注册金融分析师一级(下午)-2及答案解析.doc

1、注册金融分析师一级(下午)-2 及答案解析(总分：120.00，做题时间：90 分钟)一、BAfternoon Sessi(总题数：120，分数：120.00)1.Michael Papis, CFA, is a chief investment officer of Assess Capital Management and manages several high-net-worth individual clients. Papis is responsible for presenting annual composite performance report for his mana

2、ged accounts to his clients and prospective clients. In evaluating which accounts to include, he analyzes each of his managed accounts quarterly and picks those that have outperformed the benchmark to include in the composite performance report. Papis has least likely violated the Standards of Profe

3、ssional Conduct relating to:A. independence and objectivity.B. misrepresentation.C. performance presentation.（分数：1.00）A.B.C.2.Jerry Srruth, CFA, works as a portfolio manager for a large investment management firm and manages investment portfolios for high-net-worth individual clients. Smith relies o

4、n high-quality investment research that is consistently sound from one of his favorite brokerage firms, Stafford Securities. In return Smith pays Stafford a higher than average commission. Additionally, Smith uses Cannan Securities, another brokerage firm for trade execution only for a particular cl

5、ient at that clients direction. Cannan Securities charges the highest commission of all of the brokerages Smith currently uses. Has Smith most likely violated the Standards of Professional Conduct?A. No.B. Yes, by using Stafford Securities with higher than average commission.C. Yes, by using Cannan

6、Securities with the highest commission.（分数：1.00）A.B.C.3.Kim Stone, CFA, works at trading desk in Howard Hedge Funds. Samuel Peter, a chief investment manager for Howard has instructed Stone to sell a large amount of one stock based on an inside information of significant legal disputes. Peter inadve

7、rtently heard the information from a companys president in an elevator. Stone is unaware that Peter got this information. Stone accepts the trade instruction and completes the order. Has Stone most likely violated the Standards of Professional Conduct?A. No.B. Yes, with respect to responsibilities o

8、f supervisors.C. Yes, with respect to material nonpublic information.（分数：1.00）A.B.C.4.Which of the following is a recommended procedure for compliance with the Standards of Professional Conduct relating to additional compensation arrangements? Members:A. obtain written permission for only pecuniary

9、additional compensation arrangement from their employers.B. have details of the additional compensation arrangement confirmed in writing by the party offering the additional compensation.C. make a written report of the additional compensation arrangement to their employer after completion of service

10、s for the party of offering the additional compensation.（分数：1.00）A.B.C.5.With respect to the Standards relating to preservation of confidentiality, which of the following statements is least accurate? Members and candidates must keep information about all former current, and prospective clients conf

11、idential unless :A. the information concerns illegal activities on the part of the clients.B. disclosure is required by firms policies.C. the clients permit disclosure of the information.（分数：1.00）A.B.C.6.With respect to the Standards of Professional Conduct relating to knowledge of the law, which of

12、 the following statements is most accurate? Members and candidates:A. must become experts in compliance.B. must have detailed knowledge on all the laws that could potentially govern the members or candidates activities.C. must adjust their procedures and practices to remain in compliance as new requ

13、irements are updated.（分数：1.00）A.B.C.7.With respect to the Standards of Professional Conduct relating to reference to CFA Institute, the CFA Designation and the CFA Program, which of the following is least likeLy a proper reference to the CFA Designation?A. CFA, 2012, CFA Institute.B. I passed all th

14、ree levels of the CFA Program and will be eligible for the CFA charter upon completion of the required work experience.C. Gordon and Mandeville are the only CFAs in our company.（分数：1.00）A.B.C.8.Jenny Hein, CFA, is a research analyst covering a mining industry. Hein has prepared a research report on

15、one mining company based on research from a variety of sources and other analysts. Hein combines these materials to form her own opinion and completes the report without acknowledge her sources in her report. Then Hein distributes the report to her clients. Has Jenny most likely violated the Standar

16、ds of Professional Conduct?A. No.B. Yes, by failing to cite the work of others in her report.C. Yes, by failing to have reasonable basis for her opinion.（分数：1.00）A.B.C.9.Which of the following is NOT a recommended procedure for compliance with the Standards of Professional Conduct relating to misrep

17、resentation? The firm:A. specifically designates which employees are authorized to speak on behalf of the firm.B. discontinues using the work completed by a former member or candidate.C. provides a written list of the firms available services and a description ofthe firms qualification.（分数：1.00）A.B.

