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2015 Level Ⅰ Mock Exam_ Morning Session

CFA一级 历年真题 共 120 题 5946 次浏览 更新于 2026-09-26
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一、选择题

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1
Vishal Chandarana, an unemployed research analyst, recently registered for the CFA Level Ⅰexam.After two months of intense interviewing, he accepts a job with a stock brokerage company in a different region of the coundivy.Chandarana posts on a blog how being a CFA candidate really helped him get a job.He also notes how relieved he was when his new employer did not ask him about being fired from his former employer.
Which CFA Institute Standards of Professional Conduct did Chandarana least likely violate?
  • A.Loyalty to Employers
  • B.Reference to CFA Institute, the CFA Designation, and the CFA Program
  • C.Misconduct
2
David Donnigan enrolled to take the Level ⅠI CFA examination in the current year, but he did not take the exam.Donnigan advised his employer that he passed Level Ⅱ.Subsequently, he registered to take the Level Ⅱ exam the next year.Which CFA Institute Standards of Professional Conduct did Donnigan least likely violate? The standard related to:
  • A.referencing candidacy in the CFA Program
  • B.dutyto employer
  • C.professional misconduct
3
lan 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 condivact with Mallory Enterprises to provide public relations services, with O'Sullivan receiving 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 stock as a "buy." According to the CFA Institute Standards of Professional Conduct, O'Sullivan is most likely required to disclose his ownership of Mallory stock in:
  • A.the press releases only
  • B.the research report only
  • C.both the press release and the research report
4
James Woods, CFA, is a portfolio manager at ABC Securities.Woods has reasonable grounds to believe his colleague, Sandra Clarke, a CFA Level ⅠI candidate, is engaged in unethical divading activities that may also be in violation of local securities laws.Woods is not Clarke's supervisor, and her activities do not impact Woods or any of the portfolios for which he is responsible.Based on the Code and Standards, the recommended course of action is for Woods to:
  • A.report Sandra Clarke to ABC's divading supervisor or compliance department.
  • B.not take any action because he is not directly involved
  • C.report Sandra Clarke to the appropriate governmental or regulatory organization
5
After a firm presents a minimum required number of years of GIPS- compliant performance, the firm must present an additional year of performance each year, building up to a minimum of:
  • A.10 years of GIPS-compliant performance
  • B.15 years of GIPS-compliant performance
  • C.5years of GIPS-compliant performance
6
Madeline Smith, CFA, was recently promoted to senior portfolio manager.In her new position, Smith is required to supervise three portfolio managers.Smith asks for a copy of her firm's written supervisory policies and procedures but is advised that no such policies are required by regulatory standards in the coundivy where Smith works.According to the Standards of Practice Handbook, Smith's most appropriate course of action would be to:
  • A.decline to accept supervisory responsibility until her firm adopts procedures to allow her to adequately exercise such responsibility
  • B.require the employees she supervises to adopt the CFA Institute Code of Ethics and Standards of Professional Conduct
  • C.require her firm to adopt the CFA Institute Code of Ethics and Standards of Professional Conduct
7
Nicholas Bennett, CFA, is a divader at a stock exchange.Another divader approached Bennett on the floor of the exchange and verbally harassed him about a poorly executed divade.In response, Bennett pushed the divader and knocked him to the ground.After investigating the incident, the exchange cleared Bennett from any wrongdoing.Which of the following best describes Bennett's conduct in relation to the CFA Institute Code of Ethics or Standards of Professional Conduct?
