2022CFA考試試題匯編(含答案)

2022CFA考試試題匯編（含答案）1.VishalChandarana,anunemployedresearchanalyst,recentlyregisteredfortheCFALevelIexam.Aftertwomonthsofintenseinterviewing,heacceptsajobwithastockbrokeragecompanyinadifferentregionofthecountry.ChandaranapostsonabloghowbeingaCFAcandidatereallyhelpedhimgetajob.Healsonoteshowrelievedhewaswhenhisnewemployerdidnotaskhimaboutbeingfiredfromhisformeremployer.WhichCFAInstituteStandardsofProfessionalConductdidChandaranaleastlikelyviolate?LoyaltytoEmployersReferencetoCFAInstitute,theCFADesignation,andtheCFAProgramMisconduct【答案】BDavidDonniganenrolledtotaketheLevelIICFAexaminationinthecurrentyear,buthedidnottaketheexam.DonniganadvisedhisemployerthathepassedLevelII.Subsequently,heregisteredtotaketheLevelIIexamthenextyear.WhichCFAInstituteStandardsofProfessionalConductdidDonniganleastlikelyviolate?Thestandardrelatedto: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。referencingcandidacyintheCFAProgramdutytoemployerprofessionalmisconduct【答案】AIanO'Sullivan,CFA,istheownerandsoleemployeeoftwocompanies,apublicrelationsfirmandafinancialresearchfirm.ThepublicrelationsfirmenteredintoacontractwithMalloryEnterprisestoprovidepublicrelationsservices,withO'Sullivanreceiving40,000sharesofMallorystockinpaymentforhisservices.Overthenext10days,thepublicrelationsfirmissuedseveralpressreleasesthatdiscussedMallory'sexcellentgrowthprospects.O'Sullivan,throughhisfinancialresearchfirm,alsopublishedaresearchreportrecommendingMallorystockasa"buy."AccordingtotheCFAInstituteStandardsofProfessionalConduct,O'SullivanismostlikelyrequiredtodisclosehisownershipofMallorystockin:thepressreleasesonlytheresearchreportonlyboththepressreleaseandtheresearchreport【答案】CJamesWoods,CFA,isaportfoliomanageratABCSecurities.Woodshasreasonablegroundstobelievehiscolleague,SandraClarke,aCFALevelIIcandidate,isengagedinunethicaltradingactivitiesthatmayalsobeinviolationoflocalsecuritieslaws.WoodsisnotClarke'ssupervisor,andheractivitiesdonotimpactWoodsoranyoftheportfoliosforwhichheisresponsible.BasedontheCodeandStandards,therecommendedcourseofactionisforWoodsto:reportSandraClarketoABC'stradingsupervisororcompliancedepartment.nottakeanyactionbecauseheisnotdirectlyinvolvedreportSandraClarketotheappropriategovernmentalorregulatoryorganization【答案】AAfterafirmpresentsaminimumrequirednumberofyearsofGIPS-compliantperformance,thefirmmustpresentanadditionalyearofperformanceeachyear,buildinguptoaminimumof:10yearsofGIPS-compliantperformance15yearsofGIPS-compliantperformance5yearsofGIPS-compliantperformance【答案】AHeidiKrueger,CFA,hasdiscretionaryauthorityovertheaccountsofJohnson,forwhomshemanagesaportfolioofenergystocks,andOsaki,forwhomshemanagesadiversifiedportfolioofdomesticandinternationalstocks.Kruegeralwaysseeksthebestpriceandexecutionandhasdisclosedtoallofherclientstheprocessshefollowstomakeuseofsoftdollarsandapplythemforthebenefitofherclients.Intheyear2008,KruegerappliedsoftdollarsgeneratedfromtheJohnsonandOsakiaccountstopurchaseareportontheeconomicimpactofworldevents,topurchaseananalysisofthedomesticsteelindustry,andtopurchaseanewconferencetableforheroffice.KruegerwasincompliancewiththeCodeandStandardsintheyear2008:Onlyifshehadnotusedsoftdollarstopayfortheconferencetable.OnlyifshehadnotusedsoftdollarstopayfortheconferencetableandhadnotusedsoftdollarsfromthetradingofJohnson'saccounttopayforthereportonthedomesticsteelindustry.Becauseshedisclosedheruseofsoftdollarsandappliedthemforthedirectandindirectbenefitofherclients.