特许金融分析师CFA2022一级考试真题及答案解析

特许金融分析师CFA2022一级考试真题

及答案解析

1.CarolinaOchoa,CFA,isthechieffinancialofficeratPantagonia

Computing.OchoaiscurrentlythesubjectofaninquirybyPantagonia's

corporateinvestigationsdepartment.Theinquiryistheresultofan

anonymouscomplaintaccusingOchoaoffalsifyingtravelexpensesfor

seniormanagementrelatedtoagovernmentcontract.Accordingtothe

CFAInstituteCodeofEthicsandStandardsofProfessionalConduct,itis

mostappropriateforOchoatodisclosetheallegations:

A.toCFAInstitutewhentheinvestigationconcludes.

B.onherProfessionalConductStatement.

C.toCFAInstituteiftheallegationsareprovencorrect.

【答案】B

2.IleanaInkster,CFA,wasrecentlyofferedaseniormanagement

positionwithinthetrustdepartmentataregionalbank.Thedepartment

isnew,butthebankhasplanstoexpanditsignificantlyoverthenextfew

months.Inksterhasbeentoldshewillbeexpectedtohelpgrowthe

clientbaseofthetrustdepartment.Sheisinformedthatthetrust

departmentplanstoconducteducationalseminarsandpursuethe

attendeesasnewclients.Inksternoticesthatrecentseminar

advertisementspreparedbythebank'smarketingdepartmentdonot

mentioninvestmentproductswillbeforsaleattheseminar.Theads

indicateattendeescan"learnhowtoimmediatelyadd$100,000totheir

networth."WhatshouldInkstermostlikelydotoavoidviolatinganyCFA

InstituteStandardsofProfessionalConduct?

A.Declinetoacceptthenewposition

B.Acceptthepositionandinformseniormanagementof

inadequatecomplianceprocedures

C.Acceptthepositionandrevisethemarketingmaterial

【答案】A

3.BethKozniak,aCFAcandidate,isanindependentlicensedreal

estatebrokerandawell-knownpropertyinvestor.Sheiscurrently

brokeringthesaleofacommercialpropertyonbehalfofaclientin

financialdistress.Iftheclient'sbuildingisnotsoldwithin30days,hewill

losethebuildingtothebank.Ayearearlier,anotherclientofKozniak's

hadexpressedinterestinpurchasingthissameproperty.However,sheis

unabletocontactthisclient,andshehasnotdiscoveredanyother

potentialbuyers.Givenherdistressedclient'slimitedtimeframe,

Kozniakpurchasesthepropertyherselfandforgoesanysales

commission.Sixmonthslater,shesellsthepropertyforaniceprofitto

theclientwhohadearlierexpressedinterestintheproperty.HasKozniak

mostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?

A.No

B.Yes,shedidnotdiscloseherpotentialconflictsofinterestto

eitherclient

C.Yes,sheprofitedontherealestatetothedetrimentofher

financiallystressedclient

【答案】A

4.MariamMusa,CFA,headofcomplianceatDunfieldBrokers,

questionshercolleagueOmarKassim,aCFAcandidateandaresearch

analyst,abouthispurchaseofsharesinacompanyforhisownaccount

immediatelybeforehepublishesa"buy"recommendation.Hedefends

hisactionsbystatinghehasdonenothingwrongbecauseDunfielddoes

nothaveanypersonaltradingpoliciesinplace.TheCFAInstitute

StandardsofProfessionalConductweremostlikelyviolatedby:

A.onlyKassim.

B.bothMusaandKassim.

C.onlyMusa.

【答案】B

5.Whichofthefollowingstatementsdoesnotaccuratelyrepresent

theobjectivesofGlobalInvestmentPerformanceStandards(GIPS)?The

GIPSstandards:

A.ensureconsistent,accurateinvestmentperformancedatainthe

areasofreporting,records,marketing,andpresentations.

B.obtainglobalacceptanceofcalculationandpresentation

standardsinafair,comparableformatwithfulldisclosure.

C.promotefaircompetitionamonginvestmentmanagementfirms

inallmarketsbyrequiringcommonfeestructures.