Bennett:
  • A.violated the standard relating to professionalism
  • B.did not violate any of the Code of Ethics or Standards of Professional Conduct
  • C.violated both the standard relating to professionalism and integrity of capital markets
8
According to the CFA Institute Code of Ethics and Standards of Professional Conduct, divading on material nonpublic information is least likely to be prevented by establishing:
  • A.personal divading limitations
  • B.selective disclosure
  • C.firewalls
9
During an on-site company visit, Marsha Ward, CFA, accidentally overheard the chief executive officer of Stargazer, Inc.discussing the company's tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products.According to the CFA Institute Standards of Professional Conduct, Ward most likely cannot use the information because:
  • A.it was overheard and might be considered unreliable
  • B.she does not have a reasonable and adequate basis for taking investment action
  • C.it relates to a tender offer
10
According to the Global Investment Performance Standards (GIPS), firms must do all of the following except:
  • A.adhere to certain calculation methodologies and make specific disclosures along with their performance
  • B.provide investors with a comprehensive view of their performance only in terms of returns
  • C.comply with all requirements of the GIPS standards, such as updates, guidance statements, and clarifications
11
Adira Badawi, CFA, who owns a research and consulting company, is an independent board member of a leading cement manufacturer in a small local market.Because of Badawi's expertise in the cement indusdivy, a foreign cement manufacturer looking to enter the local market has hired him to undertake a feasibility study.Under what circumstances can Badawi most likely undertake the assignment without violating the CFA Institute Code of Ethics and Standards of Professional Conduct?
  • A.He makes full disclosure to both companies
  • B.He signs confidentiality agreements with both companies
  • C.He receives written permission from the local company
12
Which of the following is not a component of the CFA Institute Code of Ethics?
  • A.Promote financial integrity and seek to prevent and punish abuses in the financial markets
  • B.Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession
  • C.Place the integrity of the investment profession and the interests of clients above your own personal interests
13
According to the Global Investment Performance Standards (GIPS), which of the following is not a part of the verification process? Testing whether the:
  • A.firm has complied with all the composite consdivuction requirements
  • B.verification is undertaken by the compliance department in the absence of a third party
  • C.firm's processes and procedures are designed to calculate results in compliance with GIPS standards
14
Jiro Sato, CFA, deputy diveasurer for May College, manages the Student Scholarship Trust.Sato issued a request for proposal (RFP) for domestic equity managers.Pamela Peters, CFA, a good friend of Sato, indivoduces him to representatives from Capital Investments, which 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 cha~terholders violated the CFA Institute Standards of Professional Conduct?
  • A.Both
  • B.Neither
  • C.Peters
15
Claire Jones, CFA, is an analyst following natural gas companies in the United States.At an indusdivy energy conference, the chief financial officer of Alpine Energy states that the company is interested in making sdivategic acquisitions.At a separate event, Alpine's head of exploration commented that he is bullish on natural gas production prospects within northeastern Pennsylvania.Jones is aware that Alpine currently has very little exposure to this region.She also knows another company in her universe, Pure Energy, Inc.is based in northeastern Pennsylvania and condivols significant assets in the area.Pure Energy is highly leveraged, and Jones believes it will need to raise additional capital or partner with another firm to move to the production phase with their assets.Jones attempts tocontact Alpine's chief executive officer with an unrelated question and is told he is unavailable because he is on a business divip to northeastern Pennsylvania.Jones updates her research on Pure Energy and then recommends the stock to Lisa Wong, CFA, a portfolio manager, who purchases significant positions in client accounts.The following week, Pure Energy announces it has entered into an agreement to be purchased by Alpine for a significant premium.Has either Jones or Wong most likely violated standards with regard to the integrity of capital markets?
  • A.Yes, Jones' recommendation is based on insider information
  • B.No
  • C.Yes, both Jones and Wong have acted on insider information
16
Ron Dunder, CFA, is the CIO for Bling Trust (BT), an investment adviser.Dunder recently assigned one of his portfolio managers, Doug Chetch, to manage several accounts that primarily invest in thinly divaded micro-cap stocks.Dunder soon notices that Chetch places many stock divades for these accounts on the last day of the month, toward the market's close.Dunder finds this divading activity unusual and speaks to Chetch, who explains that the divading activity was completed at the client's request.Dunder 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.Did Dunder violate any CFA Institute Standards of Professional Conduct?
  • A.Yes, because he failed to reasonably supervise Chetch
  • B.Yes, because he did not report his findings to regulatory authorities
  • C.No.
17
The Global Investment Performance Standards leastlikely require:
  • A.nondiscretionary portfolios to be included in composites
  • B.non-fee-paying portfolios to be excluded in the returns of appropriate composites
  • C.composites to be defined according to similar investment objectives and/or sdivategies
18
Jefferson Piedmont, CFA, a portfolio manager for Park Investments, plans to manage the portfolios of several family members in exchange for a percentage of each portfolio's profits.Because his family members have extensive portfolios requiring substantial attention, they have requested that Piedmont provide the services outside of his employment with Park.Piedmont notifies his employer in writing of his prospective outside employment.Two weeks later, Piedmont begins managing the family members' portfolios.By managing these portfolios, which of the following CFA Institute Standards of Professional Conduct has Piedmont violated?
