CFA一級每日一練(含詳細解析)106

經(jīng)典word整理文檔，僅參考，雙擊此處可刪除頁眉頁腳。本資料屬于網(wǎng)絡(luò)整理，如有侵權(quán)，請聯(lián)系刪除，謝謝！1061、DavidBravoria,CFA,isanindependentfinancialadvisorforahighnetworthclientwithwhomhehadnothadcontactinovertwoyears.Duringarecentbrieftelephoneconversation,theclientstateshewantstoincreasehisriskexposure.Bravoriasubsequentlyrecommendsandinvestsinseveralhigh-riskfundsonbehalfoftheclient.Bravoriacontinues,ashehasdoneinthepast,tosendtohisclientmonthly,detaileditemizedinvestmentstatements.DidBravoriamostlikelyviolateanyCFAA.No.B.Yes,withregardtoinvestmentstatements.C.Yes,withregardtopurchasingventurecapitalfunds.正確答案:C答案解析:“GuidanceforStandards”CFAInstitute2011ModularLevelI,Vol.1,pp.65-67StudySession2–bDistinguishbetweenconductthatconformstotheCodeandStandardsandconductthatviolatestheCodeandStandards.CiscorrectbecauseBravoriaviolatedStandardIII–DutiestoClientsinnotexercisingLoyalty,PrudenceandCare.Bravoriahadnotupdatedhisclient’sprofileinovertwoyearsthusshouldnothavemadefurtherinvestments,particularlyinhighriskinvestmentsuntilsuchtimeasheupdatedtheclient’sriskandreturnobjectives,financialconstraintsandfinancialposition.Bravoriaprovidedhisclientwithinvestmentstatementsmorefrequentlythanthatwhichisrequired;i.e.quarterlysowasnotinviolationofregularaccountinformation.2、Whichisleastlikelytobeacomponentofadevelopingcountry’sequitypremium?【單選題】A.Sovereignyieldspread1B.Annualizedstandarddeviationofthedevelopingcountry’sequityindexC.Annualizedstandarddeviationofthesovereignbondmarketintermsofthedevelopingcountry’scurrency正確答案:C答案解析:“CostofCapital,”YvesCourtois,CFA,GeneC.Lai,andPamelaP.Peterson,CFACountryequitypremium=sovereignyieldspread*(annualizedstandarddeviationofequityindex÷annualizedstandarddeviationofthesovereignbondmarketintermsofthedevelopedmarketcurrency)3、Atraderbuys500sharesofastockonmarginat$36ashareusinganinitialleverageratioof1.66.Themaintenancemarginrequirementforthepositionis30percent.Thestockpriceatwhichthemargincallwilloccurisclosestto:【單選題】A.$20.57.B.$25.20.C.$30.86.正確答案:A答案解析:“MarketOrganizationand”LarryHarrisP=$20.57.4、TheZeraCompanyhasborrowedcapitalbyissuinganumberofdifferentsecurities.Whichofthefollowingmostlikelyranksthehighestwithrespecttopriorityof題】A.ThirdliendebtB.SubordinateloanC.Seniorunsecuredbond正確答案:A答案解析:Thirdliendebtissecureddebt.Ithasasecuredinterestinthepledgedassetsandrankshigherthanallotherunsecureddebts.Section3.25、WhichofthefollowingisnotarecommendedprocedureforcompliancewiththeStandardsofProfessionalConductrelatingtomaterialnonpublicA.Conductappropriateinterdepartmentalcommunications.2B.EstablishProprietarytradingprocedu