2022歷年CFA考試真題及答案解析1.RossDunder,CFA,istheCIOforBlingTrust(BT),aninvestmentadvisor.Dunderrecentlyassignedoneofhisportfoliomanagers,JoeyChetch,tomanageseveralaccountsthatprimarilyinvestinthinlytradedmicro-capstocks.DundersoonnoticesthatChetchplacesmanystocktradesfortheseaccountsonthelastdayofthemonth,towardsthemarket'sclose.DunderfindsthistradingactivityunusualandspeakstoChetchwhoexplainsthatthetradingactivitywascompletedattheclient'srequest.Dunderdoesnotinvestigatefurther.SixmonthslaterregulatoryauthoritiessanctionBTformanipulatingmicro-capstockpricesatmonthendinordertoboostaccountvalues.DidDunderviolateanyCFAInstituteStandardsofProfessionalConduct?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。No.Yes,becausehefailedtoreasonablysuperviseChetch.Yes,becausehedidnotreporthisfindingstoregulatoryauthorities.【答案】BWhichofthefollowingisnotaformofplagiarism,accordingtocodeofethics?UsingchartsandgraphsretrievedfromtheInternetwithoutspecificreference.PresentingfactualmaterialssuppliedbyStandardandPoor'sorMoody'swithoutacknowledgment.Citingquotationssaidtobeattributabletoaleadinganalysts"oruinvestmentexperts"withoutspecificreference.【答案】BNewCoalCorp.(NCC)isasmallcompanythatclaimstohaveaproprietaryformulathatconvertscoalintoacleanenergysource.NCChiresAmandaCovington,CFA,topreparearesearchreportonthecompany.AmandareliesonNCCforinformationontheformula'seffectiveness.Anxioustoissuethereport,hedoesnotconfirmtheinformationwithothersources.NCCwidelydistributesAmanda'sresearchreportandpostsitonthecorporatewebsite.NCC'sstockpricerisesfrom$7to$35pershareinthefollowingtwelvemonths.SeniorNCCmanagementtakestheopportunitytosellalloftheircompanyshares.AccordingtotheStandardsofPracticeHandbook,didAmandaviolateanyCFAInstituteStandardsofProfessionalConduct?No.Yes,becausehisreportwasbasedonmaterialnonpublicinformation.Yes,becausehefailedtohaveareasonableandadequatebasisforhisresearchreport.【答案】cWalterFord,CFA,isaskedtoreviewhisfirm'ssoftdollarpractices.Aspartofthereview,henotesthathisfirmhasfailedtodisclosethepracticestothefirm'sclientsinwritingasrequiredbylaw.Walterquicklypreparesanddistributestheappropriatedisclosure.Hedoesnotreportthefirm'sviolationtotheappropriateregulatoryauthority.AccordingtotheStandardsofPracticeHandbook,bynotreportingtheviolationtotheregulatoryauthority,hasWalterviolatedanyCFAInstituteStandardsofProfessionalConduct?No.Yes,becausehefailedtoactinthebestinterestofheremployer.Yes,becauseheisrequiredtoreportlegalviolationstotheappropriateauthority.【答案】AMirandaGrafton,CFA,purchasedalargeblockofstockonbehalfofspecificaccountsshemanaged.Thestockrealizedasignificantgaininvaluebeforethecloseofbusiness,soGraftonreviewedheraccountsagaintodeterminewheretheblocksharesshouldbeallocated.AccordingtotheStandardsofPracticeHandbook,Grafton'smostappropriateactionistoallocatethesharesto:onlythoseaccountsforwhichtheblockshareswereoriginallyintended.onlythoseunderperformingaccountsforwhichshehasdiscretionaryauthority.allunderperformingaccountsshemanages.