【答案】C

6.JinJin,CFA,isthepresidentoftheRegisteredOptionExchange,

whichispreparingtolaunchanewstockoptioncontract.Inorderto

convinceinvestorstouseitscontract,theexchangeattemptsto

demonstratethatithasthebestliquidity.JinJinsetsupagreementswith

memberssothattheycommittoasubstantialminimumtradingvolume

onthenewcontractoveraspecificperiodinexchangeforsubstantial

reductionsontheirregularcommissions.AccordingtotheStandardsof

PracticeHandbook,hasJinJinviolatedanyCFAInstituteStandards?

A.Yes,withrespecttoadditionalcompensationarrangements.

B.Yes,withrespecttomarketmanipulations.

C.Yes,withrespecttomisrepresentation.

【答案】B

7.Whichofthefollowingstatementsaboutverificationof

compliancewiththeGlobalInvestmentPerformanceStandards(GIPS)is

leastaccurate?

A.Verificationisvoluntary.

B.Anewverificationreportmayacceptthepreviousverification

reportaspartofthebasis.

C.Verificationreportcanbeperformedwithspecificcomposites.

【答案】C

8.XiangLi,CFA,deputytreasurerforBBBCollege,managesthe

StudentScholarshipTrust.LiissuedaRequestforProposals(RFP)for

domesticequitymanagers.GongCheng,CFA,agoodfriendofLi,

introduceshimtorepresentativesfromCapitalInvestments,who

submittedaproposal.LiselectedCapitalasamanagerbasedonthefirm'

sexcellentperformancerecord.Shortlyaftertheselection,Cheng,who

hadoutstandingperformanceasanequitymanagerwithanotherfirm,

acceptedalucrativejobwithCapital.HaveLiandCheng,respectively,

violatedanyCFAInstituteStandardsofProfessionalConduct?

LiCheng

A.NoNo

B.NoYes

C.YesNo

【答案】A

9.WithrespecttothefundamentalsofcompliancewiththeGIPS

standards,dototalfirmassetsincludethemarketvalueofall:

Discretionaryassetsbutnotfee-payingassetsbutnot

nondiscretionaryassets?non-fee-pavingassets?

A.NoNo

B.NoYes

C.YesNo

【答案】A

10.AlexWu,CFA,aportfoliomanageratFASTFunds,callsafriend

tojoinhimfordinner.Thefriend,afinancialanalystatCalvinKlein(CK)

declinestheinvitationandexplainsthatsheisperformingduediligence

onOrcaElectronics,acompanythatCKisabouttoacquire.Afterthe

phonecall,AlexsearchestheInternetforanynewsoftheacquisitionbut

findsnothing.UponverifyingthatOrcaisonFAST'sapprovedstocklist,

AlexpurchasesOrca'scommonstockandcalloptionsfortheFASTfund.

Twoweekslater,CKannouncesitsintentiontoacquireOrca.Thenext

day,AlexsellsalloftheOrcasecurities,givingthefundaprofitof$3

million.AccordingtotheStandardsofPracticeHandbook,didAlex

violateanyCFAInstituteStandardsofProfessionalConduct?

A.No.

B.Yes,becausehetradedonmaterialnon-publicinformation.

C.Yes,becauseheallowedhisfriendtopassoninsiderinformation.

【答案】B

11.WinJangishisfirm'sresearchdirector,andoneofhisregular

dutiesistodistributeamonthly”Top10BuysandSells“listdrawnfrom

companieslistedinHongKong.Onemonth,Jangreadsanacademic

researchpaperdetailingascreeningalgorithm(basedoncompanies,

earnings,depreciation,interestexpense,andcurrentstockprice)that

wasusedtogenerateabnormalprofitsintheGermanstockmarket.Jang

appliesthealgorithm,withoutmakinganychanges,toHongKongstocks,

andusestheresultstoformthemonth'sbuyandselllist.Janghas:

A.Properlyreliedonanotherparty'sresearch.

B.Failedtohaveareasonablebasisforhisinvestment

recommendations,duetodifferencesintheGermanandHongKong

markets.

C.Failedtohaveareasonablebasisforhisinvestment

recommendations,duetotherelianceonaquantitativemodel.

