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目录 封面
内容简介
目录
第一部分 历年真题及详解
2015 Level Ⅰ Mock Exam: Morning Session
2015 Level Ⅰ Mock Exam: Afternoon Session
2014 Level Ⅰ Mock Exam: Morning Session
2014 Level Ⅰ Mock Exam: Afternoon Session
2013 Level Ⅰ Mock Exam: Morning Session
2013 Level Ⅰ Mock Exam: Afternoon Session
2012 Level Ⅰ Mock Exam: Morning Session
2012 Level Ⅰ Mock Exam: Afternoon Session
2011 Level Ⅰ Mock Exam: Morning Session
2011 Level Ⅰ Mock Exam: Afternoon Session
第二部分 模拟试卷及详解
Mock Exam 1
Morning Session
Afternoon Session
Mock Exam 2
Morning Session
Afternoon Session
Mock Exam 3
Morning Session
Afternoon Session
Mock Exam 4
Morning Session
Afternoon Session
Mock Exam 5
Morning Session
Afternoon Session
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第一部分 历年真题及详解
2015 Level Ⅰ Mock Exam:Morning Session
1．Vishal Chandarana, an unemployed researchanalyst, recently registered for the CFA Level Ⅰexam. After twomonths of intense interviewing, he accepts a job with a stock brokerage companyin a different region of the country. Chandarana posts on a blog how being aCFA candidate really helped him get a job. He also notes how relieved he waswhen his new employer did not ask him about being fired from his formeremployer.
Which CFA Institute Standards of Professional Conduct didChandarana least likely violate?
A．Loyalty to Employers
B．Reference to CFA Institute, the CFA Designation,and the CFA Program
C．Misconduct
【答案】B查看答案
【解析】
There is no evidence Chandarana violated Standard Ⅶ(B)-Reference to CFA Institute, the CFA Designation, andthe CFA Program with regard to his being a CFA candidate. Specifically, Chandaranadoes not overstate his competency or imply he will achieve superior performanceas a result of his CFA designation. It does appear, however, Chandarana did notact with integrity when he hid information that could potentially harm his newemployer's reputation, thus violating Standard I(D)-Misconduct and Standard Ⅳ(A)-Loyalty.
CFA Level Ⅰ
"Guidance for Standards I-VII"
Standard VIl(B)-Reference to CFA Institute, the CFADesignation, and the CFA Program, Standard I(D)-Professionalism, StandardIV(A)-Duty to Employers.
2．David Donnigan enrolled to take the Level ⅠICFA examination in the current year, but he did not take the exam. Donniganadvised his employer that he passed Level Ⅱ. Subsequently, heregistered to take the Level Ⅱ exam the next year.Which CFA Institute Standards of Professional Conduct did Donnigan least likelyviolate? The standard related to:
A．referencing candidacy in the CFA Program
B．dutyto employer
C．professional misconduct
【答案】A查看答案
【解析】
Because he registered to take the exam in the next year,Donnigan still qualifies to state he is a candidate in the CFA Program. Hewould not, however, be authorized to reference that he is a LevelⅢ candidate and, if asked, would need to specifiy that he isa Level Ⅱcandidate.
CFA Level Ⅰ
"Guidance for Standards Ⅰ-Ⅶ,"
CFA Institute Standard Ⅰ(D),Standard Ⅳ(A)
3．lan O'Sullivan, CFA, is the owner and soleemployee of two companies, a public relations firm and a financial researchfirm. The public relations firm entered into a contract with MalloryEnterprises to provide public relations services, with O'Sullivan receiving40,000 shares of Mallory stock in payment for his services. Over the next 10days, the public relations firm issued several press releases that discussedMallory's excellent growth prospects. O'Sullivan, through his financialresearch firm, also published a research report recommending Mallory stock as a"buy." According to the CFA Institute Standards of ProfessionalConduct, O'Sullivan is most likely required to disclose his ownership ofMallory stock in:
A．the press releases only
B．the research report only
C．both the press release and the research report
【答案】C查看答案
【解析】
Members should disclose all matters that reasonably couldbe expected to impair the member's objectivity as outlined in Standard Ⅰ(B), and Standard Ⅵ(A).
