特许金融分析师cfa考试题目-历年真题及答案

特许金融分析师cfa考试题目-历年真题

及答案

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.TomWu,CFA,istheownerandsoleemployeeoftwocompanies,

apublicrelationsfirmandafinancialresearchfirm.Thepublicrelations

firmenteredintoacontractwithMerrylinEnterprisestoprovidepublic

relationsservices.Accordingtothecontract,TomWureceived40,000

sharesofMerrylinstockinpaymentforhisservices.Overthenext10

days,thepublicrelationsfirmissuedseveralpressreleasesthat

discussedMerrylin?sexcellentgrowthprospects.TomWu,throughhis

financialresearchfirm,alsopublishedaresearchreportrecommending

Mallorystockasabuy.AccordingtotheStandardsofPracticeHandbook,

wasTomWurequiredtodisclosehisownershipofMerrylinstockinthe:

Pressrelease?Researchreport?

A.NOYES

B.YESNO

C.YESYES

【答案】C

7.WangGang,CFA,isabankindustryresearchanalystforalarge

brokeranddealerfirm.Heisattendingacompanypresentationfor

MellonBankwithasmallgroupofanalystsfromothercompanies.A

companyofficialatMellonBankcommentstothegroupduringthe

meeting,uYesterday,managementmadethedecisiontoimplementa

largesharerepurchaseplanwhichweplantoannounceinapress

releaseearlynextweek."AccordingtotheStandardsofPractice

Handbook,WangGang:

A.mustrefrainfromdiscussingtheinformationwithanyoneelse.

B.mayactonthisinformationasitisnolongermaterial,non-public

informationwhenpublic.

C.shouldencouragethecompanythatissuedtheinformationto

makeitpublicassoonaspossible.

【答案】C

8.ZhongYiXie,CFA,aportfoliomanagerforPIAInvestments,plans

tomanagetheportfoliosofseveralfamilymembersinexchangefora

percentageofeachportfolio?sprofits.Ashisfamilymembershave

requestedthatZhongYiXieprovidetheserviceoutsidehisemployment

withPIA,henotifieshisemployerinwritingofhisprospectiveoutside

employment.Twoweekslater,ZhongYiXiehasreceivednoresponse

fromhisemployerandbeginsmanagingthefamilymembers'portfolios.

Bymanagingtheseportfolios,didZhongYiXieviolateanyCFAInstitute

StandardsofProfessionalConduct?

A.No.

B.Yes,becausehefailedtoobtainwrittenconsentfromhis

employer.

C.Yes,becausehefailedtodisclosetheoutsideemploymenttohis

existingclients.

【答案】B

9.JohnHarrishaspassedLevelIoftheCFAexam.Althoughhe

registeredfortheLevelIIexam,hefailedtositfortheexamduetoa

businessemergency.Johnplanstore-registerfortheexam.Accordingto

theCodeandStandards,incommunicationswithprospectiveclients,

Johnisallowedto:

A.statethathehaspassedLevelIoftheexam.

B.refertohimselfasacandidateintheCFAprogram.

C.refertohimselfasaCFAI.

【答案】A

10.WilliamWong,CFA,isanequityanalystwithHayswickSecurities.

Basedonhisfundamentalanalysis,Wongconcludesthatthestockofa

companyhefollows,NolvecInc.,issubstantiallyundervaluedandwill

experiencealargepriceincrease.Hedelaysrevisinghisrecommendation

onthestockfrom“hold"to"buy"toallowhisbrothertobuyshares

atalowerprice.AccordingtotheStandardsofPracticeHandbook,

WilliamWongisleastlikelytoviolatetheprofessionalConductthat

relatesto:

A.Dutytoclients.

B.Reasonablebasis.

C.Dutytohisemployer.

【答案】B

11.Thefollowinginformationinvolvestworesearchanalystsata

brokeragefirm.

ErikBagenot,CFA,ispreparingaresearchreportonGlobal

Enterprises,Inc.Inpreparingthereport,heusesmaterialsfrommany

sources.Forexample,heusesfactualinformationpublishedbyStandard

&Poor*sCorporationwithoutacknowledgingthesource.Healsouses

excerptsfromaresearchreportpreparedbyanotheranalyst.Bagenot

makesonlyaslightchangeinwordingfortheseexcerpts,but

acknowledgesthesource.

SallyWain,whoiscurrentlyenrolledintheCFAprogram,is

preparingaresearchreport,onMansonTelecommunications.She

attendsaconferenceinwhichseveralinvestmentexpertsprovidetheir

viewsaboutthefutureprospectsofthiscompany.Waincitesseveral

quotationsfromtheseinvestmentexpertsinherreportwithoutspecific

reference.

