2022年CFA特许金融分析师考试真题及答案

2022年CFA特许金融分析师考试真题

及答案

1.CarolinaOchoa,CFA,isthechieffinancialofficeratPantagonia

Computing.OchoaiscurrentlythesubjectofaninquirybyPantagonia's

corporateinvestigationsdepartment.Theinquiryistheresultofan

anonymouscomplaintaccusingOchoaoffalsifyingtravelexpensesfor

seniormanagementrelatedtoagovernmentcontract.Accordingtothe

CFAInstituteCodeofEthicsandStandardsofProfessionalConduct,itis

mostappropriateforOchoatodisclosetheallegations:

A.toCFAInstitutewhentheinvestigationconcludes.

B.onherProfessionalConductStatement.

C.toCFAInstituteiftheallegationsareprovencorrect.

【答案】B

2.IleanaInkster,CFA,wasrecentlyofferedaseniormanagement

positionwithinthetrustdepartmentataregionalbank.Thedepartment

isnew,butthebankhasplanstoexpanditsignificantlyoverthenextfew

months.Inksterhasbeentoldshewillbeexpectedtohelpgrowthe

clientbaseofthetrustdepartment.Sheisinformedthatthetrust

departmentplanstoconducteducationalseminarsandpursuethe

attendeesasnewclients.Inksternoticesthatrecentseminar

advertisementspreparedbythebank'smarketingdepartmentdonot

mentioninvestmentproductswillbeforsaleattheseminar.Theads

indicateattendeescan"learnhowtoimmediatelyadd$100,000totheir

networth."WhatshouldInkstermostlikelydotoavoidviolatinganyCFA

InstituteStandardsofProfessionalConduct?

A.Declinetoacceptthenewposition

B.Acceptthepositionandinformseniormanagementof

inadequatecomplianceprocedures

C.Acceptthepositionandrevisethemarketingmaterial

【答案】A

3.BethKozniak,aCFAcandidate,isanindependentlicensedreal

estatebrokerandawell-knownpropertyinvestor.Sheiscurrently

brokeringthesaleofacommercialpropertyonbehalfofaclientin

financialdistress.Iftheclient'sbuildingisnotsoldwithin30days,hewill

losethebuildingtothebank.Ayearearlier,anotherclientofKozniak's

hadexpressedinterestinpurchasingthissameproperty.However,sheis

unabletocontactthisclient,andshehasnotdiscoveredanyother

potentialbuyers.Givenherdistressedclient'slimitedtimeframe,

Kozniakpurchasesthepropertyherselfandforgoesanysales

commission.Sixmonthslater,shesellsthepropertyforaniceprofitto

theclientwhohadearlierexpressedinterestintheproperty.HasKozniak

mostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?

A.No

B.Yes,shedidnotdiscloseherpotentialconflictsofinterestto

eitherclient

C.Yes,sheprofitedontherealestatetothedetrimentofher

financiallystressedclient

【答案】A

4.MariamMusa,CFA,headofcomplianceatDunfieldBrokers,

questionshercolleagueOmarKassim,aCFAcandidateandaresearch

analyst,abouthispurchaseofsharesinacompanyforhisownaccount

immediatelybeforehepublishesa"buy"recommendation.Hedefends

hisactionsbystatinghehasdonenothingwrongbecauseDunfielddoes

nothaveanypersonaltradingpoliciesinplace.TheCFAInstitute

StandardsofProfessionalConductweremostlikelyviolatedby:

A.onlyKassim.

B.bothMusaandKassim.

C.onlyMusa.

【答案】B

5.Whichofthefollowingstatementsdoesnotaccuratelyrepresent

theobjectivesofGlobalInvestmentPerformanceStandards(GIPS)?The

GIPSstandards:

A.ensureconsistent,accurateinvestmentperformancedatainthe

areasofreporting,records,marketing,andpresentations.

B.obtainglobalacceptanceofcalculationandpresentation

standardsinafair,comparableformatwithfulldisclosure.

C.promotefaircompetitionamonginvestmentmanagementfirms

inallmarketsbyrequiringcommonfeestructures.

