A Large Extension of the CfA Galactic CO Survey

CFA考试二级模拟试题精选0401-7（附详解）1、Regarding Claim 1 and Claim 2 made by Sawyer about the effects of omitted variables, which claims are correct?【单选题】A.Claim 1 only.B.Claim 2 only.C.Both Claim 1 and Claim 2.正确答案:B答案解析:Sawyer is incorrect with respect to Claim 1 and is correct with respect to Claim 2. If the omitted variables are correlated2、What would be the increase in the Herfindah卜Hirschman Index (HHI) as a result of a merger between Alertron and Carideo, and the most likely reaction by regulators to the merger?【单选题】A.Increase in the HHI: 75; Probable response by regulators: No antitrust challenge.B.C.Increase in the HHI: 300; Probable response by regulators: Potential antitrust challenge.正确答案:A答案解析:3、According to the structural model shown in Exhibit 2, the maximum amount an investor holding the bond would pay to a third party to remove the risk of default would be:【单选题】A.$0.65.B.$22.86.C.$23.51.正确答案:C答案解析:The maximum amount an investor would to pay to remove the credit risk is the present value of the expected loss.4、Using Exhibit 1, which of the following would be the best reason for the revised USD/GBP dealer quote of 1.5760/1.5768?【单选题】A.A request for a much larger transactionB.A drop in volatility in the USD/GBP marketC.A request to trade when both New York and London trading centers are opened正确答案:A答案解析:A is correct. Posted quotes are typically for transactions in 1 million units of the base currency. Larger transactions may be harder for the dealer to sell in the interbank market and would likely require the dealer to quote a wider spread (lower bid price and higher offer price).5、The most appropriate reason to choose Option 1 (direct investment) over Options 2 and 3 is that Option 1 is likely to have the ability to:【单选题】e higher leverage.B.provide greater tax advantages.C.avoid structural conflicts of interest.正确答案:C答案解析:Option 1 represents private investment in real estate, while Options 2 and 3 entail investing through public securities. Tax advantages can be enjoyed by direct investments in real estate, as well as through public securities. Similarly, use of leverage can be pursued by all three options. Option 1 does not have the problem of structural conflicts of interest that may be present in REITs (Option 2).6、Compared to the reported 2009 financial statements, if Stereo Warehouse had used the same discount rate as it used in 2007, it would have most likely reported lower:【单选题】 income.B.total liabilities.C.cash flow from operating activities.正确答案:B答案解析:B is correct. A higher discount rate (5.38 percent instead of 4.85 percent) will reduce the present value of the pension obligation (liability). In most cases, a higher discount rate will decrease the interest cost component of the net periodic cost because the decrease in the obligation will more than offset the increase in the discount rate (except if the pension obligation is of short duration). Therefore, periodic pension cost would have been lower and reported net income higher. Cash flow from operating activities should not be affected by the change.7、The ratio of operating cash flow before interest and taxes to operating income for Bickchip for 2009 is closest to:【单选题】A.1.6B.1.9C.2.1正确答案:B答案解析:B is correct. Net cash flow provided by (used in) operating activity has to be adjusted for8、The amount of Atlantic Preserve’s 2013 periodic pension cost reported in the income statement (in $ thousands) is closest to:【单选题】A.1,995.B.976.C.2,267.正确答案:C答案解析:C is correct. Under US GAAP, the periodic pension cost is calculated as follows:9、In the first approach, what proportion of the total value of the stock is represented by the value of second stage?【单选题】A.0.10.B.0.52C.0.90正确答案:C答案解析:C is correct. As shown in the above table, the value of the second stage = PV of V = C$15.9095. The total value is C$17.6528. As a proportion, the second stage represents 15.9095/17.6528 = 0.90 of the total value.10、The specific relationship referred to in Baroque's remarks at the beginning of his discussion with Tremblay most accurately describes:【单选题】A.Purchasing power parity.B.The international Fisher effect.C.Interest rate parity.正确答案:B答案解析:Baroque's comments describe the international Fisher effect. The international Fisher effect states that the foreign-domestic nominal yield spread will be solely determined by the foreign-domestic expected inflation differential.。

CFA考试《CFA一级》历年真题精选03（附详解）1、A company determines that the quantity demanded of a product increases by 5% when price is reduced by 10%. The product’s price elasticity of demand is best described as:【单选题】A.elastic.B.inelastic.C.perfectly elastic.正确答案:B答案解析:“Elasticity,” Michael ParkinWhen the price elasticity of demand is between 0 and 1, the good is said to have an inelastic demand. In this case, the price elasticity of demand is calculated as 5% / 10% = 0.5.2、A local laundry and dry cleaner collects the following data on its workforce productivity. Workers always work in teams of two, and the laundry earns $3.00 of revenue for each shirt laundered.The marginal revenue product ($ per worker) for hiring the fifth and sixth workers is closest to:【单选题】A.14.B.21.C.42.正确答案:B答案解析:“Demand and Supply Analysis: The Firm,” Gary L. Arbogast and Richard V. EastinIn this problem, the marginal product of hiring the 5th and 6th workers (ΔL = 2) is 14 shirts per hour/2 workers = 7 shirts per hour/worker. With each shirt resulting in $3 of revenue, the MRP is 7 shirts per hour/worker × $3/shirt = $21 per worker.3、The following selected data are available for a firm:If the firm’s tax rate is 40%, the free cash flow to the firm (FCFF) is closest to:【单选题】A.57.9.B.74.7.C.87.7.正确答案:B答案解析:“Understanding Cash Flow Statements,” Elaine Henry, CFA, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, and Michael A Broihahn, CFA4、An analyst has gathered the following information:Based on the arbitrage-free valuation approach, a $1,000 face value bond that pays a 5 percent annual coupon and matures in 3 years has a current market value closest to:【单选题】A.$1,027.75.B.$1,028.67.C.$1,034.85.