CFA考試真題及答案

cfa真題?CFA考試真題及答案

完整版

1.VishalChandarana,anunemployedresearchanalyst,recently

registeredfortheCFALevelIexam.Aftertwomonthsofintense

interviewing,heacceptsajobwithastockbrokeragecompanyina

differentregionofthecountry.Chandaranapostsonabloghowbeinga

CFAcandidatereallyhelpedhimgetajob.Healsonoteshowrelievedhe

waswhenhisnewemployerdidnotaskhimaboutbeingfiredfromhis

formeremployer.

WhichCFAInstituteStandardsofProfessionalConductdid

Chandaranaleastlikelyviolate?

A.LoyaltytoEmployers

B.ReferencetoCFAInstitute,theCFADesignation,andtheCFA

Program

C.Misconduct

【答案】B

2.DavidDonniganenrolledtotaketheLevelIICFAexaminationin

thecurrentyear;buthedidnottaketheexam.Donniganadvisedhis

employerthathepassedLevelII.Subsequently,heregisteredtotake

theLevelIIexamthenextyear.WhichCFAInstituteStandardsof

ProfessionalConductdidDonniganleastlikelyviolate?Thestandard

relatedto:

A.referencingcandidacyintheCFAProgram

B.dutytoemployer

C.professionalmisconduct

【答案】A

3.IanO'Sullivan,CFA,istheownerandsoleemployeeoftwo

companies,apublicrelationsfirmandafinancialresearchfirm.The

publicrelationsfirmenteredintoacontractwithMalloryEnterprisesto

providepublicrelationsservices,withO'Sullivanreceiving40,000shares

ofMallorystockinpaymentforhisservices.Overthenext10days,the

publicrelationsfirmissuedseveralpressreleasesthatdiscussed

Mallory'sexcellentgrowthprospects.O'Sullivan,throughhisfinancial

researchfirm,alsopublishedaresearchreportrecommendingMallory

stockasa"buy."AccordingtotheCFAInstituteStandardsofProfessional

Conduct,O'Sullivanismostlikelyrequiredtodisclosehisownershipof

Mallorystockin:

A.thepressreleasesonly

B.theresearchreportonly

C.boththepressreleaseandtheresearchreport

【答案】C

4.JamesWoods,CFA,isaportfoliomanageratABCSecurities.

Woodshasreasonablegroundstobelievehiscolleague,SandraClarke,a

CFALevelIIcandidate,isengagedinunethicaltradingactivitiesthat

mayalsobeinviolationoflocalsecuritieslaws.WoodsisnotClarke's

supervisor,andheractivitiesdonotimpactWoodsoranyofthe

portfoliosforwhichheisresponsible.BasedontheCodeandStandards,

therecommendedcourseofactionisforWoodsto:

A.reportSandraClarketoABC'stradingsupervisororcompliance

department.

B.nottakeanyactionbecauseheisnotdirectlyinvolved

C.reportSandraClarketotheappropriategovernmentalor

regulatoryorganization

【答案】A

5.Afterafirmpresentsaminimumrequirednumberofyearsof

GIPS-compliantperformance,thefirmmustpresentanadditionalyear

ofperformanceeachyear,buildinguptoaminimumof:

A.10yearsofGIPS-compliantperformance

B.15yearsofGIPS-compliantperformance

C.5yearsofGIPS-compliantperformance

【答案】A

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

onOrcaElectronics,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.KellyStargate,CFA,runsasmallinvestmentmanagementfirm.

Kelly,sfirmsubscribestoaservicefromalargeinvestmentresearchfirm

thatprovidesresearchreportsthatcanberepackagedasin-house

researchbysmallerfirms.Kelly'sfirmdistributesthesereportstoclients

withspecificreferencesastotheirsourceandauthor.Accordingtothe

StandardsofPracticeHandbook,hasKellyviolatedthestandardrelating

tomisrepresentation?

A.No.

B.Yes,becauseshedistributedplagiarizedmaterial

C.Yes,becauseshemisrepresentedherfirm'sservices.

