1. Matthew Smith, CFA, was recently promoted to senior portfolio manager. In his new position, Smith is required to supervise three portfolio managers. Smith asks for a copy of his firm's written supervisory policies and procedures, but is advised that no such policies are required by regulatory standards in the country where Smith's firm conducts the majority of its business. According to the Standards of Practice Handbook, Smith's most appropriate course of action would be to:
A.require that his firm adopted the CFA Institute Code of Ethics and Standards of Professional Conduct.
B.require that the employees he supervises adopt the CFA Institute Code of Ethics and Standards of Professional Conduct.
C.decline to accept supervisory responsibility until his firm adopts procedures to allow him to adequately exercise such responsibility.
2. Darcy Grafton, CFA, purchases a large block of stock on behalf of specific accounts she managed. The stock realized a significant gain in value before the close of business; so Grafton reviewed her accounts again to determine where the block shares should be allocated. According to the Standards of Practice Handbook, Grafton's most appropriate action is to allocate the shares to:
A.all accounts equally.
B.all accounts for which she has discretionary authority.
C.only those accounts for which the block shares were originally intended.
4. According to the Standard of Practice Handbook, a supervisor establishing procedures to eliminate conflicts of interest relating to personal trading would least likely recommend requiring:
A.a ban on employee investments.
B.disclosures of beneficial ownerships.
C.duplicate confirmations of employee transactions.
5. Monica Shore, CFA, is a highly regarded portfolio manager for Atlantic Investments (AI), a midsized mutual fund firm investing in domestic securities. She has watched the hedge fund boom and on numerous occasions suggested her firm create such a fund. Senior management has refused to commit resources to the area. Frustrated by the inaction, and attracted by the higher fees associated with hedge funds, Shore and several other employees use their spare time to create a hedge fund. Because AI management thinks that hedge funds are a fad, she does not inform her supervisor about the hedge fund. According to the Standards of Practice Book, Shore least likely violated the Standard relating to:
6. Stanley Crux, CFA, a portfolio manager at NWS Asset Management Ltd, calls a friend to join him for dinner. The friend, a financial analyst at D&M Corporation declines the invitation and explains that she is performing due diligence on Orca Electronics, a company that D&M is about to acquire. After the phone call, Crux searches the Internet for any news of the acquisition but finds nothing. Upon verifying that Orca is on NWS's approved stock list, Crux purchases Orca's common stock and call options for the NWS clients. Two weeks later, D＆M announces its intention to acquire Orca. The next day, Crux sells all of the Orca securities, giving the fund a profit of $ 3 million. According to the Standards of Practice Handbook, did Crux violate any CFA Institute Standards of Professional Conduct?
A.No.
B.Yes, because he traded on material nonpublic information.
C.Yes, because he only purchased stock and options for selective clients, not all clients.
7. Steven Brockman, CFA, is a sell-side analyst. Approximately half of Brockman's compensation comes form his firm's investment-banking division. Brockman is asked to write a report about Anacortes Concrete (AC) , an investment-banking client. Despite his concerns about a slowdown in concrete demand, Brockman issues a very positive report on AC. When issuing his report, Brockman least likely violates the CFA Institute Standard relating to:
8. An asset manager, a CFA charterholder, manages small-cap portfolios for institutional clients. The manager is convinced, given the deteriorating economic conditions, that as a group, small-cap equities will underperform during the next 12 months. To preserve her client's wealth, the manager buys large-cap equities that he believes are better positioned to weather the expected economic downturn. The manager provides complete disclosure of these trades to his clients after the purchase. Has the manager violated any CFA Institute Standards of Professional Conduct?
9. David Sandridge earned the right to use the CFA designation in September 1968. Sandridge recently retired from the investment management profession. As he is retired, Sandridge no longer attends CFA Institute society meetings and has stopped paying his CFA Institute dues. According to the Standards of Practice Handbook, how should Sandridge refer to his affiliation with CFA program?
11. David Schmidt enrolled to take the Level Ⅱ CFA examination in the current year; however, he did not take the exam. Subsequently, he registered to take the level Ⅱ exam the next year. Schmidt informed his employer that he passed Level Ⅱ. Which CFA Institute Standard of Professional Conduct did Schmidt most likely violate?
12. Fred Valley, CFA, is an analyst at a commercial bank. Valley receives compensation for referrals to the bank's brokerage and personal financial-planning divisions. His recent referrals are long-time clients from his previous employer, and Valley does not mention the bank's referral arrangement. Does Valley violate any CFA Institute Standards?
13. For the past decade, Christina Pederson, CFA, has managed the account of Susan Stefansson and in that time developed a close relationship with her client. Stefansson has a beach house in the Bahamas which she offers Pederson and her family free use of for two weeks as a reward for the excellent returns generated in her account. Pederson is so busy at work she doer not tell anyone where she is going for vacation. When accepting Stefansson's offer, Pederson least likely violates the CFA Institute Standard relating to:
14. A CFA charterholder agreed in writing with his former employer not to solicit former clients for a period of one year after his termination. After he left his former employer, he consulted with a lawyer about whether the agreement was legally enforceable. The lawyer advised that it was doubtful that the agreement could be enforced, so the charterholder sent marketing brochures about his new firm to his former clients. According to the Standards of Practice Handbook, which of the following statements is most accurate with respect to the charterholder's conduct?
A.The Standards do not apply to the charterholder's conduct.
B.The Standards require the charterholder to comply with the agreement with his former employer.
C.Because the charterholder relied upon the opinion of legal counsel, he did not violate the Standards.
15. Ian O'Sullivan, CFA, is the owner and sole employee of two companies, a public relations firm and a financial research firm. The public relations firm entered into a contract with Mallory Enterprises to provide public relations services. According to the contract, O'Sullivan received 40 000 shares of Mallory stock in payment for his services. Over the next 10 days, the public relations firm issued several press releases that discussed Mallory's excellent growth prospects. O'Sullivan, through his financial research firm, also published a research report recommending Mallory's stock as a "buy". According to the Standards of Practice Handbook, O'Sullivan is required to disclose his ownership of Mallory's stock in the:
A.press releases only.