正确答案:B答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi5、A company pays its workers on the 1st and the 15th of each month. Employee wages earned from the 15th to the 30th of September are best described as a(n):【单选题】A.accrued expense.B.prepaid expense.C.unearned expense.正确答案:A答案解析:Wage expenses that have been incurred but not yet paid are an example of an accrued expense: a liability that has not yet resulted in a cash payment.Section 5.16、With respect to the portfolio management process, the execution step most likely includes:【单选题】A.developing the investment policy statement.B.portfolio monitoring.C.asset allocation.正确答案:C答案解析:Asset allocation is part of the execution step of the portfolio management process. The execution step also includes security analysis and portfolio construction.Section 47、Which of the following statements does not accurately represent the objectives of Global InvestmentPerformance Standards (GIPS)? The GIPS standards:【单选题】A.ensure consistent, accurate investment performance data in the areas of reporting, records,marketing, and presentations.B.obtain global acceptance of calculation and presentation standards in a fair, comparable formatwith full disclosure.C.promote fair competition among investment management firms in all markets by requiringcommon fee structures.正确答案:C答案解析:One of the objectives of the GIPS standards is to promote fair competition among investmentmanagement firms in all markets; this objective does not require unnecessary entry barriers orhurdles for new firms, such as common fee structures.Fundamentals of Compliance8、According to CFA Institute of Professional Conduct (the Standards) , which ofthe following is NOT a recommendation procedure for compliance with the Standardsrelating to fair dealing?【单选题】A.Limit the number of people involved.B.Maintain a list of clients and their holdings.C.Prolong the time frame between decision and dissemination.正确答案:C答案解析:当投资建议将要发布时，限制参与的人数，以及保留客户的名单和他们持股情况都是CFA协会推荐的做法。

CFA考试历年真题精选4（附详解）1、Edo Ronde, CFA, an analyst for a hedge fund, One World Investments, is attending a key industry conference for the microelectronics industry. At lunch in a restaurant adjacent to the conference venue, Ronde sits next to a table of conference attendees and is able to read their nametags. Ronde realizes the group includes the president of a publicly traded company in the microelectronics industry, Fulda Manufacturing, a company Ronde follows. Ronde overhears the president complain about a production delay problem Fulda’s factories are experiencing. The president mentions the delay will reduce Fulda earnings more than 20% during the next year if not solved. Ronde relays this information to the portfolio manager he reports to at One World explaining that in a recent research report he recommended Fulda as a buy. The manager asks Ronde to write up a negative report on Fulda so the fund can sell the stock. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, Ronde should least likely:【单选题】A.revise his research report.B.leave his research report as it is.C.request the portfolio manager not act on the information.正确答案:A答案解析:“Guidance for Standards I-VII”, CFA InstituteA is correct because Ronde should refuse to follow his supervisor’s request. If Ronde revises his research report based on the information he overheard at the industry conference, he would violate Standard II (A) Material Nonpublic Information. The production delay information is material and considered nonpublic until it is widely distributed. Therefore, it should not be included in Ronde’s research report or acted on until it becomes public. Ronde should try to encourage Fulda to make the information public.2、Jennifer Ducumon, CFA, is a portfolio manager for high-net-worth individuals at Northeast Investment Bank. Northeast holds a large number of shares in Baby Skin Care Inc., a manufacturer of baby care products. Northeast obtained the Baby Skin Care shares when it underwrote the company’s recent IPO. Ducumon has been asked by the investment-banking department to recommend Baby Skin Care to her clients, who currently do not hold any shares in their portfolios. Although Ducumon has a favorable opinion of Baby Skin Care, she does not consider the shares a buy at the IPO price nor at current price levels. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, the most appropriate action for Ducumon is to:【单选题】A.ignore the request.B.recommend the shares after additional analysis.C.follow the request as soon as the share price declines.正确答案:A答案解析:“Guidance for Standards I-VII”, CFA InstituteA is correct because Ducumon should refuse to recommend the shares because her opinion of the Baby Skin Care shares must not be affected by internal pressure. If Ducumon followed the request from the investment-banking department at her company, she would be in violation of Standard I (B) Independence and Objectivity. Ducumon must refuse to recommend the BabySkin Care shares until they are an attractive purchase based on fundamental analysis and market pricing. 3、In the current year, a company increased its deferred tax asset by $500,000. During the year, the companymost likely:【单选题】A.became entitled to a $500,000 tax refund.B.reported a lower accounting profit than taxable income.C.had permanent differences between accounting profit and taxable income.正确答案:B答案解析:“Income Taxes” Elbie Antonites, CFA and Michael A. Broihahn, CFAB is correct. Deferred tax assets represent taxes that have been paid (because of the higher taxable income) but have not yet been recognized on the income statement (because of the lower accounting profit).4、Two parties agree to a forward contract on a non-dividend paying stock at a price of $103.00. At contract expiration the stock trades at $105.00. In a cash-settled forward contract, the:【单选题】A.short pays the long $2.00.B.short pays the long $103.00.C.long pays the short $105.00.