on 1 January 2003:Year Portfolio return2003 7.6%2004 10.2%2005 13.9%2006 14.1%2007 10.4%The portfolios variance of annual

30、returns, respectively, for the fiveyear period is closest to: VarianceA. 82.3B. 83.4C. 84.5 A.Answer A.B.Answer B.C.Answer C. 22.Considering the following information:The probability of the monetary authority decreasing interest rates is 30%;The unconditional probability of the stock index upward is

31、 48%;The joint probability of the stock index upward and decreasing interest rates is 28%.What is the probability of either interest rate will decrease or the stock index upward will occur?A.40%B.50%C.55% 23.An analyst gathered the following IBM stock information: the mean monthly return on IBM stoc

32、kis 12% with a standard deviation of 7%, he also knew the riskfree rate is 5%. What is the CV for IBM stock?A.0.58B.0.62C.0.64 24.The appropriate statistic test for testing of the equality of variances for two normally distributedrandom variables, based on two independent random samples, is the :A.t

33、testB.FtestC.Chi square test 25.A fund manager owns a stock portfolio and the table below is the detail information about theportfolio return:Probability Return0.3 5%0.25 10%0.25 15%0.2 20%What is the portfolio expected return?A.11.25%B.11.75%C.12.25% 26.All elements of annuity are the same, when we

34、 use annuity due comparing with ordinaryannuity, which answer is correct?Present value Future valueA Higher HigherB Higher LowerC Lower Lower 27.A bank quotes a stated annual interest rate of 8 percent compounded semiannually. What is theeffective annual rate?A.8.16%B.8.00%C.8.33% 28.About bank disc

35、ount basis and money market yield of the U.S. Treasury bill (Tbill), which iscorrect?A.The bank discount basis is a quoting convention that annualizes, based on a 365day year.B.The money market yield pays interest on a 365day basis.C.The money market yield is larger than the bank discount yield beca

36、use it is computed onthe purchase price. 29.There are 12 investment portfolios that can be chosen by a fund manager. The probability thatthe portfolio is profitable is 75%. Calculate the probability of 11 profitable portfolios.A.12.67%B. 4.22%C.75% 30.Under which condition, the central limit theorem

37、 can be used.A.only when the distribution of the population is known.B.only when the sample size is large whatever the distribution of the population.C.only when the population variance is known. 31.An analyst adjusts the historical probability of default for highyield bonds to reflect herperception

38、s of changes in the quality of highyield bonds. The analyst is best characterized as obtaining a (n):A.a priori probabilityB.objective probabilityC.subjective probability 32.A client making additions or withdrawals of funds most likely to affect their portfolios:Timeweighted return? Moneyweighted re

39、turn?A No NoB No YesC Yes NoA.AB.BC.CQUESTIONS 33 THROUGH 44 RELATE TO ECONOMIC ANALYSIS AND ARE ALLOCATED 18 MINUTES. 33.Assuming the same constant total fixed cost, at the highest output level, which of the averagefixed cost and marginal cost are most likely to change?marginal cost average fixed c

40、ostA.Increasing decreasingB.Decreasing decreasingC.Increasing increasing 34.In a monopoly market, if perfect price discrimination occurs, the quantity of output is most likelyto be the same as that of:A.oligopolyB.MonopolyC.perfect competition 35.Kelly, a shopping mall seller who earns a low wage, b

41、ut now the shopping mall decides toincrease the wage rate. Which of the following statements is most likely to be correct?A.Substitution effect will higher than income effect, and the supply curve will shift to the left.B.Substitution effect will higher than income effect, and the supply curve will

42、shift to theright.C.Substitution effect will lower than income effect, and the supply curve will shift to the left. 36.Which of the following indicators is the most likely one as the useful measurement of theproductivity of labor and the GDP?A.aggregate hoursB.unemployment rateC.employment participa

43、tion rate 37.Which of the following is most likely correct according to the Classical view?A.Policy is required to achieve full employment.B.Expected impact on economy is larger than the real one.C.Taxes would stunt incentives and create inefficiency. 38.If the central bank wants to adjust the inter

