CFA考试一级章节练习题精选(附详解)

1、CFA考试一级章节练习题精选(附详解)1. Ross Dunder, CFA, is the CIO for Bling Trust (BT), an investment advisor. Dunder recently assigned one of his portfolio managers, Joey Chetch, to manage several accounts that primarily invest in thinly traded micro-cap stocks. Dunder soon notices that Chetch places many stock t

2、rades for these accounts on the last day of the month, towards the markets close. Dunder finds this trading activity unusual and speaks to Chetch who explains that the trading activity was completed at the clients request. Dunder does not investigate further. Six months later regulatory authorities

3、sanction BT for manipulating micro-cap stock prices at month end in order to boost account values. Did Dunder violate any CFA Institute Standards of Professional Conduct?资料来源：文得学习网，更多考试资料题库视频，上文得学习网查找。A. No.B. Yes, because he failed to reasonably supervise Chetch.C. Yes, because he did not report hi

4、s findings to regulatory authorities.【答案】B2. Which of the following is not a form of plagiarism, according to code of ethics?A. Using charts and graphs retrieved from the Internet without specific reference.B. Presenting factual materials supplied by Standard and Poors or Moodys without acknowledgme

5、nt.C. Citing quotations said to be attributable to “leading analysts” or “investment experts” without specific reference.【答案】B3. New Coal Corp. (NCC) is a small company that claims to have a proprietary formula that converts coal into a clean energy source. NCC hires Amanda Covington, CFA, to prepar

6、e a research report on the company. Amanda relies on NCC for information on the formulas effectiveness. Anxious to issue the report, he does not confirm the information with other sources. NCC widely distributes Amandas research report and posts it on the corporate website. NCCs stock price rises fr

7、om $7 to $35 per share in the following twelve months. Senior NCC management takes the opportunity to sell all of their company shares. According to the Standards of Practice Handbook, did Amanda violate any CFA Institute Standards of Professional Conduct?A. No.B. Yes, because his report was based o

8、n material nonpublic information.C. Yes, because he failed to have a reasonable and adequate basis for his research report.【答案】C4. Walter Ford, CFA, is asked to review his firms soft dollar practices. As part of the review, he notes that his firm has failed to disclose the practices to the firms cli

9、ents in writing as required by law. Walter quickly prepares and distributes the appropriate disclosure. He does not report the firms violation to the appropriate regulatory authority. According to the Standards of Practice Handbook, by not reporting the violation to the regulatory authority, has Wal

10、ter violated any CFA Institute Standards of Professional Conduct?A. No.B. Yes, because he failed to act in the best interest of her employer.C. Yes, because he is required to report legal violations to the appropriate authority.【答案】A5. Miranda Grafton, CFA, purchased a large block of stock on behalf

11、 of specific accounts she managed. The stock realized a significant gain in value before the close of business, so Grafton reviewed her accounts again to determine where the block shares should be allocated. According to the Standards of Practice Handbook, Graftons most appropriate action is to allo

12、cate the shares to:A. only those accounts for which the block shares were originally intended.B. only those underperforming accounts for which she has discretionary authority.C. all underperforming accounts she manages.【答案】A6. Madeline Smith, CFA, was recently promoted to senior portfolio manager. I

13、n her new position, Smith is required to supervise three portfolio managers. Smith asks for a copy of her firm's written supervisory policies and procedures but is advised that no such policies are required by regulatory standards in the country where Smith works. According to the Standards of P

14、ractice Handbook, Smith's most appropriate course of action would be to:A. decline to accept supervisory responsibility until her firm adopts procedures to allow her to adequately exercise such responsibilityB. require the employees she supervises to adopt the CFA Institute Code of Ethics and St

15、andards of Professional ConductC. require her firm to adopt the CFA Institute Code of Ethics and Standards of Professional Conduct【答案】A7. 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 ex

16、ecuted trade. In response, Bennett pushed the trader and knocked him to the ground. After investigating the incident, the exchange cleared Bennett from any wrongdoing. Which of the following best describes Bennett's conduct in relation to the CFA Institute Code of Ethics or Standards of Professi

17、onal Conduct?Bennett:A. violated the standard relating to professionalismB. did not violate any of the Code of Ethics or Standards of Professional ConductC. violated both the standard relating to professionalism and integrity of capital markets【答案】A8. According to the CFA Institute Code of Ethics an

18、d Standards of Professional Conduct, trading on material nonpublic information is least likely to be prevented by establishing:A. personal trading limitationsB. selective disclosureC. firewalls【答案】B9. During an on-site company visit, Marsha Ward, CFA, accidentally overheard the chief executive offic

19、er of Stargazer, Inc. discussing the company's tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct, Ward most likely cannot use the information because:A. it was overheard and might be considered unreli

20、ableB. she does not have a reasonable and adequate basis for taking investment actionC. it relates to a tender offer【答案】C10. According to the Global Investment Performance Standards (GIPS), firms must do all of the following except:A. adhere to certain calculation methodologies and make specific dis

