2022年cfa考试试题-历年真题及答案

2022年cfa考试试题■历年真题

及答案

1.WeiZhang,CFA,managesaccountsforhighnetworthclients

includinghisownfamily'saccount.Hehasnobeneficialownershipinhis

family,saccount.BecauseZhangisconcernedabouttheappearanceof

improperbehaviorinmanaginghisfamily'saccount,whenhisfirm

purchasesablockofsecurities,Zhangallocatestohisfamily,saccount

onlythosesharesthatremainafterallocationtohisotherclientaccounts.

Thefeeformmanaginghisfamily,saccountisbasedonhisfirm's

normalfeestructure.AccordingtotheStandardsofPracticeHandbook,

Zhang'sbestcourseofactionwithregardtomanagementofhisfamily,

saccountwouldbeto:

A.Continuetomanagehisfamily'saccountbuttreatitlikehis

otherclientaccounts.

B.Discontinuemanagementofhisfamily'saccountandarrangefor

theaccounttobetransferredtoanotherfirm.

C.Discontinuemanagementofhisfamily,saccountandarrangefor

theaccounttobetransferredtoanotherinvestmentmanagerinhisfirm.

【答案】A

2.JohnMaginn,aninvestmentresearcher,whoisaCFA

charterholder,takesatripforwhichhisfirmwillpayalltheexpenses.

Uponhisreturnhealterssomeofthenumbersonrestaurantreceiptsto

inflatetheexpensesby$52,IsthisaviolationrelatingtoProfessional

Misconduct?

A.No,becausetheexpenseinflatedisunder$100.

B.No,ifsuchbehaviorisnotsignificant.

C.Yes,becauseitisacrimeofmoralturpitude.

【答案】C

3.AccordingtotheGlobalInvestmentPerformanceStandards

(GIPS):

A.Compositesmustincludenewportfoliosassoonastheycome

undermanagement.

B.Firmsmaynotsetminimumassetlevelsforportfoliostobe

includedinacomposite.

C.Compositesmustbedefinedaccordingtosimilarinvestment

objectivesand/orstrategies.

【答案】C资料来源：文得学习网，更多考试资料题库视频，上

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4.Severalyearsago,SimonMa,CFA,foundedaninvestmentclub

withthreefriends.Theinvestmentclub'saccountgrewrapidlytoa

substantialsize,buttheclubhasnotactivelytradedtheaccountforat

leastayearanddoesnotplantoresumeactivetradingoftheaccount.

Simon'semployerrequiresanannualdisclosureofemployeestock

ownership.Simondisclosesallofhispersonaltradingaccounts,butdoes

notdisclosehisholdingsintheinvestmentclub.HasSimonmostlikely

violatedanyCFAInstituteStandardsofProfessionalConduct?

A.Yes,withrespecttofiduciaryduty.

B.Yes,withrespecttoselectivedisclosure.

C.Yes,withrespecttoconflictsofinterest.

【答案】C

5.LongmanInvestmentManagementhasestablishedonJanuary1,

1985andhasmaintainedcompositesincetheinceptionofthefirm.

LongmanhasnotbeencompliantwiththeGlobalInvestment

PerformanceStandards(GIPS),butwantstoachievecomplianceasof

January1,2005.Foreachofthefirm'scompositepresentation,the

minimumnumberofGIPS-compliantyearsthatLongmanmustpresentis

closestto:

A.5

B.10.

C.15.

【答案】A

6.JamesSimone,CFA,thechieffinancialofficerofapubliclylisted

company,seekstoimprovethequalityofhiscompany'scommunication

withinstitutionalfundmanagers.Heholdsaninvestorbriefingwiththis

grouptheeveningbeforethecompanyearningsareannounced.The

company'squarterlyearningsarebroadcastinapressreleasethenext

daybeforethemarketopens.Theearningsinformationintheinvestor

briefingisidenticaltothatinthepressrelease.DidSimonemostlikely

violatetheCFAInstituteStandardsofProfessionalConduct?

A.Yes

B.No,becausethecompanyreleasesinformationwhilethemarket

isclosed

C.No,becauseinvestorbriefingandpressreleaseinformationare

identical

【答案】A

7.DianaFairbanks,CFA,ismarriedtoanauditorwhoisemployedat

alargeaccountingfirm.Whenherhusbandmentionsthatacomputer

firmheauditswillreceiveaqualifiedopinion,shethinksnothingofit.