【答案】C

6.ZhaoWei,CFA,isawell-knownandrespectedanalystwho

followsthefinancialsoftwareindustry.Helearnsthatasmall,relatively

unknowncompanywhosesharesaretradedoverthecounterhasjust

signedsignificantcontractswithsomeofthecompanieshefollows.After

furtherinvestigation,ZhaoWeidecidestowritearesearchreportonthe

companyandrecommendpurchase.Whilethereportisbeingreviewed

byhissupervisorforfactualaccuracy,ZhaoWeischedulesadinnerparty

withseveralofhisbestclientstodiscussthecompany.Atthedinner

party,hementionsthepurchaserecommendationthatisscheduledto

besentoutearlythefollowingweektoallthefirm'sclients.According

totheStandardsofPracticeHandbook,hasZhaoWeiviolatedanyCFA

InstituteStandardswithrespectto:

????fairdealing?preservationofconfidentiality?

A.YesYes

B.NoYes

C.YesNo

【答案】C

7.ZhangMin,CFA,aportfoliomanagermanaginganindexfundina

largeassetmanagementcompany.Whatishismostappropriateaction?

A.Considerthesuitabilityoftheportfoliorelativetotheclients'

needsandsituation.

B.Makeinvestmentdecisionthatisconsistentwiththestated

objectivesandconstraintsofthefund.

C.MakeinvestmentdecisionsinthecontextoftheclientsJtotal

portfolio.

【答案】B

8.JefferyJonesisaLevelIIcandidateintheCFAProgram.She

receivesane-mailfromaco-workerwhoofferstosellherten

unpublishedLevelIIexamquestionsthattheco-workerassuresherwill

beonthenextexam.Jefferydoesnotrespondanddeletesthee-mail.

AccordingtotheStandardsofPracticeHandbook,didJefferyviolateany

CFAInstituteStandardsofProfessionalConduct?

A.No.

B.Yes,becauseshefailedtoreportthesituationtoCFAInstitute.

C.Yes,becauseshefailedtoreportthesituationtoherco-workerJs

supervisor.

【答案】A

9.AmyWong,CFA,includedinherfirm'smarketingmaterials

severalplain-languagedescriptionsofgeneralinvestmentconceptssuch

asstandarddeviationandduration,whichwerecopiedfromother

sourceswithoutreferencetotheoriginalauthor.Accordingtothe

StandardsofPracticeHandbook,hasAmyviolatedtheStandardrelating

tomisrepresentation?

A.Yes.

B.No,becausethesearewell-knownconcepts.

C.No,becauseshedidnotmisrepresentthedescriptionsofthese

concepts.

【答案】A

10.InordertocomplywiththeGIPSStandards,afirmmustinitially

showGIPS-complianthistoryforaminimumof:

A.Twoyears,orsinceinceptionifthefirmhasbeeninexistencefor

lessthantwoyears.

B.Threeyears,orsinceinceptionifthefirmhasbeeninexistence

forlessthanthreeyears.

C.Fiveyears,orsinceinceptionifthefirmhasbeeninexistencefor

lessthanfiveyears.

【答案】C

11.DudleyThompsonisabondsalesmanforasmallbroker/dealer

inLondon.Hisfirmistheleadunderwriteronanewjunkbondissuefor

theIbexCorporation.Inordertostimulatesalesofthenewissue,

Thompsoncallsallofhisaccountsover£1,000,000,manyofwhich

belongtoelderlyclientswithlowrisktolerances,andtellsthemthatthe

Ibexissueisafantasticopportunityforhighreturnsthatisnottobe

missed.ThompsonalsopostsoverlyoptimisticprojectionsforIbex's

performanceonseveralInternet"chatrooms"inordertoincreasethe

priceofthebondissueandenhancehisclients'returnsonthe

investment.AccordingtotheStandardsconcerningmarketmanipulation

andsuitability,Watsonisinviolationof:

A.bothoftheseStandards.

B.neitheroftheseStandards.

C.onlyoneoftheseStandards.

【答案】A

12.RobElliott,aCFAcandidate,isananalystwithalargeasset

managementfirm.Hispersonalportfolioincludesalargeamountof

commonstockofTECHInc.,asemiconductorcompanywhichhisfirm

doesnotcurrentlyfollow.Thedirectoroftheresearchdepartmenthas

justaskedElliotttoanalyzeTECHandwriteareportaboutitsinvestment

potential,whichwillbedistributedtoclientsandprospectiveclients.

BasedontheCFAInstituteStandardsofProfessionalConduct,themost

appropriatecourseofactionforElliottotakewouldbeto:

A.sellhissharesofTECHbeforecompletingthereport.