【答案】A

12.BartWiley,CFA,hasdecidedtorevisehisfirm'swritten

compliancemanual.Hecheckswithcounselregardingchangesto

applicablelaws,rules,andregulations.Heincorporatesthesechangesas

wellaschangestotheCodeandStandardsinthenewversionend

distributescopiestohisstaffalongwithamemorandum.The

memorandumstatesthattheupdatedmanualincludescompliance

proceduresdesignedtomeetindustrystandards,regulatory

requirements,requirementsoftheCodeandStandards,and

circumstancesofthefirm.AccordingtotheStandardsofPractice

Handbook,didWileyviolateanyStandardofProfessionalConduct?

A.No.

B.Yes,becausecomplianceproceduresmaynotbedesignedto

meetindustrystandards.

C.Yes,becausecomplianceproceduresmaynotbedesignedto

meetthecircumstancesofthefirm.

【答案】A

13.AccordingtotheStandardsofPracticeHandbook,giftsto

membersfromwhichofthefollowingsourcesareleastlikelytocreatea

lossofindependenceandobjectivity?

A.brokers

B.clients

C.corporateissuers

【答案】B

14.FirmsclaimingcompliancewiththeGIPSStandardsareleast

likelytoberequiredto:

A.Undertaketheverificationprocess.

B.Provideacompositelistanddescriptiontoanyprospectiveclient

onrequest.

C.Makeeveryreasonableefforttoprovideacompliant

presentationtoallprospectiveclients.

【答案】A

15.ZhangLi,CFA,supervisesindividualsworkingonthebond

tradingdeskatalargeinvestmentmanagementfirm.ZhangLihas

discoveredthatLiuMo,abondtraderunderhissupervisoryhasbeen

acceptinglavishgiftsfromoneofthefirm'sbrokers.ZhangLihasalso

noticedthatLiuMohasbeenexecutingmorethantheusualamountof

tradesthroughthisparticularbroker;andshesuspectsthathehasnot

beenreceivingbestexecutionforthefirm'sclients.ZhangLi

immediatelyinitiatesaninvestigationtodeterminetheextentofLiuMo'

swrongdoing.AccordingtotheStandardsofPracticeHandbook,pending

theoutcomeofthisinvestigation,ZhangLi'sbestcourseofactionisto:

A.warntheemployeetoceasesuchactivity.

B.reportthemisconductupthechainofcommand.

C.takestepstoensuretheviolationswillnotberepeated.

【答案】C

16.ZhouLun,CFA,isanequityanalystwhorecentlypreparedafull

reportonBMMCorporation.Thereportincludedfinancialprojections

developedbyZhouLunandinformationgatheredfromathird-party

researchfirm,whichshereferenced,inthereport,ZhouLunwrote,“We

recommendthisstockfortheportfoliosofclientswithaggressiverisk

profiles.Thisrecommendationisbasedonthird-partyresearchwe

believetobereliable."Attheendofthereport,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:

4firmclaimingcompliancewiththeGIPSstandardsmustprovidea

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.Comparedtoat-distributionwith10degreesoffreedom,and

comparedtoanormaldistribution,at-distributionwith20degreesof

freedomandthesamevariancehas:

Comparedtodf=10Comparedtonormal

A.thinnertailsfattertails

B.fattertailsthinnertails

C.fattertailsfattertails

【答案】A

22.Theinitialmarketvalueofaportfoliowas$100,000.Oneyear

latertheportfoliowasvaluedat$90,000andtwoyearslaterat$99,000.

Thegeometricmeanannualreturnexcludinganydividendincomeis

closestto:

A.-0.5%.

B.-0.4%.

C.0.0%.

【答案】A

23.Acollegeendowmentfundhas$150million.Thefundmanager

intendstowithdraw$2millionfromthefundforoperations,andshehas

aminimumyear-endacceptablelevelof$151million.Thefundhastwo

choicesfortheportfolio.TheendowmentmanagercanchoosePortfolio

X,whichhasanexpectedreturnof10%andastandarddeviationof14%,

orPortfolioYwhichhasanexpectedreturnof12%andastandard

deviationof20%.Giventhisscenario,whichofthefollowingstatements

regardingRoy'ssafety-firstcriterionismostaccurate?