Laterthatweek,whenshereviewsanewclientaccount,shenotices

therearesubstantialholdingsofthiscomputerfirm.Whenshedoesa

thoroughinternetsearchfornewsonthecompany,shedoesnotfind

anythingaboutitsmostrecentauditoranyotheradverseinformation.

Whichofthefollowingactionsconcerningthecomputerstockshould

FairbanksmostlikelytaketoavoidviolatingtheCFAInstituteStandards

ofProfessionalConduct?

A.Completeathoroughanddiligentanalysisofthecompanyand

thensellthestock.

B.Sellthestockimmediatelybecauseshehasareasonablebasisfor

takingthisinvestmentaction.

C.Takenoinvestmentaction.

【答案】C

8.MargieGermainne,CFA,isariskmanagementconsultantwho

hasbeenaskedbyasmallinvestmentbanktorecommendpoliciesto

preventbankemployeesfromfrontrunningclientorders.Theseclients

generallyinvestinoneormoreofthebank'slargecapequityunittrusts.

ToensurecompliancewiththeCFAInstituteStandardsofProfessional

Conduct,Germainneshouldleastlikelyrecommendwhichofthe

following?Employeesshouldberestrictedfromtrading:

A.equity-relatedsecurities.

B.withoutpriorpermission.

C.duringestablishedtimeperiods.

【答案】A

9.MollyBurnett,CFA,isaportfoliomanagerforafundthatonly

investsinenvironmentallyfriendlycompanies.Amultinationalutility

companyrecentlyacquiredoneofthefund'sbest-performing

investments,awindpowercompany.Thewindpowercompany's

shareholdersreceivedutilitycompanysharesaspartofthemerger

agreement.Theutilityhasoneoftheworstenvironmentalrecordsinthe

industry,butitsshareshavebeenoneofthetopperformersoverthe

past12months.Becausetheutilitypaysahighdividendeverythree

months,Burnettholdstheutilitysharesuntiltheremainingtwo

dividendsarepaidfortheyearthensellstheshares.Burnettmostlikely

violatedtheCFAInstituteStandardofProfessionalConductconcerning:

A.DisclosureofConflicts.

B.Suitability.

C.IndependenceandObjectivity.

【答案】B

10.JohannesMeir,CFA,isacomplianceofficerforFamilyEstate

Planning,LLC,aprivatewealthconsultingfirm.Manyofhiscolleagues

havefamilymemberswhohavestartedtheirownretailbusinesses.

SomeofMeir'scolleagueshavebeenaskedbyrelativestoserveas

non-executivedirectorsoradviserstotheircompanies.Meirshouldmost

likelyrecommendwhichofthefollowingpoliciestoensurecompliance

withtheCFAInstituteStandardsofProfessionalConduct?

A.Requireemployeestodeclareallincomesourcesannually

B.Requireemployeestodeclarealloutsidebusinessinterests

C.Prohibitemployeesfrombecomingdirectorsoradvisers

【答案】B

11.MattJacobs,CFA,isaninvestmentadvisertoseveraluniversity

endowmentfunds.Jacobspreviouslyrecommendedtoaclientthathe

buysharesinTimeco.Theshareshaveunderperformedthemarketthis

year,andtheclienthasspokenwithJacobsaboutclosingoutthe

position.JacobsfirmlybelievesTimecoisstillaworthyinvestmentand

thattheclientshouldnotsell.Sincethestockisthinlytraded,Jacobs

buys1,000Timecosharesinhispersonalaccountinorderboostthe

company'sshareprice,withtheintentofreversingthetradeafewdays

later.Aftermakingthepurchase,thesharepricerises,allowingJacobsto

convincehisclienttoholdontohisTimecoshares.HasJacobsviolated

theStandardonmarketmanipulation?

A.No,becausehemadethetradesforthebenefitofhisclient.

B.Yes,becauseheintendedtointerferewiththemarketpriceof

Timeco.

C.Yes,becausehefailedtoconsiderthestock'scurrentpricein

relationtoitstruevalue.

