注册金融分析师一级(上午)-3及答案解析.doc

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1、注册金融分析师一级(上午)-3 及答案解析(总分：120.00，做题时间：90 分钟)一、BMorning Session(总题数：120，分数：120.00)1.Bob Wade, CFA, is the chief investment officer of his states retirement fund in Smith Capital. One day, Wade receives a non-cash gift from Michael Papis who is a client of Wade. According to the Standards of Profession

2、al Conduct relating to independence and objectivity, which of the following statements is most accurate? Wade must:A. decline the gift from Papis.B. disclose the gift to Smith Capital.C. disclose the gift to both Smith Capital and other clients of Wade.（分数：1.00）A.B.C.2.Which of the following is not

3、a recommended procedure for compliance with the Standards of Professional Conduct relating to material nonpublic information?A. Conduct appropriate interdepartmental communications.B. Establish Proprietary trading procedures.C. Avoid public dissemination of material nonpublic information.（分数：1.00）A.

4、B.C.3.To comply to the Standards of Professional Conduct relating to preservation of confidentiality, a member must keep former clients information confidential unless the information:A. is part of a professional conduct investigation by CFA Institute Designed Officer.B. is related only to personal

5、data, such as name and email address.C. concems a clients illegal activities, while applicable law still requires to maintain confidentiality.（分数：1.00）A.B.C.4.Marguerite Warrenski, CFA, was a quantitative analyst in McDermott Investments. Warrenski dominated to develop several stock valuation models

6、 in McDermott Investments. Warrenski recently left McDermott Investments and then joined Chandler Investments, a competitor of McDermott Investments. At Chandler Investments, Warrenski employs skills and experiences she learned at McDermott Investments to develop a number of new stock valuation mode

7、ls, some of which are similar to those Warrenski developed at McDermott Investments. Has Warrenski most likely violated the Standards of Professional Conduct?A. No.B. Yes, relating to loyalty to employer.C. Yes, relating to record retention.（分数：1.00）A.B.C.5.Alex Burl is an investment advisor at Help

8、ful Investments, a local investment advisory firm. Helpful Investments requires its employees to invest in the same stocks which Helpful Investments recommends to its clients. Helpful Investments also has established strict procedures determining when trades can be executed in its employees own port

9、folios to avoid any conflict of interests with its clients. This procedure is most likely in place to help Burl avoid violations of the Standards of Professional Conduct relating to:A. only material non-public information.B. only priority of transactions.C. both independence and material non-public

10、information.（分数：1.00）A.B.C.6.Jessica Walters, CFA, is a portfolio manager and manages portfolios of a number of high-net-worth retail and institutional clients. Walters receives an allocation of oversubscribed initial public offering of a highly-speculative and risky firm manufacturing pharmaceutica

11、l. Walters allocates the stock on a pro rata basis to only those clients who are suitable for the stock according to their investment policy statements. Walters most likely violated the Standards of Professional Conduct?A. No.B. Yes, relating to fair dealing.C. Yes, relating to suitability.（分数：1.00）

12、A.B.C.7.Which of the following references violates the Standards of Professional Conduct relating to reference to CFA Institute, the CFA Designation and the CFA Program?A. CFA, Level .B. CFA, 2011, CFA Institute.C. Level candidate in the CFA program.（分数：1.00）A.B.C.8.Caleb Smith, CFA, is an investmen

13、t advisor and manages the portfolios of several high-net-worth individuals. To comply with the Standards of Professional Conduct relating to suitability, at the inception of the client relationship, Smith must :A. gather client information including the clients financial circumstances, personal data

14、 that are relevant to investment decisions, attitudes towards risk, and objectives in investing.B. invest in a manner consistent with the stated mandate.C. consider the possibilities of rapidly changing investment environments and their likely impact on a clients holdings.（分数：1.00）A.B.C.9.The CFA In

15、stitute Professional Conduct Program is covered by the CFA Institute Bylaws and the Rules of Procedure for Proceedings related to Professional Conduct Program. The program is based on the principles of fair process to the:A. members clients and confidentiality of sanctions.B. member and confidential

16、ity of sanctions.C. member and confidentiality of proceedings.（分数：1.00）A.B.C.10.The Standards of Professional Conduct relating to market manipulation prohibits members from:A. securing a controlling, dominant position in a financial instrument to exploit and manipulate the price of a related derivat

17、ive and/or the underlying asset.B. undertaking transactions on legitimate strategies based on perceived market inefficiencies.C. both securing a controlling, dominant position in a financial instrument to exploit and manipulate the price of a related derivative and/or the underlying asset and undert

