2021北京金融英语考试模拟卷

1、第 页2021北京金融英语考试模拟卷本卷共分为1大题50小题，作答时间为180分钟，总分100分，60分及格。一、单项选择题（共50题，每题2分。每题的备选项中，只有一个最符合题意） 1.An analyst does research about interest rate risk. The duration of a bond with $1000 face value is 4.5, and its current price is $990. Which of the following is the best estimate of the bond price change if

2、 interest rates increase by 3%（）A. -$133.65B. -$135.00C. $133.652.An analyst does research about valuation of bond. An option-free 6 percent coupon bond has an annual discount rate of 5 percent, pays interest semiannually, matures in five years, and is valued at $1043.76. One year later, the annual

3、discount rate for that bond is 4.5 percent and the bond is valued at $1054.35. The change in value for this bond that is attributable only to the change of discount rate is closest to:（）A. -$7.91B. $7.91C. $18.53.An analyst does research about characteristics of U. S. Treasury inflation protection s

4、ecurities (TIPS). Which of the following statements is most accurate U. S. Treasury inflation protection security (TIPS):（）A. has interest payments that are based on an inflation-adjusted coupon rate.B. has interest payments that are based on an inflation-adjusted principal.C. may be redeemed at mat

5、urity for less than the original par value amount.4.An analyst does research about calculating relative yield spread and gathered the following yield information about two bonds: Issue Yield 5 year on-the-run Treasury 5.10% 5 year A-rated security 6.35% The relative yield spread between these two bo

6、nds is closest to:（）A. 4.5%B. 19.7%C. 24.5%5.A bond is selling at a premium relative to its par value. Which of the following relationships holds（）A. Yield to maturitycoupon ratecurrent yield.B. Current yieldyield to maturitycoupon yield.C. Coupon ratecurrent yieldyield to maturity.6.An analyst does

7、 research about a callable bond. All else being equal, is a callable bond most likely to exhibit negative convexity when the prevailing market yield for that bond is relatively:（）A.AB.BC.C7.An analyst does research about various risks of investing in bonds. Investors in U. S. Treasury Inflation-Prot

8、ected Securities are most likely to be exposed to:（）A. credit risk.B. reinvestment rate risk.C. purchasing power risk.8.An analyst does research about yield spread. With respect to yield spread on corporate bonds, which of the following statements is least accurate（）A. The size of a bond issue is a

9、factor in the determination of yield spreads.B. Different sectors in the bond market require different spreads over Treasuries.C. A bond with an embedded put option would require a wider spread than an otherwise comparable option-free bond.9.An analyst does research about a floating rate securities.

10、 All else being equal, the price of a floating-rate security is most likely to react in the same way to changes in market interest rates as a fixed-rate coupon bond if market rates:（）A. increase between coupon reset dates.B. are substantially below the floating rate securitys cap rate.C. are substan

11、tially above the floating rate securitys cap rate.10.An analyst does research about a floating-rate security. All else being equal, the cap on a floating-rate security is most likeLy to benefit the:（）A. issuer if interest rates fall.B. issuer if interest rates rise.C. bondholder if interest rates ri

12、se.11.All else being equal, an increase in expected yield volatility would most likely cause the price of:（）A. a callable bond to increase and the price of a putable bond to decrease.B. a callable bond to decrease and the price of a putable bond to increase.C. a callable bond to increase and the pri

13、ce of a option-free bond to decrease.12.An analyst does research about reinvestment risk. Which of the following securities is most likely to be subject to reinvestment risk during the period of time between issuance and maturity（）A. Treasury bills.B. Treasury notes.C. Treasury coupon strips.13.An a

14、nalyst does research about yield spreads difference between a callable bond and a putable bond. Compared to an otherwise identical option-free bond, market participants would most likely require that yield spreads be:（）A. larger for both a callable bond and a putable bond.B. larger for a callable bo

15、nd and smaller for a putable bond.C. smaller for a callable bond and larger for a putable bond.14.Two portfolios have the same expected rate of return. If these two portfolios are combined on an equally weighted basis, the benefits of diversification are most likely maximized if the portfolios have

16、the same standard deviation and a correlation coefficient of:（）A. 0.0B. -1.0C. +1.015.An analyst does research about capital market line (CML). According to capital market theory, if an investor holds a portfolio that lies on the capital market line to the left of the market portfolio, that investor

17、 should expect that his portfolio will:（）A. eam less than the return on the market portfolio.B. earn more than the return on the market portfolio.C. haveless unsystematic risk than the market portfolio.16.An analyst does research about investment risk. In the context of capital market theory and the

18、 capital asset pricing model, investors should most likely expect higher retums for accepting increasing amounts of:（）A. total risk.B. unique risk.C. systematic risk.17.An analyst does research about various risks between callable bond and optionfree bond. Compared to an otherwise identical callable

19、 bond, an option-free bond is least likely to be affected by:（）A. event risk.B. liquidity risk.C. volatility risk.18.With respect to the portfolio management process, a well-constructed investment policy statement is least likely to include:（）A. investor constraints.B. the return benchmark.C. the sp

