特许金融分析师CFA考试试题汇编(含答案)

特许金融分析师CFA考试试题汇编

（含答案）

1.LiFeng,CFA,managesaccountsforhighnetworthclients

includinghisownfamily?saccount.Hehasnobeneficialownershipinhis

family,saccount.BecauseLiisconcernedabouttheappearanceof

improperbehaviorinmanaginghisfamily!saccount,whenhisfirm

purchasesablockofsecurities,Liallocatestohisfamily'saccountonly

thosesharesthatremainafterhisotherclientaccountshavetheirorders

filled.Thefeeformanaginghisfamily'saccountisbasedonhisfirm's

normalfeestructure.AccordingtotheStandardsofPracticeHandbook,

Li'sbestcourseofactionwithregardtomanagementofhisfamily,s

accountwouldbeto:

A.treattheaccountlikeotherclientaccounts.

B.arrangefortheaccounttobetransferredtoanotherfirm.

C.transfertheaccounttoanotherinvestmentmanagerinhisfirm.

【答案】A

2.AccordingtoCFAInstituteStandardsofProfessionalConduct,

membersmustpreservetheconfidentialityofinformationreceivedfrom

aclientunless:

A.Theinformationpertainstoanimpendingtenderoffer.

B.Theclienthasalsoprovidedtheinformationtoanothermember.

C.Thememberisawareofillegalactivityoftheclient.

【答案】c

3.AccordingtotheCFAInstituteStandardsofProfessionalConduct,

beneficialsecurityownershipthatmightimpairone'sprofessional

judgmentmustbedisclosedtoallofthefollowingexcept:

A.Clients

B.Prospects

C.Fellowmembersemployedbythesamefirm

【答案】C

4.AccordingtotheCFAInstituteStandardsofPracticehandbook,

insidertradingistheleastlikelytobepreventedbyestablishing:

A.firewalls

B.watchlist

C.selectivedisclosure

【答案】C

5.WuYang,CFA,managesindividualportfoliosforFarEastTrust

Company.HuHaiyun,aclient,proposestoWuYang,“Anyyearmy

portfolioachievesatleasta20percentreturnbeforetax,youandyour

familycanflytoSanyainHainanProvinceinChinaatmyexpenseand

usemycondominiumduringtheSpringFestivalinFebruary.nWhileWu

Yangdoesnotinformhisemployerofthearrangement,hewatchesHu

Haiyun,sportfolioperformanceintensivelythroughouttheyearand

makessureheraccountgetstoppriorityforanypartiallyexecutedblock

tradeorder.HuHaiyun'sportfolioreturnexceedsthe20percenttarget

fortheyear,andWuYangvacationsinSanyathefollowingFebruaryas

HuHaiyun'sguest.AccordingtotheStandardsofPracticeHandbook,

WuYangisleastlikelytohaveviolatedtheCFAInstituteStandards

relatingto:

A.fairdealing

B.disclosureofconflicts

C.priorityoftransactions

【答案】C

6.PatriciaNelson,CFA,wasinformedbyoneofherclientsthatif

Nelsoncouldgettheperformanceoftheclientfirm'spensionportfolio

abovethatoftheStandard&Poor'saveragebyyearendztheclient

wouldgiveherafreetriptoSingaporetovisitthefirm'soffices.IfNelson

agreestothisarrangement,whichofthefollowingactionscomplieswith

CFAInstituteStandardsofProfessionalConduct?Nelson:

A.mustinformheremployerofthisagreementbutdoesnotneed

consent.

B.mayinformheremployerbye-mailofthisagreementandmust

receivewrittenconsent.

C.mustinformheremployerofthisagreementbutmayacceptit

withverbalconsent.

【答案】A

9.SamuelParkin,aprincipalofArgorAdvisers,isinchargeof

preparingthefirm'sperformancehistoryinaccordancewithGIPS.Parkin

iscarefultoincludeeveryportfoliomanagedintoacompositefor

reporting.Attheendofeachyear;heassignseachportfoliotoasingle

composite.Hecalculatesthetotalreturnoneachportfolioandaverages

themtocalculatethecompositeperformancefortheyear.Withrespect

tohisassignmentofportfoliostocompositesandhiscalculationof

compositetotalreturns,hasParkinviolatedtherequirementsofGIPS?

A.BothoftheseactionsviolateGIPS.

B.NeitheroftheseactionsviolatesGIPS.

C.OnlyoneoftheseactionsviolatesGIPS.