【答案】B

12.WilliamRex,CFA,distributesmaterialsreferencinghis

performanceresultssinceheistheonlyportfoliomanageratthefirmhe

hasfounded.Inthepresentation,Rexincludesfiveyearsofinvestment

performance,fourofwhichwerewithapreviousemployer.The

presentationdoesnotmakeadistinctionbetweenthefirstfouryears

andthemostrecentyearofperformance.Alsoincludedinthe

presentationaresimulatedresultsofastockselectionmodelRexhas

recentlydevelopedandtested.Thefactthattheresultsaresimulatedis

disclosedinthepresentation.HasRexviolatedanyCFAInstitute

StandardsofProfessionalConduct?

A.No.

B.Yes,failingtodisclosethatfouryearsofhisperformanceresults

werewithanotheremployerisaviolation,butincludingthesimulated

resultsisacceptable.

C.Yes,bothfailingtodisclosethatfouryearsofhisperformance

resultswerewithanotheremployerandincludingthesimulatedresults

areviolations.

【答案】B

13.TonyRoberts,CFA,isaportfoliomanageratDeltaSecurities.He

suspectsacolleague,whoisnotamemberorcandidate,ofongoing

activitiesthat,whilenotillegalunderlocallaw,violateCFAInstitute

StandardsofProfessionalConduct.Robertsandthecolleagueboth

reporttothesamemanagingdirectoratDeltaandarebothcurrently

beingconsideredforapromotiontoseniorportfoliomanager.According

totheCFAInstituteStandardsofProfessionalConduct,Roberts:

A.isrequiredtodissociatefromtheactivitiesthatviolatetheCode

andStandardsiftheycontinue.

B.isnotrequiredtoactbecausetheCodeandStandardsdonot

applytonon-members.

C.mustreportthesuspectedviolationsoftheCodeandStandards

firsttohissupervisorandthentoCFAInstitute.

【答案】A

14.JudyBlushisaCFAcandidateandisrecommendingthe

purchaseofamutualfundthatinvestssolelyinlong-termU.S.Treasury

bonds(T-bonds)tooneofherclients.Shestatesthat,"SincetheU.S.

governmentguaranteespaymentofboththebond'sprincipaland

interest,riskoflosswiththisinvestmentisvirtuallyzero,"Blush'sactions

violated:

A.theStandardonmisrepresentation.

B.theStandardoncommunicationwithclientsandprospective

clients.

C.noneoftheCFAInstituteStandardsofProfessionalConduct.

【答案】A

15.Whichofthefollowingactionsisleastlikelyaviolationofthe

StandardconcerningconductasMembersandCandidatesintheCFA

Program?

A.AmemberanonymouslypostsadisparagingcommentaboutCFA

Institutepoliciesonaninternetmessageboard.

B.Amemberfailstodiscloseaformalcomplaintfromaclienton

herannualProfessionalConductStatement.

C.AcandidatediscusseswhichtopicswereemphasizedontheJune

LevelICFAexamwithacandidatefortheDecemberexam.

【答案】A

16.WhichofthefollowingstatementsconcerningwhytheGlobal

InvestmentPerformanceStandards(GIPS)werecreatedisleastlikely

correct?TheGIPSstandardswerecreatedto:

A.provideclientscertaintyinwhatispresentedandallowthemto

makereasonablecomparisons.

B.establishastandardized,industrywideapproachforinvestment

firmstofollow.

C.identifyasetofethicalprinciplesforfirmstofollowincalculating

andpresentinghistoricalinvestmentresults.

【答案】A

17.JanLoots,CFA,quithisjobasaportfoliomanageratan

investmentfirmwithwhomhehadanon-solicitationagreementhe

signedseveralyearsago.Lootsreceivedpermissiontotakehis

investmentperformancehistorywithhimandalsotookacopyofthe

firm'ssoftware-tradingplatform.Subsequently,Lootssentoutmessages

onsocialmediasitesannouncinghewaslookingforclientsforhisnew

investmentmanagementfirm.AccesstoLoots'ssocialmediasitesis

restrictedtofriends,family,andformerclients.Lootsleastlikelyviolated

theCFAInstituteStandardsofProfessionalConductconcerninghis:

A.non-solicitationagreement.

B.investmentperformancehistory.

C.tradingsoftware.

