CFA1级总复习冲刺习题.pdf

金程教育 www gfedu net 专业 领先 增值 1 47 专业来自百分百的投入 golden future cfa i practice practices ethics 2 practices quantitative 13 practices economics 18 practices f s a 23 practices corporate finance 36 practices asset allocation 40 practices portfolio 46 金程首席培训师汤震宇 both horizon of view and perseverance make us different we do express our gratitude those who understand and support our efforts we wish your success 金程教育 www gfedu net 专业 领先 增值 2 47 专业来自百分百的投入 practices ethics 1 a stated objective of the cfa institute s global investment performance standards gips is to a encourage individual investment companies to develop the code of ethics internally b foster superior investment performance and return among cfa institute members c promote the notion of self regulation answer c the four stated goals are obtain world wide acceptance ensure accurate and consistent reporting promote fair and global competition and foster industry self regulation 2 ian o sullivan cfa is head of the equities research department for marsh asset management o sullivan sent a memo to all equity analysts stating that in the future their involvement in marsh s investment banking transactions as well as the number and quality of their research report would be rewarded in o sullivan s annual performance evaluation of each analyst the memo asked the analysts to provide detailed information regarding their participation in the origination execution and follow up for each transaction according to the cfa institute standards of practice handbook o sullivan a violated only cfa institute s standard relating to misrepresentation b violated only cfa institute s standard relating to responsibilities of supervisors c violated cfa institute s standards relating to both misrepresentation and disclosure of compensation arrangements answer b members with supervisory responsibilities authority or the ability to influence the conduct of others shall exercise reasonable supervision over those subject to their supervision or authority to prevent any violation of applicable statutes regulation or provisions of the code and standards 3 under the prudent man rule trustees need not set the proper balance of proprieties between a principle protection and current income b the interest of trustees and the interests of beneficiaries c the interest of current beneficiaries and the interest of the remainderman and secondary beneficiaries answer b trustees must act for their clients and should always place beneficiaries interest 金程教育 www gfedu net 专业 领先 增值 3 47 专业来自百分百的投入 before their own 4 the global investment performance standards gips require that a firm s presentation of investment performance include the a composite creation date b cumulative returns for both composites and benchmarks c annual weight mean and median return of each composite answer a presentation and reporting requirements includes at least 5 years of data or since inception annual return for all years dispersion of individual portfolio returns number of portfolio and amount of assets in the composite the compliance statement and composite creation date gips recommends to report tracking error for a composite cumulative returns for composites and benchmarks equal weighted means and median returns 5 the cfa institute standards of practice handbook is least likely to require a member or member s firm to disclose which of the following to clients and prospective clients a market making activities b underwriting relationships c obligation to abide by cfa institute s code of ethics and standards of professional conduct answer c member must disclose beneficiary relationship like market making activities underwriting relationships board s director s relationship to clients and prospects 6 according to the cfa institute standards of practice handbook insider trading is the least likely to be prevented by establishing a watch list b restricted list c selective disclosure answer c issue of selective disclosure raise insider trading concerns when disclosing information corporations cannot discriminate among the recipients without risking insider trading liability 7 mutt bush cfa deputy treasurer for excellence college is responsible for the management of the student scholarship trust of the college bush issued a request for proposals rfp for domestic equity managers for the trust john here an equity salesperson for one of the proposing fund managers has been a very good friend of bush for many years during the rfp process here offers to 金程教育 www gfedu net 专业 领先 增值 4 47 专业来自百分百的投入 pay for bush s lunch in the college cafeteria according to cfa institute s standards of practice handbook bush a may accept the lunch but should take particular care to ensure it does not affect his objectivity b may accept the lunch but must disclose it to the trustees of the student scholarship trust of the college c should reject the lunch because it will negatively affect his independence and objectivity obviously answer c though modest gifts and entertainment are acceptable but special care should be taken by member analysts and investment managers to resist subtle and not so subtle pressures to act in a manner possibly detrimental to their clients the acceptance of invitation may be perceived to compromise the objectivity and independence in the eyes of plan beneficiaries so he should reject the invitation 8 evan schulman cfa discloses the settlement of a client complaint to cfa institute in her annual professional conduct statement as part of cfa institute s investigation schulman is asked to provide a copy of the client s investment records and complaint letter schulman s supervisor jenny chen cfa refused to allow schulman to send the information because she believes the terms of the settlement were confidential and disclosures of the client information would breach a duty as preservation of confidentiality to the client schulman does not send the information according to the cfa institute standards of