B.research report only.
C.both the press releases and the research report.
16. Charlie Mancini, CFA, is the Managing Director of VES Financial (VES), a large US—based mutual fund organization. Mancini has been under pressure recently to increase revenues. In order to secure business from a large hedge fund manager based in Asia, Mancini recently approved unusual terms for the fund's client agreement. To allow for time zone differences, the agreement allows the hedge fund to trade in all of VES's mutual funds six hours after the close of US market. According to the Standards of Practice Handbook, did Mancini violate any CFA Institute Standards of Professional Conduct?
A.No.
B.Yes, because he failed to inform his other clients of the unusual terms under the new client agreement, thus not treating clients equally.
C.Yes, because he failed to review regulations on late-trading and did not consult with VES's compliance director to determine if late-trading was acceptable.
17. According to the Standards of Practice Handbook, a member with-supervisory responsibilities violates the CFA Institute Standards of Professional Conduct if the member fails to:
A.prevent violations of the law.
B.prevent violations of the CFA Code and Standards.
C.establish and implement written compliance procedures.
20. An investor currently has a portfolio valued at $700 000. The investor's objective is long-term growth, but the investor will need $ 30 000 by the end of the year to pay his son's college tuition and another $10 000 by year-end for his annual vacation. The investor is considering three alternative portfolios.
portfolio
expected return
standard deviation of returns
1
2
3
8%
10%
14%
10%
13%
22%
Using Roy's safety-first criterion, which of the alternative portfolios minimizes the probability that the investor's portfolio will have a value lower than $700 000 at year-end?
21. The mean and standard deviation of the net incomes for all companies making up a stock index is $ 3.5 million and $ 4. 2 million, respectively. If a random sample of 49 companies is taken from the index, the standard error of the sample mean is closet to:
22. An analyst gathers the price-earnings ratios (P/E) for the firms in the S&P 500 and then ranks the firms from highest to lowest P/E. She then assigns the number 1 to the group with the lowest P/E ratios, the number 2 to the group with the second lowest P/E ratios, and so on. The measurement scale used by the analyst is best described as:
24. The manager of a pension fund determines that during the past five years 85 percent of the stocks in the portfolio have paid a dividend and 40 percent of the stocks have announced a stock split. If 95 percent of the stocks have paid a dividend or announced a stock split, the joint probability of a stock paying a dividend and announcing a stock split is closest to:
26. The following end of month payments of $400, $700, and $300, (respectively) are due. Given a stated annual interest rate of 3.6 percent, the minimum amount of money needed in an account today to satisfy these future payments is closest to:
29. An analyst takes a sample of yearly returns of aggressive growth funds resulting in the following data set: 25, 15, 35, 45, and 55. What are the range, mean absolute deviation (MAD), and sample variance of the data set? range MAD variance ①A. 20 12 250 ②B. 25 60 1000 ③C. 40 12 250
A.①
B.②
C.③
A B C
C
[解析] 极差=最大值-最小值=55-15=40 [考点] 方差和标准差
30. An analyst has been hired to evaluate a high-risk project. The analyst estimates the probability that the project will fail in the first year as well as the conditional probability of failure for each of the remaining four years of the project, as follows:
year
1
2
3
4
5
failure probability
0.25
0.20
0.20
0.15
0.10
The project will have no payoff if it fails, but will have a payoff of $ 20000 at the end of the fifth year if it succeeds, but will have a payoff of $20000 at the end of the fifth year if it succeeds. Because of its high risk, the required rate of return for an investment in this project is 25%. Based on this information, the expected present value of the project is closest to:
31. Which of the following statements about the central limit theorem is least likely correct? A. The variance of the distribution of sample means is B. The central limit theorem has limited usefulness for skewed distributions. C. When the sample size n is large, the distribution of the sample means is approximately normal.
38. Suppose the CPI basket contains only two kinds of goods (services): gasoline and taxicab service. In the base period, consumers bought 15 gallons of gasoline at $6 and 4 miles of taxicab at $3 each. In the current period, consumers buy 15 gallons of gasoline at $6.2 and 4 miles of taxicab at $2.5 each. The CPI for the current period is closest to:
39. According to the crowding out effect, which of the following statements is least likely correct? The sale of government bonds used to finance excess government spending will:
A.raise the interest rate.
B.reduce private investment spending.
C.increase the profitability of corporate investment projects.
41. A company determines that the quantity demand of a product increased by 5 percent when price is reduced by 10 percent. The product's price elasticity of demand is most accurately described as:
42. Which of the following is the least likely outcome when a monopoly adopts perfect price discrimination because of the customers' differing demand elasticities?
A.The monopolist shares the total surplus with consumers.
B.The price for marginal unit is less than the price for other units.
C.The output increases to the point at which price equals the marginal cost.
45. Two companies operating in the same industry both achieved the same return on equity with the same net sales, but the two companies were different with respect to return on total assets. Compared with the company that had the higher return on total assets, the company with the lower return on total assets most likely had a higher:
A.total asset turnover.
B.financial leverage multiplier.
C.proportion of common equity in its capital structure.
47. A company using the LIFO inventory method reports a LIFO reserve at year-end of $85 000, which is $20 000 lower than the prior year. If the company had used FIFO instead of LIFO in that year, the company's financial statements would have reported:
A.a lower cost of goods sold, but a higher inventory balance.
B.a higher cost of goods sold, but a lower inventory balance.
C.both a higher cost of goods sold and a higher inventory balance.
48. An analyst gathers the following information about a company:
shares of common stock outstanding
1000000
net income for the year
$1500000
par value of convertible bonds with a 4 percent coupon rate
$10000000
par value of cumulative preferred stock with a 7 percent dividend rate
$2000000
tax rate
30%
The bonds were issued at par and can be converted into 300 000 common shares. All securities were outstanding for the entire year. Diluted earnings per share is closest to:
49. At the beginning of the year, two companies issued debt with the same market rate, maturity date, and total face value. One company issued coupon-bearing bonds at par and the other company issued zero-coupon bonds. All other factors being equal for that year, compared with the company that issued par bonds, the company that issued zero-coupon debt will most likely report:
A.higher cash flow from operations but not higher interest expense.
