CFA一级历年模拟考试(2015-2019)：2016_CFA_Level_1_Mock_Exam_morning_answers_removed.docx

Questions1*18RelatetoEthiCS.2Questions1932RelatetoQuantitativeanalysis7Questions3344RelatetoEconomics13Questions4568RelatetoFinancialStatementAnalysis17Questions6976RelatetoCorporatefinance28Questions7788RelatetoEquityinvestment31Questions8994RelatetoDerivatives35Questions95106RelatetoFixed-incomeAnalysis37Questions107-110RelatetoAlternativeInvestments41Questions111120RelatetoPortfolioManagement43Questions118RelatetoEthics1Correctanswer:C.UnderStandardIII(B)-FairDealing,membersandcandidatesshoulddisclosetoclientsandprospectiveclientshowtheyselectaccountstoparticipateinandhowtheydeterminetheamountofsecuritieseachaccountwillbuyorsell.Tradeallocationproceduresmustbefairandequitable,anddisclosureofinequitableallocationmethodsdoesnotrelievethememberorcandidateofthisobligation.Alldiscretionaryaccountsshouldbetreatedinthesamemanner.TreatingneweraccountsdifferentlywouldbeconsideredinequitableregardlessOfwhetherthispolicyisdisclosed.CFALevelI"GuidanceforStandardsI-VIIjCFAInstituteStandardHI(B)2.Correctanswer:B.Membersshoulddiscloseallmattersthatreasonablycouldbeexpectedtoimpairthemember'sobjectivityasoutlinedinStandard(B),andStandardVI（八）.CFALevelI"GuidanceforStandardsI-V11*CFAInstituteStandardI(B),StandardVI（八）3.Correctanswer:C.Althoughdepartingemployeesmaynottakeemployerpropertywhendeparting,astheguidanceforStandardIV（八）-LoyaItyoutlines,themodelPiedmontpresentedtohisnewemployerwasnotBranch'sproperty.ItwascreatedbyPiedmontpriortohisemploymentwithBranch.ThemodelwasnotcreatedforBranchinthecourseofhisemployment,eventhoughitwasadoptedbyBranch.CFALevelI"GuidanceforStandardsI-VII/'CFAInstituteStandardIV（八）4.Correctanswer:C.Priortoundertakinganalysiswithregardtoexpectedreturns,anadvisermustdeterminethesuitabilityofaninvestmentclass,includingwhetheritfitswithintheclient'srisktoleranceandwhetheritisanallowableassetclassaspertheclient'sinvestmentpolicystatement.Onlyafterthesefactorshavebeendeterminedshouldsheproceed,ifappropriate,toanalyzeexpectedreturnstodetermineaparticularinvestmentrecommendation.CFALevelI"GuidanceforStandardsI-VlljCFAInstituteStandardIII(C)5Correctanswer:A.StandardVl（八）requiresdisclosureofconflictsbutdoesnotprohibitmembersfrommakingrecommendationsaslongatthepotentialconflictsareappropriatelydisclosed.CFALevelI"GuidanceforStandardsI-VII,CFAInstituteStandardIV（八）6.Correctanswer:A.Photocopyingcopyrightedmaterial,regardlessoftheyearofpublication,isaviolationofStandardI（八）becausecopyrightedmaterialsareprotectedbylaw.Candidatesandmembersmustcomplywithallapplicablelaws,rules,andregulationsandmustnotknowinglyparticipateorassistinaviolationoflaws.CFALevelI"GuidanceforStandards-V1I*CFAInstituteStandardI（八）7.Correctanswer:C.Composites(StandardIV-Composites)mustbedefinedaccordingtosimilarinvestmentobjectivesand/orstrategies.Terminatedportfoliosmustbeincludedinthehistoricalreturnsofappropriatecomposites,andonlyfee-payingportfoliosaretobeincludedincomposites.3/45Non-discrectionaryportfoliosmustnotbeincludedinafirm'scomposites.CFALevelI"IntroductiontotheGlobalInvestmentPerformanceStandards(GlPS)JCFAInstitute8.Correctanswer:B.Firmsmustprovideinvestorswithacomprehensiveviewoftheirperformanceintermsofriskandreturns,notjustreturns.CFALevelI“TheGIPSStandards/*CFAInstituteSection:Overview9.Correctanswer:C.UnderStandardI(B),membersandcandidatesmustprotecttheirindependenceandobjectivity.Agreeingtoprovideobjectiveresearchcoverageofacompanydoesnotconstituteaviolationofthisstandard,providedtheanalystwritingthereportisfreetocomeupwithhisownindependentconclusion.SmithcanagreetoprovideresearchcoveragebutcannotcommitGranite*sresearchdepartmenttoprovidingafavorablerecommendation.CFALevelI"GuidanceforStandardsI-V1I,"CFAInstituteStandardI(B)10.Correctanswer:C.Acompositemustincludeallactualfee-paying,discretionaryportfoliosmanagedinaccordancewiththesameinvestmentmandate,objective,orstrategy(StandardIV-Composites).Byincludingboththevalueandgrowthportfolios,thecompositeismadeupofportfolioswithdifferentinvestmentmandatesorstrategies.CFALevelI"IntroductiontotheGlobalInvestmentPerformanceStandards(GlPS)"Composites11-Correctanswer:C.Historically,theGIPSstandardsfocusedprimarilyonreturns.Inthespiritoffairrepresentationandfulldisclosure,andinordertoprovideinvestorswithamorecomprehensiveviewofafinn'sperformance,thecurrentGlPSstandardsincludesnewprovisionsrelatedtorisk.CFALevelI'TheGIPSStandards?'CFAInstituteSection:Overview12.Correctanswer:A.Makingfullandfairdisclosureofallmattersthatcouldreasonablybeexpectedtoimpairone'sindependenceandobjectivityorinterferewithrespectivedutiestoone'sclientsisrequiredbyStandardVl（八）-DiscIosureofConflicts.CFALevelI"GuidanceforStandardsI-VI'StandardVl（八）-DisclosureofConflicts13.Correctanswer:B.Prior-clearanceprocessesguardagainstpotentialandactualconflictsofinterest;membersarerequiredtoabidebytheiremployer'scomplianceprocedures(StandardVl(B).CF