【答案】B

18.SergioMorales,CFA,believeshehasfoundevidencethathis

supervisorisengagedinfraudulentactivityinvolvingaclient'saccount.

WhenMoralesconfrontshissupervisor,heistoldtheclientisfullyaware

oftheissue.Laterthatday,Moralescontactstheclientandafter

disclosingthefraudulentactivity,heistoldbytheclienttomindhisown

business.Followingtherequirementsoflocallaw,Moralesprovidesallof

hisevidence,alongwithcopiesoftheclient'smostrecentaccount

statements,toagovernmentwhistleblowerprogram.HasMoralesmost

likelyviolatedtheCFAInstituteStandardsofProfessionalConduct?

A.No

B.Yes,concerningDutiestoEmployers

C.Yes,concerningPreservationofConfidentiality

【答案】A

19.Forapositivelyskewedunimodaldistribution,whichofthe

followingmeasuresismostaccuratelydescribedasthelargest?

A.Median

B.Mean

C.Mode

【答案】B

20.Atechnicalanalystobservesaheadandshoulderspatternina

stockshehasbeenfollowing.Shenotesthefollowinginformation:

Basedonthisinformation,herestimateofthepricetargetisclosest

to:

A.$59,50.

B.$48.00.

C.$44,50.

【答案】B

21.Comparedtoanormaldistribution,alognormaldistributionis

leastlikelytobe:

A.skewedtotheright.

B.skewedtotheleft.

C.usefulindescribingthedistributionofstockprices.

【答案】B

22.,Meanannualreturn4%

,Meanexcessreturn8.6%

,Standarddeviationofannualreturns23.4%

,Portfoliobeta1.6

ThecoefficientofvariationandSharpemeasure,respectively,for

theportfolioareclosestto:

CoefficientofvariationSharpemeasure

A.0.820.37

B.1.321.23

C.1.320.37

【答案】C

23.MeiTekeijusthadabirthdayandis22.Whensheis27,shewill

receivea$100,000inheritance.Tekeineedsfundsforthedownpayment

onaco-opinManhattanandhasfoundabankthatwillgiveherthe

presentvalueofherinheritanceamount(assuming8.0percentinterest

compoundedcontinuously).Willtheproceedsfromthebankbe

sufficienttocoverhertotalcostclosingcostsof$65,000?

A.Yes,Tekeiwillreceive$68,058.

B.No,Tekeiwillonlyreceive$49,182.

C.Yes,Tekeiwillreceive$67,032.

【答案】C

24.Ananalysthasrecentlydeterminedthatonly70percentofall

U.S.pensionfundshaveholdingsinhedgefunds.Inevaluatingthis

probability,arandomsampleof40U.S.pensionfundsistaken.The

numberofU.S.pensionfundsinthesampleof40thathavehedgefunds

intheirportfoliowouldmostaccuratelybedescribedas:

A.multivariaterandomvariable

B.acontinuousrandomvariable

C.abinomialrandomvariable

【答案】C

25.Withrespecttothefourmajormeasurementscales(ratio,

ordinal,interval,andnominal)thescalethatrepresentstheweakest

levelofmeasurementisthe:

A.nominalscale

B.ordinalscale

C.intervalscale

【答案】A

26.WhichofthefollowingstatementsusedtodescribetheStudent'

st-distributionisleastaccurate?TheStudentJst-distribution:

A.Issymmetricarounditsmeanvalueofzero.

B.Islesspeakedthanthenormaldistribution.

C.Hasthinnertailsthanthenormaldistribution.

【答案】C

27.Aninvestorcurrentlyholdsthefollowingportfolioofcommon

stocks:

TheexpectedcorrelationofreturnsbetweenStock1andStock2is

+0.60.TheinvestorsellsStock2andusesthe$60,000proceedsto

purchaseanotherstockthathasthesameexpectedannualreturnand

standarddeviationofreturnsasStock2,buthasanexpectedcorrelation

ofreturnswithStock1of+0.55.WilltheinvestorJsactionincreasethe

portfolio1sexpected:

annualreturn?standarddeviationofreturn?

A.NoNo

B.NoYes

C.YesNo

【答案】A

28.Whichofthefollowingdecisionsbyanalystwouldmost

accuratelydescribeaTypeIIerror?