【答案】AJamesSimone,CFA,thechieffinancialofficerofapubliclylistedcompany,seekstoimprovethequalityofhiscompany'scommunicationwithinstitutionalfundmanagers.Heholdsaninvestorbriefingwiththisgrouptheeveningbeforethecompanyearningsareannounced.Thecompany'squarterlyearningsarebroadcastinapressreleasethenextdaybeforethemarketopens.Theearningsinformationintheinvestorbriefingisidenticaltothatinthepressrelease.DidSimonemostlikelyviolatetheCFAInstituteStandardsofProfessionalConduct?YesNo,becausethecompanyreleasesinformationwhilethemarketisclosedNo,becauseinvestorbriefingandpressreleaseinformationareidentical【答案】ADianaFairbanks,CFA,ismarriedtoanauditorwhoisemployedatalargeaccountingfirm.Whenherhusbandmentionsthatacomputerfirmheauditswillreceiveaqualifiedopinion,shethinksnothingofit.Laterthatweek,whenshereviewsanewclientaccount,shenoticestherearesubstantialholdingsofthiscomputerfirm.Whenshedoesathoroughinternetsearchfornewsonthecompany,shedoesnotfindanythingaboutitsmostrecentauditoranyotheradverseinformation.WhichofthefollowingactionsconcerningthecomputerstockshouldFairbanksmostlikelytaketoavoidviolatingtheCFAInstituteStandardsofProfessionalConduct?Completeathoroughanddiligentanalysisofthecompanyandthensellthestock.Sellthestockimmediatelybecauseshehasareasonablebasisfortakingthisinvestmentaction.Takenoinvestmentaction.【答案】CMargieGermainne,CFA,isariskmanagementconsultantwhohasbeenaskedbyasmallinvestmentbanktorecommendpoliciestopreventbankemployeesfromfrontrunningclientorders.Theseclientsgenerallyinvestinoneormoreofthebank'slargecapequityunittrusts.ToensurecompliancewiththeCFAInstituteStandardsofProfessionalConduct,Germainneshouldleastlikelyrecommendwhichofthefollowing?Employeesshouldberestrictedfromtrading:equity-relatedsecurities.withoutpriorpermission.duringestablishedtimeperiods.【答案】AMollyBurnett,CFA,isaportfoliomanagerforafundthatonlyinvestsinenvironmentallyfriendlycompanies.Amultinationalutilitycompanyrecentlyacquiredoneofthefund'sbest-performinginvestments,awindpowercompany.Thewindpowercompany'sshareholdersreceivedutilitycompanysharesaspartofthemergeragreement.Theutilityhasoneoftheworstenvironmentalrecordsintheindustry,butitsshareshavebeenoneofthetopperformersoverthepast12months.Becausetheutilitypaysahighdividendeverythreemonths,Burnettholdstheutilitysharesuntiltheremainingtwodividendsarepaidfortheyearthensellstheshares.BurnettmostlikelyviolatedtheCFAInstituteStandardofProfessionalConductconcerning:DisclosureofConflicts.Suitability.IndependenceandObjectivity.【答案】BJohannesMeir,CFA,isacomplianceofficerforFamilyEstatePlanning,LLC,aprivatewealthconsultingfirm.Manyofhiscolleagueshavefamilymemberswhohavestartedtheirownretailbusinesses.SomeofMeir'scolleagueshavebeenaskedbyrelativestoserveasnon-executivedirectorsoradviserstotheircompanies.MeirshouldmostlikelyrecommendwhichofthefollowingpoliciestoensurecompliancewiththeCFAInstituteStandardsofProfessionalConduct?RequireemployeestodeclareallincomesourcesannuallyRequireemployeestodeclarealloutsidebusinessinterestsProhibitemployeesfrombecomingdirectorsoradvisers【答案】BWhichofthefollowingstatementsconcerningrequirementsunderStandardV(B)-communicationwithClientsandProspectiveClientsisleastlikelyaccurate?Thisstandardrequiresmembersandcandidatesto:divulgethenumberofinvestmentrelatedpersonnelresponsibleforexternalcommunication.distinguishbetweenfactandopinioninthepresentationofinvestmentanalysisandrecommendations.disclosethebasicformatandgeneralprinciplesoftheinvestmentprocess.