CFA一级Mock试题.docx

CFA一级Mock试题.docx

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CFA一级Mock试题

2010年-CFA-一级-Mock试题

1.AccordingtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,tradingonmaterialnonpublicinformationisleastlikelytobepreventedbyestablishing:

A.fire-walls.

B.watchlists.

C.selectivedisclosure.

Answer:

C

CFAInstituteStandards

2010ModularLevelI,Vol.1,pp.36-42

StudySession1-2-c

RecommendpracticesandproceduresdesignedtopreventviolationsoftheCodeofEthicsandStandardsofProfessionalConduct

Ciscorrectasselectivedisclosureoccurswhencompaniesdiscriminateinmakingmaterialnonpublicinformationpublic.Corporationsthatdiscloseinformationonalimitedbasiscreatethepotentialforinsider-tradingviolations.StandardII（A）.

2.WilliamWong,CFA,isanequityanalystwithHayswickSecurities.Basedonhisfundamentalanalysis,Wongconcludesthestockofacompanyhefollows,NolvecInc.,issubstantiallyundervaluedandwillexperiencealargepriceincrease.Hedelaysrevisinghisrecommendationonthestockfrom“hold”to“buy”toallowhisbrothertobuysharesatalowerprice.WongisleastlikelytohaveviolatedtheCFAInstituteStandardsofProfessionalConductrelatedto:

A.dutytoclients.

B.reasonablebasis.

C.priorityoftransactions.

Answer:

B

“GuidanceforStandardsI-VII”,CFAInstitute

2010ModularLevelI,Vol.1,pp.48-50,80-81,94-95

StudySession1-2-a

DemonstrateathoroughknowledgeoftheCodeofEthicsandStandardsofProfessionalConductbyapplyingtheCodeandStandardstosituationsinvolvingissuesofprofessionalintegrity.

BiscorrectbecausethereisnothingtosuggestthatWongdoesnothaveareasonablebasisforhisconclusionrelatedtoNolvec.StandardV（A）.

3.Duringanonsitecompanyvisit,MarshaWard,CFA,accidentallyoverheardtheChiefExecutiveOfficer（CEO）ofStargazer,Inc.discussingthecompany’stenderoffertopurchaseDynamicaEnterprises,aretailerofStargazerproducts.AccordingtotheCFAInstituteStandardsofProfessionalConduct,Wardmostlikelycannotusetheinformationbecause:

A.itrelatestoatenderoffer.

B.itwasoverheardandmightbeconsideredunreliable.

C.shedoesnothaveareasonableandadequatebasisfortakinginvestmentaction.

Answer:

A

“GuidanceforStandardsI-VII”,CFAInstitute

2009ModularLevelI,Vol.1,pp.36-42

StudySession1-2-a

DemonstrateathoroughknowledgeoftheCodeofEthicsandStandardsofProfessionalConductbyapplyingtheCodeandStandardstosituationsinvolvingissuesofprofessionalintegrity.

Aiscorrectbecausetradingontheinformationisrestrictedasitrelatestoatenderoffer;itisclearlymaterial,nonpublicinformation.StandardII（A）.

4.IanO’Sullivan,CFA,istheownerandsoleemployeeoftwocompanies,apublicrelationsfirmandafinancialresearchfirm.ThepublicrelationsfirmenteredintoacontractwithMalloryEnterprisestoprovidepublicrelationsservices,withO’Sullivanreceiving40,000sharesofMallorystockinpaymentforhisservices.Overthenext10days,thepublicrelationsfirmissuedseveralpressreleasesthatdiscussedMallory’sexcellentgrowthprospects.O’Sullivan,throughhisfinancialresearchfirm,alsopublishedaresearchreportrecommendingMallorystockasa“buy.”AccordingtotheCFAInstituteStandardsofProfessionalConduct,O’SullivanismostlikelyrequiredtodisclosehisownershipofMallorystockinthe:

A.pressreleasesonly.

B.researchreportonly.

C.boththepressreleaseandtheresearchreport.

Answer:

C

“GuidanceforStandardsI-VII”,CFAInstitute

2009ModularLevelI,Vol.1,pp.21-26,89-91

StudySession1–2–a

DemonstrateathoroughknowledgeoftheCodeofEthicsandStandardsofProfessionalConductbyapplyingtheCodeandStandardstosituationsinvolvingissuesofprofessionalintegrity.

Ciscorrectbecausemembersshoulddiscloseallmattersthatreasonablycouldbeexpectedtoimpairthemember’sobjectivity.StandardI（B）,StandardVI（A）

5.JeffersonPiedmont,CFA,aportfoliomanagerforParkInvestments,planstomanagetheportfoliosofseveralfamilymembersinexchangeforapercentageofeachportfolio’sprofits.Ashisfamilymembershaveextensiveportfoliosrequiringsubstantialattention,theyhaverequestedthatPiedmontprovidetheservicesoutsidehisemploymentwithPark.Piedmontnotifieshisemployerinwritingofhisprospectiveoutsideemployment.Twoweekslater,Piedmontbeginsmanagingthefamilymembers’portfolios.Bymanagingtheseportfolios,didPiedmontviolateanyCFAInstituteStandardsofProfessionalConduct?

A.ConflictsofInterest

B.AdditionalCompensation.

C.BothAdditionalCompensationandConflictsofInterest.