CFA Level Ⅰ
"Guidance for Standards Ⅰ-Ⅶ,"
CFA Institute Standard Ⅰ(B),Standard Ⅵ(A)
4．James Woods, CFA, is a portfolio manager at ABCSecurities. Woods has reasonable grounds to believe his colleague, SandraClarke, a CFA Level ⅠI candidate, is engaged in unethical trading activitiesthat may also be in violation of local securities laws. Woods is not Clarke'ssupervisor, and her activities do not impact Woods or any of the portfolios forwhich he is responsible. Based on the Code and Standards, the recommendedcourse of action is for Woods to:
A．report Sandra Clarke to ABC's trading supervisoror compliance department.
B．not take any action because he is not directlyinvolved
C．report Sandra Clarke to the appropriategovernmental or regulatory organization
【答案】A查看答案
【解析】
Under Standard I(A) in situations where a member orcandidate is aware of employer engagement in unethical or illegal activity, itis recommended that they attempt to stop the behavior by bringing it to theattention of a supervisor or the firm's compliance department.
CFA Level Ⅰ
"Guidance for Standards Ⅰ-Ⅶ,"
CFA Institute Standard Ⅰ(A)
5．After a firm presents a minimum required numberof years of GIPS- compliant performance, the firm must present an additionalyear of performance each year, building up to a minimum of:
A．10 years of GIPS-compliant performance
B．15 years of GIPS-compliant performance
C．5years of GIPS-compliant performance
【答案】A查看答案
【解析】
After a firm presents a minimum of five years ofGIPS-compliant performance, the firm must present an additional year ofperformance each year, building up to a minimum of 10 years of GIPS-compliantperformance.
CFA Level Ⅰ
"The GIPS Standards," CFA Institute
Section: Historical Performance Record
6．Madeline Smith, CFA, was recently promoted tosenior portfolio manager. In her new position, Smith is required to supervisethree portfolio managers. Smith asks for a copy of her firm's written supervisorypolicies and procedures but is advised that no such policies are required byregulatory standards in the country where Smith works. According to theStandards of Practice Handbook, Smith's most appropriate course of action wouldbe to:
A．decline to accept supervisory responsibilityuntil her firm adopts procedures to allow her to adequately exercise suchresponsibility
B．require the employees she supervises to adoptthe CFA Institute Code of Ethics and Standards of Professional Conduct
C．require her firm to adopt the CFA Institute Codeof Ethics and Standards of Professional Conduct
【答案】A查看答案
【解析】
According to guidance for Standard (IV(C), if a membercannot fulfill supervisory responsibilities because of the absence of acompliance system or because of an inadequate compliance system, the membershould decline in writing to accept supervisory responsibility until the firmadopts reasonable procedures to allow the member to adequately exercise suchresponsibility.
CFA Level Ⅰ
"Guidance for Standards Ⅰ-Ⅶ," CFA Institute Standard IV(C)
7．Nicholas Bennett, CFA, is a trader at a stockexchange. Another trader approached Bennett on the floor of the exchange andverbally harassed him about a poorly executed trade. In response, Bennettpushed the trader and knocked him to the ground. After investigating theincident, the exchange cleared Bennett from any wrongdoing. Which of thefollowing best describes Bennett's conduct in relation to the CFA InstituteCode of Ethics or Standards of Professional Conduct?
Bennett:
A．violated the standard relating toprofessionalism
B．did not violate any of the Code of Ethics orStandards of Professional Conduct
C．violated both the standard relating toprofessionalism and integrity of capital markets
【答案】A查看答案
【解析】
The CFA Institute Code of Ethics requires members to actwith integrity, competence, diligence, respect, and in an ethical andprofessional manner. The Standards of Professional Conduct relating toprofessional misconduct state members and candidates must not commit any actreflecting adversely on their professional reputation, integrity, orcompetence. Bennett's actions violated the Code of Ethics andStandardl(D)-Professionalism, but not Standard II-lntegrity of Capital Markets.
CFA Level Ⅰ
"Guidance for Standards Ⅰ-Ⅶ," CFA Institute Standard Ⅰ(D),Standard Ⅱ
8．According to the CFA Institute Code of Ethicsand Standards of Professional Conduct, trading on material nonpublicinformation is least likely to be prevented by establishing:
A．personal trading limitations
B．selective disclosure
C．firewalls
【答案】B查看答案
【解析】
Selective disclosure occurs when companies discriminate inmaking material nonpublic information public. Corporations that discloseinformation on a limited basis create the potential for insider-tradingviolations. See Standard II(A).