正确答案:A答案解析:“Forward Markets and Contracts”, Don M. Chance, CFAA is correct because a cash-settled forward permits the long and short to pay the net cash value of the position on the delivery date. The long is due to receive a stock from the short with a market value of $105.00. Through the forward contract, the long agreed to purchase the stock at $103.00. Therefore, the short must pay the net cash value of $2.00 to the long.5、An analyst determines that a 5.50 percent coupon option-free bond, maturing in 7 years, would experience a 3 percent decrease in price if market interest rates rise by 50 basis points. If market interest rates instead fall by50 basis points, the bond’s price would increase by:【单选题】A.exactly 3%.B.less than 3%.C.more than 3%.正确答案:C答案解析:“Introduction to the Measurement of Interest Rate Risk,” Frank J. FabozziThe bond is option-free and will therefore exhibit positive convexity. An equal change in rates will produce a greater percentage gain when rates decrease than the percentage loss produced when rates increase.6、The slope of the security market line (SML) represents the portion of an asset’s expected return attributable to:【单选题】A.total risk.B.market risk.C.diversifiable risk.正确答案:B答案解析:“Portfolio Risk and Return Part II,” Vijay SingalB is correct. The slope of the SML is the market risk premium, E(Rm) – Rf. It represents the return of the market less the return of a risk-free asset. Thus, the slope represents the portion of expected return that reflects compensation for market or systematic risk.7、Which of the following is NOT a recommended procedure for compliance withthe Standards of Professional Conduct relating to misrepresentation? The firm:【单选题】A.specifically designates which employees are authorized to speak on behalfof the firm.B.discontinues using the work completed by a former member or candidate.C.provides a written list of the firm's available services and a description ofthe firm's qualification.正确答案:B答案解析:公司特别指定哪个员工可以代表公司发言，提供书面形式的公司可服务类型以及对公司资质进行描述，都是为了遵守禁止虚假陈述（misrepresentation）所推荐的做法。

CFA一级每日一练（含详细解析）61 1、An analyst does research about standard deviation and gathers the following informationabout two scenarios:The expected standard deviation is closest to:【单选题】A.5.29%B.7.35%C.8.57%正确答案:B答案解析:平均回报= 0.40 ×（-5%）+ 0.60 × 10% = 4%；标准差=2、The following data pertain to a margin purchase of a stock by an investor.If the stock is sold exactly one year after the purchase, the total return on the investor’s investment is closest to:【单选题】A.14%.B.19%.C.22%.正确答案:C答案解析:“Market Organization and Structure,” Larry E. Harris2012 Modular Level I, Vol. 5, pp. 44–45Study Session 13-47-fCalculate and interpret the leverage ratio, the rate of return on a margin transaction, and the security price at which the investor would receive a margin call.C is correct.See Example 19 pp. 44–45.3、Bruce Smith, CFA, covers East European equities for Marlborough Investments,an investment management firm with a strong presence in emerging markets.Forthe purpose of compliance with the Global Investments Performance Standards(GAPS?) , Marlborough Investments' total assets include:【单选题】A.only fee-paying discretionary assets.B.both fee-paying discretionary assets and non-fee-paying discretionary assets.C.all fee-paying and non-fee-paying, discretionary and nondiscretionary assets.正确答案:C答案解析:GAPS?规定公布的公司总资产里面既包含了支付费用的和不支付费用的资产，也包括了自由决断的和非自由决断的资产的市场价值。

CFA level II 2011 【6060/61 北京南京成都上海广州】Morning session 总题数economics* 6ethics* 6fixed income* 6equity* 12portfolio* 6FSA 12derivative* 6corporate* 6Afternoon总题数sessioneconomics* 0ethics* 6fixed income* 6equity* 12FSA 12derivative* 6statistics* 6alternative* 6corporate* 6上午不确定题目道德6 2经济学 1财务12 1公司金融6 3固定收益6 1股权12 4衍生品6 3Portfolio 6 21 .CODE AND ETHICS(+1)（1）吹牛逼CFA通过了多么牛那个CFA旗号（此部分只要和业绩、公司经营相联系均错误）（2）用以前公司用过的系统是否违规（此题有争议，该系统在原公司曾经用过，是否有独立产权，还是市场上销售系统）（3）discretionary 和non-discretionary 后者优先交易(两个账户均不违规) Explanation: Disclose the Presence of Tiers of Service - Many organizations offer both discretionary and nondiscretionary advisory service, but because of the differences in those accounts, they might find it necessary for practical reasons to take action in the discretionary accounts first, before they take the same action within the nondiscretionary accounts. Such procedure is not discriminatory since discretionary accounts are paying a premium; however, clients must be fully aware of this practice.（4）上午别的公司经历让去任什么职位然后你去了去完之后没和老总汇报原来公司没辞职这个时候好像哪个老总让你去研究对方的公司做研究报告、招投标。

CFA一级每日一练（含详细解析）741、Miranda Grafton, CFA, purchased a large block of stock at varying prices during the trading session. The stock realized a significant gain in value before the close of the trading day, so Grafton reviewed her purchase prices to determine what prices should be assigned to each specific account. According to the Standards of Practice Handbook, Grafton's least appropriate action is to allocate the execution prices:【单选题】A.across the participating client accounts pro rata on the basis of account size.B.across the participating client accounts at the same execution price.C.on a first-in, first-out basis with consideration of bundling orders for efficiency.正确答案:A答案解析:According to Standard III (B) best practices include allocating pro rata on the basis of order size, not account size. All clients participating in the block trade should receive the same execution price and be charged the same commission. 2014 CFA Level I "Guidance for Standards I-VII," CFA Institute Standard III(B)2、Three firms operate under perfect competition, producing 900 units of the same product but using different production technologies. Each company’s cost structure is indicated below:Which of the following statements is most accurate? If the unit selling price is:【单选题】A.$6.00, all firms should exit the market in the long run.B.$3.50, firm X should continue to operate in the short run, but firms Y and Z should shut down production.C.$4.50, all firms should continue to operate in the short run, but exit the market in the long run if these conditions are expected to persist.正确答案:B答案解析:“Demand and Supply Analysis: The Firm,”Gary L. Arbogast, CFA and Richard V. Eastin3、Based on best practices in corporate governance procedures, it is most appropriate for a company’s compensation committee to:【单选题】A.include a retired executive from the firm.B.link compensation with long-term objectives.C.include a representative from the firm’s external auditor.