21、closures along with their performanceB. provide investors with a comprehensive view of their performance only in terms of returnsC. comply with all requirements of the GIPS standards, such as updates, guidance statements, and clarifications【答案】B11. Kelly Stargate, CFA, runs a small investment manage

22、ment firm. Kellys firm subscribes to a service from a large investment research firm that provides research reports that can be repackaged as in-house research by smaller firms. Kellys firm distributes these reports to clients with specific references as to their source and author. According to the

23、Standards of Practice Handbook, has Kelly violated the standard relating to misrepresentation?A. No.B. Yes, because she distributed plagiarized materialC. Yes, because she misrepresented her firms services.【答案】A12. Bart Wiley, CFA, has decided to revise his firms written compliance manual. He checks

24、 with counsel regarding changes to applicable laws, rules, and regulations. He incorporates these changes as well as changes to the Code and Standards in the new version end distributes copies to his staff along with a memorandum. The memorandum states that the updated manual includes compliance pro

25、cedures designed to meet industry standards, regulatory requirements, requirements of the Code and Standards, and circumstances of the firm. According to the Standards of Practice Handbook, did Wiley violate any Standard of Professional Conduct?A. No.B. Yes, because compliance procedures may not be

26、designed to meet industry standards.C. Yes, because compliance procedures may not be designed to meet the circumstances of the firm.【答案】A13. According to the Standards of Practice Handbook, gifts to members from which of the following sources are least likely to create a loss of independence and obj

27、ectivity?A. brokersB. clientsC. corporate issuers【答案】B14. Firms claiming compliance with the GIPS Standards are least likely to be required to:A. Undertake the verification process.B. Provide a composite list and description to any prospective client on request.C. Make every reasonable effort to pro

28、vide a compliant presentation to all prospective clients.【答案】A15. Zhang Li, CFA, supervises individuals working on the bond trading desk at a large investment management firm. Zhang Li has discovered that Liu Mo, a bond trader under his supervisory has been accepting lavish gifts from one of the fir

29、ms brokers. Zhang Li has also noticed that Liu Mo has been executing more than the usual amount of trades through this particular broker, and she suspects that he has not been receiving best execution for the firms clients. Zhang Li immediately initiates an investigation to determine the extent of L

30、iu Mos wrongdoing. According to the Standards of Practice Handbook, pending the outcome of this investigation, Zhang Lis best course of action is to:A. warn the employee to cease such activity.B. report the misconduct up the chain of command.C. take steps to ensure the violations will not be repeate

31、d.【答案】C16. Ron Dunder, CFA, is the CIO for Bling Trust (BT), an investment adviser. Dunder recently assigned one of his portfolio managers, Doug Chetch, to manage several accounts that primarily invest in thinly traded micro-cap stocks. Dunder soon notices that Chetch places many stock trades for th

32、ese accounts on the last day of the month, toward the market's close. Dunder finds this trading activity unusual and speaks to Chetch, who explains that the trading activity was completed at the client's request. Dunder does not investigate further. Six months later, regulatory authorities s

33、anction BT for manipulating micro-cap stock prices at month end in order to boost account values. Did Dunder violate any CFA Institute Standards of Professional Conduct?A. Yes, because he failed to reasonably supervise ChetchB. Yes, because he did not report his findings to regulatory authoritiesC.

34、No.【答案】A17. The Global Investment Performance Standards leastlikely require:A. nondiscretionary portfolios to be included in compositesB. non-fee-paying portfolios to be excluded in the returns of appropriate compositesC. composites to be defined according to similar investment objectives and/or str

35、ategies【答案】A18. Jefferson Piedmont, CFA, a portfolio manager for Park Investments, plans to manage the portfolios of several family members in exchange for a percentage of each portfolio's profits. Because his family members have extensive portfolios requiring substantial attention, they have re

36、quested that Piedmont provide the services outside of his employment with Park. Piedmont notifies his employer in writing of his prospective outside employment. Two weeks later, Piedmont begins managing the family members' portfolios. By managing these portfolios, which of the following CFA Inst

37、itute Standards of Professional Conduct has Piedmont violated?A. Conflicts of InterestB. Additional CompensationC. Both Additional Compensation and Conflicts of Interest【答案】C19. Monte Carlo simulation is best described as:A. a restrictive form of scenario analysisB. providing a distribution of possi

38、ble solutions to complex functionsC. an approach to backtest data【答案】B20. The belief that trends and patterns tend to repeat themselves and are, therefore, somewhat predictable best describes:A. arbitrage pricing theoryB. technical analysisC. weak-form efficiency【答案】B21. Which of the following most

39、accurately describes a distribution that is more peaked than normal?A. MesokurtoticB. PlatykurtoticC. Leptokurtotic【答案】C22. Using the following sample results drawn as 25 paired observations from their underlying distribution s, test whether the m ean retu rns of the two portfolios differ from each