【答案】AGabrielleGabbe,CFAhasbeenaccusedofprofessionalmisconductbyoneofhercompetitors.TheallegationsconcernGabbe'spersonalbankruptcyfiling10yearsagowhenshewasacollegestudentandhadalargeamountofmedicalbillsshecouldnotpay.Bynotdisclosingthebankruptcyfilingtoherclients,didGabbemostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?A.NoYes,relatedtoMisconductYes,relatedtoMisrepresentation【答案】AChanLiu,CFA,isthenewresearchmanageratthePacificMicroCapFund.Liuobservedthefollowingactivitiesaftershepublishedaresearchreportonathinlytradedmicro-capstockthatincludeda"buy"recommendation:,PacifictraderspurchasedthestockforPacific'sproprietaryaccountandthenpurchasedthesamestockforallclientaccounts;,AndPacificmarketingdepartmentemployeesdisseminatedpositive,butfalse,informationaboutthestockinwidelyreadinternetforums.Liunotesthestock'spriceincreasedmorethan50%withinaperiodoftwodaysandwasthensoldforPacific'saccount.WhichofthefollowingstepsismostappropriateforLiutotaketoavoidviolatingtheCFAInstituteStandardsofProfessionalConduct?Removehernamefromthemicro-capstockresearchreport.Publiclyrefutethefalseinformationpostedoninternetforums.Reporttheobservedactivitiestoheremployer.【答案】CFrancescaNdenda,CFA,andGraceRutabingwaworkinthesamedepartmentforNewAgeManagers,withRutabingwareportingtoNdenda.NdendalearnsthatRutabingwareceivedaNoticeofEnquiryfromtheProfessionalConductProgramatCFAInstituteregardingapotentialcheatingviolationwhenshesatfortheCFAexaminJune.AsRutabingwa'ssupervisor,NdendaisafraidthatRutabingwa'sbehaviorwillbeseenasaviolationoftheCodeandStandards.DoesNdendamostlikelyhavecauseforconcern?No,notuntilRutabingwaisfoundguiltyofcheatingYesNo,becauseherresponsibilitiesdonotapply【答案】CAccordingtheGIPSstandards,forperiodsbeginningonorafter1January2011,theaggregatefairvalueoftotalfirmassetsmostlikelyincludesall:fee-payingdiscretionaryaccounts.fee-andnon-fee-payingdiscretionaryaccounts.fee-andnon-fee-payingdiscretionaryandnon-discretionaryaccounts.【答案】CForyearsJohnBerger,aCFAcharterholderandCEOofacompany,relieduponasetofreasonableproceduresforpreventingviolationsoftheCodeandStandardsofProfessionalConductinthefirm.TonotbeliableforaviolationoftheStandards,Bergermust:donothingmorethanhavethesetofproceduresinplaceasstated.periodicallyreviewtheprocedures.bothperiodicallyreviewtheproceduresandensuretheproceduresaremonitoredandenforced.【答案】CAccordingtotheStandardsofPracticeHandbook,inordertofulfillthebasicprovisionandprocedureofthesuitabilitystandards,shouldaclient5swritteninvestmentpolitystatement(IPS):Takeperformancemeasurement Bereviewedatleastannually?benchmarksintoconsideration?Yes YesYes NoNo Yes【答案】AAnanalystmeetswithanewclient.Duringthemeeting,theanalystseesthatthenewclient'sportfolioisheavilyinvestedinoneover-the-counterstock.Theanalysthasbeenfollowingthestockandthinksitwillperformwellinthelongrun.Theanalystarrangesthroughabrokeragefirmtosimultaneouslysellalargenumberofsharesofthestockviaaseriesofcrosstradesfromthenewclient(sportfoliotovariousexistingclients.Hearrangesthetradestobeexecutedatapricethatapproximatesthecurrentmarketprice.Thisactionis:notinviolationoftheStandards.aviolationofStandardlll(A),Loyalty,Prudence,andCare.aviolationofStandardlll(B),FairDealing.