【答案】AGloriaBrown,CFA,isthefounderandportfoliomanageroftheEvergladesFund.Initsfirstyearthefundgeneratedareturnof35%.Buildingonthefund'sperformance,Gloriacreatednewmarketingmaterialsthatshowedthefund'sgross1-yearreturnaswellasthe3-,and5-yearreturnswhichhecalculatedbyusingback-testedperformanceinformation.Asthemarketingmaterialisusedonlyforpresentationstoinstitutionalclients,Gloriadoesnotmentiontheinclusionofback-testeddata.AccordingtotheStandardsofPracticeHandbook,didGloriaviolateanyCFAInstituteStandardsofProfessionalConduct?A.No.Yes,becausehedidnotdisclosetheuseofback-testeddata.Yes,becausehefailedtodeductallfeesandexpensesbeforecalculatingthefund'strackrecord.【答案】BScottMarshisaresearchanalystforabrokeragefirmfollowingthecomputerindustry.JoePerryisMarsh'sformercollegeroommateandistheheadoftechnologyforMercury,alargesoftwarecompany.PerryinformsMarshonTuesdaythatintwodaysthecompanywillbemakinganofficialannouncementthatitsreleaseofitsnewestversionofitssoftwarewillbemoveduponemonth,fromOctober1toSeptember1.Theannouncementwillbesurprisingtotheindustryandwilllikelybemetwithskepticismbecausethecompanyhashadtroublemeetingreleasedatesinthepast.PerryassuresMarshthatheiscertainthattheywillmeettheSeptember1date.MarshconsidersPerrytobeveryhonestandhighlycompetent.Marshshould:Waituntilthepublicannouncementismade,thenreleaseareportexplainingthathebelievesthecompanywillmakethereleasedate;disclosingthatoneofthereasonsforhisopinionisPerryisafriendofhis.Producehisresearchreportintwodaysbasedsolelyontheofficialannouncement,nottakingintoconsiderationtheinformationfromPerry.Waituntilthepublicannouncementismade,thenreleasingareportstatingthatheissurethatthecompanywillmakehisreleasedate,butnotdisclosetherelationshipwithPerry.【答案】AWheneveraninvestmentmanagementfirmpresentsinvestmentperformanceincompliancewiththeGlobalInvestmentPerformanceStandards(GIPS),itmuststatehowitdefinesitselfasafirm.UnderGIPS,afirmmaydefineitselfforthepurposeofclaimingGIPScomplianceusinganyofthefollowingoptionsexceptwhen:Anentityisregisteredwiththeappropriatenationalregulatoryauthorityoverseeingtheentity'sinvestmentmanagementactivities.Allassetsaremanagedtooneormorebasecurrencies.ThesubsidiaryordivisionofacompanyclaimsGIPScompliancewhentheparentcompanyisGIPScompliant.【答案】CBillKimm,CFAownsanassetmanagementfirmwithofficesdowntown.Tominimizerentexpenses,eachyearBillshipsthepreviousyear'sresearchrecordstoanearbywarehouse.There,thereportsaredigitizedandstoredinbothelectronicandhard-copyforms.Afterfiveyears,allpapercopiesaredestroyedandonlyelectroniccopiesareretained.AreBill'srecord-retentionproceduresincompliancewiththeCFAInstituteStandardsofPractice?Yes.No,becausehedidnotretainthecopiesinhisoffices.No,becausehefailedtoretaintheoriginaldocuments.