AccordingtotheCFAinstituteStandardsofProfessionalConduct

involvingprohibitionagainstplagiarism,whichofthefollowing

statementsistrue?

A.NeitherBagenotnorWainviolatedtheStandards.

B.BothBagenotandWainviolatedtheStandards.

C.WainviolatedtheStandards,butBegenotdidnot.

【答案】C

12.SeanDahib,CFA,isinchargeofthecomplianceprogramathis

investmentfirm.AccordingtotheStandardsofPracticeHandbook,asa

supervisor,Seanshouldleastlikelyperformwhichofthefollowing

activities?

A.Respondpromptlytoallviolations.

B.Disseminatethecontentsoftheprogramtoallpersonnel.

C.Incorporateaprofessionalconductevaluationaspartofan

employee'sperformancereview.

【答案】B

13.KarenWilson,CFA,superviseseightjunioranalystsatSpartan

FinancialServices.Karensuspectsthatoneoftheanalystsisviolating

Spartan'spersonalinvestingpolicy.AccordingtotheStandardsof

PracticeHandbook,Karen'smostappropriateinitialactionisto.

A.Initiateaninvestigation.

B.Notifyhersupervisoroftheanalyst'ssuspectedmisconduct.

C.Requiretheanalysttoliquidateandcloseallpersonalaccounts.

【答案】A

14.FredFunk,CFA,agreedinwritingwithhisformeremployernot

tosolicitformerclientsforaperiodofoneyearafterhistermination.

Afterhelefthisformeremployer,heconsultedwithalawyerabout

whethertheagreementwaslegallyenforceable.ThelawyeradvisedFred

thatitwasdoubtfulthattheagreementcouldbeenforced,soFredsent

amarketingbrochureabouthisnewfirmtohisformerclients.According

totheStandardsofPracticeHandbook,whichofthefollowing

statementsismostaccuratewithrespecttoFred'sconduct?

A.TheStandardsdonotapplytoFred'sconduct.

B.TheStandardsrequiresFredtocomplywiththeagreementwith

hisformeremployer.

C.BecauseFredreliedupontheopinionoflegalcounsel,hedidnot

violatetheStandards.

【答案】B

15.HalChen,CFA,developsmarketingmaterialsforaninvestment

fundhefoundedthreeyearsago.Thematerialsshowthe3-,2-and

1-yearreturnsforthefund.Heincludesafootnotethatstatesinsmall

print“Pastperformancedoesnotguaranteefuturereturns.vHealso

includesaseparatesheetshowingthemostrecentsemi-annualand

quarterlyreturns,whichnotestheyhavebeenneitherauditednor

verified.HasChenmostlikelyviolatedanyCFAInstituteStandardsof

ProfessionalConduct?

A.No.

B.Yes,becauseheincludedun-auditedandunverifiedresults.

C.Yes,becausehedidnotadheretotheglobalinvestment

performancestandards.

【答案】A

16.ForyearsJohnBerger,aCFAcharterholderandCEOofa

company,relieduponasetofreasonableproceduresforpreventing

violationsoftheCodeandStandardsofProfessionalConductinthefirm.

TonotbeliableforaviolationoftheStandards,Bergermust:

A.donothingmorethanhavethesetofproceduresinplaceas

stated.

B.periodicallyreviewtheprocedures.

C.bothperiodicallyreviewtheproceduresandensurethe

proceduresaremonitoredandenforced.

【答案】C

17.AccordingtotheStandardsofPracticeHandbook,inorderto

fulfillthebasicprovisionandprocedureofthesuitabilitystandards,

shouldaclientTswritteninvestmentpolitystatement(IPS):

TakeperformancemeasurementBereviewedat

leastannually?

benchmarksintoconsideration?

A.YesYes

B.YesNo

C.NoYes

【答案】A

18.Ananalystmeetswithanewclient.Duringthemeeting,the

analystseesthatthenewclientTsportfolioisheavilyinvestedinone

over-the-counterstock.Theanalysthasbeenfollowingthestockand

thinksitwillperformwellinthelongrun.Theanalystarrangesthrougha

brokeragefirmtosimultaneouslysellalargenumberofsharesofthe

stockviaaseriesofcrosstradesfromthenewclient'sportfolioto

variousexistingclients.Hearrangesthetradestobeexecutedataprice

thatapproximatesthecurrentmarketprice.Thisactionis:

A.notinviolationoftheStandards.

B.aviolationofStandardlll(A),Loyalty,Prudence,andCare.