正确答案:B答案解析:“The Corporate Governance of Listed Companies: A Manual for Investors,”Kurt Schacht, James C. Allen, and Matthew OrsaghB is correct. Under appropriate corporate governance procedures, the compensation committee should link compensation with long-term objectives.4、A European stock index call option has a strike price of $1,160 and a time to expiration of 0.25 years. Given a risk-free rate of 4 percent, if the underlying index is trading at $1,200 and has a multiplier of 1, then the lower bound for the option price is closest to:【单选题】A.$28.29.B.$40.00.C.$51.32.正确答案:C答案解析:“Option Markets and Contracts”, Don M. Chance5、An analyst observes that the historic geometric returns are 9% for equities, 3% for treasury bills, and 2% for inflation. The real rate of return and risk premium for equities are closest to:【单选题】A.5.8% and 3.7%.B.6.9% and 3.8%.C.6.9% and 5.8%.正确答案:B答案解析:“Portfolio Risk and Return: Part I,” Vijay Singal, CFAB is correct. (1 + 0.09)/(1 + 0.02) – 1 = 6.9% (1 + 0.069)/(1 + 0.03) – 1 = 3.8%。

CFA考试试题汇编(含答案)[完整版]1. Which of the following statements about the CFA Institute's Professional Conduct Program (PCP) is least accurate?A. Possible sanctions include condemnation by a member's peers or suspension of a candidate's participation in the CFA Program.B. If the Designated Officer determines that a sanction against a member is warranted, the member must either accept the sanction or lose the right to use the CFA designation.C. Members who cooperate with a PCP inquiry by providing confidential client information to PCP staff are not in violation of Standard III(E) Preservation of Confidentiality.【答案】B2. Robert Miguel, CFA, is a portfolio manager for a large investment advisory firm. In appreciation of his impressive portfolio returns last quarter, one of his clients, Kevin Goodman, has invited Miguel and his wife to be his guests at his luxury suite for a major league baseball playoff game. Miguel, a baseball fan, accepts the invitation and attends the game. The next day at work, Miguel doesn't mention to his supervisor that he attended the game as a guest of the client. According to the Standard concerning independence and objectivity and the Standard on knowledge of the law, Miguel's actions are in violation of."A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A3. Ann Smith, CFA, calls Bill Jones, CFA, and tells him that her research shows that Biokem Company is underpriced and that earnings per share will exceed $3.00 this year. Jones had never heard of Biokem before her call but knows that Smith is widely considered to be the best analyst in her sector. Smith's research has been released publicly, and Smith tells Jones he's "welcome to it." After their conversation, Jones arranges a conference call with his firm's portfolio managers and announces that Biokem is underpriced and will likely earn over $3.00 per share this year. During the call with the portfolio managers, Jones does not reference his conversation with Smith. According to the Standards that concern misrepresentation and diligence and reasonable basis, Jones violated:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A4. Doug Watson, CFA, serves in a sales position at Sommerset Brokerage, a registered investment adviser. As part of his employment,he is expected to entertain clients. Frequently at these client outings, Watson drinks excessively. On one occasion, after dropping off a client, Watson was cited by local police for misdemeanor public intoxication. According to the Standard on knowledge of the law and the Standard on misconduct, Watson is in violation of:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】B5. Kevin Richards is a performance analyst for Reliable Advisors, a retail investment advisory and consulting firm. Richards, who is a Level I CFA candidate, was hired-as part of the firm's efforts to attract CFA candidates into critical areas of the firm, such as performance measurement and attribution. Richards' supervisor instructs him to reference the firm's compliance with GIPS in marketing materials to attract more clients. For Richards' reference to the firm's GIPS compliance to be accurate, Reliable is least likely required to:A. apply GIPS compliance firm wide and not only to the specific asset classes mentioned in the marketing materials.B. claim compliance with GIPS only if it has a compliant performance history of five years or more.C. include all discretionary fee-paying accounts in composites basedon their investment objectives and/or strategies.【答案】B6. Peter Taylor, a CFA charterholder and a food industry analyst for a large investment firm, has been invited by Sweet Pineapple Co. to visit the firm's processing plants in Hawaii. The Standard concerning independence and objectivity recommends that Taylor:A. use and pay for commercial transportation, if available.B. obtain written permission from his employer before he accepts this invitation.C. decline this invitation if he issues recommendations on the firm's securities.【答案】A7. Ruth Brett, a Level I CFA candidate, is a research analyst for a large investment firm. Due to a demanding work schedule with long hours, Brett was unable to attend any sort of exam preparation class, and has only been able to study sporadically. Feeling nervous and unprepared the night before the exam, Brett writes a few key notes on the bottom of her shoe. At the exam, Brett sees the large number of proctors present and decides not to risk getting caught and does not look at her shoe. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, Brett is:A. not in violation of any Standard or the Code of Ethics because shedid not use the notes.B. in violation of the Code of Ethics for bringing the notes into the examination room but is not in violation of any Standard because she did not use the notes.C. in violation of both the Code of Ethics and the Standard governing conduct as Members and Candidates in the CFA Program for taking the notes into the examination room.【答案】C8. Which of the following is least likely included in the CFA Code of Ethics? Members of CFA Institute must:A. place their clients' interests before their employer's interests.B. strive to maintain and improve the competence of others in the profession.C. use reasonable care and exercise independent professional judgment.