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

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

2、dProfessionalStandards2719-32QuantitativeMethods2133-44Economics1845-68FinancialStatementAnaIysis3669-76CorporateFinance1277-88EquityInvestments1889-94DerivativeInvestments995-106FixedIncomeInvestments18107-110AlternativeInvestments6111-120PortfolioManagement15Total:1801.Incaseswhereapplicablelocall

3、awsgoverningcalculationandpresentationofinvestmentperformanceconflictwiththeGIPSstandards,firmsare:A.requiredtocomplywithlocalregulationsandmakefulldisclosureoftheconflicttoclaimGIPScompliance.B.unabletoclaimGIPScomplianceincaseswherelocalregulationsprohibitaccuratecalculation.C.requiredtocalculatea

4、ndmaintaintwosetsofperformancedatainordertoclaimGIPScompliance.2.RossNelson,CFA,managesaccountsforhigh-net-worthclients,includinghisownfamilysaccount.Hehasnobeneficialownershipinhisfamily,saccount.BecauseNelsonisconcernedabouttheappearanceofimproperbehaviorinmanaginghisfamily,saccount,whenhisfirmpur

5、chasesablockofsecurities,Nelsonallocatestohisfamilysaccountonlythosesharesthatremainafterhisotherclientaccountshavetheirordersfilled.Thefeeformanaginghisfamilysaccountisbasedonhisfirmsnormalfeestructure.AccordingtotheStandardsofPracticeHandbook,Nelsonsbestcourseofactionwithregardtomanagementofhisfam

6、ilysaccountwouldbeto:A.treattheaccountlikeotheremployeeaccountsofthefirm.B.treattheaccountlikeotherclientaccounts.C.removehimselffromanydirectinvolvementbytransferringresponsibilityforthisaccounttoanotherinvestmentprofessionalinthefirm.3.AlexanderNewton,CFA,isthechiefcomplianceofficerforMillsInvestm

7、entLimited.Newtoninstitutesanewpolicyrequiringtheproratadistributionofnewsecurityissuestoallestablisheddiscretionaryaccountsforwhichthenewissuesareappropriate.Thepolicyalsoprovidesfortheexclusionofnewlyestablisheddiscretionaryaccountsfromthedistributionuntiltheyhavereachedtheirone-monthanniversaryda

8、te.Thispolicyisdisclosedtoallexistingandpotentialclients.DidNewtonmostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?A.No,becausethepolicyhasbeenadequatelydisclosedtoallexistingandpotentialclientsB.YesC.No,becausetheallocationpolicyisnotinequitableunderthestandards4.AccordingtotheGIPSsta

9、ndardsaverificationreportconfirmsallofthefollowingexceptwhether:A.specificcompositepresentationsareaccurate.B.processesandproceduresaredesignedtocalculateandpresentcompliantperformanceresults.C.afirmhascompliedwithallfirm-widecompositeconstructionrequirements.5.JustinBlake,CFA,aretiredportfoliomanag

10、er,owns20,000sharesofasmallpubliccompanythathewouldliketosellbecauseheisworriedaboutthecompanysprospects.Hepostsmessagesonseveralinternetbulletinboards.Themessagesread,Thisstockisgoinguponcethependingpatentsarereleased,sonowisthetimetobuy.Thestockisabuyatanythingbelow$3.1havedonesomecloseresearchont

11、heseguys.AccordingtotheStandardsofPracticeHandbook,BlakemostlikelyviolatedtheCodeandStandardsassociatedwith:A.IntegrityofCapitalMarkets,butnotConflictsofInterest.B.neitherIntegrityofCapitalMarketsnorConflictsofInterest.C.IntegrityofCapitalMarkets,andConflictsofInterest.6.MirandaGrafton,CFA,purchased

12、alargeblockofstockatvaryingpricesduringthetradingsession.Thestockrealizedasignificantgaininvaluebeforethecloseofthetradingday,soGraftonreviewedherpurchasepricestodeterminewhatpricesshouldbeassignedtoeachspecificaccount.AccordingtotheStandardsOfPracticeHandbook,Graftonsleastappropriateactionistoalloc

13、atetheexecutionprices:A.acrosstheparticipatingclientaccountsatthesameexecutionprice.B.acrosstheparticipatingclientaccountsprorataonthebasisofaccountsize.C.onafirst-inzfirst-outbasiswithconsiderationofbundlingordersforefficiency.7.WhichofthefollowingleastlikelyreflectsthetwoprimaryprinciplesoftheCFAI

14、nstituteRulesofProcedureforProfessionalConduct?A.FairprocesstothememberandcandidateB.PublicdisclosureofdisciplinarysanctionsC.Confidentialityofproceedings8.Severalyearsago,LeoPeek,CFA,co-foundedaninvestmentclub.Theclubisfullyinvestedbuthasnotactivelytradeditsaccountforatleastayearanddoesnotplantores

15、umeactivetradingoftheaccount.Peeksemployerrequiresanannualdisclosureofemployeestockownership.Peekdisclosesallofhispersonaltradingaccountsbutdoesnotdisclosehisholdingsintheinvestmentclub.PeeksactionsareleastlikelytobeaviolationofwhichoftheCFAInstituteStandardsofProfessionalConduct?A.Misrepresentation

16、B.TransactionpriorityC.Conflictsofinterest9.MadelineSmith,CFA,wasrecentlypromotedtoseniorportfoliomanager.Inhernewposition.Smithisrequiredtosupervisethreeportfoliomanagers.SmithasksforacopyofherfirmswrittensupervisorypoliciesandproceduresbutisadvisedthatnosuchpoliciesarerequiredbyregulatorystandardsinthecountrywhereSmithworks.AccordingtotheStanda