40、other at the 1% level of statistical significance. Assume th e underlying distributions of returns for each portfolio are normal and that their population variances are not known. Based on the paired comparisons test of the two portfolios, the most appropriate conclusion is that HL should be:A. acce

41、pted because the computed test statistic is less than 2.807.B. rejected because the computed test statistic exceeds 2.807.C. accepted because the computed test statistic exceeds 2.807.【答案】B23. The null hypothesis is most likely to be rejected when the p-value of the test statistic:A. exceeds a speci

42、fied level of significance.B. is negative.C. falls below a specified level of significance.【答案】C24. Over the past four years, a portfolio experienced returns of -8%,4%,17%, and -12%. The geometric mean return of the portfolio over the four-year period is closest to:A. 0.99%.B. -0.37%.C. 0.25%.【答案】B2

43、5. A. equal.B. greater.C. smaller.【答案】C26. Would a client making additions or withdrawals of funds most likely affect their portfolios:Time-weighted return?Money-weighted return?A. NoNoB. YesNoC. NoYes【答案】C27. A fundamental analyst studying 100 potential companies for inclusion in her stock portfoli

44、o uses the following three screening criteria:Screening Criterion Number of Companies meeting the screenMarket-to-Book Ratio>430Current Ratio>235Return on Equity >10%35Assuming that the screening criteria are independent, the probability that a given company will meet all three screening cr

45、iteria is closest to:A. 3.7%B. 8.5%C. 20.0%【答案】A28. Using Chebyshevs inequality, what is the proportion of observations from a population of 200 that must be within three standard deviations of the mean regardless of the shape of the distribution?A. 67%B. 75%C. 88.9%【答案】C29. An energy analyst foreca

46、sts that the price per barrel of crude oil five years from now will range between USD$75 and USD$105. Assuming a continuous uniform distribution, the probability that the price will be less than USD$80 five years from now is closest to:A. 5.6%B. 16.7%C. 44.4%【答案】B30. An analyst gathered the followin

47、g information about the performance of three categories of mutual funds over the same time period: If the returns from all funds were normally distributed, the mutual fund category that minimized the probability of earning less than the risk-free rate of return is most likely category:A. 1B. 2C. 3【答

48、案】C31. For an asset with a price of 1000, which of the following price targets is least likely based on Fibonacci ratio?A. 618.B. 1294.C. 1618.【答案】B32. A portfolio of non-dividend-paying common stocks earned a geometric mean return of 5 percent between 1 January 2002 and 31 December 2008. The arithm

49、etic mean return for the same period was 6 percent. If the market value of the portfolio at the beginning of 2002 was $100,000, the market value of the portfolio at the end of 2008 was closest to:A. $137,000B. $140,710C. $141,030【答案】B33. Which of the following is not true regarding to zero economic

50、profit?A. The net present value of cash flows when discounted at the firms cost of capital will equal to zero.B. The firm is just profitable enough to make a normal return.C. The return for the firm is insufficient for the risk taken.【答案】C34. An analyst does research on price discriminations impact.

51、 Compared to using a single price in a market characterized by monopolistic competition, using price discrimination when two customer groups have different demand elasticities is least likely to result in:A. new productive ventures.B. an increase in total output.C. lower prices for both groups.【答案】C

52、资料来源：文得学习网，更多考试资料题库视频，上文得学习网查找。35. According to the characteristics of consumer indifference curves, consumer indifference curves for any given individual are least likely that:A. more is preferred to less.B. cross one another at certain point.C. the utility of a good declines the more of it you con

53、sume.【答案】B36. A consumer has a budget of $30 per month to spend on two types of fruit, priced as follows:·Apples: $2.50 per pound.·Bananas: $2.00 per pound.Assuming the quantity of apples is measured on the vertical axis and bananas on the horizontal axis, the slope of the budget constrain

54、t is closest to:A. 1.25.B. -0.80.C. -1.25.【答案】B37. Which of the following statements most accurately describes a valuation allowance for deferred taxes? A valuation allowance is required under:A. IFRS on revaluation of capital assetsB. U.S. GAAP if there is doubt about recovering a deferred tax asse

55、t.C. both IFRS and U.S. GAAP on tax differences arising from the translation of foreign operations.【答案】B38. The following information applies to a start-up company solely owned by an entrepreneur. The company's economic profit is closest to:A. $784,250B. $318,750C. $659,250【答案】C39. The diagram t

56、o the below illustrates a consumer's allocation of her budget between items X and Y. With an initial budget (BC1) she consumes Qa units of item Y. When the price of Y drops, she consumes Qc units of item Y. Lines BC2 and BC3 are parallel to one another. The income effect arising from this change in the price of Y is best described as the distance between:A. Qb and Qa.B. Qc and Qa.C. Qc and Qb.【答案】C40. Which of the followinq is most likely to cause a shift to the riqht in the aqqreqate demand curve?A