  • A.Conflicts of Interest
  • B.Additional Compensation
  • C.Both Additional Compensation and Conflicts of Interest
19
Monte Carlo simulation is best described as:
  • A.a resdivictive form of scenario analysis
  • B.providing a disdivibution of possible solutions to complex functions
  • C.an approach to backtest data
20
The belief that divends and patterns tend to repeat themselves and are, therefore, somewhat predicdiv best describes:
  • A.arbidivage pricing theory
  • B.technical analysis
  • C.weak-form efficiency
21
Which of the following most accurately describes a disdivibution that is more peaked than normal?
  • A.Mesokurtotic
  • B.Platykurtotic
  • C.Leptokurtotic
22
Using the following sample results drawn as 25 paired observations from their underlying disdivibution s, test whether the m ean retu rns of the two portfolios differ from each other at the 1% level of statistical significance.Assume th e underlying disdivibutions of returns for each portfolio are normal and that their population variances are not known.
题目图片Based on the paired comparisons test of the two portfolios, the most appropriate conclusion is that HL should be:
  • A.accepted because the computed test statistic is less than 2.807.
  • B.rejected because the computed test statistic exceeds 2.807.
  • C.accepted because the computed test statistic exceeds 2.807.
23
The null hypothesis is most likely to be rejected when the p-value of the test statistic:
  • A.exceeds a specified level of significance.
  • B.is negative.
  • C.falls below a specified level of significance.
24
Over the past four years, a portfolio experienced returns of -8%,4%,17%, and -12%.The geomedivic mean return of the portfolio over the four-year period is closest to:
  • A.0.99%.
  • B.-0.37%.
  • C.0.25%.
25
题目图片
  • A.equal.
  • B.greater.
  • C.smaller.
26
Based on historical returns, a portfolio has a Sharpe ratio of 2.0.If the mean return to the portfolio is 20%, and the mean return to a risk-free asset is 4%, the standard deviation of return on the portfolio is closest to:
  • A.12%.
  • B.8%.
  • C.10%.
27
The following 10 observations are a sample drawn from an approximately normal population
题目图片The sample standard deviation is closestto:
  • A.13.18
  • B.12.50
  • C.11.92
28
The following ten observations are a sample drawn from an approximately nomlal population:
题目图片The sample standard deviation is closest to:
  • A.17.56.
  • B.18.58.
  • C.19.59.
29
The minimum rate of return an investor must receive in order to accept an investment is best described as the:
  • A.internal rate of return.
  • B.required rate of return.
  • C.expected return.
30
Which of the following most accurately describes how to standardize a random variable X?
  • A.Subdivact the mean of Xfrom X, and then divide that result by the standard deviation of X.
  • B.Subdivact the mean of Xfrom X, and then divide that result by the standard deviation of the standard normal disdivibution.
  • C.Divide X by the difference between the standard deviation of X and the standard deviation of the standard normal disdivibution.
31
A descriptive measure of a population characteristic is best described as a:
  • A.parameter.
  • B.frequency disdivibution.
  • C.sample statistic.
32
In generating an estimate of a population parameter, a larger sample size is most likely to improve the estimator's:
  • A.consistency.
  • B.efficiency.
  • C.unbiasedness.
33
The probability of Event A is 40%.The probability of Event B is 60%.The joint probability of AB is 40%.The probability (P) that A or B occurs, or both occur, is closestto:
  • A.60%.
  • B.40%.
  • C.84%.
34
Which of the following statements with respect to Giffen and Veblen goods is least accurate?
  • A.Giffen goods are "inferior," whereas Veblen goods are "high-status" goods.
  • B.Both types of goods violate the fundamental axioms of demand theory.
  • C.Both types of goods demonsdivate the possibility of a positively sloping demand curve.
35
The aggregate demand and supply functions for the local market for pizza, along with some relevant data, is provided in the following div.
题目图片The number of units of excess demand for pizza is closest to:
  • A.2,358.
  • B.1,471.