【答案】AThefollowinginformationinvolvestworesearchanalystsatabrokeragefirm.ErikBagenot,CFA,ispreparingaresearchreportonGlobalEnterprises,Inc.Inpreparingthereport,heusesmaterialsfrommanysources.Forexample,heusesfactualinformationpublishedbyStandard&Poor;sCorporationwithoutacknowledgingthesource.Healsousesexcerptsfromaresearchreportpreparedbyanotheranalyst.Bagenotmakesonlyaslightchangeinwordingfortheseexcerpts,butacknowledgesthesource.SallyWain,whoiscurrentlyenrolledintheCFAprogram,ispreparingaresearchreport,onMansonTelecommunications.Sheattendsaconferenceinwhichseveralinvestmentexpertsprovidetheirviewsaboutthefutureprospectsofthiscompany.Waincitesseveralquotationsfromtheseinvestmentexpertsinherreportwithoutspecificreference.AccordingtotheCFAinstituteStandardsofProfessionalConductinvolvingprohibitionagainstplagiarism,whichofthefollowingstatementsistrue?NeitherBagenotnorWainviolatedtheStandards.BothBagenotandWainviolatedtheStandards.WainviolatedtheStandards,butBegenotdidnot.【答案】CSeanDahib,CFA,isinchargeofthecomplianceprogramathisinvestmentfirm.AccordingtotheStandardsofPracticeHandbook,asasupervisor,Seanshouldleastlikelyperformwhichofthefollowingactivities?Respondpromptlytoallviolations.Disseminatethecontentsoftheprogramtoallpersonnel.Incorporateaprofessionalconductevaluationaspartofanemployee*sperformancereview.【答案】BKarenWilson,CFA,superviseseightjunioranalystsatSpartanFinancialServices.KarensuspectsthatoneoftheanalystsisviolatingSpartan*spersonalinvestingpolicy.AccordingtotheStandardsofPracticeHandbook,Karen'smostappropriateinitialactionisto.A.Initiateaninvestigation.Notifyhersupervisoroftheanalystrssuspectedmisconduct.Requiretheanalysttoliquidateandcloseallpersonalaccounts.【答案】AFredFunk,CFA,agreedinwritingwithhisformeremployernottosolicitformerclientsforaperiodofoneyearafterhistermination.Afterhelefthisformeremployer,heconsultedwithalawyeraboutwhethertheagreementwaslegallyenforceable.ThelawyeradvisedFredthatitwasdoubtfulthattheagreementcouldbeenforced,soFredsentamarketingbrochureabouthisnewfirmtohisformerclients.AccordingtotheStandardsofPracticeHandbook,whichofthefollowingstatementsismostaccuratewithrespecttoFred'sconduct?TheStandardsdonotapplytoFred'sconduct.TheStandardsrequiresFredtocomplywiththeagreementwithhisformeremployer.BecauseFredreliedupontheopinionoflegalcounsel,hedidnotviolatetheStandards.【答案】BHalChen,CFA,developsmarketingmaterialsforaninvestmentfundhefoundedthreeyearsago.Thematerialsshowthe3-,2-and1-yearreturnsforthefund.HeincludesafootnotethatstatesinsmallprintuPastperformancedoesnotguaranteefuturereturns.nHealsoincludesaseparatesheetshowingthemostrecentsemi-annualandquarterlyreturns,whichnotestheyhavebeenneitherauditednorverified.HasChenmostlikelyviolatedanyCFAInstituteStandardsofProfessionalConduct?No.Yes,becauseheincludedun-auditedandunverifiedresults.Yes,becausehedidnotadheretotheglobalinvestmentperformancestandards.