特許金融分析師(CFA)2022測(cè)試題與答案

特許金融分析師(CFA)2022測(cè)試題

與答案

1.CarolinaOchoa,CFA,isthechieffinancialofficeratPantagonia

Computing.OchoaiscurrentlythesubjectofaninquirybyPantagonia's

corporateinvestigationsdepartment.Theinquiryistheresultofan

anonymouscomplaintaccusingOchoaoffalsifyingtravelexpensesfor

seniormanagementrelatedtoagovernmentcontract.Accordingtothe

CFAInstituteCodeofEthicsandStandardsofProfessionalConduct,itis

mostappropriateforOchoatodisclosetheallegations:

A.toCFAInstitutewhentheinvestigationconcludes.

B.onherProfessionalConductStatement.

C.toCFAInstituteiftheallegationsareprovencorrect.

【答案】B

2.IleanaInkster,CFA,wasrecentlyofferedaseniormanagement

positionwithinthetrustdepartmentataregionalbank.Thedepartment

isnew,butthebankhasplanstoexpanditsignificantlyoverthenextfew

months.Inksterhasbeentoldshewillbeexpectedtohelpgrowthe

clientbaseofthetrustdepartment.Sheisinformedthatthetrust

departmentplanstoconducteducationalseminarsandpursuethe

attendeesasnewclients.Inksternoticesthatrecentseminar

advertisementspreparedbythebank'smarketingdepartmentdonot

mentioninvestmentproductswillbeforsaleattheseminar.Theads

indicateattendeescan"learnhowtoimmediatelyadd$100,000totheir

networth."WhatshouldInkstermostlikelydotoavoidviolatinganyCFA

InstituteStandardsofProfessionalConduct?

A.Declinetoacceptthenewposition

B.Acceptthepositionandinformseniormanagementof

inadequatecomplianceprocedures

C.Acceptthepositionandrevisethemarketingmaterial

【答案】A

3.BethKozniak,aCFAcandidate,isanindependentlicensedreal

estatebrokerandawell-knownpropertyinvestor.Sheiscurrently

brokeringthesaleofacommercialpropertyonbehalfofaclientin

financialdistress.Iftheclient'sbuildingisnotsoldwithin30days,hewill

losethebuildingtothebank.Ayearearlier,anotherclientofKozniak's

hadexpressedinterestinpurchasingthissameproperty.However,sheis

unabletocontactthisclient,andshehasnotdiscoveredanyother

potentialbuyers.Givenherdistressedclient'slimitedtimeframe,

Kozniakpurchasesthepropertyherselfandforgoesanysales

commission.Sixmonthslater,shesellsthepropertyforaniceprofitto

theclientwhohadearlierexpressedinterestintheproperty.HasKozniak

mostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?

A.No

B.Yes,shedidnotdiscloseherpotentialconflictsofinterestto

eitherclient

C.Yes,sheprofitedontherealestatetothedetrimentofher

financiallystressedclient

【答案】A

4.MariamMusa,CFA,headofcomplianceatDunfieldBrokers,

questionshercolleagueOmarKassim,aCFAcandidateandaresearch

analyst,abouthispurchaseofsharesinacompanyforhisownaccount

immediatelybeforehepublishesa"buy"recommendation.Hedefends

hisactionsbystatinghehasdonenothingwrongbecauseDunfielddoes

nothaveanypersonaltradingpoliciesinplace.TheCFAInstitute

StandardsofProfessionalConductweremostlikelyviolatedby:

A.onlyKassim.

B.bothMusaandKassim.

C.onlyMusa.

【答案】B

5.Whichofthefollowingstatementsdoesnotaccuratelyrepresent

theobjectivesofGlobalInvestmentPerformanceStandards(GIPS)?The

GIPSstandards:

A.ensureconsistent,accurateinvestmentperformancedatainthe

areasofreporting,records,marketing,andpresentations.

B.obtainglobalacceptanceofcalculationandpresentation

standardsinafair,comparableformatwithfulldisclosure.