B.both higher cash flow operations and higher interest expense.
C.neither higher cash flow from operations nor higher interest expense.
51. A company acquires a manufacturing facility in which it will produce toxic chemicals. The cost of the facility (exclusive of the underlying land) is $ 25 million and it is expected to provide a 10-year useful life, after which time the company will demolish the building and restore the underlying land. The cost of this restoration and cleanup is estimated to be $3 million at that time. The facility will be amortized on a straight-line basis. The company's discount rate associated with this obligation is 6.25 percent. The total expense that will be recorded in the first year associated with the asset retirement obligation on this property is closest to:
53. A European based company follows IFRS (International Financial Reporting Standards) and capitalizes new product development costs. During 2009 they spent million on new product development and reported an amortization expense related to a prior year's new product development of million. Other information related to 2009 is as follows: An analyst would like to compare the European company to a similar U. S. based company and has decided to adjust their financial statements to U.S. GAAP. Under U. S. GAAP, and ignoring tax effects, the cash flow from operations () for the company would be closest to:
54. A company is considering issuing either a straight coupon bond or a coupon bond with warrants attached. The proceeds from either issue would be the same. If the firm issues the bond with warrants attached instead of the straight coupon bond, which of the following ratios will most likely be lower for the bond with warrants?
55. An analyst is forecasting EPS for a company. She prepares the following common sized data from its recent annual report and estimates sales for 2010.
2010 forecast
2009 actual
2008 actual
sales ($ millions)
sales (as percentage of sales)
cost of goods sold
operating expenses
interest expense
restructuring expense
pre-tax margin
taxes (35%)
net income
2250
2150
100.00%
45.00%
40.00%
3.72%
11.28%
3.95%
7.33%
1990
100.00%
45.00%
40.00%
4.02%
7.20%
3.78%
1.32%
2.46%
The capital structure of the company has not changed and the company has not short-term interest beating debt outstanding. The project net income (in $ millions) for 2010 is closest to:
56. A company records the following two transactions: Ⅰ. $ 300 000 of rental revenue is received in advance on a two-year lease. It is taxed on a cash basis, but deferred for accounting purposes. Ⅱ. $500 000 of installment sales. No payments are required for one year after which collections will be made on an equal basis over 12 months and taxed on a cash basis. The entire sale and related profit will he recognized for financial reporting purposes in the year of sale. Which of the above transactions will most likely give rise to a deferred tax liability on the balance sheet?
58. According to International Financial Reporting Standards, which of the following is one of the conditions that must be met for revenue recognition to occur?
60. Under International Financial Reporting Standards of a bank, or other financial institution, would normally use which type of balance sheet format?
62. A capital lease requires rental payment of $2000 annually. Fair value of the leased equipment at inception of the lease is $10000 and the implicit interest rate is 12 percent. If the present value of the lease equals the fair value of the equipment at inception of the lease, the interest expense recorded by the lessee in the second year of the lease is closest to:
A.$1056.
B.$1104.
C.$1200.
A B C
B
[解析]
年份
期初余额
利息(利率12%)
租金
本金减少金额
期末余额
1
5248美元
1200美元
2000美元
800美元
9200美元
2
9200美元
1104美元
因此，承租人在第二年记录的利息费用为1104美元。 [考点] 对租赁方式选择的影响
63. When preparing pro forma income statements, which one of the following items is least likely to be sales driven?
67. A company, with a tax rate of 40% percent, sold a capital asset with a net book value of $500 000 for $570 000 during the year. Which of the following amounts will most likely be reported on their in their income statement for year related to the asset sale?
71. Regarding corporate governance, which of the following most likely would be a reason for concern when evaluating an independent board member's qualifications? The board member:
A.has served on the board for 14 years.
B.owns 1000 shares of the corporation's equity.
C.has formerly served on the boards of several successful companies.
72. A company's optimal capital budget is best described as the amount of new capital required to undertake all projects with an internal rate of return greater than the:
73. An analyst is estimating the cost of capital for her firm. She has estimated the before-tax costs of the current sources of capital to be 8 percent of debt and 9 percent for equity, If the firm's marginal tax rate is 40 percent, the costs of debt and equity she could use in her calculation are closest to:
75. A company is considering building a distribution center on developed land it acquired more than ten years ago at a cost of $400 000. The company estimates that the cost of putting in utilities, sewers, roads, and other such costs of preparing the land for the distribution center at $ 200 000. Alternatively, the undeveloped land could be sold today to another company for $600 000. If the company builds the distribution center, the cost of the land for capital budgeting purposes is closest to:
76. Which one of the following independent situations would most likely be of the greatest concern to an investor when reviewing a potential investment's corporate governance practices and policies?
A.Without obtaining prior management approval, the board hired external consultants to advise them about recent environmental legislative changes related to the company.
B.As part of his compensation package, one director received a bonus for identifying a potential merger candidate. The company is currently negotiating a merger with that company.
C.One of the directors is the president of a major supplier to the company, but he recuses himself from board decisions related to the products his company supplies.
77. A company is planning a new issue of $100 par preferred stock with a 12 percent dividend. The preferred stock can be sold for $95 per share and the company must pay flotation costs of 5 percent of the market price. Assuming a marginal tax rate of 40 percent, the after-tax rate of 40 percent, the after-tax cost of the preferred stock is closest to:
78. An analyst gathered the following information about a company that expects to fund its capital budget without issuing any additional shares of common stock:
source of capital
capital structure proportion
marshal after-tax cost
long-term debt
preferred stock
common equity
50%
10%
40%
6%
10%
15%
net present values of three independent projects
amount
warehouse project
equipment project
product line project
$426
$0
- $185
If no significant size or timing differences exist among the projects and the projects all have the same risk as the company, which project has an internal rate of return that exceeds 10 percent?
A.All three projects.
B.The warehouse project only.
C.The warehouse project and the equipment project.
79. A large manufacturing company is in a competitive industry. It has above-average investment opportunities and its return on investments has been above the required rate of return. The firm retains a large portion of earnings to fund its superior investment projects. The company is best characterized as a.