【答案】A9. In formulating her report on GammaCorp's common stock, Barb Kramer, CFA, did a complex series of statistical tests on the company's past sales and earnings. Based on this statistical study, Kramer stated in her report that, "GammaCorp's earnings growth for the next five years will average 15% per year." Her conclusion was based in part on a regression analysis with a high level of statistical significance. Has Kramerviolated the Standard on communication with clients and prospective clients?A. Yes, because she didn't give complete details of the statistical model used.B. Yes, because she failed to indicate that 15% growth is an estimate.C. No, because her projections are within the generally accepted bounds of statistical accuracy.【答案】B10. Alpha Advisors Inc. is an investment management firm with a client base that ranges from individuals to large foundations. Which of the following firm policies is least appropriate if Alpha adopts the Code and Standards? Alpha:A. monitors the personal trading activity of firm personnel and requires them to pre-clear personal trades.B. regularly calls larger accounts first after changes in investment recommendations have been faxed to all clients.C. excludes client accounts of family members of employees from participating in IPOs.【答案】C11. Dudley Thompson is a bond salesman for a small broker/dealer in London. His firm is the lead underwriter on a new junk bond issue forthe Ibex Corporation. In order to stimulate sales of the new issue, Thompson calls all of his accounts over ￡1,000,000, many of which belong to elderly clients with low risk tolerances, and tells them that the Ibex issue is a fantastic opportunity for high returns that is not to be missed. Thompson also posts overly optimistic projections for Ibex's performance on several Internet "chat rooms" in order to increase the price of the bond issue and enhance his clients' returns on the investment. According to the Standards concerning market manipulation and suitability, Watson is in violation of:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A12. Rob Elliott, a CFA candidate, is an analyst with a large asset management firm. His personal portfolio includes a large amount of common stock of TECH Inc., a semiconductor company which his firm does not currently follow. The director of the research department has just asked Elliott to analyze TECH and write a report about its investment potential, which will be distributed to clients and prospective clients. Based on the CFA Institute Standards of Professional Conduct, the most appropriate course of action for Elliot to take would be to:A. sell his shares of TECH before completing the report.B. decline to write the report.C. disclose the ownership of the stock to his employer and in the report if he writes it.【答案】C13. Antonio Mendoza, CFA, is an investment manager in private practice under the name Mendoza Investments. Mendoza solicits new business by making brief presentations describing his investment performance record. At each presentation, he makes available a 1-page information sheet that outlines his performance history for the past ten years. His telephone number is on the sheet for prospective clients who wish to contact him for additional supporting information. At the bottom of the sheet the following is stated: "Mendoza Investments has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS?).'' Mendoza's information sheet:A. does not comply with GIPS.B. violates the Standard that concerns performance presentation.C. complies with both GIPS and the Standard that concerns performance presentation.【答案】C14. Anne Franklin, CFA, is an analyst who covers technology stocks for Medallion Investments. Franklin frequently meets with company management and makes site visits to company facilities. Cynthia Lucas,chief technology officer for Level Tech, tells several analysts, including Franklin, during a conference call that overseas shipments of the company's important new product are going to be delayed due to manufacturing defects, which she expects are correctable. This information has not been released in any other format. Medallion manages discretionary accounts for Lucas and Franklin. Subsequent to her meeting, Franklin sends a note to Medallion's investment personnel telling them to "sell the stock in all client accounts," as the shipment information is significant and contrary to recent earnings guidance from the company. Franklin's use of the information received from Lucas:A. violates the Code and Standards, as Franklin received material nonpublic information that should not have been acted upon.B. violates the Code and Standards, since she directed the sale in all client accounts instead of acting in the best interests of her own clients.C. does not violate the Code and Standards, as Franklin was adhering to her fiduciary duty to Medallion's clients by sharing the information and recommending a "Sell."【答案】A15. R.J. Young is meeting with a new client for the first time. At this meeting, he will be gathering information about the client in order to assess the client's investment objectives and constraints. As he does for all of his clients, Young will then prepare a written investment policystatement (IPS). According to the recommended procedures for complying with the Standard on suitability, which of the following statements regarding an IPS is least accurate?A. An IPS should describe the roles and responsibilities of the adviser and client.B. A member or candidate is not responsible for financial information withheld by the client.C. A client's IPS must be updated at least quarterly to reflect any changes in their investment profile.【答案】C16. For years John Berger, a CFA charterholder and CEO of a company, relied upon a set of reasonable procedures for preventing violations of the Code and Standards of Professional Conduct in the firm. To not be liable for a violation of the Standards, Berger must:A. do nothing more than have the set of procedures in place as stated.B. periodically review the procedures.C. both periodically review the procedures and ensure the procedures are monitored and enforced.