C.promotefaircompetitionamonginvestmentmanagementfirms

inallmarketsbyrequiringcommonfeestructures.

【答案】C

6.JinJin,CFA,isthepresidentoftheRegisteredOptionExchange,

whichispreparingtolaunchanewstockoptioncontract.Inorderto

convinceinvestorstouseitscontract,theexchangeattemptsto

demonstratethatithasthebestliquidity.JinJinsetsupagreementswith

memberssothattheycommittoasubstantialminimumtradingvolume

onthenewcontractoveraspecificperiodinexchangeforsubstantial

reductionsontheirregularcommissions.AccordingtotheStandardsof

PracticeHandbook,hasJinJinviolatedanyCFAInstituteStandards?

A.Yes,withrespecttoadditionalcompensationarrangements.

B.Yes,withrespecttomarketmanipulations.

C.Yes,withrespecttomisrepresentation.

【答案】B

7.Whichofthefollowingstatementsaboutverificationof

compliancewiththeGlobalInvestmentPerformanceStandards(GIPS)is

leastaccurate?

A.Verificationisvoluntary.

B.Anewverificationreportmayacceptthepreviousverification

reportaspartofthebasis.

C.Verificationreportcanbeperformedwithspecificcomposites.

【答案】C

8.XiangLi,CFA,deputytreasurerforBBBCollege,managesthe

StudentScholarshipTrust.LiissuedaRequestforProposals(RFP)for

domesticequitymanagers.GongCheng,CFA,agoodfriendofLi,

introduceshimtorepresentativesfromCapitalInvestments,who

submittedaproposal.LiselectedCapitalasamanagerbasedonthefirm'

sexcellentperformancerecord.Shortlyaftertheselection,Cheng,who

hadoutstandingperformanceasanequitymanagerwithanotherfirm,

acceptedalucrativejobwithCapital.HaveLiandCheng,respectively,

violatedanyCFAInstituteStandardsofProfessionalConduct?

LiCheng

A.NoNo

B.NoYes

C.YesNo

【答案】A

9.WithrespecttothefundamentalsofcompliancewiththeGIPS

standards,dototalfirmassetsincludethemarketvalueofall:

Discretionaryassetsbutnotfee-payingassetsbutnot

nondiscretionaryassets?non-fee-pavingassets?

A.NoNo

B.NoYes

C.YesNo

【答案】A

10.AlexWu,CFA,aportfoliomanageratFASTFunds,callsafriend

tojoinhimfordinner.Thefriend,afinancialanalystatCalvinKlein(CK)

declinestheinvitationandexplainsthatsheisperformingduediligence

onOrca日ectronics,acompanythatCKisabouttoacquire.Afterthe

phonecall,AlexsearchestheInternetforanynewsoftheacquisitionbut

findsnothing.UponverifyingthatOrcaisonFAST'sapprovedstocklist,

AlexpurchasesOrca'scommonstockandcalloptionsfortheFASTfund.

Twoweekslater,CKannouncesitsintentiontoacquireOrca.Thenext

day,AlexsellsalloftheOrcasecurities,givingthefundaprofitof$3

million.AccordingtotheStandardsofPracticeHandbook,didAlex

violateanyCFAInstituteStandardsofProfessionalConduct?

A.No.

B.Yes,becausehetradedonmaterialnon-publicinformation.

C.Yes,becauseheallowedhisfriendtopassoninsiderinformation.

【答案】B

11.WinJangishisfirm'sresearchdirector,andoneofhisregular

dutiesistodistributeamonthly”Top10BuysandSells“l(fā)istdrawnfrom

companieslistedinHongKong.Onemonth,Jangreadsanacademic

researchpaperdetailingascreeningalgorithm(basedoncompanies,

earnings,depreciation,interestexpense,andcurrentstockprice)that

wasusedtogenerateabnormalprofitsintheGermanstockmarket.Jang

appliesthealgorithm,withoutmakinganychanges,toHongKongstocks,

andusestheresultstoformthemonth'sbuyandselllist.Janghas:

A.Properlyreliedonanotherparty'sresearch.