practice handbook did schulman or chen violated any cfa institute standards of professional conduct lin chen a no yes b yes no c yes yes answer c preserve the confidentiality of information communicated by clients prospects or employers unless the member receive information concerning illegal activities or under cfa institute pcp investigation on the part of the client prospect or the employer 9 edward cronin cfa is an equity analyst with star securities based on his fundamental analysis recently cronin concludes that the stock of a company he follows for long crest inc is greatly undervalued and will experience a large price increase in the near future he delays revising his recommendation on the stock from hold to buy in his daily research report to allow his brother to buy shares at a lower price cronin is least likely to have violated the cfa institute standard of professional conduct that relates to 金程教育 www gfedu net 专业 领先 增值 5 47 专业来自百分百的投入 a fiduciary duty b reasonable basis c priority of transactions answer b members need to have a reasonable and adequate basis supported by appropriate research and investigation for such recommendations or actions but the situation in this question does not apply to this standard 10 which of the following statements about verification of compliance with the global investment performance standards gips is least accurate a verification is recommended but not required b any independent third party can perform the verification c verification can be performed with respect to specific composites answer c a single verification report is issued for the entire firm gips verification cannot be carried out for a single composite 11 marion smith cfa conducted a thorough analysis and issued a research report on galanz inc in the report he included his opinion that he was uncertain about the ability of galanz inc to perform on one contract the ceo of galanz inc disagreed his opinion and submitted a complaint to smith s supervisor the complaint alleged that galanz inc employees explained the contract to buchard but that she did not find their explanation acceptable did buehard violate any aimr standards of professional conduct a no b yes only the standards relating to reasonable basis and representations c yes the standards relating to research reports reasonable basis and representations answer a member should maintain independence and objectivity in making investment recommendations or taking investment actions protect integrity of one s opinion is especially important 12 theodore lilley candidate in the cfa program is a bank loan officer and receives us 90 from his employer for every client lilley refers to the bank s investment advisory department according to the cfa institute s standards of practice handbook which of the following best describes lilley s responsibility with respect to disclosing this arrangement lilley is a not required to disclose the arrangement b required to disclose the nature and value of the benefit to every client being referred 金程教育 www gfedu net 专业 领先 增值 6 47 专业来自百分百的投入 c required to disclose the arrangement to clients at the time of referral but is not required to disclose the value of the benefit because it is less than uss100 answer b member should disclose all agreements in writing to any clients of prospects who have been referred and describe in the disclosure the nature and the estimated dollar value of the consideration 13 william cornish cfa is a portfolio manager for three growth funds including a strategic growth fund he also manages his grandmother s account on a discretionary fee paying basis when participating in initial public offerings ipos cornish allocates shares to all three funds and to his grandmother s account after determining that the ipos are suitable for the funds and his grandmother s account to increase the strategic growth fund s overall performance cornish allocates a higher percentage of the shares to the strategic growth fund than to the other two funds or to his grandmother s account by allocating a higher percentage of the ipos to the strategic growth fund than to the other two funds or to his grandmother s account does cornish violate any cfa institute standards of professional conduct a no b yes because he fails to distribute the ipos in an impartial manner c yes because the allocation results in a misrepresentation of performance for the strategic growth fund answer b member should deal fairly and objectively with all clients and prospects when disseminating investment recommendations disseminating material changes in prior investment recommendations and taking investment action notes impartial means fair 14 must all firms claiming compliance with the global investment performance standards and all cfa charterholders respectively adhere to the global investment performance standards all firms claiming compliance all cfa charterholders a no no b no yes c yes no answer c gips standards are a voluntary set of standards not requirement for all cfa charterholders 15 susan robert cfa a portfolio manager for howard investment counsel 金程教育 www gfedu net 专业 领先 增值 7 47 专业来自百分百的投入 received a call from marvin moore an institutional broker moore called to recommend buying megamove an obscure common stock traded over the counter as a takeover candidate in the past moore has demonstrated an ability to pick takeover candidates if she buys the megamove stock is roberts violating the cfa institute standard of professional conduct that relates to trading on material nonpublic information a no b yes because roberts did not research the stock herself c yes because moore is breaching fiduciary duty and receiving personal benefits as a result answer a the fact that moore has demonstrated an ability to pick takeover candidates does not imply that he has access to material nonpublic information regarding megamove roberts has no reason to believe that the information was anything more than an opinion expressed by the broker 