【答案】C17. According to the Standards of Practice Handbook, in order to fulfill the basic provision and procedure of the suitability standards,should a client’s written investment polity statement (IPS): Take performance measurement Be reviewed at least annually?benchmarks into consideration?A. Yes YesB. Yes NoC. No Yes【答案】A18. An analyst meets with a new client. During the meeting, the analyst sees that the new client’s portfolio is heavily invested in one over-the-counter stock. The analyst has been following the stock and thinks it will perform well in the long run. The analyst arranges through a brokerage firm to simultaneously sell a large number of shares of the stock via a series of cross trades from the new client’s portfolio to various existing clients. He arranges the trades to be executed at a price that approximates the current market price. This action is:A. not in violation of the Standards.B. a violation of Standard III(A), Loyalty, Prudence, and Care.C. a violation of Standard III(B), Fair Dealing.【答案】A19. An analyst gathered the following information about the monthly returns over the same time period from two diversifiedinvestment portfolios:The analyst stated that Portfolio X is negatively skewed and Portfolio Y is positively skewed. Is the analyst correct with respect to: Portfolio X?Portfolio Y?A. No NoB. No YesC. Yes No【答案】A20. A pension fund expects to pay obligations of $5, 000, 000 4 years from today. The fund will fund this obligation by making 5 annual, equal deposits into an account earning 3%, with the first deposit occurring today, and the last occurring at the time the obligation is due. What size must each annual deposit be?A. $904,874.B. $941,773.C. $1,125,662.【答案】B21. An investor plans to retire eight years from today. To maintain her standard of living through retirement, she needs to have $2.5 million accumulated when she retires. Her portfolio is currently valued at $1.2million and is expected to earn 7.0 percent annually. The minimum annual amount she must save at the beginning of each of the next eight years to achieve a retirement accumulation of $2.5 million is closest to:A. $0B. $31,875C. $39,914【答案】C22. An analyst asked an junior associate to evaluate the performance of group of mutual funds over the last 10 years. The associate calculated the following performance statistics:The analyst suspects that the associate has made some errors in calculating the performance statistics. Based only on the expected mathematical relationships between the two measures of return and between the two measures of dispersion calculated by the associate, did the associate most likely make errors in calculating the statistics associated with:Mutual Fund A?Mutual Fund B?A. No YesB. Yes NoC. Yes Yes【答案】C23. When using stock return data, a geometric mean return calculation is most likely preferred over a geometric mean calculation because:A. return data can be negative.B. return data can be less than one.C. the geometric mean return is closer in value to the arithmetic mean.【答案】A24. An analyst is investigating the distribution of the SMG stock’s return over time. He calculated the mode of 12 percent, the mean of 11 percent, and the median of 11.5 percent. The distribution can best be described as:A. positively skewed, with a long tail on the left side.B. negatively skewed, with a long tail on the left side.C. positively skewed, with a long tail en the right side.【答案】B25. An analyst collects the following set of past stock returns: -2.3%, -5.1%, 7.6%, 8.2%, 9.1%, and 9.8%. Which of the following measures of return is most likely the highest?A. Median returnB. Geometric mean returnC. Arithmetic mean return【答案】A26. An investor is considering investing in one of the three following portfolios:If the investor's minimum acceptable return is 5%, the optimal portfolio using Roy's safety-first criterion is:A. Portfolio X.B. Portfolio Y.C. Portfolio Z.【答案】C27. An analyst is testing the hypothesis that the variance of monthly returns for Index L equals the variance of monthly returns for Index M based on samples of 50 monthly observations. The sample variance of Index L returns is 0.085, whereas the sample variance of Index M returns is 0.084. Assuming the samples are independent and the returns are normally distributed, which of the following represents the most appropriate test statistic?A.B.C.【答案】A28. If the probability of event J multiplied by the probability of event K is not equal to the joint probability of events J and K, then events J and K are most likely:A. dependent events.B. independent events.C. mutually exclusive events.【答案】A29. Alan Barnes, CFA, is interested in the expected quarterly return on FTSE 100 stock index. He has data for the last five years and calculates the average return on the index over the last 20 quarters. This average return:A. is different from the statistic he is trying to estimate by the amount of the sampling error.B. overstates the return because he should divide by the square root of 20 when using a mean value.C. overstates the expected return because he should have used the geometric mean and not the simple average.【答案】A30. Which of the following statements regarding the significance level of a hypothesis test is most accurate?A. Given a significance level of 5%, a test will reject a true null hypothesis 5% of the time.B. If the significance level of a test is 5%, it will yield the correct decision about the null hypothesis 95% of the time.C. If the significance level of a test is 95%, it will yield the correct decision about the null hypothesis 95% of the time.