B.Failedtohaveareasonablebasisforhisinvestment

recommendations,duetodifferencesintheGermanandHongKong

markets.

C.Failedtohaveareasonablebasisforhisinvestment

recommendations,duetotherelianceonaquantitativemodel.

【答案】B

12.AccordingtotheStandardsofPracticeHandbook,members

mustmakeareasonableinquiryintoaclient'sfinancialsituation,and

mustdoallofthefollowingexcept:

A.Considerthesuitabilityofinvestmentrecommendationsforthe

client.

B.Distinguishbetweenfactandopinionwhenmaking

recommendations.

C.Updateinformationintheclient'ssituationatleast

semi-annually.

【答案】C

13.Whichofthefollowingisnotareasonforthecreationofthe

GlobalInvestmentPerformanceStandards(GIPSstandards):

A.Toimproveinvestmentperformanceasmanagersdiversify

internationally.

B.Theneedforconsistentperformancemeasurementduetothe

globalizationoffinancialmarkets.

C.Toallowinvestmentclientstomoreeasilycompareinvestment

performances.

【答案】A

14.ZhangZhong,CFA,isaportfoliomanagerinalargeinvestment

managementcompany.HediscoversthatChenQin,CFA,oneofthe

assistantportfoliomanagershesupervises,mayhaveviolatedthelocal

securitylaw.AccordingtotheStandardsofPracticeHandbook,Zhang

Zhong'sinitialcourseofactionmustbeto:

A.placelimitsontheemployee'sactivities.

B.reporttheconducttogovernmentalauthorities.

C.startaninvestigationtodeterminetheextentofthewrongdoing.

【答案】C

15.TheeightmajorprovisionsoftheGlobalInvestment

PerformanceStandards(GIPS)atleastinclude:

A.AlternativeAssets.

B.RealEstate.

C.PrivateEquity.

【答案】A

16.ZhouLun,CFA,isanequityanalystwhorecentlypreparedafull

reportonBMMCorporation.Thereportincludedfinancialprojections

developedbyZhouLunandinformationgatheredfromathird-party

researchfirm,whichshereferenced,inthereport,ZhouLunwrote,“We

recommendthisstockfortheportfoliosofclientswithaggressiverisk

profiles.Thisrecommendationisbasedonthird-partyresearchwe

believetobereliable.vAttheendofthereport,ZhouLunnoted,“The

author'sfamilyownsBMMCorporationsecuritiesincludingcommon

stocksandbonds."Thereportwaspostedonthecompany'swebsite

forclientaccessanddistributedtoclientsviae-mail.Accordingtothe

StandardsofPracticeHandbook,hasZhouLunviolatedanyCFAInstitute

StandardsofProfessionalConduct?

A.No.

B.Yes,becausethereportreliedonthird-partyresearch.

C.Yes,becausethereportwasnotproperlydisseminated.

【答案】A

17.ScottLaRueisaportfoliomanagerforWashingtonAdvisors.

Washingtonhasdevelopedaproprietarymodelthathasbeen

thoroughlyresearchedandisknownthroughouttheindustryasthe

Washingtonmodel.Themodelispurelyquantitativeandscreensstocks

intobuy,hold,andsellcategories.Thebasicphilosophyofthemodelis

thoroughlyexplainedtoclients.Thedirectorofresearchfrequentlyalters

themodelbasedonrigorousresearch-anaspectthatiswellexplainedto

clients,althoughthespecificalterationsarenotcontinuallydisclosed.

Portfoliomanagersthenmakespecificsectorandsecurityholding

decisions,purchasingonlysecuritiesthatareindicatedas"buys"bythe

model.LaRuehasconductedsomeresearchonhisownandfeelsthe

modelwouldbeimprovedbyaddingsomefactors.Basedonhisresearch,

heappliedhisownversionofthemodel,whichisoccasionallyinconflict

withtheWashingtonmodel.LaRuediscloseshismodeltohisownclients

butnottohissupervisor.LaRueis:

A.ViolatingtheStandardsbynotconsideringtheappropriateness

oftherecommendationstoclients.