【答案】AAnanalystgatheredthefollowinginformationaboutthemonthlyreturnsoverthesametimeperiodfromtwodiversifiedinvestmentportfolios:TheanalyststatedthatPortfolioXisnegativelyskewedandPortfolioYispositivelyskewed.Istheanalystcorrectwithrespectto:PortfolioX?PortfolioY?A.NoNoB.NoYesC.YesNo【答案】AApensionfundexpectstopayobligationsof$5,000,0004yearsfromtoday.Thefundwillfundthisobligationbymaking5annual,equaldepositsintoanaccountearning3%,withthefirstdepositoccurringtoday,andthelastoccurringatthetimetheobligationisdue.Whatsizemusteachannualdepositbe?A.$904,874.B.$941,773.C.$1,125,662.【答案】BComparedtoanormaldistribution,alognormaldistributionisleastlikelytobe:skewedtotheright.skewedtotheleft.usefulindescribingthedistributionofstockprices.【答案】B,Meanannualreturn 4%,Meanexcessreturn 8.6%,Standarddeviationofannualreturns23.4%TOC\o"1-5"\h\z,Portfoliobeta 1.6ThecoefficientofvariationandSharpemeasure,respectively,fortheportfolioareclosestto:CoefficientofvariationSharpemeasure0.82 0.371.32 1.230.37C.1.320.37【答案】cMeiTekeijusthadabirthdayandis22.Whensheis27,shewillreceivea$100,000inheritance.Tekeineedsfundsforthedownpaymentonaco-opinManhattanandhasfoundabankthatwillgiveherthepresentvalueofherinheritanceamount(assuming8.0percentinterestcompoundedcontinuously).Willtheproceedsfromthebankbesufficienttocoverhertotalcostclosingcostsof$65,000?Yes,Tekeiwillreceive$68,058.No,Tekeiwillonlyreceive$49,182.Yes,Tekeiwillreceive$67,032.【答案】CAnanalysthasrecentlydeterminedthatonly70percentofallU.S.pensionfundshaveholdingsinhedgefunds.Inevaluatingthisprobability,arandomsampleof40U.S.pensionfundsistaken.ThenumberofU.S.pensionfundsinthesampleof40thathavehedgefundsintheirportfoliowouldmostaccuratelybedescribedas:multivariaterandomvariableacontinuousrandomvariableabinomialrandomvariable【答案】CWithrespecttothefourmajormeasurementscales(ratio,ordinal,interval,andnominal)thescalethatrepresentstheweakestlevelofmeasurementisthe:nominalscaleordinalscaleintervalscale【答案】AAnanalystisinvestigatingonestockwithhighafter-taxreturnabovethebenchmarkandisconcernedabouthisperceptionsofslowdowninthemacroeconomicnextyear.Soheadjuststhehistoricalprobabilityofthestock,sreturnabovethebenchmark.Theanalystisbestcharacterizedasgaininga(n):Aprioriprobability.Empiricalprobability.Subjectiveprobability.【答案】CAneconomistpredictsthatoverthenextyear,thereisa56percentprobabilitythatoilpriceswillfallslightlyanda17percentprobabilitythatnewestatetaxlegislationwillbeenacted.Accordingtothisprediction,theprobabilitythatatleastoneoftheseindependenteventswilloccurisclosestto:13.6%44.7%【答案】cAnanalystisinvestigatingtheperformanceofthreeportfoliooverthesametimeperiodandgatheredthefollowinginformation:Ifthereturnsfromallportfolioswerenormallydistributed,theportfoliothatmaximizedtheprobabilityofearninglessthantherisk-freerateofreturnismostlikelyportfolio:1.2.3.