44、est rate to avoid inflation, what is the effect on realGDP？Real GDP in shortrun Real GDP in longrunA.decrease not changeB.not change decreaseC.decrease decrease 39.If the monetary authority wants to slow the growth of economy, which of the following tools isthe least appropriate for the Fed to use？A

45、.The discount rateB.Open market operationC.Regulation 40.For factors of production that differ in their supply elasticity, perfectly elastic or perfectlyinelastic, the factor income is entirely:Perfectly elastic supply Perfectly inelastic supplyA. economic rent economic rentB. economic rent opportun

46、ity costC. opportunity cost economic rentA.Answer AB.Answer BC.Answer C 41.The crowdingout effect most likely occurs when increasing government spending andsubsequent budget deficits cause: A.inflation, which causes the dollar to depreciate in valueB.interest rates to increase, which reduces investm

47、ent spendingC.an increase in the imports and an decrease in the exports of goods and services 42.Which of the following statements about the bias in the CPI is least accurate?A.Newer and more expensive products replace older and less expensive products.B.The prices of products increase as a result o

48、f improvement of the quality.C.The general economy of the country begins to recover from the recession. 43.Which of the following is the most likely impact of inflation on the demand for money?Demand for nominal money Demand for real moneyA.no impact increaseB.no impact no impactC.increase no impact

49、 44.Should we rise or lower the price level or the real GDP to increase the demand of money?The price level The real GDPA.increase decreaseB.increase increaseC.decrease increaseQUESTIONS 45 THROUGH 78 RELATE TO FINANCIAL STATEMENT ANALYSIS AND ARE ALLOCATED 51 MINUTES. 45.To use gross sale reporting

50、, the firm must meet the following criteria:Bear the inventory risk and credit risk Have reasonable latitude to establish the priceA. Yes YesB. Yes NoC. No Yes 46.Cop.A repurchase common stock via using the proceeds from issuing bonds. Demonstrate howthe activity influences the cash flow statement.A

51、.CFOB.CFIC.CFF 47.Assume that Cop A has a contract sold for 120,000 . The reliable estimate of the contractstotal cost is 70,000.When the recognized cost of the contract is 35,000, determine how much the cop recognize the revenue underling the percentage of completion?A.60,000B.35,000C.0 48.A manufa

52、cture company takes a ship to their customer. They put the shipping revenue as theirsales revenue, and put the ship payment to the customer as their operating expenses, so which one below is overvalued?A.Gross profitB.Operating profitC.EBIT 49.CopA collects cash from account receivable . How can the

53、 balance statement reflect the activityA.Increase a asset and a liabilityB.Increase a asset and decrease a liabilityC.One asset term increase and other asset decrease 50.On July 1st, A company signed a contract to sell a inventory to B company, and the receive cashwas $120,000 at that time. On Decem

54、ber 1st, these two companies delivered the contract, so how is the settlement in the financial statement in Company A on October 30th?A.asset increaseB.liability increaseC.asset increase and liability increase 51.What will be the influence of a companys profit and asset turnover when the company is

55、sureabout their asset is affected by writedown?Companys profit (NI) asset turnoverA. Decrease increaseB. decrease decreaseC. increase decrease 52.Under GAAP, compared with the company taking operating lease, does the company use capitallease have greater:ROA D/E ratioA. Yes NoB. Yes YesC. No Yes 53.

56、During a 2years period, CopA has a higher quick ratio, while the cash ratio is stable. Which of thefollowing asset most likely to increase?A.CashB.InventoryC.Accounts receivable 54.At the beginning of 2007, CopA own inventory valuing 220,000. The purchase of the companyduring 2007 is shown in the following table.Time Quantity Price per unitJan.1 1,000 35Jul.1 600 30Sep.1 750 32At the end of 2007, the company sold 1750 inventory at the price of 40/unit. Under LIFO method, the company should recognize COGS ofA.53380B.64500C.56000 55.During the past year, CopA had net inc