CFA一级历年模拟考试(2015-2019)：2017_level_I_mock_exam_morning_answers_removed.docx

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1、2017LevelIMockExam:MorningSessionThemorningsessionofthe2017LevelICharteredFinancialAnalyst(CFA)MockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageof1.5minutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.TopicMinutes1-18Ethicala

2、ndProfessionalStandards2719-32QuantitativeMethods2133-44Economics1845-68FinancialStatementAnaIysis3669-76CorporateFinance1277-88EquityInvestments1889-94DerivativeInvestments995-106FixedIncomeInvestments18107-110AlternativeInvestments6111-120PortfolioManagement15Total:1801.Incaseswhereapplicablelocal

3、lawsgoverningcalculationandpresentationofinvestmentperformanceconflictwiththeGIPSstandards,firmsare:A.requiredtocomplywithlocalregulationsandmakefulldisclosureoftheconflicttoclaimGIPScompliance.B.unabletoclaimGIPScomplianceincaseswherelocalregulationsprohibitaccuratecalculation.C.requiredtocalculate

4、andmaintaintwosetsofperformancedatainordertoclaimGIPScompliance.Answer=AIncaseswhereapplicablelocallawsgoverningcalculationandpresentationofinvestmentperformanceconflictwiththeGIPSstandards,firmsmustcomplywithlocalregulationsandfullydisclosetheconflictinthecompliantpresentation.CFALevelIuGIobaIInves

5、tmentPerformanceStandards(GIPS)/CFAInstituteSection4A222.RossNelson,CFA,managesaccountsforhigh-net-worthclients,includinghisownfamilysaccount.Hehasnobeneficialownershipinhisfamilysaccount.BecauseNelsonisconcernedabouttheappearanceofimproperbehaviorinmanaginghisfamilysaccount,whenhisfirmpurchasesablo

6、ckofsecurities.Nelsonallocatestohisfamilysaccountonlythosesharesthatremainafterhisotherclientaccountshavetheirordersfilled.Thefeeformanaginghisfamilysaccountisbasedonhisfirmsnormalfeestructure.AccordingtotheStandardsofPracticeHandbook,Nelsonsbestcourseofactionwithregardtomanagementofhisfamilysaccoun

7、twouldbeto:A.treattheaccountlikeotheremployeeaccountsofthefirm.B.treattheaccountlikeotherclientaccounts.C.removehimselffromanydirectinvolvementbytransferringresponsibilityforthisaccounttoanotherinvestmentprofessionalinthefirm.Answer=BNelsonhasbreachedhisdutytohisfamilybytreatingthemdifferentlyfromot

8、herclients.Theyareentitledtothesametreatmentasanyotherclientofthefirm.NelsonshouldtreathisfamilysaccountlikeanyotherclientaccountasstatedinStandardIII(B)relatedtoFairDealingandStandardVl(B)relatedtoPriorityOfTransactions.CFALevelIGuidanceforStandardsI-Vll/CFAInstituteStandardIII(B)zStandardVI(B)3.Al

9、exanderNewton,CFA,isthechiefcomplianceofficerforMillsInvestmentLimited.Newtoninstitutesanewpolicyrequiringtheproratadistributionofnewsecurityissuestoallestablisheddiscretionaryaccountsforwhichthenewissuesareappropriate.Thepolicyalsoprovidesfortheexclusionofnewlyestablisheddiscretionaryaccountsfromth

10、edistributionuntiltheyhavereachedtheirone-monthanniversarydate.Thispolicyisdisclosedtoallexistingandpotentialclients.DidNewtonmostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?A.No,becausethepolicyhasbeenadequatelydisclosedtoallexistingandpotentialclientsB.YesC.No,becausetheallocationpo

11、licyisnotinequitableunderthestandardsAnswer=BUnderStandardIII(B)-FairDealing,membersandcandidatesshoulddisclosetoclientsandprospectiveclientshowtheyselectaccountstoparticipateinandhowtheydeterminetheamountofsecuritieseachaccountwillbuyorsell.Tradeallocationproceduresmustbefairandequitable,anddisclos

12、ureofinequitableallocationmethodsdoesnotrelievethememberorcandidateofthisobligation.Alldiscretionaryaccountsshouldbetreatedinthesamemanner.TreatingneweraccountsdifferentlywouldbeconsideredinequitableregardlessOfwhetherthispolicyisdisclosed.CFALevelIGuidanceforStandardsl-VllzCFAInstituteStandardIII(B

13、)4.AccordingtotheGIPSstandardsaverificationreportconfirmsallofthefollowingexceptwhether:A.specificcompositepresentationsareaccurate.B.processesandproceduresaredesignedtocalculateandpresentcompliantperformanceresults.C.afirmhascompliedwithallfirm-widecompositeconstructionrequirements.Answer=AGIPSveri

14、ficationdoesnotensuretheaccuracyofanyspecificcompositepresentations.CFALevelIIntroductiontotheGlobalInvestmentPerformanceStandards(GIPS)zCFAInstituteSectionV-Verification5.JustinBlake,CFA,aretiredportfoliomanager,owns20,000sharesofasmallpubliccompanythathewouldliketosellbecauseheisworriedaboutthecom

15、panysprospects.Hepostsmessagesonseveralinternetbulletinboards.Themessagesread,Thisstockisgoinguponcethependingpatentsarereleased,sonowisthetimetobuy.Thestockisabuyatanythingbelow$3.1havedonesomecloseresearchontheseguys.AccordingtotheStandardsofPracticeHandbook,BlakemostlikelyviolatedtheCodeandStanda

16、rdsassociatedwith:A.IntegrityofCapitalMarkets,butnotConflictsofInterest.B.neitherIntegrityofCapitalMarketsnorConflictsofInterest.C.IntegrityofCapitalMarkets,andConflictsofInterest.Answer=ABlakeviolatedStandardII(B)regardingtheIntegrityofCapitalMarketsbyengaginginapracticethatislikelytoartificiallyinflatetradingvolume.CFALeve