【答案】ASueJohnson,CFA,hasanelderlyclientwithaverylargeassetbase.Theclientintendstostartdivestingherfortunetovariouscharities.JohnsonisontheBoardofalocalcharitablefoundation.Johnsonmostappropriately:mustnotdiscussanythingregardingherclientandherclient'sintentionswiththecharitablefoundationwithoutpermission.candiscussherclient'ssituationwiththecharitablefoundationaslongassheinformsotherlocalcharitiesofherclient'sintentions.canmakethisknowntothecharitablefoundationsothattheycansolicittheclient,sinceitistheclient'swishtodivestassetstocharitiesinthefuture.【答案】AAccordingtotheStandardrelatedtoloyalty,prudence,andcare,whichofthefollowingstatementsregardingthevotingofproxiesonclientholdingsisleastaccurate?Proxieshaveeconomicvaluetoaclient.Aninvestmentmanagementfirmshouldvoteallproxiesonclientholdingsunlesstheclientreservesthatright.Membersandcandidatesshouldexplicitlydisclosethefirm'sproxyvotingpoliciestoclients.【答案】BAlvinGold,CFA,residesinCountryTanddoesbusinessasaninvestmentadvisorprimarilyinCountryII.CountryTallowstradingonnon-publicinformationanddoesnotrequiredisclosureofreferralfees.CountryIIprohibitstradingonnon-publicinformationonlyifitisgainedbyillegalmeansandrequiresdisclosureofreferralfeesofover$100(U.S.equivalent).Goldacceptsareferralfeeof$75,andinthecourseofameetingwithtwootheranalystsandthefirm'sCFO,Goldreceivesmaterialnon-publicinformation.TocomplywiththeCodeandStandards,Gold:neednotdisclosethereferralfeebutcannottradeonthenon-publicinformation.mustdisclosethereferralfeeandcannottradeonthenon-publicinformation.mustdisclosethereferralfeebutmaytradeonthenon-publicinformation.【答案】BThreeyearsfromnow,aninvestorwilldepositthefirstofeight$1,000paymentsintoaspecialfund.Thefundwillearninterestattherateof5%peryearuntilthethirddepositismade.Thereafter,thefundwillreturnareducedinterestrateof4%compoundedannuallyuntilthefinaldepositismade.Howmuchmoneywilltheinvestorhaveinthefundattheendoftenyearsassumingnowithdrawalsaremade?$8,872.93.$9,251.82.$9,549.11.【答案】BAninvestorplaces$5,000inanaccount.Thestatedannualinterestrateis6%compoundedmonthly.Thevalueoftheaccountattheendofthreeyearsisclosestto:$5,970.$5,978.$5,983.【答案】CComparedtoanormaldistribution,alognormaldistributionisleastlikelytobe:skewedtotheright.skewedtotheleft.usefulindescribingthedistributionofstockprices.【答案】B,Meanannualreturn 4%,Meanexcessreturn 8.6%,Standarddeviationofannualreturns23.4%,Portfoliobeta 1.6ThecoefficientofvariationandSharpemeasure,respectively,fortheportfolioareclosestto:CoefficientofvariationSharpemeasureA.0.820.37B.1.321.23C.1.320.37【答案】CMeiTekeijusthadabirthdayandis22.Whensheis27,shewillreceivea$100,000inheritance.Tekeineedsfundsforthedownpaymentonaco-opinManhattanandhasfoundabankthatwillgiveherthepresentvalueofherinheritanceamount(assuming8.0percentinterestcompoundedcontinuously).Willtheproceedsfromthebankbesufficienttocoverhertotalcostclosingcostsof$65,000?Yes,Tekeiwillreceive$68,058.No,Tekeiwillonlyreceive$49,182.Yes,Tekeiwillreceive$67,032.