CFA Level Ⅰ
"Guidance for Standards Ⅰ-Ⅶ," CFA Institute
Standard Ⅱ(A)
9．During an on-site company visit, Marsha Ward,CFA, accidentally overheard the chief executive officer of Stargazer, Inc.discussing the company's tender offer to purchase Dynamica Enterprises, aretailer of Stargazer products. According to the CFA Institute Standards ofProfessional Conduct, Ward most likely cannot use the information because:
A．it was overheard and might be consideredunreliable
B．she does not have a reasonable and adequatebasis for taking investment action
C．it relates to a tender offer
【答案】C查看答案
【解析】
Trading on the information is restricted given that itrelates to a tender offer; it is clearly material, nonpublic information asstated in Standard II(A).
CFA Level Ⅰ
"Guidance for Standards Ⅰ-Ⅶ," CFA Institute Standard Ⅱ(A)
10．According to the Global Investment PerformanceStandards (GIPS), firms must do all of the following except:
A．adhere to certain calculation methodologies andmake specific disclosures along with their performance
B．provide investors with a comprehensive view oftheir performance only in terms of returns
C．comply with all requirements of the GIPSstandards, such as updates, guidance statements, and clarifications
【答案】B查看答案
【解析】
Firms must provide investors with a comprehensive view oftheir pen~ormance in terms of risk and returns, not just returns.
CFA Level Ⅰ
"The GIPS Standards," CFA Institute
Section: Overview
11．Adira Badawi, CFA, who owns a research andconsulting company, is an independent board member of a leading cementmanufacturer in a small local market. Because of Badawi's expertise in thecement industry, a foreign cement manufacturer looking to enter the localmarket has hired him to undertake a feasibility study. Under what circumstancescan Badawi most likely undertake the assignment without violating the CFAInstitute Code of Ethics and Standards of Professional Conduct?
A．He makes full disclosure to both companies
B．He signs confidentiality agreements with bothcompanies
C．He receives written permission from the localcompany
【答案】A查看答案
【解析】
Making full and fair disclosure of all matters that could reasonablybe expected to impair one's independence and objectivity or interfere withrespective duties to one's clients is required by Standard Vl(A)-Disclosure ofConflicts.
CFA Level Ⅰ
"Guidance for Standards Ⅰ-Ⅶ"
Standard Vl(A)-Disclosure of Conflicts
12．Which of the following is not a component of theCFA Institute Code of Ethics?
A．Promote financial integrity and seek to preventand punish abuses in the financial markets
B．Practice and encourage others to practice in aprofessional and ethical manner that will reflect credit on themselves and theprofession
C．Place the integrity of the investment professionand the interests of clients above your own personal interests
【答案】A查看答案
【解析】
Punishing abuse in the financial markets is not one of thesix components of the Code of Ethics.
CFA Level Ⅰ
"Code of Ethics," CFA Institute
Section: The Code of Ethics
13．According to the Global Investment PerformanceStandards (GIPS), which of the following is not a part of the verificationprocess? Testing whether the:
A．firm has complied with all the compositeconstruction requirements
B．verification is undertaken by the compliancedepartment in the absence of a third party
C．firm's processes and procedures are designed tocalculate results in compliance with GIPS standards
【答案】B查看答案
【解析】
CFA Level Ⅰ
"Introduction to the Global Investment PerformanceStandards (GIPS)," CFA Institute,2011
14．Jiro Sato, CFA, deputy treasurer for MayCollege, manages the Student Scholarship Trust. Sato issued a request forproposal (RFP) for domestic equity managers. Pamela Peters, CFA, a good friendof Sato, introduces him to representatives from Capital Investments, whichsubmitted a proposal. Sato selected Capital as a manager based on the firm'sexcellent performance record.
Shortly after the selection, Peters, who had outstandingperformance as an equity manager with another firm, accepted a lucrative jobwith Capital. Which of the CFA cha~terholders violated the CFA InstituteStandards of Professional Conduct?
A．Both
B．Neither
C．Peters
【答案】B查看答案
【解析】
Members should use reasonable care and judgment to maintainindependence and objectivity, as stated in Standard I (B). There is noindication of inappropriate behavior in the selection of the equity manager orin the acceptance of employment with that manager; both decisions were based onthe excellent performance records of the manager and the member, respectively.