【答案】A

10.SusanSmart,CFA,isabouttochangeher"buy"

recommendationonRollinsCoto"sell."RoilinsCohadbeengrowing

rapidlyoverthepastyear,butSmartbelievesthegrowthpotentialis

nowgone.Smartsellsthesharesheldinherdiscretionaryclient

accountsandinherownpersonalaccountbeforeissuingherreport.

AccordingtotheStandardsthatconcernfairdealingandpriorityof

transactions,Smartviolated:

A.bothoftheseStandards.

B.neitheroftheseStandards.

C.onlyoneoftheseStandards.

【答案】A

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.RonDunder,CFA,istheCIOforBlingTrust(BT),aninvestment

adviser.Dunderrecentlyassignedoneofhisportfoliomanagers,Doug

Chetch,tomanageseveralaccountsthatprimarilyinvestinthinlytraded

micro-capstocks.DundersoonnoticesthatChetchplacesmanystock

tradesfortheseaccountsonthelastdayofthemonth,towardthe

market'sclose.Dunderfindsthistradingactivityunusualandspeaksto

Chetch,whoexplainsthatthetradingactivitywascompletedatthe

client'srequest.Dunderdoesnotinvestigatefurther.Sixmonthslater,

regulatoryauthoritiessanctionBTformanipulatingmicro-capstock

pricesatmonthendinordertoboostaccountvalues.DidDunderviolate

anyCFAInstituteStandardsofProfessionalConduct?

A.Yes,becausehefailedtoreasonablysuperviseChetch

B.Yes,becausehedidnotreporthisfindingstoregulatory

authorities

C.No.

【答案】A

17.TheGlobalInvestmentPerformanceStandardsleastlikely

require:

A.nondiscretionaryportfoliostobeincludedincomposites

B.non-fee-payingportfoliostobeexcludedinthereturnsof

appropriatecomposites

C.compositestobedefinedaccordingtosimilarinvestment

objectivesand/orstrategies

【答案】A

18.JeffersonPiedmont,CFA,aportfoliomanagerforPark

Investments,planstomanagetheportfoliosofseveralfamilymembers

inexchangeforapercentageofeachportfolio'sprofits.Becausehis

familymembershaveextensiveportfoliosrequiringsubstantialattention,

theyhaverequestedthatPiedmontprovidetheservicesoutsideofhis

employmentwithPark.Piedmontnotifieshisemployerinwritingofhis

prospectiveoutsideemployment.Twoweekslater,Piedmontbegins

managingthefamilymembers'portfolios.Bymanagingtheseportfolios,

whichofthefollowingCFAInstituteStandardsofProfessionalConduct

hasPiedmontviolated?

A.ConflictsofInterest

B.AdditionalCompensation

C.BothAdditionalCompensationandConflictsofInterest

【答案】c

19.MonteCarlosimulationisbestdescribedas:

A.arestrictiveformofscenarioanalysis

B.providingadistributionofpossiblesolutionstocomplex

functions

C.anapproachtobacktestdata

【答案】B

20.Thebeliefthattrendsandpatternstendtorepeatthemselves

andare,therefore,somewhatpredictablebestdescribes:

A.arbitragepricingtheory

B.technicalanalysis

C.weak-formefficiency

【答案】B

21.Thefollowingsampleof10itemsisselectedfromapopulatian.

Thepopulationvarianceisunknow.

Thestandarderrorofthesamplemeanisclosestto:

A.10.84

B.3.43

C.3.60

【答案】B

22.Aportfoliomanagerestimatestheprobabilitiesofthefollowing

eventsforamutualfund:

•EventA:thefundwillearnareturnof5%.

•EventB:thefundwillearnareturnbelow5%

Theleastappropriatedescriptionoftheeventsisthattheyare:

A.dependent.

B.exhaustive.

C.mutuallyexclusive.

【答案】B

23.Thefollowingchartisbestdescribedasanexampleofwhich

typeoftechnicalanalysischart?

A.Acandlestickchart

B.Abarchart

C.Apointandfigurechart

【答案】A

24.Insettingtheconfidenceintervalforthepopulationmeanofa

normalorapproximatelynormaldistribution,andgiventhatthesample

sizeissmall,Student'st-distributionisthemostappropriateapproach

whenthevarianceis:

A.unknown.

B.large.

C.known.

【答案】A

25.Astockisdeclininginpriceandreachesapricerangewherein

buyingactivityissufficienttostopthedecline.Thisrangeisbest

describedasthe:

A.changeinpolaritypoint.

B.resistancelevel.

C.supportlevel.