20、ecific securities that should be purchased.19.An analyst does research about calculating the expected standard deviation of returns. An investor estimates that the retum from a security over his holding period will be either 12 percent or 16 percent and that each of the two potential returns has an

21、equal probability of occurrence. The expected standard deviation of returns for that security over the investors holding period is closest to:（）A. 0.020B. 0.028C. 0.04020.An investor has a portfolio that lies on the capital market line (CML), and the portfolios expected return is more than expected

22、return on the market portfolio. That investors portfolio is best described as:（）A. a lending portfolio.B. a borrowing portfolio.C. having more unsystematic risk than the market portfolio.21.Michael Jackson, CFA, works for a Privately Offered Fund Company as a portfolio manager. The firm purchases in

23、vestment research about IT industry from a third-party independent research institution which the firm determines has a sound research basis and continuous reliability. Jackson communicates information from the third-party research to his retail and institutional clients but does not disclose the so

24、urce. Jackson has most likely violated the Standards of Professional Conduct relating to:（）A. the Standards regarding disclosure of conflicts.B. the Standards regarding misrepresentation.C. the Standards regarding diligence and reasonable basis.22.As CFA members, when they dealing with the investmen

25、t service for his or her clients and employer, which of the following statements is most accurate according to the Standards of Professional Conduct relating to loyalty, prudence and care（）A. CFA members must place their clients and employers interests before their own clients interests.B. CFA membe

26、rs must place their employers interests before their own interests.C. CFA members must place their clients interests before their employers or their own interests.23.Ralph Salley, CFA, is a portfolio manager at a mutual fund company. According to the Standards of Professional Conduct relating to dil

27、igence and reasonable basis, which of the following statements is most accurate（）A. CFA members may not rely solely on third-party research to make investment decisions.B. CFA members may rely on others in their firm to determine whether thirdparty research has a sound basis and continuous reliabili

28、ty.C. CFA members may not rely on others in their firm to determine whether third-party research has a sound basis and continuously reliability.24.Kate Wilson, CFA, is a portfolio manager for wealthy individuals in a large international investment company. Which of Wilsons following statements is am

29、ong the recommended procedures in compliance with the Standards of Professional Conduct relating to performance presentation（）A. When the company presents its performance, it should use uniform format for both retail and institutional clients.B. When the company presents its historical performance,

30、terminated accounts should be excluded.C. Rather than a single representative account, the company presents performance of the weighted composite of portfolios with similar investment strategy, objective, or mandate.25.Dominic Morris, CFA, works for a small regional securities firm. According to the

31、 Standards of Professional Conduct relating to additional compensation arrangements, which of the following is most accurate（）A. Morris must not accept compensation for work that competes with his firms interests.B. Morris must not accept compensation for work that competes with his firms interests

32、without written consent from his firm.C. Morris must not accept compensation for work that competes with his firms interests without written consent from all parties involved.26.Theresa Green, CFA, manages the portfolio of Ian Knowlden, a client of Tisbury Investments. Green knows that Knowlden is p

33、reparing to sell a large position in the Franklin Industries, a relatively small inactively-traded stock listing in a local exchange. Green places a sell order for Franklin Industries in his own account before the Knowldens order is placed. Green has most likely violated the Standard(s) of Professio

34、nal Conduct relating to:（）A. only material non-public information.B. only priority of transactions.C. both material nonpublic informationand priority of transactions.27.Roger Smith is a retail broker for TNT Securities, a small regional broker firm. As a CFA member, according to the Code of Ethics a

35、nd Standards of Professional Conduct relating to knowledge of the law, he is most likely required to:（）A. report violations of the Code of Ethics and Standards of Professional Conduct to appropriate regulatory organization.B. dissociate from any activity that is believed to be illegal or unethical.C

36、. report violations of the Code of Ethics and Standards of Professional Conduct to CFA Institute.28.According to the Standards of Professional Conduct relating to record retention, if local regulatory guidance is in place and requires at least 5 years of maintenances, CFA members should keep records

37、 for at least:（）A. 5 years.B. 7 years.C. 10 years.29.Bill Gates, CFA, is a securities analyst covering transportation industry in a local broker. According to the Code of Ethics and Standards of Professional Conduct, which of the following recommended procedures to prevent violations of the Standard

38、s of Professional Conduct relating to priority of transactions is NOT accurate（）A. Prohibit personal trading in the brokers recommended stock list.B. Fully disclose to investors the brokers policies regarding personal investing.C. Restrict investment personnel to participate on private placements.30

39、.Which of the following statements most accurately describes the best execution when a portfolio manager services his or her clients（）A. The portfolio manager chooses the broker providing the lowest commission in order to obtain a higher net return.B. The portfolio manager maximizes the value of the

40、 clients portfolio within its investment policy statement.C. The portfolio manager obtains the best investment research through soft dollar arrangement.31.Giselle Holt is a staff of the Professional Conduct Program of CFA Institute. In order to be compliance with the Code of Ethics and Standards of