CFA Level Ⅰ
"Guidance for Standards Ⅰ-Ⅶ," CFA Institute
Standard I(B)
15．Claire Jones, CFA, is an analyst followingnatural gas companies in the United States. At an industry energy conference,the chief financial officer of Alpine Energy states that the company isinterested in making strategic acquisitions. At a separate event, Alpine's headof exploration commented that he is bullish on natural gas production prospectswithin northeastern Pennsylvania. Jones is aware that Alpine currently has verylittle exposure to this region. She also knows another company in her universe,Pure Energy, Inc. is based in northeastern Pennsylvania and controlssignificant assets in the area. Pure Energy is highly leveraged, and Jonesbelieves it will need to raise additional capital or partner with another firmto move to the production phase with their assets. Jones attempts tocontactAlpine's chief executive officer with an unrelated question and is told he isunavailable because he is on a business trip to northeastern Pennsylvania.Jones updates her research on Pure Energy and then recommends the stock to LisaWong, CFA, a portfolio manager, who purchases significant positions in clientaccounts. The following week, Pure Energy announces it has entered into anagreement to be purchased by Alpine for a significant premium. Has either Jonesor Wong most likely violated standards with regard to the integrity of capitalmarkets?
A．Yes, Jones' recommendation is based on insiderinformation
B．No
C．Yes, both Jones and Wong have acted on insiderinformation
【答案】B查看答案
【解析】
Jones has used the mosaic theory to combine nonmaterial,nonpublic information with material public information
CFA Level Ⅰ
"Guidance for Standards Ⅰ-Ⅶ," CFA Institute
Standard Ⅱ(A) MaterialNonpublic Information
16．Ron Dunder, CFA, is the CIO for Bling Trust(BT), an investment adviser. Dunder recently assigned one of his portfoliomanagers, Doug Chetch, to manage several accounts that primarily invest in thinlytraded micro-cap stocks. Dunder soon notices that Chetch places many stocktrades for these accounts on the last day of the month, toward the market'sclose. Dunder finds this trading activity unusual and speaks to Chetch, whoexplains that the trading activity was completed at the client's request.Dunder does not investigate further. Six months later, regulatory authoritiessanction BT for manipulating micro-cap stock prices at month end in order toboost account values. Did Dunder violate any CFA Institute Standards ofProfessional Conduct?
A．Yes, because he failed to reasonably superviseChetch
B．Yes, because he did not report his findings toregulatory authorities
C．No.
【答案】A查看答案
【解析】
The CFA Institute Code and Standard on Responsibilities ofSupervisors, Standard Ⅳ (C), requires members/candidates to take stepsto detect and prevent violations of laws, rules and regulations.
Dunder failed in his supervisory role when he accepted Chetch'sexplanation of the unusual trading activity. Dunder should have reviewed theclient's goals and objectives, as well as records, to see whether the client infact requested month-end trading. Regardless of the explanation provided byChetch, Dunder should have investigated further.
CFA Level Ⅰ
"Guidance for Standards Ⅰ-Ⅶ," CFA Institute
Standard IV(C)
17．The Global Investment Performance Standardsleastlikely require:
A．nondiscretionary portfolios to be included incomposites
B．non-fee-paying portfolios to be excluded in thereturns of appropriate composites
C．composites to be defined according to similarinvestment objectives and/or strategies
【答案】A查看答案
【解析】
Composites (Standard Ⅳ- Composites) must be defined according to similar investment objectives and/orstrategies. Terminated portfolios must be included in the historical returns ofappropriate composites, and only fee-paying portfolios are to be included incomposites. Non-discrectionary portfolios must not be included in a firm'scomposites.
CFA Level Ⅰ
"Introduction to the Global Investment PerformanceStandards (GIPS)," CFA Institute
18．Jefferson Piedmont, CFA, a portfolio manager forPark Investments, plans to manage the portfolios of several family members inexchange for a percentage of each portfolio's profits. Because his familymembers have extensive portfolios requiring substantial attention, they haverequested that Piedmont provide the services outside of his employment withPark. Piedmont notifies his employer in writing of his prospective outsideemployment. Two weeks later, Piedmont begins managing the family members'portfolios. By managing these portfolios, which of the following CFA InstituteStandards of Professional Conduct has Piedmont violated?
A．Conflicts of Interest
B．Additional Compensation
C．Both Additional Compensation and Conflicts ofInterest
【答案】C查看答案
【解析】
According to Standard Ⅵ(B)and Standard Ⅵ(A), members should disclose all potentialconflicts of interest, should disclose the substantial time involved inmanaging family accounts and, when engaging in independent practice forcompensation, should not render services until receiving written consent fromall parties.