B.ViolatingtheStandardsbynotbeingobjective.

C.ViolatingtheStandardsbynothavingareasonableandadequate

basisforhisinvestmentrecommendation.

【答案】C

18.Analystmadethefollowingtwostatements:

,AfirmclaimingcompliancewiththeGIPSstandardsmustprovidea

compliantpresentationandadescriptionforanycompositeonthefirm'

slisttoanyprospectiveclientwhomakessucharequest.

,AfirmclaimingcompliancewithGIPSstandardsisprohibitedfrom

statingthatthecalculationmethodologyusedincomposite

presentationsisalsoinaccordancewiththeGIPSstandards.

Istheanalystcorrectwithrespecttothe:

Firststatement?Secondstatement?

A.NoYes

B.YesNo

C.YesYes

【答案】C

19.JustinBanksjustwonthelotteryandistryingtodecidebetween

theannualcashflowpaymentoptionorthelumpsumoption.Justincan

earn8%atthebankandtheannualcashflowoptionis$100,000/year,

beginningtodayfor15years.Whatistheannualcashflowoptionworth

toJustintoday?

A.$1,500,000.00.

B.$1,080,000.00.

C.$924,423.70.

【答案】C

20.Considerthefollowinggraphofadistributionforthepricesfor

variousbottlesofCalifornia-producedwine.

Whichofthefollowingstatementsisfalse?

A.Thedistributionispositivelyskewed.

B.Approximately68%ofobservationsfallwithinonestandard

deviationofthemean

C.PointArepresentsthemode.

【答案】B

21.Thefollowingsampleof10itemsisselectedfromapopulatian.

Thepopulationvarianceisunknow.

Thestandarderrorofthesamplemeanisclosestto:

A.10.84

B.3.43

C.3.60

【答案】B

22.Aportfoliomanagerestimatestheprobabilitiesofthefollowing

eventsforamutualfund:

,EventA:thefundwillearnareturnof5%.

,EventB:thefundwillearnareturnbelow5%

Theleastappropriatedescriptionoftheeventsisthattheyare:

A.dependent.

B.exhaustive.

C.mutuallyexclusive.

【答案】B

23.Thefollowingchartisbestdescribedasanexampleofwhich

typeoftechnicalanalysischart?

A.Acandlestickchart

B.Abarchart

C.Apointandfigurechart

【答案】A

24.Insettingtheconfidenceintervalforthepopulationmeanofa

normalorapproximatelynormaldistribution,andgiventhatthesample

sizeissmall,Student'st-distributionisthemostappropriateapproach

whenthevarianceis:

A.unknown.

B.large.

C.known.

【答案】A

25.Astockisdeclininginpriceandreachesapricerangewherein

buyingactivityissufficienttostopthedecline.Thisrangeisbest

describedasthe:

A.changeinpolaritypoint.

B.resistancelevel.

C.supportlevel.

【答案】c

26.Wouldaclientmakingadditionsorwithdrawalsoffundsmost

likelyaffecttheirportfolio's:

Time-weightedreturn?Money-weightedreturn?

A.NoNo

B.YesNo

C.NoYes

【答案】C

27.Afundamentalanalyststudying100potentialcompaniesfor

inclusioninherstockportfoliousesthefollowingthreescreening

criteria:

ScreeningCriterionNumberofCompaniesmeetingthe

screen

Market-to-BookRatio>430

CurrentRatio>235

ReturnonEquity>10%35

Assumingthatthescreeningcriteriaareindependent,the

probabilitythatagivencompanywillmeetallthreescreeningcriteriais

closestto:

A.3.7%

B.8.5%

C.20.0%

【答案】A

28.UsingChebyshev,sinequality,whatistheproportionof

observationsfromapopulationof200thatmustbewithinthree

standarddeviationsofthemeanregardlessoftheshapeofthe

distribution?