41、Professional Conduct, Holt is most directly responsible for which of the following activities（）A. conducting investigations on CFA members or candidates who may have violated the Code of Ethics and Standards of Professional Conduct.B. conducting hearing panel relating to proposed sanctions on CFA me

42、mbers or candidates.C. updating the code of ethics and the professional conduct annually to ensure they are effective.32.David Beckham, CFA, is a portfolio manager at a hedge fund company. David has an arrangement with a close friend who is an investment consultant, whereby he refers clients who nee

43、d investment advice to the friend, who in turn refers clients to Beckham. Beckham believes there is no referral fees involved, and he does not disclose this arrangement to his existing or prospective clients. Has Beckham most likely violated the Standards（）A. No.B. Yes, only by failing to disclose t

44、he arrangement to his prospective clients.C. Yes, both by failing to disclose the arrangement to his existing clients and to his prospective clients.33.James Martin, CFA, is a portfolio manager in charge of several mutual funds with Global First Investments. Martin receives an oversubscribed initial

45、 public offering (IPO) and allocates it proportionately to his largest clients. Martin discloses this arrangement to all of his clients and obtains their written consent. Has Martin most likely violated the Standards of Professional Conduct（）A. No.B. Yes, relating to fair dealing.C. Yes, relating to

46、 diligence and reasonable basis.34.Sarah Connor, CFA, is a financial analyst employed by Johnson Investment Counselors. According to the Code of Ethics and Standards of Professional Conduct, which of the following Staterments is NOT among the recommended procedures in compliance with the Standards o

47、f Professional Conduct relating to independence and objectivity Johnson Investrnent Counselors:（）A. prohibits the acceptance of gifts.B. protects the integrity of opinions.C. restricts special cost arrangements.35.Cristiano Ronaldo, CFA, is a mutual fund portfolio manager at Bengal International Inv

48、estment. The fund is focused on the global financial services sector. According to the Standards of Professional Conduct relating to Duties to Employers, which of the following statements is most accurate If Ronaldo leaves Bengal Intemational Investment to join Jason Investment Management Corporatio

49、n, a competitor of Bengal, all of his research records:（）A. can be recreated at Jason from his memory, provided no records are taken from Bengal.B. are the property of Bengal and cannot be taken without Bengals permission.C. may be taken to Jason,provided he is the sole author of the research.36.Acc

50、ording to the Global Investment Performance Standards (), which of the following statements is most accurat.e about composites used for performance presentation of a investment management firm（）A. Composites must include one or more portfolios managed to a similar investment strategy, objective or m

51、andate.B. Composites must include all discretionary and non-discretionary portfolios managed to a similar investment strategy, objective or mandate.C. Composites must include all fee-paying and non-fee paying portfolios managed to a similar investment strategy, objective or mandate.37.Verification o

52、f compliance with the Global Investment Performance Standards ():（）A. may be performed on a single composite.B. is required for a firm to claimcompliance.C. requires the verification report to be issued for the entire firm.38.Rivoli Capital Management Company wants to claim compliance with Global In

53、vestment Performance Standards (), which of the following statements is most accurate（）A. Rivolis input data should be consistent in order to establish full, fair and comparable investment performance presentations.B. Rivoli must have an independent third party verification report for the entire fir

54、m.C. Rivoli must perform periodic internalcompliance checks at least annually.39.Lee Pickett, CFA. a well-known and respected analyst, follows the computer industry and does research about types of measurement scales. Pickett categorizes a group of stocks into quartiles based on historical rate of r

55、eturns. Picketts approach is most consistent with which type of the following measurement scales（）A. Nominal.B. Ratio.C. Ordinal.40.Thomas Edison, CFA, is an investment consultant in the London office of Dalton Securities and forecasts next years performance of securities market. According to Chebys

56、hevs inequality, the minimum proportion of observations falling within 3 standard deviations of the mean is closest to:（）A. 50%B. 89%C. 94%41.Jack Smith, CFA, manages the Heaven Foundation Portfolio and does research about yield calculation. Which of the following yields considers an annualized rate

57、 of return that accounts for the impact of interest on interest for different frequencies of compounding（）A. Holding period yield.B. Effective annual yield.C. Money market yield.42.Carmelo Anthony, CFA, is a mining analyst for East Bank Securities. Anthony estimates the following information about a

58、 mining company he covers: Conditions Probability P(Ratings upgrade) 0.60 P(Company issues new debt) 0.50 P(Ratings upgrade, given the company issue new debt) 0.84 Using the total probability rule, given the company does not issue new debt, the probability of a rating upgrade is closest to:（）A. 0.24

59、B. 0.34C. 0.3643.Alan Mulally, CFA, is a securities analyst covering IT industry. Mulally finds that 10% of companies he follows filed for bankruptcy. Mulally then conducts a bankruptcy scoring test on all companies and finds that: 70% of companies passed the test, and 75% of companies passed the te

60、st, given they did not file for bankruptcy. Using Bayes formula, given it passed the test, the probability a company filed for bankruptcy is closest to:（）A. 3.33%B. 3.57%C. 8.33%44.Roland Carlson, CFA, is a quantitative analyst in a regional securities firm. Because the p-value is exactly the same a