【答案】B

12.AccordingtotheStandardsofPracticeHandbook,members

mustmakeareasonableinquiryintoaclient'sfinancialsituation,and

mustdoallofthefollowingexcept:

A.Considerthesuitabilityofinvestmentrecommendationsforthe

client.

B.Distinguishbetweenfactandopinionwhenmaking

recommendations.

C.Updateinformationintheclient'ssituationatleast

semi-annually.

【答案】C

13.Whichofthefollowingisnotareasonforthecreationofthe

GlobalInvestmentPerformanceStandards(GIPSstandards):

A.Toimproveinvestmentperformanceasmanagersdiversify

internationally.

B.Theneedforconsistentperformancemeasurementduetothe

globalizationoffinancialmarkets.

C.Toallowinvestmentclientstomoreeasilycompareinvestment

performances.

【答案】A

14.ZhangZhong,CFA,isaportfoliomanagerinalargeinvestment

managementcompany.HediscoversthatChenQin,CFA,oneofthe

assistantportfoliomanagershesupervises,mayhaveviolatedthelocal

securitylaw.AccordingtotheStandardsofPracticeHandbook,Zhang

Zhong'sinitialcourseofactionmustbeto:

A.placelimitsontheemployee'sactivities.

B.reporttheconducttogovernmentalauthorities.

C.startaninvestigationtodeterminetheextentofthewrongdoing.

【答案】C

15.TheeightmajorprovisionsoftheGlobalInvestment

PerformanceStandards(GIPS)atleastinclude:

A.AlternativeAssets.

B.RealEstate.

C.PrivateEquity.

【答案】A

16.CountryXrequiresfirmstopresentperformanceinformation

usingonlyrealizedreturns,whiletheGIPSstandardsrequirecalculations

tobebasedonbothrealizedandunrealizedreturns.Afirmlocatedin

countryX:

A.CannotclaimcompliancewithGIPSunlessitfullymeetsallGIPS

requirements.

B.Shouldfollowthecountry'sguidelines,andisallowedtoclaim

compliancewithGIPSaslongasallotherGIPSrequirementsaremet.

C.Shouldfollowthecountry'sguidelines,andisallowedtoclaim

compliancewithGIPSaslongasdisclosureismaderegardingthe

conflict.

【答案】C

17.Whichofthefollowingstatementsregardingtheverificationofa

company'sclaimtobeincompliancewiththeGIPSstandardsisnot

true?

A.Aninitialverificationmustcoveraminimumperiodoffiveyears.

B.Averifiermayaccepttheworkofapreviousverifieraspartofthe

basisopinion.

C.Verificationreportsmustconfirmthatthefirmhascompliedwith

allGIPSrequirementsonafirm-widebasis.

【答案】A

18.AnnaCheung,CFA,themarketingdirectoratFirstFinancials,

planstobealeadinginvestmentadvisorbymarketinganexclusive

investmentadvicelettertowealthyindividualsrelyingonthefirm's

reputations.Annathinksthatthemajorobstacletoclients'planisthe

complexityofFirstFinancials'investmentscreeningsystem,a

combinationoftechnicaltradingrulesandportfoliooptimization

techniquesdesignedtominimizerisk.Tosimplifythenewsletter,Anna

decidestoincludeonlyeachweek'stoptenbuyandsell

recommendationsandexcludetheinformationassociatedwiththe

methodsusedtoselectsecurities.AccordingtotheStandardsofPractice

Handbook,wouldAnna'sactionswithrespecttotheadviceletter

violateanyCFAInstituteStandardsofProfessionalConduct?

A.Yes,withrespecttomisrepresentation.

B.Yes,withrespecttodiligenceandreasonablebasis.

C.Yes,withrespecttocommunicationwithclientsandprospective

clients.

