1、特許金融分析師(CFA)考試題庫(必背模擬試題卷)1. Vishal Chandarana, an unemployed research analyst, recently registered for the CFA Level exam. After two months of intense interviewing, he accepts a job with a stock brokerage company in a different region of the country. Chandarana posts on a blog how being a CFA candid

2、ate really helped him get a job. He also notes how relieved he was when his new employer did not ask him about being fired from his former employer.Which CFA Institute Standards of Professional Conduct did Chandarana least likely violate?A. Loyalty to EmployersB. Reference to CFA Institute, the CFA

3、Designation, and the CFA ProgramC. Misconduct【答案】B2. David Donnigan enrolled to take the Level I CFA examination in the current year, but he did not take the exam. Donnigan advised his employer that he passed Level . Subsequently, he registered to take the Level exam the next year. Which CFA Institu

4、te Standards of Professional Conduct did Donnigan least likely violate? The standard related to:資料來源：文得學習網，更多考試資料題庫視頻，上文得學習網查找。A. referencing candidacy in the CFA ProgramB. dutyto employerC. professional misconduct【答案】A3. lan O'Sullivan, CFA, is the owner and sole employee of two companies, a pu

5、blic relations firm and a financial research firm. The public relations firm entered into a contract with Mallory Enterprises to provide public relations services, with O'Sullivan receiving 40,000 shares of Mallory stock in payment for his services. Over the next 10 days, the public relations fi

6、rm issued several press releases that discussed Mallory's excellent growth prospects. O'Sullivan, through his financial research firm, also published a research report recommending Mallory stock as a "buy." According to the CFA Institute Standards of Professional Conduct, O'Sul

7、livan is most likely required to disclose his ownership of Mallory stock in:A. the press releases onlyB. the research report onlyC. both the press release and the research report【答案】C4. James Woods, CFA, is a portfolio manager at ABC Securities. Woods has reasonable grounds to believe his colleague,

8、 Sandra Clarke, a CFA Level I candidate, is engaged in unethical trading activities that may also be in violation of local securities laws. Woods is not Clarke's supervisor, and her activities do not impact Woods or any of the portfolios for which he is responsible. Based on the Code and Standar

9、ds, the recommended course of action is for Woods to:A. report Sandra Clarke to ABC's trading supervisor or compliance department.B. not take any action because he is not directly involvedC. report Sandra Clarke to the appropriate governmental or regulatory organization【答案】A5. After a firm prese

10、nts 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 performanceB. 15 years of GIPS-compliant performanceC. 5years of GIPS-compliant performance【答案】A6. Zhao

11、Wei, CFA, is a well-known and respected analyst who follows the financial software industry. He learns that a small, relatively unknown company whose shares are traded over the counter has just signed significant contracts with some of the companies he follows. After further investigation, Zhao Wei

12、decides to write a research report on the company and recommend purchase. While the report is being reviewed by his supervisor for factual accuracy, Zhao Wei schedules a dinner party with several of his best clients to discuss the company. At the dinner party, he mentions the purchase recommendation

13、 that is scheduled to be sent out early the following week to all the firms clients. According to the Standards of Practice Handbook, has Zhao Wei violated any CFA Institute Standards with respect to:?fair dealing? preservation of confidentiality?A. YesYesB. NoYesC. YesNo【答案】C7. Zhang Min, CFA, a po

14、rtfolio manager managing an index fund in a large asset management company. What is his most appropriate action?A. Consider the suitability of the portfolio relative to the clients needs and situation.B. Make investment decision that is consistent with the stated objectives and constraints of the fu

15、nd.C. Make investment decisions in the context of the clients total portfolio.【答案】B8. Jeffery Jones is a Level II candidate in the CFA Program. She receives an e-mail from a co-worker who offers to sell her ten unpublished Level II exam questions that the co-worker assures her will be on the next ex

16、am. Jeffery does not respond and deletes the e-mail. According to the Standards of Practice Handbook, did Jeffery violate any CFA Institute Standards of Professional Conduct?A. No.B. Yes, because she failed to report the situation to CFA Institute.C. Yes, because she failed to report the situation t

17、o her co-workers supervisor.【答案】A9. Amy Wong, CFA, included in her firms marketing materials several plain-language descriptions of general investment concepts such as standard deviation and duration, which were copied from other sources without reference to the original author. According to the Sta

18、ndards of Practice Handbook, has Amy violated the Standard relating to misrepresentation?A. Yes.B. No, because these are well-known concepts.C. No, because she did not misrepresent the descriptions of these concepts.【答案】A10. In order to comply with the GIPS Standards, a firm must initially show GIPS

19、-compliant history for a minimum of:A. Two years, or since inception if the firm has been in existence for less than two years.B. Three years, or since inception if the firm has been in existence for less than three years.C. Five years, or since inception if the firm has been in existence for less t