81. An analyst gathered the following information about a company:
2002
2009
sales
$128.4 million
$220.0 million
return on equity (ROE)
10%
10%
net profit margin (NPM)
6%
7%
number of shares outstanding
5 million
6 million
The analyst expects sales in 2010 to grow at the historical compound annual growth rate from the year 2002 to 2009. For the year 2010, the net profit margin and the number of shares outstanding are expected to remain unchanged from the year 2009. The company's earnings per share (EPS) , for the year 2010, is closest to:
83. An analyst gathered the following information for a company whose common stock is currently priced at $40 per share:
2005
2006
2007
2008
2009
earnings per share ($)
1.16
0.62
1.28
1.60
-1.30
book value per share ($)
8.48
8.92
16.04
19.28
16.30
return on equity
14%
7%
8%
8%
Because of the severe cyclical contraction that occurred in 2009 for a major segment of the company's operations, the analyst decides to normalize earnings (adjusted for business cycle effects) using the 2005-2008 period. If the analyst also decides to account for changes in the company's size over time, the most appropriate estimate of the company's 2009 price/earnings (P/E) ratio based on normalized earnings is:
89. An analyst gathers the following data about a European company with a double-digit growth rate that is expected to continue for three more years: The best estimate of the company's value per share is closest to:
90. Assuming efficient markets and a lack of access to superior analysts, which of the following is the least important activity in managing portfolios?
A.Minimizing total transaction costs.
B.Diversifying completely on a global basis.
C.Paying close attention to the monetary policy environment.
91. When the underlying stock price is $95, an investor pays $2 for a call option with an exercise price of $95. If the stock price moves to $96, the intrinsic value of the call option would be:
96. An investor goes long an FRA that expires in 30 days for which the underlying is 90-day LIBOR for a notional of $10 million. A dealer quotes this instrument at 4.5 percent. At expiration, 60-day LIBOR is 3.5 percent and 90-day LIBOR is 4 percent. The payment made at expiration is closest to:
100. An analyst is evaluating various debt securities issued by a company. The type of security that is most likely to yield the lowest recovery in a bankruptcy is a:
101. A U. S. investor has purchased a tax-exempt 5-year municipal bond at a yield of 3.86 percent which is 100 basis points less than the yield on a 5-year option-free U. S. Treasury. If the investor's marginal tax rate is 32 percent, then the yield ratio is closest to:
A.0.79.
B.1.26.
C.3.68.
A B C
A
[解析] [考点] 传统的债券收益率度量方法
102. An analyst gathered the following information about a portfolio comprised of three bonds:
bond
price ($)
par amount owned ($)
duration
A
B
C
102.000
94.356
88.688
7 million
5 million
3 million
1.89
7.70
11.55
Assuming there is no accrued interest, the duration of portfolio is closest to:
105. An analyst determines that an 8 percent option-free bond, maturing in 2015, would experience a 3 percent change in price if market interest rates rise by 50 basis points. If market interest rates fall by 50 basis points, the bond's price would increase by:
106. An 8 percent coupon bond with a par value of $100 matures in 6 years and is selling at $95.51 with a yield of 9 percent. One year ago this bond sold at a price of $90.26 with a yield of 10 percent. The bond pays annual interest. The change in price attributable to the change in maturity is closest to:
107. A fixed income portfolio manager owns a $5 million par value noncallable bond. The bond's duration is 5.6 and the current market value is $5125000. The dollar duration of the bond is closest to:
108. Jasper Corporation sold its receivables to another corporation, JTL, created by Jasper for that purpose. If JTL sells securities backed by the receivables, the credit rating associated with those securities will most likely be based on the:
A.creditworthiness of JTL.
B.creditworthiness of Jasper.
C.collateral and credit enhancement mechanisms used.
109. Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. An investor has gathered the following data, presented on an annual basis, for an apartment building that is being considered for purchase:
gross potential rental income
$180000
insurance and taxes
$15000
utilities
$10000
repair and maintenance
$18000
depreciation
$21000
interest on proposed financing
$16000
The annual net operating income (NOI) for the apartment building is closest to:
110. Venture capital investments used to provide capital for companies initiating commercial manufacturing and sales are most likely to be considered a form of:
111. An analyst compared the performance of a hedge fund index with the performance of a major stock index over the past eight years. He noted that the hedge fund index (created from a database) had a higher average return, higher standard deviation, and higher Sharpe ratio than the stock index. All the successful funds that have been in the hedge fund database continued to accept new money over the eight-year period. Are the average return and the standard deviation, respectively, for the hedge fund index most likely overstated or understated?
A.Both average return and standard deviation are overstated.
B.Average return is overstated and standard deviation is understated.
C.Average return is understated and standard deviation is overstated.
116. An analyst gathered the following information about two common stocks: · variance of returns for the Company E=15.5 · variance of returns for the Company F=22.3 · covariance between returns of Company E and Company F = 8.65 The correlation coefficient between returns for the two common stocks is closest to:
118. An investment strategy that seeks to grow portfolio value over time through capital gains and reinvestment of current income is most likely appropriate if the investment objective is:
119. If the Capital Asset Pricing Model (CAPM) applies and transactions costs are permitted, all else equal, the most likely result is that the security market line (SML) will:
1. Several years ago Samuel Bergen, CFA, co-founded an investment club. The club has not actively traded the account for at least a year and does not plan to resume active trading of the account. Bergen's employer requires an annual disclosure of employee stock ownership. Bergen discloses all of his personal trading accounts, but does not disclose his holdings in the investment club. Which CFA Institute Standards of Professional Conduct has Bergen violated?
2. When Jefferson Damon, CFA, joined NPSI Investing, NPSI began using a quantitative stock selection model that Damon had developed on his own personal time prior to his employment with NPSI. One year later when Damon left the firm, he found the original copy of the model that he had developed in a file at his home and presented it to his new employer, who immediately began using the model. According to the Standards of Practice Handbook, did Damon violate any CFA Institute Standards of Professional Conduct?
A.No.