【答案】A31. An analysis determined that approximately 99 percent of the observations of daily sales for a company were within the interval from $250,000 to $580,000 and that daily sales for the company were normally distributed. The mean daily sales and standard deviation of daily sales, respectively, for the company were closest to:Mean daily sales Standard deviation of daily salesA. $415,000$41,667B. $415,000$55,000C. $355,115$41,667【答案】B32. The joint probability of returns, for securities A and B, are as follows:The covariance of returns of A and B is:A. 6%B. 12%C. 24%【答案】A33. Does the quantity theory of money assume that in the long run:Potential GDP is influenced the price level is influencedby the quantity of money?by the quantity of money?A. No NoB. No YesC. Yes No【答案】B34. Which of the following condition is least likely to be the obstacle to the efficient allocation of productive resources:A. Price controlsB. Taxes and trade restrictionsC. Perfect competition【答案】C35. Which of the following condition is least likely to be the reason that a black market is generally inefficient:A. Unenforceable contractB. Increased prices required by suppliers due to the risk of prosecutionC. Intensive control by the government【答案】C36. Which of the following describes the difference between perfect competition and monopolistic competition? Firms in monopolistic competition:A. Provide differentiated products.B. Decide on the output where marginal revenue equals marginal cost.C. Are free to enter and exit the market.【答案】A37. Generally speaking, when the Herfindahl-Hirschman Index (HHI) is calculated by summing the squared percentage market shares, how many largest firms’data is used in a industry, supposing there are a large number of firms in the industry:A. 4B. 10C. 50【答案】C38. If accurately calculated, will the amount of accounting profit fora firm generally:Be below that firm’s economic consider both that firm’s profit for the same time Defied?explicit and implicit costs?A. No NoB. No YesC. Yes No【答案】A39. The demand for a given resource will most likely decrease if the prices of its substitute resources and complementary resources, respectively:Prices of substitute resources Price of complementary resourcesA. Increase IncreaseB. Increase DecreaseC. Decrease Increase【答案】C40. With respect to the different views about short-term fluctuations in the economy, what is the primary driver of aggregate demand according to the:Keynesian view?Classical view?A. Future expectations Technological changeB. Future expectations The supply of moneyC. Current price level Technological change【答案】A41. At low wage rates, will an increase in the wage rate most likely result in:The substitution effect?An increase in the supply of labor?A. Yes YesB. Yes NoC. No Yes【答案】A42. An analyst does research about technologically efficient and economically efficient. A method of production is economically efficient when:A. it uses the most up-to-date technology.B. the cost of human capital is as low as possible.C. the cost of producing a given output is as low as possible.【答案】C43. Given the following possibilities, which one results in an increase in total consumer expenditures?A. demand is elastic and price rises.B. demand is inelastic and price falls.C. demand is inelastic and price rises.【答案】C44. Suppose that rubber is the primary input in the production of golf balls. If the price of rubber increases while all else remains constant, then in the short-run:A. The marginal and average variable cost curves shift upward, but not the average total or average fixed cost curves.B. The average total and average variable cost curves shift upward, but the marginal and average fixed cost curves will shift downward.C. The marginal, average variable, and average total cost curves will shift upward, but the average fixed cost curve will not shift.【答案】C45. In which of the following situations when recording inventory ata value greater than its historical cost is permitted?A. The value is a reversal of a pervious write-down.B. The inventory consists of agricultural products.C. Financial statements are prepared using U.S.GAAP.【答案】B31. For an asset with a price of 1000, which of the following price targets is least likely based on Fibonacci ratio?A. 618.B. 1294.C. 1618.【答案】B32. A portfolio of non-dividend-paying common stocks earned a geometric mean return of 5 percent between 1 January 2002 and 31 December 2008. The arithmetic mean return for the same period was 6 percent. If the market value of the portfolio at the beginning of 2002 was $100,000, the market value of the portfolio at the end of 2008 was closest to:A. $137,000B. $140,710C. $141,030【答案】B33. Which of the following is not true regarding to zero economic profit?A. The net present value of cash flows when discounted at the firms cost of capital will equal to zero.B. The firm is just profitable enough to make a normal return.C. The return for the firm is insufficient for the risk taken.【答案】C34. An analyst does research on price discrimination’s impact. Compared to using a single price in a market characterized by monopolistic competition, using price discrimination when two customergroups have different demand elasticities is least likely to result in:A. new productive ventures.B. an increase in total output.C. lower prices for both groups.【答案】C资料来源：文得学习网，更多考试资料题库视频，上文得学习网查找。

CFA考试《CFA二级》历年真题精选及详细解析1007-111、Based on Exhibit 1, the maximum loss of Strategy 1 is:【单选题】A.￥210.44.B.￥225.76.C.￥232.34.正确答案:A答案解析:A is correct. Strategy 1 is a covered call position using SMTC July 240 calls. A covered call position is a combination of a long position in the shares and a short call option. For this covered call position on SMTC, YCM would have a long position in SMTC shares and a short position in the July 240 call option on SMTC shares. The maximum loss for this covered call position would occur if the SMTC share price fell to zero. The loss on the shares would be reduced by the amount of the premium received from selling the call option. Therefore, the maximum loss of Strategy 1 is the difference between the original share price (S0) and the option premium (c2、Should Costa’s end-of-meeting comments result in changes to Hernández’s capital budgeting analysis?【单选题】A.No.B.Yes, but only to incorporate the possible delay.C.Yes, to incorporate both the possible delay and the cost of producing the prototype.正确答案:B答案解析:B is correct. Timing options (e.g., delay investing) should be included in the NPV analysis, but sunk costs should not.3、Are the two observations Berg records after the fixed income conference accurate?