16 cfa institute standards of professional conduct prohibit cfa charter holders from making statements misrepresenting their qualifications their firm s services or the expected performance of any investment does this prohibition apply to oral representations e mail messages a no yes b yes no c yes yes answer c the standard prohibiting misrepresentation applies to all oral and written forms of communication including electronic communications 17 winnie wong and william leung are enrolled to take the cfa level 1 examination wong and leung jointly purchased study materials from a well known cfa review program wong made a photocopy of the copyrighted materials and gave the copied materials to leung wong studied from the original materials did wong and leung respectively violate the cfa institute code ethics or any standards of professional conduct wong leung b no yes c yes no d yes yes answer c according to code and standards the members candidates and cfa charterholders should not use the materials prepared by others without acknowledging and 金程教育 www gfedu net 专业 领先 增值 8 47 专业来自百分百的投入 identifying 18 nicholas bennett cfa is a trader at a stock exchange another trader approached bennett on the floor of the exchange and verbally harassed him about a poorly executed trader bennett pushed the trader and knocked him to the ground which of the following best describes bennett s conduct bennett a did not violate either the cfa institute code of ethics or any standards of professional conduct b violated the cfa institute code of ethics but did not violate any standards of professional conduct c violated the cfa institute code of ethics and any standards of professional conduct that relates to professional misconduct answer c ii b misconduct the felony misdemeanor and cheating behavior belong to misconduct we should remember that what we do reflect the credit of the entire profession 19 a cfa institute member resides in country a where securities laws are more strict than cfa institute standards of professional conduct and does all of his business in country b where securities laws are less strict than cfa institute standards the laws of country a state that professional conduct is governed by the laws of the locality in which business is conducted according to the standards of practice handbook the member has a duty to adhere to a the laws of country a b the laws of country b c cfa institute standards of professional conduct answer c when the applicable law states that the law of the locality where the business is conducted governs and that law is less strict than the code and standards the member must adhere to the code and standards 20 elizabeth stargate cfa supervises eight junior analysts at spartan financial services stargate suspects that one of the analysts is violating spartan s personal investing policy according to the standards of practice handbook stargate s most appropriate initial action is to a initiate an investigation b notify her supervisor of the analyst s suspected misconduct c evaluate spartan s personal investing policy to determine whether the policy is reasonable answer a once a supervisor learns that an employee has violated or may have violated the code 金程教育 www gfedu net 专业 领先 增值 9 47 专业来自百分百的投入 and standards the supervisor must promptly initiate an investigation to ascertain the extent of the wrongdoing 21 establishing policies and procedures with respect to portfolio diversification is a compliance procedure relating most directly to the cfa institute standard of professional conduct about a fiduciary duties b prohibition against plagiarism c prohibition against misrepresentation answer a members who are investment managers should address the topic of diversification when drafting policies and procedures statements or manuals regarding fiduciary duties 22 does the cfa institute standard of professional conduct with respect to research reports apply when such reports are disseminated in telephone conversations media broadcasts a no yes b yes no c yes yes answer c the term report is not confined to a traditional written research report a report can be made by any means of communication 1 4 7 23 samuel takeda cfa is chief executive officer of smi investing smi has a soft dollar arrangement with a broker takeda directed the broker to pay invoices submitted by toma associates the invoices are for a small amount of research for smi and compensation to toma s principal for his efforts in making substantial client referrals to takeda in smi s early years according to the standards of practice handbook takeda may use the soft dollars to pay a the invoices in full b for the research only c the invoices in full only if smi is getting best price and execution from the broker answer b the soft dollars should only be used to purchase research service using soft dollars to purchase compensate for referrals is not for the benefit of the client 1 4 9 24 beth knoll cfa is the portfolio manager for techwood industries pension fund which has a substantial holding of techwood common stock knoll also owns techwood stock in her personal account the chief financial officer at techwood 金程教育 www gfedu net 专业 领先 增值 10 47 专业来自百分百的投入 confides in knoll that techwood s earnings in the current quarter will be substantially below the consensus of security analysts according to the standards of practice handbook knoll must a sell the pension fund stock and hold her personal stock b sell both the pension fund stock and her personal stock c hold both the pension fund stock and her personal stock answer c knoll cannot take any investment action based on her knowledge of material nonpublic information about techwood 25 the corporate finance department of an investment banking firm decides to compete for the business of etv corporation knowing that the firm s brokerage department has a sell recommendation on etv common stock the director of the corporate finance department writes a letter to the director of the