A.67%

B.75%

C.88.9%

【答案】C

29.Anenergyanalystforecaststhatthepriceperbarrelofcrudeoil

fiveyearsfromnowwillrangebetweenUSD$75andUSD$105.Assuming

acontinuousuniformdistribution,theprobabilitythatthepricewillbe

lessthanUSD$80fiveyearsfromnowisclosestto:

A.5.6%

B.16.7%

C.44.4%

【答案】B

30.Ananalystgatheredthefollowinginformationaboutthe

performanceofthreecategoriesofmutualfundsoverthesametime

period:

Ifthereturnsfromallfundswerenormallydistributed,themutual

fundcategorythatminimizedtheprobabilityofearninglessthanthe

risk-freerateofreturnismostlikelycategory:

A.1

B.2

C.3

【答案】C

31.Asampleof240managedportfolioshasameanannualreturn

of0.11andastandarddeviationofreturnsof0.23.Thestandarderrorof

thesamplemeanisclosestto:

A.0.00096.

B.0.00710.

C.0.01485.

【答案】C

32.Atwo-tailedt-testofthehypothesisthatthepopulationmean

differsfromzerohasap-valueof0.0275.Usingasignificancelevelof5%,

themostappropriateconclusionis:

A.toacceptthenullhypothesis.

B.torejectthenullhypothesis.

C.thatthechosensignificancelevelistoohigh.

【答案】B

33.Whichofthefollowingistheleastlikelyoutcomewhena

monopolistadoptsfirst-degreepricediscriminationbecauseof

customers'differingdemandelasticities?

A.Themonopolistsharesthetotalsurpluswithconsumers.

B.Theoutputincreasestothepointatwhichpriceequalsthe

marginalcost.

C.Thepriceforamarginalunitdecreasestolessthanthepricefor

otherunits.

【答案】A

34.Theprimarymonetarypolicygoalofmostmajorcentralbanksis

bestcharacterizedas:

A.maintainingpricestability.

B.stimulatingeconomicgrowth.

C.maintaininglowinterestrates.

【答案】A

35.Whichofthefollowingisleastlikelytobeavalid

function/characteristicofmoney?Money:

A.requiresadoublecoincidenceofwants.

B.actsasaunitofaccount.

C.providesastoreofwealth.

【答案】A

36.Aconsumerhasabudgetof$30permonthtospendontwo

typesoffruit,pricedasfollows:

,Apples:$2.50perpound.

,Bananas:$2.00perpound.

Assumingthequantityofapplesismeasuredontheverticalaxis

andbananasonthehorizontalaxis,theslopeofthebudgetconstraintis

closestto:

A.1.25.

B.-0.80.

C.-1.25.

【答案】B

37.Whichofthefollowingstatementsmostaccuratelydescribesa

valuationallowancefordeferredtaxes?Avaluationallowanceisrequired

under:

A.IFRSonrevaluationofcapitalassets

B.U.S.GAAPifthereisdoubtaboutrecoveringadeferredtaxasset.

C.bothIFRSandU.S.GAAPontaxdifferencesarisingfromthe

translationofforeignoperations.

【答案】B

38.Thefollowinginformationappliestoastart-upcompanysolely

ownedbyanentrepreneur.

Thecompany'seconomicprofitisclosestto:

A.$784,250

B.$318,750

C.$659,250

【答案】C

39.Thediagramtothebelowillustratesaconsumer'sallocationof

herbudgetbetweenitemsXandY.Withaninitialbudget(BC1)she

consumesQaunitsofitemY.WhenthepriceofYdrops,sheconsumes

QcunitsofitemY.LinesBC2andBC3areparalleltooneanother.

TheincomeeffectarisingfromthischangeinthepriceofYisbest

describedasthedistancebetween:

A.QbandQa.

B.QcandQa.

