说明2017年cfa二级cfal2历年mock2009-2016

1、2015 Level II Mock Exam: Morning SesThe morning sesof the 2015 Level II Chartered Finanlyst Mock Examinationhas 60 questions. To best simulate the exam day experience, candidates are advised toallocate aage of 18 minutes per item set (vignette and 6 multiple choice questions) for atotal of 180 minut

2、es (3 hours) for this sesof the exam.By acsing this mock exam, you agree to the following terms of use: This mock exam isprovided to currently-registered CFA candidates. Candidates may view and prthe exam foral exreparation only. The following activities are strictly prohibited and may result indisc

3、iplinary and/or legal action: acsing or permitting acs by anyone othern currently-registered CFA candidates; copying, repring the mock exam for any purting to any website, e.ing, distributing and/orMacKenna Adam Case ScenarioNine months ago, Makenna Adam, CFA, was dismissed from her job as an equity

4、 researchyst with Transcontinental Brokerage Company, a publicly listed nationwide stock brokeragecompany. Unable to find new employment, Adam establishes anernet-based business, AdamResearch., selling research reports to individuals, institutional investors, and sell-sidefinanl servicompanies.Adam

5、recognizest she must make numerous disclosures on her website to comply with theCFA Code of Ethics and Standards of Profesal Conduct (Code and Standards) as well as theCFA Institute Research Objectivity Standards. She beves it is important to comply with theCode and Standards to help improve her bus

6、iness prospects. Adam clearly displays the following claim on the home page of Adam Researchs website:Adam Research Investors can be a from forecasted opinions by the. comps with the CFA Institute Research Objectivity Standards.redt all research is accurate, although actuales may differes. Our resea

7、rch reports clearly distinguish betn facts andyst writing the research report.ysts are also free to voice theirown opinions when making independence.mendations without fear of reprisal to ensure theirAlso clearly displayed on the home page is an additional disclosure regarding potentialsoferest:Adam

8、 Research. and/or its employees and assotes may occaally hold shares inany of the companies we cover. Please contact us for disclosure concerning our share itions.In addition, Adam creates a stock rating system, againting it on the website for her cnts andpotential cnts so they can understand the ba

9、sis for how Adam Research made. She describes the rating system as follows: The firm uses differentmendations are mendationcategories (outperform, neutral, and underform), along win indication regarding risks foreach type of investor and the time frame in which the shares are expected to reach their

10、 price.Adam realizes she must produce research reports quickly to have product to sell. Herreportcovers her former employer, Transcontinental, and is based in part on last years annual report.Because she is a former employee and a shareholderranscontinental, Adam is convinced sheknows all aspects of

11、 the company very well and decides not to meet with Transcontinentalmanagement. She publishes the report, clearly sing she is a former employee and currentshareholder. To drive traffic to her website, she allows free acs to the report, leaving it on thesite even after Transcontinental reports its ye

12、ar-end finanl results. She receives an excellentresponse, with roughly 45% of her marketing list downloading the report.The Transcontinental report captures investors attention because of its strong “buy”mendation, in contrast to otheryst reportsmending a “sell.” As a result, Adam isinvited to parti

13、cipate in aneractiveernet chat room discusduring which shemends a “buy” for Transcontinental. Because of limited time, she discloses only her formeremploymenTranscontinental and uses the rest of the time to advertise Adam Research. On s, Adam mentions her websites URL.several occaTo expanm Researchs

14、 research capability after obtaining new cnts, Adam hires twoysts. Recognizing the need to have written implemenion policies because Adam is nolonger the onlyriting research reports, she creates policies and provides them to the newemployees beforeting them on the Adam Research website for cnts to d

15、ownload. Thesepolicies are provided in Exhibit 1.Exhibit 1Adam Research Company Policies and Procedures1.Which of the following initial claims made on the home page of Adam Researchswebsieast likely reflects the CFA Institute Research Objectivity Standards?Accuracy of research reportsDistinction bet

16、n fact and opinionC. Independence ofystsmendations2.Adam Researchs website disclosure regarding potentials oferest leastlikely meets themendations for compliance with the CFA Institute ResearchObjectivity Standards concerning the:prominent display.plain prehensiveness.Policy TypeContent DescriptionR

