CFA模拟试题LEVEL1.doc

Schweser Printable Tests Level 1 EXAM 1 Morning 180 minutes Level 1 EXAM 1 Morning You can print this page by going to file print in your internet browser Ethics 18 Questions 27 minutes Question 1 23379 Based on AIMR s Standards of Professional Conduct which of the following statements are a violation of Standard IV B 6 Prohibition against Misrepresentation A A young trainee bond trader tells a prospective client that she can assist the client in all the client s investment needs equity fixed income and derivatives and based on her years of experience as an analyst in the business that an investment looks like it has lots of potential B All of these C An investment manager recommends to a prospective client an investment in mortgage IO strips because they are guaranteed by an agency of the federal government D A broker says XYZ stock is 100 guaranteed to double in value over the next six months Question 2 28161 According to AIMR s Standards of Professional Conduct Standard I B Fundamental Responsibilities members shall not knowingly participate or assist in legal and ethical violations An analyst A must report all legal violations to the proper regulatory commission and is held responsible for participating in illegal acts when the law is evident to anyone knowing the law B is held responsible for violations by others when the analyst is unaware of the facts giving rise to the violation C is held responsible for participating in illegal acts when the law is evident to anyone knowing the law and can participate in a violation by having knowledge of the violation and taking no action to stop it or disassociate from it D is held responsible for participating in illegal acts when the law is evident to anyone knowing the law and is held responsible for violations by others when the analyst is unaware of the facts giving rise to the violation Question 3 28162 Which of the following is a violation based on AIMR s Standard s of Professional Conduct A A portfolio manager accepts free trades from XYZ for her personal account for directing the portfolio s trades to XYZ She does not inform her manager since there is no cash involved B After informing his manager a portfolio manager accepts money for giving a broker information relating to a client s financial standing C A portfolio manager is offered a free vacation to increase performance At the end of the year performance is up and the manager accepts the vacation after informing his manager of the fact D A portfolio manager is unexpectedly offered a vacation at year end from a client who was pleased with their portfolio s performance The manager accepts the vacation after informing her manager of the fact Question 4 28165 Based on AIMR s Standards of Professional Conduct which of the following statements are a violation of Standard IV B 6 Prohibition against Misrepresentation A A young trainee bond trader tells a prospective client that she can assist the client in all the client s investment needs equity fixed income and derivatives and based on her years of experience as an analyst in the business that an investment looks like it has lots of potential B An investment manager recommends to a prospective client an investment in mortgage IO strips because they are guaranteed by an agency of the federal government C A broker says XYZ stock is 100 guaranteed to double in value over the next six months D All of these Question 5 28167 Which one of the following is NOT consistent with AIMR s Performance Presentation Standards A Cash and cash equivalents must be included in composite returns B All actual fee paying discretionary portfolios should be included in at least one composite C Investment performance is the record of the manager not the firm all changes in personnel should be accounted for by adjusting the composite s performance history D Presentation of performance may be either gross or net of investment management fees as long as the method and the fee schedule are disclosed Question 6 28168 Under the Employee Retirement Income Security Act ERISA a person is a fiduciary if he or she A has discretionary authority in the administration of the pension plan renders investment advice for a fee with respect to a pension plan s assets exercises any discretionary authority with the management of the pension plan or its assets B has an executive position in the firm sponsoring the pension plan C has an executive position in the firm sponsoring the pension plan has discretionary authority in the administration of the pension plan D exercises any discretionary authority with the management of the pension plan or its assets Question 7 29219 There are four components of the AIMR Code of Ethics All of the following are part of the Code of Ethics EXCEPT A Practice and encourage others to practice in a professional and ethical manner that will reflect credit on members and their profession B Strive to maintain and improve the competence of regulatory bodies such as the Securities and Exchange Commission SEC C Strive to maintain and improve the competence of others in the profession D Use reasonable care and exercise independent professional judgment Question 8 29220 AIMR believes A that a maximum level of professional responsibility and conduct dictates that members be aware of and comply with laws rules and regulations governing their conduct B companies should set standards based on the ethics of upper management and the board of directors C that firms should comply with all domestic laws and regulations and that these laws also govern behavior in foreign markets regardless of foreign laws and requirements D that a minimum level of professional responsibility and conduct dictates that members be aware of and comply with laws rules and regulations governing their conduct Question 9 29221 Which of the following statements about the AIMR Code and Standards is TRUE The Code and Standards A require that members report legal violations to the