特許金融分析師(CFA)2022測試題與答案

1、特許金融分析師(CFA)2022測試題與答案1. Carolina Ochoa, CFA, is the chief financial officer at Pantagonia Computing. Ochoa is currently the subject of an inquiry by Pantagonia's corporate investigations department. The inquiry is the result of an anonymous complaint accusing Ochoa of falsifying travel expenses

2、 for senior management related to a government contract. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, it is most appropriate for Ochoa to disclose the allegations:A. to CFA Institute when the investigation concludes.B. on her Professional Conduct Statement.C.

3、to CFA Institute if the allegations are proven correct.【答案】B2. Ileana Inkster, CFA, was recently offered a senior management position within the trust department at a regional bank. The department is new, but the bank has plans to expand it significantly over the next few months. Inkster has been to

4、ld she will be expected to help grow the client base of the trust department. She is informed that the trust department plans to conduct educational seminars and pursue the attendees as new clients. Inkster notices that recent seminar advertisements prepared by the bank's marketing department do

5、 not mention investment products will be for sale at the seminar. The ads indicate attendees can "learn how to immediately add $100,000 to their net worth." What should Inkster most likely do to avoid violating any CFA Institute Standards of Professional Conduct?A. Decline to accept the ne

6、w positionB. Accept the position and inform senior management of inadequate compliance proceduresC. Accept the position and revise the marketing material【答案】A3. Beth Kozniak, a CFA candidate, is an independent licensed real estate broker and a well-known property investor. She is currently brokering

7、 the sale of a commercial property on behalf of a client in financial distress. If the client's building is not sold within 30 days, he will lose the building to the bank. A year earlier, another client of Kozniak's had expressed interest in purchasing this same property. However, she is una

8、ble to contact this client, and she has not discovered any other potential buyers. Given her distressed client's limited time frame, Kozniak purchases the property herself and forgoes any sales commission. Six months later, she sells the property for a nice profit to the client who had earlier e

9、xpressed interest in the property. Has Kozniak most likely violated the CFA Institute Standards of Professional Conduct?A. NoB. Yes, she did not disclose her potential conflicts of interest to either clientC. Yes, she profited on the real estate to the detriment of her financially stressed client【答案

10、】A4. Mariam Musa, CFA, head of compliance at Dunfield Brokers, questions her colleague Omar Kassim, a CFA candidate and a research analyst, about his purchase of shares in a company for his own account immediately before he publishes a "buy" recommendation. He defends his actions by statin

11、g he has done nothing wrong because Dunfield does not have any personal trading policies in place. The CFA Institute Standards of Professional Conduct were most likely violated by:A. only Kassim.B. both Musa and Kassim.C. only Musa.【答案】B5. Which of the following statements does not accurately repres

12、ent the objectives of Global Investment Performance Standards (GIPS)? The GIPS standards:A. ensure consistent, accurate investment performance data in the areas of reporting, records, marketing, and presentations.B. obtain global acceptance of calculation and presentation standards in a fair, compar

13、able format with full disclosure.C. promote fair competition among investment management firms in all markets by requiring common fee structures.【答案】C資料來源：文得學(xué)習(xí)網(wǎng)，更多考試資料題庫視頻，上文得學(xué)習(xí)網(wǎng)查找。6. Jin Jin, CFA, is the president of the Registered Option Exchange, which is preparing to launch a new stock option co

14、ntract. In order to convince investors to use its contract, the exchange attempts to demonstrate that it has the best liquidity. Jin Jin sets up agreements with members so that they commit to a substantial minimum trading volume on the new contract over a specific period in exchange for substantial

15、reductions on their regular commissions. According to the Standards of Practice Handbook, has Jin Jin violated any CFA Institute Standards?A. Yes, with respect to additional compensation arrangements.B. Yes, with respect to market manipulations.C. Yes, with respect to misrepresentation.【答案】B7. Which

16、 of the following statements about verification of compliance with the Global Investment Performance Standards (GIPS) is least accurate?A. Verification is voluntary.B. A new verification report may accept the previous verification report as part of the basis.C. Verification report can be performed w

17、ith specific composites.【答案】C8. Xiang Li, CFA, deputy treasurer for BBB College, manages the Student Scholarship Trust. Li issued a Request for Proposals (RFP) for domestic equity managers. Gong Cheng, CFA, a good friend of Li, introduces him to representatives from Capital Investments, who submitte

18、d a proposal. Li selected Capital as a manager based on the firms excellent performance record. Shortly after the selection, Cheng, who had outstanding performance as an equity manager with another firm, accepted a lucrative job with Capital. Have Li and Cheng, respectively, violated any CFA Institu

19、te Standards of Professional Conduct?LiChengA. NoNoB. NoYesC. YesNo【答案】A9. With respect to the fundamentals of compliance with the GIPS standards, do total firm assets include the market value of all:Discretionary assets but notfee-paying assets but notnondiscretionary assets?non-fee-paving assets?A

