CFA一级历年模拟考试(2015-2019)：2016_CFA_Level_1_Mock_Exam_afternoon_answers_removed.docx

Questions1*18RelatetoEthiCS.2Questions1932RelatetoQuantitativeanalysis8Questions3344RelatetoEconomics13Questions4568RelatetoFinancialStatementAnalysis18Questions77-88RelatetoEquityinvestment32Questions8994RelatetoDerivatives36Questions95106RelatetoFixed-incomeAnalysis38Questions107110RelatetoAlternativeInvestments42Questions111120RelatetoPortfolioManagement43Questions118RelatetoEthics1Correctanswer:A.Membersandcandidatesmustself-discloseontheannualProfessionalConductStatementallmattersthatquestiontheirprofessionalconduct,suchasinvolvementincivillitigationorcriminalinvestigationsorbeingthesubjectofawrittencomplaint.CFALevelI"CodeofEthicsandStandardsofProfessionalConduct02Correctanswer:B.SellingstockshortisamanagementstrategyanddoesnotnecessarilyviolateanyaspectoftheStandardsofProfessionalConduct.CFALevelI"GuidanceforStandardsIV11"StandardII(B)-MarketManipulation3.Correctanswer:C.KozniakdoesnotappeartohaveviolatedanyCFAInstituteStandardsofProfessionalConduct.BecausesheisknowninthemarketforinvestingandbrokeringpropertyandbothpartieshaveworkedWithKozniakinthepast,bothpartieswouldknowofherinterests.Inaddition,inbothcases,sheactsforherownaccountasaprimaryinvestor,notasabroker.Shebuysthepropertyforherownportfolioandthensellsthepropertyfromherownportfolio.Therefore,KozniakdidnotviolateStandardVl（八）-DisclosureofConflicts.Whenshepurchasedthepropertyforherportfolio,shesavedherclientfromlosingthebuildingtothebankanddidnotchargeasalescommission.Becausethesaleofthepropertytoherotherclientdidnottakeplaceuntilsixmonthsafterherpurchase,andshewasunabletocontacttheclientwhohadearlierexpressedinterestpriortoherpurchase,shecannotbeaccusedofviolatingStandardIII（八）-Loyalty,Prudence,andCarewitheitherclient.CFALevelI"GuidanceforStandardsI-VI,StandardHI（八）-LoyaltytPrudence,andCare、StandardVl（八）-DiscIosureofConflicts2/454.Correctanswer:B.Theportfoliomanagerreceivedpermissiontousehisinvestmentperformancehistoryfromhisprioremployer.Thememberviolatedhisnon-solicitationagreementbyindicatinghisavailabilitytonewclientsonseveralsocialmediasitesaccessiblebyclientsofhisformeremployer.ThisactionisaviolationofStandardIV（八）-Loyaltybecausehedidnotactforthebenefitofhisformeremployer.Inthiscase,themembermaycausehatohisformeremployerifhismessagesresultinclientsmovingtohisnewbusinessfromhisformeremployer.ThememberalsoviolatedStandardIV（八）bytakinghisemployer'sproperty,thetradingsoftware.CFALevelI"GuidanceforStandardsIV11"StandardIV（八）-Loyalty5.Correctanswer:A.Theanalysthasconductedthoroughresearchthatindicatesthecompanyfalsifieditsfinancialresults,andsheshouldrequestthecompanyaddressthisissuepubliclyasrecommendedbyStandardII（八）-MaterialNonpublicInformation.Ifamemberorcandidatedeterminesthatinformationismaterial,thememberorcandidateshouldmakereasonableeffortstoachievepublicdisseminationoftheinformation.Thiseffortusuallyentailsencouragingtheissuercompanytomaketheinformationpublic.Ifpublicdisseminationisnotpossible,thememberorcandidatemustcommunicatetheinfonationonlytothedesignatedsupervisoryandcompliancepersonnelwithinthemember'sorcandidate'sfirmandmustnottakeinvestmentactiononthebasisoftheinformation.CFALevelI"GuidanceforStandardsI-VI,StandardIl（八）-MateriaINonpublicInformation6.Correctanswer:B.Themembermisrepresentedthereturnsshecouldrealisticallyachievefbrherclients,violatingStandardI(C)-Misrepresentation,whichprohibitsmembersandcandidatesfromguaranteeing3/45clientsanyspecificreturnonvolatileinvestments.CFALevelI''GuidanceforStandardsI-VIInStandardI(C)-Misrepresentation7.Correctanswer:A.MiffitthasnotviolatedStandardIII(E)-PreservationofConfidentiality,whichinvolvesinformationaboutfoncr,current,andprospectiveclients.CFALevelI"GuidanceforStandardsI-VI,StandardII（八）-MaterialNonpublicInformation,StandardII(B)-MarketManipulation,Standard111(E)-PreservationofConfidentiality8.Correctanswer:B.UnderStandardIV(C)-Responsibi1ityofSupervisors,amembershouldexercisereasonablesupervisionbyestablishingandimplementingcomplianceproceduresinplacepriortothepossibilityofanyviolationoccurring,whichhasnotbeendoneinthiscase.CFALevelI"GuidanceforStandardsI-ViinStandardIv(C)-ResponsibilitiesofSupervisors9.Correctanswer:C.TheGlPSstandardsstatethatfinsmustmakeeveryreasonableefforttoprovideacompliantpresentationtoallprospectiveclients.Aslongasaprospectiveclienthasreceivedacompliantpresentationwithintheprevious12months,thefirmhasmetthisrequirement.【tisaGIPSrecommendation,notarequirement,thatallclientsreceiveacompliantpresentationonanannualbasis.CFALevelI"GlobalInvestmentPerformanceStandards(GIPS),rGIPSRequirement0.A.9,GIPSRecommendation0.B.44/4510.Correctanswer:A.Theutilityisnotasuitableinvestmentforafundthatonlyinvestsincompanieswithgoodenvironmentalrecords.Continuingtoholdthisinvestment,therefore,wasaviolationofStandardIlI(C)-SuitabiIity.CFALevelI"GuidanceforStandardsI-VI,Standard1(B)-IndependenceandObjectivity,StandardIlI(C)-Suit