CFA考试Level Ⅰ模拟试题详解6Word文档下载推荐.docx

CFA考试Level Ⅰ模拟试题详解6Word文档下载推荐.docx

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1．Ananalystwritesareportandincludestheforecastsofaneconometricmodeldevelopedbythefirm’sresearchdepartment.Theanalystidentifiesthesourceoftheforecastandincludesalltherelevantstatisticsconcerningthemodelandhisopinionofthemodel’saccuracy.WithrespecttoStandardV（A）,DiligenceandReasonableBasis,theanalysthas:

A．violatedtheStandardbyincludingquantitativedetailsinareport.

B．violatedtheStandardbygivinghisopinionoftheaccuracyofamodeldevelopedbyhisresearchdepartment.

C．compliedwiththeStandard.

【答案】C

【解析】IncludingquantitativedetailsinareportisnotaviolationoftheStandard.Theanalysthasmoreofanobligationtogiveanopinionontheaccuracyofthemodelthanwithholdsuchanopinion.Althoughtheanalystshouldusereasonablecaretoverifyinformationincludedinareport,retestingmodelsdevelopedbytheresearchdepartmentofafirmisnotexplicitlyrequired.

2．Charlie,aCFAcandidate,gotacopyofacomputerizedstockselectionmodeldesignedbyaformerMBAclassmatewhoisaWallStreetanalyst.AfterspendingsometimereviewingtheprogramandmakingafewminoradjustmentsCharlieshowedhernewmodeltohersupervisor.HersupervisorsaidshedidagreatjobandtoldCharlietoincorporatenetnewmodelinhernextindustryreview,whichshedid.Charliehas:

A．violatedStandardⅢ（E）PreservationofConfidentiality.

B．violatedStandardⅠ（C）Misrepresentation.

C．violatedStandardⅡ（A）MaterialNonpublicInformation.

【答案】B

【解析】StandardⅠ（C）Misrepresentation.Byusingmaterialpreparedbyanotherwithoutacknowledgingandidentifyingthedeveloperofthemodel,Charliehadcommittedplagiarism.

3．ACFAInstitutememberputsthefollowingstatementonherresume:

“IpassedeachleveloftheCFAexamonthefirsttry.”IsthisaviolationofStandardⅦ（B）?

A．No,becauseitisastatementoffact.

B．Yes,becausesheincorrectlyreferstotheCFAexam.

C．Yes,becausesayingshepassedexamsonthefirsttryisnotappropriate.

【答案】A

【解析】Thestatementisnotaviolationbecauseitisafact.However,themembermustnotgoontoclaimsuperiorperformance.

4．ACFOwhoisaCFAInstitutememberiscarefultomakehispressreleases-someofthemcontainingmaterialandpreviouslyundisclosedinformation——clearandunderstandabletohisreaders.Whilewritinganewrelease,heoftenhashiscurrentinternproofreadroughdrafts.Healsosendselectroniccopiestohisbrother,anEnglishteacher,togetsuggestionsconcerningstyleandgrammar.WithrespecttoStandardⅡ（A）,MaterialNonpublicInformation,theCFOis:

A．notinviolationoftheStandard.

B．violatingthestandardbyeithershowingthepre-releaseversiontohisinternorsendingittohisbrother.

C．onlyinviolationbyshowingthepre-releaseversiontotheinternbutnottoarelativesuchashisbrother.

【解析】StandardⅡ（A）,MaterialNonpublicInformation,saysthatamembermustbecarefulabouthandlingmaterialnon-publicinformation.AsamemberofCFAInstitute,theCFOmustlimitthepeoplewhoseeimportantinformationbeforeitisreleased.Itwouldnotbeappropriatetoinvolveaninternorarelativeintheprocess.

5．Insidertradingcanbedefinedasinformationthatis:

A．nonmaterialandnonpublic.

B．materialandpublic.

C．materialandnonpublic.

【解析】Informationismaterialifitwouldbeimportanttotheinvestorintheirinvestmentmakingdecision.Informationisnonpublicifitisnotyetavailabletothepublic.

6．MichelMarchant,CFA,recentlybecameanindependentmoneymanager.Aftersixmonths,hehasonlytenclients,whoarefamilyandfriends.Tosupplementhisincome,Marchantacceptedpart-timeemploymentasanadvisoratMiddletonFinancialAdvisors.AccordingtoCFAInstituteStandardsofProfessionalConduct,whichofthefollowingstatementsaboutMarchant’sdutytohisnewemployerisTRUE?

A．MarchantmustinformMiddletonabouthisexistingclientsbutneednotinformhisexistingclientsabouthisnewpart-timeemploymentwithMiddleton.

B．MarchantmustinformMiddletontokeephisexistingclientsandmustinformhisexistingclientsofhisnewpart-timeemploymentatMiddleton.

C．MarchantneednotinformMiddletonabouthisexistingclientsbutmustinformhisexistingclientsabouthisnewpart-timeemploymentatMiddleton.

【解析】StandardⅣ（A）andⅣ（B）requiresthatMarchantinformbothMiddletonandhisexistingclients.

7．Abrokerwassanctionedforunsuitablerecommendationsandexcessivetradinginvolvingthreeaccountsunderhiscare.Theseclientswereunsophisticated,inexperiencedindividualinvestorswithlimitedmeans.AccordingtoCFAInstituteStandardⅢ（C）,Suitability,whichofthefollowingisleastlikelytobeconsideredarelevantfactorindeterminingtheappropriatenessandsuitabilityofinvestmentrecommenda