CFA二级模拟试题（2020）3：题目+答案.docx

2020LEVELHTestExani3Thesessionofthe2020Level11Cha如edFinancialAnalyst®MockExaminationhas60questions不bestSimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageof18minutesperitemsetandmultiplechoicequestions)Icratotalof180minutes(3hours)forthissessionoftheexam.QuestionsTOpic1-6187-12Ethics1813-18Quantitative1819-22FinancialRepollingandAnalysis1223-28FinancialandAnalysis182+32ColporaLeFinance1233-36Equity1237-42FixedInme1843-48Derivatives1849-541855-60PoltfolioM11Pagement18Total_180/UA】29令业来向钓投入！Add/上海市松花g2539号旦旦科技园1号楼出号楼（2071Tel/H,ebIEthicstheFollovmnginformationrelatestoquestionsi-6ForsterInvestmentAdvisors(Forster)isasmallassetmanagementmmanagingfundsforbothretailandinstitutionalclients.Forsteralsoundertakesinvestmentbankingactivities,includingmarketnakng.butonlyfortleslaresofafewuaiestlatitfollowsclosely.Forster'sfinancedirector,whoalsoservesasthefirm'scolianceofficer,hasgivennoticetlathewillretireiuonemontl,stime.Forster'smanagingdirectorasksTerryMcGuinn.CFA.ifhewouldbeinterestedinbeingthecomplianceofficerafterthefinancedirectorretires.McGuinii4aindependentconliaceconsultantwhoseclientsmostlyiucludepensionfinds.agreestomeetthemanagingdirectortodiscusstheposition.Attlemeeting,McGiiiniiistold,*TorsteradoptedtleCFAListitiiteCodeadStandards10yearsago.TlieoutgomgfinancedirectorassuredusatthetimethatweadopteddieCodeadSIandardStlatallofForster,spoliciesandproceduresmettlerequirementsmostoftleFecomnieudatioiisaswell.Asaresult,wementioncom-pliaewitltleCodeadStandardsiallofourmarketingmaterial.Weencourageyoutoimplementnewchanges,buttheimplementationwillneedtobecoordinatedtlrouglthehumanresourcesdeartmenl."Afteragreeingonwri11enspecificdutiesadresponsibilitiesfortlerole.McGuinnacceptstheoffertoactasForster,scom-pIianceofficeronapart-timeconsultancybasis.Onhisfirstdayasthenewcomplianceofficer.McGuinnimmediatelyreviewsadraftresponsetoarequestforproposal(RFP)tobesubmittedthenextdaytoapotentialpensionRIndclient.TlieproposalisidenticaltoaotlerRFPsentouttlreemonthsagoandincludesForster,sorganizationalchart.ai)in-depthdescriptionofitsivestuentprocessandtleOccasioualuseoftlid-partyresearchproviders,andaguaranteeofaminimum5%investmentre11andreturnofprincipalth>uglaguaranteedStnictiiredsavingsproduct,underwi11enbyaninvestment-gradelifeinsur-miceconay.McGuinnapprovestheRFPdocmuentwitloutnakmganychanges.Tliatsaueday.ColleenColliiis,aresearchanalyst,approachesMcGuinn,con-cemedtlatShemaybeinpossessionofinsidermfbuation.CollinsrelatesthatshewasatapartythenightbeforeadoverheardaconversationbetweentwoCEOsofcompeting,publiclylistedmaufacnringcompanies.TheCEOsdiscussed,butdidnotexpresstieiropinionson.thevalidityofarecentarticlepublishedillanonlineindustrynewsletter,whichwasspeculatingouIhebenefitsofamergerbetweentheirtwocompanies.Thenewsletterisavailablebysubsaiptiononly.Oneofthesecom-paniesisonForster'srecounendedbuylist.Followingthisconversation.McGtiinnfeelsitisnecessarytoenhanceForster'slesandprocedureswhendealingwithpossibleinsiderifbnation.Herecommendsthefollowingchangestothempany'spoliciesandprocedures:Recommendation1:Stopmarket-makingactivitieswhenipossessionofmate-rialnonpublicinfbrmaon.Recommendation2:Regularlyreviewemployeeandproprietarytrading.Recoiumendatiou3:Requireallemployeestoattendai)annualrefresliercourseonhowtoidentifyandhandlematerialnonpublicinfbnation.AfterreviewinghowForsterchsesandretainsitsstockbrokerseveryyear,McGuiimmakesseveralchangesinthepolicy.Thefollowingguidelinesareimple-mentedandComuiimicatedtoclients.Stockbrokerselectionmustbebasedon(liebrokers'abilityto:Guideline1:provideaccomtigsoftware.Guideline2:executeclienttransactionsefficiently.Guideline3:obtaininvitationstoinvestmentconferencesforloyalclients.AfterUiideiiakiiiginvestigationsbasedonaanonymousreport.McGuiimcon-firmstlatseveralForsterudmanagerswerewitnessedbeingwilledanddiedoverthepastfewweeksbylargebrokeragefinustryingtogetForster'sbusiness.Tliesameemployeeshavenotnotifiedhinaboutthesedimers.aviolationofForster'sinternalpolicies.McGuiimnotifies(lieemployeesiwritingtlattleyhavebeenviolatingtlecompanypolicy.Inthele11erofnotication.herequiestheenloyeestoabidebythepolicyinthefiture.1.IsMcGiiiiui'sproposeduIiaiiceofficerStnictiueuostlikelynsistatwitltleCFAInstiUiteCodeandStandards?A.No.withregardtoauthorityadreonsibility.B.Yes.C.No,witlregaidtopoliciesandprocedures.2.Whichitemiutherequestforproposal(RFP)isleastlikelyconsistentwithStandaidI(C)-Misrepresentation?A.GuaranteedinvestmentreturnB.Thefirm'sorganizationalStnictiireC.Useofthird-partyresearchproviders3.DidCollinsmostlikelyreceiveinsidermfb*matiouasdefinedbytleCFAInstituteCodeandStandards?A.No.becausetheinfrmatiouisconsiderednon-material.B.Yes.C.No.becausedieiufbnnatiouisconsideredpublic.4