CFA一级模考试题及答案.pdf
《CFA一级模考试题及答案.pdf》由会员分享,可在线阅读,更多相关《CFA一级模考试题及答案.pdf(6页珍藏版)》请在咨信网上搜索。
1、ANSWERS FOR MOCK EXAM 1(MORNING SESSION)1.2.3.4.D.C.D.C.Although Terence has passed Level III,he has not yet received his charter andcannot use the CFA designation.The description provided in the cover letterproperly describes his situation.Amy must take both actions-notifying her immediate supervis
2、or and deliveringa copy of the Code and Standards.Members may undertake an independent practice that could result incompensation or other benefit in competition with their employer provided theyobtain written consent from both their employer and the party for whom theyundertake independent practice.
3、To maintain his objectivity,Keith should pay his own hotel bill.Because theitinerary required charter flights due to a lack of commercial transportation,A&K Limited can appropriately provide them.Under ERISA,fiduciaries must act solely in the interest of,and for theexclusive purpose of benefiting,th
4、e plan participants and beneficiaries.Daniel must give priority to transactions for clients and employers overtransactions for his children.To avoid violating the standards,members cannot trade until the membersclients and employers have had an adequate opportunity to act on therecommendation.The re
5、quirements of Standard IV(B.5)are not intended to prevent Lambertfrom cooperating with an investigation by AIMRs Professional ConductProgram.Vivian should disclose to her clients and prospects her husbands holdings inDouble Limited because this matter could be expected to impair her ability tomake u
6、nbiased and objective recommendations.Accruals accounting is required.Standard I(B)Fundamental Responsibilities.Prohibition against participating orassisting in illegal and ethical violations.If Roberts suspects someone isplanning or engaging in illegal activities,he should:(1)determine the legality
7、of the activities,(2)disassociate himself from the illegal or unethical activity,and(3)urge his firm to attempt to persuade the perpetrator to stop.The AIMRStandards of Professional Conduct do not require that Roberts report suchactivities to the authorities,but the law might.Standard III(C)Disclosu
8、re of Conflicts to Employer.Gloria should disclose toher employer all matters that could reasonably be expected to interfere with herability to make unbiased and objective recommendations.Her service as atrustee of the Well Limited Foundation for Heart Research is most likely to beconsidered a confl
9、ict of interest with her responsibility to her employer.Standard III(E)Responsibilities of Supervisors.Paul may delegate supervisoryduties,but suchdelegation does notrelieve him ofhissupervisoryresponsibility.Standard IV(B.3)Fair Dealing.Johnson violated the standard on fair dealingbecause he did no
10、t deal fairly and objectively with all clients and prospectswhendisseminatinginvestmentrecommendations.Instead,heshowedfavoritism to his best clients.In disseminating investment recommendations,Johnson should consider making the information available to clients based ontheir interest and suitability
11、.A change of recommendation from buy to sell orsell to buy is generally material.Standard IV(B.5)Preservation of Confidentiality.Choice B is false because this5.6.7.8.9.C.C.B.A.C.10.B.11.B.12.B.13.C.14.C.15.C.16.A.17.D.Answers for Mock Exam 1(Morning Session)(Rev.1)118.A.19.20.21.22.23.C.B.B.A.A.sta
12、ndard prohibits members from executing settlement agreements that preventmembersfromprovidinginformationinaninvestigationbyAIMRsProfessional Conduct Program(PCP).Choice C is false because a personcannot withhold information during PCP investigations.Choice A is falsebecause if a member receives info
13、rmation due to his or her special relationshipwith the client indicating illegal behavior on the past of the client,the membermay not have an obligation to inform the appropriate authorities.Standard IV(B.6)Prohibition against Misrepresentation.Members are notpermitted to make any assurances or guar