【答案】C

19.Comparedtoaunivariatenormaldistribution,thedistinguishing

featureofamultivariatenormaldistributionistheneedtospecifya

parameterthatisrelatedto:

A.themeanoftheindividualrandomvariables

B.thevarianceoftheindividualrandomvariables

C.thecorrelationbetweenindividualrandomvariables

【答案】c

20.Ananalystgatheredthefollowinginformationaboutastock

index:

Meannetincomeforallcompaniesintheindex

$3.2million

Standarddeviationofnetincomeforallcompaniesintheindex

$4.8million

Iftheanalysttakesasampleof36companiesfromtheindex,the

standarderrorofthesamplemeanisclosestto:

A.$88,889

B.$400,000

C.$800,000

【答案】C

21.Youareanalyzingasampleofmoneymanager'sreturnsfrom

thepopulationof900.AccordingtoChebyshev,sinequality,whatisthe

minimumnumberofmanagerswouldyouexpecttoliewithin2.5

standarddeviationsofthemeanreturn?

A.360

B.540

C.756

【答案】C

22.Whichofthefollowingchangesinsamplesizeanddegreesof

freedom,respectively,ismostlikelytoresultinanincreaseinthewidth

oftheconfidenceintervalforthepopulationmean?

SamplesizeDegreesoffreedom

A.IncreaseDecrease

B.DecreaseIncrease

C.DecreaseDecrease

【答案】C

23.On1January,Helen'sportfolioisvaluedat$1,000,000.Helen

wantstomakean$100,000paymenttobuyahouseon31Decemberof

thesameyear,butdoesnotwanttheyear-endportfoliovaluetofall

below$1,000,000.TheexpectedannualreturnontheinvestorJsexisting

portfoliois15percentwithanexpectedstandardsdeviationof20

percent.Therisk-freerateis8%.Thesafety-firstratiofortheportfoliois

closestto:

A.0.10

B.0.25

C.0.35

【答案】B

24.Aninvestor,sportfoliohasameanreturnof15percentanda

coefficientofvariationof

1.8.Iftherisk-freerateofreturnis5percent,theportfolio'sSharpe

ratioisclosetto:

A.0.27

B.0.37

C.0.56

【答案】B

25.Thebond-equivalentyieldforasemi-annualpaybondismost

likely:

A.morethantheeffectiveannualyield.

B.equaltotheeffectiveannualyield.

C.equaltodoublethesemi-annualyieldtomaturity.

【答案】C

26.JaneAcomporaiscalculatingequivalentannualizedyieldsbased

onthe1.3%holdingperiodyieldofa90-dayloan.Thecorrectordering

oftheannualmoneymarketyield(MMY),effectiveannualyield(EAY),

andbondequivalentyield(BEY)is:

A.MMY<EAY<BEY.

B.MMY<BEY<EAY.

C.BEY<EAY<MMY.

【答案】B

27.Ananalystdevelopsthefollowingprobabilitydistributionforthe

statesoftheeconomyandmarketreturns.

Whichofthefollowingstatementsaboutthisprobability

distributionisleastaccurate?

A.Theunconditionalprobabilityofanormalmarketis0.30.

B.Thejointprobabilityofhavingagoodeconomyandabear

marketis0.20.

C.Giventhattheeconomyispoor,theprobabilityofanormalora

bullmarketis0.50.

【答案】B

28.Ananalystestimatesastockhasa40%probabilityofearninga

10%return,a40%probabilityofearninga12.5%return,anda20%

probabilityofearninga30%return.Thestock'sstandarddeviationof

returnsbasedonthisreturnsmodelisclosestto:

A.3.74%.

B.5.75%.

C.7.58%.

【答案】C

29.Aninvestmentmanagerhasapooloffivesecurityanalystshe

canchoosefromtocoverthreedifferentindustries.Inhowmany

differentwayscanthemanagerassignoneanalysttoeachindustry?

A.15.

B.60.

C.125.

【答案】B

30.Shortfallriskisbestdescribedastheprobability:

A.ofacreditratingdowngradeduetopossibleearningsshortfalls.

B.offailingtomakeacontractuallypromisedpayment.

C.thatportfoliovaluewillfallbelowsomeminimumlevelata

futuredate.

【答案】C

31.WhatistheyieldonadiscountbasisforaTreasurybillpricedat

$97,965withafacevalueof$100,000thathas172daystomaturity?

A.3.95%.

B.4.26%.

C.4.07%.