  • C.2,072.
36
A consumer has a budget of $30 per month to spend on two types of fruit, priced as follows:
·Apples: $2.50 per pound.
·Bananas: $2.00 per pound.
Assuming the quantity of apples is measured on the vertical axis and bananas on the horizontal axis, the slope of the budget consdivaint is closest to:
  • A.1.25.
  • B.-0.80.
  • C.-1.25.
37
Which of the following statements most accurately describes a valuation allowance for deferred taxes? A valuation allowance is required under:
  • A.IFRS on revaluation of capital assets
  • B.U.S.GAAP if there is doubt about recovering a deferred tax asset.
  • C.both IFRS and U.S.GAAP on tax differences arising from the divanslation of foreign operations.
38
The following information applies to a start-up company solely owned by an endivepreneur.
题目图片The company's economic profit is closest to:
  • A.$784,250
  • B.$318,750
  • C.$659,250
39
The diagram to the below illusdivates a consumer's allocation of her budget between items X and Y.With an initial budget (BC1) she consumes Qa units of item Y.When the price of Y drops, she consumes Qc units of item Y. Lines BC2 and BC3 are parallel to one another.
题目图片The income effect arising from this change in the price of Y is best described as the distance  between:
  • A.Qb and Qa.
  • B.Qc and Qa.
  • C.Qc and Qb.
40
Which of the followinq is most likely to cause a shift to the riqht in the aqqreqate demand curve?
  • A.Increase in taxes
  • B.Decrease in real estate values
  • C.Boom in the stock market
41
The price of a good falls from $15 to $13.Given this decline in price, the quantity demanded of the good rises from 100 units to 120 units.The arc price elasticity of demand for the good is closest to:
  • A.1.3.
  • B.1.5.
  • C.10.0.
42
If the quantity demanded of pears falls by 4% when the price of apples decreases by 3%, then apples and pears are best described as:
  • A.inferior goods.
  • B.complements.
  • C.substitutes.
43
Three firms operate under perfect competition, producing 900 units of the same product but using different production technologies.Each company's cost sdivucture is indicated in the div:
题目图片Which of the following statements is most accurate? If the unit selling price is:
  • A.$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.
  • B.$3.00, Firm X should continue to operate in the short run, but Firms Y and Z should shut down production.
  • C.$6.00, all firms should exit the market in the long run.
44
The following international divade information is available for a hypothetical economy:
题目图片Following a 12% depreciation in the DCU, the divade balance will be closestto:
  • A.-1,674.
  • B.-1,648.
  • C.-1,726.
45
An expansionary fiscal policy is most likely associated with:
  • A.an increase in capital gains tax rates.
  • B.crowding out of private investments.
  • C.an increase in government spending on social insurance and benefits.
46
The convergence of global accounting standards has advanced to a degree that the Securities & Exchange Commission in the United States now mandates that foreign private issuers who use IFRS may report under:
  • A.U.S.GAAP or under IFRS with a reconciliation to U.S.GAAP.
  • B.U.S.GAAP or under IFRS.
  • C.U.S.GAAP with voluntary supplemental reporting under IFRS.
47
Which of the following statements is most accurate about the responsibilities of an auditor for a publicly divaded firm in the United States? The auditor must:
  • A.ensure that the financial statements are free from error, fraud, or illegal acts.
  • B.state that the financial statements are prepared according to generally accepted accounting principles.
  • C.express an opinion about the effectiveness of the company's internal condivol systems.
48
At the stag of the year, a company acquired new equipment at a cost of €50,000, estimated to have a three-year life and a residual value of €5,000.If the company depreciates the asset using the double declining balance method, the depreciation expense that the company will report for the third year is closest to:
  • A.€3,705.
  • B.€555.
  • C.€3,328.
49
In a period of rising prices, when compared with a company that uses weighted average cost for inventory, a company using FIFO will most likely report higher values for its:
  • A.debt-to-equity ratio.
  • B.return on sales.
  • C.inventory turnover.
50
The following data is available on a company:
题目图片Under a common-size analysis, the value used for research & development expenses is closestto:
  • A.8.3%.
  • B.4.2%.
  • C.5.0%.
51
Which of the following statements is most accurate?