14、antees about any investment,except tocommunicate accurate information.The statement that investment grade bondshave less default risk than junk bonds is an accurate statement.Use BGN node:n=10;i=12 PMT=1,000,compute FV=19.654.58The present value of a perpetuity is PV=A/r=500/0.1=$5,000.i=6/12=0.5;n=
15、10 x12=120;PV=40,000 Compute PMTA binomial random variable has an expected value or mean equal to np andvariance equal to np(1-p).Mean=12(0.5)=6;variance(12)(0.5)(1-0.5)=3Rbt-1=In St+1/St=(1+RL1-1)=In(40/25)=0.47.Thus,47%is thecontinuously computed return for the one-year holding period.Choice A des
16、cribes cross-sectional data.Choice B describes time-series data.The dependent variable,Y,is equal to the intercept,b0,plus a slope coefficient,b1,times the independent,X,plus an error term,.INFVCompute PV10110090.91102150123.97103200150.26104250170.75Total535.89Step 1:Solve for the PV of the 5 payme
17、nts of 3,000 to be received in years 3through 7.n=5;i=10;PMT=3,000;compute PV=11,372.3611,372.36 falls one year before the first payment,or in year 2.Step 2:Find the present value of 11,372.36 that is two years in the future.n=2;i=10;FV=11,372.36;compute PV=9,398.64 or 9,399(rounded).From weakest to
18、 strongest,the ordering of measurements scales is nominal,ordinal,interval,and ratio.An interval is a set of return values within which an observation not falls.Step 1.Calculate the mean monthly return=2%+(-4%)+1%+5%=4%M=1%Step 2.Calculate the population standard deviation:(2%-1%)2+(-4%-1%)2+(1%-1%)
19、2+(5%-1%)2N)/2=3.24%Step 3.Calculate the sample standard deviation:(2%-1%)2+(-4%-1%)2+(1%-1%)2+(5%-l%)2)/n-1)/2=3.74%According to Chebyshevs inequality,the proportion of the observations within2,which is k,standard deviations of the mean is at least 1-(l/k)2=1-(1/22)=0.75 or 75%.The probability is 3
20、0/200=0.15.Using the addition rule for probabilities,P(analyst or positive)=P(analyst)+24.D.25.B.26.B.27.D.28.C.29.B.30.D.31.B.32.C.33.B.34.A.35.B.Answers for Mock Exam 1(Morning Session)(Rev.1)236.B.37.C.38.B.39.C.40.41.42.43.44.45.C.D.D.C.C.D.P(positive)-P(analyst and positive)P(A or positive)=130
21、/200+140/200-(100/130)=0.58 or 58%Savings increases to hold interest rates constant.This means aggregate demandchanges little.The empirical evidence on the relationship between budget deficits and interestrates is mixed.Few studies show a significant positive short-term link between budget deficitsa
22、nd real interest rates.Expansion=1/reserve requirement=1/0.25=4(4)(150)=600People realize this leads to inflation in the long run,so they reduce their moneyholdings.Output rises because the increase is unexpected.In purely competitive markets,there are a large number of dependent firms.Choice A:Accr
23、ual accounting does not require the receipt of cash for assuranceof payment to exist.Choice C and D:These relate only to the condition of completion of theearnings process.46.D.47.ADemand for currency decreases when real interest rates decrease because ofdecreased capital flows.48.CForeign exchange
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 完整版 CFA 一级 考试题 答案
1、咨信平台为文档C2C交易模式,即用户上传的文档直接被用户下载,收益归上传人(含作者)所有;本站仅是提供信息存储空间和展示预览,仅对用户上传内容的表现方式做保护处理,对上载内容不做任何修改或编辑。所展示的作品文档包括内容和图片全部来源于网络用户和作者上传投稿,我们不确定上传用户享有完全著作权,根据《信息网络传播权保护条例》,如果侵犯了您的版权、权益或隐私,请联系我们,核实后会尽快下架及时删除,并可随时和客服了解处理情况,尊重保护知识产权我们共同努力。
2、文档的总页数、文档格式和文档大小以系统显示为准(内容中显示的页数不一定正确),网站客服只以系统显示的页数、文件格式、文档大小作为仲裁依据,平台无法对文档的真实性、完整性、权威性、准确性、专业性及其观点立场做任何保证或承诺,下载前须认真查看,确认无误后再购买,务必慎重购买;若有违法违纪将进行移交司法处理,若涉侵权平台将进行基本处罚并下架。
3、本站所有内容均由用户上传,付费前请自行鉴别,如您付费,意味着您已接受本站规则且自行承担风险,本站不进行额外附加服务,虚拟产品一经售出概不退款(未进行购买下载可退充值款),文档一经付费(服务费)、不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
4、如你看到网页展示的文档有www.zixin.com.cn水印,是因预览和防盗链等技术需要对页面进行转换压缩成图而已,我们并不对上传的文档进行任何编辑或修改,文档下载后都不会有水印标识(原文档上传前个别存留的除外),下载后原文更清晰;试题试卷类文档,如果标题没有明确说明有答案则都视为没有答案,请知晓;PPT和DOC文档可被视为“模板”,允许上传人保留章节、目录结构的情况下删减部份的内容;PDF文档不管是原文档转换或图片扫描而得,本站不作要求视为允许,下载前自行私信或留言给上传者【二***】。
5、本文档所展示的图片、画像、字体、音乐的版权可能需版权方额外授权,请谨慎使用;网站提供的党政主题相关内容(国旗、国徽、党徽--等)目的在于配合国家政策宣传,仅限个人学习分享使用,禁止用于任何广告和商用目的。
6、文档遇到问题,请及时私信或留言给本站上传会员【二***】,需本站解决可联系【 微信客服】、【 QQ客服】,若有其他问题请点击或扫码反馈【 服务填表】;文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“【 版权申诉】”(推荐),意见反馈和侵权处理邮箱:1219186828@qq.com;也可以拔打客服电话:4008-655-100;投诉/维权电话:4009-655-100。