18、C.10.Cabeb Smith works as an investment adviser and is a levei n candidate in the CFA program. Smith is found to have misrepresented his education background on his CFA program application. Sanctions imposed by the CFA Institute Professional Conduct Program most likely include:A. notification to Smi

19、ths current employer.B. requiring Smith to pay a fine.C. suspension or termination of Smiths candidacy in the CFA Program.（分数：1.00）A.B.C.11.Bob Wade, CFA, a senior trust manager for Central Midas Bank, manages derivative investments for aggressive clients. Wade has an agreement to refer clients with

20、 real estate needs to Carol Corky, who is in charge of a local real estate brokerage firm. Corky, in return, refers his clients with investment needs to Wade. Neither of them pays the other any cash for the referrals, and neither of them mentions the agreement to their clients or prospective clients

21、 Has Wade most likely violated the Standards of Professional Conduct?A. No.B. Yes, relating to referral fees.C. Yes, relating to communication with clients and prospective clients.（分数：1.00）A.B.C.12.Compliance with the Global Investment Performance Standards ( （分数：1.00）A.B.C.13.With respect to claim

22、ing compliance with the CFA Institute Code of Ethics and Standards of Professional Conduct, which of the following statements is least accurate? A firm:A. is encouraged to adopt the Code of Ethics and Standards of Professional Conduct as the companys code and ethics.B. can claim compliance if its co

23、de of ethics has been verified by CFA Institute.C. can claim compliance after ensuring its code of ethics meets the principles of the Code of Ethics and Standards of Professional Conduct.（分数：1.00）A.B.C.14.Rejesh Sekar, CFA, is a successful hedge fund manager and uses fundamental and technical statis

24、tical models to select stocks for his fund. When Bill Mandeville, a client asks him about the indicators underlying his models, Sekar tells Mandeville that his method is confidential but is proven to provide future returns similar to its strong past performance. Sekar has most likely violated the St

25、andards of Professional Conduct:A. only relating to performance presentation.B. only relating to communication with clients and prospective clients.C. both relating to performance presentation and communication with clients and prospective clients.（分数：1.00）A.B.C.15.Leo Johnson is a Level candidate i

26、n the CFA Program and joins an online forum of candidates studying for the Level exam. Johnson writes on the forum: “Hi, I am a Level candidate in the CFA Program. A colleague who took the Level exam this June tells me that its very difficult especially on the essay questions requiring tax calculati

27、on of personal investment policy statement“ . Has Johnson most likely violated the Standards of Professional Conduct?A. No.B. Yes, by improperly referencing the CFA designation.C. Yes, by revealing confidential information about the CFA exam.（分数：1.00）A.B.C.16.Which of the following statements is lea

28、st accurate? The （分数：1.00）A.B.C.17.With respect to the Standards of Professional Conduct relating to responsibilities of supervisors, a member with supervisory responsibilities should be prepared to enforce policies:A. more investment activities.B. more non-investment-related activities.C. investmen

29、t activities and non-investment-related activities equally.（分数：1.00）A.B.C.18.For periods beginning on or after l January 2011, the Global Investment Performance Standards ( （分数：1.00）A.B.C.19.An analyst does research about common probability distributions. Compared to a normal distribution, a return

30、distribution with negative excess kurtosis most likely has :A. more extreme outcomes.B. less observations clustered around the mean.C. a longer tail on the left side than on the right side.（分数：1.00）A.B.C.20.With respect to technical analysis, a triple-top pattern most likely suggests a:A. support li

31、ne.B. resistance line.C. continuation pattern.（分数：1.00）A.B.C.21.An analyst does research about the time value of money. An investor deposits $500 million in an account that eams a stated annual rate of 3.5% for the first year and 3.0% for the second year, compounded continuously. If there are no add

32、itional deposits or withdraws, the value of the account after two years is closest to:A. $519.05 million.B. $533.58 million.C. $536.25 million.（分数：1.00）A.B.C.22.An analyst gathers the following information about the odds of two companies raising new stock.CompanyOdds1 3 to 52 4 to 7If the companies

33、actions are independent, the probability that both companies will issue debt is closest to.A. 0.136B. 0.171C. 0.343（分数：1.00）A.B.C.23.An analyst does research about money-weighted rate of return and time-weighted rate of return. On 30 June 2010, an investor opened an account with $1000000. The accoun

34、t experienced the following activity over the next two years:Date WithdrawalsNet Ending Balance30 June 2011$471000 $45100030 June 2012 $499900As of 30 June 2012, the investors money-weighted rate of return and timeweighted rate of return:A. are both positive.B. are both negative.C. have different si