20、. NoNoB. NoYesC. YesNo【答案】A10. Alex Wu, CFA, a portfolio manager at FAST Funds, calls a friend to join him for dinner. The friend, a financial analyst at Calvin Klein (CK) declines the invitation and explains that she is performing due diligence on Orca Electronics, a company that CK is about to acq

21、uire. After the phone call, Alex searches the Internet for any news of the acquisition but finds nothing. Upon verifying that Orca is on FASTs approved stock list, Alex purchases Orcas common stock and call options for the FAST fund. Two weeks later, CK announces its intention to acquire Orca. The n

22、ext day, Alex sells all of the Orca securities, giving the fund a profit of $3 million. According to the Standards of Practice Handbook, did Alex violate any CFA Institute Standards of Professional Conduct?A. No.B. Yes, because he traded on material non-public information.C. Yes, because he allowed

23、his friend to pass on insider information.【答案】B11. Win Jang is his firms research director, and one of his regular duties is to distribute a monthly “Top 10 Buys and Sells” list drawn from companies listed in Hong Kong. One month, Jang reads an academic research paper detailing a screening algorithm

24、 (based on companies earnings, depreciation, interest expense, and current stock price) that was used to generate abnormal profits in the German stock market. Jang applies the algorithm, without making any changes, to Hong Kong stocks, and uses the results to form the months buy and sell list. Jang

25、has:A. Properly relied on another partys research.B. Failed to have a reasonable basis for his investment recommendations, due to differences in the German and Hong Kong markets.C. Failed to have a reasonable basis for his investment recommendations, due to the reliance on a quantitative model.【答案】B

26、12. According to the Standards of Practice Handbook, members must make a reasonable inquiry into a clients financial situation, and must do all of the following except:A. Consider the suitability of investment recommendations for the client.B. Distinguish between fact and opinion when making recomme

27、ndations.C. Update information in the clients situation at least semi-annually.【答案】C13. Which of the following is not a reason for the creation of the Global Investment Performance Standards (GIPS standards):A. To improve investment performance as managers diversify internationally.B. The need for c

28、onsistent performance measurement due to the globalization of financial markets.C. To allow investment clients to more easily compare investment performances.【答案】A14. Zhang Zhong, CFA, is a portfolio manager in a large investment management company. He discovers that Chen Qin, CFA, one of the assist

29、ant portfolio managers he supervises, may have violated the local security law. According to the Standards of Practice Handbook, Zhang Zhongs initial course of action must be to:A. place limits on the employees activities.B. report the conduct to governmental authorities.C. start an investigation to

30、 determine the extent of the wrong doing.【答案】C15. The eight major provisions of the Global Investment Performance Standards (GIPS) at least include:A. Alternative Assets.B. Real Estate.C. Private Equity.【答案】A16. Zhou Lun, CFA, is an equity analyst who recently prepared a full report on BMM Corporati

31、on. The report included financial projections developed by Zhou Lun and information gathered from a third-party research firm, which she referenced, in the report, Zhou Lun wrote, “We recommend this stock for the portfolios of clients with aggressive risk profiles. This recommendation is based on th

32、ird-party research we believe to be reliable.” At the end of the report, Zhou Lun noted, “The authors family owns BMM Corporation securities including common stocks and bonds.” The report was posted on the companys website for client access and distributed to clients via e-mail. According to the Sta

33、ndards of Practice Handbook, has Zhou Lun violated any CFA Institute Standards of Professional Conduct?A. No.B. Yes, because the report relied on third-party research.C. Yes, because the report was not properly disseminated.【答案】A17. Scott LaRue is a portfolio manager for Washington Advisors. Washing

34、ton has developed a proprietary model that has been thoroughly researched and is known throughout the industry as the Washington model. The model is purely quantitative and screens stocks into buy, hold, and sell categories. The basic philosophy of the model is thoroughly explained to clients. The d

35、irector of research frequently alters the model based on rigorous research-an aspect that is well explained to clients, although the specific alterations are not continually disclosed. Portfolio managers then make specific sector and security holding decisions, purchasing only securities that are in

36、dicated as “buys” by the model. LaRue has conducted some research on his own and feels the model would be improved by adding some factors. Based on his research, he applied his own version of the model, which is occasionally in conflict with the Washington model. LaRue discloses his model to his own

37、 clients but not to his supervisor. LaRue is:A. Violating the Standards by not considering the appropriateness of the recommendations to clients.B. Violating the Standards by not being objective.C. Violating the Standards by not having a reasonable and adequate basis for his investment recommendatio

38、n.【答案】C18. Analyst made the following two statements:·A firm claiming compliance with the GIPS standards must provide a compliant presentation and a description for any composite on the firms list to any prospective client who makes such a request.·A firm claiming compliance with GIPS stan

39、dards is prohibited from stating that the calculation methodology used in composite presentations is also in accordance with the GIPS standards.Is the analyst correct with respect to the:First statement?Second statement?A. NoYesB. YesNoC. YesYes【答案】C19. Justin Banks just won the lottery and is tryin