B.declinetowritethereport.

C.disclosetheownershipofthestocktohisemployerandinthe

reportifhewritesit.

【答案】C

13.AntonioMendoza,CFA,isaninvestmentmanagerinprivate

practiceunderthenameMendozaInvestments.Mendozasolicitsnew

businessbymakingbriefpresentationsdescribinghisinvestment

performancerecord.Ateachpresentation,hemakesavailablea1

informationsheetthatoutlineshisperformancehistoryforthepastten

years.Histelephonenumberisonthesheetforprospectiveclientswho

wishtocontacthimforadditionalsupportinginformation.Atthebottom

ofthesheetthefollowingisstated:"MendozaInvestmentshasprepared

andpresentedthisreportincompliancewiththeGlobalInvestment

PerformanceStandards(GIPS?)."Mendoza'sinformationsheet:

A.doesnotcomplywithGIPS.

B.violatestheStandardthatconcernsperformancepresentation.

C.complieswithbothGIPSandtheStandardthatconcerns

performancepresentation.

【答案】C

14.AnneFranklin,CFA,isananalystwhocoverstechnologystocks

forMedallionInvestments.Franklinfrequentlymeetswithcompany

managementandmakessitevisitstocompanyfacilities.CynthiaLucas,

chieftechnologyofficerforLevelTech,tellsseveralanalysts,including

Franklin,duringaconferencecallthatoverseasshipmentsofthe

company'simportantnewproductaregoingtobedelayeddueto

manufacturingdefects,whichsheexpectsarecorrectable.This

informationhasnotbeenreleasedinanyotherformat.Medallion

managesdiscretionaryaccountsforLucasandFranklin.Subsequentto

hermeeting,FranklinsendsanotetoMedallion'sinvestmentpersonnel

tellingthemto"sellthestockinallclientaccounts,"astheshipment

informationissignificantandcontrarytorecentearningsguidancefrom

thecompany.Franklin'suseoftheinformationreceivedfromLucas:

A.violatestheCodeandStandards,asFranklinreceivedmaterial

nonpublicinformationthatshouldnothavebeenactedupon.

B.violatestheCodeandStandards,sinceshedirectedthesaleinall

clientaccountsinsteadofactinginthebestinterestsofherownclients.

C.doesnotviolatetheCodeandStandards,asFranklinwas

adheringtoherfiduciarydutytoMedallion'sclientsbysharingthe

informationandrecommendinga"Sell."

【答案】A

15.RJ.Youngismeetingwithanewclientforthefirsttime.Atthis

meeting,hewillbegatheringinformationabouttheclientinorderto

assesstheclient'sinvestmentobjectivesandconstraints.Ashedoesfor

allofhisclients,Youngwillthenprepareawritteninvestmentpolicy

statement(IPS).Accordingtotherecommendedproceduresfor

complyingwiththeStandardonsuitability,whichofthefollowing

statementsregardinganIPSisleastaccurate?

A.AnIPSshoulddescribetherolesandresponsibilitiesofthe

adviserandclient.

B.Amemberorcandidateisnotresponsibleforfinancial

informationwithheldbytheclient.

C.Aclient'sIPSmustbeupdatedatleastquarterlytoreflectany

changesintheirinvestmentprofile.

【答案】C

16.ForyearsJohnBerger,aCFAcharterholderandCEOofa

company,relieduponasetofreasonableproceduresforpreventing

violationsoftheCodeandStandardsofProfessionalConductinthefirm.

TonotbeliableforaviolationoftheStandards,Bergermust:

A.donothingmorethanhavethesetofproceduresinplaceas

stated.

B.periodicallyreviewtheprocedures.

C.bothperiodicallyreviewtheproceduresandensurethe

proceduresaremonitoredandenforced.

【答案】C

17.AccordingtotheStandardsofPracticeHandbook,inorderto

fulfillthebasicprovisionandprocedureofthesuitabilitystandards,

shouldaclient'swritteninvestmentpolitystatement(IPS):

TakeperformancemeasurementBereviewedat

leastannually?

benchmarksintoconsideration?

