2018年CFA一级官方mock(中册)

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2018 Level I Mock Exam (B) AM T he morning session of the 2018 Level I Chartered Financial Analyst ® Mock Examination has 120 questions. To best simulate the exam day experience, candidates are advised to allocate an average of one and a half minutes per question for a total of 180 minutes (3 hours) for this session of the exam. Questions Topic Minutes 1–18 Ethical and Professional Standards 27 19–33 Quant 22.5 34–45 Econ 18 46–69 Financial Reporting and Analysis 36 70–78 Corporate Finance 13.5 79–86 Portfolio Management 12 87–98 Equity 18 99–110 Fixed Income 18 111–115 Derivatives 7.5 116–120 Alternative Investments 7.5 Total: 180 By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently registered CFA candidates. Candidates may view and print the exam for personal exam prepara- tion only. The following activities are strictly prohibited and may result in disciplinary and/or legal action: accessing or permitting access by anyone other than currently-registered CFA candidates; copying, posting to any website, emailing, distributing and/or reprinting the mock exam for any purpose © 2017 CFA Institute. All rights reserved.
2 2018 Level I Mock Exam (B) AM 2018 LEVEL I MOCK EXAM (B) AM 1 Justin Blake, CFA, a retired portfolio manager, owns 20,000 shares of a small public company that he would like to sell because he is worried about the com- pany’s prospects. He posts messages on several internet bulletin boards. The messages read, “This stock is going up once the pending patents are released, so now is the time to buy. The stock is a buy at anything below $3. I have done some close research on these guys.” According to the Standards of Practice Handbook , Blake most likely violated the Standard or Standards associated with: A Integrity of Capital Markets and Conflicts of Interest. B Integrity of Capital Markets, but not Conflicts of Interest. C Neither Integrity of Capital Markets nor Conflicts of Interest. 2 According to the CFA Institute Code of Ethics and Standards of Professional Conduct, trading on material nonpublic information is least likely to be pre- vented by establishing: A firewalls. B selective disclosure. C personal trading limitations. 3 Jefferson Piedmont, CFA, a portfolio manager for Park Investments, plans to manage the portfolios of several family members in exchange for a percentage of each portfolio’s profits. As his family members have extensive portfolios requiring substantial attention, they have requested that Piedmont provide the services outside his employment with Park. Piedmont notifies his employer in writing of his prospective outside employment. Two weeks later, Piedmont begins managing the family members’ portfolios. By managing these portfolios, which of the following CFA Institute Standards of Professional Conduct has Piedmont violated? A Conflicts of Interest B Additional Compensation C Both Additional Compensation and Conflicts of Interest 4 Noor Mawar, CFA, manages a trust fund with the beneficiary being an orphaned 18-year-old student. The investment policy dictates that trust assets are expected to provide the student with a stable low-risk source of income until she reaches the age of 30 years. Based on information from an Internet blog, the student asks Mawar to invest in a new business venture that she expects will provide high returns over the next five years. Mawar ignores the request, instead securing conservative investments to provide sufficient income. Did Mawar most likely violate the CFA Institute Code of Ethics and Standards of Professional Conduct? A Yes. B No, because the client’s objectives were met. C No, because the investment time frame does not match the investment horizon. 5 After a firm presents a minimum required number of years of GIPS-compliant performance, the firm must present an additional year of performance each year, building up to a minimum of: A 10 years of GIPS-compliant performance. B 5 years of GIPS-compliant performance.