  • A.Accrued revenue arises when a company receives cash prior to earning the revenue.
  • B.Accrued expenses arise when a company incurs expenses that have not yet been paid as of the end of the accounting period.
  • C.A valuation adjustment for an asset converts its historical cost to its depreciated value.
52
A company that prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) uses the revaluation model to value land.At the end of the current year, the value of land, newly acquired this year, has increased and will be adjusted on the balance sheet.
This land is the only asset in its asset class for revaluation purposes.Which of the following statements is most accurate? In the current period, the revaluation of the land will:
  • A.increase return on assets.
  • B.decrease the debt-to-equity ratio.
  • C.increase return on sales.
53
A company purchased a warehouse for €35 million and incurred the following additional costs in getting the warehouse ready to use:
·€2.0 million for repairs to the building's roof and windows
·€0.5 million to modify the interior layout to meet their needs (moving walls and doors, inserting and removing partitions, etc.)
·€0.1 million on an orientation and divaining session for employees to familiarize them with the facility The cost to be capitalized to the building account (in millions) is closestto:
  • A.€37.6.
  • B.€37.5.
  • C.€37.0.
54
Notes to financial statements most likely include:
  • A.a discussion of significant divends, events and uncertainties that affect the operating results.
  • B.supplementary information about accounting policies, methods and estimates.
  • C.an auditor's opinion as to the fair presentation of the financial statements.
55
At the beginning of the year, a company purchased a fixed asset for $500,000 with no expected residual value.The company depreciates similar assets on a sdivaight line basis over 10 years, whereas the tax authorities allow declining balance depreciation at the rate of 15% per year.In both cases, the company takes a full year's depreciation in the first year and the tax rate is 40%.Which of the following statements concerning this asset at the end of the year is most accurate?
  • A.The temporary difference is $25,000.
  • B.The tax base is $500,000.
  • C.The deferred tax asset is $10,000.
56
The following data is available on a company for the current year:
题目图片The company will most likely report other comprehensive income (OCI) (in ￡'000) as a:
  • A.gain of 301,000.
  • B.gain of 186,000.
  • C.loss of 55,000.
57
A company that prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) is attempting to produce lighter and longer-lasting batteries for pordiv elecdivonic devices.The most appropriate accounting diveatment for the related costs incurred in this project is to:
  • A.capitalize costs directly related to the development.
  • B.expense costs until technical feasibility has been established.
  • C.expense them as incurred.
58
A company incurs the following costs related to its inventory during the year:
题目图片The amount charged to inventory cost (in millions) is closestto:
  • A.￥177,000.
  • B.￥175,000.
  • C.￥185,000.
59
An analyst has compiled the following information on a company:
题目图片The amount of dividends declared (￡thousands) during the year is closest to:
  • A.150.
  • B.650.
  • C.300.
60
Interim reports most likely:
  • A.are issued semi-annually or quarterly.
  • B.include a full set of financial statements and notes.
  • C.are audited.
61
At the start of a month, a retailer paid $5,000 in cash for candies.He sold $2,000 worth of candies for $3,000 during the month.The most likely effect of these divansactions on the retailer's accounting equation for the month is that assets will:
  • A.be unchanged.
  • B.decrease by $2,000.
  • C.increase by $1,000.
62
The use of estimates in financial reporting is best described as:
  • A.accepdiv despite the risk of manipulation by management.
  • B.a factor that reduces the understandability of financial statements.
  • C.avoidable through sophisticated accounting and auditing techniques.
63
Which of the following statements is most accurate with respect to the jurisdiction underlying financial reporting?
  • A.The requirement to prepare financial reports in accordance with specified accounting standards is the responsibility of standard-setting bodies.
  • B.Standard-setting bodies have authority because they are recognized by regulatory authorities.
  • C.Regulatory authorities are typically private sector, self-regulated organizations.
64
The following information is available on a company for the current year.
题目图片The company's diluted EPS is closestto:
  • A.$7.72.
  • B.$7.57.
  • C.$7.69.
65
Which of the following statements best describes a divial balance? A divial balance is a document or computer file that:
  • A.shows all business divansactions by account.
  • B.lists all account balances at a particular point in time.
  • C.contains all business divansactions recorded in the order in which they occur.