A.YesYes

B.YesNo

C.NoYes

【答案】A

18.Ananalystmeetswithanewclient.Duringthemeeting,the

analystseesthatthenewclient,sportfolioisheavilyinvestedinone

over-the-counterstock.Theanalysthasbeenfollowingthestockand

thinksitwillperformwellinthelongrun.Theanalystarrangesthrougha

brokeragefirmtosimultaneouslysellalargenumberofsharesofthe

stockviaaseriesofcrosstradesfromthenewclient'sportfolioto

variousexistingclients.Hearrangesthetradestobeexecutedataprice

thatapproximatesthecurrentmarketprice.Thisactionis:

A.notinviolationoftheStandards.

B.aviolationofStandard111(A),Loyalty,Prudence,andCare.

C.aviolationofStandardlll(B),FairDealing.

【答案】A

19.Ananalystgatheredthefollowinginformationaboutthe

monthlyreturnsoverthesametimeperiodfromtwodiversified

investmentportfolios:

TheanalyststatedthatPortfolioXisnegativelyskewedand

PortfolioYispositivelyskewed.Istheanalystcorrectwithrespectto:

PortfolioX?PortfolioY?

A.NoNo

B.NoYes

C.YesNo

【答案】A

20.Apensionfundexpectstopayobligationsof$5,000,0004

yearsfromtoday.Thefundwillfundthisobligationbymaking5annual,

equaldepositsintoanaccountearning3%,withthefirstdeposit

occurringtoday,andthelastoccurringatthetimetheobligationisdue.

Whatsizemusteachannualdepositbe?

A.$904,874.

B.$941,773.

C.$1,125,662.

【答案】B

21.Ananalyststatedthatthemeanofthestandardnormal

distributionalwayshasavalueofzerobutthatthestandarddeviationof

thestandardnormaldistributioncantakeonavaluefrom0to1.0.Isthe

analystcorrectwithrespecttothevalueofthestandardnormal

distributionJs:

Mean?Standarddeviation?

A.NoNo

B.NoYes

C.YesNo

【答案】C

22.On1January2009,aninstitutionalinvestorJsportfolioisvalued

at$10,000,000.Theinvestorwantstomakeadonationtocharityon31

December2009,butdoesnotwanttheyear-endportfoliovaluetofall

below$10,000,000.Theexpectedannualreturnontheinvestor?s

existingportfoliois10percentwithavarianceof0.0144.Iftheinvestor

wantsasafety-firstratioofatleast0.5,themaximumamountthe

investorshouldplantodonateisclosestto:

A.$400,000

B.$500,000

C.$600,000

【答案】A

23.Thescale-freemeasureofrelativedispersionthatisusefulin

makingdirectcomparisonsamongdifferentassetclassesisthe:

A.Range

B.Standarddeviation

C.Coefficientofvariation

【答案】C

24.AU.S.TreasuryBillwithafacevalueof$100,000and256days

untilmaturityissellingfor$94,300.Themoneymarketyieldonthis

securityisclosestto:

A.7.87%

B.7.98%

C.8.50%

【答案】C

25.Usethebelowtable,containingaverageannualreturnsfor

eleveninvestmentmanagers.

Whichofthefollowingisthemedianreturnforthisgroup?

A.14.00%

B.11.00%

C.10.50%

【答案】C

26.WhichofthefollowingstatementsusedtodescribetheStudentJ

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.Willtheinvestor?sactionincreasethe

portfolioJsexpected:

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

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

currentlysellsfor$98,500.Whichofthefollowingyieldsismostlikely

thelowest?

A.Bankdiscountyield

B.Holdingperiodyield

C.Moneymarketyield

【答案】B

31.Foranassetwithapriceof1000,whichofthefollowingprice

targetsisleastlikelybasedonFibonacciratio?

A.618.

B.1294.

C.1618.

【答案】B

32.Aportfolioofnon-dividend-payingcommonstocksearneda

geometricmeanreturnof5percentbetween1January2002and31

December2008.Thearithmeticmeanreturnforthesameperiodwas6

percent.Ifthemarketvalueoftheportfolioatthebeginningof2002was

$100,000,themarketvalueoftheportfolioattheendof2008was

closestto:

A.$137,000

B.$140,710

C.$141,030

【答案】B

33.Whichofthefollowingisnottrueregardingtozeroeconomic

profit?

A.Thenetpresentvalueofcashflowswhendiscountedatthefirms

costofcapitalwillequaltozero.

B.Thefirmisjustprofitableenoughtomakeanormalreturn.

