CFA特許金融分析師考試題庫

及答案解析

1.WeiZhang,CFA,managesaccountsforhighnetworthclients

includinghisownfamily'saccount.Hehasnobeneficialownershipinhis

family'saccount.BecauseZhangisconcernedabouttheappearanceof

improperbehaviorinmanaginghisfamily'saccount,whenhisfirm

purchasesablockofsecurities,Zhangallocatestohisfamily'saccount

onlythosesharesthatremainafterallocationtohisotherclientaccounts.

Thefeeformmanaginghisfamily'saccountisbasedonhisfirm's

normalfeestructure.AccordingtotheStandardsofPracticeHandbook,

Zhang,sbestcourseofactionwithregardtomanagementofhisfamily'

saccountwouldbeto:

A.Continuetomanagehisfamily'saccountbuttreatitlikehis

otherclientaccounts.

B.Discontinuemanagementofhisfamily'saccountandarrangefor

theaccounttobetransferredtoanotherfirm.

C.Discontinuemanagementofhisfamily'saccountandarrangefor

theaccounttobetransferredtoanotherinvestmentmanagerinhisfirm.

【答案】A

2.JohnMaginn,aninvestmentresearcher,whoisaCFA

charterholder,takesatripforwhichhisfirmwillpayalltheexpenses.

Uponhisreturnhealterssomeofthenumbersonrestaurantreceiptsto

inflatetheexpensesby$52.IsthisaviolationrelatingtoProfessional

Misconduct?

A.No,becausetheexpenseinflatedisunder$100.

B.No,ifsuchbehaviorisnotsignificant.

C.Yes,becauseitisacrimeofmoralturpitude.

【答案】C

3.AccordingtotheGlobalInvestmentPerformanceStandards

(GIPS):

A.Compositesmustincludenewportfoliosassoonastheycome

undermanagement.

B.Firmsmaynotsetminimumassetlevelsforportfoliostobe

includedinacomposite.

C.Compositesmustbedefinedaccordingtosimilarinvestment

objectivesand/orstrategies.

【答案】C

4.Severalyearsago,SimonMa,CFA,foundedaninvestmentclub

withthreefriends.Theinvestmentclub,saccountgrewrapidlytoa

substantialsize,buttheclubhasnotactivelytradedtheaccountforat

leastayearanddoesnotplantoresumeactivetradingoftheaccount.

Simon'semployerrequiresanannualdisclosureofemployeestock

ownership.Simondisclosesallofhispersonaltradingaccounts,butdoes

notdisclosehisholdingsintheinvestmentclub.HasSimonmostlikely

violatedanyCFAInstituteStandardsofProfessionalConduct?

A.Yes,withrespecttofiduciaryduty.

B.Yes,withrespecttoselectivedisclosure.

C.Yes,withrespecttoconflictsofinterest.

【答案】C

5.LongmanInvestmentManagementhasestablishedonJanuary1,

1985andhasmaintainedcompositesincetheinceptionofthefirm.

LongmanhasnotbeencompliantwiththeGlobalInvestment

PerformanceStandards(GIPS),butwantstoachievecomplianceasof

January1,2005.Foreachofthefirm,scompositepresentation,the

minimuinnumberofGIPS-compliantyearsthatLongmanmustpresentis

closestto:

A.5

B.10.

C.15.

【答案】A

6.ZhaoWei,CFA,isawell-knownandrespectedanalystwho

followsthefinancialsoftwareindustry.Helearnsthatasmall,relatively

unknowncompanywhosesharesaretradedoverthecounterhasjust

signedsignificantcontractswithsomeofthecompanieshefollows.After

furtherinvestigation,ZhaoWeidecidestowritearesearchreportonthe

companyandrecommendpurchase.Whilethereportisbeingreviewed

byhissupervisorforfactualaccuracy,ZhaoWeischedulesadinnerparty

withseveralofhisbestclientstodiscussthecompany.Atthedinner

party,hementionsthepurchaserecommendationthatisscheduledto

besentoutearlythefollowingweektoallthefirm'sclients.According

totheStandardsofPracticeHandbook,hasZhaoWeiviolatedanyCFA

InstituteStandardswithrespectto:

????fairdealing?preservationofconfidentiality?

A.YesYes

B.NoYes

C.YesNo

【答案】C

7.ZhangMin,CFA,aportfoliomanagermanaginganindexfundina

largeassetmanagementcompany.Whatishismostappropriateaction?

A.Considerthesuitabilityoftheportfoliorelativetotheclients'

needsandsituation.

B.Makeinvestmentdecisionthatisconsistentwiththestated

objectivesandconstraintsofthefund.