【答案】AOn1January2009,thevalueofaninvestor'sportfoliois$89,000.Theinvestorplanstodonate$4,000tocharityorganizationandpay$2,000tohisinsuranceaccounton31Decemberof2009,butmeanwhilehedoesnotwanttheyear-endportfoliovaluetobebelow$89,000.Iftheexpectedreturnontheexistingportfoliois12percentwithavarianceof0.0125,thesafety-firstratiothatwouldbeusedtoevaluatetheportfoliobasedonRoy'scriterionisclosestto:0.3650.546【答案】cAnanalystisinvestigatingastockindexandgatheredthefollowinginformation:Iftheanalysttakesasampleof56companiesfromtheindex,thestandarderrorofthesamplemeanisclosestto:$80,178.$240,535.$320,713.【答案】CAnanalysisdeterminedthatapproximately99percentoftheobservationsofdailysalesforacompanywerewithintheintervalfrom$250,000to$580,000andthatdailysalesforthecompanywerenormallydistributed.Themeandailysalesandstandarddeviationofdailysales,respectively,forthecompanywereclosestto:MeandailysalesStandarddeviationofdailysalesA.$415,000$41,667B.$415,000$55,000C.$355,115$41,667【答案】BThejointprobabilityofreturns,forsecuritiesAandB,areasfollows:ThecovarianceofreturnsofAandBis:A.6%B.12%C.24%【答案】ADoesthequantitytheoryofmoneyassumethatinthelongrun:PotentialGDPisinfluenced thepricelevelisinfluencedbythequantityofmoney? bythequantityofmoney?No NoNo YesYes No【答案】BWhichofthefollowingconditionisleastlikelytobetheobstacletotheefficientallocationofproductiveresources:PricecontrolsTaxesandtraderestrictionsPerfectcompetition【答案】CWhichofthefollowingconditionisleastlikelytobethereasonthatablackmarketisgenerallyinefficient:UnenforceablecontractIncreasedpricesrequiredbysuppliersduetotheriskofprosecutionIntensivecontrolbythegovernment【答案】CThecountryofHokahuses30unitsoflabortoproduceaunitofcheeseand35unitsoflabortoproduceaunitofleather.ThecountryofYmeruses25unitsoflabortoproduceaunitofcheeseand20unitsoflabortoproduceaunitofleather.Whichofthefollowingstatementsismostaccurate?Ymer'sopportunitycostofoneunitofleatheris0.80unitsofcheese.Hokah'sopportunitycostofoneunitofcheeseis1.167unitsofleather.Ymerhasanabsoluteandacomparativeadvantageinbothcheeseandleather.【答案】AAsoutputquantitiesexpandinanindustrywithadownward-slopinglong-runindustrysupplycurve,whatisthemostlikelylong-runeffectontheequilibriumsellingpriceperunitoftheindustry'soutput?A.Increase,becauseofupwardpressureoninputprices.Decrease,becauseoflowerinputcostsperunitofoutput.Noeffect,becausesellingpriceisonlyaffectedintheshortrun.【答案】BIfthegovernmentregulatesanaturalmonopolyandenforcesanaveragecostpricing,whataretheeffectsonoutputquantityandpricecomparedtoanunregulatednaturalmonopoly?Botharelowerunderaveragecostpricing.Botharehigherunderaveragecostpricing.Oneishigherandoneislowerunderaveragecostpricing.【答案】CAssumethatoneyearago,theexchangeratebetweentheJapaneseyenandtheeurowas100JPY/EUR,andtheexchangeratebetweentheJapaneseyenandtheU.S.dollarwas80JPY/USD.Currentexchangeratesare104.2JPY/EURand76.6JPY/USD.Whichofthefollowingstatementsismostaccurate?TheUSDhasdepreciatedrelativetotheEUR.TheJPYhasdepreciated4.2%relativetotheEUR.ThecurrentU.S.dollartoeuroexchangerateisapproximately1.25USD/EUR.【答案】AOligopolistshaveanincentivetocheatoncollusiveagreementsinorderto:avoidcompetitivepractices.increasetheirindividualshareofthejointprofit.restrictoutputandputupwardpressureonprice.【答案】BThepriceofagoodfallsfrom$15to$13.Giventhisdeclineinprice,thequantitydemandedofthegoodrisesfrom100unitsto120units.Thearcpriceelasticityofdemandforthegoodisclosestto:.10.0.