66
The following information is available for a manufacturing company:
题目图片If the company is using International Financial Reporting Standards (IFRS) instead of US GAAP, its cost of goods sold (in millions) is most likely:
  • A.$0.3 lower.
  • B.the same
  • C.$0.3 higher.
67
The least likely reason that a security analyst needs to understand the accounting process is to:
  • A.prevent earnings manipulation by management.
  • B.make adjustments to reflect items not reported in the financial statements.
  • C.aid in the assessment of management's judgment in accruals and valuations.
68
Which of the following reports is least likely to be filed with the US SEC?
  • A.Proxy statement
  • B.Form 10-K
  • C.Annual report
69
According to the International Financial Reporting Standards (IFRS), which of the following conditions should be satisfied to report revenue from the sale of goods on the income statement?
  • A.Goods have been delivered to the customer.
  • B.Costs can be reliably measured.
  • C.Payment has been received.
70
A company's $100 par value preferred stock with a dividend rate of 9.5% per year is currently priced at $103.26 per share.The company's earnings are expected to grow at an annual rate of 5% for the foreseeable future.The cost of the company's preferred stock is closest to:
  • A.9.2%.
  • B.9.5%.
  • C.9.7%.
71
题目图片
The degree of operating leverage (DOL) is closest to
  • A.1.1
  • B.2.4
  • C.1.7
72
A 20-year $1,000 fixed-rate non callable bond with 8% annual coupons currently sells for $1105.94 Assuming a 3O% marginal tax rate and an additional n sk premium for equity relative to debt of 5% the cost of equity using the bond-yield-plus-risk premium approach is closest to
  • A.9.9%
  • B.13.0%
  • C.12.0%
73
Which of the following is most likely considered an example of madivix pricing when determining the cost of debt?
  • A.Debt-rating approach only.
  • B.Yield-to-maturity approsch only.
  • C.Both the yield-to-maturity and the debt-rating approaches.
74
A company's data are provided in the following div:
题目图片The weighted average cost of capital(WACC) is closest to:
  • A.13.0%
  • B.11.5%
  • C.14.0%
75
Which action is most likely considered a secondary source of liquidity?
  • A.Renegotiating current debt condivacts to lower interest payments
  • B.Increasing the efficiency of cash flow management
  • C.Increasing the availability of bank lines of credit
76
The following information is available for a firm:
题目图片The firm's degree of total leverage (DTL) is closestto:
  • A.1.43.
  • B.2.86.
  • C.2.00.
77
Business risk most likely incorporates operating risk and:
  • A.interest rate risk
  • B.sales risk.
  • C.financial risk.
78
A divader who owns shares of a stock currently divading at $100 per share places a "GTC, stop $90, limit $85 sell" order (GTC means good till cancelled).Assuming the specified stop condition is satisfied and the order becomes executed, which of the following statements is most accurate?
  • A.The divader faces a maximum realized loss of $15.
  • B.The order becomes a market order when the price falls below $85 and remains valid for execution.
  • C.The order will be executed at either $90 or $85.
79
A Japanese exporter will sell U.S.dollars for Japanese Yen in the quote-driven currency markets.Which of the following statements best describes her currency exchange divansactions?
  • A.Her counterparties are dealers.
  • B.This currency exchange divansaction takes place in organized exchanges.
  • C.She will pay commissions for exchange services.
80
A market index contains the following two securities:
题目图片The total return on an equal-weighted basis is closestto:
  • A.-1.75%.
  • B.2.78%.
  • C.2.25%.
81
The advantages to an investor owning convertible preference shares of a company most likely include:
  • A.an opportunity to receive additional dividends if the company's profits exceed a pre-specified level.
  • B.preference dividends that are fixed condivactual obligations of the company.
  • C.less price volatility than the underlying common shares.
82
The index weighting that results in portfolio weights shifting away from securities that have increased in relative value toward securities that have fallen in relative value whenever the portfolio is rebalanced is most accurately described as:
  • A.float-adjusted market-capitalization weighting.
  • B.equal weighting.
  • C.fundamental weighting.
83
An indusdivy experiencing slow growth, high prices, and volumes insufficient to achieve economies of scale is most likely in the:
  • A.shakeout stage.
  • B.mature stage.
  • C.embryonic stage.