【单选题】A.Both statements are accurate.?B.Only Statement 1 is accurate.C.Only Statement 2 is accurate.正确答案:A答案解析:Statement 1 is correct. Swap markets tend to have more maturities with which to construct a yield curve as compared to government bond markets. Statement 2 is correct. Retail banks tend to have little exposure to swaps and hence are more likely to use the government spot curve as their benchmark.4、【单选题】A.Justification 1B.Justification 2C.Justification 3正确答案:A答案解析:It is a violation of Standard VII (B): Reference to CFA Institute, the CFA Designation, and the CFA Program to imply that the competencies of a CFA charter holder are superior to those of others not holding the designation. It is not a violation, however, to factually state that charter holders must annually renew their commitment to abide by the Code and Standards or that each of the team members passed all three CFA exams on their first attempt.5、GNSK can best be described as being in which of the following growth stages?【单选题】A.TransitionB.MatureC.Growth正确答案:C答案解析:GNSK is in the growth stage because it is expanding rapidly and enjoying the benefits of the health food market, which is also growing rapidly. GNSK is also experiencing highand growing profit margins as well as abnormally high earnings per share growth, which are all indicative of a company in its growth phase.。

GMAT真题：2010年11⽉GMAT阅读真题（⾄11.30）（⼗） 1.1.17 stock-keeping units@ 还有⼀个是说近年来出现了⼀个⽭盾现象，就是虽然scanner和其他先进的技术可以使company⽣产少量的多样化的产品，但还是有越来越多的inventory 不⾜或过剩的现象。

我记得是GWD或者prep⾥的原题有印象的⼈帮忙找⼀下吧 原⽂ Companies that must determine well in advance of the selling season how many units of a new product to manufacture often underproduce products that sell well and have overstocks of others. The increased incidence in recent years of mismatches between production and demand seems ironic, since point-of-sale scanners have improved data on consumers’buying patterns and since flexible manufacturing has enabled companies to 24 produce, cost-effectively, small quantities of goods. This type of manufacturing has greatly increased the number of new products introduced annually in the United States. However, frequent introductions of new products have two problematic side effects. For one, they reduce the average lifetime of products; more of them are neither at the beginning of their life (when prediction is difficult) or at the end of their life (when keeping inventory is expensive because the products will soon become obsolete). For another, as new products proliferate, demand is divided among a growing number of stock-keeping units (SKU’s). Even though manufacturers and retailers can forecast aggregate demand with some certainty, forecasting accurately how that demand will be distributed among the many SKU’s they sell is difficult. For example, a company may be able to estimate accurately the aggregate number of shoes it will sell, but it may be uncertain about which specific types of shoes will sell more than other types. 问题是 Q35: Which of the following most accurately describes the function of the last sentence in the passage (lines 35-40)? A. To cite a situation in which the aggregate demand is more important than the distribution of demand among SKU’s B. To refute an assertion about the side effects of flexible manufacturing C. To illustrate an assertion about companies’ ability to forecast demand D. To provide an example of ways in which companies address the difficulties of forecasting demand E. To note an exception to the author’s assertion about distributing demand among SKU’s ---------------------------------------------------------------- Q36: The passage suggests which of the following about divided demand among a growing number of SKU’s? A. It has increased the average lifetime of products. B. It has resulted from retailer’s attempts to predict demand more accurately and avoid both understocks and overstocks. C. It has decreased the use of flexible manufacturing by companies. D. It has not increased the expense of keeping inventory of certain products. E. It has not prevented companies from predicting aggregate demand with some certainty. ---------------------------------------------------------------- Q37:TTGWD-6 According to the passage, which of the following has led to growth in the number of new products introduced in the United States each year? A. Reduced average lifetime of products B. Increased ability to forecast aggregate demand C. More cost-effective ways of keeping inventory for products D. Cost-effective production of small quantities of goods E. Increased ability to divide demand among a number of SKU’s and to forecast how that demand will be distributed among those SKU’s OA : D、E、D 1.1.18 顾客坚持⼰见 第⼀段把资料分成好⼏类,第⼆段说顾客对某些事情仍就不相信,会坚持⼰见(考点多。

CFA一级每日一练（含详细解析）791、A country implements policies that are expected to increase taxes by €100 million, increase government spending by €50 million, and reduce investments and private sector savings by €25 million each. As a result, the country’s current account balance will most likely:【单选题】A.increase by €50 million.B.decrease by €50 million.C.increase by €100 million.正确答案:A答案解析:“International Trade and Capital Flows,” Usha Nair-Reichert, PhD and Daniel Robert Witschi, PhD, CFAΔCA = –25 – (–25) + (100 – 50 – 0) = 50.2、A retailer that prepares its financial statements in accordance with IFRS has 100 office chairs in its inventory with a suggested retail price of $240 each.· The supplier has also lowered its price to $160 in response to the low demand. The total carrying amount of these 100 office chairs on the retailer’s balance sheet would be closest to:【单选题】A.$16,000.B.$17,000.C.$18,000.正确答案:B答案解析:IFRS measures inventory at the lower of cost and net realizable value.Section 43、Tom Wayne, CFA, is the portfolio manager of the Franklin City Employees PensionPlan in Thompson Investments.He recently completed thorough researchabout a chemical company and decided that the company's stock is significantlyovervalued.Wayne places a large sell order for the company's thinly tradedstock.Thompson Investments' trading desk takes a whole1。