A.Ananalystrejectsafalsenullhypothesis.

B.Ananalystrejectsatruenullhypothesis.

C.Ananalystdoesnotrejectafalsenullhypothesis.

【答案】C

29.Youbelievethatthelikelihoodofbankruptcyis30%forRusty

RoofSupply.YoualsobelievethatHomePedothasa20%ofentering

bankruptcy.Youbelievethatthetwoeventsareindependent.Whatis

theprobabilitythatatleastoneofthecompanieswillenterbankruptcy?

A.4.0%.

B.50.0%.

C.44.0%.

【答案】C

资料来源：文得学习网，更多考试资料题库视频,上文得学习网查找。

30.A182-dayU.S.Treasurybillhasafacevalueof$100,000and

currentlysellsfor$98,500.Whichofthefollowingyieldsismostlikely

thelowest?

A.Bankdiscountyield

B.Holdingperiodyield

C.Moneymarketyield

【答案】B

31.Aresearcherneedstochooseaprobabilitydistributionforthe

priceofanassetthatisquitevolatileinordertosimulatereturns

outcomes.Shehasaprogramthatwillgeneraterandomvariablesfrom

anyofavarietyofdistributions.Themostappropriatedistributionfor

hertoselecttogeneratetheassetpricedistributionisa:

A.normaldistribution.

B.lognormaldistribution.

C.Student'st-distribution.

【答案】B

32.Aninvestorisinterestedinthefollowingpieceofproperty:

,Thepropertywillcost$200,000attimezero.

,Itwillprovidecashflowsof$50,000inyear1,$60,000inyear2,

$70,000inyear3,and$80,000inyear4.

•A$20,000investmentwillberequiredinyear5astheproperty

willhavesomeenvironmentalcontaminationandwillhavetobe

restoredtoitsoriginalcondition.

WhatistheNPVoftheprojectiftheinvestor'srequiredrateof

returnis10%?

A.-$10,144.

B.$14,693.

C.$15,232.

【答案】A

33.Ifinvestors'expectedfutureincomesincreaseandthedemand

forfinancialcapitalincreases,otherthingsequal:

A.theequilibriuminterestratewillrise.

B.theequilibriuminterestratewillfall.

C.thesetwofactorswillhaveopposingeffectsontheequilibrium

interestrate.

【答案】A

34.Assumethattherequiredreserveratiois20%,andbanks

currentlyhavenoexcessreserves.IftheFederalReservethenbuys$100

millionofTreasurybillsfromthebanks,themoneysupplycould

potentiallyincreaseby:

A.$20million,

B.$100million.

C.$500million.

【答案】C

35.Ifaminimumwageissetabovetheequilibriumwageinthe

labormarket,whatisthemostlikelyeffect?

A.Theminimumwagewillhavenoeffectonthequantityoflabor

employed.

B.Firmswilluselessthantheeconomicallyefficientamountof

capital.

C.Therewillbeexcesssupplyoflabor,andunemploymentwill

increase

【答案】C

36.Isunanticipatedinflationlikelytoresultinagainto:

EmployeesBorrowers

attheexpenseofemployers?attheexpenseof

lenders?

A.NoNo

B.NoYes

C.YesNo

【答案】B

37.Inaflexibleexchangeratesystem,isacountryJscurrencylikely

todepreciateasaresultofan:

DecreaseintheUnanticipatedshifttoamore

realinterestrate?expansionarymonetarypolicy?

A.NoYes

B.YesNo

C.YesYes

【答案】C资料来源：文得学习网，更多考试资料题库视频，上

文得学习网查找。

38.Ifthecentralbankunexpectedlyshiftstoamorerestrictive

monetarypolicy,themostlikelyeffectis:

A.Anincreaseinrealinterestrates.

B.Adecreaseinrealinterestrates.

C.Anincreaseinassetprices.

【答案】A

39.Theshort-runeffectsofunanticipatedexpansionarymonetary

policyaremostlikelytoinclude:

A.Adecreaseintherealinterestrate

B.Adecreaseintheinflationrate

C.Adecreaseinrealoutputandemployment

【答案】A

40.Ismonopolisticcompetitionamarketinwhich:

Eachsellerproducesadifferentiatedproduct?Competeon

price,quality,marketing?