40、g to decide between the annual cash flow payment option or the lump sum option. Justin can earn 8% at the bank and the annual cash flow option is $100,000/year, beginning today for 15 years. What is the annual cash flow option worth to Justin today?A. $1,500,000.00.B. $1,080,000.00.C. $924,423.70.【答

41、案】C20. Consider the following graph of a distribution for the prices for various bottles of California-produced wine. Which of the following statements is false?A. The distribution is positively skewed.B. Approximately 68% of observations fall within one standard deviation of the meanC. Point A repr

42、esents the mode.【答案】B21. The following sample of 10 items is selected from a populatian. The population variance is unknow. The standard error of the sample mean is closest to:A. 10.84B. 3.43C. 3.60【答案】B22. A portfolio manager estimates the probabilities of the following events for a mutual fund:

43、83;Event A: the fund will earn a return of 5%.·Event B: the fund will earn a return below 5%The least appropriate description of the events is that they are:A. dependent.B. exhaustive.C. mutually exclusive.【答案】B23. The following chart is best described as an example of which type of technical a

44、nalysis chart? A. A candlestick chartB. A bar chartC. A point and figure chart【答案】A24. In setting the confidence interval for the population mean of a normal or approximately normal distribution, and given that the sample size is small, Student's t-distribution is the most appropriate approach w

45、hen the variance is:A. unknown.B. large.C. known.【答案】A資料來源：文得學(xué)習(xí)網(wǎng)，更多考試資料題庫視頻，上文得學(xué)習(xí)網(wǎng)查找。25. A stock is declining in price and reaches a price range wherein buying activity is sufficient to stop the decline. This range is best described as the:A. change in polarity point.B. resistance level.C. support l

46、evel.【答案】C26. Would a client making additions or withdrawals of funds most likely affect their portfolios:Time-weighted return?Money-weighted return?A. NoNoB. YesNoC. NoYes【答案】C27. A fundamental analyst studying 100 potential companies for inclusion in her stock portfolio uses the following three sc

47、reening criteria:Screening Criterion Number of Companies meeting the screenMarket-to-Book Ratio>430Current Ratio>235Return on Equity >10%35Assuming that the screening criteria are independent, the probability that a given company will meet all three screening criteria is closest to:A. 3.7%B

48、. 8.5%C. 20.0%【答案】A28. Using Chebyshevs inequality, what is the proportion of observations from a population of 200 that must be within three standard deviations of the mean regardless of the shape of the distribution?A. 67%B. 75%C. 88.9%【答案】C29. An energy analyst forecasts that the price per barrel

49、 of crude oil five years from now will range between USD$75 and USD$105. Assuming a continuous uniform distribution, the probability that the price will be less than USD$80 five years from now is closest to:A. 5.6%B. 16.7%C. 44.4%【答案】B30. An analyst gathered the following information about the perfo

50、rmance of three categories of mutual funds over the same time period: If the returns from all funds were normally distributed, the mutual fund category that minimized the probability of earning less than the risk-free rate of return is most likely category:A. 1B. 2C. 3【答案】C31. A sample of 240 manage

51、d portfolios has a mean annual return of 0.11 and a standard deviation of returns of 0.23. The standard error of the sample mean is closest to:A. 0.00096.B. 0.00710.C. 0.01485.【答案】C32. A two-tailed t-test of the hypothesis that the population mean differs from zero has a p-value of 0.0275. Using a s

52、ignificance level of 5%, the most appropriate conclusion is:A. to accept the null hypothesis.B. to reject the null hypothesis.C. that the chosen significance level is too high.【答案】B33. Which of the following is the least likely outcome when a monopolist adopts first-degree price discrimination becau

53、se of customers' differing demand elasticities?A. The monopolist shares the total surplus with consumers.B. The output increases to the point at which price equals the marginal cost.C. The price for a marginal unit decreases to less than the price for other units.【答案】A34. The primary monetary po

54、licy goal of most major central banks is best characterized as:A. maintaining price stability.B. stimulating economic growth.C. maintaining low interest rates.【答案】A35. Which of the following is least likely to be a valid function/characteristic of money? Money:A. requires a double coincidence of wan

55、ts.B. acts as a unit of account.C. provides a store of wealth.【答案】A36. A consumer has a budget of $30 per month to spend on two types of fruit, priced as follows:·Apples: $2.50 per pound.·Bananas: $2.00 per pound.Assuming the quantity of apples is measured on the vertical axis and bananas

56、on the horizontal axis, the slope of the budget constraint is closest to:A. 1.25.B. -0.80.C. -1.25.【答案】B37. Which of the following statements most accurately describes a valuation allowance for deferred taxes? A valuation allowance is required under:A. IFRS on revaluation of capital assetsB. U.S. GAAP if there is doubt about recovering a deferred tax asset.C. both IFRS and U.S. GAAP on tax differences arising from the translation of foreign operations.【答案】B38. The following information appli