35、gns.（分数：1.00）A.B.C.24.An analyst does research about correlation and gathers the following information about two stocks:StockPortfolio WeightStandard Deviation1 0.3 6.5%9 0.7 3.5%If the portfolios standard deviation is 4.4%, the correlation between the two securities is closest to:A. 0.39B. 0.88C. 1

36、00（分数：1.00）A.B.C.25.Which of the following measures of central tendency is most appropriate when analyzing nominal data?A. Only mode.B. Only median.C. Both mode and median.（分数：1.00）A.B.C.26.When analyzing the value of a single normally distributed populations variance, the most appropriate test is

37、a(n):A. chi-squared test.B. paired comparison test.C. F-test.（分数：1.00）A.B.C.27.An investor purchases a bond for $989.00. After 180 days the investor receives an interest payment of $ 25.10 and sells the bond for $1036.40. The investors effective annual yield is closest to:A. 14.66%B. 15.20%C. 15.42%

38、分数：1.00）A.B.C.28.An U. S. Treasury bill (T-bill) with a face value of $100000 matures in 270 days. If the T-bill is currently selling for $96910, the bank discount yield is closest to:A. 2.32%B. 3.09%C. 4.12%（分数：1.00）A.B.C.29.An analyst does research about common probability distributions. If an in

39、vestment products continuously compounded return is normally distributed, the future investment products price is most likely:A. binomially distributed.B. normally distributed.C. lognormally distributed.（分数：1.00）A.B.C.30.Which of the following is least likely to describe a cross-sectional data set?A

40、 An indexs quarterly returns in 2011.B. The annual sales growth of companies in mining industry in 2011.C. Price-to-earnings ratios of publicly traded companies at the end of 2011.（分数：1.00）A.B.C.31.An analyst does research about common probability distributions. Which of the following provides the

41、probability of a range of outcomes?A. Probability function.B. Probability density function.C. Bernoulli function.（分数：1.00）A.B.C.32.A trust management company offers a trust account with a stated annual rate of return of 6% in the first year and 8% in the second year. If returns are compounded quarte

42、rly with the initial account value of 100000 at the beginning of the first year, the accounts value at the end of second year is closest to:A. $114480B. $114885C. $171759（分数：1.00）A.B.C.33.Which of the following types of profit is most likely the level of accounting profit needed to just cover the im

43、plicit opportunity costs ignored in accounting costs?A. Normal profit.B. Economic profit.C. Accounting profit.（分数：1.00）A.B.C.34.Which of the following is most likely to cause the short-run aggregate supply shift to the right?A. An increase in nominal wages.B. A decrease in government subsidies.C. Ap

44、preciation of domestic currency.（分数：1.00）A.B.C.35.If a monopolistically competitive industry becomes perfectly competitive, each firms long-run average total cost per unit sold will most likely:A. decrease.B. remain the same.C. increase.（分数：1.00）A.B.C.36.Which of the following statements about a cen

45、tral banks actions would most likely cause an immediate increase of the banking systems excess reserves?A. Decreasing the policy rate.B. Selling securities in the open market.C. Decreasing the required reserve ratio.（分数：1.00）A.B.C.37.An analyst does research about monetary policy. A central banks ac

46、tion to lower its target interest rate least likely:A. reduces net exports.B. increases the money supply.C. causes domestic currency depreciation.（分数：1.00）A.B.C.38.An analyst does research about equilibrium. Which of the following types of equilibrium is most likely to describe a monopoly that uses

47、all its economic profit to maintain its monopoly ?A. Nash equilibrium.B. Long-run equilibrium.C. Rent-seeking equilibrium.（分数：1.00）A.B.C.39.If a monopoly is producing in the inelastic range of the demand curve, increasing the quantity produced will most likely:A. decrease total revenue.B. have no ef

48、fect on total revenue.C. increase total revenue.（分数：1.00）A.B.C.40.Cost-push inflation is most likely caused by a(n):A. decrease in the tax rate.B. increase in government spending.C. increase in the real price of energy.（分数：1.00）A.B.C.41.With respect to regulating a natural monopoly, which of the fol

49、lowing pricing rules to regulate the natural monopoly firm will most likely require the government to provide a subsidy sufficient to compensate the firm in order to avoid the firm to leave the market?A. Average cost pricing.B. Marginal cost pricing.C. Profit maximizing pricing.（分数：1.00）A.B.C.42.Which of the following types of unemployment is most likely caused by long-run changes that eliminate some jobs while generating others for which unemployed workers are not qualified?A. Frictional.B. Structural.C. Cyclical.（分数：1.00）A.B.C.43.Which of the following lea