【答案】cAnanalysthasrecentlydeterminedthatonly70percentofallU.S.pensionfundshaveholdingsinhedgefunds.Inevaluatingthisprobability,arandomsampleof40U.S.pensionfundsistaken.ThenumberofU.S.pensionfundsinthesampleof40thathavehedgefundsintheirportfoliowouldmostaccuratelybedescribedas:multivariaterandomvariableacontinuousrandomvariableabinomialrandomvariable【答案】CWithrespecttothefourmajormeasurementscales(ratio,ordinal,interval,andnominal)thescalethatrepresentstheweakestlevelofmeasurementisthe:nominalscaleordinalscaleintervalscale【答案】ABasedonhistoricalreturns,aportfoliohasaSharperatioof2.0.Ifthemeanreturntotheportfoliois20%,andthemeanreturntoarisk-freeassetis4%,thestandarddeviationofreturnontheportfolioisclosestto:A.12%.8%.10%.【答案】BThefollowing10observationsareasampledrawnfromanapproximatelynormalpopulationThesamplestandarddeviationisclosestto:13.1812.5011.92【答案】AThefollowingtenobservationsareasampledrawnfromanapproximatelynomlalpopulation:Thesamplestandarddeviationisclosestto:8.19.59.【答案】CTheminimumrateofreturnaninvestormustreceiveinordertoacceptaninvestmentisbestdescribedasthe:internalrateofreturn.requiredrateofreturn.expectedreturn.【答案】BWhichofthefollowingmostaccuratelydescribeshowtostandardizearandomvariableX?SubtractthemeanofXfromX,andthendividethatresultbythestandarddeviationofX.SubtractthemeanofXfromX,andthendividethatresultbythestandarddeviationofthestandardnormaldistribution.DivideXbythedifferencebetweenthestandarddeviationofXandthestandarddeviationofthestandardnormaldistribution.【答案】AWhichofthefollowingismostlikelyusedbytechnicianstomeasureinter-marketrelationships?Fibonacciratios.Stochasticoscillators.Relativestrengthanalysis.【答案】CWhichofthefollowingwouldleastlikelybecategorizedasamultivariatedistribution?Thedaysastocktradedandthedaysitdidnottrade.ThereturnofastockandthereturnoftheDJIA.ThedaysastocktradedandthedaystheDJIAwentup.【答案】AAccordingtothecrowding-outmodel,persistent,largegovernmentbudgetdeficitsaremostlikelytobeassociatedwitha(n):increaseinnetexportsdecreaseinprivatespendingdecreaseintherealrateofinterest【答案】BBasedonhistoricaldataandassumingless-than-fullemployment,periodsofsharpaccelerationinthegrowthrateofthemoneysupplytendtobeassociatedinitiallywith:anincreaseinthevelocityofmoneyreductionsinrealgrossdomesticproductarapidgrowthingrossdomesticproduct【答案】CAllenChen,CFA,statedthat,forthetypicalcompany,accountingprofittendstobegreaterthaneconomicprofitbecauseexplicitcostsaregenerallynotincludedincalculatingaccountingprofit.Istheanalystcorrectwithrespecttothe:RelationshipbetweenInclusionofexplicitaccountingprofitandeconomicprofit?Inclusionofexplicitcosts?No NoNo YesYes No【答案】CSixcompaniesinanindustryhavethefollowingmarketshares:IfCompaniesDandFmergeintoanewCompany,G,theindustry'sthree-companyconcentrationratiowouldbeclosestto:72%.74%.71%.【答案】BWhichofthefollowingwillmostlikelycausetheshort-runaggregatesupply(SRAS)curvetoshifttotheright?IncreaseinbusinesstaxesIncreaseinthesupplyofhumancapitalIncreaseinnominalwages【答案】BAcountry'sinternationaltransactionsaccountsdataforlastyeararepresentedinitsdomesticcurrency:Thecurrentaccountbalanceisclosestto:-4,216.-4,345.-4,087.【答案】CTheunemploymentrateisbestdescribedastheratioofunemployedto:totalpopulationofpeoplewhoareofworkingage.laborforce.laborforceminusfictionallyunemployed.【答案】BAssumethattwofirmsinaduopolyenterintoacollusiveagreementinanattempttoformacartelandrestrictoutput,raiseprices,andincreaseprofits.AccordingtotheNashequilibrium,alowpriceismostlikelychargedby:onlyonefirm.bothfirms.neitherfirm.