A.ThefundshouldchoosePortfolioY.

B.ThefundshouldchoosePortfolioX.

C.PortfoliosXandYarebothacceptablebecausetheirsafety-first

ratiosfallintheacceptablerange.

【答案】

24.Aninvestorpurchases500sharesofNevadaIndustriescommon

stockfor$22.00persharetoday.Att=1year;thisinvestorreceivesa

$0.42persharedividend(whichisnotreinvested)onthe500sharesand

purchasesanadditional500sharesfor$24,75pershare.Att=2years,

hereceivesanother$0.42(notreinvested)persharedividendon1,000

sharesandpurchases600moresharesfor$31.25pershare.Att=3

years,hesells1,000ofthesharesfor$35.50pershareandthe

remaining600sharesat$36,00pershare,butreceivesnodividends.

Assumingnocommissionsortaxes,themoney-weightedrateofreturn

receivedonthisinvestmentisclosestto:

A.14.3%.

B.17.6%.

C.18.5%.

【答案】C

25.The"up-movefactor"inabinomialtreeisbestdescribedas:

A.theprobabilitythatthevariableincreasesinanyperiod.

B.oneminusthe"dov/n-movefactor"forthebinomialtree.

C.oneplusthepercentagechangeinthevariablewhenitincreases.

【答案】C

26.JaneAcomporaiscalculatingequivalentannualizedyieldsbased

onthe1.3%holdingperiodyieldofa90-dayloan.Thecorrectordering

oftheannualmoneymarketyield(MMY),effectiveannualyield(EAY),

andbondequivalentyield(BEY)is:

A.MMY<EAY<BEY.

B.MMY<BEY<EAY.

C.BEY<EAY<MMY.

【答案】B

27.Ananalystdevelopsthefollowingprobabilitydistributionforthe

statesoftheeconomyandmarketreturns.

Whichofthefollowingstatementsaboutthisprobability

distributionisleastaccurate?

A.Theunconditionalprobabilityofanormalmarketis0.30.

B.Thejointprobabilityofhavingagoodeconomyandabear

marketis0.20.

C.Giventhattheeconomyispoor,theprobabilityofanormalora

bullmarketis0.50.

【答案】B

28.Ananalystestimatesastockhasa40%probabilityofearninga

10%return,a40%probabilityofearninga12.5%return,anda20%

probabilityofearninga30%return.Thestock'sstandarddeviationof

returnsbasedonthisreturnsmodelisclosestto:

A.3.74%.

B.5.75%.

C.7.58%.

【答案】C

29.Aninvestmentmanagerhasapooloffivesecurityanalystshe

canchoosefromtocoverthreedifferentindustries.Inhowmany

differentwayscanthemanagerassignoneanalysttoeachindustry?

A.15.

B.60.

C.125.

【答案】B

30.Shortfallriskisbestdescribedastheprobability:

A.ofacreditratingdowngradeduetopossibleearningsshortfalls.

B.offailingtomakeacontractuallypromisedpayment.

C.thatportfoliovaluewillfallbelowsomeminimumlevelata

futuredate.

【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'scurrencymostlikelyresultfroma(n):

Decreaseinthecountry?srealinterestrate?Decreaseinthe

country?sinflationrate?

A.AppreciationAppreciation

B.AppreciationDepreciation

C.DepreciationAppreciation

【答案】C

36.Isunanticipatedinflationlikelytoresultinagainto:

EmployeesBorrowers

attheexpenseofemployers?attheexpenseof

lenders?

A.NoNo

B.NoYes

C.YesNo

【答案】B

37.Inaflexibleexchangeratesystem,isacountryrscurrencylikely

todepreciateasaresultofan:

DecreaseintheUnanticipatedshifttoamore

realinterestrate?expansionarymonetarypolicy?

A.NoYes

B.YesNo

C.YesYes

【答案】C

38.Ifthecentralbankunexpectedlyshiftstoamorerestrictive

monetarypolicy,themostlikelyeffectis:

A.Anincreaseinrealinterestrates.

B.Adecreaseinrealinterestrates.

C.Anincreaseinassetprices.