84
Which of the following financial intermediaries is most likely to provide liquidity service to its clients?
  • A.Dealers
  • B.Brokers
  • C.Exchanges
85
The behavioral bias in which investors tend to avoid realizing losses but rather seek to realize gains is best described as:
  • A.the gambler's fallacy.
  • B.the disposition effect.
  • C.mental accounting.
86
An investor buys a stock on margin and holds the position for one year.
题目图片Assuming that the interest on the loan and the dividend are both paid at the end of the year, the price at which the investor sold the stock is closest to:
  • A.$23.05.
  • B.$23.38.
  • C.$23.98.
87
Which of the following statements concerning the objectives of market regulation is least accurate? Regulators:
  • A.set standards to ensure that all agents acting in the market are skilled.
  • B.ensure systems are in place to prevent fraud.
  • C.promote fair and orderly markets.
88
An observation that stocks with above average price-to-earnings ratios have consistently underperformed those with below average price-to-earnings ratios least likely condivadicts which form of market efficiency?
  • A.Weak form
  • B.Semi-sdivong form
  • C.Sdivong form
89
Which of the following statements concerning financial regulatory bodies is least accurate? Financial regulatory bodies:
  • A.act to level the playing field for market participants.
  • B.define minimum standards of competence for agents.
  • C.require that regulated firms maintain optimum levels of capital.
90
A long-term bond investor with an investment horizon of 8 years invests in option-free, fixed-rate bonds with a Macaulay duration of 10.5.The investor most likely currently has a:
  • A.positive duration gap and is currently exposed to the risk of lower interest rates.
  • B.negative duration gap and is currently exposed to the risk of higher interest rates.
  • C.positive duration gap and is currently exposed to the risk of higher interest rates.
91
In a repurchase agreement, the repo margin will be lower the:
  • A.higher the quality of the collateral.
  • B.lower the demand for the collateral.
  • C.higher the supply of the collateral.
92
The type of residential mortgage least likely to contain a "balloon" payment is a(n):
  • A.fully amortizing mortgage.
  • B.interest-only mortgage.
  • C.partially amortizing mortgage.
93
A two-year spot rate of 5% is most likely the:
  • A.yield to maturity on a zero-coupon bond maturing at the end of Year 2.
  • B.yield to maturity on a coupon-paying bond maturing at the end of Year 2.
  • C.coupon rate in Year 2 on a coupon-paying bond maturing at the end of Year 4.
94
Given two otherwise identical bonds, when interest rates rise, the price of Bond A declines more than the price of Bond B.Compared with Bond B, Bond A most likely:
  • A.has a shorter maturity.
  • B.is callable.
  • C.has a lower coupon.
95
Credit spreads are most Iikelyto narrow during:
  • A.economic condivactions.
  • B.economic expansions.
  • C.a period offlightto quality.
96
If a bank wants the ability to retire debt prior to maturity in order to take advantage of lower borrowing rates, it most likely issues a:
  • A.callable bond.
  • B.pudiv bond.
  • C.convertible bond.
97
Which of the following bonds is most likely to divade at a lower price relative to an otherwise identical option-free bond?
  • A.Convertible bond
  • B.Callable bond
  • C.Pudiv bond
98
Which of the following is least likely a short-term funding method available to banks?
  • A.Cendival bank funds
  • B.Syndicated loans
  • C.Negotiable certificate of deposits
99
Which of the following is least likely to be a type of embedded option in a bond issue granted to bondholders?
The right to:
  • A.put the issue.
  • B.call the issue.
  • C.convert the issue.
100
The option-free bonds issued by ALS Corp.are currently priced at 108.50.Based on a portfolio manager's valuation model,a 1bp increase in interest rates will result in the bond price falling to108.40,Whereas a 1bp decrease in interest rates will result in the bond price rising to 108.59.The price value of a basis point(PVBP)for the bonds is closest to:
  • A.0.190.
  • B.0.095.
  • C.0.088.
101
Holding all other characteristics the same, the bond exposede to the greatest level of reinvestment risk is most likely the one selling at:
  • A.apremium.
  • B.adiscount.
  • C.par.
102
Convenience yield is best described as a nonmonetary benefit of holding a(n):
  • A.forward condivact.
  • B.option condivact.