【答案】B

32.Usethefollowingdatatocalculatethestandarddeviationofthe

return:

,50%chanceofa12%return

,30%chanceofa10%return

,20%chanceofa15%return

A.1.7%.

B.2.5%.

C.3.0%.

【答案】A

33.Comparedwithoutcomesthatresultfromcollusion,

independentactionbycompaniesoperatinginanoligopolisticindustry

wouldtendtodecrease:

A.Outputbutnotprices

B.Pricesbutnotoutput

C.Bothoutputandprices

【答案】B

34.Inthelongrun,whentheeconomyisatfullemployment,willa

decreaseinthequantityofmoneyduetorestrictivemonetarypolicy

thatbringsadecreaseinaggregatedemandlikelyresultin:

Thepricelevel?RealGDP?

A.NoNo

B.NoYes

C.YesNo

【答案】C

35.Allelsebeingequal,wouldappreciationordepreciationofa

country'scurrencymostI汰elyresultfroma(n):

Decreaseinthecountry,srealinterestrate?Decreaseinthe

country'sinflationrate?

A.AppreciationAppreciation

B.AppreciationDepreciation

C.DepreciationAppreciation

【答案】C

36.Monthlydemandforgasolineataparticularlocation,asa

functionofthepriceofgasolineandthepriceofbustravel,isgiven(in

hundredsofgallons)asQD=300-15Pgas+2Pbus"Theslopeofthe

demandcurveforgasolineisclosestto:

A.-0.07.

B.-0.13.

C.-15.00.

【答案】A

37.Whichofthefollowingstatementsaboutmonopolistsismost

accurate?

A.Monopolistshaveimperfectinformationaboutdemand.

B.Withoutgovernmentintervention,monopolistswillalwaysearn

economicprofits.

C.Amonopolistmaximizestotalrevenuewheremarginalrevenue

equalsmarginalcost.

【答案】A

38.Acentralbank'sabilitytoachieveitspolicygoalsismostlikelyto

belimitedbyavailableresourceswhenwhichofthefollowingactual

ratesisbelowitstargetrate?

A.Interestrate.

B.Inflationrate.

C.Exchangerate.

【答案】C

39.Whichofthefollowingstatementsregardingthemoneysupply

anddeterminationofshort-terminterestratesisleastaccurate?

A.Onbalance,growthinrealGDPtendstoincreasethe

transactionaldemandformoney.

B.Iftheshort-terminterestrateisgreaterthantheequilibriumrate,

therewillbeexcesssupplyofrealmoneybalances.

C.Anincreaseintherealmoneysupplyfromaninitialequilibrium

situationwillcausehouseholdsandbusinessestosellinterest-bearing

securities.

【答案】C

40.Whatarethemostlikelyeffectsonaggregatedemandinthe

currentperiodofanincreaseinexpectedfutureincomesandofan

increaseinthemoneysupply?

A.Bothincreaseaggregatedemand.

B.Bothdecreaseaggregatedemand.

C.Oneincreasesaggregatedemandandonedecreasesaggregate

demand.

【答案】A

41.Anincreaseinthesupplyofcarsismostlikelytobecausedbya

(n)：

A.increaseinwages.

B.decreaseinpriceofsteel.

C.decreaseinthepriceofcars.

【答案】B

42.WithrespecttotheIS-LMmodel,inanLMcurvethereal

interestrateis:

A.positivelyrelatedtorealincome,holdingtherealmoneysupply

constant.

B.heldconstant,resultinginexcesssavingsbeingpositivelyrelated

torealincome.

C.negativelyrelatedtorealincome,holdingthemarginal

propensitytosaveconstant.

【答案】A

43.Anindividualseesherincomerisefrom$80,000to$88,000,and

alongwithit,herconsumptionofGoodXhasdecreasedfromeight

dozenpackagesperyeartosixdozenpackagesperyear.GoodXshould

beclassifiedasa(n):

A.normalgood.

B.veblengood.

C.inferiorgood.

【答案】c

44.TheKeynesianviewsuggeststhatthegovernmentcanreduce

aggregatedemandbyusing:

A.restrictivefiscalpolicytoshiftthegovernmentbudgettowarda

surplus(orsmallerdeficit).

