CFA一级历年模拟考试(2015-2019)：2018 Level I Mock Exam AM-Session (with Solutions) _removed.docx

2018LevelIMockExamAMThemorningsessionofthe2018LevelICharteredFinancialAnalyst"MockExaminationhas120questions.Ibbestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandahalfminutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam.QuestionsTopicMinutes1-1819-3334-4546-6970-7879-8687-9899-lW111-115116-120EthicalandProfessionalStandards27Quant22.5Econ18FinancialReportingandAnalysis36CorporateFinance13.5PortfolioManagement12Equity18FixedIncome18Derivatives7.5AlternativeInvestmentsZ5Total:180Byaccessingthismockexam,youagreetothefollowingtermsofuse:IhiSmockexamisproridedtocurrentlyregisteredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly,efollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emailingrdistributingand/orreprintingthemockexamforanypurpose©2017CFAInstitute.Allrightsreserved.2018Levelimockexamam1AndrewSmith,CFA,worksforGranite,acommercialbankthatalsohasasizeablesellsideresearchdivision.Smithispresentingfinancingsolutionstoapotentialbusinessclient,DynamicMaterialsCorp.Aspartofhispresentation,SmithmentionsthatGranitewillinitiateresearchcoverageonDynamic.IsSmithsarrangementmostbkelyappropriatewithregardstotheCFAStandards?AYes.BNo,becauseSmithcannotoffertoprovideresearchcoverageonacompanyiftheybecomeacorporatefinanceclient.CNo,becauseGranitecannotprovideresearchcoverageonacorporatefinanceclientasthisconstitutesaviolationofresearchindependence,-UAiscorrectbecauseunderStandardI®membersandcandidatesmustprotecttheirindependenceandobjectivityAgreeingtoPn)Videobjectiveresearchcoverageofacompanydoesnotconstituteaiolationofthisstandai'dprovidedtheanalystwritingthereportisfreetocomeupwiththeirownindependentconclusion.SmithcanagreetoprovideresearchcoveragebutcannotcommitGranitdsresearchdepartmenttoprovidingafavorablerecommendationBisincorrectbecauseprovidingresearchcoverageinthissituationdoesnotnsti-tulcaviolationoftheCodeandStandardsasInngastheindependenceofIhisresearchisnotcompromisedCisincorrectbecauseprovidingresearchcoverageinthissituationdoesnotnsti-tulcaviolationoftheCodeandStandardsasInngastheindependenceofIhisresearchisnotcompromisedGuidanceforStandardsI-VU1.OSbStandardI(E&-IndependenceandObjectivity2Duringanon-sitecompanyvisit,MarshaWard,CFA,accidentallyoverheardtheChiefExecutiveOfficer(CEO)ofStargazerrlnc.,discussingthecompanytenderoffertopurchaseDynamicaEnterprises,aretailerofStargazerproducts.AccordingtotheCFAInstituteStandardsofProfessionalConduct,Wardmost11kelycannotusetheinformationbecause:Aitrelatestoatenderoffer.Bitwasoverheardandmightbeconsideredunreliable.(shedoesnothaveareasonableandadequatebasisfortakinginvestmentaction.AiscorrectbecausetradingontheinformationisrestrictedasitrelatestoatenderdTkitisclearlymaterial,nonpublicinformationStandard11（八）1BisincorrectbecausetheinformationcouldbeconsideredtocomefromareliablesourcebecauseIfcomesfromseniormanagement,isnonpubliandshouldnotbeusedsinceitconcernsatender<ffeCisincorrectbecausetheinfoationismatealandisnonpubliesothatitshouldnotbeusedasthebasisirtakinginvestmentaction.Thereissimplynotenoughinformationprovidedtodetermineifthe*eistreasonableandadequatebasisforinvestmentaction.GuidanceforStandardsI-V111.OSaStandard11()-MaterialNonpubliciformation3WhichofthefollowingisnotincludedintheninemajorprovisionsoftheGlobalInvestmentPerformanceStandards(GlPS)?AInputData,CalculationMethodology,andRealEstateBFundamentalsofCompliance,CompositeConstruction,andDisclosure(CalculationMethodology,CompositeConstruction,andAlternativeAssetsCiscorrectbecauseAlternativeAssetsisnotamongtheninemajorprovisionsorsectionsoftheGlObalInvestmentPerformanceStandardswhichinclude:FndamentalsdCompliancyInputDatCalculationMethodology,CompositeConstrucliorDisclosureP*esentationandReportinaRealEstatefivateEquityandWrapFee/SeparatelyManagedAccount(SM)PortfoliosAisincorrectbecausetheseareincludedintheninemajorprovisionsf,theGlPSBisincorrectbecausetheseareincludedintheninemajorprovisionsoftheGIPSGlobalInvestmentPerformanceStandards(GIPS)LOSd4WhichofthefollowingleastlikelyreflectsthetwoprimaryprinciplesoftheCFAInstituteRulesofProcedureforProceedingsRelatedtoProfessionalConduct?AConfidentialityofproceedingsBPublicdisclosureofdisciplinarysanctions(FairprocesstothememberandcandidateBisco11'ectbecausethetwoprinciplesoftheRulesofRocedureforProceedingsRelatedtoProfessionalConductareconAdentialityofproceedingsandfairprocesstothemem-berandcandidateAisincorrectbecausethetwoprinciplesoftheRulesofFYccedureforProceedingsRelatedtoProfessionalConductareconfidentialityofproceedingsandfairProCeSStothememberandcandidateCisincorrectbecausethetwoprinciplesoftheRulesofProcedureforP(eedingsRelatedtoProfessionalConductareconfidentialityofpro