appropriate governmental or regulatory organization B do not require that members report legal violations to the appropriate governmental or regulatory organization C expect members to resign from their jobs to disassociate themselves from clients engaging in illegal activities D expect members to persuade the perpetrator to cease illegal activities Question 10 29222 All of the following are appropriate uses of the CFA designation EXCEPT A Jeremy Salyers CFA B Joanne Silbourne is a CFA charterholder C I as a CFA charterholder expect to outperform the market because CFA charterholders have on average outperformed the S Std Dev B 5 9 B Std Dev A 4 0 Std Dev B 7 2 C Std Dev A 5 7 Std Dev B 10 2 D Std Dev A 6 3 Std Dev B 11 2 Question 26 29394 An investor is considering two investments Stock A has a mean annual return of 16 percent and a standard deviation of 14 percent Stock B has a mean annual return of 20 percent and a standard deviation of 30 percent Calculate the coefficient of variation CV of each stock Which of the following statements is TRUE A Stock A CV 0 875 has more dispersion relative to the mean than stock B B Stock A CV 0 875 has less dispersion relative to the mean than stock B C Stock A CV 1 14 has more dispersion relative to the mean than stock B D Stock A CV 1 14 has less dispersion relative to the mean than stock B Question 27 29395 The probability of a boom economy is 40 percent The probability of Yacht Co having a 50 percent return given a boom economy is 80 percent Find the joint probability of a boom economy and a 50 percent return for Yacht Co A 0 20 B 0 32 C 0 40 D 0 50 Question 28 29397 Janet Jacobs intends to start saving for retirement today in an IRA If she invests 3000 year each year starting at the end of year 1 how much will she accumulated after 40 years if she expects to earn 12 percent over the period A 2 301 274 26 B 2 577 427 17 C 279 152 91 D 120 000 00 Question 29 29398 Johnson Inc manages a growth portfolio of equity securities that has a mean monthly return of 1 45 and a standard deviation of 10 8 The S Analysis of cash flow from operations is more important when using the completed contract method than when using the percent of completion method C Reported earnings under the completed contract method are more volatile than under the percent of completion method When cash receipts are greater than revenues earned the completed contract method will give lower net income retained earnings liabilities and current assets than the percent of completion method D Analysis of cash flow from operations is more important when using the completed contract method than when using the percent of completion method When cash receipts are greater than revenues earned the completed contract method will give lower net income retained earnings liabilities and current assets than the percent of completion method Question 54 28998 Data Corp manufactures and sells computer equipment The following information is available concerning a transaction between Data and Venture Inc On November 30 2001 Data Corp received a signed purchase order from Venture Inc for 100 model D computers at a price of 150 000 Under the terms of the purchase order Data arranges and pays for shipping risk of ownership passes upon delivery and the transaction is not subject to revocation On December 29 2001 100 model D computers were shipped from Data Corp 抯 factory On December 31 2001 Data Corp received cash payment for the computers in the amount of 150 000 On January 2 2002 the computers were received at Venture Inc 抯 headquarters Data Corp should recognize 150 000 of revenue as of A January 2 2002 B November 30 2001 C December 29 2001 D December 31 2001 Question 55 28999 White Corp 抯 financial statements for the year ended December 31 2001 included the following Income Statement Sales 8 000 000 Cost of Goods Sold 3 800 000 Gross Profit4 200 000 Wages 1 000 000 Depreciation 600 000 Interest 500 000 Taxes 600 000 Net Income 1 500 000 Selected Balance Sheet Accounts Dec 31 2000Dec 31 2001 Accounts Receivable 1 200 000 1 500 000 Inventory800 0001 000 000 Accounts Payable600 000400 000 Equipment 5 300 0005 500 000 White prepares its Statement of Cash Flow using the direct method The Cash Flow from Operations CFO section of the statement will show Cash Collections of A 7 700 000 B 7 100 000 C 6 900 000 D 6 700 000 Question 56 29000 The following information is derived from the financial records of Brown Company for the year ended December 31 2001 Sales 3 400 000 Cost of Goods Sold 2 100 000 Depreciation 300 000 Interest Paid 200 000 Gain on Sale of Old Equipment 400 000 Income Taxes Paid 300 000 Net Income 900 000 Brown issued bonds on June 30 2001 and received proceeds of 4 000 000 Old equipment with a book value of 2 000 000 was sold on August 15 2001 for 2 400 000 cash Brown purchased land for a new factory on September 30 2001 for 3 000 000 issuing a 2 000 000 note and paying the balance in cash Using the definition of free cash flow as cash flow from operations less capital expenditures Brown 抯 free cash flow available to equity shareholders for 2001 is A 2 200 000 B 200 000 C 2 600 000 D 6 200 000 Question 57 29001 Under the U S FASB conceptual framework audited financial statements must do all of the following EXCEPT A be relevant B be reliable C consider the economic impact of the reported information D be useful Question 58 29002 In 1998 Copper Inc completed a 4 000 000 bond issue to finance the purchase of equipment used in its operations The bonds were convertible into common stock at a conversion rate of 100 shares per 1 000 bond In 2001 the market price of Copper Inc 抯 common stock rose above 10 per share and all of the outstanding bonds were converted into common stock when the common stock was selling for an average price of 15 per share Copper Inc prepares its Statement of Cash Flows using the indirect method Given the above information Copper 抯 Statement of Cash Flows for the year ended December 31 