B.Yes, because he misappropriated property that now belonged to NPSI.
C.Yes, because he failed to inform his new employer that the model was the same one used by his previous employer.
3. Frank Jones passed the Level I CFA examination in 2008 and the Level Ⅱ examination in 2009. He is currently enrolled for the Level Ⅲ examination. According to the CFA Institute Standards of Professional Conduct, which of the following is the most appropriate way for Jones to refer to his participation in the CFA program?
4. Danny Walter, CFA, manages accounts for high net worth clients including his own family's account. He has no beneficial ownership in his family's account. Because Walter is concerned about the appearance of improper behavior in managing his family's account, when his firm purchases a block of securities, Walter allocates to his family's account only those shares that remain after allocation to his other client accounts. The fee for managing his family's account is based on his firm's normal fee structure. According to the Standards of Practice Handbook, Walter's best course of action with regard to management of his family's account would be to:
A.continue to manage his family's account but treat it like his other client accounts.
B.discontinue management of his family's account and arrange for the account to be transferred to another firm.
C.discontinue management of his family's account and arrange for the account to be transferred to another investment manager in his firm.
5. According to the Standards of Practice Handbook, which of the following statements about fair dealing is least accurate? The Standard related to fair dealing:
A.states that members should treat all clients equally.
B.imposes a duty with respect to both clients and prospective clients.
C.pertains to both investment recommendations and investment actions.
6. After extensive research, retired portfolio manager Justin Blake, CFA, purchased 20000 shares of a small public company. He then posted messages on several Internet bulletin boards. The message read, "This stock is going up once the pending patents are released. The stock is a buy at anything below $3. I just bought 20000 shares for my personal account. I have done some close research on this company." According to the Standards of Practice Handbook, Blake most likely violated the Standard or Standards associated with:
A.Conflicts of Interest and Integrity of Capital Markets.
B.Integrity of Capital Markets, but not Conflicts of Interest.
C.neither Conflicts of Interest nor Integrity of Capital Markets.
7. Justin Sato, CFA, treasurer for a college, manages the Student Scholarship Trust. Sato issued a Request for Proposals (RFP) for domestic equity managers. Pamela Peters, CFA, a good friend of Sato, introduces him to representatives from Capital Investments, who submitted a proposal. Sato selected Capital as a manager based on the firm's excellent performance record. Shortly after the selection, Peters, who had outstanding performance as an equity manager with another firm, accepted a lucrative job with Capital. Which of the CFA charterholders violated CFA Institute Standards of Professional Conduct?
8. During an onsite company visit, Marsha Ward, CFA, accidentally overheard the Chief Executive Officer (CEO) of Stargazer, Inc. discussing the company's pending offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the Standards of Practice Handbook, Ward may not use the information to take investment action because:
A.the information relates to an offer.
B.she does not have a reasonably and adequate basis for taking investment action.
C.acting on the information would breach a duty to both Stargazer and Dynamica.
9. Shawn Crane, CFA, is the Chief Information Officer (CIO) for Blind Trust (BT). Dunder recently assigned one of his portfolio managers, Doug Spader, to manage several accounts that primarily invest in thinly traded micro-cap stocks. Crane soon notices that Spader places many stock trades for these accounts on the last day of the month, towards the market's close. Crane finds this trading activity unusual and speaks to Spader, who explains that the trading activity was completed at the client's request. Crane does not investigate further. Six months later regulatory authorities sanction BT for manipulating micro-cap stock prices at month-end in order to boost account values. According to the Standards of Practice Handbook, did Crane violate any CFA Institute Standards of Professional Conduct?
A.No.
B.Yes, because he failed to reasonably supervise Spader.
C.Yes, because he did not report his findings to regulatory authorities.
10. A CFA charterholder runs a small investment management firm. The firm subscribes to a service from a large investment research firm that provides research reports that can be repackaged as in-house research by smaller firms. The investment management firm distributes these reports to clients with specific references as to their source and author. According to the Standards of Practice Handbook, has the charterholder violated the Standard related to misrepresentation?
A.No.
B.Yes, because she distributed plagiarized material.
C.Yes, because she misrepresented her firm's services.
11. A CFA candidate, who is an investment bank equity analyst writes a research report on an oil company recommending a buy. After reviewing the report and not seeing any disclosures a pension fund manager asks the analyst if the investment bank is currently undertaking any corporate finance activity with this oil company. The analyst does not mention or include in the research report, that he is related to the majority shareholder of the investment bank and that he owns shares in the oil company. According to the Standards of Practice Handbook, the analyst is least likely to have violated the CFA Institute Standards of Professional Conduct that relates to:
12. A CFA charterholder owns an asset management firm with offices downtown. To minimize rent expenses, each year the charterholder ships the previous year's research report to a nearby warehouse. There, the reports are digitized and stored in both electronic and hard-copy forms. After five years, all paper copies are destroyed and only electronic copies are retained. Are the charterholder's record-retention procedures in compliance with the CFA Institute Standards of Practice?
A.No.
B.Yes, because he is only required to retain hard copies for five years.
C.Yes, because he still retains electronic copies of the original documents.
13. After work each day, Shinichi Takada, CFA, runs a popular internet blog where he comments on micro-cap stocks. The blog includes a biography of Takada with his education and employment history. He receives no compensation for the blog. On the blog, Takada recommends purchases and sales of stocks based upon astrology. When blogging, Takada least likely violates CFA Institute Standards relating to.
15. A CFA charterholder is asked to review her firm's soft dollar practices. As part of the review, she notes that her firm has failed to disclose the practices to the firm's clients in writing as required by law. She does not report the firm's violation to the appropriate regulatory authority, has the charterholder violated any CFA Institute Standards of Professional Conduct?
A.No.
B.Yes, because she failed to act in the best interest of her employer.
C.Yes, because she is required to report legal violations to the appropriate authority.