CFA Level Ⅰ
"Guidance for Standards Ⅰ-Ⅶ," CFA Institute
Standard IV(B), Standard Ⅵ(A)
19.Monte Carlo simulation is best described as:
A．a restrictive form of scenario analysis
B．providing a distribution of possible solutionsto complex functions
C．an approach to backtest data
【答案】B查看答案
【解析】
Monte Carlo simulation provides a distribution of possiblesolutions to complex functions. The central tendency and the variance of thedistribution of solutions give important clues to decision makers regardingexpected results and risk.
CFA Level Ⅰ
"Common Probability Distributions," Richard A.DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle Section 4
20．The belief that trends and patterns tend torepeat themselves and are, therefore, somewhat predictable bestdescribes:
A．arbitrage pricing theory
B．technical analysis
C．weak-form efficiency
【答案】B查看答案
【解析】
Technical analysts believe that trends and patterns tend torepeat themselves and are, therefore, somewhat predictable.
CFA Level Ⅰ
"Technical Analysis," Barry M. Sine and Robert A.Strong Section 2.1
21．Which of the following most accurately describesa distribution that is more peaked than normal?
A．Mesokurtotic
B．Platykurtotic
C．Leptokurtotic
【答案】C查看答案
【解析】
A distribution that is more peaked than normal is calledleptokurtotic.
CFA Level Ⅰ
"Statistical Concepts and Market Returns," RichardA. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
Section 9
22．Using the following sample results drawn as 25paired observations fTom their underlying distribution s, test whether the mean retu rns of the two porte'olios differ from each other at the 1% level ofstatistical significance. Assume th e underlying distributions of returns foreach portfolio are normal and that their population variances are not known.
![]()
Based on the paired comparisons test of the two portfolios,the most appropriate conclusion is that HL should be:
A．accepted because the computed test statistic isless than 2.807.
B．rejected because the computed test statisticexceeds 2.807.
C．accepted because the computed test statisticexceeds 2.807.
【答案】B查看答案
【解析】
The test statistic is:
![]()
where
![]()
is the mean difference, μdois the hypothesized difference in the means, sd is the samplestandard deviation of differences, and n is the sample size. In this case, thetest statistic equals: (4.25-0)/(6.25/√25)=3.40. Because 3.40>2.807, thenull hypothesis that the mean difference is zero is rejected.
CFA Level Ⅰ
"Hypothesis Testing," Richard A. DeFusco, DennisW. McLeavey, Jerald E. Pinto, and David E. Runkle
Section 3.3
23．The null hypothesis is most likely to berejected when the p-value of the test statistic:
A．exceeds a specified level ofsignificance.
B．is negative.
C．falls below a specified level ofsignificance.
【答案】C查看答案
【解析】
If the p-value is less than the specified level ofsignificance, the null hypothesis is rejected. CFALevel Ⅰ
"Hypothesis Testing," Richard A. DeFusco, DennisW. McLeavey, Jerald E. Pinto, and David E. Runkle
Section 2
24．Over the past four years, a portfolioexperienced returns of 4%,4%,17%, and -12%. The geometric mean return of the portfolioover the four-year period is closest to:
A．0.99%.
B．-0.37%.
C．0.25%.
【答案】B查看答案
【解析】
Add one to each of the given returns, then multiply themtogether and take the fourth root of the resultingproduct.0.92×1.04×1.17×0.88=0.985121; 0.985121 raised to the 0.25 power is 0.996259.Subtracting one and multiplying by 100 gives the correct geometric mean return:[(0.92×1.04×1.17×0.88)0.25-1]×100 =-0.37%.
CFA Level Ⅰ
"Statistical Concepts and Market Returns,"Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
Section 5.4.2
25．
![]()
A．equal.
B．greater.
C．smaller.
【答案】C 查看答案
【解析】
The histogram clearly shows that the return distribution ofthe index is positively skewed (skewed to the right) and is unimodal (it hasone most frequently occurring value). For a positively skewed unimodaldistribution, the median is always less than the mean.
CFA Level Ⅰ
"Statistical Concepts and Market Returns,"Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
Sections 4.1,5.3,8
26．Based on historical returns, a portfolio has aSharpe ratio of 2.0. If the mean return to the portfolio is 20%, and the meanreturn to a risk-free asset is 4%, the standard deviation of return on theportfolio is closest to:
A．12%.
B．8%.
C．10%.