Answer:

C

“GuidanceforStandardsI-VII”,CFAInstitute

2009ModularLevelI,Vol.1,p.75,89-91

StudySession1–2–a

DemonstrateathoroughknowledgeoftheCodeofEthicsandStandardsofProfessionalConductbyapplyingtheCodeandStandardstosituationsinvolvingissuesofprofessionalintegrity.

Ciscorrectbecausemembersshoulddiscloseallpotentialconflictsofinterest,thesubstantialtimeinvolvedinmanagingfamilyaccounts,andwhenengaginginindependentpracticeforcompensationshouldnotrenderservicesuntilreceivingwrittenconsentfromallparties.StandardIV（B）,StandardVI（A）.

6.TheeightmajorprovisionsoftheGlobalInvestmentPerformanceStandards（GIPS）includeallofthefollowingexcept:

A.InputData,CalculationMethodology,andRealEstate.

B.FundamentalsofCompliance,CompositeConstruction,andDisclosures.

C.CalculationMethodology,CompositeConstruction,andAlternativeAssets

Answer:

C

CFAInstituteStandards

2010ModularLevelI,Vol.1,pp.141-142

StudySession1-4-d

CharacterizetheeightmajorsectionsoftheGIPSstandards.

CiscorrectbecauseAlternativeAssetsisnotamongtheeightmajorprovisionsorsectionsoftheGlobalInvestmentPerformanceStandardswhichinclude:

FundamentalsofCompliance,InputData,CalculationMethodology,CompositeConstruction,Disclosures,PresentationandReporting,RealEstate,andPrivateEquity.StandardII,ProvisionsofTheGlobalInvestmentPerformanceStandards.

7.HuiChen,CFA,developsmarketingmaterialsforaninvestmentfundhefoundedthreeyearsago.Thematerialsshowthe3-,2-and1-yearreturnsforthefund.Heincludesafootnotethatstatesinsmallprint“Pastperformancedoesnotguaranteefuturereturns.”Healsoincludesaseparatesheetshowingthemostrecentsemi-annualandquarterlyreturns,whichnotestheyhavebeenneitherauditednorverified.HasChenmostlikelyviolatedanyCFAInstituteStandardsofProfessionalConduct?

Answer:

A

“GuidanceforStandardsI-VII”,CFAInstitute

2009ModularLevelI,Vol.1,pp.64-65

“GuidanceforStandardsI-VII”,CFAInstitute

2009ModularLevelI,Vol.1,pp.64-65

StudySessions1-2-a

DemonstrateathoroughknowledgeoftheCodeofEthicsandStandardsofProfessionalConductbyapplyingtheCodeandStandardstosituationsinvolvingissuesofprofessionalintegrity.

AiscorrectbecausetheStandardsrequirememberstomakereasonableeffortstomakesureperformanceinformationisfair,accurate,andcomplete.TheStandardsdonotrequirecompliancewithGlobalInvestmentPerformanceStandards（GIPS）,auditing,orverificationrequirements.StandardIII（D）

A.No.

B.Yes,becauseheincludedun-auditedandunverifiedresults.

C.Yes,becausehedidnotadheretotheglobalinvestmentperformancestandards.

8.CharlieMancini,CFA,istheManagingDirectorforBusinessDevelopmentatSVFinancial,（SVF）,alargeU.S.basedmutualfundorganization.Mancinihasbeenunderpressurerecentlytoincreaserevenues.InordertosecurebusinessfromalargehedgefundmanagerbasedinAsia,Mancinirecentlyapprovedflexibletermsforthefund’sclientagreement.Toallowfortimezonedifferences,theagreementpermitsthehedgefundtotradeinallofSVF’smutualfundssixhoursafterthecloseofU.S.markets.DidManciniviolateanyCFAInstituteStandardsofProfessionalConduct?

A.No.

B.Yes,withregardtoFairDealing.

C.Yes,withregardtoFairDealingandMaterialNonpublicInformation.

Answer:

C

“GuidanceforStandardsI-VII”,CFAInstitute

2010ModularLevelI,Vol.1,pp.45,53-55

StudySessions1-2-a

DemonstrateathoroughknowledgeoftheCodeofEthicsandStandardsofProfessionalConductbyapplyingtheCodeandStandardstosituationsinvolvingissuesofprofessionalintegrity.

Ciscorrectbecauseclientsshouldbetreatedfairlyandimpartially.StandardIII（B）.Inaddition,theflexibletradingtermsallowthehedgefundmanagertoenrichthemselvesandisaviolationofStandardIIA,concerningtradingonmaterialnonpublicinformation.Thisisalsoaconflictofinterest,StandardVI（A）,DisclosureofConflicts.

9.RonDunder,CFA,istheCIOforBlingTrust（BT）,aninvestmentadvisor.Dunderrecentlyassignedoneofhisportfoliomanagers,DougChetch,tomanageseveralaccountsthatprimarilyinvestinthinlytradedmicro-capstocks.DundersoonnoticesthatChetchplacesmanystocktradesfortheseaccountsonthelastdayofthemonth,towardsthemarket’sclose.DunderfindsthistradingactivityunusualandspeakstoChetchwhoexplainsthatthetradingactivitywascompletedattheclient’srequest.Dunderdoesnotinvestigatefurther.SixmonthslaterregulatoryauthoritiessanctionBTformanipulatingmicro-capstockpricesatmonthendinordertoboostaccountvalues.DidDunderviolateanyCFAInstituteStandardsofProfessionalConduct?

A.No.

B.Yes,becausehefailedtoreasonablysuperviseChetch.

C.Yes,becausehedidnotreporthisfindingstoregulatoryauthorities.

Answer:

C

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