3 2018 Level I Mock Exam (B) AM C 15 years of GIPS-compliant performance. 6 In the event of a discrepancy between the official GIPS standards and the local language translation, the official governing language is: A English. B the language of the local country. C the language of a neutral country. 7 Disclosure of confidential CFA exam information will most likely be detected by the Professional Conduct staff through: A monitoring online and social media. B analysis of Proctor Reports. C annual Professional Conduct Statements. 8 When making performance presentations to prospective clients, a GIPS compli- ant firm should least likely do which of the following? A Selectively report its top fund performance B Include the fund performance of former clients C Report performance history for all market cycles under review 9 A central bank fines a commercial bank it supervises for not following statutory regulations regarding non-performing loan provisions on three large loans as a result of the bank’s loan provisioning policy. Louis Marie Buffet, CFA, sits on the Board of Directors of the commercial bank as a non-executive director, representing minority shareholders. He also chairs the internal audit committee of the bank that determines the loan provisioning policy of the bank. Mercy Gatabaki, CFA, is the bank’s external auditor and follows international auditing standards whereby she tests the loan portfolio by randomly selecting loans to check for compliance in all aspects of central bank regulations. Which charter- holder is most likely in violation of the Code and Standard? A Both. B Buffet. C Gatabaki. 10 Diana Fairbanks, CFA, is married to an auditor who is employed at a large accounting firm. When her husband mentions that a computer firm he audits will receive a qualified opinion she thinks nothing of it. Later that week when she reviews a new client account she notices that there are substantial holdings of this computer firm. When she does a thorough internet search for news on the company, she does not find anything about its most recent audit or any other adverse information. Which of the following actions concerning the computer stock should Fairbanks most likely take to avoid violating the CFA Institute Standards of Professional Conduct? A Take no investment action. B Complete a thorough and diligent analysis of the company and then sell the stock. C Sell the stock immediately as she has a reasonable basis for taking this investment action. 11 Sherry Buckner, CFA, manages equity accounts for government entities whose portfolios are classified as being conservative and risk averse. Since the objec- tive of her clients is to maximize returns with the lowest possible risk, Buckner considers adding to their holdings a new, thinly traded, leveraged derivative product that she believes has the potential for high returns. To make her invest- ment decision, Buckner relies upon comprehensive research from an investment
4 2018 Level I Mock Exam (B) AM bank with a solid reputation for top quality research. After her review of that research, Buckner positions her accounts so each has a 10% allocation to the derivative product. Did Buckner most likely violate any CFA Institute Standards of Professional Conduct by purchasing the derivative product for her clients? A No. B Yes, related to Suitability. C Yes, related to Loyalty, Prudence, and Care. 12 Which of the following is least likely part of the CFA Institute Standards of Professional Conduct, Standard V(B)–Communication with Clients and Prospective Clients? Members and candidates must: A make reasonable efforts to ensure that when communicating investment performance information it is fair, accurate, and complete. B disclose to clients and prospective clients significant limitations and risks associated with the investment process. C distinguish between fact and opinion in the presentation of investment anal- ysis and recommendations. 13 Jack Steyn, CFA, recently became the head of the trading desk at a large investment management firm that specializes in domestic equities. While reviewing the firm’s trading operations he notices that clients give discretion to the manager to select brokers on the basis of their overall services to the management firm. Despite the client directive, Steyn would most likely violate Standard III(A)–Loyalty, Prudence, and Care if he pays soft commissions for which of the following services from the brokers? A Equity research reports B Investment conference attendance C Database services for offshore investments 14 Henrietta Huerta, CFA, writes a weekly investment newsletter to market her services and obtain new asset management clients. A third party distributes the free newsletter on her behalf to those individuals on its mailing list. As a result, it is widely read by thousands of individual investors. The newsletter recom- mendations reflect most of Huerta’s investment actions. After completing fur- ther research on East-West Coffee Roasters, Huerta decides to change her initial buy recommendation to a sell. To avoid violating the CFA Institute Standards of Professional Conduct it would be most appropriate for Huerta to distribute the new investment recommendation to: A newsletter recipients first. B asset management clients first. C newsletter recipients and asset management clients simultaneously. 15 Wouter Duyck, CFA, is the sole proprietor of an investment advisory firm serving several hundred middle class retail clients. Duyck claims to be different from his competitors because he conducts research himself. He discloses that to simplify the management of all these accounts he has created a recommended list of stocks, from which he selects investments for all of his clients based on their suitability. Duyck’s recommended list of stocks is obtained from his pri- mary broker, who has completed due diligence on each stock. Duyck’s recom- mended list least likely violates which of the following CFA Institute Standards of Professional Conduct? A Fair Dealing. B Misrepresentation.