C.Makeinvestmentdecisionsinthecontextoftheclients'total

portfolio.

【答案】B

8.JefferyJonesisaLevelIIcandidateintheCFAProgram.She

receivesane-mailfromaco-workerwhoofferstosellherten

unpublishedLevelIIexamquestionsthattheco-workerassuresherwill

beonthenextexam.Jefferydoesnotrespondanddeletesthee-mail.

AccordingtotheStandardsofPracticeHandbook,didJefferyviolateany

CFAInstituteStandardsofProfessionalConduct?

A.No.

B.Yes,becauseshefailedtoreportthesituationtoCFAInstitute.

C.Yes,becauseshefailedtoreportthesituationtoherco-workerJs

supervisor.

【答案】A

9.AmyWong,CFA,includedinherfirm'smarketingmaterials

severalplain-languagedescriptionsofgeneralinvestmentconceptssuch

asstandarddeviationandduration,whichwerecopiedfromother

sourceswithoutreferencetotheoriginalauthor.Accordingtothe

StandardsofPracticeHandbook,hasAmyviolatedtheStandardrelating

tomisrepresentation?

A.Yes.

B.No,becausethesearewell-knownconcepts.

C.No,becauseshedidnotmisrepresentthedescriptionsofthese

concepts.

【答案】A

10.InordertocomplywiththeGIPSStandards,afirmmustinitially

showGIPS-complianthistoryforaminimumof:

A.Twoyears,orsinceinceptionifthefirmhasbeeninexistencefor

lessthantwoyears.

B.Threeyears,orsinceinceptionifthefirmhasbeeninexistence

forlessthanthreeyears.

C.Fiveyears,orsinceinceptionifthefirmhasbeeninexistencefor

lessthanfiveyears.

【答案】C

11.DudleyThompsonisabondsalesmanforasmallbroker/dealer

inLondon.Hisfirmistheleadunderwriteronanewjunkbondissuefor

theIbexCorporation.Inordertostimulatesalesofthenewissue,

Thompsoncallsallofhisaccountsover￡1,000,000,manyofwhich

belongtoelderlyclientswithlowrisktolerances,andtellsthemthatthe

Ibexissueisafantasticopportunityforhighreturnsthatisnottobe

missed.ThompsonalsopostsoverlyoptimisticprojectionsforIbex's

performanceonseveralInternet"chatrooms"inordertoincreasethe

priceofthebondissueandenhancehisclients'returnsonthe

investment.AccordingtotheStandardsconcerningmarketmanipulation

andsuitability,Watsonisinviolationof:

A.bothoftheseStandards.

B.neitheroftheseStandards.

C.onlyoneoftheseStandards.

【答案】A

12.RobElliott,aCFAcandidate,isananalystwithalargeasset

managementfirm.Hispersonalportfolioincludesalargeamountof

commonstockofTECHInc.,asemiconductorcompanywhichhisfirm

doesnotcurrentlyfollow.Thedirectoroftheresearchdepartmenthas

justaskedElliotttoanalyzeTECHandwriteareportaboutitsinvestment

potential,whichwillbedistributedtoclientsandprospectiveclients.

BasedontheCFAInstituteStandardsofProfessionalConduct,themost

appropriatecourseofactionforElliottotakewouldbeto:

A.sellhissharesofTECHbeforecompletingthereport.

B.declinetowritethereport.

C.disclosetheownershipofthestocktohisemployerandinthe

reportifhewritesit.

【答案】C

13.AntonioMendoza,CFA,isaninvestmentmanagerinprivate

practiceunderthenameMendozaInvestments.Mendozasolicitsnew

businessbymakingbriefpresentationsdescribinghisinvestment

performancerecord.Ateachpresentation,hemakesavailablea1

informationsheetthatoutlineshisperformancehistoryforthepastten

years.Histelephonenumberisonthesheetforprospectiveclientswho

wishtocontacthimforadditionalsupportinginformation.Atthebottom

ofthesheetthefollowingisstated:"MendozaInvestmentshasprepared

andpresentedthisreportincompliancewiththeGlobalInvestment

PerformanceStandards(GIPS?)."Mendoza'sinformationsheet:

A.doesnotcomplywithGIPS.

B.violatestheStandardthatconcernsperformancepresentation.

C.complieswithbothGIPSandtheStandardthatconcerns

performancepresentation.