【答案】B查看答案
【解析】
The Sharpe ratio for a portfolio p, based on historicalreturns, is defined as
![]()
Where
![]()
is the mean retum to the portfolio
![]()
is the meanretum to a risk-free asset, and sp is the stancard deviation ofretum on the portfolio In this instance, 2= (20%-4%)/sp Solving forsp: sp = (20%- 4%)/2 = 8%
CFA Level Ⅰ
"Statistical Concepts and Market Returns,"Richard A. DeFusco, Dennis W. McLea~y, Jerald E. Pinto, and David E. Runkle
section 7.8
27．The following 10 observations are a sample drawnfrom an approximately normal population
![]()
The sample standard deviation is closestto:
A．13.18
B．12.50
C．11.92
【答案】A查看答案
【解析】
![]()
The sample variance is:
![]()
The sample standard deviation is the (positive) square rootof the sample vadance.
![]()
CFA Level Ⅰ
"Statistical Concepts and Market Returns" RichardA DeFusco,Dennis W McLeavey Jerald E Pinto and David E Runkle
28．The following ten observations are a sampledrawn from an approximately nomlal population:
![]()
The sample standard deviation is closest to:
A．17.56.
B．18.58.
C．19.59.
【答案】C查看答案
【解析】
The sample mean is calculated as follows:
![]()
where
Xi is the value of the ith observation and
n is the number of observationsin the sample.
The sample variance is:
![]()
The sample standard deviation is the (positive) square rootof the sample variarce:
![]()
CFA Level Ⅰ
"Statistical Concepts and Market Returns,"Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
Sections 5.1.2,7.4.
29．The minimum rate of return an investor mustreceive in order to accept an investment is best described as the:
A．internal rate of return.
B．required rate of return.
C．expected return.
【答案】B查看答案
【解析】
The required rate of return is the minimum rate of returnan investor must receive in order to accept an investment.
CFA Level Ⅰ
"The Time Value of Money," Richard A. DeFusco,Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
Section 2
30．Which of the following most accurately describeshow to standardize a random variable X?
A．Subtract the mean of Xfrom X, and then dividethat result by the standard deviation of X.
B．Subtract the mean of Xfrom X, and then dividethat result by the standard deviation of the standard normal distribution.
C．Divide X by the difference between the standarddeviation of X and the standard deviation of the standard normal distribution.
【答案】A查看答案
【解析】
There are two steps in standardizing a random variable X:Subtract the mean of X from X, and then divide that result by the standarddeviation of X This is represented by the following formula: Z = (X-μ)/σ.
CFA Level Ⅰ
"Common Probability Distributions," Richard A.DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
Section 3.2
31．A descriptive measure of a populationcharacteristic is best described as a:
A．parameter.
B．frequency distribution.
C．sample statistic.
【答案】A查看答案
【解析】
Any descriptive measure of a population characteristic iscalled a parameter.
CFA Level Ⅰ
"Statistical Concepts and Market Returns,"Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
Section 2.2
32．In generating an estimate of a populationparameter, a larger sample size is most likely to improve the estimator's:
A．consistency.
B．efficiency.
C．unbiasedness.
【答案】A查看答案
【解析】
A consistent estimator is one for which the probability ofestimates close to the value of the population parameter increases as thesample size increases. Unbiasedness and efficiency are properties of anestimator's sampling distribution that hold for any size sample.
CFA Level Ⅰ
"Sampling and Estimation," Richard A. DeFusco,Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
Section 4.1
33．The probability of Event A is 40%. Theprobability of Event B is 60%. The joint probability of AB is 40%. Theprobability (P) that A or B occurs, or both occur, is closestto:
A．60%.
B．40%.
C．84%.
【答案】A查看答案
【解析】
P(A or B) = P(A) + P(B) - P(AB) = 0.40 + 0.60 - 0.40 = 0.60or 60%.
CFA Level Ⅰ
"Probability Concepts," Richard A. DeFusco,Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
Section 2
34．Which of the following statements with respectto Giffen and Veblen goods is least accurate?
A．Giffen goods are "inferior," whereasVeblen goods are "high-status" goods.
B．Both types of goods violate the fundamentalaxioms of demand theory.
C．Both types of goods demonstrate the possibilityof a positively sloping demand curve.
【答案】B查看答案
【解析】
Veblen goods violate the fundamental axioms of demandtheory, whereas Giffen goods do not.