C.QcandQb.

【答案】C

40.Whichofthefollowingismostlikelytocauseashifttotheriqht

intheaqqreqatedemandcurve?

A.Increaseintaxes

B.Decreaseinrealestatevalues

C.Boominthestockmarket

【答案】C

41.First-degreepricediscriminationisbestdescribedaspricingthat

allowsproducerstoincreasetheireconomicprofitwhileconsumer

surplus:

A.increases.

B.decreases.

C.iseliminated.

【答案】C

42.Whichcharacteristicisafirmleastlikelytoexhibitwhenit

operatesinamarketwithadownwardslopingdemandcurve,many

competitors,andzeroeconomicprofitsinthelongrun?

A.Differentiatedproduct

B.Lowbarrierstoentry

C.Nopricingpower

【答案】C

43.Anexpansionaryfiscalpolicyisleastlikelytoincludeanincrease

in:

A.taxrates.

B.budgetdeficit.

C.governmentexpenditures.

【答案】A

44.Thetotaloutputinunitsandaveragesellingpricesina

hypotheticaleconomyproducingonlytwoproducts,XandY,isprovided:

IftheimplictitpricedeflatorforGDPinYear1waslOOJorYear2,it

isclosestto

A.113.4

B.106.2

C.106.8

【答案】A

45.Informationaboutthecouponratesonthevariouslong-term

fixed-ratedebtissueofacompanycanmostlikelybefoundinthe:

A.non-currentliabilitiessectionofthebalancesheet.

B.ManagementDiscussion&Analysis(MD&A)

C.notestothefinacialstatements

【答案】C

31.WhatistheyieldonadiscountbasisforaTreasurybillpricedat

$97,965withafacevalueof$100,000thathas172daystomaturity?

A.3.95%.

B.4.26%.

C.4.07%.

【答案】B

32.Usethefollowingdatatocalculatethestandarddeviationofthe

return:

,50%chanceofa12%return

,30%chanceofa10%return

,20%chanceofa15%return

A.1.7%.

B.2.5%.

C.3.0%.

【答案】A

33.Comparedwithoutcomesthatresultfromcollusion,

independentactionbycompaniesoperatinginanoligopolisticindustry

wouldtendtodecrease:

A.Outputbutnotprices

B.Pricesbutnotoutput

C.Bothoutputandprices

【答案】B

34.Inthelongrun,whentheeconomyisatfullemployment,willa

decreaseinthequantityofmoneyduetorestrictivemonetarypolicy

thatbringsadecreaseinaggregatedemandlikelyresultin:

Thepricelevel?RealGDP?

A.NoNo

B.NoYes

C.YesNo

【答案】C

35.Allelsebeingequal,wouldappreciationordepreciationofa

country'scurrencymostI汰elyresultfroma(n):

Decreaseinthecountry?srealinterestrate?Decreaseinthe

country'sinflationrate?

A.AppreciationAppreciation

B.AppreciationDepreciation

C.DepreciationAppreciation

【答案】C

51.Duringaperiodofdecliningprices,acompanyusingtheLIFO

inventorymethodinsteadofFIFOwouldmostlikelyreport:

A.highercurrentassetsandlowergrossincome

B.highercurrentassetsandhighergrossincome

C.lowercurrentassetsandlowergrossincome

【答案】B

52.Duringperiodsofrisingpricesandstableorincreasinginventory

quantities,usingFIFOcomparedtousingLIFOismostlikelytoresultin:

A.alowernetprofitmargin.

B.lowertaxes.

C.alowerinventoryturnoverratio.

【答案】C

53.Ananalysthascalculatedthefollowingratiosfromacompany's

financialstatements:

Basedontheinformationabove,during2009,didthecompany

experienceanincreaseinthe:

Assetturnoverratio?Financialleverageratio?

A.NoNo

B.NoYes

C.YesNo

【答案】B

54.AlesseecompanynamedYYKcorporationenteredintoanew

capitalleaseagreementwi