17、esearch Objectivity PolicyThisdescribes the pros required to determine whether there is independence and objectivityhe firms research, with instructions to make this policy available to all investors and employees. Procedures cited include supervisory procedures to ensure compliance, annualattesion,

18、 and adherence toernal audit requirements.Compliance and Enforcement PoliciesThisdescribes compliance policies and procedures to ensure research objectivity and lists all activities considered to be violations and the resulting disciplinary sanctions, including dismissal from the firm.al Investments

19、 and Trading PoliciesThisdescribes the policies designed to manage covered employeesal investments and trading activities to ensure theerests of the cnts are always placed before the company, its employees, and their immediate famis, including prohibition of front running and participation in subjec

20、t company I. In addition, covereds are banned from trading against the companysmendations unless for finanl hardship reasons. All trades must be approved in advance.3.Which category of Adam Researchs stock rating system could most likely beimproved to meet the Objectivity Standards?mendations for co

21、mpliance of the CFA Institute ResearchA.B.C.Investor riskmendation categories Time horizon4.The research report on Transcontinental most likely meetsmendations forcompliance with the CFA Institute Research Objectivity Standards with regard to:A.B.C.reasonable and adequate basis. timeliness of resear

22、ch reports and relationships with subject companies.mendations.5.Dims participation in aneractiveernet chat room discusmost likelycomply withmendations for compliance of the CFA Institute ResearchObjectivity Standards and Standards of Profesal Conduct?A.B.C.No, because she is trying to manipulate th

23、e share price No, because she did not make sufficient disclosures Yes6.Which of Adam Researchs mentioned company policies and procedures given in Exhibit 1 least likely comps with the CFA Institute Research Objectivity Standards?Compliance and EnforcementResearch ObjectivityC.al Investments and Trad

24、ingGolden Island Case ScenarioGolden Island is a flourishing country because of tourism. The island iserned by aernorGeneral, a parliamentary body of elected legislators, and a couple of agencies to regulate theislands economic and sol environment. Recently, prospectorshe mountain range borderingthe

25、 southern coast of the island discovered large deits of gold, silver, and platinum. Theernment is concernedt development of these deits will harm the tourist trade. ElenaTrippi has been asked to participate in a series oct-finding sess conducted joly by theislands ministries of finance and tourism.

26、This blue-ribbon fact-finding committee has beenmeetingkly for the past two months.Trippi began a recent meeting of the committee by presenting a summary of Golden Islandscurrent finanl and economic conditions. Comparing Golden Island with other develonations, she presents these conditions in Exhibi

27、t 1.Exhibit 1l and Economic ConditionsCurrent FinanTrippi sest these conditions do not nesarily cause grearm to the tourist industry. Butthe mining and prosing of gold, silver, and platinum will require re-examination of economicpolicies and circumstan. In particular, Trippi is concerned about the i

28、e of tariffs becauseGolden Island has relatively high tarifcapital goods.Trippi ses:Golden Island will benefit from continuing to protect domestic capital goods bymaaining its relatively high tariff on non-domestic capital goods. High tariffs have little impact on foreign direct investment (FDI), an

29、d they generate revenue for theernment.Rishi Chatterjee is Golden Islandserim Deputy Minister for Tourism. He sest he is notvery knowledgeable about the gold business but bevest develothe islands golddeits will affect the relative value of its currency, the sona (Sn). The current exchange rate ofthe

30、 sona against the US dollar i8.50/USD. Chatterjee sest increased FDI will cause thesona to strengthen against world currencies. Tourism will be harmed because goods and servipriced in sonas will appear more expensive to the non-domestic visitors who make up the bulk of the tourist trade.Relative to

31、other develonations, Golden Island1. has a relatively low level of capital per worker.2. does nove competitive finanl markets. The islands single commerl balso acts as the central b of Golden Island.3. has a relatively low rate of savings and investment.4. has a low level of literacy (aboulf the pop