18、aking transactions on legitimate strategies based on perceived market inefficiencies.（分数：1.00）A.B.C.11.Vida Knauss, CFA, manages the portfolios of a number of high-net-worth individuals. Which of the following most likely violates the Standards of Professional Conduct relating to suitability when :A

19、 Knauss evaluates the investment in the context of the individual characteristics of the investment alone.B. Knauss evaluates whether the investment is suitable for the clients investment policy statement.C. Knauss evaluates the investment in the context of the clients total portfolio of investment

20、s.（分数：1.00）A.B.C.12.Samuel Peter, CFA, manages investment portfolios for high-net-worth individuals. Peter differentiates client service levels by portfolio size and management fee, and he trades more actively in his largest portfolios to make sure that those clients who pay the most management fees

21、 get priority and better performance. He fully discloses this arrangement to all of his clients. Has Peter most likely violated the Standards of Professional Conduct?A. No.B. Yes, relating to fair dealing.C. Yes, relating to communication with clients and prospective clients.（分数：1.00）A.B.C.13.Matthe

22、w Murphy, CFA, is an analyst at Divisadero Securities &Co If Murphy lives and works in a country where applicable laws differ from the requirement of the Code of Ethics and Standards of Professional Conduct, :A. Murphy must comply to the applicable local law of the country.B. Murphy must comply to t

23、he Code of Ethics and Standards of Professional Conduct.C. Murphy must comply to the stricter of the applicable local law of the country or the Code of Ethics and Standards of Professional Conduct.（分数：1.00）A.B.C.14.Louis Perkowski, CFA, is an investment advisor for institutional clients in Sarkozi S

24、ecurities. To comply with the Standards of Professional Conduct relating to diligence and reasonable basis, when selecting external advisors, Perkowski must:A. ensure that Sarkozi Securities has standardized criteria for reviewing external advisors.B. ensure that the external advisors have the lowes

25、t management fee relative to others.C. ensure that the external advisors have the best historical performance relative to others.（分数：1.00）A.B.C.15.Bob Thompson, CFA, is an analyst at Government Brokers, Inc., which is a brokerage firm specializing in government bond trading. Which of the following s

26、tatements complies with the CFA Institute Code of Ethics and Standards of Professional Conduct?A. Thompson must notify Government Brokers, Inc. of his responsibility to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct.B. Thompson must be responsible for the ethical act

27、ions of other investment professionals in Government Brokers, IncC. Thompson must practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.（分数：1.00）A.B.C.16.To comply with the Global Investment Performance Standards ( （分

28、数：1.00）A.B.C.17.Which of the following statements is NOT compliance with the Global Investment Performance Standards ( （分数：1.00）A.B.C.18.With respect to verification, which of the following statements is most accurate according to the Global Investment Performance Standards ( （分数：1.00）A.B.C.19.For a

29、 250-day investment security, if effective annual yield of 12.9%, then the money market yield is closest to:A. 6.02%B. 12.48%C. 12.66%（分数：1.00）A.B.C.20.An analyst does research about probabilities of a fund and an index. The fund underperforms the index, given the index return is positive is 0.45. T

30、he fund underperforms the index and the index return is positive is 0.20. If the two events “the fund underperforms the index“ and “the index return is positive“ are independent, the probability that the fund underperforms the index or the index return is positive is closest to:A. 0.44B. 0.69C. 0.89

31、分数：1.00）A.B.C.21.Which of the following statistical properties is most accurate if an estimator becomes more accurate as the sample size increases?A. unbiased.B. efficient.C. consistent.（分数：1.00）A.B.C.22.An invest or plans to purchase a security and gathers the following information about the secur

32、ity:Face value ￥10000000Maturity 10monthsStated annual rate 4%Frequency of compoundingcontinuouslyThe securitys present value is closest to:A. ￥9531338B. ￥9607894C. ￥9672161（分数：1.00）A.B.C.23.An analyst does research about time-weighted rate of return and moneyweighted rate of return. If an investor

33、makes an initial deposit into a new account, without any other deposits or withdrawals before closing the account, the investors money-weighted rate of return when closing the account will be:A. less than the investors time-weighted rate of return.B. equal to the investors time-weighted rate of retu

34、rn.C. greater than the investors time-weighted rate of return.（分数：1.00）A.B.C.24.In technical analysis, which of the following is not classified as a sentiment indicator?A. Volatility Index (VIX).B. Opinion polls.C. Short-term trading index (TRIN).（分数：1.00）A.B.C.25.An analyst does research about the