C.aviolationofStandard111(B),FairDealing.

【答案】A

19.Ananalystgatheredthefollowinginformationaboutthe

monthlyreturnsoverthesametimeperiodfromtwodiversified

investmentportfolios:

TheanalyststatedthatPortfolioXisnegativelyskewedand

PortfolioYispositivelyskewed.Istheanalystcorrectwithrespectto:

PortfolioX?PortfolioY?

A.NoNo

B.NoYes

C.YesNo

【答案】A

20.Apensionfundexpectstopayobligationsof$5,000,0004

yearsfromtoday.Thefundwillfundthisobligationbymaking5annual,

equaldepositsintoanaccountearning3%,withthefirstdeposit

occurringtoday,andthelastoccurringatthetimetheobligationisdue.

Whatsizemusteachannualdepositbe?

A.$904,874.

B.$941,773.

C.$1,125,662.

【答案】B

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,HelenJsportfolioisvaluedat$1,000,000.Helen

wantstomakean$100,000paymenttobuyahouseon31Decemberof

thesameyear;butdoesnotwanttheyear-endportfoliovaluetofall

below$1,000,000.Theexpectedannualreturnontheinvestor?sexisting

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.Ifanormaldistributionhasameanof10andavarianceof40,a

standardizedvalueof0.5correspondstoanobservationvaluethatis

closestto:

A.6.84

B.13.16

C.20.00

【答案】B

27.Theleastaccuratestatementaboutmeasuresofdispersionfora

distributionisthatthe:

A.Rangeprovidesnoinformationabouttheshapeofthedata

distribution.

B.Meanabsolutedeviationwillalwaysbesmallerthanthestandard

deviation.

C.Arithmeticaverageofthedeviationsaroundthemeanwillalv/ays

beequaltoone.

【答案】C

28.Ananalystcollectsthefollowingsetoftenreturnsfromthe

past.

Thegeometricmeanreturn(%)isclosestto:

A.9.62.

B.10.81.

C.10.89.

【答案】B

29.Aportfolioearnedthefollowingholdingperiodreturnsduring

2006:

Theportfolio?stime-weightedrateofreturnfor2006wasclosest

to:

A.6.9%

B.7.5%

C.30.4%

【答案】c

30.Whichofthefollowingchartsillustratestheopeningpricefor

eachtradingperiod?

A.Point-and-figurechart.

B.Linechart.

C.Candlestickchart.

【答案】C

31.Ifatwo-tailedhypothesistesthasa5%probabilityofrejecting

thenullhypothesisv/henthenullistrue,itismostlikelythatthe:

A.powerofthetestis95%.

B.confidencelevelofthetestis95%.

C.probabilityofaTypeIerroris2.5%.

【答案】B

32.Whichofthefollowingstatementsabouthypothesistestingis

mostaccurate?

A.RejectingatruenullhypothesisisaTypeIerror.

B.Thepowerofatestistheprobabilityoffailingtorejectthenull

hypothesiswhenitisfalse.

C.Foraone-tailedtestinvolvingX,thenullhypothesiswouldbeHO:

X=0,andthealternativehypothesiswouldbeHA:XW0.

【答案】A

33.Abusinesscycletheorydevelopedbyapplyingutilitytheoryand

budgetconstraintstomacroeconomicmodelsismostcloselyassociated

withwhichschoolofeconomicthought?

A.Austrian.

B.NewClassical.

C.NewKeynesian.

【答案】B

34.Alossofeconomicefficiencyfrompriceregulationisleastlikely

toresultfroma:

A.rentceilingthateffectivelyincreasesrenters'searchtimesfor

availableunits.

B.minimumwagethatisgreaterthantheequilibriumwagefor

unskilledworkers.

C.maximumpriceforelectricitysetatapricelevelatwhichthe

quantityofelectricitysuppliedisgreaterthanthequantitydemanded.

【答案】C

35.Considerthefollowingforeignexchangeandinterestrate

information:

•Spotrate:1.3382USD/EUR.

•OneyearrisklessUSDrate=2.5%.

•OneyearrisklessEURrate=3.5%.

Theone-yeararbitrage-freeforwardexchangerateisclosestto:

A.1.2391USD/EUR.

B.1.3253USD/EUR.

C.1.3513USD/EUR.

【答案】B

36.Sixcompaniesinanindustryhavethefollowingmarketshares:

IfCompaniesDandFmergeintoanewCompany,G,theindustry's

three-companyconcentrationratiowouldbeclosestto:

A.72%.

B.74%.

C.71%.