16. Richard Pantoja is enrolled as a candidate in the CFA examination program. He works as an assistant for Warren Investment (WI). Pantoja sees WI's purchase list and purchases several of the recommended stocks. Pantoja least likely violates the CFA Institute Standard relating to:
18. Vincent Chase, CFA, is a portfolio manager for an investment advisory firm. Chase delegates some of his supervisory- duties to Janet Marshall, CFA, after educating Marshall on methods to prevent and detect violations of the firms of the firm's compliance procedures. Despite these efforts, Chase discovers that an employee reporting to Marshall may have violated the procedures. According to the Standards of Practice Handbook, Chase's least likely initial course of action must be to:
A.suspend the employee.
B.increase supervision of Marshall.
C.initiate an investigation to determine the extent of the wrongdoing.
19. An analyst collects the following set of ten returns of a firm from the past: 2.2 percent, 6.2 percent, 8.9 percent, 9.3 percent, 10.5 percent, 11.7 percent, 12.3 percent, 14.1 percent, 15.3 percent, and 18.4 percent. What value is closest to the geometric mean return of this firm?
A.9.62%
B.10.80%
C.10.89%
A B C
B
[解析] 几何平均值rG=1.1080-1=10.80% [考点] 集中趋势的测量方法
20. A mutual fund manager wants to create a fund based on a high-grade corporate bond index. She first distinguishes between utility bonds and industrial bonds; she then, for each segment, defines maturity intervals of lee than 5 years, 5 to 10 years, and greater than 10 years. For each segment and maturity level, she classifies the bonds as callable or noncallable. She then selects bonds from each of the subpopulations she has created. For the manager's sample, which of the following best describes the sampling approach?
A.Systematic sampling.
B.Simple random sampling.
C.Stratified random sampling.
A B C
C
[解析] 简单随机抽样(simple random sampling)是指这样一种选取样本的方法：总体中的每一个元素被选中的可能性均相同。具体来讲，简单随机抽样的特征是，每次从总体的，N个元素中随机抽取一个元素，各个元素被抽到的概率均相等，即概率均为1/N；然后从剩余的，N-1个元素中再随机抽取一个元素，在这些剩余的元素中，被抽取到的概率也均相等，即概率均为1/(N-1)。以此类推，直至抽到满足样本空间要求的数量为止。 分层随机抽样(stratified random sampling)采取这样的抽样方法：首先根据一个或多个特征将总体划分成不同部分，对于划分出的每一个部分，都是一个层(stratum)，并从该层中抽取随机样本，其结果将被汇集在一起。每一层抽取样本的元素数取决于该层相对于总体的大小。 由于对全部债券进行统计非常困难且成本较高，因而分层随机抽样法常被用于债券指数的计算。具体来讲，在编制债券指数时，全部债券将按照主要债券风险因素(如久期、到期日、息票率等)进行分类(分层)，然后从每类债券中随机抽样并计算出最终的样本结果。 显然，本题的抽样方法更符合分层随机抽样的定义。因此，本题的正确选项为C。 [考点] 分层随机抽样
21. A money manager has $1000000 to invest for one year. She has identified three alternative one-year certificates of deposit (CD) shown below:
compounding frequency
annual interest rate
CD1
CD2
CD3
monthly
quarterly
continuously
7.82%
8.00%
7.95%
Which CD has the highest effective annual rate (EAR)?
23. An analyst conducted a significance test to determine if the relationship between two variables was real or the result of chance. His null hypothesis is that the population correlation coefficient is equal to zero and his alternative hypothesis is that the population correlation coefficient is different from zero. He developed the following information:
value of the test statistic
2.80
critical value at the 0.05 significance level
1.96
critical value at the 0.01 significance level
2.58
The analyst conducted a:
A.one-tailed test and can reject his null hypothesis.
B.two-tailed test and can reject his null hypothesis.
C.two-tailed test and cannot reject his null hypothesis.
24. A consumer is shopping for a home. His budget will support a monthly payment of $1 300 on a 30-year mortgage with an annual interest rate of 7.2 percent. If the consumer puts a 30 percent down on the home, the most he can pay for his new home is closest to:
27. Using Chebyshev's inequality, what is the minimum proportion of observations from a population of 500 that lies within two standard deviations of the mean, regardless of the shape of the distribution?
30. An analyst has recently determined that only 60 percent of all U. S. pension funds have holdings in hedge funds. In evaluating this probability, a random sample of 50 U. S. pension funds is taken. The number of U. S. pension funds in the sample of 50 that have hedge funds in their portfolio would most accurately be described as a:
31. An energy analyst forecasts that the price per barrel of crude oil five years from now will range between $ 75 and $105. Assuming a continuous uniform distribution, the probability that the price will be less than $ 80 five years from now is closest to:
A.5.6%.
B.16.7%.
C.44.4%.
A B C
B
[解析] 连续型均匀分布的累积分布函数F(x)的计算公式为： 在本题中， [考点] 连续型均匀分布
32. An investor holds a portfolio consisting of one share of each of the following stocks:
stock
price at the beginning of the year
price at the end of the year
cash dividend during the year
X
Y
Z
$20
$40
$100
$10
$50
$105
$0
$2
$4
For the 1-year holding period, the portfolio return is closest to:
37. Which of the following types of unemployment is most likely to be associated with an economy in which many workers have been made obsolete by changing technology?
41. Costs included in the determination of a company's economic profit that are also most likely to be included in that company's accounting costs are:
A.explicit costs.
B.economic depreciation and foregone interest.
C.opportunity costs associated with labor provided by the company's owners.
47. The following information is from a company's 2008 financial statements ($ millions):
Balance of the Year End
2009
2008
retained earnings
accounts receivable
inventory
accounts payable
140
43
48
29
120
38
45
36
In 2009 the company paid cash dividends of $5 million and recorded depreciation expense in the amount of $25 million. The company's 2009 cash flow from operations ($ millions) is closest to:
48. The year-end balances in a company's LIFO reserve are $ 56. 8 million in the company's financial statements for both 2008 and 2009. For 2009, the measure that will most likely be the same regardless of whether the company uses the LIFO or FIFO inventory method is the:
51. A company receives a payment of $10000 on 1 December, for rent on a property for December and January. On receipt, they correctly record it as cash and unearned revenue. If at 31 December, their year-end, they failed to make an adjustment entry related to this payment, what is the effect on the financial statements for the year?