35、covariance of returns and gathers the following information about the retums of two securities:ProbabilitySecurity 1Security 20.6 0% 20%0.4 20% 0%The covariance of returns between Security 1 and Security 2 is closest to:A. -36B. -64C. -96（分数：1.00）A.B.C.26.Hypothesis test can be divided into one-tail

36、ed test and two-tailed test. A onetailed hypothesis test may not have a:A. “Iess than or equal to“ alternative hypothesis.B. “not equal to“ alternative hypothesis.C. “greater than“ alternative hypothesis.（分数：1.00）A.B.C.27.An investor purchases a stock and sells it ten week later and gathers the foll

37、owing information.Purchase price ￥110Dividend received￥11Sell price ￥121The investors holding period return is closest to:A. 18.0%B. 20.0%C. 22.0%（分数：1.00）A.B.C.28.Which of the following is most likely related to the change in polarity principle?A. Volatility.B. Price.C. Volume.（分数：1.00）A.B.C.29.The

38、 effective annual rate for an investment with a stated annual rate of 10% if compounded quarterly is closest to:A. 10.25%B. 10.38%C. 10.52%（分数：1.00）A.B.C.30.An analyst does research about the stock of TNK Industry. For TNK Industry with a price of 27 at the beginning of the period and 30 at the end

39、of the period, the continuously compounded rate of return of TNK Industry is closest to:A. 9.53%B. 10.54%C. 11.11%（分数：1.00）A.B.C.31.Dispersion is defined as the variability around the central tendency and can be divided into absolute dispersion and relative dispersion. Which of the following is NOT

40、described as a measure of relative dispersion?A. Range.B. Sharlle ratio.C. Coefficient of variation.（分数：1.00）A.B.C.32.A sample has 64 observations with a mean of 30 and standard deviation of 20. If the reliability factor is 2.05, the upper confidence limit for the population mean is closest to:A. 30

41、64B. 32.50C. 35.13（分数：1.00）A.B.C.33.An analyst does research about perfect competition. In a perfect competition market, the markets demand curve is most likelyA. less elasticthan a single firms demand curve.B. equally elastic as a single firms demand curve.C. more elastic than a single firms deman

42、d curve.（分数：1.00）A.B.C.34.An analyst does research about the minimum wage and its impact on unemployment. If the government increases the minimum wage below the equilibrium wage, which of the following is most accurate about the change in the level of unemployment?A. Decrease.B. Remain the same.C. I

43、ncrease.（分数：1.00）A.B.C.35.An analyst does research about characteristics of market structures. Barriers to entry of monopolistic competition are:A. low.B. moderate.C. high.（分数：1.00）A.B.C.36.Which of the following statements is most accurate in describing total surplus with respect to a product or se

44、rvice?A. Price minus marginal cost, summed over the quantity bought.B. Marginal benefit minus price, summed over the quantity bought.C. Marginal benefit minus marginal cost, summed over the quantity bought.（分数：1.00）A.B.C.37.The implication for the use of public goods is most likely:A. overproduction

45、B. underproduction.C. efficient production.（分数：1.00）A.B.C.38.The owner of a firm gathers some information about her business. This year the firms revenue is $300000. Cash expenses are $170000. Normal profit is $70000. Economic depreciation is $20000. If the owner could have earned $30000 per year i

46、n wages working for another company, the firms economic profit is closest to:A. $10000B. $30000C. $60000（分数：1.00）A.B.C.39.An analyst does research about characteristics of market structures. Excess capacity in perfect competition is most likely:A. less than that in monopolistic competition.B. equal

47、to that in monopolistic competition.C. greater than that in monopolistic competition.（分数：1.00）A.B.C.40.All else being equal, an increase in the price of one product will most likely cause the demand curve of the products supplement to:A. Remain unchanged.B. Shift upward and to the right.C. Shift dow

48、nward and to the left.（分数：1.00）A.B.C.41.An analyst does research about factors affecting potential GDP. Which of the following will most likely increase potential GDP?A. Increase the price level.B. Increase the human capital.C. Decrease money wage rate.（分数：1.00）A.B.C.42.The European one-year risk-fr

49、ee rate is 1.98%, and the U.S. one-year risk-free rate is 1.08%. If the U.S. dollar per euro (USD/euro) spot rate is 1.2511, the one-year forward points for the USD/ euro forward rate are closest to:A. -94.0B. -110.4C. +111.4（分数：1.00）A.B.C.43.Which of the following international organizations mandate is to makes resources available to member countries with balance of payments problem?A. World Bank.B. World Trade Organization.C. International Monetary Fund.（分数：1.00）A.B.C.44.An analyst does research about the classification of products. If income increases from $36 0