C.Thereturnforthefirmisinsufficientfortherisktaken.

【答案】C

34.Ananalystdoesresearchonpricediscriminationrsimpact.

Comparedtousingasinglepriceinamarketcharacterizedby

monopolisticcompetition,usingpricediscriminationwhentwocustomer

groupshavedifferentdemandelasticitiesisleastlikelytoresultin:

A.newproductiveventures.

B.anincreaseintotaloutput.

C.lowerpricesforbothgroups.

【答案】C

35.Accordingtothecharacteristicsofconsumerindifferencecurves,

consumerindifferencecurvesforanygivenindividualareleastlikely

that:

A.moreispreferredtoless.

B.crossoneanotheratcertainpoint.

C.theutilityofagooddeclinesthemoreofityouconsume.

【答案】B

36.Thecrowding-outmodelsuggeststhatthestimuluseffectof

increasedgovernmentexpenditureswillbemodifiedbychangesinreal

interestratesandtheflowofforeignfinancialcapital,becausereal

interestrateswill:

A.Riseandinflowsoffinancialcapitalfromoutsidethecountrywill

increase.

B.Riseandinflowsoffinancialcapitalfromoutsidethecountrywill

decrease.

C.Fallandinflowsoffinancialcapitalfromoutsidethecountrywill

increase.

【答案】A

37.Whichofthefollowingfiscalpolicymodelsismostlikelyto

supporttheconclusionthattheadjustmentofmoneywagestorestore

full-employmentequilibriumisrapidandthatwithoutthedistorting

effectsoftaxes,long-runequilibriumrealoutputwouldincreasewith

increasesinthelaborforceandaccumulatedcapital,andwith

improvementsintechnology?

A.Classical.

B.Keynesian.

C.Newclassical.

【答案】A

38.Anexpansionaryfiscalpolicyismostlikelytoincludea(n):

A.Increaseingovernmentexpendituresandadecreaseintaxrates.

B.Decreaseinbothgovernmentexpendituresandtaxrates.

C.Increaseinbothgovernmentexpendituresandtaxrates.

【答案】A

39.AccordingtothemodernviewofthePhillipscurve,theactual

inflationis6%,whiletheexpectedinflation5%,themostlikelyinitial

effectisthat:

A.Thenaturalrateofunemploymentwillrise.

B.Unemploymentwillfallbelowitsnaturalrate.

C.Unemploymentwillriseaboveitsnaturalrate.

【答案】B

40.Formarketswithperfectlyelasticsupplyandperfectlyinelastic

supply,respectively,theintroductionofataxwillmostlikelyresultin:

A.

B.

C.

【答案】C

41.Thepriceofagoodfallsfrom$15to$13.Giventhisdeclinein

price,thequantitydemandedofthegoodrisesfrom100unitsto120

units.Thearcpriceelasticityofdemandforthegoodisclosestto:

A.1.3.

B.1.5.

C.10.0.

【答案】A

42.Ifthequantitydemandedofpearsfallsby4%whenthepriceof

applesdecreasesby3%,thenapplesandpearsarebestdescribedas:

A.inferiorgoods.

B.complements.

C.substitutes.

【答案】C

43.Threefirmsoperateunderperfectcompetition,producing900

unitsofthesameproductbutusingdifferentproductiontechnologies.

Eachcompany'scoststructureisindicatedinthetable:

Whichofthefollowingstatementsismostaccurate?Iftheunit

sellingpriceis:

A.$4.50,allfirmsshouldcontinuetooperateintheshortrun,but

exitthemarketinthelongruniftheseconditionsareexpectedto

persist.

B.$3.00,FirmXshouldcontinuetooperateintheshortrun,but

FirmsYandZshouldshutdownproduction.

C.$6.00,allfirmsshouldexitthemarketinthelongrun.

【答案】B

44.Thefollowinginternationaltradeinformationisavailablefora

hypotheticaleconomy:

Followinga12%depreciationintheDCU,thetradebalancewillbe

closestto:

A.-1,674.

B.-l,648.

C.-1,726.

【答案】B

45.Anexpansionaryfiscalpolicyismostlikelyassociatedwith:

A.anincreaseincapitalgainstaxrates.

B.crowdingoutofprivateinvestments.

C.anincreaseingovernmentspendingonsocialinsuranceand

benefits.

【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.alo