【答案】C

14.AnneFranklin,CFA,isananalystwhocoverstechnologystocks

forMedallionInvestments.Franklinfrequentlymeetswithcompany

managementandmakessitevisitstocompanyfacilities.CynthiaLucas,

chieftechnologyofficerforLevelTech,tellsseveralanalysts,including

Franklin,duringaconferencecallthatoverseasshipmentsofthe

company'simportantnewproductaregoingtobedelayeddueto

manufacturingdefects,whichsheexpectsarecorrectable.This

informationhasnotbeenreleasedinanyotherformat.Medallion

managesdiscretionaryaccountsforLucasandFranklin.Subsequentto

hermeeting,FranklinsendsanotetoMedallion'sinvestmentpersonnel

tellingthemto"sellthestockinallclientaccounts,"astheshipment

informationissignificantandcontrarytorecentearningsguidancefrom

thecompany.Franklin'suseoftheinformationreceivedfromLucas:

A.violatestheCodeandStandards,asFranklinreceivedmaterial

nonpublicinformationthatshouldnothavebeenactedupon.

B.violatestheCodeandStandards,sinceshedirectedthesaleinall

clientaccountsinsteadofactinginthebestinterestsofherownclients.

C.doesnotviolatetheCodeandStandards,asFranklinwas

adheringtoherfiduciarydutytoMedallion'sclientsbysharingthe

informationandrecommendinga"Sell."

【答案】A

15.RJ.Youngismeetingwithanewclientforthefirsttime.Atthis

meeting,hewillbegatheringinformationabouttheclientinorderto

assesstheclient'sinvestmentobjectivesandconstraints.Ashedoesfor

allofhisclients,Youngwillthenprepareawritteninvestmentpolicy

statement(IPS).Accordingtotherecommendedproceduresfor

complyingwiththeStandardonsuitability,whichofthefollowing

statementsregardinganIPSisleastaccurate?

A.AnIPSshoulddescribetherolesandresponsibilitiesofthe

adviserandclient.

B.Amemberorcandidateisnotresponsibleforfinancial

informationwithheldbytheclient.

C.Aclient'sIPSmustbeupdatedatleastquarterlytoreflectany

changesintheirinvestmentprofile.

【答案】C

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.Comparedtoat-distributionwith10degreesoffreedom,and

comparedtoanormaldistribution,at-distributionwith20degreesof

freedomandthesamevariancehas:

Comparedtodf=10Comparedtonormal

A.thinnertailsfattertails

B.fattertailsthinnertails

C.fattertailsfattertails

【答案】A

22.Theinitialmarketvalueofaportfoliowas$100,000.Oneyear

latertheportfoliowasvaluedat$90,000andtwoyearslaterat$99,000.

Thegeometricmeanannualreturnexcludinganydividendincomeis

closestto:

A.-0.5%.

B.-0.4%.

C.0.0%.

【答案】A

23.Acollegeendowmentfundhas$150million.Thefundmanager

intendstowithdraw$2millionfromthefundforoperations,andshehas

aminimumyear-endacceptablelevelof$151million.Thefundhastwo

choicesfortheportfolio.TheendowmentmanagercanchoosePortfolio

X,whichhasanexpectedreturnof10%andastandarddeviationof14%,

orPortfolioY,whichhasanexpectedreturnof12%andastandard

deviationof20%.Giventhisscenario,whichofthefollowingstatements

regardingRoy'ssafety-firstcriterionismostaccurate?

A.ThefundshouldchoosePortfolioY.

B.ThefundshouldchoosePortfolioX.

C.PortfoliosXandYarebothacceptablebecausetheirsafety-first

ratiosfallintheacceptablerange.

【答案】B

24.Aninvestorpurchases500sharesofNevadaIndustriescommon

stockfor$22.00persharetoday.Att=1year,thisinvestorreceivesa

$0.42persharedividend(whichisnotreinvested)onthe500sharesand

purchasesanadditional500sharesfor$24.75pershare.Att=2years,

hereceivesanother$0.42(notreinvested)persharedividendon1,000

sharesandpurchases600moresharesfor$31.25pershare.Att=3

years,hesells1,000ofthesharesfor$35.50pershareandthe

remaining600sharesat$36.00pershare,butreceivesnodividends.

Assumingnocommissionsortaxes,themoney-weightedrateofreturn

receivedonthisinvestmentisclosestto:

A.14.3%.

B.17.6%.

C.18.5%.

【答案】C

25.The"up-movefactor"inabinomialtreeisbestdescribedas:

A.theprobabilitythatthevariableincreasesinanyperiod.

B.oneminusthe"down-movefactor"forthebinomialtree.

C.oneplusthepercentagechangeinthevariablewhenitincreases.

