CFA一级Mock试题

1/81.AccordingtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,tradingonmaterialnonpublicinformationisleastlikelytobepreventedbyestablishing:A.fire-walls.B.watchlists.C.selectivedisclosure.Answer:CCFAInstituteStandards2010ModularLevelI,Vol.1,pp.36-42StudySession1-2-cRecommendpracticesandproceduresdesignedtopreventviolationsoftheCodeofEthicsandStandardsofProfessionalConductCiscorrectasselectivedisclosureoccurswhencompaniesdiscriminateinmakingmaterialnonpublicinformationpublic.Corporationsthatdiscloseinformationonalimitedbasiscreatethepotentialforinsider-tradingviolations.StandardII(A).2.WilliamWong,CFA,isanequityanalystwithHayswickSecurities.Basedonhisfundamentalanalysis,Wongconcludesthestockofacompanyhefollows,NolvecInc.,issubstantiallyundervaluedandwillexperiencealargepriceincrease.Hedelaysrevisinghisrecommendationonthestockfrom“hold”to“buy”toallowhisbrothertobuysharesatalowerprice.WongisleastlikelytohaveviolatedtheCFAInstituteStandardsofProfessionalConductrelatedto:A.dutytoclients.B.reasonablebasis.C.priorityoftransactions.Answer:B2/8“GuidanceforStandardsI-VII”,CFAInstitute2010ModularLevelI,Vol.1,pp.48-50,80-81,94-95StudySession1-2-aDemonstrateathoroughknowledgeoftheCodeofEthicsandStandardsofProfessionalConductbyapplyingtheCodeandStandardstosituationsinvolvingissuesofprofessionalintegrity.BiscorrectbecausethereisnothingtosuggestthatWongdoesnothaveareasonablebasisforhisconclusionrelatedtoNolvec.StandardV(A).3.Duringanonsitecompanyvisit,MarshaWard,CFA,accidentallyoverheardtheChiefExecutiveOfficer(CEO)ofStargazer,Inc.discussingthecompany’stenderoffertopurchaseDynamicaEnterprises,aretailerofStargazerproducts.AccordingtotheCFAInstituteStandardsofProfessionalConduct,Wardmostlikelycannotusetheinformationbecause:A.itrelatestoatenderoffer.B.itwasoverheardandmightbeconsideredunreliable.C.shedoesnothaveareasonableandadequatebasisfortakinginvestmentaction.Answer:A“GuidanceforStandardsI-VII”,CFAInstitute2009ModularLevelI,Vol.1,pp.36-42StudySession1-2-aDemonstrateathoroughknowledgeoftheCodeofEthicsandStandardsofProfessionalConductbyapplyingtheCodeandStandardstosituationsinvolvingissuesofprofessionalintegrity.Aiscorrectbecausetradingontheinformationisrestrictedasitrelatestoatenderoffer。itisclearlymaterial,nonpublicinformation.StandardII(A).3/84.IanO’Sullivan,CFA,istheownerandsoleemployeeoftwocompanies,apublicrelationsfirmandafinancialresearchfirm.ThepublicrelationsfirmenteredintoacontractwithMalloryEnterprisestoprovidepublicrelationsservices,withO’Sullivanreceiving40,000sharesofMallorystockinpaymentforhisservices.Overthenext10days,thepublicrelationsfirmissuedseveralpressreleasesthatdiscussedMallory’sexcellentgrowthprospects.O’Sullivan,throughhisfinancialresearchfirm,alsopublishedaresearchreportrecommendingMallorystockasa“buy.”AccordingtotheCFAInstituteStandardsofProfessionalConduct,O’SullivanismostlikelyrequiredtodisclosehisownershipofMallorystockinthe:A.pressreleasesonly.B.researchreportonly.C.boththepressreleaseandtheresearchreport.Answer:C“GuidanceforStandardsI-VII”,CFAInstitute2009ModularLevelI,Vol.1,pp.21-26,89-91StudySession1–2–aDemonstrateathoroughknowledgeoftheCodeofEthicsandStandardsofProfessionalConductbyapplyingtheCodeandStandardstosituationsinvolvingissuesofprofessionalintegrity.Ciscorrectbecausemembersshoulddiscloseallmattersthatreasonablycouldbeexpectedtoimpairthemember’sobjectivity.StandardI(B),StandardVI(A)5.JeffersonPiedmont,CFA,aportfoliomanagerforParkInvestments,planstomanagetheportfoliosofseveralfamilymembersinexchangeforapercentageofeachportfolio’sprofits.4/8Ashisfamilymembershaveextensiveportfoliosrequiringsubstantialattention,theyhaverequestedthatPiedmontprovidetheservicesoutsidehisemploymentwithPark.Piedmontnotifieshisemployerinwritingofhisprospectiveoutsideemployment.Twoweekslater,Piedmontbeginsmanagingthefamilymembers’portfolios.Bymanagingtheseportfolios,didPiedmontviolateanyCFAInstituteStandardsofProfessionalConduct?A.ConflictsofInterestB.AdditionalCompensation.C.BothAdditionalCompensationandConflictsofInterest.Answer:C“GuidanceforStandardsI-VII”,CFAInstitute2009ModularLevelI,Vol.1,p.75,89-91StudySession1–2–aDemonstrateathoroughknowledgeoftheCodeofEthicsandStandardsofProfessionalConductbyapplyingtheCodeandStandardstosituationsinvolvingissuesofprofessionalintegrity.Ciscorrectbecausemembersshoulddiscloseallpotentialconflictsofinterest,thesubstantialtimeinvolvedinmanagingfamilyaccounts,andwhenengaginginindependentpracticeforcompensationshouldnotrenderservicesuntilreceivingwrittenconsentfromallparties.StandardIV(B),StandardVI(A).6.TheeightmajorprovisionsoftheGlobalInvestmentPerformanceStandards(GIPS)includeallofthefollowingexcept:A.InputData,CalculationMethodology,andRealEstate.B.FundamentalsofCompliance,CompositeConstruction,andDisclosures.5/8C.CalculationMethodology,CompositeConstruction,andAlternativeAssetsAnswer:CCFAInstituteStandards2010ModularLevelI,Vol.1,pp.141-142StudySession1-4-dCharacterizetheeightmajorsectionsoftheGIPSstandards.CiscorrectbecauseAlternativeAssetsisnotamongt