CFA Level Ⅰ
"Demand and Supply Analysis: Consumer Demand,"Richard V. Eastin and Gary L. Arbogast Sections 6.4,6.5
35．The aggregate demand and supply functions forthe local market for pizza, along with some relevant data, is provided in thefollowing table.
![]()
The number of units of excess demand for pizza is closestto:
A．2,358.
B．1,471.
C．2,072.
【答案】A查看答案
【解析】
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CFA Level Ⅰ
"Demand and Supply Analysis: Introduction,"Richard V. Eastin and Gary L. Arbogast
Section 3.6
36．A consumer has a budget of $30 per month tospend on two types of fruit, priced as follows:
·Apples: $2.50 perpound.
·Bananas: $2.00 perpound.
Assuming the quantity of apples is measured on the verticalaxis and bananas on the horizontal axis, the slope of the budget constraint isclosest to:
A．1.25.
B．-0.80.
C．-1.25.
【答案】B 查看答案
【解析】
The budget constraint is given by the formula: 2.5 QA+ 2.0 QB = 30, where QA and QB are quantities ofapplesand bananas purchased, respectively. With the quantity of apples measured onthe vertical axis, the slope is equal to -(PB/PA) =-(2.00/2.50) = - 0.8, where PA and PB are prices ofapplesand bananas, respectively.
CFA Level Ⅰ
"Demand and Supply Analysis: Consumer Demand,"Richard V. Eastin and Gary L. Arbogast
Section 4.1
37．Whichof the following statements most accurately describes a valuation allowance fordeferred taxes? A valuation allowance is required under:
A．IFRS on revaluation ofcapital assets
B．U.S. GAAP if there is doubt aboutrecovering a deferred tax asset.
C．both IFRS and U.S. GAAP on taxdifferences arising from the translation of foreign operations.
【答案】B查看答案
【解析】
A valuation allowance is requiredunder U.S. GAAP if there is doubt about whether a deferred tax asset will berecovered. Under IFRS the deferred tax asset is written down directly.
CFA Level Ⅰ
“Income Taxes,” Elbie Antonites,CFA and Michael A. Broihahn.
Session, 9
38．The following information applies to a start-upcompany solely owned by an entrepreneur.
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The company's economic profit is closest to:
A．$784,250
B．$318,750
C．$659,250
【答案】C查看答案
【解析】
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CFA Level Ⅰ
"Demand and Supply Analysis: The Firm," Gary L.Arbogast, and Richard V. Eastin
Sections 2.1.2,3
39．The diagram to the below illustrates aconsumer's allocation of her budget between items X and Y. With an initialbudget (BC1) she consumes Qa units of item Y. When theprice of Y drops, she consumes Qc units of item Y. Lines BC2and BC3 are parallel to one another.
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The income effect arising from this change in the price ofY is best described as the distance between:
A．Qb and Qa.
B．Qc and Qa.
C．Qc and Qb.
【答案】C查看答案
【解析】
When the price of Yfalls, the budget constraint shiftsoutward from BC1 to BC2, indicatingan increase in theconsumption of X Points a and b reflect the change in consumption of Yduesolely to a decrease in price because BC3 reduces her income by a sufficientamount to return her to her original indifference curve. Qc - Qbis the income effect (which is negative here) because it is an inferiorgood.
CFA Level Ⅰ
"Demand and Supply Analysis: Consumer Demand,"Richard V. Eastin and Gary L. Arbogast
Section 6.3
40．Which of the followinq is most likely to cause ashift to the riqht in the aqqreqate demand curve?
A．Increase in taxes
B．Decrease in real estate values
C．Boom in the stock market
【答案】C查看答案
【解析】
A boom in the stock market increases the value of financialassets and household wealth. An increase in household wealth increases consumerspending and shifts the aggregate demand curve to the right.
CFA Level Ⅰ
"Aggregate Output, Prices, and Economic Growth,"Paul R. Kutasovic and Richard G. Fritz
Section 3.3.1
41．The price of a good falls from $15 to $13. Giventhis decline in price, the quantity demanded of the good rises from 100 unitsto 120 units. The arc price elasticity of demand for the good is closestto:
A．1.3.
B．1.5.
C．10.0.
【答案】A查看答案
【解析】
Arc price elasticity of demand is calculated as: %ΔQ/%Δp =(ΔQ/Qavg) / (ΔP/Pavg).
In this case, (20/110)/(2/14) = 1.27 rounded to 1.3.