A.Assets are overstated by $5000 and liabilities are overstated by $5000.
B.Assets are overstated by $5000 and owner's equity is overstated by $5000.
C.Liabilities are overstated by $5000 and owner's equity is understated by $5000.
55. The unrealized gains and losses arising from changes in the market value of available-for-sale securities are reported under U.S. GAAP and International Financial Reporting Standards (IFRS) in the:
A.equity section for both.
B.equity section for U. S. GAAP and the income statement for IFRS.
C.income statement for U. S. GAAP and the equity section for IFRS.
57. An analyst gathers the following information about a company's common stock: · 1 January 2009 180000 shares outstanding · 1 June 2009 60000 shares issued · 1 August 2009 2-for-1 stock split · 31 December 2009 480000 shares outstanding To calculate earnings per share for 2009, the company's weighted average number of shares outstanding is closest:
A.215000.
B.420000.
C.430000.
A B C
C
[解析]
原始股
180000×12=2160000股
新发股份
60000×7=420000股
股份总数
2580000股
加权平均发行股份数
2580000/12×2=430000股
[考点] 基本EPS和稀释EPS的计算方法
58. A company entered into a three-year construction project with a total contract price of $5.3 million and expected cost of $4.4 million. The following table provides cash flow information relating to the contract:
Year 1
Year 2
Year 3
costs incurred and paid
$6000000
$3000000
$8000000
amounts billed and payments received
$1200000
$2800000
$1300000
If the company uses the percentage-of-completion method, the amount of revenue recognized in Year 2 will be closest to:
60. A company issued shares to acquire a large tract of undeveloped land for future development. The correct recording of this transaction in the cash flow statement is as a(n):
A.disclosure in a note or supplementary schedule.
B.outflow in investing activities, and an inflow in financing activities.
C.outflow in operating activities, and an inflow in financing activities.
62. Two companies are identical except for their accounting treatment of research and development costs. One company expenses all such costs immediately, while the other company capitalizes a portion of the costs. Compared to the company that capitalizes, the company that expenses immediately will most likely report a lower:
63. A company reports sales of $50000000 for the year ended 31 December 2009. Accounts receivable balances were $6000000 at 1 January 2009 and $7500000 at 31 December 2009. The company's cash collections from sales for 2009 are closest to.
65. An analyst gathers the following information ($millions) for two companies operating in the same industry during the same period:
Company A
Company B
net sales
total assets
total liabilities
120
70
25
300
140
40
If both companies achieve a return on equity of 15 percent for the period, which of the following statements is most likely correct? Compared to Company B, Company A has a:
66. A company issued bonds in 2006 that mature in 2016. The measurement basis used for the bonds on the 2010 balance sheet will be:
A.market value.
B.historical cost.
C.amortized cost.
A B C
C
[解析] 由公司发行的应付债券属于度量基础为摊销成本的金融负债。 [考点] 资产和负债的度量
67. An analyst makes the appropriate adjustments to the financial statements of retail companies that are lessees using a substantial number of operating leases. Compared to ratios computed from the unadjusted statements, the ratios computed from the adjusted statements would most likely be higher for:
A.the debt-equity ratio but not the interest coverage ratio.
B.the interest coverage ratio but not the debt-equity ratio.
C.both the debt-equity ratio and the interest coverage ratio.
71. Two mutually exclusive projects have conventional cash flows, but one project has a larger NPV while the other project has a higher IRR. Which of the following least likely explains this conflict?
A.Reinvestment rate assumption.
B.Size of the projects' initial investments.
C.Risk of the projects as reflected in the required rate of return.
72. An analyst gathers the following information about the cost and availability of raising various amounts of new debt and equity capital for a company:
amount of new debt(in $ millions )
cost of debt(after tax)
amount of new debt(in $ millions)
cost of equity
≤4
＞4
4%
5%
≤5
＞5
13%
15%
The company's target capital structure is 60 percent equity and 40 percent debt. If the company raises $9.5 million in new financing, the marginal cost of capital is closest to:
74. The five-component DuPont analysis of a company's ROE for 2009 is as follows:
operating profit margin
effect of nonoperating items
tax effect
total asset turnover
financial leverage
7.5%
0.95
0.67
2.2
1.2
For 2010, the company is considering increasing its financial leverage to 1.5, but the increased borrowing costs would reduce the effect of nonoperating items to 0. 85. Incorporating these changes, the company's expected ROE for 2010 would be closest to:
76. A publicly listed company has a 12-person board of directors whose composition is as follows: · The chairman, who is the past president of the company and was named Chairman upon his retirement four years ago. · Five members of senior management, including the current president. · Six outside directors. Each member is elected for a two-year term and one-half of the positions stand for election every year. The three members of the audit committee are all outside directors and have relevant financial experience. The remuneration committee is composed of the chairman and two outside directors. Which of the following actions would provide the greatest improvement in the corporate governance of this company?
A.The chairman of the board should be an independent director.
B.All members of the board of directors should stand for election every year.
C.The company's vice president of finance should be a member of the audit committee.
77. A company is determining the cost of debt to use in its weighted average cost of capital. It has recently issued a 10-year, 6 percent semiannual coupon bond for $ 864. The bond has a maturity value of $1 000. If the marginal tax rate is 35 percent, the cost of debt they should use in their calculation is closest to:
78. An analyst gathers the following information about the 2009 actual results for a company and its projected sales, cost of goods sold, and assets for 2010:
2009 actual
2010 projected
sales
cost of goods sold
total assets
current assets
current liabilities
$9000000
$3000000
$4500000
$1800000
$1200000
$9900000
$3450000
$4450000
Based on the projected sales increase, the best estimate of 2010 projected current assets is closest to:
86. Capital market efficiency is desirable, but there are limitations in achieving full market efficiency. Which of the following is least likely to be a limitation in achieving full capital market efficiency?
87. An analyst gathered the following information about a company: Using the dividend discount model and the other data given, the company's stock is best described as a:
88. An investor opens a margin account with an initial deposit of $5000. He then purchases 300 shares of a stock at $30. His margin account has a maintenance margin requirement of 30 percent. Ignoring commissions and interest, the price at which the investor receives a margin call is closest to.