2001 should include the following A no reporting of the transaction in the Statement of Cash Flows except for a footnote describing the conversion of the bonds into common stock B under Cash Flow from Financing Retirement of Bonds 4 000 000 and Issuance of Common Stock 4 000 000 C under Cash Flow from Financing Retirement of Bonds 4 000 000 and Issuance of Common Stock 6 000 000 and under Cash Flow from Investing Loss on Retirement of Bonds 2 000 000 D no reporting of the transaction Question 59 29003 Marcus Corp 抯 balance sheet as of December 31 2001 is as follows in millions Cash30 Accounts Payable15 Accounts Receivable15 Long term Debt30 Inventory15 Common Stock45 Property Plant Cash Ratio 2001 Below average B Cash Ratio 2000 Above average Cash Ratio 2001 Below average C Cash Ratio 2000 Below average Cash Ratio 2001 Above average D Cash Ratio 2000 Above average Cash Ratio 2001 Above average Question 62 29006 Washington Inc 抯 stock transactions during the year 2001 were as follows January 1720 000 shares issued and outstanding May 12 for 1 stock split occurred October 1Acquisition of Block Corp in exchange for 240 000 shares in a transaction accounted for by the pooling of interests method What was Washington 抯 weighted average number of shares outstanding during 2001 for earnings per share EPS computation purposes A 1 680 000 B 1 500 000 C 1 740 000 D 1 666 667 Question 63 29007 Carolina Company has options for 100 000 shares outstanding that may be exercised at the discretion of the option holder no earlier than June 30 2003 The exercise price is 40 per share The market price of Carolina shares was 30 on December 31 2001 and was priced at an average of 32 during 2001 Carolina 抯 earnings per share disclosures for 2001 should A not include the options because they are antidilutive B include the options because they could dilute earnings C not include the options because they cannot be exercised until June 30 2003 D include the options because the shares declined in price during 2001 Question 64 29008 Selected information from Able Company 抯 financial activities in the year 2001 is as follows Net Income was 720 000 1 000 000 shares of common stock were outstanding on January 1 1 000 shares of eight percent 1 000 par value preferred shares were outstanding on January 1 and dividends were paid in 2001 The tax rate was 40 percent Dividends were paid in 2001 The average market price per share was 20 in 2001 6 000 shares of three percent 500 par value preferred shares convertible into common shares at a rate of 30 common shares for each preferred share were outstanding for the entire year Able 抯 diluted earnings per share Diluted EPS for 2001 was closest to A 0 55 B 0 65 C 0 66 D 0 54 Question 65 29009 Quad Associates Inc 抯 net income for 2001 was 892 000 with 400 000 shares outstanding The tax rate was 40 percent Quad had 2 000 six percent 1 000 par value convertible bonds that were issued in 2000 Each bond was convertible into 40 shares of common stock Quad Inc 抯 diluted earnings per share Diluted EPS for 2001 was closest to A 2 23 B 2 41 C 2 11 D 2 01 Question 66 29010 Kendall Company 抯 Net Income for 2001 was 830 000 with 200 000 shares outstanding In 2000 Kendall issued 1 000 six percent 1 000 convertible into 20 common shares each bonds that were outstanding since 2000 Kendall 抯 tax rate was 40 percent What was Kendall Company 抯 diluted earnings per share Diluted EPS for 2001 A 4 15 B 3 77 C 4 04 D 3 93 Question 67 14803 An analyst notes the following about a company Beginning inventory was reported as 5 000 Costs of goods sold were reported as 8 000 Ending inventory is 7 000 the analyst has physically verified this amount Which of the following statements are TRUE I Purchases must have been 10 000 II If the analyst discovered that beginning inventory was overstated by 1 000 then cost of goods sold must have been understated by 1 000 III If the analyst discovered that beginning inventory was understated by 2 000 then earnings before taxes must have been overstated by 2 000 A I and II only B II and III only C I and III only D I II and III Question 68 28145 Which of the following statements about depreciation is TRUE A The initial tax savings created by using accelerated depreciation rather than straight line depreciation is a deferral because a greater tax payment will be required at the end of the asset s life B Straight line depreciation yields a decreasing rate of return over the life of the asset C The total depreciation expense calculated with the sum of the years digits method is greater than that given by using the straight line method D All of these are correct Question 69 29011 Selected information from Hometown Inc 抯 financial statements for the year ended December 31 2001 included the following in Cash370 000 Accounts Payable915 000 Accounts Receivable820 000 L T Deferred Tax Liability640 000 Inventory1 050 000 Long term Debt2 220 000 Property Plant the current price of the stock is 75 and the investor paid 50 for it 1 year ago The rate on the margin loan was 10 percent Ignoring transactions costs what is the investor 抯 return on this transaction A 115 00 B 143 33 C 83 33 D 76 67 Question 87 29415 Which of the following statements regarding price weighted indexes is FALSE A Adjusting for stock splits places a downward bias on the index B Successful stocks will lose weight within the index due to simply splitting their stocks C If you build your portfolio by buying an equal number of shares of each stock you should measure your performance against a price weighted index D Firms with greater market capitalization have a greater impact on the index than do firms with lower market capitalization Question 88 29416 The weak form efficient market hypothesis EMH implies that A technical analysts can make abnormal returns using past trading data B insiders such as specialists or corporate board members cannot make abnormal returns C an investor cannot make an abnormal return using technical