【答案】C

26.Aninvestorisconsideringinvestinginoneofthethreefollowing

portfolios:

Iftheinvestor'sminimumacceptablereturnis5%,theoptimal

portfoliousingRoy'ssafety-firstcriterionis:

A.PortfolioX.

B.PortfolioY.

C.Portfolio乙

【答案】C

27.Ananalystistestingthehypothesisthatthevarianceofmonthly

returnsforIndexLequalsthevarianceofmonthlyreturnsforIndexM

basedonsamplesof50monthlyobservations.Thesamplevarianceof

IndexLreturnsis0.085,whereasthesamplevarianceofIndexMreturns

is0.084.Assumingthesamplesareindependentandthereturnsare

normallydistributed,whichofthefollowingrepresentsthemost

appropriateteststatistic?

A.

B.

C.

【答案】A

28.IftheprobabilityofeventJmultipliedbytheprobabilityof

eventKisnotequaltothejointprobabilityofeventsJandK,thenevents

JandKaremostlikely:

A.dependentevents.

B.independentevents.

C.mutuallyexclusiveevents.

【答案】A

29.AlanBarnes,CFA,isinterestedintheexpectedquarterlyreturn

onFTSE100stockindex.Hehasdataforthelastfiveyearsandcalculates

theaveragereturnontheindexoverthelast20quarters.Thisaverage

return:

A.isdifferentfromthestatisticheistryingtoestimatebythe

amountofthesamplingerror.

B.overstatesthereturnbecauseheshoulddividebythesquare

rootof20whenusingameanvalue.

C.overstatestheexpectedreturnbecauseheshouldhaveusedthe

geometricmeanandnotthesimpleaverage.

【答案】A

30.Whichofthefollowingstatementsregardingthesignificance

levelofahypothesistestismostaccurate?

A.Givenasignificancelevelof5%,atestwillrejectatruenull

hypothesis5%ofthetime.

B.Ifthesignificancelevelofatestis5%,itwillyieldthecorrect

decisionaboutthenullhypothesis95%ofthetime.

C.Ifthesignificancelevelofatestis95%,itwillyieldthecorrect

decisionaboutthenullhypothesis95%ofthetime.

【答案】A

31.Foranassetwithapriceof1000,whichofthefollowingprice

targetsisleastlikelybasedonFibonacciratio?

A.618.

B.1294.

C.1618.

【答案】B

32.Aportfolioofnon-dividend-payingcommonstocksearneda

geometricmeanreturnof5percentbetween1January2002and31

December2008.Thearithmeticmeanreturnforthesameperiodwas6

percent.Ifthemarketvalueoftheportfolioatthebeginningof2002was

$100,000,themarketvalueoftheportfolioattheendof2008was

closestto:

A.$137,000

B.$140,710

C.$141,030

【答案】B

33.Whichofthefollowingisnottrueregardingtozeroeconomic

profit?

A.Thenetpresentvalueofcashflowswhendiscountedatthefirms

costofcapitalwillequaltozero.

B.Thefirmisjustprofitableenoughtomakeanormalreturn.

C.Thereturnforthefirmisinsufficientfortherisktaken.

【答案】C

34.Ananalystdoesresearchonpricediscrimination?simpact.

Comparedtousingasinglepriceinamarketcharacterizedby

monopolisticcompetition,usingpricediscriminationwhentwocustomer

groupshavedifferentdemandelasticitiesisleastlikelytoresultin:

A.newproductiveventures.

B.anincreaseintotaloutput.

C.lowerpricesforbothgroups.

【答案】C

35.Accordingtothecharacteristicsofconsumerindifferencecurves,

consumerindifferencecurvesforanygivenindividualareleastlikely

that:

A.moreispreferredtoless.

B.crossoneanotheratcertainpoint.

C.theutilityofagooddeclinesthemoreofityouconsume.

【答案】B

36.Thecrowding-outmodelsuggeststhatthestimuluseffectof

increasedgovernmentexpenditureswillbemodifiedbychangesinreal

interestratesandtheflowofforeignfinancialcapital,becausereal

interestrateswill:

A.Riseandinflowsoffinancialcapitalfromoutsidethecountrywill

increase.

B.Riseandinflowsoffinancialcapitalfromoutsidethecountrywill

decrease.

C.Fallandinflowsoffinancialcapitalfromoutsidethecountrywill

increase.

【答案】A

37.Whichofthefollowingfiscalpolicymodelsismostlikelyto

supporttheconclusionthattheadjustmentofmoneywagestorestore

full-employmentequilibriumisrapidandthatwithoutthedistorting

effectsoftaxes,long-runequilibriumrealoutputwouldincreasewith

increasesinthelaborforceandaccumulatedcapital,andwith

improvementsintechnology?