B.restrictivefiscalpolicytoshiftthegovernmentbudgettowarda

deficit(orasmallersurplus).

C.expansionaryfiscalpolicytoshiftthegovernmentbudgettoward

asurplus(orasmallerdeficit).

【答案】A

45.Whichofthefollowingisleastlikelytobeconsideredabarrier

todevelopingoneuniversallyrecognizedsetofreportingstandards?

A.Differencesofopinionamongvariousregulatorybodies.

B.Reluctanceoffirmstoadheretoasinglesetofreporting

standards.

C.Politicalpressurefromstakeholdersaffectedbyreporting

standards.

【答案】B

31.Whichofthefollowingismostlikelyusedbytechniciansto

measureinter-marketrelationships?

A.Fibonacciratios.

B.Stochasticoscillators.

C.Relativestrengthanalysis.

【答案】C

32.Whichofthefollowingwouldleastlikelybecategorizedasa

multivariatedistribution?

A.Thedaysastocktradedandthedaysitdidnottrade.

B.ThereturnofastockandthereturnoftheDJIA.

C.ThedaysastocktradedandthedaystheDJIAwentup.

【答案】A

33.Accordingtothecrowding-outmodel,persistent,large

governmentbudgetdeficitsaremostlikelytobeassociatedwitha(n):

A.increaseinnetexports

B.decreaseinprivatespending

C.decreaseintherealrateofinterest

【答案】B

34.Basedonhistoricaldataandassumingless-than-full

employment,periodsofsharpaccelerationinthegrowthrateofthe

moneysupplytendtobeassociatedinitiallywith:

A.anincreaseinthevelocityofmoney

B.reductionsinrealgrossdomesticproduct

C.arapidgrowthingrossdomesticproduct

【答案】C

35.AllenChen,CFA,statedthat,forthetypicalcompany,accounting

profittendstobegreaterthaneconomicprofitbecauseexplicitcostsare

generallynotincludedincalculatingaccountingprofit.Istheanalyst

correctwithrespecttothe:

Relationshipbetween

accountingprofitandeconomicprofit?Inclusionofexplicit

costs?

A.NoNo

B.NoYes

C.YesNo

【答案】C

51.U.S.GAAPandIFRShaveconvergedwithrespecttothe

treatmentof:

A.valuationofinventories.

B.interestreceivedonheld-to-maturitysecurities

C.unrealizedgainsonavailable-for-salesecurities.

【答案】C

52.UtilityCorporationusestheLIFOinventorymethod,butmostof

theothercompaniesinUtilityJsindustryuseFIFO.Whichofthe

followingbestdescribesoneoftheadjustmentsthatwouldbemadeto

Utility'sfinancialstatementstocomparethatcompanywithother

companiesintheindustry?ToadjustUtility'sendinginventory,tothe

FIFOmethod,theamountreportedforUtilityJsendinginventoryshould

be:

A.DecreasebytheendingbalanceinUtility'sLIFOreserve.

B.IncreasebytheendingbalanceinUtility'sLIFOreserve.

C.IncreasebythechangeinUtility?sLIFOreserveforthatperiod.

【答案】B

53.Ananalystisdoingthefollowingresearch.TheRegionalBankof

Australiareceivesinterestincomeontheloansithasoutstanding.Luck

ManufacturingInc.alsoreceivesinterestincomeonsomesurplusfunds

theycurrentlyhaveinvestedincorporatebonds.Foreachcompany,

respectively,theinterestincometheyreceivewouldbeclassifiedas

whichtypeofbusinessactivityforfinancialreportingpurposes?

TheRegionalBankofAustraliaLuckManufacturingInc.

A.OperatingactivityOperatingactivity

B.OperatingactivityInvestingactivity

C.InvestingactivityOperatingactivity

【答案】B

54.Ananalystgatheredthefollowinginformationaboutacompany'

scommonstock:

Thenumberofcommonsharesthatshouldbeusedtocalculatethe

company's2009basisearningspershareisclosestto:

A.253,333

B.346,667

C.480,000

【答案】B

55.Ananalystgatheredthefollowinginformationaboutacompany