CFA考试《CFA二级》历年真题和解析答案
0406-74
1、If the US dollar were chon as the functional currency for Acceletron in 2007, Redline could reduce its balance sheet exposure to exchange rates by:【单选题】
A.lling SGD30 million of fixed asts for cash.
B.issuing SGD30 million of long-term debt to buy fixed asts.
C.issuing SGD30 million in short-term debt to purcha marketable curities.
正确答案:A
答案解析:A is correct. If the US dollar is the functional currency, the temporal method must be ud, and the balance sheet exposure will be the net monetary asts of 125 + 230 – 185 – 200 = –30, or a net monetary liability of SGD30 million. This net monetary liability would be eliminated if fixed asts (non-monetary) were sold to increa cash. Issuing debt, either short-term or long-term, would increa the net monetary liability.administrator什么意思
2、In relation to Kostecka’s handling of the Jabbertalk stock recommendation, which of the following CFA Institute Standards of Professional Conduct did he least likely violate?【单选题】文件架
A.Priority of Transactions托福口语黄金80题
朋友英文B.Fair Dealing
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C.Communication with Clients
正确答案:B
答案解析:B is correct. Standard III(B)–Fair Dealing requires members and candidates to deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities. When Kostecka informs clients of the upcoming investment recommendation by Forkson, he has treated all clients fairly becau this disclosure is provided to all of his current clients.A is incorrect becau Kostecka has violated Standard VI(B)–Priority of Transactions. There is a potential conflict of interest becau the client and the advir hold the same stock, so the client should be given first priority to trade Jabbertalk.C is incorrect becau according to Standard V(B)–Communication with Clients and girl是什么意思
tonguetied>财务独立Prospective Clients, Kostecka should have distinguished fact from opinion. In addition, Kostecka should also disclo to clients and prospective clients the basic format and general principles of the investment process ud to analyze investments, lect curities, and construct portfolios and must promptly disclo any changes that might materially affect tho process and u reasonable judgment in identifying which factors are important to his investment analys, recommendations, or actions and include tho factors in communications with clients and prospective clients.
specialday3、Zhang\\\\\\\'s statement to support using the harmonic mean is best described as:【单选题】
A.incorrect with respect to large outliers.
B.incorrect with respect to small outliners.
正确答案:B
12younggirls答案解析:B is correct. Zhang’s statement is incorrect with respect to small outliers. The harmonic mean tends to mitigate the impact of large outliers. It may aggravate the impact of small outliers, but
such outliers are bounded by zero on the downside.A is incorrect. The
