Kaplan考试和QBank二级（考友版）：V2阶段考试2 AM（题目+解析）.docx

《Kaplan考试和QBank二级（考友版）：V2阶段考试2 AM（题目+解析）.docx》由会员分享，可在线阅读，更多相关《Kaplan考试和QBank二级（考友版）：V2阶段考试2 AM（题目+解析）.docx（69页珍藏版）》请在优知文库上搜索。

1、CFALevel11Questions#1-6of60Questions1through6relatetoEthicalandProfessionalStandards.BlanchardInvestmentsCaseScenarioCarolBlackwell,CFA5hasbeenhiredintotheresearchdepartment4BlanchardInvestments.BlancharcfsmanageThaddeusBaIdwinCFA,hasworkedinthesecuritiesbusinessformorethan50years.OnBlackwelTsfirstd

2、ayattheofficeBaldwingivesheranincompleteresearchreportonTopsGroceries,Inc,tofinishUPlUponresearchingTops,informationaboutthefinancialinstabilityofTopsGrocerieslargestcustomersurfaces.Blackwellrevisestheresearchreportbyloweringtheearningsprojections.Thedaythereportistobereleased,BlackwelllearnsthatBa

3、ldwinhasreplacedthelower;revisedearningsprojectionswithhisearlierestimates.BaIdwinrealizesthatmanyofthefirmspracticesandpolicieswouldbenefitfromacompliancecheckBaIdWinwantsBlackwelltoensurethatthepoliciesandproceduresatthefirmareincompliance.WhilereviewingadraftresearchreportonPatCLInc.,Blackwellnot

4、icesthattheresearchanalystresponsibleforauthoringthereporthadusedneuralnetworksinforecastingrevenuesandearnings.SincethatanalystWaSnolongeremployedatthefirm,andBlackwellisnotfamiliarWiththatspecificquantitativetool,hedeletesthesegmentpertainingtoneuralnetworksbutotherwisedoesnotchangethereportbefore

5、signingOfTonitBlanchardsinvestmentbankingdepartmentrecentlyannouncedthattheyweresuccessfulinobtainingtheaccountofTeosToys,Inc.InlightOflhiSannouncement,BaldwinwantstoknowwhetherhecancontinuetorateTeos,stockfavorably;Duringalocalsocietyluncheon,BlackweDisseatednexttoCFAcandidateLucasWalters,whohasbee

6、nassignedthetaskofcreatingacompliancemanualforBorchard&Sons,asmallbrokeragefirm.Waltersasksforheradvice.WhenWaltersreturnstowork,heisapprisedofthefollowingsituation:Borchard&Sonspurchased25,OOOsharesofCBXCorp,forequitymanagerQuintuxQuantitativejustminutesbeforethemoneymanagercalledbackandsaiditmeant

7、tobuy25,000sharesofCDXCorBorchardthenpurchasedCDXsharesfor*Quintux,butnotbeforesharesofCBXCorp,declinedby1.5%.ThebrokerisholdingtheCBXsharesinitsowninventory.BorchardproposesthreemethodsfordealingwiththetradingerrorMethod1:QuintuxdirectsadditionaltradestoBorchardworthadollarvalueequaltotheamountofth

8、etradinglossMethod2:BorchardreceivesinvestmeritresearchfromQuintuxinexchangeforBorchardcoveringthecostsfthetmdingerrorMethod 3:BorchardtransferstheorderedCBXsharesinitsinventcrytoQuintux,whichallocatesthemtoallofitsclientsonap*crtatabasixQuestionID: 1220672Question#1of60BlackwelTsmostappropriatecour

9、seofactiontoremainincompliancewiththeCodeandStandardsisto:A)includeadisclosureindicatingIhatIOWerearningsestimatesareavailableB)followupthefirstreporturithasecondreportemphasizinglowereainingsprelectionsC)removehernamefromthereportiftheyreleasethereportwithhigherearningsestimates.QuestionID: 1220673

10、Question#2of60Whenupdatingtheproxy-votingpolicytoconformtoCFAInstitiiterecommendations5whichofthefollowingrecommendationsisleastappropriateforBlanchardtoadopt?A)DeterminetheeconomicimpactGfnon-routineproxyvotes.B)Followthesameproxy-votingproceduresregardlessofthenatureoftheproposalC)IftheproxyVotefs

11、preferencediffersfromthepreferenceofaclientwhohasdelegatedhisvotingpowers,gowiththeclientspreference.Question#3of60QuestionID:1220674AccordingtotheStandardsofProfessionalConduct,BaIdwiKSmostappropriateacionregardingTeosToyswouldbeto:A)refusetohaveanyinvolvementWithTeosbecauseofaconflictofinterestari

12、singfromthefiriSotherrelatishipswiththecompany.B)completeanindependentandobjectiveanalysisofTeosandissueareportdisclosingthenatureofbusinessrelationshipWithTeosToysC)ProvideacopyoftheresearchreporttoanalystsatreputableresearchoutfitsandaskforsomeinputQuestion#4of60QuestionID:1220675DoesBlackwellviol

13、ateanystandardthroughhisactionsrelatedtotheresearchreportonPatel,Inc.?A)No.B)Yes,pertainingtodiligenceandreasonablebasis.C)Yes,pertainingtodisclosurefconflictskQuestion#5of60QuestionID:1220676IfWcdterswantsthemanualtosatisfytherequirementsandrecommendationsoftheCodeandStandards,whichofthefollowingin

14、structionsisleastappropriatetoincludeinthesectiononfairdealing?A)Wheneverpossibledisseminateinvestmentrecommendationstoallclientsatthesametime.B)Executeallclient*?requestedtradespromptlyandwithoutcomment,regardlessofthecompany?sopiniononthestockbeingtradedC)Membersoftheinvestent-olicycomitteeshouldn

15、otdiscusspossiblechangesininvestmentrecommendationsWithanyoneelseinthefirmuntilafteranfficialdecisionhasbeenmade.Question#6of60QuestionID:1220677WhichmethodfordealingwiththetradingerrorismostconsistentWiththeCodeandStandards?A)Method1.B)Method2C)Method&Questions#7-12of60Questions7through12relatetoQu

16、antitativeMethods.1.eadEquitLLP,CaseScenarioMihirKotak,CFA,isthemanagingpartneratLeadEquity;LLP,aprivateequityfirmbasedinsouthernCaliforniaKotakhasdecidedtorevisethemodeltheIIimUSeStoidentifyattractiveinvestmentopportunitiesbysupplementingthemodelwithbigdataanalysisKotaksetsupameetingwithKetanMehta,theleadanalystwithBigSolutions,Inc.,aconsultingcompanyprovidingsolutio