32、ulation is illiterate).5. has well-established property rights.6. tightly regulates capital flowso and out of the economy.Trippi shows the committee Exhibit 2, which contains data from the currency exchange marketsrelative to the sona. On the basis of this data, Trippi sest markets currentlyipatetth

33、e sona will weaken, not strengthen, against both the dollar and the British pound.Exhibit 2erest Rates, and Inflation RatesExchange Rates,Golden Islands Minister of Finance andof the Central Bis Rajiv Sengupta. He isconfidentt Golden Island clow the mining district to proceed with little or no damag

34、e totourism. He ses:We can use free market mechanisms to control potential pollution from the mines.Because there will beeast 4, andsibly moren 10, mining companies operatinghe mining district, we can design an exchange wherehe companies can trade um amount of various“pollution rights.” Theernment w

35、ill set the totalpollutantst might occur from mining operations, revisingt total from time to time.The companies will bid on rightst will allow them a certain level oft totalpollution. If a company exceeds the level to which is a “right”, it will be fined. Byallowing the trading of these rights on a

36、n exchange, the resulting “price of pollution” willreflect the most efficient allocation of resourrelated to the mining district.Sengupta addresses the ies of potential inflation as the island transitions to greater growth. Heares the committeet Golden Islands central bstands ready to use monetary t

37、ools toprevent such inflation.7.How many of the current finanl and economic conditions listed in Exhibit 1eastpartially explain why Golden Island falimited economic growth?All six are limiions on growth.Exactly five of the six are limiions on growth.Exactly three of the six are limiions on growth.8.

38、Trippis sement regarding tariffs is best described as:correct.incorrect, because high tariffpport increases in FDI.Current Spot RatesOne-Year erest Rate(%)One-Year Inflation Rate (%)Golden IslandSn8.50/USD6.53United KingdomGBP0.62/USD4.051.6United Ses3.51.3C. incorrect, because eliminating high tari

39、fmanufactured goods will increaseGolden Islands physical capital and contribute to highroductivity.9.Chatterjees sement about tourism and the currency exchange rate of the sona isbest described as:correct.incorrect, because increased FDI will likely lead to a weakening of the sona.incorrect, because

40、 a stronger sona will make Golden Island appear to be a less expensive tourist destination for non-domestic visitors.10. Based on Exhibit 2, the one-year forward exchange rate of the Sn/GBP is closest to:Sn8.75/GBP.Sn13.45/GBP.Sn14.03/GBP.11. Senguptas views regarding potential pollution from the mi

41、ning district are mostconsistent with which of the following?A.B.C.Regulatory capture The Coase theorem Regulatory arbitrage12. Which of the following will Sengupta most likely use to address the monetary iesrelating to greater growth of the islands economy? The central bwill:sell domestic securitie

42、s to the private sector.buy domestic securities from the private sector.C. reduce theerest rate on loans to the private sector.Aeolus Controls Case ScenarioKaren Spaulding is the chief equityysShearson Woods. She was asked by JimTomlinson, the firms Chief Investment Officer, to carry out anysis of t

43、he common shares ofAeolus Controls, AG, a companyt prepares its finanl sements using IFRS.Aeolus Controls produa broad range of heating, cooling and refrigeration products flobaluse. Its three major operating segments are home comfort products, industrial and building products, and transporion refri

44、geration units.Spaulding extracted selected finanl information for Aeolus from its finanl sements andannual report. The information is presented in Exhibits 1 and 2.Exhibit 1 Aeolus Controls, AGSelected Finanl Data as at December 31(in Millions)20142013Sales19,75019,371erest expense152143Operating l

45、ease payments126113Operatinge6,9862,694Pro Forma operatinge6,9972,694Current debt2,2712,599Long-term debt1,3471,614Total shareholders equity11,2689,654Total assets20,09719,964Operating cash flow2,4493,229Casherest paid8184Cash taxes paid532496Capital expenditures824835Expenditures onangible assets73

46、72During their earst meeting, Spaulding told Tomlinsont she was reviewing the companysuse of debt and operating leases, and was currentlyhe pros of capitalizing the operatingleases; so far she had only determinedt the adjustment required for 2013 would be an increasein long-term debthe amount of 606

