CFA考试一级章节练习题精选0331-39(附详解)

1、CFA考试一级章节练习题精选 0331-39附详解）1、 Bruce Smith, CFA, covers East European equities for Marlborough Investments,an investment management firm with a strong presencein emergingmarkets.Forthe purpose of compliance with the Global Investments Performance Standards(GAPS?) , Marlborough Investments' total a

2、ssets include:单选题】A.only fee -paying discretionary assets.B.both fee -paying discretionary assets and non -fee-paying discretionary assets.C.all fee-paying and non -fee -paying, discretionary and nondiscretionary assets.正确答案 :C答案解析:GAPS?规定公布的公司总资产里面既包含了支付费用的和不支付费用的资产，也包括了自由决断的和非自由决断的资产的市场价值。2、 Which

3、 of the following statements about the Global Investment PerformanceStandards ( GAPS?) is NOT accurate? The GAPS? standardsrequire thatacomposite: 【单选题】A.is selected according to pre -established criteria.B.is an aggregation of one or more portfolios managed according to a similarinvestment mandate,

4、 objective or strategy.7C.include a statement referring to the performance of a single, existing clientportfolio as being "calculated in accordance with the GlobalInvestmentPerformance Standards".正确答案 :C答案解析：因为遵守GAPS已经遵守其所规定的计算方法， 所以无须说明 是根据GAPS?来计算的”。GAPS要求组合群的构建是根据之前所设定好的标准，题目中选项 B 是对组合群

5、的定义。3、 Zhao Xuan, CFA, is a sell side investment analyst. While at a software industry conference, Zhao hears rumors that Green Run Software may have falsifiedits financial results. When she returns to her office, Zhao conducts a thorough analysis of Green Run. Based on her research, including discu

6、ssions with someof Green Run 's customers, Zhao is convinced that Green Run's reported 50% increase in net income during recent quarters is completely fictitious. So far,however, Zhao is the only analyst suspicious about Green Run's reported earnings. According to the CFA Institute Code

7、of Ethics and Standards of ProfessConduct, the least appropriate action for Zhao is to: 【单选题】A.report her suspicions to Green Run's management.B.do nothing, until other analysts support her analysis.C.recommend her clients sell their Green Run shares immediately.正确答案 :B答案解析 :CFA Institute Standa

8、rds2012 Modular Level I, Vol. 1, pp. 4951Study Session 1-2-cRecommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.B is correct because theanalyst has conducted thorough research that indicates the company falsified its financial

9、 results, and she should request the company address this issuepublicly as recommended by Standard II (A) Material Nonpublic Information. If a member or candidate determines that information is material, the memberor candidate should make reasonable efforts to achieve public dissemination of the inf

10、ormation. This effort usually entails encouraging the issuer company tomake the information public. If public dissemination is not possible, the member or candidate must communicate the information only to the designatedsupervisory and compliance personnel within the member's or candidate's

11、firm and must not take investment action on the basis of the information.4、 Richard Cardinal, CFA, is the founder of Volcano Capital Research, an investment management firm whose sole activity is short selling. Cardinal seeks outcompanies whose stocks have had large price increases. Cardinal also pa

12、ys several lobbying firms to update him immediately on any legislative or regulatorychanges that may impact his target companies. Cardinal sells short those target companies he estimates are near the peak of their sales and earnings and thathis sources identify as facing legal or regulatory challeng

13、es. Immediately after he sells a stock, Cardinal conducts a public relations campaign to disclose all ofthe negative information he has gathered on the company, even if the information is not yet public. Which of Cardinal's following actin violation of the CFA Institute Standards of Professional

14、 Conduct? 【单选题】A.Selling stock shortB.Trading on information from lobbyistsC.Disclosing information about target companies正确答案 :A答案解析 :CFA Institute Standards2012 Modular Level I, Vol. 1, pp. 59-60, 108Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct

15、 that violates the Code and Standards.A is correct because selling stock short is a management strategy and does not necessarily violate any aspect of the Code and Standards.5、Delaney O'Keefe, a CFA candidate, is a portfolio manager at Bahati Management Company. The company is considering invest

16、ing offshore for the first time, particularly in North America, on behalf of its clientele, who are all high -net -worth individuals. O'Keefe does not have experience in offshore investments, so she hires Mark Carlson, CFA,of Carlson Consulting, on the sole basis that he is a CFA charterholder,

17、to undertake due diligence exercises on the top 10 portfolio managers in North America, ranked by assets under management (AUM). To avoid violating any Code and Standards, O'Keefe should most likely undertake: 【单选题】A. the due diligence exercise on the top 10 asset managers herself.B. a sampling

18、of the suitability of North America for her clients.C. a due diligence exercise on Mark Carlson and Carlson Consulting.正确答案 :C答案解析 :O'Keefe can delegate a due diligence exercise to a third party but must ensure the person or company hired to do so is competent and has the skills necessary to undertake a thorough and appropriate analysis. Although Carlson may be qualified to undertake this assignment,