CFA一级历年模拟考试(2015-2019)：2015_CFA_Level_1_Mock_Exam_afternoon_questions&answers_removed.docx

1.CarolinaOchoa,CFA,isthechieffinancialofficeratPantagoniaComputing.OchoaiscurrentlythesubjectofaninquirybyPantagonia1Scorporateinvestigationsdepartment.TheinquiryistheresultofananonymouscomplaintaccusingOchoaoffalsifyingtravelexpensesforseniormanagementrelatedtoagovernmentcontract.AccordingtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,itismostappropriateforOchoatodisclosetheallegations:A.toCFAInstitutewhentheinvestigationconcludes.B.onherProfessionalConductStatement.C.toCFAInstituteiftheallegationsareprovencorrect.Answer=BMembersandcandidatesmustself-discloseontheannualProfessionalConductStatementallmattersthatquestiontheirprofessionalconduct,suchasinvolvementincivillitigationorcriminalinvestigationsorbeingthesubjectofawrittencomplaint.CFALevelI,CodeofEthicsandStandardsofProfessionalConducf2.IleanaInkster,CFA1wasrecentlyofferedaseniormanagementpositionwithinthetrustdepartmentataregionalbank.Thedepartmentisnew,butthebankhasplanstoexpanditsignificantlyoverthenextfewmonths.Inksterhasbeentoldshewillbeexpectedtohelpgrowtheclientbaseofthetrustdepartment.Sheisinformedthatthetrustdepartmentplanstoconducteducationalseminarsandpursuetheattendeesasnewclients.Inksternoticesthatrecentseminaradvertisementspreparedbythebank'smarketingdepartmentdonotmentioninvestmentproductswillbeforsaleattheseminar.Theadsindicateattendeescan"learnhowtoimmediatelyadd$100,000totheirnetworth/WhatshouldInkstermostlikelydotoavoidviolatinganyCFAInstituteStandardsofProfessionalConduct?A.DeclinetoacceptthenewpositionB.AcceptthepositionandinformseniormanagementofinadequatecomplianceproceduresC.AcceptthepositionandrevisethemarketingmaterialAnswer=ATheprospectivesupervisor'sfirststepshouldbetonottaketheposition.AcceptingthepositionwithinadequateproceduresinplaceorimpropermarketingmaterialwouldleaveInksteratriskofincurringaviolationofStandardIv(C)-ResponsibiIitiesofSupervisors.Shecouldagreetobehiredasaninterimconsultantwiththebankinordertoimplementadequateproceduresbeforetakingonanysupervisoryrole.CFALevelIuGuidanceforStandardsI-VlStandardIv(C)-ResponsibiIitiesofSupervisors3.BethKozniak,aCFAcandidate,isanindependentlicensedrealestatebrokerandawell-knownpropertyinvestor.Sheiscurrentlybrokeringthesaleofacommercialpropertyonbehalfofaclientinfinancialdistress.Iftheclient'sbuildingisnotsoldwithin30days,hewilllosethebuildingtothebank.Ayearearlier,anotherclientofKoziak,shadexpressedinterestinpurchasingthissameproperty.However,sheisunabletocontactthisclient,andshehasnotdiscoveredanyotherpotentialbuyers.Givenherdistressedclient'slimitedtimeframe,Kozniakpurchasesthepropertyherselfandforgoesanysalescommission.Sixmonthslater,shesellsthepropertyforaniceprofittotheclientwhohadearlierexpressedinterestintheproperty.HasKozniakmostlikelyviolatedtheCFAInstituteStandardsOfProfessionalConduct?A.NoB.Yes,shedidnotdiscloseherpotentialconflictsofinteresttoeitherclientC.Yes,sheprofitedontherealestatetothedetrimentofherfinanciallystressedclientAnswer=AKozniakdoesnotappeartohaveViOlatedanyCFAInstituteStandardsofProfessionalConduct.BecausesheisknowninthemarketforinvestingandbrokeringpropertyandbothpartieshaveworkedwithKozniakinthepast,bothpartieswouldknowofherinterests.Inaddition,inbothcases,sheactsforherownaccountasaprimaryinvestor,notasabroker.Shebuysthepropertyforherownportfolioandthensellsthepropertyfromherownportfolio.Therefore,KozniakdidnotviolateStandardVl（八）-DiscIosureofConflicts.Whenshepurchasedthepropertyforherportfolio,shesavedherclientfromlosingthebuildingtothebankanddidnotchargeasalescommission.Becausethesaleofthepropertytoherotherclientdidnottakeplaceuntilsixmonthsafterherpurchase,andshewasunabletocontacttheclientwhohadearlierexpressedinterestpriortoherpurchase,shecannotbeaccusedofviolatingStandardIII（八）-LoyaIty,Prudence,andCarewitheitherclient.CFALevelIuGuidanceforStandardsl-VI,StandardIII（八）-LoyaIty1Prudence,andCarelStandardVl（八）-DiscIosureofConflicts4.MariamMusa,CFA,headofcomplianceatDunfieldBrokers,questionshercolleagueOmarKassim,aCFAcandidateandaresearchanalystabouthispurchaseofsharesinacompanyforhisownaccountimmediatelybeforehepublishesa"buy”recommendation.HedefendshisactionsbystatinghehasdonenothingwrongbecauseDunfielddoesnothaveanypersonaltradingpoliciesinplace.TheCFAInstituteStandardsofProfessionalConductweremostlikelyviolatedby:A.onlyKassim.B.bothMusaandKassim.C.onlyMusa.Answer=BBothMusaandKassimviolatedtheStandardsofProfessionalConduct.MusaviolatedStandardIv(C)-ResponsibiIitiesofSupervisorsbynotensuringpolicieswereinplacetopreventviolationsOftheStandardsofProfessionalConduct(inthiscase,StandardVI(B)-PriorityofTransactions)bysomeonesubjecttohersupervision.Astheheadofcompliance,MusasupervisedKassimandmustmeethersupervisoryresponsibilitiesoutlinedintheStandardsofProfessionalConduct.KassimviolatedStandardVI(B)-PriorityofTransactionsbecausehedidnotgivesufficientprioritytoDunfieId1Sclientsbeforetradingonhisrecommendation.CFALevelI''GuidanceforStandardsI-Vl'StandardIv(C)-