20、han five years.【答案】C資料來源：文得學習網，更多考試資料題庫視頻，上文得學習網查找。11. Kelly Stargate, CFA, runs a small investment management firm. Kellys firm subscribes to a service from a large investment research firm that provides research reports that can be repackaged as in-house research by smaller firms. Kellys firm dist

21、ributes these reports to clients with specific references as to their source and author. According to the Standards of Practice Handbook, has Kelly violated the standard relating to misrepresentation?A. No.B. Yes, because she distributed plagiarized materialC. Yes, because she misrepresented her fir

22、ms services.【答案】A12. Bart Wiley, CFA, has decided to revise his firms written compliance manual. He checks with counsel regarding changes to applicable laws, rules, and regulations. He incorporates these changes as well as changes to the Code and Standards in the new version end distributes copies t

23、o his staff along with a memorandum. The memorandum states that the updated manual includes compliance procedures designed to meet industry standards, regulatory requirements, requirements of the Code and Standards, and circumstances of the firm. According to the Standards of Practice Handbook, did

24、Wiley violate any Standard of Professional Conduct?A. No.B. Yes, because compliance procedures may not be designed to meet industry standards.C. Yes, because compliance procedures may not be designed to meet the circumstances of the firm.【答案】A13. According to the Standards of Practice Handbook, gift

25、s to members from which of the following sources are least likely to create a loss of independence and objectivity?A. brokersB. clientsC. corporate issuers【答案】B14. Firms claiming compliance with the GIPS Standards are least likely to be required to:A. Undertake the verification process.B. Provide a

26、composite list and description to any prospective client on request.C. Make every reasonable effort to provide a compliant presentation to all prospective clients.【答案】A15. Zhang Li, CFA, supervises individuals working on the bond trading desk at a large investment management firm. Zhang Li has disco

27、vered that Liu Mo, a bond trader under his supervisory has been accepting lavish gifts from one of the firms brokers. Zhang Li has also noticed that Liu Mo has been executing more than the usual amount of trades through this particular broker, and she suspects that he has not been receiving best exe

28、cution for the firms clients. Zhang Li immediately initiates an investigation to determine the extent of Liu Mos wrongdoing. According to the Standards of Practice Handbook, pending the outcome of this investigation, Zhang Lis best course of action is to:A. warn the employee to cease such activity.B

29、. report the misconduct up the chain of command.C. take steps to ensure the violations will not be repeated.【答案】C16. Sue Johnson, CFA, has an elderly client with a very large asset base. The client intends to start divesting her fortune to various charities. Johnson is on the Board of a local charit

30、able foundation. Johnson most appropriately:A. must not discuss anything regarding her client and her client's intentions with the charitable foundation without permission.B. can discuss her client's situation with the charitable foundation as long as she informs other local charities of her

31、 client's intentions.C. can make this known to the charitable foundation so that they can solicit the client, since it is the client's wish to divest assets to charities in the future.【答案】A17. According to the Standard related to loyalty, prudence, and care, which of the following statements

32、 regarding the voting of proxies on client holdings is least accurate?A. Proxies have economic value to a client.B. An investment management firm should vote all proxies on client holdings unless the client reserves that right.C. Members and candidates should explicitly disclose the firm's proxy

33、 voting policies to clients.【答案】B18. Alvin Gold, CFA, resides in Country T and does business as an investment advisor primarily in Country U. Country T allows trading on non-public information and does not require disclosure of referral fees. Country U prohibits trading on non-public information onl

34、y if it is gained by illegal means and requires disclosure of referral fees of over $100 (U.S. equivalent). Gold accepts a referral fee of $75, and in the course of a meeting with two other analysts and the firm's CFO, Gold receives material non-public information. To comply with the Code and St

35、andards, Gold:A. need not disclose the referral fee but cannot trade on the non-public information.B. must disclose the referral fee and cannot trade on the non-public information.C. must disclose the referral fee but may trade on the non-public information.【答案】B19. Three years from now, an investor

36、 will deposit the first of eight $1,000 payments into a special fund. The fund will earn interest at the rate of 5% per year until the third deposit is made. Thereafter, the fund will return a reduced interest rate of 4% compounded annually until the final deposit is made. How much money will the in

37、vestor have in the fund at the end of ten years assuming no withdrawals are made?A. $8,872.93.B. $9,251.82.C. $9,549.11.【答案】B20. An investor places $5,000 in an account. The stated annual interest rate is 6% compounded monthly. The value of the account at the end of three years is closest to:A. $5,9

38、70.B. $5,978.C. $5,983.【答案】C21. The following sample of 10 items is selected from a populatian. The population variance is unknow. The standard error of the sample mean is closest to:A. 10.84B. 3.43C. 3.60【答案】B22. A portfolio manager estimates the probabilities of the following events for a mutual f

39、und:·Event A: the fund will earn a return of 5%.·Event B: the fund will earn a return below 5%The least appropriate description of the events is that they are:A. dependent.B. exhaustive.C. mutually exclusive.【答案】B23. The following chart is best described as an example of which type of tech