A.NoYes

B.YesNo

C.YesYes

【答案】C

41.Atlowwagerates,willanincreaseinthewageratemostlikely

resultin:

Thesubstitutioneffect?Anincreaseinthesupplyoflabor?

A.YesYes

B.YesNo

C.NoYes

【答案】A

42.Ananalystdoesresearchabouttechnologicallyefficientand

economicallyefficient.Amethodofproductioniseconomicallyefficient

when:

A.itusesthemostup-to-datetechnology.

B.thecostofhumancapitalisaslowaspossible.

C.thecostofproducingagivenoutputisaslowaspossible.

【答案】C

43.Giventhefollowingpossibilities,whichoneresultsinan

increaseintotalconsumerexpenditures?

A.demandiselasticandpricerises.

B.demandisinelasticandpricefalls.

C.demandisinelasticandpricerises.

【答案】C

44.Supposethatrubberistheprimaryinputintheproductionof

golfballs.Ifthepriceofrubberincreaseswhileallelseremainsconstant,

thenintheshort-run:

A.Themarginalandaveragevariablecostcurvesshiftupward,but

nottheaveragetotaloraveragefixedcostcurves.

B.Theaveragetotalandaveragevariablecostcurvesshiftupward,

butthemarginalandaveragefixedcostcurveswillshiftdownward.

C.Themarginal,averagevariable,andaveragetotalcostcurveswill

shiftupward,buttheaveragefixedcostcurvewillnotshift.

【答案】C

45.Inwhichofthefollowingsituationswhenrecordinginventoryat

avaluegreaterthanitshistoricalcostispermitted?

A.Thevalueisareversalofaperviouswrite-down.

B.Theinventoryconsistsofagriculturalproducts.

C.FinancialstatementsarepreparedusingU.S.GAAP.

【答案】B

31.Ananalysisdeterminedthatapproximately99percentofthe

observationsofdailysalesforacompanywerewithintheintervalfrom

$250,000to$580,000andthatdailysalesforthecompanywere

normallydistributed.Themeandailysalesandstandarddeviationof

dailysales,respectively,forthecompanywereclosestto:

MeandailysalesStandarddeviationofdailysales

A.$415,000$41,667

B.$415,000$55,000

C.$355,115$41,667

【答案】B

32.Thejointprobabilityofreturns,forsecuritiesAandB,areas

follows:

ThecovarianceofreturnsofAandBis:

A.6%

B.12%

C.24%

【答案】A

33.Doesthequantitytheoryofmoneyassumethatinthelongrun:

PotentialGDPisinfluencedthepricelevelisinfluenced

bythequantityofmoney?bythequantityofmoney?

A.NoNo

B.NoYes

C.YesNo

【答案】B

34.Whichofthefollowingconditionisleastlikelytobetheobstacle

totheefficientallocationofproductiveresources:

A.Pricecontrols

B.Taxesandtraderestrictions

C.Perfectcompetition

【答案】C

35.Whichofthefollowingconditionisleastlikelytobethereason

thatablackmarketisgenerallyinefficient:

A.Unenforceablecontract

B.Increasedpricesrequiredbysuppliersduetotheriskof

prosecution

C.Intensivecontrolbythegovernment

【答案】C

51.Duringaperiodofdecliningprices,acompanyusingtheLIFO

inventorymethodinsteadofFIFOwouldmostlikelyreport:

A.highercurrentassetsandlowergrossincome

B.highercurrentassetsandhighergrossincome

C.lowercurrentassetsandlowergrossincome

【答案】B

52.Duringperiodsofrisingpricesandstableorincreasinginventory

quantities,usingFIFOcomparedtousingLIFOismostlikelytoresultin:

A.alowernetprofitmargin.

B.lowertaxes.

C.alowerinventoryturnoverratio.

【答案】C

53.Ananalysthascalculatedthefollowingratiosfromacompany's

financialstatements:

Basedontheinformationabove,during2009,didthecompany

experienceanincreaseinthe:

Assetturnoverratio?Financialleverageratio?

A.NoNo

B.NoYes

C.YesNo

【答案】B

54.AlesseecompanynamedYYKcorporationenteredintoanew

capitalleaseagreementwithitspartner.Theleasepaymentsare

$200,000annuallyandaredueattheendofeachyearfor