89. Which of the following is the least accurate rationale to justify the use of price-to-book value (P/BV) ratio as a measure of relative valuation of companies or common stocks?
A.P/BV is a useful measure of value for firms that are not expected to continue as a going concern.
B.Compared to P/E, the P/BV ratio is not influenced by such accounting effects as expensing a capital investment as opposed to capitalizing it.
C.P/BV is particularly appropriate to value companies primarily composed of liquid assets, for example, those in the financial services industry.
92. A company is long an interest rate swap with a current market value of $125000. The company wants to terminate this swap before the expiration date. From a credit risk perspective, which of these is the least attractive way to terminate the swap?
A.Sell the swap to a third party.
B.Short an offsetting swap with a third party.
C.Agree to terminate the swap and receive its market value from the eounterparty.
93. 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-flee rate of 4 percent, if the underlying index is trading at $1 200 and has a multiplier of 1, the lower bound for the option price is closest to:
94. A company borrows $15 million from a bank for 1 year at a rate of LIBOR, currently 4.75 percent, plus 50 basis points. At the same time, the company enters a 1-year interest rate swap to pay the fixed rate of 5.25 percent and receive LIBOR. Payments are made on the basis of 180 days in the settlement period. Floating payments are made on the basis of 360 days a year while fixed payments are made on the basis of 365 days a year. LIBOR is 5.00 percent on the first settlement. The company's total interest expense for the loan and swap for the first settlement period is closest to:
95. An investor purchases a 3-month put option on a stock with an exercise price of $35. The risk-flee rate is 4.5 percent. At expiration, the stock price is $33.50. The option's payoff is closest to:
96. The following information relates to a futures market contract:
initial futures price on day 0
$100
initial margin requirement
$5
maintenance margin requirement
$3
settlement price on day 1
$103
settlement price on day 2
$96
settlement price on day 3
$98
If no funds are withdrawn and margin calls are met at the beginning of the next day, the ending balance on day 3 for an investor with a short position of 10 contracts is closest to:
98. A U. S. investor who purchases an option-free bond with a 7 percent coupon rate, maturing in 20 years, and issued by a U. S. -based company is most likely exposed to:
99. An analyst determined that if interest rates increase 120 basis points the price of a bond would be $89.7, but if interest rate decreases 120 basic points the price that bond would he $99.3. If the initial price of the bond is $95.4, the approximate percentage price change for a 100 basis point change in yield is closest to:
101. A fixed income portfolio manager is evaluating investments in the mortgage market but is concerned about prepayment risk. The security that will most likely minimize prepayment risk is.
A.mortgage passthrough security.
B.a portfolio of interest-only mortgage loans.
C.tranche B of a collateralized mortgage obligation.
102. An analyst has gathered the following information provided in the table below:
years
U.S. treasury spot rate (%)
credit spread (%)
1
2
3
4
5
3.0%
3.5%
4.0%
4.5%
5.0%
0.2%
0.3%
0.4%
0.5%
0.6%
Based on the information provided in the table, the current market price of a $1 000 par value, option-flee, 0 percent coupon corporate bond maturing in 5 years is closest to:
103. For amortizing bonds that have the same maturity date, the reinvestment risk for an investor holding the bonds to maturity is greatest for the bonds that are selling at:
A.a premium to par value.
B.a discount to par value as a result of the bonds being issued as zero-coupon bonds.
C.a discount to par value as a result of market yields increasing after the bond was issued.
107. The table below summarizes the yields and corresponding prices for a 15-year option-free bond that is initially priced to sell at 7 percent yield:
yield (%)
price ($)
6.9%
100.9
7.0%
100.0
7.1%
99.5
Using a 10 basis point rate shock, the effective duration for this bond is closest to:
A.6.8 years.
B.7.0 years.
C.7.2 years.
A B C
B
[解析] 债券有效久期的计算公式为： 在本题中， [考点] 债券的有效久期及其应用
108. According to the market segmentation theory, an upward sloping yield curve is most likely due to:
A.investor expectations that short-term interest rates will rise in the future.
B.different levels of supply and demand for short-term and long-term funds.
C.an increasing yield premium required by investor for bearing interest rate risk.
109. Which of the following real estate valuation approaches is most likely to use slope coefficients derived from a statistical analysis to estimate the value of a property?
111. An analyst estimates that an initial investment of $500 000 in a venture capital project will pay $6 million at the end of five years if the project succeeds and that the probability the project survives to the end fifth year is 25 percent. The required rate of return for the project is 19 percent. The expected net present value of the venture capital investment is closest to.
116. For retired 65-year-old investor, with moderate risk tolerance and adequate insurance and cash reserves, the appropriate portfolio will most likely have the following mix of bonds and stocks:
118. Which of the following constraints would most likely appear in the unique needs and preferences section of a trust's investment policy statement (IPS)? The portfolio is:
A.subject to the prudent-man standard.
B.prohibited from investing in tobacoo companies.
C.prohibited from holding less than 5% in cash instruments.
120. The risk-free interest rate is 5 percent, and the return on market portfolio is 8 percent. A stock with a beta of 0. 5 that has an estimated rate of return of 7 percent is most likely:
表示时间加权回报率，HPRi表示第i期间的持有期回报率，n表示总期数。
=5.7%。
表示样本平均值的标准误差，σ表示总体的标准差，n表示样本空间的大小。
美元。
表示投资组合回报率，
的抽样分布趋近于一个正态分布，该正态分布的平均值仍为μ，且随着样本空间的增大，其方差趋近于
。因此，选项A的内容是正确的。
million on new product development and reported an amortization expense related to a prior year's new product development of 
million. Other information related to 2009 is as follows:
) for the company would be closest to:
为执行价格的现值。
表示观测值x的平均值。
，即：
(1200000+2800000+1300000)=3616636美元。
为标的资产的现值。
美元。
=388356美元
=37500美元
，从而上述投资回报的净现值为2514296-500000=2014296美元。
4000000美元
深色：已答题 浅色：未答题