【答案】CFirst-degreepricediscriminationisbestdescribedaspricingthatallowsproducerstoincreasetheireconomicprofitwhileconsumersurplus:increases.decreases.iseliminated.【答案】CWhichcharacteristicisafirmleastlikelytoexhibitwhenitoperatesinamarketwithadownwardslopingdemandcurve,manycompetitors,andzeroeconomicprofitsinthelongrun?DifferentiatedproductLowbarrierstoentryNopricingpower【答案】CAnexpansionaryfiscalpolicyisleastlikelytoincludeanincreasein:ernmentexpenditures.【答案】AThetotaloutputinunitsandaveragesellingpricesinahypotheticaleconomyproducingonlytwoproducts,XandY,isprovided:IftheimplictitpricedeflatorforGDPinYear1was100,forYear2,itisclosestto113.4106.2106.8【答案】AInformationaboutthecouponratesonthevariouslong-termfixed-ratedebtissueofacompanycanmostlikelybefoundinthe:non-currentliabilitiessectionofthebalancesheet.ManagementDiscussion&Analysis(MD&A)notestothefinacialstatements【答案】CAdescriptivemeasureofapopulationcharacteristicisbestdescribedasa:parameter.frequencydistribution.samplestatistic.【答案】AIngeneratinganestimateofapopulationparameter,alargersamplesizeismostlikelytoimprovetheestimator's:consistency.efficiency.unbiasedness.【答案】ATheprobabilityofEventAis40%.TheprobabilityofEventBis60%.ThejointprobabilityofABis40%.Theprobability(P)thatAorBoccurs,orbothoccur,isclosestto:60%.40%.84%.【答案】AWhichofthefollowingstatementswithrespecttoGiffenandVeblengoodsisleastaccurate?Giffengoodsare"inferior,"whereasVeblengoodsare"high-status"goods.Bothtypesofgoodsviolatethefundamentalaxiomsofdemandtheory.Bothtypesofgoodsdemonstratethepossibilityofapositivelyslopingdemandcurve.【答案】BTheaggregatedemandandsupplyfunctionsforthelocalmarketforpizza,alongwithsomerelevantdata,isprovidedinthefollowingtable.Thenumberofunitsofexcessdemandforpizzaisclosestto:2,358.1,471.2,072.【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。ForacompanythatpreparesitsfinancialstatementsunderInternationalFinancialReportingStandards(IFRS),forwhichofthefollowingassetsisitmostlikelythatthecompanycouldreportusingthefairvaluemodel?HousesbuiltbythecompanyforsaletocustomersAbuildingownedbythecompanyandleasedouttotenantsAbuildingthecompanyownsandusestohouseitsadministrativeactivities【答案】B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。Themethodahighendcustom-builtmotorcyclemanufacturerusestovalueitsinventoryresultsinthematchingofthephysicalflowoftheparticularitemssold,andtheitemsremainingininventory,totheiractualcost.Whichofthefollowinginventoryvaluationmethodsisthemanufacturermostlikelyusing?FIFOWeightedaveragecostSpecificidentification【答案】CAnanalystisreviewingtheproperty,plant,andequipmentdisclosurerelatedtoacompany'swarehouse.ThecompanyusestheInternationalFinancialReportingStandards(IFRS)revaluationmodel.Theanalystwouldleastlikelybeabletodetermine:thecarryingamountunderthecostmodel.theoriginaldateofacquisition.howthefairvaluewasobtained.【答案】BSelectedinformationfromacompany'scomparativeincomestatementandbalancesheetispresentedbelow:Thecashcollectedfromcustomersin2013isclosestto:$111,500.$96,100.$88,500.【答案】CThefollowinginformationappliestoaca