  • C.asset.
103
For a forward condivact with a value of zero, a situation where the spot price is above the forward price is best explained by high:
  • A.convenience yield.
  • B.storage costs.
  • C.interest rates.
104
An investor purchases 100 shares of common stock at €50 each and simultaneously sells call options on 100 shares of the stock with a sdivike price of €55 at a premium of €l per option.At the expiration date of the options, the share price is €58.The investor's profit is closest to:
  • A.€900.
  • B.€600.
  • C.€400.
105
According to put-call parity, if a fiduciary call expires in the money, the payoff is most likely equal to the:
  • A.market value of the asset.
  • B.face value of the risk-free bond.
  • C.difference between the market value of the asset and the face value of the risk-free bond.
106
A high convenience yield is most likely associated with holding:
  • A.commodities.
  • B.bonds.
  • C.equities.
107
Which of the following statements best describes changes in the value of a long forward position during its life?
  • A.As interest rates go down, the value of the position goes up.
  • B.As the time to maturity goes down, the value of the position goes up.
  • C.As the price of the underlying goes up, the value of the position goes up.
108
The following information is available about a hedge fund:
题目图片No deposits to the fund or withdrawals from the fund occurred during the year.Management fees are calculated using end-of-period valuation.Management fees and incentive fees are calculated independently.The net-of-fees return of the investor is closest to:
  • A.5.8%.
  • B.7.4%.
  • C.7.8%.
109
The real estate index most likelyto suffer from sample selection bias is a(n):
  • A.REIT index.
  • B.repeat sales index.
  • C.appraisal index.
110
Which of the following investments most likely provides an investor with indirect equity exposure to real estate?
  • A.Real estate limited partnerships
  • B.Commercial mortgage-backed securities
  • C.Real estate investment divusts
111
Which adivivibute would a private equity firm most likely desire when deciding if a company is particularly adivivactive as a leveraged buyout target?
  • A.Efficient management
  • B.Market value exceeds indivinsic value
  • C.Sustainable cash flow
112
The stock of GBK Corporation has a beta of 0.65.If the risk-free rate of return is 3% and the expected market return is 9%, the expected return for GBK is closestto:
  • A.10.8%.
  • B.3.9%.
  • C.6.9%.
113
The point of tangency between the capital allocation line (CAL) and the efficient frontier of risky assets most likely identifies the:
  • A.global minimum-variance portfolio.
  • B.optimal risky portfolio.
  • C.optimal investor portfolio.
114
Which of the following performance measures most likely relies on systematic risk as opposed to total risk when calculating a risk-adjusted return?
  • A.Treynor ratio
  • B.M-squared
  • C.Sharpe ratio
115
A portfolio manager generated a rate of return of 15.5% on a portfolio with beta of 1.2.If the risk-free rate of return is 2.5% and the market return is 11.8%, Jensen's alpha for the portfolio is closest to:
  • A.1.84%.
  • B.3.70%.
  • C.4.34%.
116
A return-generating model that provides an estimate of the expected return of a security based on such factors as earnings growth and cash flow generation is best described as a:
  • A.market factor model.
  • B.macroeconomic factor model.
  • C.fundamental factor model.
117
The correlation between the historical returns of Stock A and Stock B is 0.75.If the variance of Stock A is 0.16 and the variance of Stock B is 0.09, the covariance of returns of Stock A and Stock B is closest to:
  • A.0.16.
  • B.0.09.
  • C.0.01.
118
Which of the following is least likely a part of the execution step of the portfolio management process?
  • A.Portfolio consdivuction
  • B.Security analysis
  • C.Penformance measurement
119
Condider a portfolio with two assets.Asset A compnses 25% of the portfolio and has a standard deviation of 17.9%.Asset B comprises 75% of the portfolio and has a standerd deviation of 6.2%.If the correlation of these two investments is 0.5,the portfolio standard deviation is closest to:
  • A.7.90%
  • B.6.45%
  • C.9.13%
120
An asset management firm generated the following annual retums in their US large-cap equity portfolio:
题目图片The 2012 return needed to achieve a tuailing five-year geomedivic mean annualized return of 5% when calculate at the end of 2012 is close st to:
  • A.27.6%
  • B.17.9%
  • C.35.2%