CFA一级每日一练(含详细解析)55

1、CFA 级每日一练（含详细解析）5551、Millicent Plain has just finished taking Level II of the CFA examination. Upon leaving the examination site, she meets with four Level III candidates who also just sat for their exams.Curious about their examination experience, Plain asks the candidates how difficult the Level I

2、II exam was and how they did on it. The candidates say the essay portion of the examination was much harder than they had expected and they were not able to complete all questions as a result. The candidates go on to tell Plain about broad topic areas that were tested and complain about specific for

3、mulas they had memorized what did not appear on the exam. The Level III candidates least likely violated the CFA Institute Standards of Professional Conduct by discussing: 【单选题】A. specific formulas.B. broad topic areas.C. the examination essays.正确答案 :C答案解析：Guida nee for Sta ndards I-VII, ” CFA In st

4、itute 2013 Modular Level I, Vol. 1, Reading 2, Standard VII (A) Confidential Program InformationStudy Session 1Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.C is correct because discussing the level of difficulty of the essay por

5、tion of the examination did not violate Standard VII (A) Conduct as Members and Candidates in the CFA Program.Standard VII (A) and the Candidate Pledge were violated by candidates revealing broad topical areas and formulas tested or not tested on the exam.2、The following ten observations are a sampl

6、e drawn from a normal population: 25, 20, 18, -5, 35, 21, -11, 8, 20, and 9. The mean of the sample is closest to:单选题】A.14.00.B.15.56.C.17.20.正确答案 :A答案解析 :“Statisticai Concepts and Market Returns,”Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jeraid E. Pinto, CFA, and David E. Runkie, CFA2011 Mo

7、dular Level I, Vol. 1, pp. 357-358Study Session 2-7-eDefine, calculate and interpret measures of central tendency, including the population mean, sample mean, arithmetic mean, weighted average or mean (including a portfolio returnviewed as a weighted mean), geometric mean, harmonic mean, median, and

8、 mode.The sum of the ten numbers is 140. Dividing by 10 gives the mean of 14.3、Jimmy Lan, CFA, is a technology analyst at Pacific Securities, Inc. and is a leading authority on Japanese technology companies. Lan's clients include many leading Japanese equitymanagers. While still employed at Paci

9、fic, Lan makes plans during the weekends to start a new company, JL Consulting. His plans consist of contracting office space, interviewingpotential employees, and purchasing office equipment. Once he feels ready to launch his new firm, Lan provides Pacific with his resignation notice. After leaving

10、, Lan constructs earningsmodels of the technology companies he previously covered, using the knowledge and experience gained while at Pacific. He then contacts former clients by using public sources andencourages them to become clients of his new firm. Are Lan's actions in compliance with the Co

11、de and Standards?单选题】A.Yes, assuming he is not in breach of any non-compete agreement signed while at Pacific SecuritiesB.No, because he is prohibited from engaging in activities related to starting his new business while still employed by Pacific SecuritiesC.No, because the names of former clients,

12、 modeling skills, and experience gained by Lan are confidential information of Pacific Securities正确答案 :A答案解析 :Lan's actions do not violate Standard IV (A)-Duties to Empio yers. Lan does not use company time to make arran geme nts for his new ven ture, nor does he misa pprop riate anyinformation

13、(financial models or client contacts) from his former employer. All of Lan's actions are permissible under Standard IV (A). 2014 CFA Level I "Guidance for Standards I-VII,"单选题】CFA Institute Standard IV(A) 4、Information about the coupon rates on the various long-term fixed-rate debt iss

14、ues of a company canmost likely be found in the:A. non-current liabilities section of the balance sheet.B. Management Discussion & Analysis (MD&A).C. notes to the financial statements.正确答案 :C答案解析 :Information about the coupon rates on the various long-term fixed-rate debt issues can usually

15、befound in the notes to the financial statements. The MD&A is more likely to discuss interest rate trendsand/or current financing costs but not specific information on individual debt issues.CFA Level I "Non-Current (Long-Term) Liabilities," Elizabeth A. Gordon and Elaine Henry单选题】Sect

16、ions 2.6 5、Which of the following performance measures most likely relies on systematic risk as opposed to total risk when calculating risk-adjusted return?A. M-squaredB. Sharpe ratioC. Treynor ratio正确答案 :C答案解析 :“Portfolio Risk and Return: Part II" by Vijay Singal, CFAModular Level I, Vol. 4, Reading 44, Section 4.3.2Study Session