40、nical analysis chart? A. A candlestick chartB. A bar chartC. A point and figure chart【答案】A24. In setting the confidence interval for the population mean of a normal or approximately normal distribution, and given that the sample size is small, Student's t-distribution is the most appropriate app

41、roach when the variance is:A. unknown.B. large.C. known.【答案】A資料來源：文得學習網，更多考試資料題庫視頻，上文得學習網查找。25. A stock is declining in price and reaches a price range wherein buying activity is sufficient to stop the decline. This range is best described as the:A. change in polarity point.B. resistance level.C. su

42、pport level.【答案】C26. Which of the following statements used to describe the Students t-distribution is least accurate? The Students t-distribution:A. Is symmetric around its mean value of zero.B. Is less peaked than the normal distribution.C. Has thinner tails than the normal distribution.【答案】C27. A

43、n investor currently holds the following portfolio of common stocks: The expected correlation of returns between Stock 1 and Stock 2 is +0.60. The investor sells Stock 2 and uses the $60,000 proceeds to purchase another stock that has the same expected annual return and standard deviation of returns

44、 as Stock 2, but has an expected correlation of returns with Stock 1 of +0.55. Will the investors action increase the portfolios expected:annual return?standard deviation of return?A. No NoB. No YesC. Yes No【答案】A28. Which of the following decisions by analyst would most accurately describe a Type II

45、 error?A. An analyst rejects a false null hypothesis.B. An analyst rejects a true null hypothesis.C. An analyst does not reject a false null hypothesis.【答案】C29. You believe that the likelihood of bankruptcy is 30% for Rusty Roof Supply. You also believe that Home Pedot has a 20% of entering bankrupt

46、cy. You believe that the two events are independent. What is the probability that at least one of the companies will enter bankruptcy?A. 4.0%.B. 50.0%.C. 44.0%.【答案】C資料來源：文得學習網，更多考試資料題庫視頻，上文得學習網查找。30. A 182-day U.S. Treasury bill has a face value of $100,000 and currently sells for $98,500. Which of

47、the following yields is most likely the lowest?A. Bank discount yieldB. Holding period yieldC. Money market yield【答案】B31. For an asset with a price of 1000, which of the following price targets is least likely based on Fibonacci ratio?A. 618.B. 1294.C. 1618.【答案】B32. A portfolio of non-dividend-payin

48、g common stocks earned a geometric mean return of 5 percent between 1 January 2002 and 31 December 2008. The arithmetic mean return for the same period was 6 percent. If the market value of the portfolio at the beginning of 2002 was $100,000, the market value of the portfolio at the end of 2008 was

49、closest to:A. $137,000B. $140,710C. $141,030【答案】B33. Which of the following is not true regarding to zero economic profit?A. The net present value of cash flows when discounted at the firms cost of capital will equal to zero.B. The firm is just profitable enough to make a normal return.C. The return

50、 for the firm is insufficient for the risk taken.【答案】C34. An analyst does research on price discriminations impact. Compared to using a single price in a market characterized by monopolistic competition, using price discrimination when two customer groups have different demand elasticities is least

51、likely to result in:A. new productive ventures.B. an increase in total output.C. lower prices for both groups.【答案】C資料來源：文得學習網，更多考試資料題庫視頻，上文得學習網查找。35. According to the characteristics of consumer indifference curves, consumer indifference curves for any given individual are least likely that:A. more

52、is preferred to less.B. cross one another at certain point.C. the utility of a good declines the more of it you consume.【答案】B36. Six companies in an industry have the following market shares: If Companies D and F merge into a new Company, G, the industry's three-company concentration ratio would

53、 be closest to:A. 72%.B. 74%.C. 71%.【答案】B37. Which of the following will most likely cause the short-run aggregate supply (SRAS) curve to shift to the right?A. Increase in business taxesB. Increase in the supply of human capitalC. Increase in nominal wages【答案】B38. A country's international trans

54、actions accounts data for last year are presented in its domestic currency: The current account balance is closest to:A. -4,216.B. -4,345.C. -4,087.【答案】C39. The unemploym ent rate is best described as the ratio of unemployed to:A. total population of people who are of working age.B. labor force.C. l

55、abor force minus frictionally unem ployed.【答案】B40. Assume that two firms in a duopoly enter into a collusive agreement in an attempt to form a cartel and restrict output, raise prices, and increase profits. According to the Nash equilibrium, a low price is most likely charged by:A. only one firm.B.

56、both firms.C. neither firm.【答案】C41. Which of the following types of unemployment is most likely to be associated with an economy in which many workers have been made obsolete by changing technology?A. CyclicalB. FrictionalC. Structural【答案】C42. The free-rider problem, an obstacle to efficiency, is most likely associated with:A. monopoliesB. public goodsC. subsidies and quotas【答案】B43. A company has determined that the quantity of that companys product demanded will increas