A.Classical.

B.Keynesian.

C.Newclassical.

【答案】A

38.Anexpansionaryfiscalpolicyismostlikelytoincludea(n):

A.Increaseingovernmentexpendituresandadecreaseintaxrates.

B.Decreaseinbothgovernmentexpendituresandtaxrates.

C.Increaseinbothgovernmentexpendituresandtaxrates.

【答案】A

39.AccordingtothemodernviewofthePhillipscurve,theactual

inflationis6%,whiletheexpectedinflation5%,themostlikelyinitial

effectisthat:

A.Thenaturalrateofunemploymentwillrise.

B.Unemploymentwillfallbelowitsnaturalrate.

C.Unemploymentwillriseaboveitsnaturalrate.

【答案】B

40.Formarketswithperfectlyelasticsupplyandperfectlyinelastic

supply,respectively,theintroductionofataxwillmostlikelyresultin:

A.

B.

C.

【答案】C

41.Withrespecttodiscretionarychangesinfiscalpolicy,thetime

periodbetweentherecognitionofthechangeandthetimethepolicy

changeisenactedisbestdescribedasthe:

A.Impactlag.

B.Recognitionlag.

C.Administrativelag.

【答案】C

42.Whichofthefollowingtypesofunemploymentismostlikelyto

beassociatedwithaneconomyinwhichconstantchangesoccurinthe

economythatpreventqualifiedunemployedpeoplefromfillingexisting

jobopenings?

A.Cyclical.

B.Frictional.

C.Structural.

【答案】B

43.Whichofthefollowingstatementsismostlikelytocharacterize

theprincipal-agentproblembetweenbuyersandsellersofservices?

A.Principalscanimposetheirownobjectivesonagents.

B.Principalscanhavecompleteinformationaboutagentbehavior.

C.Agentscannotbecompletelymonitored.

【答案】C

44.TheprimarydifferencebetweentheMcCallumruleandthe

TaylorruleisthattheMcCallumrulefollowsthe:

A.Monetaristfeedbackruleandadjuststhefederalfundsrateto

targettheinflationrate.

B.Keynesianfeedbackruleandadjuststhegrowthrateofthe

monetarybasetotargettheinflationrate.

C.Monetaristfeedbackruleandadjuststhegrowthrateofthe

monetarybasetotargettheinflationrate.

【答案】C

45.LuxuryInc.'sfinancialstatementsfortheyearendedDecember

31,2009includedthefollowinginformation(in$millions):

Cashflowfromoperations(CFO)forLuxury,Inc.fortheyearended

December31,2009was:

A.$3million.

B.$12million.

C.$10million.

【答案】B

31.Asampleof240managedportfolioshasameanannualreturn

of0.11andastandarddeviationofreturnsof0.23.Thestandarderrorof

thesamplemeanisclosestto:

A.0.00096.

B.0.00710.

C.0.01485.

【答案】C

32.Atwo-tailedt-testofthehypothesisthatthepopulationmean

differsfromzerohasap-valueof0.0275.Usingasignificancelevelof5%,

themostappropriateconclusionis:

A.toacceptthenullhypothesis.

B.torejectthenullhypothesis.

C.thatthechosensignificancelevelistoohigh.

【答案】B

33.Whichofthefollowingistheleastlikelyoutcomewhena

monopolistadoptsfirst-degreepricediscriminationbecauseof

customers'differingdemandelasticities?

A.Themonopolistsharesthetotalsurpluswithconsumers.

B.Theoutputincreasestothepointatwhichpriceequalsthe

marginalcost.

C.Thepriceforamarginalunitdecreasestolessthanthepricefor

otherunits.

【答案】A

34.Theprimarymonetarypolicygoalofmostmajorcentralbanksis

bestcharacterizedas:

A.maintainingpricestability.

B.stimulatingeconomicgrowth.

C.maintaininglowinterestrates.

【答案】A

35.Whichofthefollowingisleastlikelytobeavalid

function/characteristicofmoney?Money:

A.requiresadoublecoincidenceofwants.

B.actsasaunitofaccount.

C.providesastoreofwealth.

【答案】A

51.Inaperiodofdecliningpricesandstableorincreasinginventory

quantities,whichofthefollowingdescriptionsontheimpactofLIFOand

FIFOonfinancialstatements(is)aretrue?

LIFOFIFO

1.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,$9,600,000atDecember31；2009.Thecompany'scash

collectionfromsalesfor2009isclo