47、 (illions).At a later meeting, Spauldingls Tomlinsont she beves the quality of earnings hasdeteriorated andt the recent increase in profitability is the result of earnings management. Insupport, she presents several ratios in Exhibit 3.Exhibit 2 Aeolus Controls AGSelected Notes to the Finanl Sements

48、Operations and Summary of Significant Accounting Policies Note 7. Property, Plant and EquipmentUp until December 31, 2014, the company depreted its machinery and equipment on a straight line basis over a 10 year expected useful life. As of the start of 2015, the companys estimate of the useful life

49、of certaachinery and equipment will be reduced to 8 years.Note 12. Restructuring ChargesIn 2014, the companyroduced an early retirement program for those employees who were 50 years of age or older who votarily left employment. A larger number of employeesnipated accepted the offer resulting in an o

50、perating expense of 13 million being recognized.Related Note From the Reconciliation of Pro Forma Operatinge FiguresA spel factor, the unusually large restructuring charges due to the early retirement program, negatively affected operatinge in 2014. The company reported pro forma operatinge 11 milli

51、on highern operatinge reflecting the companys estimate of the nonrecurring expense component so as to provide more appropriate comparisons to prior year results.Note 18. Finanl and Operating LeasesFinanl LeasesThe impliciterest rate on finance leases for 2013 and 2014 was 6.0 percent.Operating Lease

52、 Commitments (in Millions) as of December 31,2014Due January 1, 2015130Due January 1, 2016130Due January 1, 2017130Due January 1, 2018130Due January 1, 201980Total of future lease240payments thereafter*Total Commitments840*After 2019, all lease payments are amed to be the same as in 2019Spaulding go

53、es on to sayt aftreparing Exhibit 3, she also determined the cash flow basedaccruals ratios for the two years andst the accruals portion of earnings has increased.Tomlinson responds:“The ratios you have provided for operating cash flow to operatinge are overestimates towhat they would have been if o

54、perating cash flows had been calculated on a pre-tax and pre erest basis.”Finally, Spaulding saidt she was worried about the companys recent capital allocationdecis and earningstainability as shest the top performing segments are beingallocated a smallroportion of capital expendituresn their proport

55、ion of total assets. Shepresents her findings in Exhibit 4.13. Using the data in Exhibit 1, if the company wished to pay oll of its debt whilemaaining its current reinvestment policy in 2014 the number of years it would take to do so is closest to:A. 1.5.B. 2.3.C. 1.7.Exhibit 4 Aeolus Controls, AGSe

56、gments DataEBIT MarginSegment Assets as a % of Total AssetsSegment Cx as a % of Total Cx201420132014201320142013Home Comfort13.82935.9Industrial & Building20.520.425.7296.44.4Transporion Refrigeration14.514.267.163.864.659.7Exhibit 3 Aeolus Controls AGSelected Cash Flow and Profit Ratios a

57、s of December 3120142013Operating cash flow operating e0.41.2Change in receivables to revenue ratio3.2%1.0%Net profit margin32.2%11.0%14. Using the lease information in Exhibits 1 and 2, the companys adjusted long-term debt-to-assets ratio as ofof December, 2014 is closest to:A. 10.4%.B. 10.2%.C. 9.

58、9%.15.Theerest coverage ratio for 2013 after capitalizing the operating leases is closest to:A. 15.2.B. 14.6.C. 19.1.16.From herysis of Exhibits 2 and 3, which of the following would most likely haveled Spaulding to be concerned about low quality earnings? The companys:A.B.C.change in depretion meth

59、ods.change in receivables to revenue ratio.treatment of restructuring charges.17.Based on their discusmost appropriate?surrounding Exhibit 3, which of the following sements isA. Tomlinsons comment about the operating cash flow to operating correct.e ratio isB. According to Spaulding, the cash flow b

60、ased accrual ratio was lower in 2014 2013.n inC. According to Spaulding, the persistence of the companys earnings has deteriorated.18.During 2014, the company most likely allocated its capital expenditures on a growth basis to which operating segment?Transporion RefrigerationHome ComfortIndustrial &