CFA二级模拟试题（2020）2：题目+答案.docx

The2020LEVEL11TestExam2sessionofthe2020LevelChalteredFinancialAnalystxMockExaminationhas60questions"bestsimulatetheexamdayexpeiencQcandidatesareadvisedtoallocateanaverageof18minrtesperitemsete>icequest"QuestionsPnS)ftralotalOfI80Minute(3k>5s)fcrthSeSSionOfthelTOPlC?XfHft1-6Ethics187-10QuantitativeMethods1211-16Economics1817-20FinancialRepoHi11gandAnalysis1221-24ColpcrateFinance1225-30Equity1831-34Equity1235-40FixedIncome1841-46FixedIncome1847-521853-56PoltfoEoM11Pagement1257-60PoltfolioM11Pagemerit12Total180andmultiple令业来旬Ior%钓投Add/上海市松花2539号复旦科技园1号楼,2号楼（20入！Tel/Web/EthicsTHEFOLLoWlNGINFORMATIONRELATESTOQUESTIONS1-6KyraJohnson.CFA,wasrecentlyhiredbySedgwickInvestmentManagement(Sedgwick)asitsnewchiefexecutiveofficer.Sedgwick'sparentcompanyownsseveralsubsidiariesinthefinancialservicesindustyAlthoughtherearerrentlynooutstandingcom-pIianceissues.Sedgwick'seloyeeshaveahistoryofunethicalbeiaviorandalwaysseemtobeondiebrinkofadditionalviolations.Sedgwick'sboardofdirectorshastaskedJohnsonwithbringingthefirm'spoliciesandproceduresintoconIiancewiththeCFAInstituteCodeofEthicsandStandardsofProfessionalConduct.ShortlyafterJohnsonwashired,thefallowingauomceentappearedillamajorfinancialnewspaper:TheboadofdhectorsofSedgwickInvestmentManagementispleasedtoannomcethehiringofMs.KyraJohnson,CFAasthecoaynewcliefexecutiveofficer.ShehasdemonstratedtheabilitytoSuccessfiillycompletearigorousandmprehesivestudyprogramdemandedbytheCFAdesignation.ThecredibilityofherCFAcha11erai)dtheskillstleCFAProgramcultivatesarekeyassetsMs.JohnsonbringstoSedgwick.AsaCFAcha11erholder.Ms.Johnsonhasseriorqualitiestomanageourclients*investmentsai)dguidetheinvestmentprocess.WearethrilledtohaveMs.KyraJohnson.CFAasamemberoftleSedgwickInvestmentManagementteam.OueofthefusttilingsJoIuisoudidafterarrivingatthefinwastomeetwithCoreyTao,CFA.thefirm'schiefcomplianceocer.Taohadbeenwitl(liefinonlyafewmonths.HetoldJohnsontlepreviousviolationshadpiimarilyrelatedtoequityresearch,equitytrading,adclientconfidentiality.AfterreviewingtheSiinunaryofviolationsai(liefin,sexistinghandbook.JolmsonadTaodecidedtosubmitdiefollowingrecommendationsregardingthefirn,shadeallocationproceduresforblocktradestoIlieboardofdirectorsforapproval:Recommendation1:Allaccountsparticipatinginablockwadeshouldreceivethesameexecutionpriceandpaythesamenunissionrate.Recommeudation2:Orderswillbeexecutedouafirst-in.fi*st-outbasis,withconsiderationgiventobundlingordersforefficiency.EMiiiiigthemeetingTaoalsomentionedtoJohnsonthattheColuPanyhandbookfailstoaddressanareawherehehassomencemsandsuggestedthefollowingpolicyaddition,breakingitdownintothreepoints:Point1:Tradersaeprohibitedfromengagingincommunicationwithbrokersordealerstlatwouldartificiallycauseastock'spricetoriseorfall.Point2:Researchanalystsarenotallowedtocommunicateunrealisticexpecta-tionsregardingacompany'sresultsthatmayaffectthemarketpriceofastock.Point3:Portfoliomanagersarenotallowedtoenterintoanagreementtopro-motethestockofanypubliclylistedcompanySeveraldaysaftereirmeeting.TaobringstoJohnson'sattentionthedetailsofaphonecallhereceived.Heexplainedthataveryupsetclientcalledtolodgeacomplaint.TlieclienthadreceivedapromotionalletterinthemailfromacompanycalledSedgeFinofferingavaietyoffinancialservices.TaoexplainedtotheclientdiefirmwasunawareoftleletteradthatSedgeFinwasanewsubsidiaryofSedgwickInvestmentManagement'sparentcompany.AftersomeCheCking,TaoIeaniedtleletterUirgetedSedgwick'sclients,botldomesticandiiiteniational.TaoreassuredtheclienttlathisonlycontractwaswitlSedgwickandabsolutelynoinvestmentinformationhadbeenprovidedtoSedgeFin.TaolaterreceivedacallfromanewsreporterWhOrequestedaninterview.TaoisoneofseveralpeopleatthefirmautlorizedtospeakWithtlepress.TliereporterwasinterestedinwritingapieceaboutJohnsonadthecircumstancesbdidherjoiningthefirm.TheyscheduledatiueforthecallandTaoforwardedtothereporteracopyoftl)eboard'spressrelease.Priortotheinterview.JohnsontoldTaotoaddressthereporter'squestionstthfillybutnottoprovideanydetails.Wlienaskedduringtleinterviewabouttleftfshistoyofunethicalbehavior.Taoresponded.ktOneofMs.Johnson'sfirstactswastostrengthenthefifsCodeofEtlics.adaltlouglIherehadbeenafewpriorincidencesofquestionableconduct,theywereexaggeratediutlepressandhappenimostinvestmentfirms."Shortlyafterthepressinterview,JolmsonstoppedbyTao,sofficeto>tifyhimslewouldbeunavailableoverthenextseveraldays.SheexplainedtlatfortlelastseveralyearsshehastauglttheethicsportionsoftheCFAProgramexam,atalltlreelevels,forai)examprepcourseofferedbythelocalsociety.ShetoldhiuslehadalwaysenjoyedteachingandisnicelycompensatedforthisworkbuttypicallydonatesherpaytoCFAhstitteResearchFowidation.Sheplannedtodonateherconensationagainthisyear.TliisistlefirsttimeTaohasIieardaboutherteaching,