CFA一级历年模拟考试(2015-2019)：2016_CFA_Level_1_Mock_Exam_morning_answers_removed.docx

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1、Questions1*18RelatetoEthiCS.2Questions1932RelatetoQuantitativeanalysis7Questions3344RelatetoEconomics13Questions4568RelatetoFinancialStatementAnalysis17Questions6976RelatetoCorporatefinance28Questions7788RelatetoEquityinvestment31Questions8994RelatetoDerivatives35Questions95106RelatetoFixed-incomeAn

2、alysis37Questions107-110RelatetoAlternativeInvestments41Questions111120RelatetoPortfolioManagement43Questions118RelatetoEthics1Correctanswer:C.UnderStandardIII(B)-FairDealing,membersandcandidatesshoulddisclosetoclientsandprospectiveclientshowtheyselectaccountstoparticipateinandhowtheydeterminetheamo

3、untofsecuritieseachaccountwillbuyorsell.Tradeallocationproceduresmustbefairandequitable,anddisclosureofinequitableallocationmethodsdoesnotrelievethememberorcandidateofthisobligation.Alldiscretionaryaccountsshouldbetreatedinthesamemanner.Treatingneweraccountsdifferentlywouldbeconsideredinequitablereg

4、ardlessOfwhetherthispolicyisdisclosed.CFALevelIGuidanceforStandardsI-VIIjCFAInstituteStandardHI(B)2.Correctanswer:B.MembersshoulddiscloseallmattersthatreasonablycouldbeexpectedtoimpairthemembersobjectivityasoutlinedinStandard(B),andStandardVI（八）.CFALevelIGuidanceforStandardsI-V11*CFAInstituteStandar

5、dI(B),StandardVI（八）3.Correctanswer:C.Althoughdepartingemployeesmaynottakeemployerpropertywhendeparting,astheguidanceforStandardIV（八）-LoyaItyoutlines,themodelPiedmontpresentedtohisnewemployerwasnotBranchsproperty.ItwascreatedbyPiedmontpriortohisemploymentwithBranch.ThemodelwasnotcreatedforBranchinthe

6、courseofhisemployment,eventhoughitwasadoptedbyBranch.CFALevelIGuidanceforStandardsI-VII/CFAInstituteStandardIV（八）4.Correctanswer:C.Priortoundertakinganalysiswithregardtoexpectedreturns,anadvisermustdeterminethesuitabilityofaninvestmentclass,includingwhetheritfitswithintheclientsrisktoleranceandwheth

7、eritisanallowableassetclassaspertheclientsinvestmentpolicystatement.Onlyafterthesefactorshavebeendeterminedshouldsheproceed,ifappropriate,toanalyzeexpectedreturnstodetermineaparticularinvestmentrecommendation.CFALevelIGuidanceforStandardsI-VlljCFAInstituteStandardIII(C)5Correctanswer:A.StandardVl（八）

8、requiresdisclosureofconflictsbutdoesnotprohibitmembersfrommakingrecommendationsaslongatthepotentialconflictsareappropriatelydisclosed.CFALevelIGuidanceforStandardsI-VII,CFAInstituteStandardIV（八）6.Correctanswer:A.Photocopyingcopyrightedmaterial,regardlessoftheyearofpublication,isaviolationofStandardI

9、（八）becausecopyrightedmaterialsareprotectedbylaw.Candidatesandmembersmustcomplywithallapplicablelaws,rules,andregulationsandmustnotknowinglyparticipateorassistinaviolationoflaws.CFALevelIGuidanceforStandards-V1I*CFAInstituteStandardI（八）7.Correctanswer:C.Composites(StandardIV-Composites)mustbedefineda

10、ccordingtosimilarinvestmentobjectivesand/orstrategies.Terminatedportfoliosmustbeincludedinthehistoricalreturnsofappropriatecomposites,andonlyfee-payingportfoliosaretobeincludedincomposites.3/45Non-discrectionaryportfoliosmustnotbeincludedinafirmscomposites.CFALevelIIntroductiontotheGlobalInvestmentP

11、erformanceStandards(GlPS)JCFAInstitute8.Correctanswer:B.Firmsmustprovideinvestorswithacomprehensiveviewoftheirperformanceintermsofriskandreturns,notjustreturns.CFALevelI“TheGIPSStandards/*CFAInstituteSection:Overview9.Correctanswer:C.UnderStandardI(B),membersandcandidatesmustprotecttheirindependence

12、andobjectivity.Agreeingtoprovideobjectiveresearchcoverageofacompanydoesnotconstituteaviolationofthisstandard,providedtheanalystwritingthereportisfreetocomeupwithhisownindependentconclusion.SmithcanagreetoprovideresearchcoveragebutcannotcommitGranite*sresearchdepartmenttoprovidingafavorablerecommenda

13、tion.CFALevelIGuidanceforStandardsI-V1I,CFAInstituteStandardI(B)10.Correctanswer:C.Acompositemustincludeallactualfee-paying,discretionaryportfoliosmanagedinaccordancewiththesameinvestmentmandate,objective,orstrategy(StandardIV-Composites).Byincludingboththevalueandgrowthportfolios,thecompositeismade

14、upofportfolioswithdifferentinvestmentmandatesorstrategies.CFALevelIIntroductiontotheGlobalInvestmentPerformanceStandards(GlPS)Composites11-Correctanswer:C.Historically,theGIPSstandardsfocusedprimarilyonreturns.Inthespiritoffairrepresentationandfulldisclosure,andinordertoprovideinvestorswithamorecomp

15、rehensiveviewofafinnsperformance,thecurrentGlPSstandardsincludesnewprovisionsrelatedtorisk.CFALevelITheGIPSStandards?CFAInstituteSection:Overview12.Correctanswer:A.Makingfullandfairdisclosureofallmattersthatcouldreasonablybeexpectedtoimpaironesindependenceandobjectivityorinterferewithrespectivedutie

16、stoonesclientsisrequiredbyStandardVl（八）-DiscIosureofConflicts.CFALevelIGuidanceforStandardsI-VIStandardVl（八）-DisclosureofConflicts13.Correctanswer:B.Prior-clearanceprocessesguardagainstpotentialandactualconflictsofinterest;membersarerequiredtoabidebytheiremployerscomplianceprocedures(StandardVl(B).CF