【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.Arithmeticaverageofthedeviationsaroundthemeanwillalways

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.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.Whichofthefollowingdescribesthedifferencebetweenperfect

competitionandmonopolisticcompetition?Firmsinmonopolistic

competition:

A.Providedifferentiatedproducts.

B.Decideontheoutputwheremarginalrevenueequalsmarginal

cost.

C.Arefreetoenterandexitthemarket.

【答案】A

37.Generallyspeaking,whentheHerfindahl-HirschmanIndex(HHI)

iscalculatedbysummingthesquaredpercentagemarketshares,how

manylargestfirms'dataisusedinaindustry,supposingtherearea

largenumberoffirmsintheindustry:

A.4

B.10

C.50

【答案】C

38.Ifaccuratelycalculated,willtheamountofaccountingprofitfor

afirmgenerally:

Bebelowthatfirm'seconomicconsiderboththatfirmJs

profitforthesametimeDefied?explicitandimplicitcosts?

A.NoNo

B.NoYes

C.YesNo

【答案】A

39.Thedemandforagivenresourcewillmostlikelydecreaseifthe

pricesofitssubstituteresourcesandcomplementaryresources,

respectively:

PricesofsubstituteresourcesPriceofcomplementary

resources

A.IncreaseIncrease

B.IncreaseDecrease

C.DecreaseIncrease

【答案】C

40.Withrespecttothedifferentviewsaboutshort-term

fluctuationsintheeconomy,whatistheprimarydriverofaggregate

demandaccordingtothe:

Keynesianview?Classicalview?

A.FutureexpectationsTechnologicalchange

B.FutureexpectationsThesupplyofmoney

C.CurrentpricelevelTechnologicalchange

【答案】A

41.Whichofthefollowingtypesofunemploymentismostlikelyto

beassociatedwithaneconomyinwhichmanyworkershavebeenmade

obsoletebychangingtechnology?

A.Cyclical

B.Frictional

C.Structural

【答案】C

42.Thefree-riderproblem,anobstacletoefficiency,ismostlikely

associatedwith:

A.monopolies

B.publicgoods

C.subsidiesandquotas

【答案】B

43.Acompanyhasdeterminedthatthequantityofthatcompany's

productdemandedwillincreaseby5percentwhenpriceisreducedby

10percent.Thatcompany'selasticitydemandisbestdescribedas:

A.Unitaryelastic

B.Perfectlyelastic

C.Relativelyinelastic

【答案】C

44.AccordingtothePhillipscurveapproach,wheninflationisless

thanexpected,themostlikelyinitialeffectisthat:

A.realwagerateswillfall.

B.thenaturalrateofunemploymentwillrise.

C.unemploymentwillriseaboveitsnaturalrate.

【答案】C

45.AnanalystgatheredthefollowinginformationfromLeneor

Corporation?s2009financialstatementspublished:

AfterreviewingthefootnotestothefinancialstatementsofLeneor

Corporation,theanalystconcludesthatthepresentvalueofoperating

leasepaymentsfor2010is$8millionandthepresentvalueofoperating

leasepaymentsforallyearsafter2010totals$80million.Other

companiesinthisindustryusecapitalizedleaseobligationsdominantly.

SotheanalystneedstoadjustthefinancialratioofLeneorCorporation.

LeneorCorporation'sadjusted2009totaldebt-to-totalcapitalandtotal

assetturnoverratios,respectively,thatbestcomparethecompanyto

theindustryare:

Totaldebt-to-totalcapitalratioTotalassetturnoverratio

A.63%2.6

B.63%3.2

C.53%2.6

【答案】A

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.Acompanyhadthefollowingchangesinitsstock:

,Thecompanyhad2millionsharesoutstandingonDecember31,

20X6.

,OnMarch31,20X7,thecompanypaida10%stockdividend.

,OnJune30,20X7,thecompanysold$10millionfacevalueof7%

convertibledebentures,convertibleintocommonat$5pershare.

?OnSeptember30,20X7,thecompanyissuedandsold100,000

sharesofcommonstock.

Thecompanyshouldcomputeits20X7basicearningspershare

basedon:

A.2,225,000shares.

B.2,250,000shares.

C.3,225,000shares.

【答案】A

52.Whenauseddeliverytruckissold,thegainorlossondisposalis

mostaccuratelystatedas:

A.originalcost-accumulateddepreciation+sellingprice.

B.sellingprice-originalcost-accumulateddepreciation.

C.sellingprice-originalcost+accumulateddepreciation.

【答案】C

53.HaltataTurf&Sodcurrentlyusesthefirstin,firstout(FIFO)

methodtoaccountfor