5 2018 Level I Mock Exam (B) AM C Diligence and Reasonable Basis. 16 Heidi Halvorson, CFA, is the Chief Investment Officer for Tukwila Investors, an asset management firm specializing in fixed-income investments. Tukwila is in danger of losing one of its largest clients, Quinault Jewelers, which accounts for nearly one third of its revenues. Quinault recently told Halverson that Tukwila would be fired unless the performance of Quinault’s portfolio improves sig- nificantly. Shortly after this conversation, Halvorson purchases two corporate bonds she believes are suitable for any of her clients based upon third party research from a reliable and diligent source. Immediately after the purchase, one bond increases significantly in price while the other bond declines sig- nificantly. At the end of the day, Halvorson allocates the profitable bond trade to Quinault and the other bond to two of her largest institutional accounts. Halvorson most likely violated the CFA Institute Standards of Professional with regards to: A client suitability. B trade allocations. C third party research. 17 Alan Quanta, CFA, provides credit rating analysis of high-yield bonds using external credit ratings as a foundation. At the end of the last quarter, Quanta’s firm, North Investment Bank, held a large position in the bonds of Veyron Corporation, a real estate company with all of its land holdings in a country recently downgraded by several credit rating agencies. The downgrades made Veyron bonds extremely difficult to sell because the bond price has dropped every day since the downgrades. Quanta has been asked by his supervisor to contact the firm’s institutional clients to convince them Veyron bonds are still an attractive purchase, especially at these lower prices. Quanta does not con- sider the Veyron bonds a buy at this price level. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, the most appropriate action for Quanta is to: A obey his supervisor’s request. B ignore his supervisor’s request. C promote the bonds with appropriate disclosures. 18 A large manufacturing company is seeking help finding a fund manager for its pension plan. After a comprehensive but unsuccessful search, Brett Arun, CFA, is hired to solicit proposals from various fund managers. The client pays Arun a lump sum fee for his services. The search concludes with Ramport Investments being hired as the pension plan’s manager. A year after Ramport is hired, the pension administrator sends Arun a letter telling him how satisfied the pension trustees are with the services provided by the fund manager. Subsequently, without the plan sponsor’s knowledge, Arun receives a payment from Ramport for successfully introducing it to the pension plan under an agreement Arun entered into with Ramport when the initial contact with the fund manager was made. With regard to the payment received, did Arun most likely violate the CFA Institute Code of Ethics and Standards of Professional Conduct? A No. B Yes, because he did not disclose the referral fee to the client. C Yes, because he should have refused payment from the fund manager.
6 2018 Level I Mock Exam (B) AM 19 An individual wants to be able to spend €80,000 per year for an anticipated 25 years in retirement. To fund this retirement account, he will make annual deposits of €6,608 at the end of each of his working years. He can earn 6% com- pounded annually on all investments. The minimum number of deposits that are needed to reach his retirement goal is closest to: A 51. B 40. C 28. 20 A company has an unsecured line of credit and needs to maintain its EBIT- to-interest coverage ratio greater than 2.0. Its EBIT is estimated to be between $36 million and $48 million, with all values equally likely. If the forecasted interest charge for the year is $20 million, the probability that EBIT/interest will be more than 2.0 is closest to: A 61.5%. B 33.3%. C 66.7%. 21 A small-cap growth fund’s monthly returns for the past 36 months have been consistently outperforming its benchmark. An analyst is determining whether the standard deviation of monthly returns is greater than 6%. Which of the following best describes the hypothesis to be tested? A H 0 : σ 2 ≤ 0.36% B H a : σ 2 > 6% C H 0 : σ 2 ≥ 0.36% 22 The variance of returns of Asset A is 625. The variance of returns of Asset B is 1,225. The covariance of returns between Asset A and Asset B is 600. The cor- relation of returns between Asset A and Asset B is closest to: A 0.29. B 0.69. C 0.47. 23 The central limit theorem is best described as stating that the sampling distribu- tion of the sample mean will be approximately normal for large-size samples: A if the population distribution is normal. B for populations described by any probability distribution. C if the population distribution is symmetrical. 24 Technical analysts most likely study trends and patterns in security prices to forecast a company’s: A future price trends. B earnings potential. C intrinsic value. 25 Given a large random sample, which of the following types of data are least appropriately analyzed with nonparametric tests? A Signed data (e.g., number of positives and negatives) B Ranked data (e.g., 1st, 3rd) C Numerical values (e.g., 28.43, 79.11)
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