【答案】A

39.Theshort-runeffectsofunanticipatedexpansionarymonetary

policyaremostlikelytoinclude:

A.Adecreaseintherealinterestrate

B.Adecreaseintheinflationrate

C.Adecreaseinrealoutputandemployment

【答案】A

40.Ismonopolisticcompetitionamarketinwhich:

Eachsellerproducesadifferentiatedproduct?Competeon

price,quality,marketing?

A.NoYes

B.YesNo

C.YesYes

【答案】C

41.Whichofthefollowingtypesofunemploymentismostlikelyto

beassociatedwithaneconomyinwhichmanyworkershavebeenmade

obsoletebychangingtechnology?

A.Cyclical

B.Frictional

C.Structural

【答案】C

42.Thefree-riderproblem,anobstacletoefficiency,ismostlikely

associatedwith:

A.monopolies

B.publicgoods

C.subsidiesandquotas

【答案】B

43.Acompanyhasdeterminedthatthequantityofthatcompany's

productdemandedwillincreaseby5percentwhenpriceisreducedby

10percent.Thatcompany,selasticitydemandisbestdescribedas:

A.Unitaryelastic

B.Perfectlyelastic

C.Relativelyinelastic

【答案】C

44.AccordingtothePhillipscurveapproach,wheninflationisless

thanexpected,themostlikelyinitialeffectisthat:

A.realwagerateswillfall.

B.thenaturalrateofunemploymentwillrise.

C.unemploymentwillriseaboveitsnaturalrate.

【答案】C

45.AnanalystgatheredthefollowinginformationfromLeneor

Corporation's2009financialstatementspublished:

AfterreviewingthefootnotestothefinancialstatementsofLeneor

Corporation,theanalystconcludesthatthepresentvalueofoperating

leasepaymentsfor2010is$8millionandthepresentvalueofoperating

leasepaymentsforallyearsafter2010totals$80million.Other

companiesinthisindustryusecapitalizedleaseobligationsdominantly.

SotheanalystneedstoadjustthefinancialratioofLeneorCorporation.

LeneorCorporation'sadjusted2009totaldebt-to-totalcapitalandtotal

assetturnoverratios,respectively,thatbestcomparethecompanyto

theindustryare:

Totaldebt-to-totalcapitalratioTotalassetturnoverratio

A.63%2.6

B.63%3.2

C.53%2.6

【答案】A

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

51.Ananalysthasgatheredthefollowingdataaboutacompany:

,Averagereceivablescollectionperiodof37days

,Averagepayablespaymentperiodof31days

?Averageinventoryprocessingperiodof46days

Whatistheircashconversioncycle?

A.45days.

B.76days.

C.52days.

【答案】C

52.AnanalysthastestedLIFOandFIFOinventorymethod'simpact

toacompany'sratioandgatheredthefollowinginformationaboutFYK

ManufacturingCorporation($million):

UsingtheFIFOinventorymethodcomparedwithLIFO,wouldFYK

ManufacturingCorporation*s2009grossprofitmarginandcurrentratio,

respectively?

GrossprofitmarginusingFIFOCurrentratiousingFIFO

A.HigherLower

B.LowerHigher

C.HigherHigher

【答案】C

53.Afirm'sfinancialstatementsreflectthefollowing:

Whichofthefollowingistheclosestestimateofthefirm's

sustainablegrowthrate?

A.11.5%.

B.8.5%.

C.9.5%.

【答案】C

54.AnanalystgatheredthefollowinginformationabouttheMetron

company:

?Netincomeequals$15,000

?5,000sharesofcommonstockissuedonJanuary1,2009

?10percentstockdividendissuedonJune1,2009

?1000sharesofcommonstockwererepurchasedonJuly1,2009

?1000sharesof10percent,par$100preferredstockeach

convertibleinto8sharesofcommonwereoutstandingthewholeyear

2009

Howmanycommonsharesshouldbeusedincomputingthe

company,sbasicearningspershare(EPS)?

A.5,250.

B.5,000.

C.4,750.

【答案】B

55.Acompanyreportedalargeincreaseingrossprofitmargin

comparedtot