【答案】AIfthequantitydemandedofpearsfallsby4%whenthepriceofapplesdecreasesby3%,thenapplesandpearsarebestdescribedas:plements.substitutes.【答案】CThreefirmsoperateunderperfectcompetition,producing900unitsofthesameproductbutusingdifferentproductiontechnologies.Eachcompany'scoststructureisindicatedinthetable:Whichofthefollowingstatementsismostaccurate?Iftheunitsellingpriceis:$4.50,allfirmsshouldcontinuetooperateintheshortrun,butexitthemarketinthelongruniftheseconditionsareexpectedtopersist.$3.00,FirmXshouldcontinuetooperateintheshortrun,butFirmsYandZshouldshutdownproduction.$6.00,allfirmsshouldexitthemarketinthelongrun.【答案】BThefollowinginternationaltradeinformationisavailableforahypotheticaleconomy:Followinga12%depreciationintheDCU,thetradebalancewillbeclosestto:-1,674.-1,648.-1,726.【答案】BAnexpansionaryfiscalpolicyismostlikelyassociatedwith:anincreaseincapitalgainstaxrates.crowdingoutofprivateinvestments.anincreaseingovernmentspendingonsocialinsuranceandbenefits.【答案】BIfatwo-tailedhypothesistesthasa5%probabilityofrejectingthenullhypothesiswhenthenullistrue,itismostlikelythatthe:powerofthetestis95%.confidencelevelofthetestis95%.probabilityofaTypeIerroris2.5%.【答案】BWhichofthefollowingstatementsabouthypothesistestingismostaccurate?RejectingatruenullhypothesisisaTypeIerror.Thepowerofatestistheprobabilityoffailingtorejectthenullhypothesiswhenitisfalse.Foraone-tailedtestinvolvingX,thenullhypothesiswouldbeHO:X=0,andthealternativehypothesiswouldbeHA:XW0.【答案】AAbusinesscycletheorydevelopedbyapplyingutilitytheoryandbudgetconstraintstomacroeconomicmodelsismostcloselyassociatedwithwhichschoolofeconomicthought?A.Austrian.NewClassical.NewKeynesian.【答案】BAlossofeconomicefficiencyfrompriceregulationisleastlikelytoresultfroma:rentceilingthateffectivelyincreasesrenters'searchtimesforavailableunits.minimumwagethatisgreaterthantheequilibriumwageforunskilledworkers.maximumpriceforelectricitysetatapricelevelatwhichthequantityofelectricitysuppliedisgreaterthanthequantitydemanded.【答案】CConsiderthefollowingforeignexchangeandinterestrateinformation:?Spotrate:1.3382USD/EUR.OneyearrisklessUSDrate=2.5%.OneyearrisklessEURrate=3.5%.Theone-yeararbitrage-freeforwardexchangerateisclosestto:1.2391USD/EUR.1.3253USD/EUR.1.3513USD/EUR.【答案】BInaperiodofdecliningpricesandstableorincreasinginventoryquantities,whichofthefollowingdescriptionsontheimpactofLIFOandFIFOonfinancialstatements(is)aretrue?LIFO FIFOI.InventoryHigherLowerII.NetincomeHigherLowerIII.CashflowfromoperationsHigherLowerA.Illonly.B.IandIIonly.C.IandIIIonly.【答案】BAsteelmanufacturingcompanyclassifiesshippingcostschargetocustomersasrevenueandclassifiespaymentsthatthecompanymakestoshipperasselling,generalandadministrativeexpense.Allelsebeingequal,thecompany(streatmentofshippingcostismostlikelyto:overstateoperatingincomeoverstatethegrossprofitmarginunderstateoperatingincome【答案】BIn2009,theaveragemarketpriceofacompany'scommonstockwas$60pershareandbasicearningspersharewas$1.60.Withrespecttothecomputationof2009dilutedearningspershareforthatcompany,useofthetreasurystockmethodwouldmostlikelyresultinincrementalsharesoutstandingrelatedtothecompany,s:7%convertiblebonds.optionswithane