CFA考试历年真题精选9(附详解)
1、Gardner Knight, CFA, is a product development specialist at an investment bank. Knight is responsible for creating and marketing collateralized debt obligations (CDOs) consisting of residential mortgage bonds. In the marketing brochure for his most recent CDO, Knight provided a list of the mortgage bonds that the CDO was created from. The brochure also states “an independent third party, the collateral manager, had sole authority over the lection of all mortgage bonds ud as collateral in the CDO.” How ever, Knight met with the collateral manager and helped her lect the bonds for the CDO. Knight is least likely to be in violation of which of the following CFA Institute Standards of Professional Conduct?【单选题】
A.Suitability省内旅游景点推荐
B.Conflicts of Interest
C.Client Communication
正确答案:A
答案解析:CFA Institute StandardsA is correct becau there is no indication the investment is unsuitabl
e for investors and in violation of Standard III (C) Suitability.
2、Tamlorn Mager, CFA, is an analyst at Pyallup Portfolio Management. CFA Institute recently notified Mager that his CFA Institute membership was suspended for a year becau he violated the CFA Code of Ethics. A hearing panel also came to the same conclusion. Mager subquently notified CFA Institute he does not accept th e sanction, or the hearing panel’s conclusion. Which of the following actions by Mager is most consistent with the CFA Institute Professional Conduct Program?【单选题】
A.Prenting himlf to the public as a CFA charterholder
B.Providing evidence for his position to an outside arbitration panel
C.Using his CFA designation upon expiration of the suspension period
黑白头像女动漫正确答案:C
答案解析:“Code of Ethics and Standards of Professional Conduct”, CFA InstituteC is correct becau the Designated Officer may impo a summary suspension on a member or candidate, which may be rejected or accepted by the member or candidate. If the member or candidate does not accept th
e propod sanction, the matter is referred to a hearing panel compod of DRC members and CFA Institute member volunteers affiliated with the DRC. In this ca, the hearing panel also affirmed the suspension decision by the Designated Officer, and therefore, the member los the right to u his designation for a one-year period. Upon expiration of the suspension period, the analyst would be able to u his CFA designation.
3、A market structure characterized by homogeneous/standardized product differentiation is best described as:【单选题】北宋谁发明的活字印刷术比欧洲早400多年
B.perfect competition and oligopoly.
正确答案:B
答案解析:Perfect competition and oligopoly are characterized by homogeneous/standardized product differentiation.Section 2.2
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4、Under IFRS, the costs incurred in the issuance of bonds are most likely:【单选题】
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B.included in the measurement of the bond liability.
C.deferred as an ast and amortized on a straight-line basis.
正确答案:B
答案解析:Under IFRS, debt issuance costs are included in the measurement of the bond liability.Section 2.1
5、Which of the following provides the most protection to a bondholder?【单选题】
A.Call protection.
B.Refunding protection.
C.Sinking fund protection.
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正确答案:A
答案解析:“Features of Debt Securities,” Frank J. Fabozzi, CFACall protection means the bond cannot be calle d from the bondholder by the issuer for any reason.
6、An investment strategy that eks to grow portfolio value over time through capital gains and reinvestment of current income is most likely appropriate if the investment objective is:【单选题】
B.current income.
C.capital prervation.
正确答案:A
答案解析:“The Ast Allocation Decision”, Frank K. Reilly and Keith C. BrownA is correct. A total return objective is consistent with an investment strategy that eks to grow portfolio value over time through capital gains and reinvestment of portfolio income.
7、An analyst does rearch about common probability distributions.If an investmentproduct's continuously compounded return is normally distributed, the futureinvestment product's price is most likely:【单选题】
A.binomially distributed.
C.log normally distributed.
正确答案:C
答案解析:变量Y是对数分布,则它的自然对数Ln Y是正态分布;反过来,如果自然对数Ln Y是正态分布,则变量Y是对数分布,记住lognormal是指“the log is normal”。此题中,服从于对数分布。
8、A consumer has a budget of $30 per month to spend on two types of fruit, priced as follows:Assuming the quantity of apples is measured on the vertical axis and bananas on the horizontal axisthe slope of the budget constraint is clost to:【单选题】
A.1.25.
B.-0.80.
C.-1.25.
正确答案:B
9、Capital budgeting process is the process of identifying and evaluating capitalbudgeting with four administrative steps.The most important step in the capitalbudgeting process is:【单选题】
A.forecasting cash flows.
C.analyzing individual proposals.
正确答案:B人大的职能
答案解析:产生好的投资主意是第一步,也是成本预算中最重要的一个步骤。成本预算的主要步骤如下:(1)
产生好的投资主意;(2)分析投资项目;(3)在公司范围内进行资本预算;(4)管理决策、事后审计。10、An analyst does rearch about characteristic of Exchange Trade Fund.Which ofthe following statements is least accurate? Exchange Trade Fund (ETF) :【单选题】
A.may have large bid-ask spreads.
B.can be sold or brought on margin.
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C.have lower exposure to capital gains tax distribution than traditional mutualfund.
正确答案:A
答案解析:ETF基金可以被卖空或进行保证金交易,由于被动管理费用低,买卖价差比较小,资本利得税也比较少,所以选项B和c都是正确的,选项A是错误的。