CFA Level Ⅰ
"Demand and Supply Analysis: Introduction,"Richard V. Eastin and Gary L. Arbogast
Section 4.1
42．If the quantity demanded of pears falls by 4%when the price of apples decreases by 3%, then apples and pears are bestdescribed as:
A．inferior goods.
B．complements.
C．substitutes.
【答案】C查看答案
【解析】
The cross elasticity of demand is defined as the percentagechange in quantity demanded divided by the percentage change in the price of asubstitute or complement. If the cross elasticity of demand is positive, thegoods are substitutes. In this case, the 4% decline in quantity of pears isdivided by the 3% decline in the price of apples, which is a positive number:-4/-3 = +1.33.
CFA Level Ⅰ
"Demand and Supply Analysis: Introduction Richard V.Eastin and Gary L. Arbogast
Section 4.4
43．Three firms operate under perfect competition,producing 900 units of the same product but using different productiontechnologies. Each company's cost structure is indicated in the table:
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Which of the following statements is most accurate? If theunit selling price is:
A．$4.50, all firms should continue to operate inthe short run, but exit the market in the long run if these conditions areexpected to persist.
B．$3.00, Firm X should continue to operate in theshort run, but Firms Y and Z should shut down production.
C．$6.00, all firms should exit the market in thelong run.
【答案】B查看答案
【解析】
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CFA Level Ⅰ
"Demand and Supply Analysis: The Firm," Gary L.Arbogast and Richard V. Eastin
Section 3.1.3
44．The following international trade information isavailable for a hypothetical economy:
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Following a 12% depreciation in the DCU, the trade balancewill be closestto:
A．-1,674.
B．-1,648.
C．-1,726.
【答案】B查看答案
【解析】
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CFA Level Ⅰ
"Demand and Supply Analysis: Introduction,"Richard V. Eastin and Gary L. Arbogast
Section 4.2
"The Firm and Market Structures," Richard G.Fritz and Michele Gambera Section 3.1.1
"Currency Exchange Rates," William A. Barker,Paul D. McNelis, and Jerry Nickelsburg Section 5.1
45．An expansionary fiscal policy is most likelyassociated with:
A．an increase in capital gains taxrates.
B．crowding out of privateinvestments.
C．an increase in government spending on socialinsurance and benefits.
【答案】B查看答案
【解析】
Expansionary policy increases government borrowing, whichmay divert private sector investment from taking place (resulting in an effectknown as crowding out). A rise in capital gain tax rates is a form ofcontractionary fiscal policy. Rises in government spending on social insuranceand benefits is a form of automatic stabilizer and not due to discretionaryfiscal expansion.
CFA Level Ⅰ
"Monetary and Fiscal Policy," Andrew Clare andStephen Thomas
Sections 3.1.1,3.1.2,3.1.3
46．The convergence of global accounting standardshas advanced to a degree that the Securities & Exchange Commission in theUnited States now mandates that foreign private issuers who use IFRS may reportunder:
A．U.S. GAAP or under IFRS with a reconciliation toU.S. GAAP.
B．U.S. GAAP or under IFRS.
C．U.S. GAAP with voluntary supplemental reportingunder IFRS.
【答案】B查看答案
【解析】
Historically, the Securities & Exchange Commissionrequired reconciliation for foreign private issuers that did not preparefinancial statements in accordance with U.S. GAAP. However the reconciliationrequirement was eliminated as of 2008 for companies that prepared theirfinancial statements under IFRS.
CFA Level Ⅰ
"Financial Reporting Standards," Elaine Henry,Jan Hendrik van Greuning and Thomas R. Robinson
Sections 4,7
47．Which of the following statements is mostaccurate about the responsibilities of an auditor for a publicly traded firm inthe United States? The auditor must:
A．ensure that the financial statements are freefrom error, fraud, or illegal acts.
B．state that the financial statements are preparedaccording to generally accepted accounting principles.
C．express an opinion about the effectiveness ofthe company's internal control systems.
【答案】C查看答案
【解析】
For a publicly traded firm in the United States, theauditor must express an opinion as to whether the company's internal controlsystem is in accordance with the Public Accounting Oversight Board, under theSarbanes-Oxley Act. The opinion is given either in a final paragraph in theauditor's report or as a separate opinion.
CFA Level Ⅰ
"Financial Statement Analysis: An Introduction,"Elaine Henry and Thomas R. Robinson
Section 3.1.7
48．At the stag of the year, a company acquired newequipment at a cost of |
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