【答案】B

37.Whichofthefollowingwillmostlikelycausetheshort-run

aggregatesupply(SRAS)curvetoshifttotheright?

A.Increaseinbusinesstaxes

B.Increaseinthesupplyofhumancapital

C.Increaseinnominalwages

【答案】B

38.Acountry'sinternationaltransactionsaccountsdataforlastyear

arepresentedinitsdomesticcurrency:

Thecurrentaccountbalanceisclosestto:

A.-4,216.

B.-4,345.

C.-4,087.

【答案】C

39.Theunemploymentrateisbestdescribedastheratioof

unemployedto:

A.totalpopulationofpeoplewhoareofworkingage.

B.laborforce.

C.laborforceminusfrictionallyunemployed.

【答案】B

40.Assumethattwofirmsinaduopolyenterintoacollusive

agreementinanattempttoformacartelandrestrictoutput,raiseprices,

andincreaseprofits.AccordingtotheNashequilibrium,alowpriceis

mostlikelychargedby:

A.onlyonefirm.

B.bothfirms.

C.neitherfirm.

【答案】C

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.Adescriptivemeasureofapopulationcharacteristicisbest

describedasa:

A.parameter.

B.frequencydistribution.

C.samplestatistic.

【答案】A

32.Ingeneratinganestimateofapopulationparameter,alarger

samplesizeismostlikelytoimprovetheestimator's:

A.consistency.

B.efficiency.

C.unbiasedness.

【答案】A

33.TheprobabilityofEventAis40%.TheprobabilityofEventBis

60%,ThejointprobabilityofABis40%.Theprobability(P)thatAorB

occurs,orbothoccur,isclosestto:

A.60%.

B.40%.

C.84%.

【答案】A

34.WhichofthefollowingstatementswithrespecttoGiffenand

Veblengoodsisleastaccurate?

A.Giffengoodsare"inferior,"whereasVeblengoodsare

"high-status"goods.

B.Bothtypesofgoodsviolatethefundamentalaxiomsofdemand

theory.

C.Bothtypesofgoodsdemonstratethepossibilityofapositively

slopingdemandcurve.

【答案】B

35.Theaggregatedemandandsupplyfunctionsforthelocalmarket

forpizza,alongwithsomerelevantdata,isprovidedinthefollowing

table.

Thenumberofunitsofexcessdemandforpizzaisclosestto:

A.2,358.

B.1,471.

C.2,072.

【答案】A

51.Inaperiodofdecliningpricesandstableorincreasinginventory

quantities,whichofthefollowingdescriptionsontheimpactofLIFOand

FIFOonfinancialstatements(is)aretrue?

LIFOFIFO

I.InventoryHigherLower

II.NetincomeHigherLower

III.CashflowfromoperationsHigherLower

A.Illonly.

B.IandIIonly.

C.IandIIIonly.

【答案】B

52.Asteelmanufacturingcompanyclassifiesshippingcostscharge

tocustomersasrevenueandclassifiespaymentsthatthecompany

makestoshipperasselling,generalandadministrativeexpense.Allelse

beingequal,thecompany'streatmentofshippingcostismostlikelyto:

A.overstateoperatingincome

B.overstatethegrossprofitmargin

C.understateoperatingincome

【答案】B

53.In2009,theaveragemarketpriceofacompany'scommon

stockwas$60pershareandbasicearningspersharewas$1.60.With

respecttothecomputationof2009dilutedearningspershareforthat

company,useofthetreasurystockmethodwouldmostlikelyresultin

incrementalsharesoutstandingrelatedtothecompany,s:

A.7%convertiblebonds.

B.optionswithanexerciseof$65pershare.

C.warrantswithanexerciseof$55pershare.

【答案】C

54.L'EauLtd.Reportedsalesof$56,000,000fortheyearended

December31,2009,Accountsreceivablebalanceswere$8,560,000at

January1,2009,$9,600,000atDecember31z2009.Thecompany'scash

collectionfromsalesfor2009isclosestto:

A.$42,500,000

B.$48,750,000

C.$54,960,000

【答案】C

55.Foracompanywithincreasingcapitalexpenditures,whichof

thefollowingdescriptionsontheimpactofusingthestraightlineor

accelerateddepreciationmethodsonfinancialstatementsis(are)true?

Straight-lineAcceleratedDepreciation

I.NetincomeHigherLower

II.CashflowfromoperationsHigherLower

III.ReturnonassetsHigherLov/er

IV.AssetturnoverHigherLower

A.IandIllonly.

B.I,IIandIIIonly.

C.I,IIandIVonly.

【答案】A

56.Ananalystgatheredthefollowinginformatio